Group 1: Production and Market Strategy - The company's production capacity in Vietnam is expected to significantly increase, with electric golf cart production reaching a new high in June 2025 and further increases planned for July [1] - The company has prepared for international trade friction by expanding production capabilities in Southeast Asia and the U.S., enhancing competitiveness in the U.S. market [1] Group 2: Robotics Industry Entry - The company aims to enter the robotics sector to drive smart upgrades across its product line, leveraging a partnership with K-Scale as a key starting point [2] - The strategy is based on nearly 20 years of experience in the U.S. market, focusing on outdoor sports market needs to guide smart product development [2] Group 3: Implementation Phases for Robotics - Phase 1: Establish a technology incubation system through a wholly-owned subsidiary in Shanghai, creating a comprehensive innovation platform [3] - Phase 2: Localized mass production in the U.S. to avoid trade barriers and enhance market penetration through established sales networks [3] - Phase 3: Utilize high-end manufacturing experience to upgrade core business and develop smart outdoor products [4] Group 4: Future Growth and Risks - The company will focus on smart upgrades of existing electric vehicles, with potential for autonomous driving as a natural extension of technology upgrades [5] - Confidence in achieving strong performance in Q2 2025, supported by improved North American operations and brand influence [6]

Core Viewpoint - The home appliance sector is expected to underperform the CSI 300 index in the first half of 2025 due to tariff increases, fluctuations in the trade-in policy, and high base expectations for the second half of the year [1][2]. Group 1: Home Appliance Sector Overview - As of June 13, 2025, the home appliance sector has seen a year-to-date decline of 3.16%, underperforming the CSI 300 index by 1.37 percentage points [2]. - Key stocks showing positive performance include motorcycle and black appliance companies, such as Taotao Industry, Chunfeng Power, Ninebot, TCL Electronics, and others [2]. Group 2: White Appliance Sector - Demand differentiation between peak and off-peak seasons has increased, with a rapid recovery in Q2 2025 [3]. - China's dominance in global white appliance production remains intact, with short-term external shocks unlikely to alter long-term export growth trends [3]. - Adjustments in local subsidy policies aim to address previous imbalances and funding issues, with limited impact on annual sales expected [3]. - Emerging markets are showing stable economic growth, providing continuous incremental market opportunities for white appliance exports [3]. Group 3: Black Appliance Sector - Domestic and international demand remains robust, with significant structural upgrades towards large-size and MiniLED products [4]. - National subsidies are expected to continue driving domestic demand growth, with rapid increases in MiniLED penetration [4]. - Companies like Hisense and TCL are enhancing their overseas production capabilities, leading to expected growth in shipments and increased market share in the high-end segment [4]. Group 4: Cleaning Appliance Sector - The cleaning appliance category, particularly robotic vacuum cleaners, is benefiting significantly from national subsidies, with high growth expected in 2025 [5]. - The overseas market remains in a favorable cycle, with leading companies expanding their market share [5]. - The shift in consumer perception from optional to essential for cleaning appliances indicates substantial long-term growth potential in the domestic market [5]. Group 5: Investment Opportunities - Investment opportunities in 2025 are primarily focused on the stability of the white appliance industry and the profit improvement potential in black appliances and robotic vacuum cleaners [6].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company is expected to strengthen its market position as the competitive landscape improves, with a projected increase in market share despite challenges [2] - The company has signed an investment agreement with K-Scale Labs, a US-based humanoid robotics company, to enhance its technological capabilities [1] Summary by Sections Investment Highlights - The company's US subsidiary RevEdge Inc. will invest $2 million in K-Scale Labs, which focuses on an open-source AI platform for robotics [1] - The investment aims to integrate the company's North American manufacturing and sales channels with K-Scale Labs' technological advantages [1] - The initial anti-dumping and countervailing duties imposed on electric golf carts exported from China to the US are around 248% and 28%, respectively, leading to a significant decline in exports [2] - The company is enhancing its overseas production capabilities, with a focus on Vietnam and potential expansion in Thailand, which positions it favorably in the market [2] Financial Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 3.81 billion, 4.82 billion, and 5.95 billion yuan, representing year-on-year growth rates of 28%, 27%, and 23% respectively [3] - Net profit attributable to the parent company is forecasted to be 591 million, 774 million, and 969 million yuan for the same period, with growth rates of 37%, 31%, and 25% [3] - The company is expected to maintain a compound annual growth rate (CAGR) of 31% from 2024 to 2027, with price-to-earnings (P/E) ratios of 17, 13, and 11 for 2025-2027 [3] Market Position and Product Development - The company has seen a significant increase in revenue from electric golf carts, with a growth rate exceeding 900% in 2024, and over 40% growth in electric bicycles and off-road motorcycles [2] - The DENAGO EV product has gained popularity in North America, attracting endorsements from NBA stars and celebrities, indicating strong brand penetration [2]

Group 1: Production Capacity and Sales Performance - The company's Vietnam factory has completed key processes such as frame forming, surface treatment, and power assembly, with ongoing capacity improvements to meet U.S. market demand [1] - The sales of electric golf carts are currently performing well despite a significant decline in exports to the U.S. due to anti-dumping investigations, attributed to increased brand recognition and a strengthened dealer network [1] Group 2: Market Expansion and Product Development - Sales in non-U.S. markets are showing an overall growth trend, primarily driven by the expansion of all-terrain vehicle sales, with plans to enhance R&D and sales channels for broader product offerings [2] Group 3: Robotics Industry Engagement - The company is considering entering the robotics industry, recognizing the vast market potential driven by technological advancements, while ensuring that its core operations remain unaffected [3] - RevEdge Inc., the company's U.S. subsidiary, has signed a $2 million investment agreement with K-Scale Labs, focusing on developing an open-source robotics AI platform, aiming to integrate manufacturing and technology resources in the humanoid robotics sector [3] - The investment in the robotics sector carries uncertainties due to the complexity of technology and competitive landscape, urging investors to exercise caution [3]

Core Viewpoint - Zhejiang Taotao Vehicle Co., Ltd. has approved the increase of idle fundraising management funds to a total of RMB 90 million for cash management, focusing on high-security and high-liquidity financial products [1][2]. Group 1: Fund Management Decisions - On May 9, 2024, the company approved an increase in the cash management limit for idle fundraising from RMB 40 million to a total of RMB 90 million [1]. - The cash management will be effective for 12 months from the date of board approval and will not affect the company's daily operations or fundraising project construction [1][2]. - The company has opened dedicated settlement accounts for cash management products at various banks, including Ningbo Bank and Agricultural Bank of China [2]. Group 2: Compliance and Regulations - The cash management activities will comply with relevant regulations, including the "Regulatory Guidelines No. 2 for Listed Companies - Management and Use of Fundraising" and "Self-Regulatory Guidelines No. 2 for Listed Companies on the Shenzhen Stock Exchange" [2].

浙商证券股份有限公司 关于浙江涛涛车业股份有限公司 持续督导期 2025 年培训情况报告 深圳证券交易所： 浙商证券股份有限公司（以下简称"浙商证券"或"保荐人"）作为浙江涛涛车业 股份有限公司（以下简称"涛涛车业"或"公司"）首次公开发行股票并上市的保荐人， 根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监管指 引第 13 号—保荐业务》等法规和规则的相关规定以及涛涛车业的实际情况，认真 履行保荐人应尽的职责，对涛涛车业董事、监事、高级管理人员及其他相关人员 进行了 2025 年度持续督导后续培训，现将相关培训情况报告如下： 二、培训的主要内容 （一）详细介绍新公司法主要修订内容及对上市公司的影响、"并购六条"、 再融资最新政策、2024 年资本市场情况等。 （二）重点介绍了上市公司并购重组最新政策、并购案例、并购重组关注要 点，以及持续督导期间重点关注事项等。 浙商证券选派具有证券、法律、财务专业知识和工作经验的业务骨干对公司 培训对象进行了系统、细致的培训工作。本次培训促使公司培训对象增强法制观 念和合规意识，加强理解作为上市公司管理人员在上市公司信息披露、股份变动 管理等方面所应承担 ...

浙江涛涛车业股份有限公司（以下简称"公司"）于2024年5月9日召开第 三届董事会第二十次会议、第三届监事会第十八次会议，分别审议通过了《关 于增加使用闲置募集资金进行现金管理额度的议案》，同意在不影响公司日常 经营和募集资金投资项目建设的前提下，在原审批不超过人民币40,000.00万元 的闲置募集资金（含超募资金，下同）进行现金管理的基础上，增加不超过人 民币50,000.00万元的闲置募集资金（含超募资金）进行现金管理，即合计使用 不超过人民币90,000.00万元的闲置募集资金（含超募资金）进行现金管理，用 于投资安全性高、流动性好的现金管理类产品，使用期限自董事会审议通过之 日起12个月内有效。具体内容详见公司于2024年5月9日在巨潮资讯网（ www.cninfo.com.cn）发布的《关于增加使用闲置募集资金进行现金管理额度的 公告》。 公司于2025年4月28日召开第四届董事会第六次会议、第四届监事会第四次 会议，分别审议通过了《关于使用部分闲置募集资金进行现金管理的议案》， 同意在不影响公司日常经营和募集资金投资项目建设的前提下，拟使用不超过 人民币40,000.00万元的闲置募集资金（含超 ...

Core Viewpoint - Zhejiang Taotao Vehicle Co., Ltd. has announced its 2024 annual profit distribution plan, which includes a cash dividend of RMB 15 per 10 shares for all shareholders, totaling RMB 162.95 million [1][2]. Summary by Sections Profit Distribution Plan - The profit distribution plan was approved at the 2024 annual shareholders' meeting held on May 19, 2025, with a total share capital of 108,631,741 shares as the basis for the distribution [1][2]. - The company will distribute a cash dividend of RMB 15 per 10 shares (before tax), amounting to a total of RMB 162,947,611.50 (before tax) [1][2]. Taxation Details - For Hong Kong market investors and certain foreign institutions, the cash dividend will be RMB 13.5 per 10 shares after tax [2]. - A differentiated tax rate will apply to individual shareholders based on their holding period, with specific tax amounts outlined for different durations of shareholding [2]. Key Dates - The record date for the distribution is set for May 28, 2025, and the ex-dividend date is May 29, 2025 [2]. Distribution Method - Cash dividends will be directly credited to shareholders' accounts through their custodial securities companies or other custodial institutions [3]. Adjustments - The minimum selling price for shares post-dividend distribution will be adjusted to RMB 68.47 per share [3].

证券代码：301345 证券简称：涛涛车业 公告编号：2025-029 浙江涛涛车业股份有限公司 2、自利润分配预案披露至实施期间公司股本总额未发生变化。 3、本次实施权益分派方案与公司2024年年度股东大会审议通过的分配方案 一致。 4、本次权益分派距离股东大会通过权益分派方案时间未超过两个月。 二、权益分派方案 本公司2024年年度权益分派方案为：以公司现有的总股本108,631,741为基 数，向全体股东每10股派15.000000元人民币现金（含税；扣税后，通过深股通 持有股份的香港市场投资者、境外机构（含QFII、RQFII）以及持有首发前限售 股的个人和证券投资基金每10股派13.500000元；持有首发后限售股、股权激励 限售股及无限售流通股的个人股息红利税实行差别化税率征收，本公司暂不扣 缴个人所得税，待个人转让股票时，根据其持股期限计算应纳税额【注】；持 有首发后限售股、股权激励限售股及无限售流通股的证券投资基金所涉红利 2024 年年度权益分派实施公告 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 ...

Core Viewpoint - On May 19, 39 target price adjustments were made by brokerages for listed companies, with notable increases in target prices for Kun Pharmaceutical Group, Yongxi Electronics, and Taotao Vehicle, reflecting significant growth potential in the traditional Chinese medicine, semiconductor, and motorcycle industries respectively [1][2]. Group 1: Target Price Increases - Kun Pharmaceutical Group saw a target price increase of 55.14%, with a latest rating of "Buy" from Huatai Financial Holdings (Hong Kong) [2]. - Yongxi Electronics experienced a target price increase of 47.45%, rated "Buy" by CITIC Securities [2]. - Taotao Vehicle's target price rose by 46.25%, also rated "Buy" by Huatai Financial Holdings (Hong Kong) [2]. Group 2: Brokerage Recommendations - A total of 86 listed companies received brokerage recommendations on May 19, with Tongwei Co. receiving recommendations from 4 brokerages, and Huasheng Group and Kunlun Wanwei each receiving 2 recommendations [2]. - The highest number of recommendations indicates strong interest and confidence in these companies within their respective sectors [2]. Group 3: Rating Adjustments - On May 19, there was one upgrade in ratings, with Huachuang Securities raising the rating for Tianwei Food from "Recommended" to "Strongly Recommended" [3]. - There were two downgrades, including Huachuang Securities lowering the rating for BioShares from "Strongly Recommended" to "Recommended," and Huatai Securities downgrading Tongwei Co. from "Buy" to "Increase" [3]. Group 4: First-Time Coverage - On May 19, 12 companies received first-time coverage, including Semir Apparel and Bright Dairy, which were rated "Increase" by Industrial Securities [4]. - Other companies like Wens Foodstuffs received a "Buy" rating, indicating a positive outlook for these newly covered firms [4].