事项： 业绩符合预告表现，盈利能力显著提升。25H1 公司实现归母净利润3.4 亿元，同比+88.0%，其中单Q2 归母净利润2.6 亿元，同比+95.3%，业绩表现接近预告上限。我们判断主要受益于核心业务高尔夫球车 高增。25Q2 公司销售/管理/研发/财务费用率为7.0%/4.0%/2.4%/-1.2%，同比分别-2.5/+0.3/-0.4/+0.1pct， 整体运营提效带来期间费用率优化。盈利能力方面，在高端产品结构升级以及部分品类提价带动下， 25Q2 公司毛利率同比+ 6.6pcts 至41.6%，叠加期间费用率持续优化，综合影响下25Q2 归母净利率同比 +8.8pcts 至23.8%，盈利能力持续提升。 宇树科技合作开辟增长新曲线，海外产能加速布局。公司为休娱骑乘类产品领军公司，盈利能力优秀， 微笑曲线两端具备的核心竞争优势可长期持续，并在公司成长过程中不断夯实。当前公司快速拓展美国 高尔夫球车经销商，与竞争对手相比渠道布局空间较大，伴随新品持续推出，公司电动高尔夫球车开始 进入放量兑现期，后续有望加速成长。此外，根据上海市浙江商会，公司于25年7 月与宇树科技达成战 略合作，在机器人北美等海外 ...

从资金流向上来看，当日摩托车及其他板块主力资金净流入1.24亿元，游资资金净流出1767.56万元，散 户资金净流出1.06亿元。摩托车及其他板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603529 爱玛科技 | | 5695.07万 | 12.23% | -2978.34万 | -6.40% | -2716.73万 | -5.83% | | 603766 降鑫通用 | | 2780.86万 | 5.68% | -1007.24万 | -2.06% | -1773.62万 | -3.63% | | 601777 千里科技 | | 2640.57万 | 4.89% | -2587.26万 | -4.79% | -53.31万 | -0.10% | | 689009 九号公司 | | 2077.61万 | 1.88% | 1852.85万 | 1.68% | -3930.45万 | -3. ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 215 yuan, corresponding to a PE ratio of 33 times for 2025 [2][8]. Core Insights - The company reported a strong performance in its 2025 mid-year report, achieving a revenue of 1.71 billion yuan, a year-on-year increase of 23.2%, and a net profit attributable to shareholders of 340 million yuan, up 88.0% year-on-year [2][8]. - The growth was primarily driven by the electric golf cart segment, which is expected to see significant growth, particularly in North America, where the number of dealers has exceeded 230 [2][8]. - The company has entered a strategic partnership with Yushu Technology to explore new growth avenues and enhance its overseas production capabilities [2][8]. Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 1.71 billion yuan, with Q2 revenue at 1.07 billion yuan, both showing a year-on-year growth of 23.3% [2][8]. - The net profit for Q2 was 260 million yuan, reflecting a 95.3% increase year-on-year, indicating strong profitability driven by the core golf cart business [2][8]. - The company's gross margin improved by 6.6 percentage points to 41.6% in Q2, while the net profit margin increased by 8.8 percentage points to 23.8% [2][8]. Financial Projections - The company is projected to achieve total revenue of 3.91 billion yuan in 2025, with a year-on-year growth rate of 31.4% [4]. - The net profit attributable to shareholders is expected to reach 716 million yuan in 2025, with a growth rate of 66.0% [4]. - Earnings per share (EPS) are forecasted to be 6.56 yuan for 2025, increasing to 11.11 yuan by 2027 [4][8].

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]

Group 1: Financial Performance - In H1 2025, the company achieved revenue of approximately 1.713 billion yuan, a year-on-year increase of about 23.19%, and a net profit attributable to shareholders of approximately 342 million yuan, a year-on-year increase of about 88.04% [1] - In Q2 2025, the company realized revenue of approximately 1.074 billion yuan, a year-on-year increase of about 23.33% and a quarter-on-quarter increase of about 68.01%; the net profit attributable to shareholders was approximately 256 million yuan, a year-on-year increase of about 95.25% and a quarter-on-quarter increase of about 196.96% [1] Group 2: Product and Market Development - The company's self-owned brand sales accounted for approximately 64.77% of total sales, with significant growth in the electric low-speed vehicle segment, achieving revenue of approximately 1.152 billion yuan in H1 2025, a year-on-year increase of about 30.65% [2] - The company has expanded its electric golf cart high-end dealer network to 60, with a total of over 230 dealers, and launched the second brand "TEKO" in North America in July 2025 [2] - In the special vehicle segment, the company achieved revenue of approximately 490 million yuan in H1 2025, a year-on-year increase of about 8.22%, with a focus on all-terrain vehicles [2] Group 3: Global Expansion and Production Capacity - The company is accelerating the construction of a global production capacity layout, focusing on "China + Southeast Asia + North America," with overseas revenue in H1 2025 reaching approximately 1.654 billion yuan, a year-on-year increase of about 20.73% [2] - The U.S. factory is fully engaged in the assembly production of electric golf carts, while the Vietnam base is ramping up production capabilities for electric golf carts and all-terrain vehicles [2] Group 4: Profitability and Cost Management - In Q2 2025, the company's gross margin was approximately 41.64%, a year-on-year increase of about 6.65 percentage points, and a net profit margin of approximately 23.84%, a year-on-year increase of about 8.78 percentage points [3] - The total expense ratio was approximately 12.29%, a year-on-year decrease of about 2.52 percentage points, with reductions in sales, management, R&D, and financial expense ratios [3] Group 5: Strategic Initiatives - The company is expanding its product line from electric scooters and bicycles to electric golf carts and large all-terrain vehicles, creating a comprehensive product ecosystem for various age groups and scenarios [4] - Strategic partnerships have been established in advanced fields such as humanoid robots and autonomous driving technology with companies like K-SCALE and others [4] Group 6: Investment Outlook - The company is expected to upgrade its products towards high-value segments, with projected revenues for 2025 to 2027 of approximately 3.872 billion yuan, 4.911 billion yuan, and 5.894 billion yuan, representing year-on-year growth rates of about 30.1%, 26.9%, and 20.0% respectively [5] - The projected net profits for the same period are approximately 680 million yuan, 873 million yuan, and 1.114 billion yuan, with year-on-year growth rates of about 57.7%, 28.4%, and 27.6% respectively [5]

Core Insights - The company has completed a small batch trial production of certain robotic products from the US-based K-SCALE company as of August 2025, with future production plans dependent on market feedback [1] Company Developments - The company is actively engaging in the production of robotic products, indicating a strategic move towards automation and technology integration [1] - The completion of the small batch trial suggests that the company is in the process of evaluating the viability and market acceptance of these products [1] Market Considerations - Future production decisions will be influenced by market feedback, highlighting the importance of consumer response in the company's operational strategy [1]

每经AI快讯，有投资者在投资者互动平台提问：1.请问公司现在人形机器人推进到哪个阶段了？2.请问 公司对外收购进展如何，有计划在人形机器人领域采取收购策略吗？ 涛涛车业（301345.SZ）9月2日在投资者互动平台表示，1、2025年8月，公司已完成美国K-SCALE公司 部分机器人产品的小批量试产，后续视市场反馈情况定。2、关于对外收购事宜，目前公司暂无需要公 告的收购事项。未来，公司将结合长远发展需要，对收购相关事项进行审慎考虑和研究。 （文章来源：每日经济新闻） ...

人民财讯9月2日电，涛涛车业（301345）9月2日在互动平台回复称，8月，公司已完成美国K-SCALE公 司部分机器人产品的小批量试产，后续视市场反馈情况定。 ...

证券代码：301345 证券简称：涛涛车业 公告编号：2025-044 浙江涛涛车业股份有限公司 首次授予部分第二个归属期及预留授予部分第一个归属期 归属结果暨股份上市的公告 包括本激励计划公告时在公司任职的董事、高级管理人员、中层管理人员及核心 骨干人员。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 中首次授予部分共 300,330 股，预留授予部分共 117,000 股。 名（其中 33 名激励对象本次同时归属首次及预留部分限制性股票）。 浙江涛涛车业股份有限公司（以下简称"公司"）于 2025 年 7 月 14 日召开 第四届董事会第七次会议、第四届监事会第五次会议，审议通过《关于 2023 年 限制性股票激励计划首次授予部分第二个归属期及预留授予部分第一个归属期 归属条件成就的议案》。近日，公司办理了 2023 年限制性股票激励计划（以下 简称"本激励计划"）首次授予部分第二个归属期及预留授予部分第一个归属期 的归属登记工作。现将相关内容公告如下： 一、股权激励计划简述及已履行的相关审议程序 （一） 限制性股票激励计划简述 公司《2 ...

证券代码：301345 证券简称：涛涛车业 公告编号：2025-044 浙江涛涛车业股份有限公司 2023年限制性股票激励计划 首次授予部分第二个归属期及预留授予部分第一个归属期 归属结果暨股份上市的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、本次归属股票的上市流通日：2025 年 9 月 4 日 2、本次归属股票的数量：417,330 股，占目前公司总股本的 0.38417%。其 中首次授予部分共 300,330 股，预留授予部分共 117,000 股。 3、本次归属人数：73 人，其中首次授予部分共 61 名，预留授予部分共 45 名（其中 33 名激励对象本次同时归属首次及预留部分限制性股票）。 4、本次归属股票来源：公司向激励对象定向发行公司 A 股普通股股票。 浙江涛涛车业股份有限公司（以下简称"公司"）于 2025 年 7 月 14 日召开 第四届董事会第七次会议、第四届监事会第五次会议，审议通过《关于 2023 年 限制性股票激励计划首次授予部分第二个归属期及预留授予部分第一个归属期 归属条件成就的议案》。近日，公司 ...