单位：万元 证券代码：000913 证券简称：钱江摩托 公告编号：2026-002 浙江钱江摩托股份有限公司 2025 年度业绩预告 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、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 2、业绩预告情况：自愿性业绩预告 （1）以区间数进行业绩预告的 | 项 目 | | | 本会计年度 | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司股 | 比上年同期 | 96,000 | ～ | 103,000 | 67,673.81 | | 东的净利润 | 增长 | 41.86% | ～ | 52.20% | | | 扣除非经常性损益 | | 26,500 | ～ | 31,500 | | | 后的净利润 | 比上年同期 下降 | 52.80% | ～ | 43.89% | 56,139.26 | | 基本每股收益（元/ 股） | | 1.8374 | ～ | 1.9718 | 1.2946 | 二、与会 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603766 | 降替通用 | 15.97 | 3.23% | 30.83万 | | 4.92 乙 | | 603129 | 春风动力 | 274.00 | 2.93% | 2.02万 | | · 5.47 Z | | 003033 | 征和工业 | 71.13 | 1.11% | 1.90万 | | 1.33亿 | | 301345 | 涛涛车业 | 213.13 | 0.83% | 1.23万 | | 2.59亿 | | 002105 | 信隆健康 | 7.31 | 0.83% | 21.36万 | | 1.56亿 | | 6000099 | 林海股份 | 10.97 | 0.46% | 3.03万 | | 3299.65万 | | 60006899 | 九号公司 | 56.03 | 0.41% | 9.81万 | | 5.48亿 | | 300994 | 久祺股份 | 16.97 | 0.06% | 2.56万 | | 430 ...

Market Overview - The motorcycle and other sectors experienced a slight decline of 0.02% on January 26, with Zhenghe Industrial leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Stock Performance - Key stocks in the motorcycle sector showed varied performance, with Qianli Technology rising by 4.35% to a closing price of 12.00, while Zhenghe Industrial fell by 4.55% to 70.35 [2][1] - Other notable declines included Taotao Vehicle down 4.20% to 211.38 and Yong'an Xing down 3.92% to 18.63 [2] Trading Volume and Value - Qianli Technology had a trading volume of 957,100 shares, resulting in a transaction value of approximately 1.145 billion [1] - Zhenghe Industrial recorded a trading volume of 22,500 shares with a transaction value of around 160 million [2] Capital Flow Analysis - The motorcycle and other sectors saw a net outflow of 10.85 million from main funds, while retail investors experienced a net outflow of 29.69 million [2] - Conversely, speculative funds recorded a net inflow of 40.55 million [2] Individual Stock Capital Flow - Qianli Technology had a main fund net inflow of 37.42 million, while retail investors saw a net outflow of 42.08 million [3] - Zhenghe Industrial experienced a significant main fund net outflow of 24.62 million, indicating a bearish sentiment [3]

证券日报网讯1月22日，钱江摩托（000913）在互动平台回答投资者提问时表示，截至1月20日公司股东 人数为22949户。 ...

Investment Rating - The report initiates coverage with a rating of "Buy" for Qianjiang Motorcycle [5][12] Core Views - The motorcycle industry is transitioning towards high-quality development, with increasing industry concentration. Qianjiang Motorcycle has a well-established brand matrix and is accelerating its international expansion [2][12][22] - The company is the market leader in large-displacement motorcycles, with a comprehensive product range covering 50cc to 1200cc, and has maintained the highest market share for products over 250cc for thirteen consecutive years [12][22] - The company is actively expanding into the all-terrain vehicle market and has developed a series of electric two-wheeled products in line with the trend towards new energy [12][22] Financial Summary - Total revenue is projected to be CNY 5,098 million in 2023, increasing to CNY 6,031 million in 2024, with a year-on-year growth of 18.3%. Revenue is expected to reach CNY 7,243 million by 2027 [4][12] - Net profit attributable to the parent company is forecasted to be CNY 464 million in 2023, rising to CNY 677 million in 2024, with a significant increase of 45.8% year-on-year [4][12] - Earnings per share (EPS) is expected to be CNY 0.88 in 2023, increasing to CNY 1.29 in 2024, and projected to reach CNY 1.23 by 2027 [4][12] Market Position and Strategy - Qianjiang Motorcycle's marketing network covers both domestic and international markets, with nearly 3,000 dealerships in China and a presence in over 130 countries [12][22] - The company has established subsidiaries in the USA, Italy, and Indonesia, enhancing its market reach and brand recognition in key regions such as Europe, Latin America, Southeast Asia, and the Middle East [12][22] - The company aims to deepen its existing markets while actively exploring underdeveloped and blank areas, with overseas revenue projected to reach CNY 27.4 billion in 2024, a year-on-year increase of 32.5% [30]

Investment Rating - The report initiates coverage with a rating of "Buy" for Qianjiang Motorcycle [5][12] Core Insights - The motorcycle industry is transitioning towards high-quality development, with increasing industry concentration. Qianjiang Motorcycle is enhancing its brand matrix and accelerating its international expansion [2][22] - The company holds the leading market share in large-displacement motorcycles, with a comprehensive brand portfolio including Benelli, QJMOTOR, and Qianjiang, covering engine displacements from 50cc to 1200cc [12][22] - The company is expected to achieve significant revenue growth, with projected total revenue of CNY 6.03 billion in 2024, representing an 18.3% year-over-year increase [4][22] Financial Summary - Total revenue projections for Qianjiang Motorcycle are as follows: - 2023: CNY 5.098 billion - 2024: CNY 6.031 billion - 2025: CNY 5.478 billion - 2026: CNY 6.300 billion - 2027: CNY 7.243 billion - Net profit (attributable to the parent company) is projected to be: - 2023: CNY 464 million - 2024: CNY 677 million - 2025: CNY 505 million - 2026: CNY 562 million - 2027: CNY 650 million [4][12] - Earnings per share (EPS) estimates are: - 2023: CNY 0.88 - 2024: CNY 1.29 - 2025: CNY 0.96 - 2026: CNY 1.07 - 2027: CNY 1.23 [4][12] Market Position and Strategy - Qianjiang Motorcycle's domestic sales of fuel motorcycles are projected to remain stable, with a total of 212,000 units sold in 2024, maintaining its leading market share [26][34] - The company is focusing on expanding its international market presence, with overseas revenue expected to reach CNY 2.74 billion in 2024, a 32.5% increase year-over-year [30][34] - The company has established a robust marketing network with nearly 3,000 dealerships domestically and is expanding its international footprint in over 130 countries [12][22] Product Development and Innovation - Qianjiang Motorcycle is committed to high-performance motorcycle technology research and development, with significant investments in R&D, totaling CNY 366.4 million in 2024, which is 6.1% of its revenue [36][39] - The company is actively developing all-terrain vehicles and electric motorcycles, aligning with the trend towards new energy vehicles [12][22]

Group 1 - The company emphasizes its commitment to shareholders by ensuring that its R&D decisions are based on rigorous regulatory compliance analysis and market feasibility studies [2] - The company places high importance on product compliance and market access risks, adhering strictly to national standards such as GB/T 24158-2018 for electric motorcycles [2] - Electric motorcycles are legally defined as "motor vehicles" rather than "electric bicycles," requiring production approval from the Ministry of Industry and Information Technology [2] Group 2 - The operational speed of electric motorcycles must comply with motor vehicle road speed regulations and is subject to management by traffic authorities [2]

Group 1 - The motorcycle and other sectors experienced a decline of 1.89% on January 20, with Zhenghe Industrial leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Major stocks in the motorcycle sector showed mixed performance, with Aima Technology up by 1.50% and Zhenghe Industrial down by 4.16% [1][2] Group 2 - The net outflow of main funds in the motorcycle and other sectors was 182 million yuan, while retail investors saw a net inflow of 126 million yuan [2] - The table of fund flows indicates that XD Longxin Tong had a main fund net inflow of 17.44 million yuan, while Shanghai Phoenix had a net inflow of 5.63 million yuan [3] - Retail investors showed a positive net inflow in several stocks, including New Day Co. with a net inflow of 463.27 million yuan [3]

Core Viewpoint - The article emphasizes the ongoing growth and trends in the motorcycle industry, particularly focusing on sales data and market share for various motorcycle segments and manufacturers [2][3][4]. Sales Data Summary - For motorcycles with engine displacement over 250cc, December 2025 sales reached 69,000 units, a year-on-year increase of 1.8% and a month-on-month increase of 12.9%. Cumulative sales from January to December totaled 952,000 units, reflecting a year-on-year growth of 25.9% [2]. - In the 250cc to 400cc segment, December sales were 45,000 units, up 16.3% year-on-year and 28.3% month-on-month, with a total of 525,000 units sold in 2025, marking a 24.7% increase year-on-year [3]. - The 400cc to 500cc segment saw December sales of 9,000 units, down 51.7% year-on-year and 20.9% month-on-month, with a total of 218,000 units sold in 2025, down 7.2% year-on-year [3]. - The 500cc to 800cc segment experienced December sales of 13,000 units, a significant year-on-year increase of 63.6%, while cumulative sales for the year reached 186,000 units, up 115.9% year-on-year [3]. - For motorcycles over 800cc, December sales were 2,000 units, down 3.1% year-on-year but up 42.4% month-on-month, with total sales for the year at 23,000 units, reflecting a year-on-year increase of 57.8% [3]. Manufacturer Performance - Longxin General's December sales for the 250cc+ segment were 10,000 units, a year-on-year increase of 6.8%, with a market share of 15.0%, though down 4.5 percentage points month-on-month. The cumulative market share for 2025 was 14.8%, up 0.6 percentage points from 2024 [4]. - Chunfeng Power reported December sales of 10,000 units in the 250cc+ segment, down 43.8% year-on-year, with a market share of 14.8%, decreasing by 5.5 percentage points month-on-month. The cumulative market share for 2025 remained unchanged at 19.8% compared to 2024 [4]. - Qianjiang Motorcycle's December sales in the 250cc+ segment were 4,000 units, down 38.2% year-on-year, with a market share of 5.6%, decreasing by 1.2 percentage points month-on-month. The cumulative market share for 2025 was 11.9%, down 4.9 percentage points from 2024 [4]. Industry Outlook - The motorcycle industry is expected to see stable growth in the large-displacement segment, with wholesale sales of motorcycles over 250cc projected at 191,000 units in Q4 2025, a year-on-year increase of 4.3% but a month-on-month decrease of 26.3%. Domestic sales are anticipated to be 69,000 units, down 5.2% year-on-year and down 38.5% month-on-month, while export sales are expected to reach 122,000 units, up 10.5% year-on-year [7]. - The article suggests focusing on key companies in the motorcycle sector, particularly Chunfeng Power and Longxin General, as potential investment opportunities [10].

Core Viewpoint - The motorcycle industry is experiencing steady growth in sales, particularly in the mid to large displacement segment, with a total sales volume of 952,000 units in 2025, representing a year-on-year increase of 25.9% [2][3]. Industry Overview - Monthly sales of motorcycles above 125cc reached 655,000 units in December, up 0.6% year-on-year and 3.5% month-on-month, driven by significant contributions from leading companies like Chunfeng Power and Longxin General [3]. - For motorcycles above 250cc, December sales were 69,000 units, reflecting a year-on-year increase of 1.8% and a month-on-month increase of 12.9% [3]. - Cumulative exports of 250cc+ motorcycles in 2025 reached 533,000 units, a year-on-year increase of 48.5%, while December exports were 41,000 units, down 12.1% year-on-year [3][4]. Sales Structure - The 250cc to 400cc segment saw December sales of 45,000 units, up 16.3% year-on-year and 28.3% month-on-month, with a total of 525,000 units sold in 2025, up 24.7% year-on-year [5]. - The segment above 800cc had December sales of 200 units, with a year-on-year decrease of 3.1% but a month-on-month increase of 42.4%, totaling 23,000 units for the year, up 57.8% year-on-year [5]. Key Players - The top three companies in the 250cc+ segment in December were Longxin General, Chunfeng Power, and Qianjiang Motorcycle, with a combined market share of 35.4% [6]. - Longxin General sold 10,000 units in December, a year-on-year increase of 6.8%, while Chunfeng Power's sales dropped by 43.8% to 10,000 units [6][7]. - Qianjiang Motorcycle's December sales were 4,000 units, down 38.2% year-on-year [7]. Product Development - Chunfeng Power's total two-wheeler sales in December were 38,000 units, up 24.7% year-on-year, with significant growth in electric motorcycle sales [8]. - The company plans to launch new models in the 450cc and 650cc categories, which are expected to drive sales growth [13]. - Longxin General is focusing on expanding its export business, with a total of 138,200 units exported in 2025, despite a year-on-year decline of 12.1% in December [14][17]. Market Outlook - The mid to large displacement motorcycle market is expected to continue expanding, driven by new model launches and increasing demand for high-end motorcycles [22]. - The industry is witnessing a shift towards higher displacement models, with companies like Chunfeng Power and Longxin General leading the charge in product innovation and market penetration [22].