证券代码：301345 证券简称：涛涛车业 公告编号：2025-063 浙江涛涛车业股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 浙江涛涛车业股份有限公司 2025 年第三季度报告 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 浙江涛涛车业股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | | | 年初至报告 | | --- | --- | --- | --- | --- | | | | 本报告期比上年 同期增减 | 年初至报告期末 | 期末比上年 同期增减 | | 营业收入（元） | 1,059,517,353.19 | 27.73% | 2 ...

证券代码：301345 证券简称：涛涛车业 公告编号：2025-058 浙江涛涛车业股份有限公司 第四届董事会第十次会议决议公告 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。 一、会议召开情况 浙江涛涛车业股份有限公司（以下简称"公司"）第四届董事会第十次会议 通知于2025年10月18日以电子邮件方式发出，会议于2025年10月22日在公司会议 室以现场结合通讯方式召开。本次会议应出席董事8人，实际出席董事8人，其中 以通讯表决方式出席会议的董事有赵龙曼，公司高级管理人员列席了本次会议。 会议由董事长曹马涛先生召集并主持。本次会议的召集、召开符合有关法律、法 规及《浙江涛涛车业股份有限公司章程》（以下简称《公司章程》）的规定，决 议合法有效。 二、会议审议情况 本次会议审议了如下议案： 1、审议并通过《关于公司<2025年第三季度报告>的议案》 经审议，董事会认为：公司《2025年第三季度报告》所载信息真实、准确、 完整地反映了公司的经营成果，不存在虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司披露于巨潮资讯网（www.cninfo.com.cn）的 ...

Market Overview - On October 20, the motorcycle and other sectors rose by 0.02% compared to the previous trading day, with Xinlong Health leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - Key stocks in the motorcycle and other sectors showed the following performance: - Xinlong Health (002105) closed at 6.73, up 2.91% with a trading volume of 66,400 shares and a turnover of 44.37 million yuan - Chunfeng Power (603129) closed at 239.85, up 2.90% with a trading volume of 25,800 shares and a turnover of 614 million yuan - Linhai Co. (6600099) closed at 10.63, up 2.31% with a trading volume of 28,000 shares and a turnover of 29.58 million yuan [1] Capital Flow - The motorcycle and other sectors experienced a net outflow of 125 million yuan from main funds, while retail investors saw a net inflow of 105 million yuan [2] - The following stocks had notable capital flows: - Nine Company (6006899) had a main fund net inflow of 42.71 million yuan, while retail saw a net outflow of 14.15 million yuan - Qianjiang Motorcycle (000913) had a main fund net inflow of 5.53 million yuan, with retail experiencing a net outflow of 5.28 million yuan [3]

Core Viewpoint - Taotao Vehicle is advancing its capital market strategy by planning an H-share issuance and listing on the Hong Kong Stock Exchange, aiming to enhance its global strategy and market positioning [1][5]. Revenue and Profit Growth - In the first half of 2025, Taotao Vehicle achieved a revenue of 1.713 billion yuan, representing a year-on-year growth of 23.19%, and a net profit of 342 million yuan, up 88.04% year-on-year [3][4]. - The sales revenue from smart electric low-speed vehicles reached 1.152 billion yuan, growing by 30.65%, while specialty vehicle sales amounted to 490 million yuan, increasing by 8.22% [3]. International Market Focus - The company's overseas revenue accounted for 96.5% of total revenue in the first half of 2025, with domestic revenue contributing only 60 million yuan, or 3.5% [4]. - The U.S. market is the primary revenue source, with projected sales of 1.338 billion yuan in the first half of 2025, representing 78.11% of total sales [4]. Production and Supply Chain - Taotao Vehicle is enhancing its production capabilities with local manufacturing in the U.S. and a fully autonomous production line in Vietnam, while a new production base in Thailand is expected to be completed by February 2026 [4]. - The company employs a "warehouse-style" sales model through overseas subsidiaries and warehouses, focusing on brands GOTRAX and DENAGO for different market segments [4]. Inventory Management - The company reported significant inventory levels, with values of 1.206 billion yuan and 1.164 billion yuan at the end of 2024 and June 30, 2025, respectively, constituting 26.57% and 23.60% of total assets [5][6]. - Taotao Vehicle relies heavily on a few major clients, with the top five customers accounting for 48.89% of total sales in 2024 [6]. Strategic Expansion into Robotics - Taotao Vehicle is entering the robotics sector, focusing on humanoid robots and autonomous driving technologies, aiming to integrate advanced technologies into its core products [7]. - The company has formed strategic partnerships with Yushu Technology and Shanghai Kepler Robotics for collaborative development and market expansion in the robotics field [7]. Research and Development Investment - The company has consistently increased its R&D investment, reaching 125 million yuan in 2024, which is 4.22% of total revenue [8].

Investment Rating - Industry rating: Recommended [5] Core Insights - The leisure off-road vehicle sector has shown strong performance in Q3, with companies like Taotao and Longxin exceeding market expectations. Taotao's growth is primarily driven by the rapid increase in golf cart sales, and the company has established a strategic partnership with the top electric golf cart dealer in the U.S. [1][12] - Longxin General is expected to maintain high growth rates, with a projected net profit of 15.2 to 16.2 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 60% to 80% [3][14] - Spring Wind Power reported a net profit margin of 8.8% in Q3, a slight decline due to a 5% drop in gross margin, primarily affected by U.S. tariffs on all-terrain vehicles. However, the negative impact of tariffs is expected to diminish with the implementation of the USMCA agreement [15] Summary by Sections Section 1: Weekly Special Report on Leisure Off-Road Vehicle Sector - Taotao's Q3 net profit is estimated to be between 2.38 and 2.78 billion yuan, with a year-on-year growth of 100% to 133.61%. The company anticipates a continued increase in sales from its second brand, TEKO [2][13] - The large-displacement motorcycle segment has seen significant growth, with production and sales of over 84,300 units in August, marking a year-on-year increase of 18.3% and 23.6% [14] Section 2: Key Company Announcements - EGO Europe has reached an agreement to fully acquire Stierman De Leeuw, enhancing its presence in the European market [16] Section 3: Data Tracking - Raw material prices have shown slight fluctuations, with copper prices decreasing by 1.9% and aluminum prices by 0.4% as of October 17, 2025 [19][20] - Shipping rates have also declined, with the CCFI composite index down by 4.11% compared to the previous week [21][22] - Real estate data indicates a decline in sales area and construction area for the first eight months of 2025, with year-on-year decreases of 4.7% and 17% respectively [25][26]

Core Viewpoint - The motorcycle and other sectors experienced a significant decline, with a drop of 3.68% on October 17, led by Chuncheng Power [1] Market Performance - The Shanghai Composite Index closed at 3839.76, down 1.95% - The Shenzhen Component Index closed at 12688.94, down 3.04% [1] Individual Stock Performance - Chuncheng Power (603129) closed at 233.09, down 6.75% with a trading volume of 40,100 shares and a transaction value of 9.55 billion - Zhenghe Industrial (003033) closed at 73.75, down 6.22% with a trading volume of 44,700 shares and a transaction value of 335 million - Qianjiang Motorcycle (000913) closed at 16.56, down 5.26% with a trading volume of 119,500 shares and a transaction value of 202 million - Qianli Technology (601777) closed at 11.39, down 4.85% with a trading volume of 539,100 shares and a transaction value of 622 million - Lvtong Technology (301322) closed at 29.18, down 4.83% with a trading volume of 23,800 shares and a transaction value of 71.04 million - Taotao Vehicle (301345) closed at 237.81, down 3.72% with a trading volume of 15,500 shares and a transaction value of 376 million - Yong'an Xing (603776) closed at 19.22, down 3.22% with a trading volume of 38,100 shares and a transaction value of 74.48 million - Ninebot Company (60006899) closed at 62.87, down 2.32% with a trading volume of 131,800 shares and a transaction value of 8.46 billion - Jiuqi Co., Ltd. (300994) closed at 17.83, down 2.25% with a trading volume of 32,300 shares and a transaction value of 58.66 million - Yuanma Technology (603529) closed at 32.72, down 1.71% with a trading volume of 53,400 shares and a transaction value of 176 million [1] Capital Flow - The motorcycle and other sectors saw a net outflow of 163 million from main funds, while retail funds experienced a net inflow of 99.93 million and speculative funds saw a net inflow of 62.57 million [1]

Group 1 - The core viewpoint of the news is that Taotao Automotive has seen a significant increase in its stock price, rising by 5.08% to reach 234.60 CNY per share, with a total market capitalization of 25.583 billion CNY [1] - Taotao Automotive, established on September 24, 2015, focuses on the research, production, and sales of electric vehicles and related accessories, with its main revenue sources being smart electric low-speed vehicles (67.23%), special vehicles (28.59%), and others (4.17%) [1] - The company is located in Lishui City, Zhejiang Province, and was listed on March 21, 2023 [1] Group 2 - According to data, Minsheng Jia Yin Fund has a significant holding in Taotao Automotive, with its Minsheng Jia Yin Domestic Demand Growth Mixed Fund (690005) holding 80,000 shares, representing 3.79% of the fund's net value [2] - The fund has achieved a year-to-date return of 24.66%, ranking 3361 out of 8161 in its category, and a one-year return of 18.85%, ranking 4068 out of 8015 [2] - The fund's total scale is 228 million CNY, and it has generated a floating profit of approximately 908,000 CNY from its investment in Taotao Automotive [2] Group 3 - The fund manager of Minsheng Jia Yin Domestic Demand Growth Mixed Fund is Yin Tao, who has been in the position for 3 years and 40 days [3] - Under Yin Tao's management, the fund has achieved its best return of 57.37% and its worst return of 5.87% during his tenure [3]

Group 1 - The core viewpoint of the news is that Taotao Automotive has seen a significant increase in its stock price, rising by 5.08% to 234.60 CNY per share, with a total market capitalization of 25.583 billion CNY [1] - Taotao Automotive, established on September 24, 2015, specializes in the research, production, and sales of electric vehicles and related accessories, focusing on outdoor leisure and short-distance transportation [1] - The company's main revenue composition includes 67.23% from smart electric low-speed vehicles, 28.59% from special vehicles, and 4.17% from other sources [1] Group 2 - Yongying Fund has a significant holding in Taotao Automotive, with its fund "Yongying Value Discovery Mixed Initiation A" (023915) holding 2.17% of its net value in 2,800 shares, ranking as the seventh largest holding [2] - The fund has achieved a return of 29.01% since its inception on April 23, 2025, with an estimated floating profit of approximately 31,800 CNY from its investment in Taotao Automotive [2] Group 3 - The fund manager of Yongying Value Discovery Mixed Initiation A is Shen Pinghong, who has been in the position for 279 days, managing a total asset size of 428 million CNY [3] - During Shen Pinghong's tenure, the fund has recorded a best return of 31.97% and a worst return of 11.19% [3]

Core Viewpoint - The company is actively expanding its overseas production capacity to mitigate risks associated with U.S. tariffs and to meet future sales growth in the U.S. market [1] Group 1: Overseas Production Capacity - Since 2023, the company has been planning and accelerating its production capacity in Southeast Asia [1] - The company's Vietnam facility primarily supplies the U.S. market and has reached the necessary production levels for sales [1] - The construction of the Thailand factory is progressing in an orderly manner [1] - The company has initiated local manufacturing in the U.S., starting production this month, with plans for mass production beginning in November [1] - The company aims to expand production capacity further based on market conditions to meet future sales growth in the U.S. [1] Group 2: Global Supply Chain Strategy - The company is committed to building a global supply chain system and continuously expanding sales channels [1] - The goal is to capture a larger market share through these strategic initiatives [1]

Core Viewpoint - The Chinese humanoid robot company Kepler has officially launched the mass production of the world's first commercially available hybrid humanoid robot, K2 "Bumblebee," and has received over 1,000 intention orders amounting to several hundred million yuan [1] Group 1: Company Collaboration - TaoTao Automotive (301345.SZ) announced a strategic partnership with Shanghai Kepler Robotics, set to begin in July 2025, focusing on areas such as equity investment, ODM cooperation for robot products, joint research and development, and global market expansion [1] - The collaboration aims to integrate advantages for resource sharing, technology complementarity, and joint market development, creating a synergistic development ecosystem for global robot products [1]