Group 1: Business Growth Strategies - The company employs analytical and constructive strategies to balance traditional high-end upgrades with new business resource investments, ensuring the synergy of two growth curves [1] - The fuel power business is transitioning towards high-end, high-value sectors, while the new energy business is rapidly scaling up in electric drive systems, energy storage, and hydrogen energy [2] Group 2: New Energy Business Performance - The new energy product system has been established, covering electric drive systems, energy storage, and hydrogen energy, with a focus on maintaining stable growth in traditional businesses while innovating in new energy [2] - Financial data regarding the new energy business, including revenue share and gross margin, can be found in the company's 2025 semi-annual report [2] Group 3: Product Development and Market Feedback - The hydrogen forklift is currently in demonstration applications within industrial parks and has not yet achieved commercialization [2] - The company has successfully achieved batch supply of small aviation engines through its subsidiary, Zongshen Aviation [4] Group 4: Financial Performance and Cost Management - The company reported a 79.37% year-on-year increase in net profit for the first half of 2025, driven by growth in traditional businesses and investment income [8] - To manage costs amid raw material price fluctuations, the company is implementing long-term strategic partnerships and improving production efficiency [8] Group 5: Market Position and Future Plans - The company is positioned as a leading manufacturer of small and medium-sized power machinery, with a focus on high-end, intelligent, and electric product transformations [3] - The company is exploring strategic opportunities to expand into humanoid robots and other robotic platforms based on existing technology [3]

Market Performance - The general equipment sector increased by 1.52% on September 22, with Wald leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Top Gainers - Wald (688028) closed at 50.71, up 13.19% with a trading volume of 167,300 shares and a transaction value of 833 million [1] - DeMa Technology (688360) closed at 26.36, up 10.99% with a trading volume of 278,400 shares and a transaction value of 717 million [1] - Huafeng Co. (605100) closed at 27.13, up 10.02% with a trading volume of 82,400 shares and a transaction value of 217 million [1] Top Losers - Xun'an Technology (834950) closed at 22.74, down 6.96% with a trading volume of 22,800 shares and a transaction value of 52.29 million [2] - Qianjin Technology (873679) closed at 24.56, down 6.33% with a trading volume of 18,000 shares and a transaction value of 44.51 million [2] - Chicheng Co. (834407) closed at 22.04, down 5.49% with a trading volume of 50,700 shares and a transaction value of 113 million [2] Capital Flow - The general equipment sector experienced a net outflow of 1.097 billion from institutional investors, while retail investors saw a net inflow of 759 million [2] - The top stocks by net inflow from institutional investors included Sea Eagle Co. (603269) with 66.81 million and Aerospace Power (600343) with 54.43 million [3] - The top stocks by net outflow from institutional investors included Sea Eagle Co. (603269) with -31.54 million and Precision Technology (688627) with -24.73 million [3]

Core Viewpoint - In Q2 2025, Zongshen Power achieved a net profit of 279 million yuan, representing a year-on-year growth of 73% [2][9] - For H1 2025, the company reported revenue of 6.693 billion yuan, up 39.05% year-on-year, and a net profit of 506 million yuan, up 79.37% year-on-year [2][9] Financial Performance - In Q2 2025, the company recorded revenue of 3.450 billion yuan, a year-on-year increase of 39.00% and a quarter-on-quarter increase of 6.40% [2][9] - The gross profit margin for Q2 2025 was 15.6%, down 0.7 percentage points year-on-year but up 1.9 percentage points quarter-on-quarter [4][15] - The net profit margin for Q2 2025 was 8.2%, up 1.2 percentage points year-on-year and up 1.0 percentage points quarter-on-quarter [4][15] Business Segments - The company focuses on traditional core businesses, particularly in "general machinery" and "motorcycle engines," solidifying its leading position in niche markets [6][49] - In emerging sectors, Zongshen Power is actively investing in "aviation power," "new energy," and "high-end components," increasing R&D and market expansion efforts [6][49] - The company has developed a product line centered on small and medium-sized aviation piston engines, establishing five major aviation power platforms and launching over 20 derivative products [6][34] Low-altitude Economy - Zongshen Aviation has successfully developed the CA500 aviation piston engine, which is set to become the first domestic aviation power product to meet CAAC and ASTM F2339 standards [6][35] - The company is accelerating the certification process for its products and developing hybrid aviation engines to support widespread application in the low-altitude economy [6][35] General Machinery Business - Zongshen's general machinery business achieved total revenue of 3.647 billion yuan in H1 2025, a year-on-year increase of 73.06%, with a net profit of 370 million yuan, up 139.79% [28][49] - The company has strengthened its market position through technological advancements and resource synergies, particularly in the fields of stationary power generation and emergency power supply [28][49] Motorcycle Engine Business - The motorcycle engine segment reported revenue of 2.330 billion yuan in H1 2025, a year-on-year increase of 14.39%, with a net profit of 133 million yuan, up 39.30% [30][49] - The company is focusing on market expansion in emerging markets such as Mexico, Brazil, and West Africa, while enhancing its technological capabilities [30][49] New Energy Business - Zongshen Power has established a dual-driven strategy in the new energy sector, focusing on electric drive systems, energy storage, and hydrogen energy [40][44] - The electric drive system business is advancing in various applications, including special vehicles and electric motorcycles, with significant market breakthroughs [42][44] - The energy storage segment is expanding its product offerings and has initiated global expansion efforts, including establishing a subsidiary in Germany [43][44]

Core Insights - The 2025 China Motorcycle Chongqing Forum emphasized the theme "Gathering Strength, Breaking Through" and aimed to discuss the future of the motorcycle industry with representatives from various enterprises [1] - The forum highlighted Chongqing's status as a global motorcycle hub, showcasing significant achievements in industry scale, export performance, corporate strength, product structure, and industrial ecology [6][8] - The event featured discussions on the transformation of the motorcycle industry, focusing on innovation, brand building, and international market expansion [8][10] Industry Overview - Chongqing's motorcycle industry has evolved significantly, characterized by larger scale, better export trends, stronger corporate capabilities, improved product structures, and a more complete industrial ecosystem [6] - The global motorcycle industry is entering a growth cycle, with China transitioning from a manufacturing powerhouse to a strong manufacturing nation, particularly in smart and electric vehicles [8] - The domestic market is experiencing dual upgrades in consumer demand for both livelihood and recreational use, while international markets in regions like Asia, Africa, and Latin America present vast opportunities [8] Challenges and Recommendations - The industry faces challenges such as global economic uncertainty, trade protectionism, and internal competition [8] - Recommendations include focusing on independent innovation, enhancing brand building, expanding international markets, and strengthening industry self-discipline [8] Market Trends - The motorcycle market in Mexico is projected to grow, with significant increases in ownership and sales, particularly in electric motorcycles [19] - The Mexican motorcycle market is expected to reach a value of $3.36 billion, with a notable increase in imports from China [19] Strategic Discussions - The forum included discussions on long-term strategies versus opportunistic approaches, emphasizing the need for balance in the face of industry challenges [20] - Participants highlighted the importance of adhering to long-term visions while adapting to market changes, with a focus on quality and innovation [22] Future Directions - The forum concluded with a call for collaboration and consensus among industry players to address challenges and seize opportunities, particularly in the context of new national standards and market dynamics [38] - The motorcycle industry is expected to continue evolving with a focus on electric and smart technologies, driven by changing consumer preferences and regulatory frameworks [38]

Core Viewpoint - Chongqing Zongshen Power Machinery Co., Ltd. is participating in the 2025 Investor Online Reception Day and Semi-Annual Performance Briefing to enhance investor relations and promote high-quality development of the company [1]. Group 1 - The event will take place on September 25, 2025, from 15:00 to 17:00 [1]. - Investors can participate through the P5W interactive platform [1]. - Senior management of the company will engage in online communication with investors, addressing their concerns [1].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][4]. Core Insights - The company achieved a net profit of 279 million yuan in Q2 2025, representing a year-on-year growth of 73% [1][9]. - For the first half of 2025, the company reported revenues of 6.693 billion yuan, up 39.05% year-on-year, and a net profit of 506 million yuan, up 79.37% year-on-year [1][9]. - The company is actively expanding into the low-altitude economy, focusing on aviation power, new energy, and high-end components as strategic emerging fields [3][58]. Financial Performance - In Q2 2025, the company achieved a revenue of 3.450 billion yuan, a year-on-year increase of 39% and a quarter-on-quarter increase of 6.4% [1][9]. - The gross profit margin for Q2 2025 was 15.6%, a decrease of 0.7 percentage points year-on-year but an increase of 1.9 percentage points quarter-on-quarter [2][11]. - The net profit margin improved by 1.2 percentage points year-on-year to 8.2% in Q2 2025 [2][11]. Business Segments - The company's general machinery segment generated 3.644 billion yuan in revenue in H1 2025, a year-on-year increase of 73.09% [1][9]. - The motorcycle engine segment reported revenue of 2.324 billion yuan in H1 2025, a year-on-year increase of 14.23% [1][9]. - The aviation power segment has developed a product line focused on small and medium-sized aviation piston engines, with over 20 derivative products launched [3][39]. Future Projections - The company has revised its revenue forecasts for 2025-2027 to 13.41 billion, 16.13 billion, and 18.73 billion yuan, respectively, reflecting an increase from previous estimates [4][58]. - The projected net profits for the same period are 1.007 billion, 1.187 billion, and 1.369 billion yuan, respectively, also revised upwards [4][58]. Strategic Focus - The company is committed to enhancing its core business in general machinery and motorcycle engines while expanding into new fields such as aviation power and new energy [58][56]. - The company aims to leverage its strong order book and continuous growth in its core businesses to drive future performance [4][58].

证券代码：001696 证券简称：宗申动力 公告编号：2025-54 重庆宗申动力机械股份有限公司 关于参加重庆辖区上市公司 2025 年投资者网上集体接待日 暨半年度业绩说明会活动的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 2025 年 9 月 18 日 1 / 1 特此公告。 重庆宗申动力机械股份有限公司 董事会 为进一步提高上市公司投资者关系管理水平，促进公司完善公司治理，助力 上市公司高质量发展，在重庆证监局指导下，重庆上市公司协会联合深圳市全景 网络有限公司举办重庆辖区上市公司 2025 年投资者网上集体接待日暨半年度 业绩说明会。本次活动将于2025年9月25日（星期四）下午15:00-17:00举行，投 资者可以登录全景路演互动平台（https://rs.p5w.net）参与交流。 届时，公司相关高级管理人员将参加本次活动，并通过上述平台与投资者进 行"一对多"形式的在线沟通与交流，回答投资者关心的问题。欢迎广大投资者 踊跃参与。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase in stock price of over 20% within the next six months [6][11]. Core Insights - The company reported a strong performance in the first half of 2025, achieving a revenue of 6.693 billion yuan, a year-on-year increase of 39.05%, and a net profit attributable to shareholders of 506 million yuan, up 79.37% year-on-year [4][5]. - The second quarter of 2025 marked a historical high in quarterly performance, with revenue reaching 3.450 billion yuan, a 39.00% increase year-on-year, and a net profit of 279 million yuan, reflecting a 72.74% year-on-year growth [4][5]. - The company is focusing on its core business while also expanding into emerging sectors such as aerospace power, new energy, and high-end components, aiming to cultivate a second growth curve [5][6]. Financial Performance - In the first half of 2025, the company's revenue from general power products was 3.644 billion yuan, up 73.09% year-on-year, while motorcycle products generated 2.324 billion yuan, a 14.23% increase [5]. - The company maintained a gross margin of 14.18% and a net margin of 7.68%, with a slight improvement in net profit margin by 1.37 percentage points year-on-year [5]. - The financial forecast for 2025-2027 estimates revenues of 13.965 billion yuan, 16.258 billion yuan, and 18.773 billion yuan, with corresponding net profits of 900 million yuan, 1.033 billion yuan, and 1.198 billion yuan, indicating significant growth [6][9].

Core Viewpoint - Zongshen Power announced the appointment of Mr. Liu Yuanhong as the Chief Financial Officer [2] Company Summary - The company has made a significant leadership change by hiring a new CFO, which may impact its financial strategy and operations moving forward [2]

Group 1 - The company announced the appointment of Mr. Huang Peiguo as the General Manager on the evening of September 10 [2]