Core Points - Qianjiang Motorcycle announced a cash dividend distribution plan for the first half of 2025, proposing to distribute 5.00 yuan (including tax) for every 10 shares held by shareholders [1] Summary by Category Dividend Distribution - The total share capital as of June 30, 2025, is 526,611,000 shares, which will be the basis for the dividend distribution [1] - The record date for shareholders entitled to the dividend is September 11, 2025, and the ex-dividend date is September 12, 2025 [1]

Group 1 - The company plans to distribute a cash dividend of 5.00 yuan (including tax) for every 10 shares held, based on a total share capital of 526,611,000 shares as of June 30, 2025 [1][2] - The total share capital will be adjusted to 526,593,500 shares due to the repurchase of 17,500 shares, but the distribution ratio will remain unchanged [2][4] - The dividend distribution will not include stock bonuses or capital reserve transfers [1][2] Group 2 - The record date for the dividend distribution is set for September 11, 2025, with the ex-dividend date on September 12, 2025 [2][3] - The distribution will be made directly to shareholders' accounts through their securities companies or other custodians [3][4] - The total cash dividend amount is calculated to be 263,296,750 yuan, resulting in a dividend of 0.50 yuan per share [4]

证券代码：000913 证券简称：钱江摩托 公告编号：2025-039 浙江钱江摩托股份有限公司 2025年半年度权益分派实施公告 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。 特别提示： 1、浙江钱江摩托股份有限公司（以下简称"公司"）实施的2025年半年度 权益分派方案为：拟以截至2025年6月30日总股本526,611,000为基数，向全体 股东每10股派发现金红利5.00元（含税），不送红股，不以公积金转增股本。 在利润分配方案实施前，公司总股本如发生变动，将按照分配比例不变的原则 对分配总额进行调整。 2、自权益分派方案披露至权益分派业务申请期间，公司实施了回购注销限 制性股票17,500股，导致公司总股本发生变化，公司总股本由 526,611,000 股变更为526,593,500股。 按照分配比例不变的原则，本次权益分派以公司可参与利润分配的股本 526,593,500股为基数，向全体股东每10股派发现金股利5.00元（含税），不 送红股，不以公积金转增股本。 3、公司于2025年5月16日召开2024年度股东大会，审议通过了《关于授权 董事会 ...

Group 1 - The company primarily develops its motorcycle engines in-house and collaborates with Benelli for joint development [2] - A small portion of the engines comes from partnerships with world-renowned brands and racing teams [2] - The company does not have any aerospace business [2]

Core Viewpoint - Zhejiang Qianjiang Motorcycle Co., Ltd. has approved the repurchase and cancellation of 17,500 restricted stocks due to the departure of two incentive plan participants, which represents 0.003% of the company's total share capital of 526,611,000 shares [1][6]. Summary by Sections Implementation of 2022 Restricted Stock Incentive Plan - The company has implemented the 2022 restricted stock incentive plan, granting 15,395,000 shares to 160 participants as of June 30, 2022 [3]. - The board has authorized the determination of grant dates and necessary procedures for granting restricted stocks to eligible participants [3]. Repurchase and Cancellation of Restricted Stocks - The board approved the repurchase and cancellation of 160,000 shares from two participants who have not unlocked their stocks due to their departure [4]. - A total of 470,000 shares were reserved for 16 participants on June 21, 2023, with the board confirming the list of participants [4]. - The repurchase price for the restricted stocks was adjusted from 5.69 CNY/share to 5.29 CNY/share based on the company's 2023 equity distribution [5]. Reasons for Repurchase - The repurchase was necessitated by the departure of two participants who no longer qualify for the incentive plan, in accordance with the plan's regulations [6]. - The repurchase price is determined based on the grant price plus interest from bank deposits for participants who left due to company-related reasons [6]. Financial Details of Repurchase - The total amount allocated for the repurchase of restricted stocks is 78,925 CNY, sourced from the company's own funds [8]. - The repurchase price was adjusted to 4.51 CNY/share following the company's annual dividend distribution [7]. Impact on Share Capital Structure - Following the repurchase, the total share capital will decrease from 526,611,000 shares to 526,593,500 shares, with a slight reduction in the proportion of restricted shares [9]. - The repurchase will not significantly impact the company's operational performance or management diligence [9].

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]