证券日报网讯 12月12日晚间，涛涛车业发布公告称，近日，公司完成了工商变更登记及备案手续，并 取得了浙江省市场监督管理局换发的《营业执照》。 （文章来源：证券日报） ...

浙江涛涛车业股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 浙江涛涛车业股份有限公司（以下简称"公司"）分别于 2025 年 10 月 9 日、2025 年 11 月 10 日召开 2025 年第二次临时股东大会、2025 年第三次临时股 东会，审议通过了《关于变更注册资本并修订<公司章程>的议案》、《关于修订 <公司章程>的议案》等议案。上述事项详见公司于 2025 年 9 月 20 日、2025 年 10 月 23 日在巨潮资讯网（www.cninfo.com.cn）披露的相关公告。 近日，公司完成了工商变更登记及备案手续，并取得了浙江省市场监督管理 局换发的《营业执照》，具体内容如下： 证券代码：301345 证券简称：涛涛车业 公告编号：2025-066 8、经营范围：一般项目：非公路休闲车及零配件制造；非公路休闲车及零 配件销售；助动车制造；电动自行车销售；电池制造；电池销售；电机制造；塑 料制品制造；塑料制品销售；合成纤维制造；合成纤维销售；摩托车零配件制造； 摩托车及零部件研发；摩托车及零配 ...

Group 1 - The core point of the article is that Taotao Automotive (301345) has reported its shareholder count as of December 10, 2025, which stands at 8,660 households [1]

Core Insights - The article discusses the entry of a Chinese electric low-speed vehicle company, Taotao Automotive, into the U.S. market, highlighting its successful transformation from a stigmatized product in China to a popular choice in the U.S. [1][4][11] Group 1: Company Performance - Taotao Automotive submitted an H-share listing application to the Hong Kong Stock Exchange, indicating its growth ambitions [1] - The company reported a net profit of 342 million yuan in the first half of the year, outperforming 8 out of 17 listed passenger car companies in A and H shares [1] - The net profit growth rate of 88.04% year-on-year is second only to Leap Motor, showcasing strong growth potential [1] Group 2: Market Dynamics - The U.S. market has shown a rising demand for affordable transportation options due to increasing car prices, creating a favorable environment for Taotao's products [6][9] - The average transaction price of new cars in the U.S. has surpassed $50,000, with used car prices also rising significantly, leading to a scarcity of low-priced options [7][9] - The global golf cart market is projected to reach $2.6 billion in 2024, with an expected compound annual growth rate of 8% from 2025 to 2034, indicating a growing market for electric golf carts [9] Group 3: Product Positioning - In the U.S., Taotao's vehicles are marketed as community commuting tools, allowing them to bypass traditional automotive competition and trade barriers [11] - The product's appeal is enhanced by its low price compared to conventional vehicles and its legal operation in many states without registration [9][11] - The adaptability of Chinese manufacturing to market demands is highlighted as a key factor in Taotao's success in the U.S. [11]

面对北美市场日益增长的需求与对供应链韧性、响应速度的更高要求，公司持续加码北美本土制造布 局，创新融合国内先进管理经验与生产制造能力，实施精益管理并深度培训本地技术工人，推动北美制 造基地第一条生产线制造效率快速提升，实现产能顺利爬坡。同时，公司正积极筹备部署北美制造基地 第二条生产线，为北美市场后续产能持续爬坡和市场拓展提供坚实保障。 北美生产效率的提升，标志着公司北美制造基地的产能不仅在量上满足规划需求，更在"质"与"效"上达 到了与国内工厂同等可靠的制造水平。通过本地化生产的深入推进，公司在有效控制综合成本的同时， 进一步提升了供应链的稳定性和市场响应速度，为市场拓展提供有力支撑。 在全球出行产业变革与市场格局重塑的关键时期，涛涛车业以其前瞻性的全球视野，持续推进以"北美 制造+"为核心的海外产能战略布局。经过持续的优化与提升，涛涛车业北美制造基地产能实现重要跨 越，单人单日产能成功比肩公司国内工厂水平，为北美区域市场的快速响应与产品交付奠定了坚实基 础。 "北美制造+"战略迈入新阶段 成本控制与供应链韧性同步提升 铸就全球化竞争新未来 北美制造基地产能与人效的突破性进展，是涛涛车业"北美制造+"战略扎 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The humanoid robot sector continues to rebound, entering an upward channel, with the core company index rising by 5.54%, outperforming the broader market [12][11] - Multiple factors contributed to the unexpected strength of the rebound, including prior adjustments in the sector, advancements in Tesla's Optimus robot, and anticipated supportive policies from the U.S. government [4][12] - The year 2026 is projected to be a milestone for humanoid robot mass production, with significant catalysts expected [4][40] Summary by Sections Humanoid Robot Sector Performance - The humanoid robot sector index and leading stocks have shown a continued rebound, with the core company index increasing by 5.54% during the week of December 1 to December 5, 2025 [12][11] - The top five performers included Hengli Hydraulic (+11.53%), Siling Co. (+10.07%), and Wuzhou Xinchun (+9.24%) [12][14] Optimus Robot Development - Tesla's Optimus robot is progressing towards mass production, with recent demonstrations showcasing its running capabilities, achieving speeds of 2.5-3 m/s [5][16] - The U.S. government is expected to introduce supportive policies for the robot industry, which may accelerate development and enhance market confidence [31][33] - The domestic industrialization process is also speeding up, with leading companies preparing for capital market entry [34][38] Investment Opportunities - Key investment opportunities are identified in the supply chain, including components such as head assemblies, bearings, and structural parts [27][30] - Specific companies recommended for investment include Lens Technology, Minth Group, and Wuzhou Xinchun, among others [6][30] - The report emphasizes the importance of technological upgrades and supply chain integration to support mass production [27][30]

一家在海外卖"老头乐"的中国企业向港交所递表。 近日，浙江涛涛车业（301345）股份有限公司（下称"涛涛车业"）向港交所递交上市申请，这距离其2023年3月登陆深交所创业板仅2年6个月。 此举的"操盘手"正是41岁的"富三代"掌舵人曹马涛，有人好奇这位拒绝继承家族安全门生意的创业者，为何在A股上市未满三年便急赴港股？看似激进的 资本动作背后，是资金承压还是另有布局？ 对此，涛涛车业方面回应称，赴港上市是为拓宽融资渠道、深化全球化布局。 高库存与减值风险并存 招股书显示，2022—2024年，公司营收分别为17.65亿元、21.44亿元和29.77亿元；归母净利润分别为2.06亿元、2.8亿元和4.31亿元。同时，今年公司三季 报显示，前三季度营收27.73亿元，归母净利润6.07亿元。 资金层面，截至2025年9月31日，公司今年前三季度流动资产规模达40.48亿元，货币资金储备稳定在13.4亿元，资产负债率为34.88%，低于汽车制造业平 均水平。同时，毛利率从2022年至2024年分别为35.2%、37.3%与34.7%，今年前三季度提升至42.31%。 尽管业绩亮眼，涛涛车业的财务报表仍暗藏多重风险， ...

Core Viewpoint - Zhejiang Taotao Vehicle Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, just 2 years and 6 months after its debut on the Shenzhen Stock Exchange [2][4] Group 1: Company Overview - The company is led by 41-year-old Cao Matao, who chose to pursue an IPO in Hong Kong to broaden financing channels and deepen global expansion [4] - Taotao Vehicle's revenue for 2022, 2023, and 2024 is projected to be 1.765 billion, 2.144 billion, and 2.977 billion yuan respectively, with net profits of 206 million, 280 million, and 431 million yuan [5] - As of the third quarter of this year, the company reported revenue of 2.773 billion yuan and a net profit of 607 million yuan [5] Group 2: Financial Health - The company's current assets reached 4.048 billion yuan, with cash reserves stable at 1.34 billion yuan and a debt-to-asset ratio of 34.88%, lower than the industry average [5] - Gross profit margins are projected to be 35.2%, 37.3%, and 34.7% for 2022 to 2024, with a notable increase to 42.31% in the first three quarters of this year [5] Group 3: Risks and Challenges - The company faces high inventory levels, with stock reaching 1.206 billion yuan by the end of 2024, accounting for 26.6% of total assets, a 68.7% increase from 2023 [6] - A total of 13 million yuan has been set aside for inventory impairment, which could increase if North American demand falls short [6] - Compliance issues have arisen, including fines for shipping violations and inaccurate export declarations totaling 50,000 yuan [7] Group 4: Market Position and Strategy - Taotao Vehicle generates 99% of its revenue from overseas markets, with the U.S. alone contributing 1.338 billion yuan, accounting for 78.09% of total revenue in the first half of 2025 [9] - The company has strategically positioned itself in the low-speed electric vehicle market, which is in high demand in North America, particularly in golf courses and senior communities [8] - The global golf cart market is projected to reach 4.93 billion USD in 2024, with North America accounting for 84% of all-terrain vehicle sales [9] Group 5: Future Outlook - The IPO in Hong Kong is expected to help mitigate the company's over-reliance on the U.S. market and support the establishment of a production network across China, Southeast Asia, and North America [9] - The company plans to invest over 500 million yuan in new production facilities in Vietnam and Texas, with a factory in Thailand set to begin trial production in 2026 [9] - The company has already incurred a foreign exchange loss of 1.1 million yuan in the first seven months of 2025, and the Hong Kong listing may provide better tools for managing currency risks [10]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company is positioned for growth driven by the expansion of smart low-speed electric vehicles and proactive engagement in the humanoid robot sector [4][5]. - The company is expected to achieve significant revenue growth, with projections of 38.08 billion, 49.38 billion, and 58.5 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 27.94%, 29.66%, and 18.47% [5][6]. Summary by Sections Company Overview - Established in 2015, the company focuses on smart low-speed electric vehicles and special vehicles, suitable for various age groups and scenarios. It plans to gradually enter the robotics field by 2025 [4][19]. - As of Q3 2025, the controlling shareholder holds 67.41% of the company's shares, indicating stable ownership. The management team has a strong engineering background, fostering innovation in product development [4][19]. Short-term Outlook - The company is expected to leverage its overseas production capacity and the anticipated high growth of golf carts. It aims to capture market share in the C-end family market and gradually expand into B-end clients [4][5]. - Compared to traditional competitors in North America, the company benefits from a high-quality supply chain and efficient production processes, which enhance its competitive edge [4]. Mid-term Outlook - The company is focused on product upgrades and market expansion, with optimistic growth expectations for all-terrain vehicles (ATVs). It ranks second in ATV exports in the first half of 2025 [4][5]. - The company is developing larger displacement products and has begun mass production of 350cc ATVs, with 500cc ATVs in small batch trials, targeting the North American market [4][5]. Long-term Outlook - The company is actively exploring opportunities in the robotics sector, aiming to integrate robotics into its manufacturing processes to address high labor costs in the U.S. [4][5]. - Strategic partnerships with leading companies in the robotics industry are being pursued to enhance growth potential in this area [4][5]. Industry Analysis - The global electric low-speed vehicle market is projected to grow significantly, with a compound annual growth rate (CAGR) of 25.3% from 2024 to 2029, driven by increasing demand in North America [11][44]. - The company is well-positioned to capitalize on this growth, particularly in the golf cart segment, which is expected to see substantial demand due to the increasing number of golf courses and the shift towards electric vehicles [11][44]. Financial Projections - Revenue is projected to grow from 29.77 billion yuan in 2024 to 38.08 billion yuan in 2025, with a year-on-year growth rate of 27.94% [5][6]. - The net profit attributable to the parent company is expected to reach 8.08 billion yuan in 2025, reflecting a year-on-year increase of 87.3% [5][6].

Core Viewpoints - The report highlights two main points: 1) Product advantage with the introduction of high-cost performance golf carts, opening up demand in North America; 2) Capacity advantage with a strategic layout in China, the U.S., and Southeast Asia to proactively address trade frictions [1] Group 1: Company Performance - The company reported a 25% revenue growth and a 102% profit growth in the first three quarters, indicating that "true growth" is expected to materialize by 2026 [1] - The core growth driver is the transition of golf carts from B2B to B2C, expanding usage scenarios from senior communities to middle-class families in the Midwest [1] Group 2: Market Potential - There are approximately 130 million households in the U.S., with around 40% classified as middle class, suggesting a potential consumer base of about 30 million households living in villas [2] - A conservative 10% penetration rate could lead to a demand for 300,000 golf carts, supporting an annual sales volume of 100,000 units [2] Group 3: Industry Trends - The rising prices of new and used cars in the U.S. present an opportunity for golf carts to replace some small cars [3] - The average transaction price of new cars in the U.S. is projected to exceed $50,000 by September 2025, while the share of used cars priced below $20,000 has significantly decreased from 49.3% in 2019 to 11.5% currently [4][13] Group 4: Product Development - The company is enhancing its product line with the Teko brand, which will feature four models by 2026, catering to different usage scenarios [18] - Teko aims to incorporate automotive-grade features into golf carts, improving aspects such as lithium battery technology, smart electronics, and comfort [21] Group 5: Robotics Business - The company is exploring the robotics and robotic dog market, leveraging its existing market presence in North America [27] - The overlap in user demographics and channels between golf carts and robotic products may facilitate market entry and growth [27] Group 6: Investment Outlook - The sustained high growth in golf cart sales and the potential for the robotics business to contribute to future growth are viewed positively [33] - The expansion of golf carts as a "second vehicle" for middle-class families is expected to continue, with increasing application scenarios [34]