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]

证券代码：001696 证券简称：宗申动力 公告编号：2025-54 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。 特此公告。 重庆宗申动力机械股份有限公司 董事会 2025年9月18日 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。 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。 ...

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。 ...

证券研究报告：机械设备 | 公司点评报告 发布时间：2025-09-15 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 25.19 | | --- | --- | | 总股本/流通股本（亿股）11.45 | / 8.91 | | 总市值/流通市值（亿元）288 | / 225 | | 52 周内最高/最低价 | 33.67 / 11.63 | | 资产负债率(%) | 54.8% | | 市盈率 | 62.52 | | 第一大股东 | 重庆宗申高速艇开发有 | | 限公司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 宗申动力(001696) 上半年业绩略超预期，新兴领域卡位优势明显 股票投资评级 l 投资要点 事件：公司披露 2025 年半年报。 上半年利润高增。2025H1，公司实现营收 66.93 亿元，同比 +39.05%；实现归母净利润 5.06 亿元，同比+79.37%；实现扣 ...

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]

证券日报网讯 9月10日晚间，宗申动力发布公告称，公司聘任林艺先生为董事会秘书。 （文章来源：证券日报） ...

Group 1 - The company Zongshen Power announced the appointment of several new deputy general managers, including Mr. Guo Qiang, Mr. Liu Yuanhong, Mr. Zhou Jiaping, Mr. Deng Wei, Mr. Peng Ke, and Mr. Lin Yi [2]