Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, specifically recommending companies such as Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [7][16]. Core Insights - The motorcycle industry is experiencing strong growth in the large-displacement segment, with significant year-on-year increases in sales, particularly in the 250cc and above categories [4][5]. - The report highlights that the domestic market remains robust even during the off-season, with exports recovering due to ongoing compliance with Euro 5+ standards [5][6]. - The overall market dynamics suggest a favorable outlook for 2025, driven by increased supply and the efforts of leading manufacturers to expand their export businesses [5][12]. Summary by Sections Sales Performance - In February 2025, sales of motorcycles above 250cc reached 58,000 units, a year-on-year increase of 134.9% and a month-on-month decrease of 2.2% [3]. - Cumulative sales for January and February 2025 totaled 117,000 units, reflecting an 84.8% year-on-year growth [3]. Market Structure - The 250-400cc segment saw sales of 38,000 units in February, up 228.4% year-on-year, while the 400-500cc segment had sales of 10,000 units, a 16.4% increase [5]. - The 500-800cc segment also performed well, with February sales of 8,000 units, marking a 135.2% increase year-on-year [5]. Competitive Landscape - The top three companies in the 250cc+ segment in February were Chuanfeng Power, Longxin General, and Qianjiang Motorcycle, with a combined market share of 38.7% [6]. - Chuanfeng Power's sales in February were 8,000 units, with a market share of 14.7%, while Longxin General and Qianjiang Motorcycle had market shares of 13.5% and 10.5%, respectively [6]. Future Outlook - The report anticipates continued strong demand for large-displacement motorcycles, with leading companies expected to benefit from new model launches and enhanced export capabilities [15]. - The motorcycle culture is gradually forming, which is expected to further drive demand in the coming years [15].

Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, particularly for companies like Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [8][14]. Core Insights - The motorcycle industry is experiencing strong growth in the mid-to-large displacement segment, with a notable increase in sales for 250cc and above motorcycles, which saw a year-on-year growth of 52.9% in January 2025 [3][4]. - The market structure is becoming more concentrated, with the top three companies (Qianjiang Motorcycle, Longxin General, and Chuanfeng Power) holding a combined market share of 64.1%, indicating a trend towards brand consolidation and consumer preference for quality [6][14]. - The report highlights the robust performance of new models in the 500-800cc range, driven by companies launching high-end products, which is expected to continue throughout 2025 [5][14]. Summary by Sections Sales Performance - In January 2025, sales of motorcycles above 250cc reached 59,000 units, a 52.9% increase year-on-year, while sales of 125cc and above motorcycles totaled 605,000 units, up 16.0% year-on-year [3][4]. - Exports of 250cc and above motorcycles were 39,000 units, reflecting a 76.1% increase year-on-year, while domestic sales were 20,000 units, up 21.5% year-on-year [4]. Market Structure - The sales of 250cc to 400cc motorcycles increased by 89.7% year-on-year, while the 500cc to 800cc segment saw a 47.9% increase [5]. - Qianjiang Motorcycle led the market with a 35.4% share, followed by Longxin General at 15.0% and Chuanfeng Power at 13.6% [6]. Company Insights - Chuanfeng Power reported a total sales of 22,000 units in January, with a year-on-year increase of 33.0% [7]. - Longxin General achieved a sales volume of 128,000 units in January, with a 17.0% year-on-year increase, and noted a monthly high in 800cc+ model sales [13]. - Qianjiang Motorcycle's sales were 37,000 units in January, with a year-on-year decrease of 2.5%, but a significant increase in domestic sales by 58.9% [12]. Future Outlook - The report anticipates continued growth in the mid-to-large displacement motorcycle market, driven by new model launches and an expanding export market [14]. - Companies are expected to benefit from a growing motorcycle culture and increasing consumer demand for high-quality products [14].

Group 1: Company Performance and Sales - In 2024, the company expects a growth of approximately 37.92% to 53.01%, with an estimated sales volume of 440,000 units, including 210,000 units for domestic sales and 230,000 units for exports [2] - In January 2025, the company sold 37,800 units, a year-on-year increase of 0.3%, with 10,600 units of over 250cc models sold, reflecting an 11.3% growth [2] - Domestic sales reached 20,500 units, a 60% increase year-on-year, while exports were 17,400 units, a decline of 30.4% [3] Group 2: Market Strategy and Outlook - The company aims to expand in key overseas markets such as Europe and South America, focusing on establishing strong dealer channels and enhancing brand recognition through events and media [3] - The company plans to launch several new products in 2025, incorporating advanced technologies like AMT and smart dashboards to maintain product leadership [4] Group 3: Competitive Landscape and Challenges - Domestic brands have improved significantly in engine performance and manufacturing quality, leading to increased competitiveness against foreign brands [3] - The company faces potential price competition in the domestic high-displacement motorcycle market in 2025, which may pressure product margins [5] - The company has established over 60 overseas agents, typically employing 1-2 agents per country, to support brand promotion and technical assistance [5]

浙江钱江摩托股份有限公司（以下简称"公司"）董事会于近日收到公司高 级管理人员蔡良正先生的书面辞职报告。蔡良正先生因年龄原因申请辞去公司 总工程师职务，辞职后仍担任公司首席产品官职务。 证券代码：000913 证券简称：钱江摩托 公告编号：2025-004 浙江钱江摩托股份有限公司 关于高级管理人员辞职的公告 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。 特此公告。 浙江钱江摩托股份有限公司董事会 2025年2月22日 根据《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》等相关规定，蔡良正先生的辞职报告 自送达董事会之日起生效。 截至本公告日，蔡良正先生持有公司股份800,000股，占公司目前总股本的 0.15%，不存在应当履行而未履行的承诺事项。蔡良正先生辞职后，其所持股份 将按照《深圳证券交易所上市公司自律监管指引第 18 号——股东及董事、监 事、高级管理人员减持股份》等相关法律、法规的规定进行管理。 蔡良正先生辞任公司总工程师不会对公司经营管理产生重大不利影响。公 司董事会对蔡良正先生任职期间的 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company is expected to achieve significant growth in 2024, with projected revenue of 6.02 billion yuan, a year-on-year increase of 18.0%, and a net profit attributable to shareholders of 6.4 to 7.1 billion yuan, representing a year-on-year increase of 37.9% to 53.0% [1] - The company's product structure optimization and asset disposal are expected to enhance profits, with a forecasted net profit for Q4 2024 of 1.7 to 2.4 billion yuan, a year-on-year increase of 285.2% [2] - The company is focusing on internationalization as its top strategy for 2024, with an expected export volume of 227,000 units, a year-on-year increase of 36.0% [3] Summary by Sections Revenue and Profit Forecast - The company forecasts total revenue of 6.02 billion yuan for 2024, with a growth rate of 18.1% [5] - The net profit attributable to shareholders is projected to be 674 million yuan for 2024, reflecting a growth rate of 45.3% [5] Product Development and Market Strategy - The company has improved its product definition capabilities, launching several popular models in 2024, including the first domestic quasi-public upgraded racing model [3] - The company plans to develop 10 all-terrain vehicles (ATVs) and has already begun market testing two models [4] Financial Metrics - The report projects earnings per share (EPS) of 1.28 yuan for 2024, with a price-to-earnings (PE) ratio of 15 [5] - The company expects to achieve a net profit of 7.3 billion yuan in 2025, with a PE ratio of 14 [5]

Financial Projections - The estimated net profit for 2024 is projected to be between 640 million and 710 million CNY, representing a year-on-year growth of 37.92% to 53.01% compared to 464.02 million CNY in the previous year[4]. - The estimated net profit after deducting non-recurring gains and losses is projected to be between 520 million and 590 million CNY, indicating a year-on-year growth of 35.41% to 53.64% compared to 384.02 million CNY in the previous year[4]. - The basic earnings per share is expected to be between 1.2216 CNY and 1.3565 CNY, compared to 0.9172 CNY in the previous year[4]. - The company's revenue is expected to grow approximately 18% year-on-year, driven by significant increases in self-export and large-displacement recreational motorcycle sales[5]. Tax and Income - The reduction in income tax expenses is primarily due to the subsidiary's taxable income offsetting previous deductible losses[5]. Asset Management - The asset disposal gains have increased year-on-year following the completion of the relocation of the wholly-owned subsidiary Zhejiang Yirong Intelligent Machinery Co., Ltd.[6]. Strategic Focus - The company is focused on product upgrades and innovation, continuously optimizing the motorcycle product structure to enhance its core competitiveness in domestic and international markets[5]. Reporting and Compliance - The financial data presented is preliminary and will be detailed in the company's 2024 annual report[7]. - The company has communicated with the auditing firm regarding the performance forecast, and there are no discrepancies between the two parties[4]. - Investors are advised to make cautious decisions and be aware of investment risks as the company adheres to relevant laws and regulations for information disclosure[7].

上海市锦天城律师事务所 关于浙江钱江摩托股份有限公司 2025 年第一次临时股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于浙江钱江摩托股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：浙江钱江摩托股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受浙江钱江摩托股份有限公 司（以下简称"公司"）委托，就公司召开 2025 年第一次临时股东大会（以下简 称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简称《公 司法》）、《上市公司股东大会规则》等法律、法规、规章和其他规范性文件以 及《浙江钱江摩托股份有限公司章程》（以下简称《公司章程》）的有关规定， 出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事 项 ...

证券代码：000913 证券简称：钱江摩托 公告编号：2025-001 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。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 2025 年第一次临时股东大会决议公告 特别提示： 1、本次股东大会不存在否决议案的情形。 1、会议召开时间：现场会议召开时间：2025 年 1 月 13 日（星期一）下午 14:30；网络投票时间：2025 年 1 月 13 日。 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 1 月 13 日上午 9:15—9:25，9:30—11:30，下午 13:00—15:00；通过深圳证券交易所 互联网投票系统投票的具体时间为：2025 年 1 月 13 日上午 9:15 至下午 15:00 期间 的任意时间。 一、 会议召开和出席情况 （一）会议召开情况 2、现场会议召开地点：浙江温岭经济开发区浙江钱江摩托股份有限公司会议 室 3、会议方式：本次股东大会采取现场投票和网络投票相结合方式召开 4、会议召集人：浙江钱江摩托股份有限公司董事会 5、 ...

浙江钱江摩托股份有限公司 章 程 浙江钱江摩托股份有限公司章程目录 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第四章 股东和股东大会 第四节股东大会的提案与通知 第五节股东大会的召开 第六节股东大会的表决和决议 第五章 董事会 第一节 董事 第二节 董事会 第六章 总经理及其他高级管理人员 第七章 监事会 第一节监事 第二节 监事会 第八章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节内部审计 第三节 会计师事务所的聘任 第九章 通知与公告 第一节 通知 第二节 公告 1 第二节 股份增减和回购 第三节 股份转让 第一节 股东 第二节 股东大会的一般规定 第三节 股东大会的召集 第十章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节解散和清算 第十一章修改章程 第十二章 附则 2 浙江钱江摩托股份有限公司章程 第一章 总则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为， 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证 券法》（以下简称《证券法》）和其他有关规定，制订本章程。 第二条 公司系依照《公 ...

| 修订前条款： | | | 修订后条款： | | | | --- | --- | --- | --- | --- | --- | | 元。 第六条 526,671,000 | 公司注册资本为人民币 | | 公司注册资本为人民币 第六条 | | 元。 526,611,000 | | 第二十条 526,671,000 股，均为 | 公司股份总数为 | | 第二十条 | 公司股份总数为526,611,000股，均为普 | | | 普通股，无其他种类股份。 | | | 通股，无其他种类股份。 | | | | 第一百二十四条 公司设总经理 名，由董事会聘 1 | | | 第一百二十四条 | 公司设总经理 1 | 名，由董事会聘 | | 任或解聘。公司可以设副总经理若干名，由董事会聘任 | | | 任或解聘。公司设副总经理 | 6-8 | 名，由董事会聘任或解 | | 或解聘。 | | 聘。 | | | | | 公司总经理、副总经理、财务负责人、董事会秘书 | | | | 公司总经理、副总经理、财务负责人、董事会秘书 | | | 和由董事会审议通过并聘任的享受副总经理及副总经 | | | | 和由董事会审议通过并聘任的 ...