Financial Performance - In 2024, the company's operating profit reached 690 million CNY, a year-on-year increase of 39.23% [2] - The net profit attributable to shareholders was 677 million CNY, up 45.84% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 561 million CNY, reflecting a growth of 46.19% [2] Sales Overview - Total vehicle sales in 2024 amounted to 479,900 units, representing a year-on-year growth of 13.43% [3] - Sales of fuel motorcycles were approximately 445,400 units, with a year-on-year increase of 13.5% [3] - Large-displacement motorcycles (over 250cc) sold around 182,000 units, up 32.25% year-on-year; small-displacement motorcycles (≤250cc) sold about 263,400 units, growing by 4.65% [3] Market Position - In the domestic market, fuel motorcycle sales totaled 211,800 units, remaining stable year-on-year; large-displacement motorcycle sales were 116,600 units, increasing by 34.44% [3] - Export sales of fuel motorcycles reached 233,600 units, a year-on-year growth of 22.36%, with large-displacement motorcycle exports at 65,400 units, up 28.52% [3] - The company ranked 6th in the domestic market with a market share of approximately 4.6% and ranked 1st in the large-displacement segment with a market share of about 21.9% [3] Industry Insights - The motorcycle industry is experiencing accelerated differentiation, with the top ten companies in the domestic fuel motorcycle market accounting for 66.68% of total sales [3] - The top ten companies in the large-displacement market hold a significant 90.97% market share, indicating a high concentration of resources [3] - In the export market, the top ten companies account for 61.14% of total exports in the fuel motorcycle segment, with the company ranking 15th in export volume but 5th in export value due to optimized product structure [4] Future Outlook - The motorcycle industry is expected to maintain a positive growth trajectory, with production and sales showing slight increases in 2024 [4] - The demand for large-displacement leisure motorcycles is anticipated to grow significantly, while the electric motorcycle segment is experiencing a decline [4] - The industry is shifting towards high-quality development, with ongoing upgrades and innovations reflecting strong resilience and potential for growth [4]

Investment Rating - The report suggests a positive outlook for the motorcycle industry, particularly for Chinese brands focusing on large-displacement exports, recommending companies such as Chunfeng Power, Longxin General, and Qianjiang Motorcycle [3]. Core Insights - The overseas motorcycle market presents a nearly trillion-yuan opportunity, with projected sales exceeding 40 million units and a market size of 932 billion yuan by 2024, indicating significant growth potential for Chinese brands [2][7]. - The report highlights the differentiation in market demands across regions, with Europe, North America, and Australia leading in recreational motorcycles, while Asia, Africa, and Latin America dominate the utility motorcycle market [2][3]. - The transition from OEM to independent brand exports for Chinese manufacturers is underway, with a notable increase in large-displacement motorcycle exports, which are expected to grow at a CAGR of 67.5% from 2022 to 2024 [3]. Summary by Sections Overseas Overview: A Trillion-Yuan Market - The overseas motorcycle market is projected to reach sales of over 40 million units and a market size of 932 billion yuan by 2024, with significant growth opportunities for Chinese brands [7][16]. - Major markets include Southeast Asia (230 billion yuan), South Asia (270 billion yuan), Europe (160 billion yuan), Latin America (130 billion yuan), and North America (56.2 billion yuan) [2][7]. Market Segmentation: Recreational and Utility Markets - North America is characterized by a high-end market with over 90% penetration of large-displacement motorcycles, while Latin America is a mid-range market with a growing demand for large-displacement models [2][3]. - The European market is expanding, with a focus on high-end motorcycles, while Southeast Asia and South Asia are dominated by low-end utility motorcycles [2][3]. Chinese Brands: Transitioning to Independent Exports - The export of Chinese motorcycles is shifting from small-displacement OEM models to independent large-displacement brands, with significant growth in exports to Europe and Latin America [3]. - Key players in large-displacement exports include Chunfeng, Longxin, and Qianjiang, with Chunfeng showing remarkable growth in export volumes [3].

申万宏源证券承销保荐有限责任公司 关于浙江钱江摩托股份有限公司 2024年度保荐工作报告 | 保荐人名称：申万宏源承销保荐 | 被保荐公司简称：钱江摩托 | | --- | --- | | 保荐代表人姓名：罗泽 | 联系电话：028-85958793 | | 保荐代表人姓名：何搏 | 联系电话：028-85958793 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0次 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于 防止关联方占用公司资源的制度、募集资金管理制 | 是 | | 度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 注销前每月一次 | | （2）公司募集资金项目进展是否与信息披露文件一致 | 是 | | 4.公司治理督导情况 | | | ...

申万宏源证券承销保荐有限责任公司 关于浙江钱江摩托股份有限公司2022非公开发行股票之 保荐工作总结报告书 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、"保荐 人"）作为浙江钱江摩托股份有限公司（以下简称"钱江摩托"、"公司"）2022非 公开发行股票的保荐人，持续督导期间为2023年3月13日至2024年12月31日。钱江摩托 于2025年4月22日披露《2024年年度报告》，根据《证券发行上市保荐业务管理办法》、 《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监管指引第1号— —主板上市公司规范运作》等相关法律法规文件要求，申万宏源承销保荐现出具保荐 工作总结报告书，具体内容如下： 一、保荐人及保荐代表人承诺 1、保荐工作总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导性 陈述或重大遗漏，保荐人及保荐代表人对其真实性、准确性、完整性承担法律责任。 2、本保荐人及本人自愿接受中国证监会对保荐工作总结报告书相关事项进行的任 何质询和调查。 3、本保荐人及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办法》 及深圳证券交易所（以下简称"深交所"）按照《深圳证券交 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 25.11 [8][9]. Core Views - The company achieved a revenue of RMB 6.031 billion in 2024, representing a year-on-year increase of 18.3%, and a net profit of RMB 677 million, up 45.8% year-on-year, aligning with previous performance forecasts [1]. - In Q1 2025, the company reported a revenue of RMB 1.33 billion, a slight year-on-year decline of 0.81% but a quarter-on-quarter increase of 20.5%, with a net profit of RMB 87 million, down 38% year-on-year and 58.7% quarter-on-quarter, attributed to some pre-emptive expenses [1][2]. - The company continues to enhance its product lines and expand its overseas markets, particularly in Europe and Latin America, with a focus on maintaining its leading market share in the domestic large-displacement motorcycle segment [2][4]. Summary by Sections Financial Performance - The company’s gross margin decreased by 1.2 percentage points to 26.3% in 2024, while the gross margin for Q1 2025 was 25.4%, reflecting a slight recovery [3]. - The company’s operating expenses as a percentage of revenue decreased in 2024, with net profit margin increasing by 2.1 percentage points to 11.2% [3]. Sales and Market Expansion - The company’s fuel motorcycle sales increased by 13.5% year-on-year to 445,000 units in 2024, with large-displacement motorcycle sales rising by 32.4% to 182,000 units [2]. - The company’s overseas sales grew by 32.5% to RMB 2.74 billion in 2024, with a gross margin of 28.7%, which is 4.4 percentage points higher than domestic sales [4]. Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 has been raised by 10% and 7.6% to RMB 771 million and RMB 900 million, respectively, with an expected net profit of RMB 1.05 billion in 2027 [5]. - The company is valued at a PE ratio of 17.2x for 2025, with a target price set at RMB 25.11, reflecting a potential upside from the current market price [5].

证券代码：000913 证券简称：钱江摩托 公告编号：2025-010 浙江钱江摩托股份有限公司 关于2024年度利润分配预案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、每股分配比例：每 10 股派发现金红利 4.00 元（含税）。 2、本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 3、本次利润分配方案公布后至实施前，若可参与利润分配的股本发生变动， 则以实施利润分配方案的股权登记日可参与利润分配的总股本为基数，按照每 股分配金额不变的原则对分配总额进行调整。 4、公司本次现金分红预案不触及《深圳证券交易所股票上市规则》第 9.8.1 条第（九）项规定的可能被实施其他风险警示情形。 一、审议程序 浙江钱江摩托股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日召开 第九届董事会第八次会议和第九届监事会第六次会议，审议通过了《2024 年度 利润分配预案》，该分配预案尚需提交公司股东大会审议。 二、利润分配预案的基本情况 （一）本次利润分配的基本内容 1、本次利润分配预案 ...

证券代码：000913 证券简称：钱江摩托 公告编号：2025-011 浙江钱江摩托股份有限公司 关于续聘会计师事务所的公告 一、拟聘任会计师事务所事项的情况说明 大信具有相关审计业务资质和能力，具备从事上市公司审计工作的丰富经 验与职业素养，能够较好地满足公司建立健全财务审计以及内部控制工作的要 求。 大信在对公司2024年度审计工作中，勤勉尽责，遵循中国注册会计师执业 准则，切实履行审计责任和义务，独立、客观、公正地完成审计工作，满足公 司财务审计工作和内部控制审计工作要求，为公司提供了良好的审计服务。 为了保持公司审计工作的连续性和稳定性，结合审计机构的独立性、专业 胜任能力、诚信记录和投资者保护能力等情况，公司拟续聘大信担任公司2025 年度财务审计与内部控制审计机构，聘期一年，报酬区间为170万元至190万元 人民币。 二、拟聘任会计师事务所的基本信息 （一）事务所情况 1、机构信息 大信会计师事务所（特殊普通合伙）（以下简称"大信"）成立于1985 年，2012年3月转制为特殊普通合伙制事务所，总部位于北京，注册地址为北京 市海淀区知春路1号22层2206。大信在全国设有33家分支机构，在香港设立 ...

证券代码：000913 证券简称：钱江摩托 公告编号：2025-014 浙江钱江摩托股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 1、为适应外汇市场波动，降低汇率对公司经营效益的持续影响，浙江钱江 摩托股份有限公司(以下简称"公司")拟开展远期外汇交易业务：同意公司及子 公司通过与相关金融机构签订远期外汇交易合同来规避未来汇率波动的风险， 主要外币币种为美元等；主要品种包括远期结售汇、外汇期权等产品或上述产 品的组合。未来十二个月内需要进行的远期结售汇业务交易金额累计不超过 20,000 万美元。 2、公司于 2025 年 4 月 21 日召开第九届董事会第八次会议，审议通过了 《关于开展远期外汇交易业务的议案》。该议案尚需提交公司股东大会审议。 3、通过远期外汇交易业务，公司将尽可能规避汇率风险，锁定未来时点的 交易成本或收益,实现以规避风险为目的的资产保值增值。不从事以投机为目的 的远期外汇交易，但同时该业务也会存在一定风险，敬请投资者注意。 公司于2025年4月21日召开第九届董事会第八次会议，审议通过《关于开展 远期外汇 ...

证券代码：000913 证券简称：钱江摩托 公告编号：2025-021 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 浙江钱江摩托股份有限公司（以下简称"公司"）于 2025年4月22日披露了 2024年年度报告。为便于广大投资者进一步了解公司2024年度经营情况，公司 定于2025年5月7日（星期三）15:00至16:30在深圳证券交易所"互动易"平台举行 2024年度网上业绩说明会。 关于召开2024年度业绩说明会的公告 浙江钱江摩托股份有限公司 欢迎广大投资者积极参与！ 特此公告。 浙江钱江摩托股份有限公司董事会 2025年4月22日 本次年度业绩说明会将采用网络远程的方式举行，投资者可登录"互动易" 平台(http://irm.cninfo.com.cn)，进入"云访谈"栏目参与本次年度业绩说明会。公 司出席本次网上业绩说明会的人员有：总经理郭东劭先生、独立董事金官兴先 生、董事会秘书王海斌先生、财务总监江传敏先生。 为充分尊重投资者、提升交流的针对性，现就公司2024年度业绩说明会提 前向投资者公开征集问题。投资者可提前登录"互动易"平台"云访谈" ...

浙江钱江摩托股份有限公司 公司第八届董事会审计委员会由独立董事金官兴先生、独立董事徐波先生、 董事黄海燕女士组成，其中金官兴先生为会计专业人士，担任召集人暨主任委员。 报告期内，公司第八届董事会于 2024 年 5 月任期届满，2024 年 5 月 10 日，经 公司 2024 年年度股东大会选举产生第九届董事会，并经公司第九届董事会第一 次会议审议通过由独立董事金官兴先生、独立董事 WANGJIWEI 先生、董事彭家虎 先生组成公司第九届董事会审计委员会，其中金官兴先生为会计专业人士，担任 召集人暨主任委员。 二、 审计委员会会议召开情况 2024 年，公司董事会审计委员会共召开了 5 次会议，具体情况如下： | 委员会名称 | 成员情况 | 召开日期 | 会议内容 | | --- | --- | --- | --- | | | | | 审议并通过了《公司 2023 年度报告全 | | | | | 文及摘要》《公司 2023 年度财务决算 | | | | | 报告》《关于 2023 年度内部审计总结 | | | | | 及 2024 年度计划报告》《关于续聘会 | | 第八届董事 | 金官兴、 | 2024 ...