Core Viewpoint - Qianjiang Motorcycle reported a decline in both revenue and net profit for the first three quarters of 2025, indicating significant challenges in its core business operations [1][6]. Financial Performance - For the first three quarters, the company achieved operating revenue of 4.426 billion CNY, a year-on-year decrease of 10.11% [1][2]. - The net profit attributable to shareholders was 320 million CNY, down 31.38% compared to the previous year [1][2]. - In Q3 alone, revenue was 1.353 billion CNY, representing an 18.67% decline year-on-year, while net profit fell by 56.59% to 51.06 million CNY [2][6]. - The cash flow from operating activities saw a drastic reduction of 84.25%, primarily due to increased cash payments for goods and services and higher tax payments [3]. Business Segments - The motorcycle and electric bicycle segment, which contributes over 90% of total revenue, experienced a revenue decline of 6.62% with a corresponding drop in gross margin of 1.18% [6][8]. - The semiconductor discrete device manufacturing segment reported a complete revenue drop to zero, indicating severe operational challenges [6]. Shareholder Information - The top ten shareholders include Geely Technology Group with a 36.65% stake, and Hong Kong Central Clearing Limited reduced its holdings by 59.54% to 4.542 million shares [5][3]. Market Performance - As of October 27, the stock price of Qianjiang Motorcycle fell by 2.92% to 16.28 CNY per share, with a total market capitalization of approximately 8.573 billion CNY [8][9].

Group 1 - Qianjiang Motorcycle (000913.SZ) released its Q3 2025 report on October 27, 2025, indicating that as of October 26, 2025, five institutional investors held a total of 266 million shares, accounting for 50.46% of the total share capital [1] - The institutional holding ratio decreased by 2.93 percentage points compared to the previous quarter [1] - The public funds that did not disclose holdings this quarter totaled 105, including Southern CSI 1000 ETF, Huaxia CSI 1000 ETF, Huaxia New Consumption Mixed A, GF CSI 1000 ETF, and ICBC New Energy Vehicle Mixed A [1] Group 2 - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 1.27% compared to the previous quarter [1]

Core Insights - Qianjiang Motorcycle (000913.SZ) reported a revenue of 4.426 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 10.11% [1] - The company's net profit attributable to shareholders was 320 million yuan, down 31.38% year-on-year [1] - The non-recurring net profit was 275 million yuan, reflecting a year-on-year decrease of 37.67% [1] - Basic earnings per share stood at 0.6124 yuan [1]

Core Insights - Q3 2025 financial results show a significant decline in both revenue and net profit for the company [1] Financial Performance - The company reported Q3 revenue of 1.353 billion yuan, a year-on-year decrease of 18.67% [1] - Net profit for Q3 was 51.06 million yuan, down 56.59% year-on-year [1] - Year-to-date revenue reached 4.426 billion yuan, reflecting a 10.11% decline compared to the previous year [1] - Year-to-date net profit totaled 320 million yuan, a decrease of 31.38% year-on-year [1]

Group 1 - The company Qianjiang Motorcycle (SZ 000913) announced its board meeting held on October 24, 2025, to review the Q3 2025 report and other documents [1] - For the first half of 2025, Qianjiang Motorcycle's revenue composition was entirely from the manufacturing of railway, shipping, aerospace, and other transportation equipment, accounting for 100.0% [1] - As of the report, Qianjiang Motorcycle has a market capitalization of 8.8 billion yuan [1]

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]