Group 1: Company Overview and Strategic Direction - The company is focused on developing its aviation power business and has established a comprehensive layout in the aviation power sector, including piston, hybrid, and turbine power systems [3]. - The company has successfully built two major product systems in the new energy sector: electric drive systems and energy storage, covering various applications such as portable storage and hydrogen energy systems [3]. - The establishment of Chongqing Chenyu Technology Co., Ltd. aims to deepen the company's layout in the aviation power business and enhance its market influence [5]. Group 2: IPO and Financing Plans - The subsidiary Zongshen Aviation has terminated its IPO due to strategic development needs and changes in the capital market environment [2]. - The company plans to continue consolidating and expanding its business in the aviation power sector while seizing opportunities in the low-altitude economy [2]. - There are no disclosed plans for future IPOs or financing arrangements for Zongshen Aviation at this time [14]. Group 3: Market Performance and Investor Relations - The company has maintained a focus on its core business, aiming for steady growth and economic efficiency, while enhancing shareholder returns through high cash dividends [4]. - The company acknowledges the impact of macroeconomic factors, industry policies, and market sentiment on stock price fluctuations [11]. - The company is committed to improving information disclosure and engaging with institutional investors to enhance understanding of its operations [4]. Group 4: Product Development and Innovation - The company has launched a smart lawn mower product and plans to further develop its product layout based on market demand [9]. - The company is actively pursuing high-end, intelligent, and electric product transformations in its robotics sector [8]. - The company has made significant advancements in its industrial robotics sector, with a focus on automation and efficiency improvements [9]. Group 5: Future Growth and Market Strategy - The company aims to create a second growth curve through increased investment in new energy and aviation power sectors [3]. - The company is focused on enhancing its core competitiveness and market influence in the aviation power field [5]. - The company is exploring opportunities in the low-altitude economy and is committed to adapting to the evolving market landscape [2].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The low-altitude economy is experiencing significant growth, with multiple orders signed at the China International Import Expo, indicating strong market demand and potential for future expansion [17][19] - Strategic collaborations, such as the partnership between Shenzhou Car Rental and Volant, are enhancing the integration of ground and air transportation services, which is expected to improve operational efficiency and customer experience [23] - The establishment of manufacturing bases and headquarters in Shanghai by companies like Shizhi Technology is expected to drive the development of the advanced manufacturing industry in the Yangtze River Delta region [25] Summary by Sections 1. Weekly Sector Review - The average weekly change for the low-altitude economy sector was +0.3%, with Wanzhe Co. leading the gains at +30.3% [4][10] - The top five gainers included Wanzhe Co. (+30.3%), Keli Co. (+17.5%), and Yunlu Co. (+16.1%), while the top five losers included Hangxin Technology (-17.2%) and Lingnan Holdings (-10.6%) [10][12] 2. Industry Dynamics - Shenzhou Car Rental and Volant signed a strategic cooperation agreement to develop a "ground + air" commuting solution, marking a significant step in the integration of transportation services [23] - On November 8, Jinan signed contracts for eight low-altitude economic projects, including the AS700 manned airship delivery center, which will support low-altitude tourism and emergency command scenarios [24] 3. Individual Company Developments - Shizhi Technology announced the establishment of its headquarters and manufacturing base in Shanghai, securing a 700 million yuan credit line and signing a procurement agreement for 100 eVTOLs [25] - Volant signed agreements for 95 eVTOLs at the Import Expo, totaling 2.375 billion yuan, and secured a high-level commercial passenger eVTOL order [26] - Yufeng Future showcased its upgraded passenger eVTOL product and signed intention orders for 200 eVTOLs, exceeding 2 billion yuan in total [27]

Market Overview - The street vendor economy sector experienced a decline of 0.55% compared to the previous trading day, with Jihong Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Notable gainers in the street vendor economy sector included: - ST Xuefa (code: 002485) with a closing price of 4.27, up 4.91% on a trading volume of 28,100 shares and a transaction value of 11.9763 million [1] - Longkui General (code: 603766) with a closing price of 14.22, up 4.48% on a trading volume of 449,500 shares [1] - Major decliners included: - Jihong Co., Ltd. (code: 002803) with a closing price of 18.05, down 3.11% on a trading volume of 176,700 shares and a transaction value of 319 million [2] - Camel Group (code: 601311) with a closing price of 9.96, down 2.35% on a trading volume of 570,200 shares [2] Capital Flow - The street vendor economy sector saw a net outflow of 968 million from institutional investors, while retail investors contributed a net inflow of 560 million [2] - The capital flow for specific stocks indicated: - Qianli Technology (code: 601777) had a net inflow of 43.8291 million from institutional investors, but a net outflow of 92.4420 million from retail investors [3] - Guoen Co., Ltd. (code: 002768) experienced a net inflow of 19.6205 million from institutional investors, with a net outflow of 25.5515 million from retail investors [3]

Investment Rating - The report maintains a strong buy recommendation for the company [2][7]. Core Views - The company has shown significant growth in revenue and net profit, with a notable increase in profitability. The motorcycle engine segment is experiencing growth driven by technological innovation, while the general machinery business is also seeing rapid growth [6][7]. - The low-altitude economy policies are driving growth, and the company has achieved a milestone in the certification of its self-developed aviation engine [6][7]. Financial Performance - For the first three quarters of 2025, the company reported total revenue of 9.639 billion, a year-on-year increase of 30.17%, and a net profit attributable to shareholders of 758 million, up 93.70% year-on-year [6]. - In Q3 2025, the company achieved total revenue of 2.946 billion, with a net profit of 252 million, reflecting a year-on-year increase of 130.65% [6]. - The sales gross margin for Q3 2025 was 14.53%, with a net profit margin of 9.09% [6]. Business Segments - The general machinery business is maintaining a favorable market position, with strong growth in key segments such as emergency power generation and agricultural drones [6]. - The motorcycle engine business is also performing well, with exports and domestic sales contributing to growth, particularly in the high-displacement leisure motorcycle market [6]. - The aviation engine segment is progressing steadily, with the CA500 engine nearing certification, marking a significant step in the domestic aviation power market [6]. Future Projections - The company is expected to achieve net profits of 1.081 billion, 1.285 billion, and 1.444 billion for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 25.2, 21.2, and 18.9 [7][8].

Summary of Zongshen Power's Conference Call Company Overview - **Company**: Zongshen Power - **Industry**: General Machinery, Motorcycles, Aviation Engines, Energy Storage Key Points Financial Performance - In Q3 2025, Zongshen Power achieved a revenue of **9.583 billion** yuan, a year-on-year increase of **31%** [3] - Net profit reached **758 million** yuan, up **93.7%** year-on-year [3] - General machinery business revenue approached **5 billion** yuan, with a growth rate of **40%-50%** [2][3] - Engine business revenue was approximately **3 billion** yuan, growing by **20%-30%** [3] Business Segments Growth - General machinery and motorcycle products showed significant growth, with motorcycle and tricycle products increasing by **20%** in Q3, up from **14%** in the first half of the year [2][6] - The energy storage sector, although smaller, is experiencing strong market demand and growth [3] - The company is also exploring new opportunities in the aviation engine sector, establishing a new platform to address international sanctions and future capital operations [3] Product and Market Strategy - The company is transitioning from push-type lawn mowers to smart lawn mowers, aiming to increase product value [2][8] - Zongshen Power plans to enhance the proportion of high-value products, such as large-displacement motorcycle engines, to improve unit prices [8] - International business revenue now exceeds **50%**, with over **80%** of exports directed to North America [7] Manufacturing and Capacity Expansion - Zongshen Power has three factories in Vietnam, which serve as a crucial manufacturing base and a gateway to the North American market [10][11] - The company is also considering other potential markets, including South Africa, Hungary, and Mexico, to enhance its global footprint [12] Future Outlook - The company anticipates stable growth in core businesses, including general machinery, engines, energy storage, and aviation engines [13] - New product developments in the aviation engine sector are underway, with existing orders valued between **200 million** to **300 million** yuan [15] - The company is investing in electric and intelligent product capacities, necessitating new factory constructions [21] Emerging Trends and Innovations - Zongshen Power is leveraging artificial intelligence to enhance management and production efficiency, as well as to accelerate research and development processes [19] - The low-altitude economy is becoming more active, with increased demand for engines as manufacturers develop new aircraft models [18] Military and Strategic Developments - The military product segment is experiencing high demand, with a significant portion of revenue generated domestically due to international sanctions [20] - The integration with Longxing is progressing smoothly, focusing on asset swaps and independent property evaluations [23] Capital Expenditure Plans - Future capital expenditures will focus on electric and intelligent product development, including battery and inverter production [21] Acquisition Performance - The acquisition of Li Zhihui is expected to meet profit targets, with projected net profits between **55 million** to **60 million** yuan for 2025 [22] This summary encapsulates the key insights from Zongshen Power's conference call, highlighting its financial performance, growth strategies, market dynamics, and future outlook.

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [21]. Core Insights - The company reported a significant year-on-year revenue increase of 30.17% to 9.639 billion yuan and a net profit growth of 93.70% to 758 million yuan for the first three quarters of 2025 [1]. - The traditional business is experiencing high prosperity, with the machinery business showing a revenue increase of 73% and net profit growth of 140% in the first half of the year [2]. - The emerging aviation power business is expected to benefit from the booming low-altitude economy and strategic partnerships, enhancing its competitive edge [6]. Financial Performance Summary - For Q3 2025, the company achieved a record high quarterly performance, with revenues of 2.946 billion yuan, marking a 13.68% year-on-year increase [1]. - The investment income for the first three quarters was 116 million yuan, primarily from the investment in Longxin General [1]. - The company’s earnings per share (EPS) are projected to be 0.83 yuan, 0.95 yuan, and 1.10 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 28, 25, and 21 [7]. Business Outlook - The company is positioned in a high-growth phase for both traditional and emerging businesses, with expectations for continued strong performance in the machinery sector and significant potential in the aviation power segment [2][6]. - The strategic acquisition and integration with Longxin General are anticipated to create synergistic effects, enhancing market competitiveness [2]. - The company is also focusing on the development of new energy and storage systems, which are expected to present strategic opportunities [6].

Core Viewpoint - Zongshen Power (001696) announced that the company does not have any guarantees provided to related parties or third parties, nor does it have any overdue guarantees [1] Company Summary - Zongshen Power confirmed the absence of guarantees to related parties [1] - The company also stated that there are no overdue guarantees to third parties [1]

证券代码：001696 证券简称：宗申动力 公告编号：2025-62 重庆宗申动力机械股份有限公司 对外担保进展公告 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。 一、担保情况概述 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、 重庆大江动力设备制造有限公司、东莞市锂智慧能源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 28,000 万元。具体如下： 1．重 ...

Core Viewpoint - Zongshen Power (SZ 001696) announced the convening of its 12th second board meeting on October 29, 2025, to review the Q3 2025 report and other documents [1]. Company Summary - For the first half of 2025, Zongshen Power's revenue composition was as follows: 97.37% from machinery manufacturing, 2.07% from other sectors, and 0.56% from additional business activities [1].

Group 1 - The core viewpoint of the article highlights the financial performance of Zongshen Power (SZ 001696), which reported significant growth in revenue and net profit for the first three quarters of 2025 [1] - The company's revenue for the first three quarters reached approximately 9.583 billion yuan, representing a year-on-year increase of 31.18% [1] - The net profit attributable to shareholders was about 758 million yuan, showing a substantial year-on-year increase of 93.7% [1] - Basic earnings per share were reported at 0.6617 yuan, which is an increase of 93.71% compared to the previous year [1]