证券代码：000913 证券简称：钱江摩托 公告编号：2025-038 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、浙江钱江摩托股份有限公司（以下简称为"公司"）本次回购注销股权激励 计划对象 2 名已获授但尚未解锁的限制性股票数量合计为 17,500 股，占本次回购 注销前公司总股本 526,611,000 股的 0.003%，并已经过董事会及股东大会审议通 过。 2、经中国证券登记结算有限公司深圳分公司确认，公司已完成上述 17,500 股 限制性股票回购注销事宜。本次限制性股票回购注销符合法律、行政法规、部门 规章、规范性文件、公司章程、股权激励计划等的相关规定。 3、本次回购注销完成后，公司总股本由 526,611,000 股变更为 526,593,500 股。 一、公司 2022 年限制性股票激励计划实施情况 1、2022 年 5 月 20 日，公司第八届董事会第六次会议及第八届监事会第五次 会议审议通过了《关于<浙江钱江摩托股份有限公司 2022 年限制性股票激励计划 （草案）>及其摘要的议案》《关于<浙江钱江摩托股份有限公司 ...

Market Overview - On September 3, the motorcycle and other sectors fell by 0.9%, with Jiuyi Co. leading the decline [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Notable stock performances included: - Zhenghe Industrial: Closed at 46.80, up 1.83% with a trading volume of 31,600 shares and a turnover of 148 million yuan [1] - Taotao Vehicle: Closed at 187.20, up 1.07% with a trading volume of 15,800 shares [1] - Qianjiang Motorcycle: Closed at 16.89, up 0.84% with a trading volume of 154,700 shares and a turnover of 264 million yuan [1] - Jiuyi Co.: Closed at 69.83, up 0.47% with a trading volume of 185,800 shares and a turnover of 1.311 billion yuan [1] - Chuncheng Power: Closed at 262.50, down 0.89% with a trading volume of 11,000 shares [1] - Jiuyi Co. (Jiuyi Co. in another context): Closed at 18.92, down 6.57% with a trading volume of 121,700 shares and a turnover of 237 million yuan [2] Capital Flow - The motorcycle and other sectors saw a net inflow of 95.96 million yuan from main funds, while retail funds experienced a net outflow of 56.75 million yuan [2] - The capital flow for specific stocks included: - Jiuyi Co.: Main funds net inflow of 98.78 million yuan, retail funds net outflow of 51.21 million yuan [3] - Qianjiang Motorcycle: Main funds net inflow of 17.53 million yuan, retail funds net outflow of 32.57 million yuan [3] - Zhenghe Industrial: Main funds net inflow of 12.27 million yuan, retail funds net outflow of 10.68 million yuan [3]

Core Viewpoint - The company's performance in Q2 2025 met expectations, with marginal improvements in motorcycle business despite a decline in overall sales and profits [3][6]. Financial Performance - In H1 2025, the company reported revenue of 3.07 billion yuan, a year-on-year decrease of 5.7%, and a net profit attributable to shareholders of 270 million yuan, down 22.9% year-on-year [2]. - Q2 2025 revenue was 1.74 billion yuan, a year-on-year decline of 9.2% but a quarter-on-quarter increase of 30.3%. The net profit for Q2 was 180 million yuan, down 12.8% year-on-year but up 110.6% quarter-on-quarter [2][3]. Motorcycle Business - The decline in revenue was primarily due to fluctuations in motorcycle sales, with Q2 2025 motorcycle sales at 106,000 units, down 17.2% year-on-year but up 9.6% quarter-on-quarter [3]. - The company has improved its product definition capabilities, launching high-end models that have received positive market reception, indicating strong potential for future growth [4][6]. Cost Structure - The company has optimized its cost structure, with sales, management, R&D, and financial expense ratios showing improvements compared to previous periods, contributing to profit margins [3]. International Strategy - The company is focusing on international expansion, with a significant increase in exports of mid-to-large displacement motorcycles, achieving 26,000 units in H1 2025, a year-on-year increase of 2.5% [4]. - The establishment of subsidiaries in key markets such as the U.S., Italy, and Indonesia is part of the company's strategy to enhance its global presence [4]. All-Terrain Vehicle (ATV) Development - The company is actively expanding its all-terrain vehicle product line, with two ATV models already in mass production and additional models in development [5]. Future Projections - Revenue projections for 2025-2027 are 6.68 billion yuan, 7.98 billion yuan, and 9.47 billion yuan, respectively, with net profits expected to be 640 million yuan, 750 million yuan, and 880 million yuan [6][8].

Group 1 - The company reported a revenue of 3.07 billion yuan for H1 2025, a year-on-year decrease of 5.7%, and a net profit attributable to shareholders of 270 million yuan, down 22.9% year-on-year [1] - In Q2 2025, the company achieved a revenue of 1.74 billion yuan, a year-on-year decline of 9.2% but a quarter-on-quarter increase of 30.3%, with a net profit of 180 million yuan, down 12.8% year-on-year but up 110.6% quarter-on-quarter [1] - The decline in revenue and profit in Q2 2025 was primarily due to a drop in motorcycle sales, which amounted to 106,000 units, down 17.2% year-on-year but up 9.6% quarter-on-quarter [1] Group 2 - The company has improved its product definition capabilities, launching high-end models such as the Sai 800RS and Zhi 900 in H1 2025, which have been well-received in the market [2] - The international strategy remains a top priority, with exports of mid-to-large displacement motorcycles (over 250cc) reaching 26,000 units in H1 2025, a year-on-year increase of 2.5% [2] - The company is expanding its global presence by establishing subsidiaries in the US, Italy, and Indonesia, and has developed channels in over 130 countries [2] Group 3 - The company is actively expanding its all-terrain vehicle (ATV) product matrix, with two ATV models (ATV600 and ATV1000) already in mass production [3] - The company is planning to develop 10 all-terrain vehicle models, with ongoing research and development for UTV1000 and SSV1000 models [3] - The company’s competitive advantages are seen in its brand strength, product capability, channel development, and organizational capacity, which are expected to drive future growth [3]

Group 1 - Minsheng Securities issued a report on August 31, recommending Qianjiang Motorcycle (000913.SZ) with a target price of 16.99 yuan [1] - The report highlights that the performance in Q2 2025 meets expectations, indicating marginal improvement in the motorcycle business [1] - Qianjiang Motorcycle is enhancing its product definition capabilities, leading to stable sales of large-displacement motorcycles [1] Group 2 - The all-terrain vehicle (ATV) product matrix is gradually expanding, with multiple products achieving mass production [1] - There are potential risks identified, including lower-than-expected motorcycle sales, intensified market competition, and fluctuations in overseas ATV demand [1]

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company's performance in Q2 2025 met expectations, with motorcycle sales showing resilience despite a decline in overall revenue [2][3]. - The company's product definition capabilities have significantly improved, leading to successful launches of high-end motorcycle models [3]. - The internationalization strategy is a key focus, with a notable increase in exports of mid-to-large displacement motorcycles [3]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 3.07 billion yuan, a year-on-year decrease of 5.7%, and a net profit attributable to shareholders of 270 million yuan, down 22.9% year-on-year [1]. - Q2 2025 revenue was 1.74 billion yuan, a year-on-year decline of 9.2% but a quarter-on-quarter increase of 30.3%. The net profit for Q2 was 180 million yuan, down 12.8% year-on-year but up 110.6% quarter-on-quarter [1][2]. Motorcycle Business - The motorcycle segment saw a total sales volume of 106,000 units in Q2 2025, a decrease of 17.2% year-on-year but an increase of 9.6% quarter-on-quarter [2]. - The company has optimized its cost structure, leading to improved profit margins despite lower sales volumes [2]. Product Development - The company has enhanced its product definition capabilities, launching several high-end models that have received positive market reception [3]. - The company is expanding its all-terrain vehicle (ATV) product line, with multiple models in production and development [4]. Future Outlook - Revenue projections for 2025-2027 are estimated at 6.68 billion, 7.98 billion, and 9.47 billion yuan, respectively, with net profits expected to be 640 million, 760 million, and 890 million yuan [5]. - The report anticipates continued growth driven by the motorcycle business and improved product offerings [4].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 26.28 [1][5]. Core Insights - The company reported a revenue of RMB 3.07 billion for the first half of the year, a year-on-year decrease of 5.7%, and a net profit attributable to shareholders of RMB 270 million, down 22.9% year-on-year. However, the second quarter showed a recovery with a revenue of RMB 1.74 billion, which is a 30.3% increase quarter-on-quarter [1][2]. - The company faced supply chain issues affecting coolant matching, which temporarily impacted shipments. With these issues resolved, sales are expected to improve in the second half of the year [2][3]. - The company has initiated a mid-term dividend for the first time, with a payout ratio of 97.8% for the first half of the year, distributing RMB 263 million to shareholders [4]. Summary by Sections Financial Performance - In the first half of 2025, domestic sales revenue decreased by 2.9% to RMB 1.65 billion, while overseas sales revenue fell by 8.8% to RMB 1.42 billion. Total sales volume dropped by 11% to 223,000 units, with a 24% decline in export volume [2]. - The gross margin for Q2 was 28.0%, showing a quarter-on-quarter improvement of 2.6 percentage points, attributed to an increase in the sales proportion of larger displacement motorcycles [3]. Dividend Policy - The company has emphasized shareholder returns, planning to increase the dividend payout ratio to 45% and 61% for the years 2023 and 2024, respectively. The mid-term dividend marks a significant step in enhancing shareholder value [4]. Profit Forecast and Valuation - The profit forecast for the company remains unchanged for 2025-2027, with expected net profits of RMB 770 million, RMB 900 million, and RMB 1.05 billion, respectively. The target price is based on a comparable valuation method, applying a PE ratio of 18.0x for 2025 [5][11].

Market Performance - On August 28, the motorcycle and other sectors rose by 1.2%, with Qianli Technology leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Qianli Technology (601777) closed at 11.57, up 5.86%, with a trading volume of 812,500 shares and a turnover of 917 million yuan [1] - Other notable stocks included Shanghai Phoenix (600679) at 13.43, up 2.21%, and Qianjiang Motorcycle (000913) at 17.15, up 1.84% [1] Capital Flow - The motorcycle and other sectors experienced a net outflow of 9.4275 million yuan from institutional investors, while retail investors saw a net outflow of 26.3126 million yuan [2] - Conversely, speculative funds recorded a net inflow of 35.7401 million yuan [2] Individual Stock Capital Flow - Qianli Technology had a net inflow of 81.5791 million yuan from institutional investors, while it faced a net outflow of 49.9741 million yuan from retail investors [3] - Nine companies, including Qianli Technology and Jiuhua Company (689009), showed varying degrees of net inflow and outflow from different investor categories [3]

Core Viewpoint - Qianjiang Motorcycle (000913) reported disappointing financial results for the first half of 2025, with a decline in both revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the period was 3.073 billion yuan, a year-on-year decrease of 5.74% [1] - Net profit attributable to shareholders was 269 million yuan, down 22.89% year-on-year [1] - In Q2 alone, total revenue was 1.739 billion yuan, a decline of 9.2% year-on-year, with net profit of 183 million yuan, down 12.84% [1] - Gross margin was 26.91%, a decrease of 3.89% year-on-year, while net margin was 8.86%, down 17.71% [1] - Total expenses (selling, administrative, and financial) amounted to 145 million yuan, accounting for 4.71% of revenue, a slight decrease of 0.25% year-on-year [1] - Earnings per share were 0.51 yuan, a decrease of 24.31% year-on-year [1] Balance Sheet Changes - Accounts receivable increased significantly by 56.45%, attributed to changes in sales area credit policies [2] - Fixed assets rose by 46.39% due to the completion of certain construction projects [2] - Lease liabilities increased by 70.11% due to rising unpaid lease amounts [2] - Other non-current assets surged by 165.12% due to increased prepayments for long-term asset purchases [2] Cash Flow Analysis - Net cash flow from operating activities decreased by 78.7%, primarily due to increased cash payments for goods and services [5] - Net cash flow from investing activities dropped by 164.81%, influenced by last year's government land compensation [6] - Net cash flow from financing activities fell by 144.9%, due to reduced loans for construction projects [6] - The net increase in cash and cash equivalents decreased by 113.87% [6] Operational Insights - The company's return on invested capital (ROIC) was 10.06%, indicating average capital returns [6] - The company has a healthy cash asset position, suggesting good debt repayment capability [7] - The estimated dividend yield is 4.78% [8] Market and Sales Challenges - The decline in large displacement motorcycle sales was attributed to supply chain adjustments and quality control issues, which have since been addressed [10] - New products are expected to be launched starting in August, aiming to recover sales momentum [10]

Core Insights - The motorcycle production and sales data for Zhejiang Qianjiang Motorcycle Co., Ltd. shows a significant decline in both production and sales in June 2025, with production down by 38.9% and sales down by 24.96% compared to the previous year [1] Company Performance - In June 2025, Qianjiang Motorcycle produced 25,663 units and sold 34,783 units, resulting in a production-sales ratio of 135.54% [1] - The company cleared 9,120 units from inventory during this period [1] Industry Overview - The data is sourced from the China Automotive Industry (Motorcycle) Production and Sales Quick Report, indicating a broader trend in the motorcycle industry [1] - The report by Zhiyan Consulting provides insights into the market research and investment prospects for the motorcycle industry in China from 2025 to 2031 [1]