证券代码：000913 证券简称：钱江摩托 公告编号：2025-041 浙江钱江摩托股份有限公司 二、董事会会议审议情况 经与会董事对本次董事会议案的审议表决，形成如下决议： 1、审议通过《公司2025年第三季度报告》。 本议案已经公司董事会审计委员会审议通过。 公司董事及高级管理人员保证《公司2025年第三季度报告》内容真实、准 确、完整，不存在任何虚假记载、误导性陈述或重大遗漏，并签署了书面确认 意见。《公司2025年第三季度报告》详见公司指定的信息披露媒体《中国证券 报》《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）。 议案表决结果：同意9票、反对0票、弃权0票。 三、备查文件 第九届董事会第十二次会议决议公告 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。 一、董事会会议召开情况 浙江钱江摩托股份有限公司（以下简称"公司"）第九届董事会第十二次 会议通知于2025年10月21日以电话、微信及电子邮件方式向全体董事发出通 知，并于2025年10月24日以现场结合通讯方式召开。会议应到董事9人，实到董 事9人，会议由公司董事长 ...

Financial Performance - Q3 2025 revenue was CNY 1,353,093,260.90, a decrease of 18.67% year-over-year[5] - Net profit attributable to shareholders was CNY 51,063,934.34, down 56.59% compared to the same period last year[5] - Basic earnings per share decreased by 55.12% to CNY 0.0995[5] - Total operating income decreased by 10.54% to ¥5,203,508,233.67 compared to the previous year[9] - The net profit for the current period is 319,753,457.19, a decrease of 30.9% compared to 463,943,911.92 in the previous period[20] - The total comprehensive income for the current period is 315,871,851.33, down 32.0% from 464,170,460.60 in the previous period[21] - The basic earnings per share for the current period is 0.6124, compared to 0.8993 in the previous period, reflecting a decline of 31.9%[21] - The operating profit for the current period is 360,752,617.11, down 26.7% from 492,090,681.59 in the previous period[20] Assets and Liabilities - Total assets at the end of the reporting period were CNY 10,525,089,577.76, an increase of 2.33% from the end of the previous year[5] - Total assets as of September 30, 2025, were CNY 10,525,089,577.76, compared to CNY 10,285,044,093.77 at the start of the period[18] - Total liabilities decreased by 37.06% to ¥33,998,124.51, mainly due to the reduction of unconfirmed bank acceptance bills[9] - Total liabilities increased to CNY 5,807,964,525.87 from CNY 5,486,321,852.62[18] - The company’s total equity decreased to CNY 4,717,125,051.89 from CNY 4,798,722,241.15[18] Cash Flow - Cash flow from operating activities decreased by 84.25% to CNY 195,180,432.15[5] - Cash flow from operating activities generated a net amount of 195,180,432.15, significantly lower than 1,239,439,107.69 in the previous period, indicating a decrease of 84.2%[22] - Cash flow from investing activities resulted in a net outflow of -238,589,858.61, slightly higher than -238,117,520.41 in the previous period[23] - Cash flow from financing activities showed a net outflow of -719,349,676.19, contrasting with a net inflow of 392,964,552.10 in the previous period[23] - The total cash and cash equivalents at the end of the period is 4,688,742,185.85, down from 5,836,541,017.84 at the end of the previous period, a decrease of 19.7%[23] - Cash and cash equivalents net decrease was ¥782,801,606.41, reflecting a 156.98% decline compared to the previous year[10] - The company reported a foreign exchange loss impacting cash and cash equivalents of -20,042,503.76, compared to -20,404,426.16 in the previous period[23] Operational Metrics - Accounts receivable increased by 53.45% to CNY 633,779,855.05 due to changes in sales credit policies[8] - Fixed assets rose by 45.43% to CNY 1,711,183,048.19 as some construction projects became operational[8] - Total operating costs amounted to CNY 4,121,315,753.77, down 6.6% from CNY 4,412,247,708.96 in the prior period[19] - Operating costs included CNY 3,298,696,272.16 in cost of goods sold, a decrease of 8.2% from CNY 3,591,973,710.48[19] - Research and development expenses were CNY 281,387,899.18, an increase of 9.4% compared to CNY 257,153,102.20[19] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 23,817[11] - The largest shareholder, Geely Technology Group Co., Ltd., holds 36.65% of shares, totaling 193,000,000 shares[11] Non-Recurring Items - Non-recurring gains and losses included government subsidies of CNY 586,307.95 for the current period[6] - The company reported a 95.36% increase in non-operating income, reaching ¥13,176,047.21, primarily from supplier quality penalties[9] - The company recorded a credit impairment loss of -12,056,116.22, slightly improved from -12,309,529.98 in the previous period[20]

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant price increases and dividend yields [1] Group 1: Stock Performance - Tianshan Aluminum (002532.SZ) leads with a year-to-date increase of 68.53% and a recent gain of 5.12%, along with a dividend yield of 3.07% [1] - Postal Savings Bank of China (601658.SH) shows a year-to-date increase of 10.83% and a recent gain of 4.71%, with a dividend yield of 3.60% [1] - DeYe Co., Ltd. (605117.SH) has a year-to-date increase of 30.95% and a recent gain of 4.61%, with a dividend yield of 3.52% [1] - Mercury Home Textiles (603365.SH) reports a year-to-date increase of 22.70% and a recent gain of 4.35%, with a dividend yield of 4.68% [1] - Action Education (605098.SH) has a year-to-date increase of 22.78% and a recent gain of 3.51%, with a dividend yield of 5.45% [1] Group 2: Additional Notable Stocks - China Petroleum (601857.SH) shows a year-to-date increase of 8.39% and a recent gain of 3.15%, with a dividend yield of 5.12% [1] - Shenhuo Co., Ltd. (000933.SZ) has a year-to-date increase of 45.92% and a recent gain of 2.97%, with a dividend yield of 3.33% [1] - Yutong Bus (600066.SH) reports a year-to-date increase of 18.44% and a recent gain of 2.82%, with a dividend yield of 6.77% [1] - Tunnel Engineering (600820.SH) has a year-to-date increase of 2.68% and a recent gain of 2.73%, with a dividend yield of 4.48% [1] - Jiangsu Guotai (002091.SZ) shows a year-to-date increase of 22.25% and a recent gain of 2.14%, with a dividend yield of 4.66% [1]

Market Overview - The motorcycle and other sectors increased by 0.41% on October 23, with Shanghai Phoenix leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Shanghai Phoenix (600679) closed at 13.46, up 5.73% with a trading volume of 322,700 shares and a turnover of 440 million yuan [1] - Other notable performers include: - Zhonglu Co., Ltd. (600818) at 10.48, up 2.24% [1] - Qianjiang Motorcycle (000913) at 16.79, up 1.70% [1] - New Day Co., Ltd. (603787) at 12.68, up 1.52% [1] Capital Flow - The motorcycle and other sectors saw a net inflow of 5.91 million yuan from main funds, while retail investors experienced a net outflow of 51.65 million yuan [2] - The main funds' net inflow for Shanghai Phoenix was 51.16 million yuan, indicating strong institutional interest [3] Individual Stock Capital Flow - Key stocks and their capital flow include: - Shanghai Phoenix: Main funds net inflow of 51.16 million yuan, retail net outflow of 50.88 million yuan [3] - Longxin General (603766): Main funds net inflow of 27.58 million yuan, retail net outflow of 38.43 million yuan [3] - Ninebot Company (689009): Main funds net inflow of 8.41 million yuan, retail net outflow of 19.88 million yuan [3]

Investment Rating - The report maintains a "Recommended" rating for the motorcycle industry [1] Core Insights - The motorcycle industry shows a strong export performance, with a year-on-year increase in sales [12] - The overall motorcycle sales from January to September 2025 reached 12.79 million units, representing a 17% year-on-year growth [18] - Domestic sales have decreased slightly by 3% year-on-year, while exports have increased by 22% [18] Industry Data Update - Total motorcycle sales (domestic + export) for January to September 2025: 12.79 million units, up 17% YoY - Domestic sales: 3.37 million units, down 3% YoY - Export sales: 9.42 million units, up 22% YoY - Sales of motorcycles with displacement >250cc: 761,000 units, up 33% YoY - Sales of motorcycles with displacement ≤250cc: 12.03 million units, up 13% YoY [18][19] Company Data Update Chuanfeng Power - Total sales of fuel motorcycles: 196,000 units, up 0.3% YoY - Sales of motorcycles with displacement >250cc: 155,000 units, up 36% YoY - Electric motorcycle sales: 225,000 units, up 620% YoY [26] Qianjiang Motorcycle - Total sales of fuel motorcycles: 304,000 units, down 12% YoY - Sales of motorcycles with displacement >250cc: 101,500 units, down 4% YoY [34] Longxin General - Total sales of fuel motorcycles: 1.06 million units, down 10% YoY - Sales of motorcycles with displacement >250cc: 108,000 units, up 30% YoY [11]

Core Viewpoint - The motorcycle industry is experiencing steady growth in the mid-to-large displacement segment, with significant export acceleration and a focus on high-end domestic production [5][18]. Sales Performance - In September 2025, sales of motorcycles above 250cc reached 87,000 units, representing a year-on-year increase of 13.1% and a month-on-month increase of 2.5%. Cumulative sales from January to September totaled 761,000 units, up 32.9% year-on-year [2]. - The export of motorcycles above 250cc in September was 53,000 units, a year-on-year increase of 39.0% and a month-on-month increase of 13.6%. Cumulative exports for the first nine months reached 412,000 units, up 65.4% year-on-year [3]. - Domestic sales for September were 33,000 units, down 12.7% year-on-year and 11.2% month-on-month, with cumulative domestic sales of 350,000 units, up 8.0% year-on-year [4]. Market Structure - The growth of motorcycles with a displacement of 500cc and above is strong, with leading companies like Chuanfeng Power, Longxin General, and Qianjiang Motorcycle enhancing their export capabilities [5]. - The top three companies in the 250cc+ segment in September were Chuanfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 44.2% [6]. Company Insights - Chuanfeng Power's total two-wheeler sales in September were 49,000 units, up 41.5% year-on-year, while cumulative sales for the first nine months reached 423,000 units, up 86.4% year-on-year [6]. - Qianjiang Motorcycle's sales in September were 38,000 units, down 20.9% year-on-year, with cumulative sales of 305,000 units, down 13.2% year-on-year [12]. - Longxin General's motorcycle sales in September were 130,000 units, down 22.7% year-on-year, with cumulative sales of 1.282 million units, down 3.6% year-on-year [15]. Future Outlook - The motorcycle market is expected to continue expanding, driven by new models and brands from leading companies, with a focus on high-end products and international market penetration [18]. - Chuanfeng Power plans to launch new models in the 450cc and 650cc categories, which are anticipated to boost sales [11]. - Qianjiang Motorcycle is enhancing its product definition capabilities and aims to introduce new models to stimulate growth [14].

Core Viewpoint - Qianjiang Motorcycle (000913) reported that as of October 20, the number of shareholders reached 22,615 [1] Group 1 - The company actively engages with investors through interactive platforms [1] - The increase in shareholder numbers may indicate growing interest in the company's stock [1]

Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, specifically recommending companies such as Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [5][15]. Core Insights - The motorcycle industry is experiencing steady growth in sales, particularly in the mid-to-large displacement segment, with exports accelerating [4][5]. - The overall sales of motorcycles above 250cc reached 87,000 units in September 2025, marking a year-on-year increase of 13.1% and a cumulative sales of 761,000 units from January to September, up 32.9% year-on-year [3][4]. - The report highlights the strong performance of leading companies in the industry, with Chuanfeng Power maintaining its top position in sales [6][9]. Summary by Sections Sales Performance - In September 2025, sales of motorcycles above 125cc reached 751,000 units, a year-on-year increase of 5.5% and a month-on-month increase of 12.2% [4]. - Exports of motorcycles above 250cc in September were 53,000 units, up 39.0% year-on-year, while domestic sales were 33,000 units, down 12.7% year-on-year [4]. Market Structure - The report notes significant growth in the 500cc and above segment, with sales of 1,700 units in September, a year-on-year increase of 351.5% [5]. - The 250cc to 400cc segment saw sales of 53,000 units in September, up 3.8% year-on-year, while the 400cc to 500cc segment experienced a decline of 24.1% [5]. Competitive Landscape - The top three companies in the 250cc and above segment are Chuanfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 44.2% in September [6][8]. - Chuanfeng Power's market share was 15.3% in September, while Qianjiang Motorcycle's market share was 15.0%, reflecting a year-on-year increase of 84.8% in sales [6][8]. Future Outlook - The report anticipates continued growth in the mid-to-large displacement motorcycle market, driven by new model launches and increased export activities from leading manufacturers [5][15]. - Chuanfeng Power is expected to focus on new models in the 450cc and 650cc categories, which are anticipated to boost sales significantly [11].

Market Overview - The motorcycle and other sectors increased by 0.69% compared to the previous trading day, with Xinlong Health leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance - Key stocks in the motorcycle sector showed the following performance: - Xinlong Health (002105) closed at 6.93, up 2.97% with a trading volume of 81,000 shares and a turnover of 55.44 million yuan [1] - Linhai Co., Ltd. (600099) closed at 10.93, up 2.82% with a trading volume of 36,400 shares and a turnover of 39.37 million yuan [1] - Taotao Industry (301345) closed at 240.50, up 2.57% with a trading volume of 17,000 shares and a turnover of 410 million yuan [1] - Other notable stocks include Huayang Racing (920058) and Jiuyi Company (6006899), which also experienced gains [1] Capital Flow - The motorcycle and other sectors saw a net inflow of 8.76 million yuan from main funds, while retail investors contributed a net inflow of 35.90 million yuan [2] - The main funds experienced a net outflow of 44.65 million yuan from speculative funds [2] Individual Stock Capital Flow - Notable capital flows for specific stocks include: - Jiuyi Company (689009) had a net inflow of 39.18 million yuan from main funds, while speculative funds saw a net outflow of 28.45 million yuan [3] - Longxin General (603766) had a net inflow of 13.46 million yuan from main funds, with speculative funds showing a net inflow of 20.83 million yuan [3] - Taotao Industry (301345) had a net inflow of 11.56 million yuan from main funds, while retail investors experienced a net outflow [3]

Market Overview - On October 20, the motorcycle and other sectors rose by 0.02% compared to the previous trading day, with Xinlong Health leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - Key stocks in the motorcycle and other sectors showed the following performance: - Xinlong Health (002105) closed at 6.73, up 2.91% with a trading volume of 66,400 shares and a turnover of 44.37 million yuan - Chunfeng Power (603129) closed at 239.85, up 2.90% with a trading volume of 25,800 shares and a turnover of 614 million yuan - Linhai Co. (6600099) closed at 10.63, up 2.31% with a trading volume of 28,000 shares and a turnover of 29.58 million yuan [1] Capital Flow - The motorcycle and other sectors experienced a net outflow of 125 million yuan from main funds, while retail investors saw a net inflow of 105 million yuan [2] - The following stocks had notable capital flows: - Nine Company (6006899) had a main fund net inflow of 42.71 million yuan, while retail saw a net outflow of 14.15 million yuan - Qianjiang Motorcycle (000913) had a main fund net inflow of 5.53 million yuan, with retail experiencing a net outflow of 5.28 million yuan [3]