Summary of Zongshen Power's Conference Call Company Overview - Zongshen Power has established five product platforms covering over twenty products, with power ranges from 12 horsepower to 200 horsepower, including three propeller products. The product types include fuel, gasoline, diesel, and aviation kerosene engines, as well as two new energy range-extended aviation power products. The company is also developing a 300 kW turboprop engine [2][3]. Key Industry Insights - The company has a strong market presence in military, civilian, and low-altitude logistics transportation sectors, with significant clients such as Rainbow, Yilong, and Tengyun. The company is actively expanding into emerging scenarios like low-altitude logistics transportation in Chengdu, Sichuan [2][3]. - Chongqing is a pilot city for low-altitude economy, with the Banan District already conducting low-altitude logistics transportation trials. As reforms deepen, the demand for longer and more frequent material transport will increase, leading to more applications for large drones and aircraft [2][4]. - The military industry is experiencing a recovery, with an increase in military product delivery orders. The domestic military market has shown significant improvement in the first half of the year, and international geopolitical tensions have led to growth in military trade orders [2][5]. Growth Projections - Zongshen Power is optimistic about the high-speed growth of the drone and supporting aviation piston engine supply sector over the next three to five years, driven by the shift towards unmanned warfare and the substantial demand for unmanned equipment [2][6][7]. - The general machinery business has shown strong performance in the first quarter, with robust demand. The entire general machinery industry is currently in a high prosperity cycle, and this trend is expected to continue into the second half of the year [3][8][9]. Product Performance - The motorcycle engine business has maintained a growth rate of 10% to 20% in the first quarter, benefiting from domestic industrial restructuring and increased demand for large-displacement engines. This segment is expected to achieve moderate growth of 10% to 20% throughout the year [3][11]. - The motorcycle industry has stabilized production and sales at around 15 million units, with a slight increase projected to 16 million units in 2024. The market demand remains firm despite the shift from fuel-powered to low-speed electric vehicles [12]. Shareholder Activity - Zongshen Power's shareholder, Tibet Guorong, proposed a reduction plan due to personal funding needs, allowing for a total reduction of 3%. As of June 19, the shareholder had only sold close to 2%, indicating a strong belief in the company's long-term value [13][14].

Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for its stock performance in the next 12 months [9]. Core Insights - The company is positioned as a leading private aviation engine technology enterprise in China, focusing on both aviation power systems and new energy solutions, which are expected to drive growth [4][5]. - The company has established a comprehensive manufacturing capability for high-end components, enhancing its competitive edge in the market [8]. - Revenue and profit are projected to grow significantly, with expected revenues of 138.91 billion, 173.49 billion, and 208.86 billion yuan for 2025, 2026, and 2027 respectively [9]. Summary by Sections Aviation Power Systems - The company aims to be a leading service provider for small and medium-sized aviation power systems, leveraging its innovative technology and customer-oriented approach to overcome technical challenges and optimize its product offerings [4]. - It has developed five major aviation power platforms and over 20 engine and propeller products, achieving international certifications that enhance its market credibility [4]. New Energy Strategy - The company has implemented a dual-driven strategy in the new energy sector, focusing on electric drive systems, energy storage, and hydrogen energy, which are expected to interact positively with its traditional business [5][7]. - It has made significant advancements in electric drive technology and energy storage solutions, including customized products for various applications and expanding its global footprint [5][7]. High-End Manufacturing - The company has built a complete manufacturing process from raw materials to finished products, with significant production capacities in both casting and machining [8]. - It has established partnerships with leading domestic and international companies, enhancing its market presence and customer loyalty through high-quality delivery and continuous innovation [8]. Financial Projections - The company forecasts substantial revenue growth rates of 28.9%, 32.2%, 24.9%, and 20.4% from 2024 to 2027, with net profit growth rates of 27.5%, 46.0%, 39.3%, and 28.1% respectively [9][12]. - The projected earnings per share (EPS) are expected to increase from 0.40 yuan in 2024 to 1.05 yuan in 2027, reflecting strong profitability growth [9][12].

Investment Rating - The report assigns an "Accumulate" rating for Zongshen Power (001696) with a first-time coverage [5][12]. Core Views - The company is a leading manufacturer in the domestic general gasoline engine, general machinery terminal products, and motorcycle engines. The business environment for general machinery is improving, and the company has positioned itself well in the aviation sector, which has significant growth potential [5][12]. - The company's performance has shown strong growth, with a more than 90% year-on-year increase in net profit attributable to shareholders in Q1 2025. For 2024, the company is expected to achieve revenue of 10.506 billion yuan, a 29% increase year-on-year, and a net profit of 461 million yuan, a 27% increase [5][12]. Business Segments Summary 1. **General Machinery Business**: This is the company's largest segment, benefiting from an upward trend in the industry. In 2024, sales of general power and terminal products reached 4.8345 million units, a 37.34% increase year-on-year, generating total revenue of 5.226 billion yuan, up 35.33% [6][7]. 2. **Motorcycle Engine Business**: The company maintains a leading position in the domestic motorcycle industry. In 2024, motorcycle engine sales reached 2.9852 million units, a year-on-year increase of 18.44%, with total revenue of 3.824 billion yuan, up 13.68% [8][9]. 3. **Aviation Engine Business**: The company has a unique position in the low-altitude economy, providing power systems for general aviation aircraft and drones. It has developed a product line focused on small and medium-sized aviation piston engines and has obtained airworthiness certifications from France and Germany [10][11]. Profit Forecast and Valuation - The company is projected to achieve revenues of 12.808 billion yuan, 15.020 billion yuan, and 17.712 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 21.91%, 17.27%, and 17.92%. The net profit attributable to shareholders is expected to be 704 million yuan, 873 million yuan, and 1.113 billion yuan for the same years, with growth rates of 52.70%, 23.91%, and 27.50% [12][14].

证券代码：001696 证券简称：宗申动力 公告编号：2025-36 重庆宗申动力机械股份有限公司 关于持股 5%以上股东及董事股份减持计划期限届满暨减持结果的 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重庆宗申动力机械股份有限公司（简称"公司"）于 2025 年 2 月 27 日在指 定媒体和巨潮资讯网（www.cninfo.com.cn）披露了《关于持股 5%以上股东及董 事减持股份的预披露公告》（公告编号：2025-03），持股 5%以上股东西藏国隆 科技有限公司（简称"西藏国隆"）计划于减持预披露公告之日起 15 个交易日 后的三个月内，以集中竞价和大宗交易方式减持本公司股份不超过 34,350,807 股；公司董事李耀先生计划于减持预披露公告之日起 15 个交易日后的三个月内， 以集中竞价方式减持本公司股份不超过 42,425 股。 近日，公司收到上述股东分别出具的《股票减持计划实施情况告知函》，西 藏国隆已通过集中竞价和大宗交易方式减持其持有的本公司股份 20,939,700 股， 约占公司总股本的 1.8288%；李耀先生已通过集中竞价方式减持其持有的本公司 股份 42 ...

证券代码：001696 证券简称：宗申动力 公告编号：2025-35 1．担保审议情况 重庆宗申动力机械股份有限公司（简称"公司"）分别召开第十一届董事会 第十九次会议和 2024 年年度股东大会审议通过《关于 2025 年度对子公司担保的 议案》：同意 2025 年度公司对合并报表范围内的下属子公司担保、全资子公司 对公司担保及下属子公司间互保额度预计为 44.30 亿元，公司向控股子公司提供 的诉讼保全信用担保的额度预计为 2 亿元，有效期至公司 2025 年年度股东大会 重新核定额度前。具体内容详见公司于 2025 年 4 月 1 日和 4 月 22 日在巨潮资讯 网（www.cninfo.com.cn）上披露的相关公告。 2．担保进展情况 近日，公司对合并报表范围内的下属子公司重庆宗申通用动力机械有限公司 申请的综合授信额度提供连带责任保证担保合计 15,000 万元。具体如下： | 保证人 | 债务人 | 债权人 | 担保合同 | 协议 | | | 实际担保额 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 金额（万元） | 签 ...

证券代码：001696 证券简称：宗申动力 公告编号：2025-34 目前，公司正在积极筹备更换独立董事的相关工作，但由于公司独立董事候 选人的提名工作尚未完成，为了保持相关工作的准确性、连续性和稳定性，本次 更换选举独立董事工作将适当延期。 公司独立董事任晓常先生、柴振海先生期满离任将导致公司独立董事占董事 会成员的比例低于三分之一，在公司独立董事更换选举工作完成之前，独立董事 任晓常先生、柴振海先生将依照法律法规和《公司章程》的规定继续履行独立董 事及相关董事会专门委员会委员的职责和义务。 本次延期更换选举独立董事不会影响公司董事会的正常运行，公司将在相关 独立董事提名人选确定后，尽快完成独立董事的更换选举工作并及时履行信息披 露义务。 特此公告。 重庆宗申动力机械股份有限公司 董事会 重庆宗申动力机械股份有限公司 关于延期更换选举独立董事的公告 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。 重庆宗申动力机械股份有限公司（简称"公司"）现任独立董事任晓常先生、 柴振海先生自 2019 年 6 月 21 日起担任公司独立董事，至 2025 年 6 月 20 ...

Core Viewpoint - The company is preparing to replace its independent directors, but the process has been delayed due to the nomination work not being completed, ensuring continuity and stability in the board's operations [1][2]. Group 1 - The current independent directors, Ren Xiaochang and Chai Zhenhai, have served since June 21, 2019, and their term will end on June 20, 2025, marking a continuous six-year tenure [1]. - According to regulations, independent directors can serve a maximum of six consecutive years, and the company is actively working on the replacement process [1]. - The departure of the independent directors will reduce their representation on the board to below one-third, but they will continue to fulfill their duties until the replacement is completed [1]. Group 2 - The delay in the election of new independent directors will not affect the normal operation of the board, and the company will complete the election as soon as the nominees are determined [2].

证券代码：001696 证券简称：宗申动力 公告编号：2025-33 重庆宗申动力机械股份有限公司 关于持股 5%以上股东减持股份触及 1%的公告 公司股东西藏国隆科技有限公司保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重庆宗申动力机械股份有限公司（简称"公司"）于 2025 年 2 月 27 日披露 了《关于持股 5%以上股东及董事减持股份的预披露公告》（公告编号：2025-03）， 持有公司股份 207,384,700 股（占公司总股本比例 18.1118%）的股东西藏国隆 科技有限公司（简称"西藏国隆"）计划自上述公告发布之日起 15 个交易日后 的三个月内，以集中竞价方式和大宗交易方式减持本公司股份不超过 34,350,807 股（不超过公司股份总数的 3%）。 | 1．基本情况 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 信 ...

Core Viewpoint - The announcement details the reduction of shares by a major shareholder, Tibet Guolong Technology Co., Ltd., which plans to decrease its stake in Chongqing Zongshen Power Machinery Co., Ltd. by up to 5,690,000 shares, representing 0.4969% of the total share capital [1]. Group 1: Shareholder Reduction Details - Tibet Guolong holds 207,384,700 shares, accounting for 18.1118% of the total share capital before the reduction [1]. - The planned reduction will occur between May 7, 2025, and June 9, 2025, through centralized bidding and block trading methods [1]. - After the reduction, Tibet Guolong will hold 201,694,700 shares, which will represent 17.6148% of the total share capital [1]. Group 2: Compliance and Impact - The reduction is in line with previously disclosed plans and does not violate any laws or regulations [1]. - The company asserts that this reduction will not significantly impact its governance structure or ongoing operations [1].

2．本次权益变动情况 股份种类 （A 股、B 股等） 减持股数（股） 减持比例 A 股 5,690,000 0.4969% 合 计 5,690,000 0.4969% 本次权益变动方式 （可多选） 通过证券交易所的集中交易 通过证券交易所的大宗交易 其他 ☑ ☑ □（请注明） 3．本次变动前后，投资者及其一致行动人拥有上市公司权益的股份情况 股份性质 本次变动前持有股份 本次变动后持有股份 股数(股) 占总股本比例 股数(股) 占总股本比例 合计持有股份 207,384,700 18.1118% 201,694,700 17.6148% 其中： 无限售条件股份 207,384,700 18.1118% 201,694,700 17.6148% 有限售条件股份 0 0 0 0 4．承诺、计划等履行情况 本次变动是否为履行已作出 的承诺、意向、计划 是☑ 否□ 西藏国隆本次减持公司股份事项已按照相关规定进行了预披露，本 次减持情况与此前已披露的减持计划一致，截至本公告披露日，本 次减持计划尚未实施完毕。 本次变动是否存在违反《证 券法》《上市公司收购管理 办法》等法律、行政法规、 部门规章、规范性文件和本 所业务 ...