涛涛车业8月25日披露的半年报显示，公司上半年实现营业收入17.13亿元，同比增长23.19%；归属于上 市公司股东的净利润3.42亿元，同比增长88.04%；基本每股收益3.15元。 ...

Section 1 Important Notes, Table of Contents and Definitions [Important Notes](index=2&type=section&id=Important%20Notes) The Board, Supervisory Board, and senior management affirm the report's accuracy and completeness, with a proposed cash dividend of RMB 15 per 10 shares. - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[4](index=4&type=chunk) - All directors attended the Board meeting to review this semi-annual report[5](index=5&type=chunk) - Profit distribution plan: Based on **108,631,741 shares**, a cash dividend of **RMB 15 (including tax) per 10 shares** will be distributed to all shareholders[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This chapter outlines the report's complete structure, detailing eight main sections and their respective starting page numbers for easy navigation. - The report comprises eight main chapters, covering important notes, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports[8](index=8&type=chunk) [Definitions](index=5&type=section&id=Definitions) This chapter defines key terms and entities, including company names, subsidiaries, related parties, platforms, and product types, to ensure clear report comprehension. - Defined company entities such as "Listed Company" and "Taotao Vehicles", along with controlling shareholders and related parties like "Zhongtao Investment"[14](index=14&type=chunk) - Listed multiple wholly-owned subsidiaries and sub-subsidiaries, including TAO MOTOR and DENAGO EV[14](index=14&type=chunk)[15](index=15&type=chunk) - Explained major e-commerce and retail platforms such as AMAZON, WALMART, and TARGET[15](index=15&type=chunk) - Clarified main product types including ATV, UTV, Go-Kart, and off-road motorcycles[16](index=16&type=chunk) - Explained business model terms such as ODM, wholesaler, and retailer[17](index=17&type=chunk) - Defined industry standards and certifications like EPA, CARB, e-mark, and CE certification[17](index=17&type=chunk) Section 2 Company Profile and Key Financial Indicators [Company Profile](index=9&type=section&id=Company%20Profile) Zhejiang Taotao Vehicles Co., Ltd., stock code 301345, is listed on the Shenzhen Stock Exchange, with unchanged basic corporate information. Company Basic Information | Metric | Content | | :--- | :--- | | Stock Abbreviation | Taotao Vehicles | | Stock Code | 301345 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Zhejiang Taotao Vehicles Co., Ltd. | | Legal Representative | Cao Matao | - The company's registered address, office address, website, and email address remained unchanged during the reporting period[21](index=21&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period[22](index=22&type=chunk) [Key Accounting Data and Financial Indicators](index=10&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) The company achieved strong financial results in H1 2025, with significant growth in revenue, net profit, and operating cash flow, alongside asset expansion. H1 2025 Key Accounting Data and Financial Indicators | Metric | Current Period (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,713,293,159.57 | 1,390,741,240.93 | 23.19 | | Net Profit Attributable to Shareholders | 342,216,741.16 | 181,993,998.22 | 88.04 | | Net Profit Attributable to Shareholders Excluding Non-recurring Gains and Losses | 338,780,222.70 | 178,638,091.53 | 89.65 | | Net Cash Flow from Operating Activities | 487,079,592.22 | 287,600,404.31 | 69.36 | | Basic Earnings Per Share (RMB/share) | 3.15 | 1.66 | 89.76 | | Diluted Earnings Per Share (RMB/share) | 3.14 | 1.66 | 89.16 | | Weighted Average Return on Net Assets | 10.43 | 6.22 | 4.21 | | Metric | End of Current Period (RMB) | End of Prior Year (RMB) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | | Total Assets | 4,929,974,743.61 | 4,538,588,836.36 | 8.62 | | Net Assets Attributable to Shareholders | 3,308,159,682.94 | 3,180,756,918.57 | 4.01 | - The company reported no differences in net profit and net assets between financial reports disclosed under international or overseas accounting standards and Chinese accounting standards during the reporting period[26](index=26&type=chunk)[27](index=27&type=chunk) [Non-recurring Gains and Losses and Amounts](index=10&type=section&id=Non-recurring%20Gains%20and%20Losses%20and%20Amounts) Non-recurring gains and losses totaled RMB 3.44 million, primarily from asset disposal, government grants, and financial instrument fair value changes. H1 2025 Non-recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 243,754.25 | | Government grants recognized in current profit or loss | 3,108,375.34 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | 1,676,785.28 | | Gains or losses from entrusted investments or asset management | 31.30 | | Other non-operating income and expenses apart from the above | -1,000,550.19 | | Less: Income tax impact | 591,877.52 | | Total | 3,436,518.46 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring ones[30](index=30&type=chunk) Section 3 Management Discussion and Analysis [Main Businesses Engaged by the Company During the Reporting Period](index=12&type=section&id=Main%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company, a "new energy intelligent mobility" high-tech enterprise, focuses on smart electric low-speed and special vehicles, expanding globally and entering new sectors. - The company's main businesses are smart electric low-speed vehicles (electric golf carts, e-bikes, electric scooters, electric balance bikes) and special vehicles (ATVs, off-road motorcycles)[32](index=32&type=chunk) - The company's business model integrates brand channels and cost manufacturing, primarily focusing on proprietary brand sales through multi-channel marketing and a global production layout to enhance competitiveness[55](index=55&type=chunk)[56](index=56&type=chunk) H1 2025 Key Operating Performance | Metric | Amount (RMB 100 million) | YoY Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 17.13 | 23.19 | | Smart Electric Low-Speed Vehicle Sales Revenue | 11.52 | 30.65 | | Special Vehicle Sales Revenue | 4.90 | 8.22 | | Net Profit Attributable to Parent Company Owners | 3.42 | 88.04 | [Company's Main Business and Products](index=12&type=section&id=Company%27s%20Main%20Business%20and%20Products) The company specializes in smart electric low-speed and special vehicles, achieving significant North American market penetration through product and brand expansion. - Electric golf cart business achieved rapid breakthroughs in the North American market, ranking among the top in market share within two years, with **60 new high-end dealers** and a total exceeding **230**[33](index=33&type=chunk)[34](index=34&type=chunk) - **DENAGO** brand recognition and premium capability improved, with the second brand **“TEKO”** launched in the North American market in July 2025[35](index=35&type=chunk) - Electric bicycle business focused on a blockbuster strategy, with strong sales performance in hypermarket channels (**WALMART**) and new product promotion on the **AMAZON** platform solidifying rankings[37](index=37&type=chunk) - Electric scooters and electric balance bikes consistently ranked among the top sellers on the **AMAZON** platform, and were included in WALMART's annual product recommendation list for several consecutive years[42](index=42&type=chunk) - ATV export volume ranked **second**, with continuous improvement in product coverage across all displacement segments; UTVs will focus on the North American market[45](index=45&type=chunk)[46](index=46&type=chunk) - Off-road motorcycles entered the US market under the **DENAGO** brand, establishing partnerships with over **100 North American high-end dealers**[49](index=49&type=chunk) [Main Business Model](index=17&type=section&id=Main%20Business%20Model) The company employs an integrated brand channel and cost manufacturing model, leveraging autonomous brands and a global production network for full-chain efficiency. - The company's business model integrates brand channels and cost manufacturing, entering the market with high-cost-performance products and gradually initiating a high-end strategy[55](index=55&type=chunk) - The brand channel primarily focuses on proprietary brand sales, achieving warehouse-style sales through overseas subsidiaries, overseas warehouses, and multi-channel marketing networks (online + offline)[55](index=55&type=chunk) - The cost manufacturing side adheres to a "world factory" strategic positioning, building a "China + Southeast Asia + North America" three-location collaborative production layout to achieve full industry chain integration[56](index=56&type=chunk) [Discussion and Analysis of Company's Operations](index=18&type=section&id=Discussion%20and%20Analysis%20of%20Company%27s%20Operations) The company enhanced its brand strategy, with 64.77% self-owned brand sales, focused on R&D for electrification and intelligence, expanded global production, and strategically entered robotics. - Self-owned brand sales accounted for **64.77%**, enhancing brand reputation and communication effectiveness through global mainstream new media platforms and top international exhibitions[58](index=58&type=chunk) - Channel expansion yielded significant results: the high-end dealer network expanded to over **630**, professional hypermarket TSC stores increased to over **1,900**, and multiple products on third-party e-commerce platforms like **AMAZON** consistently ranked among **“BEST SELLER”**[59](index=59&type=chunk) - The core R&D strategy is "electrification, intelligence, and high-end," expanding product lines from electric scooters to electric golf carts and large-displacement ATVs, possessing **506 patents**[61](index=61&type=chunk)[63](index=63&type=chunk) - Electric golf carts are equipped with "CAN" bus communication, EPS steering systems, and IOT vehicle networking technology, innovatively applying pure electric braking systems and dual-mode temperature control systems[62](index=62&type=chunk) - Accelerated the construction of a "China + Southeast Asia + North America" global production layout, with the US factory advancing electric golf cart assembly, the Vietnam base possessing full-chain independent production capabilities, and the Thailand base construction progressing orderly[64](index=64&type=chunk) - Strategically laid out in cutting-edge fields such as humanoid robots and autonomous driving technology, established Shanghai Jizhi Intelligent Technology Co., Ltd., and plans to set up Shanghai Zhangjiang Research Institute and Chongqing Research Institute[66](index=66&type=chunk)[67](index=67&type=chunk) [Analysis of Core Competencies](index=20&type=section&id=Analysis%20of%20Core%20Competencies) The company's core strengths lie in its global production, localized North American operations, strong brands, in-house component manufacturing, and efficient operations. - The company built a global manufacturing system through a "China + Southeast Asia + North America" three-location production layout, effectively addressing international trade barriers and improving market response efficiency[71](index=71&type=chunk) - Established an international operations team of over **250 people** in North America and Canada, setting up multiple sales and warehousing centers to build a precise and efficient pre-sales and after-sales service system[72](index=72&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk) - Owns two major proprietary brands, **GOTRAX** and **DENAGO**, with a high proportion of proprietary brand sales and a comprehensive independent multi-channel sales network, possessing strong bargaining power[77](index=77&type=chunk)[78](index=78&type=chunk) - High self-sufficiency rate for core components, with independent R&D and production capabilities for engines, frames, wheels, motors, and battery (assembly), maintaining cost advantages through global factory layouts and high-end equipment investment[83](index=83&type=chunk) - Achieved an industry-leading operational efficiency by empowering digitalization and lean management, building an efficient "R&D-production-sales" closed loop, realizing domestic factory capacity ramp-up, efficient formation of Southeast Asian manufacturing hubs, and accelerated North American manufacturing layout[84](index=84&type=chunk) [Analysis of Main Business](index=22&type=section&id=Analysis%20of%20Main%20Business) Main business revenue grew 23.19%, primarily from smart electric low-speed vehicles, with the US market as the main contributor and strong product gross margins. YoY Changes in Key Financial Data | Metric | Current Period (RMB) | Prior Period (RMB) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,713,293,159.57 | 1,390,741,240.93 | 23.19 | Increase in sales of smart electric low-speed vehicles | | Operating Cost | 1,028,086,204.69 | 891,235,001.45 | 15.36 | Increase in operating revenue, leading to corresponding increase in cost of goods sold | | Financial Expenses | -17,412,778.15 | -24,861,580.51 | -29.96 | Decrease in exchange gains | | R&D Investment | 48,214,875.59 | 54,173,941.75 | -11.00 | Decrease in R&D materials | | Net Cash Flow from Operating Activities | 487,079,592.22 | 287,600,404.31 | 69.36 | Increase in cash received from sales of goods | Products or Services Accounting for Over 10% of Revenue | By Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Smart Electric Low-Speed Vehicles | 1,151,862,149.88 | 630,561,100.96 | 45.26 | 30.65 | 16.55 | 6.62 | | Special Vehicles | 489,908,851.33 | 339,448,911.33 | 30.71 | 8.22 | 10.52 | -1.44 | | By Region | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | United States | 1,337,873,543.57 | 752,092,576.85 | 43.78 | 29.09 | 17.65 | 5.47 | | Asia (excluding China) | 95,046,404.90 | 75,990,766.66 | 20.05 | 199.23 | 250.74 | -11.74 | | Europe | 86,150,859.48 | 65,481,854.29 | 23.99 | -26.05 | -21.77 | -4.15 | | China | 59,592,141.35 | 41,006,363.04 | 31.19 | 184.02 | 177.54 | 1.61 | [Analysis of Non-Main Business](index=24&type=section&id=Analysis%20of%20Non-Main%20Business) Non-main business income, including investment gains and fair value changes, is a small, non-sustainable portion of total profit. Non-Main Business Items and Proportion of Total Profit | Item | Amount (RMB) | Proportion of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,200,518.65 | 0.30 | Investment income from swap settlement and sales | No | | Gains or Losses from Fair Value Changes | 476,297.93 | 0.12 | Expected gains from currency swaps | No | | Asset Impairment | -5,176,593.42 | -1.28 | Provision for inventory depreciation | No | | Non-operating Expenses | 1,000,550.19 | 0.25 | External donation expenses | No | | Gains from Asset Disposal | 243,754.25 | 0.06 | Gains from disposal of fixed assets and right-of-use assets | No | [Analysis of Assets and Liabilities](index=24&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets grew, with increases in cash, receivables, and construction in progress, while inventory and fixed assets slightly decreased. Significant Changes in Asset Composition | Item | Amount at End of Current Period (RMB) | Proportion of Total Assets (%) | Amount at End of Prior Year (RMB) | Proportion of Total Assets (%) | Proportion Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,787,209,376.75 | 36.25 | 1,530,074,083.12 | 33.71 | 2.54 | | Accounts Receivable | 831,522,707.15 | 16.87 | 698,196,181.69 | 15.38 | 1.49 | | Inventory | 1,163,684,921.48 | 23.60 | 1,206,096,970.56 | 26.57 | -2.97 | | Fixed Assets | 566,434,096.23 | 11.49 | 568,841,773.23 | 12.53 | -1.04 | | Construction in Progress | 116,207,006.67 | 2.36 | 88,638,464.86 | 1.95 | 0.41 | | Right-of-Use Assets | 97,660,115.55 | 1.98 | 67,032,812.72 | 1.48 | 0.50 | | Short-term Borrowings | 603,902,492.25 | 12.25 | 414,915,040.41 | 9.14 | 3.11 | | Lease Liabilities | 64,894,806.82 | 1.32 | 40,312,992.99 | 0.89 | 0.43 | Major Overseas Asset Information | Specific Asset Content | Asset Scale (RMB) | Location | Operating Model | Profitability (RMB) | Proportion of Overseas Assets to Company's Net Assets (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | GOLABS (Wholly-owned Sub-subsidiary) | 820,506,230.73 | United States | Overseas Sales | 16,433,914.03 | 24.80 | | DENAGO EV (Wholly-owned Sub-subsidiary) | 898,079,970.09 | United States | Overseas Sales | 131,752,031.03 | 27.15 | - The company's total restricted assets at period-end amounted to **RMB 392,405,370.06**, primarily including pledged or mortgaged monetary funds, fixed assets, intangible assets, and accounts receivable[96](index=96&type=chunk) [Analysis of Investment Status](index=25&type=section&id=Analysis%20of%20Investment%20Status) Investment surged 169.77%, mainly for fundraising projects in special vehicles, smart electric vehicles, and marketing, with good fund utilization and achieved project benefits. Investment Amount During the Reporting Period | Metric | Amount (RMB) | | :--- | :--- | | Investment Amount in Current Period | 79,064,162.89 | | Investment Amount in Prior Period | 29,307,677.73 | | Change Rate | 169.77% | Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Amount Invested in Current Period (RMB) | Cumulative Actual Investment at End of Reporting Period (RMB) | Project Progress (%) | Cumulative Profit Achieved at End of Reporting Period (RMB) | | :--- | :--- | :--- | :--- | :--- | | Annual Production of 40,000 Large-Displacement Special Vehicles Project | 51,710,309.34 | 159,133,432.09 | 45.47 | Not applicable | | Annual Production of 30,000 Smart Electric Low-Speed Vehicles Project | 13,160,635.80 | 418,311,705.90 | 84.51 | 128,944,152.37 | | Marketing Network Construction Project | 14,176,151.73 | 14,543,254.70 | 32.32 | Not applicable | | Yongkang Production Base Construction Project | 17,066.02 | 17,066.02 | 0.01 | Not applicable | Financial Assets Measured at Fair Value | Asset Category | Period-End Amount (RMB) | Cumulative Investment Income (RMB) | | :--- | :--- | :--- | | Financial Derivatives | 160,047,970.00 | 1,200,487.35 | - Total raised funds **RMB 2.0076529 billion**, actual net raised funds **RMB 1.8652197 billion**. As of June 30, 2025, cumulative use of raised funds was **RMB 1.5619884 billion**, with a utilization rate of **83.74%**[104](index=104&type=chunk) - Some fundraising projects have achieved expected benefits, such as the "Annual Production of 1 Million Smart Electric Vehicles Project" and the "ATV Smart Manufacturing Improvement Project"[106](index=106&type=chunk) - The use of over-raised funds totaling **RMB 1.26 billion** has been clearly defined for permanently supplementing working capital, repaying bank loans, investing in large-displacement special vehicle and smart electric low-speed vehicle projects, and marketing network construction[109](index=109&type=chunk) - Changes occurred in the implementation entities, methods, investment amounts, and internal investment structures of some fundraising projects, such as the "Marketing Network Construction Project" and the "Annual Production of 30,000 Smart Electric Low-Speed Vehicles Project"[109](index=109&type=chunk) [Wealth Management, Derivative Investments, and Entrusted Loans](index=33&type=section&id=Wealth%20Management%2C%20Derivative%20Investments%2C%20and%20Entrusted%20Loans) The company holds RMB 300 million in wealth management and RMB 160.048 million in hedging currency swaps, with no speculative derivatives or entrusted loans. Overview of Wealth Management During the Reporting Period | Specific Type | Source of Wealth Management Funds | Wealth Management Amount (RMB 10,000) | Outstanding Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 25,000 | 25,000 | | Bank Wealth Management Products | Own Funds | 5,000 | 5,000 | | Total | | 30,000 | 30,000 | Derivative Investments for Hedging Purposes During the Reporting Period | Derivative Investment Type | Period-End Amount (RMB 10,000) | Proportion of Period-End Investment to Company's Net Assets (%) | | :--- | :--- | :--- | | Currency Swaps | 16,004.8 | 4.84 | - The company engages in foreign exchange derivative transactions for hedging purposes, effectively mitigating exchange rate fluctuation risks and improving the efficiency of foreign exchange fund utilization[116](index=116&type=chunk) - The company has formulated the "Foreign Exchange Hedging Business System" to clearly define operating principles, approval authority, business management, and operating procedures to control risks[117](index=117&type=chunk) - The company had no speculative derivative investments or entrusted loans during the reporting period[118](index=118&type=chunk)[119](index=119&type=chunk) [Major Asset and Equity Sales](index=34&type=section&id=Major%20Asset%20and%20Equity%20Sales) The company did not undertake any significant asset or equity sales during the reporting period. - The company did not sell any major assets during the reporting period[120](index=120&type=chunk) - The company did not sell any major equity during the reporting period[121](index=121&type=chunk) [Analysis of Major Holding and Participating Companies](index=35&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Key subsidiaries like GOLABS and DENAGO EV drive overseas sales and profit, with new entities established for market expansion and robotics R&D. Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Main Business | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | GOLABS | Sales of smart electric vehicles and other products | 82,050.62 | 62.39 | 34,804.43 | 1,643.39 | | DENAGO EV | Manufacturing and sales of smart electric low-speed vehicles | 89,808.00 | 18,505.71 | 65,044.93 | 13,175.20 | | THUNDERTREK | Sales of ATVs and electric golf carts | 31,295.07 | 5,742.52 | 26,635.35 | 5,768.31 | - Multiple new subsidiaries were established during the reporting period, including TBLAZER (SG)PTE. LTD., TRAILBLAZER VEHICLES(THAILAND) CO.,LTD., ALLTRACK TRADING INC., NO SPEED LIMIT INC., TEKO INC., THUNDERTREK INC., REVEDGE INC., TRANSVOLT INC., CAMPICO INC., DYNO FUTURE INC., and Shanghai Jizhi Intelligent Technology Co., Ltd., and Shenzhen Qixing Biji Trading Co., Ltd. was acquired[123](index=123&type=chunk) - Newly established subsidiaries DYNO FUTURE INC. and Shanghai Jizhi Intelligent Technology Co., Ltd. are primarily responsible for the R&D, production, and sales of robots and autonomous vehicles in the US[123](index=123&type=chunk) [Risks Faced by the Company and Countermeasures](index=36&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company addresses market competition, exchange rate volatility, trade friction, overseas capacity, and high inventory through R&D, brand building, and global operational strategies. - Risk of intensified market competition: The company will increase R&D investment, strengthen brand building, and improve the refinement of management and operations[125](index=125&type=chunk)[126](index=126&type=chunk) - Risk of exchange rate fluctuations: The company will strengthen research on foreign exchange policies, adjust settlement windows as appropriate, and conduct foreign exchange hedging operations when necessary[127](index=127&type=chunk) - Risk of international trade friction: The company will closely monitor domestic and international economic trends, deepen the construction of its global production matrix, enhance product core competitiveness, and expand sales channels[128](index=128&type=chunk) - Risk of overseas capacity construction: The company will closely monitor changes in the overseas operating environment, promote localized operational management, optimize the global supply chain layout, and prudently use financial instruments to manage exchange rate risks[129](index=129&type=chunk)[130](index=130&type=chunk) - Risk of large inventory balance: The company will strengthen the accuracy of product sales forecasts, increase market development efforts, improve inventory turnover, and maintain reasonable inventory levels[131](index=131&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=37&type=section&id=Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) The company engaged institutional investors through various channels, discussing performance, dividends, trade strategies, global capacity, and robotics entry plans. - The company hosted institutional investors multiple times between February and June 2025 through conference calls, online exchanges, and on-site visits[132](index=132&type=chunk) - Guests included **China Asset Management**, **Shanghai Juming Investment**, **Zheshang Securities**, **CICC Fund**, **Cathay Fund**, **E Fund**, **Fullgoal Fund**, etc[132](index=132&type=chunk) - Discussion topics covered reasons for company performance growth, strategies for electric golf carts against anti-dumping and countervailing duties, dividend plans, strategies for US tariff increases, progress in overseas capacity construction, performance outlook, and plans for entering the robotics industry[132](index=132&type=chunk) Section 4 Corporate Governance, Environment and Society [Changes in Directors, Supervisors, and Senior Management](index=38&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes occurred in the company's directors, supervisors, or senior management during the reporting period. - The company's directors, supervisors, and senior management did not change during the reporting period[135](index=135&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=38&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) The Board approved a H1 2025 profit distribution of RMB 15 cash dividend per 10 shares, totaling RMB 162.95 million, with no share capital increase. H1 2025 Profit Distribution Plan | Metric | Amount | | :--- | :--- | | Dividend per 10 Shares (incl. tax, RMB) | 15 | | Share Capital Base for Distribution Plan (shares) | 108,631,741 | | Cash Dividend Amount (incl. tax, RMB) | 162,947,611.50 | | Proportion of Total Cash Dividend to Total Profit Distribution (%) | 100.00 | - This profit distribution does not involve capital reserve conversion to share capital or bonus shares[136](index=136&type=chunk) [Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=38&type=section&id=Implementation%20of%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company continued its 2023 restricted stock incentive plan, granting new shares, canceling some, and completing the first vesting period for 411,400 shares. - The company approved the "2023 Restricted Stock Incentive Plan (Draft)" on July 2023[137](index=137&type=chunk) - In July 2024, the company granted **255,000 reserved restricted shares** to 47 incentive recipients at a grant price of **RMB 24.16 per share**[139](index=139&type=chunk) - A total of **3,700 restricted shares** granted but not yet vested to 2 departed incentive recipients were canceled[139](index=139&type=chunk) - The first vesting period for the 2023 restricted stock incentive plan's initial grant was achieved, and **411,400 shares** became tradable on August 28, 2024[140](index=140&type=chunk) [Environmental Information Disclosure](index=39&type=section&id=Environmental%20Information%20Disclosure) The company and its key subsidiaries are not mandated to disclose environmental information by law. - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[141](index=141&type=chunk) [Social Responsibility](index=39&type=section&id=Social%20Responsibility) The company upholds corporate governance, investor rights, employee welfare, environmental protection, and actively engages in social responsibility initiatives. - The company has cumulatively distributed cash dividends totaling **RMB 544.5995 million**, demonstrating continuous attention to shareholder rights[141](index=141&type=chunk) - The company strictly fulfills its information disclosure obligations, communicating with investors through performance briefings, online exchanges, and offline surveys[142](index=142&type=chunk) - The company strictly complies with the "Labor Law," pays various social insurances and housing provident funds for employees, and implements a regular physical examination system[143](index=143&type=chunk) - The company implements a fair and reasonable compensation and benefits system, and motivates employees through equity incentives[143](index=143&type=chunk) - The company vigorously promotes automation upgrades of production equipment, establishes labor unions, enriches employees' extracurricular lives, and enhances employee cohesion[144](index=144&type=chunk) - The company strictly complies with national occupational health laws and regulations, conducts annual workplace occupational disease hazard factor monitoring, and provides employees with occupational health examinations and training[144](index=144&type=chunk) - The company actively participates in social welfare activities, prioritizes environmental protection, and effectively manages and treats wastewater, exhaust gas, and solid waste generated during production[145](index=145&type=chunk) Section 5 Significant Matters [Commitments](index=41&type=section&id=Commitments) The company had no outstanding or overdue commitments from its actual controller, shareholders, or related parties during the reporting period. - During the reporting period, the company had no commitments from its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled or overdue and unfulfilled as of the end of the reporting period[148](index=148&type=chunk) [Non-operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=41&type=section&id=Non-operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) No non-operating funds were occupied by the controlling shareholder or other related parties during the reporting period. - During the reporting period, there was no non-operating occupation of listed company funds by the controlling shareholder or other related parties[149](index=149&type=chunk) [Irregular External Guarantees](index=41&type=section&id=Irregular%20External%20Guarantees) The company reported no irregular external guarantees during the reporting period. - The company had no irregular external guarantees during the reporting period[150](index=150&type=chunk) [Appointment and Dismissal of Accounting Firms](index=41&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report remained unaudited. - The company's semi-annual report was unaudited[151](index=151&type=chunk) [Litigation Matters](index=41&type=section&id=Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period. - The company had no significant litigation or arbitration matters during this reporting period[153](index=153&type=chunk) [Penalties and Rectification](index=42&type=section&id=Penalties%20and%20Rectification) The company reported no penalties or rectification situations during the reporting period. - The company had no penalties or rectification situations during the reporting period[154](index=154&type=chunk) [Integrity Status](index=42&type=section&id=Integrity%20Status) The company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled judgments or overdue debts. - The company, its controlling shareholder, and actual controller had no unfulfilled court judgments or large overdue debts at maturity during the reporting period[155](index=155&type=chunk) [Significant Related Party Transactions](index=42&type=section&id=Significant%20Related%20Party%20Transactions) The company had a significant related party property lease transaction of USD 9.1606 million but no other major related party asset, equity, or debt dealings. Related Party Transactions Related to Daily Operations | Related Party | Related Party Transaction Content | Related Party Transaction Amount (USD 10,000) | Proportion of Similar Transactions (%) | Approved Transaction Limit (USD 10,000) | | :--- | :--- | :--- | :--- | :--- | | 2201 LUNA ROAD,LLC | Property Lease | 916.06 | 30.89 | 123 | - The company had no related party transactions involving asset or equity acquisition or disposal during the reporting period[156](index=156&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[157](index=157&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[158](index=158&type=chunk) - The company had no deposits, loans, credit lines, or other financial business with related financial companies or financial companies controlled by the company and its related parties[159](index=159&type=chunk)[160](index=160&type=chunk) [Major Contracts and Their Performance](index=43&type=section&id=Major%20Contracts%20and%20Their%20Performance) The company incurred RMB 29.6514 million in facility leasing expenses across various locations, with no other significant contracts or guarantees. - During the reporting period, the company leased factory buildings, warehouses, and office buildings in the United States, Canada, Vietnam, Shenzhen (Guangdong), and Yongkang (Zhejiang) for production, operations, and warehousing, incurring total leasing expenses of **RMB 29.6514 million**[164](index=164&type=chunk) - The company earned rental income of **RMB 1.6008 million** from leasing out factory rooftops, transportation vehicles, and equipment[164](index=164&type=chunk) - The company had no significant guarantee situations during the reporting period[165](index=165&type=chunk) - The company had no other major contracts during the reporting period[168](index=168&type=chunk) Section 6 Share Changes and Shareholder Information [Share Changes](index=45&type=section&id=Share%20Changes) Total share capital decreased to 108,631,741 shares due to repurchased share cancellation, and a former director's restricted shares became unrestricted. Share Changes | Share Type | Quantity Before Change (shares) | Proportion Before Change (%) | Increase/Decrease in This Change (shares) | Quantity After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 79,948,000 | 72.85 | -12,000 | 79,936,000 | 73.58 | | II. Unrestricted Shares | 29,797,000 | 27.15 | -1,101,259 | 28,695,741 | 26.42 | | III. Total Shares | 109,745,000 | 100.00 | -1,113,259 | 108,631,741 | 100.00 | - After former director Wu Guoqiang's departure, his **12,000 restricted shares** converted to unrestricted shares[174](index=174&type=chunk) - The company completed the cancellation of **1,113,259 repurchased shares**, leading to a decrease in total share capital[174](index=174&type=chunk) - Based on the changed share capital, H1 2025 basic earnings per share were **RMB 3.15**, diluted earnings per share were **RMB 3.14**, and net assets per common share attributable to the company's shareholders were **RMB 30.45 per share**[174](index=174&type=chunk) [Changes in Restricted Shares](index=46&type=section&id=Changes%20in%20Restricted%20Shares) Restricted shares slightly decreased due to a former director's release, while major shareholders' restricted holdings remained unchanged. Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Proposed Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Zhongtao Investment Co., Ltd. | 45,000,000 | 0 | 45,000,000 | Pre-IPO restricted shares | September 21, 2026 | | Cao Matao | 28,500,000 | 0 | 28,500,000 | Pre-IPO restricted shares | September 21, 2026 | | Wu Guoqiang | 12,000 | 12,000 | 0 | Senior management restricted shares | April 2025 | - Former director Mr. Wu Guoqiang's **12,000 senior management restricted shares** became tradable in April 2025 due to the expiration of his term[178](index=178&type=chunk) [Number of Shareholders and Shareholding Information](index=48&type=section&id=Number%20of%20Shareholders%20and%20Shareholding%20Information) The company had 5,892 common shareholders, with Zhejiang Zhongtao Investment and Cao Matao as controlling shareholders, holding 41.42% and 26.24% respectively. - Total number of common shareholders at the end of the reporting period was **5,892**[180](index=180&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion (%) | Shareholding Quantity at End of Reporting Period (shares) | Quantity of Restricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Zhongtao Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 41.42 | 45,000,000 | 45,000,000 | | Cao Matao | Domestic Natural Person | 26.24 | 28,500,000 | 28,500,000 | | Jinyun Zhongjiu Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 3.54 | 3,850,000 | 3,850,000 | | Cao Xiashu | Domestic Natural Person | 1.38 | 1,500,000 | 1,500,000 | | Donghai Securities - ICBC - Donghai Securities ChiNext Taotao Vehicles No. 1 Strategic Placement Collective Asset Management Plan | Other | 1.32 | 1,439,001 | 0 | | Shanghai Geru Private Equity Fund Management Co., Ltd. - Geru Chieftain No. 1 Private Equity Investment Fund | Other | 0.96 | 1,037,700 | 0 | - Cao Matao directly holds **90.89%** of Zhongtao Investment and is the sole general partner and executive partner of Zhongjiu Investment; Cao Xiashu is Cao Matao's sister and holds **100%** equity in Zhongbang Investment[182](index=182&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=50&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes occurred in the shareholdings of the company's directors, supervisors, or senior management during the reporting period. - The company's directors, supervisors, and senior management had no changes in shareholdings during the reporting period[184](index=184&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=50&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period. - The company's controlling shareholder did not change during the reporting period[185](index=185&type=chunk) - The company's actual controller did not change during the reporting period[185](index=185&type=chunk) Section 7 Bond-Related Information [Bond-Related Information](index=51&type=section&id=Bond-Related%20Information) The company reported no bond-related activities during the reporting period. - The company had no bond-related situations during the reporting period[188](index=188&type=chunk) Section 8 Financial Report [Audit Report](index=52&type=section&id=Audit%20Report) The company's semi-annual financial report was not subject to an audit. - The company's semi-annual financial report was unaudited[190](index=190&type=chunk) [Financial Statements](index=52&type=section&id=Financial%20Statements) This chapter presents the H1 2025 consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements. - Financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[191](index=191&type=chunk)[196](index=196&type=chunk)[201](index=201&type=chunk)[204](index=204&type=chunk)[206](index=206&type=chunk)[210](index=210&type=chunk)[212](index=212&type=chunk)[222](index=222&type=chunk) [Consolidated Balance Sheet](index=52&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated assets totaled RMB 4.93 billion, liabilities RMB 1.62 billion, and equity RMB 3.31 billion, with shifts in current assets and liabilities. Major Data from Consolidated Balance Sheet | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 4,929,974,743.61 | 4,538,588,836.36 | | Total Liabilities | 1,621,742,003.91 | 1,357,762,503.18 | | Total Owners' Equity | 3,308,232,739.70 | 3,180,826,333.18 | | Monetary Funds | 1,787,209,376.75 | 1,530,074,083.12 | | Accounts Receivable | 831,522,707.15 | 698,196,181.69 | | Inventory | 1,163,684,921.48 | 1,206,096,970.56 | | Short-term Borrowings | 603,902,492.25 | 414,915,040.41 | | Notes Payable | 136,909,754.36 | 126,265,370.07 | [Consolidated Income Statement](index=58&type=section&id=Consolidated%20Income%20Statement) In H1 2025, total operating revenue reached RMB 1.713 billion, up 23.19%, with net profit of RMB 342 million, up 88.04%. Major Data from Consolidated Income Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,713,293,159.57 | 1,390,741,240.93 | | Total Operating Costs | 1,298,922,730.61 | 1,153,225,039.01 | | Total Profit | 402,863,862.70 | 236,086,524.36 | | Net Profit | 342,220,383.31 | 181,993,998.22 | | Net Profit Attributable to Parent Company Shareholders | 342,216,741.16 | 181,993,998.22 | | Basic Earnings Per Share (RMB/share) | 3.15 | 1.66 | | Diluted Earnings Per Share (RMB/share) | 3.14 | 1.66 | [Consolidated Cash Flow Statement](index=61&type=section&id=Consolidated%20Cash%20Flow%20Statement) H1 2025 operating cash flow was RMB 487 million, up 69.36% due to increased sales, with negative investing and positive financing cash flows. Major Data from Consolidated Cash Flow Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 487,079,592.22 | 287,600,404.31 | | Net Cash Flow from Investing Activities | -69,202,304.98 | -50,265,050.51 | | Net Cash Flow from Financing Activities | 4,133,129.38 | 5,550,856.46 | | Net Increase in Cash and Cash Equivalents | 426,890,556.15 | 249,764,915.21 | | Period-End Balance of Cash and Cash Equivalents | 1,670,093,086.36 | 2,049,467,343.54 | [Company's Basic Information](index=74&type=section&id=Company%27s%20Basic%20Information) Zhejiang Taotao Vehicles Co., Ltd., established in 2015 and listed in 2023, specializes in electric vehicles and ATVs, with H1 2025 financial statements approved. - The company was registered on September 24, 2015, listed on the Shenzhen Stock Exchange in March 2023, with a registered capital of **RMB 108,631,741.00**[229](index=229&type=chunk) - Its main business involves the R&D, production, and sales of electric golf carts, e-bikes, electric scooters, electric balance bikes, ATVs, off-road motorcycles, and their accessories and supplies[229](index=229&type=chunk) - These financial statements were approved for external release by the company's Eighth Meeting of the Fourth Board of Directors on August 25, 2025[229](index=229&type=chunk) [Basis of Preparation of Financial Statements](index=75&type=section&id=Basis%20of%20Preparation%20of%20Financial%20Statements) The financial statements are prepared on a going concern basis, with no significant doubts about the company's ability to continue operations. - The company's financial statements are prepared on a going concern basis[231](index=231&type=chunk) - There are no matters or circumstances that would cause significant doubt about the company's ability to continue as a going concern for 12 months from the end of the reporting period[232](index=232&type=chunk) [Significant Accounting Policies and Estimates](index=75&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) The company applies specific accounting policies and estimates for financial instruments, inventory, fixed assets, and revenue recognition, adhering to accounting standards. - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[234](index=234&type=chunk) - The accounting year is from January 1 to December 31 of the Gregorian calendar, and this reporting period is from January 1, 2025, to June 30, 2025[235](index=235&type=chunk) - The company and its domestic subsidiaries use RMB as their bookkeeping currency, while overseas subsidiaries use the currency of their primary operating economic environment as their bookkeeping currency[237](index=237&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in current profit or loss[246](index=246&type=chunk) - Accounts receivable and contract assets adopt a simplified measurement method, measuring loss provisions based on the expected credit loss amount over the entire lifetime[262](index=262&type=chunk) - Inventory is measured at the lower of cost and net realizable value, and inventory issued is accounted for using the weighted average method at month-end[276](index=276&type=chunk) - Fixed asset depreciation is calculated using the straight-line method, with depreciation periods of 25-39 years for buildings and structures, and 8-10 years for machinery and equipment[293](index=293&type=chunk) - Intangible assets include land use rights, software, and network domain names; those with finite useful lives are amortized using the straight-line method, while those with indefinite useful lives are not amortized[300](index=300&type=chunk) - Revenue recognition principle is to recognize revenue when the customer obtains control of the related goods or services, and to measure revenue based on the transaction price allocated to each performance obligation[319](index=319&type=chunk)[320](index=320&type=chunk) [Taxation](index=92&type=section&id=Taxation) The company is subject to various taxes, including VAT and corporate income tax, and benefits from high-tech and small enterprise tax incentives. Major Tax Types and Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | Domestic companies 13%; Canada 3%-15%; Germany 19%; UK/France 20%; Vietnam 10%; US none | | Consumption Tax | 10% (Japan) | | Urban Maintenance and Construction Tax | 5%, 7% | | Corporate Income Tax | Parent company 15%; US federal 21%, varying by state; Canada 26.50%; Japan 15%/23.20%; Netherlands 20%/25%; Hong Kong 8.25%/16.50%; Singapore 17%; Vietnam 20% (tax-exempt for first 4 years, then half for subsequent 9 years); Thailand 20% | | Customs Duties | Levied according to specific tariff rates of each importing country | | US Sales Tax | 8.25% (Texas) | | Property Tax | Domestic companies 12%/1.2%; US companies 1%-3% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - The company was recognized as a high-tech enterprise in Zhejiang Province in 2023, enjoying a **15% preferential corporate income tax rate** from 2023 to 2025[335](index=335&type=chunk) - Subsidiary Shenzhen Baike was recognized as a high-tech enterprise in Shenzhen in 2022, enjoying a **15% preferential corporate income tax rate** from 2022 to 2024[335](index=335&type=chunk) - Subsidiaries Taotao Import & Export, Taotao E-commerce, Taotao Zhixing, Qixing Baike, and Jizhi Intelligent meet the criteria for small and micro-profit enterprises, paying corporate income tax at preferential rates[336](index=336&type=chunk) - The company enjoys tax incentives for R&D expenses and additional deductions for wages of disabled employees[336](index=336&type=chunk) - Subsidiary Taotao Technology is eligible for VAT reduction and exemption policies for employing people from poverty[336](index=336&type=chunk) [Notes to Consolidated Financial Statement Items](index=95&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter details period-end and period-beginning balances and changes for major consolidated financial statement items, including cash, receivables, inventory, and revenue. - Monetary funds period-end balance **RMB 1.787 billion**, with **RMB 764 million** deposited overseas[339](index=339&type=chunk) - Accounts receivable period-end balance **RMB 832 million**, with **99.72%** aged within 1 year[355](index=355&type=chunk)[357](index=357&type=chunk) - Inventory period-end book value **RMB 1.164 billion**, primarily composed of finished goods, raw materials, and work-in-progress[435](index=435&type=chunk) - Fixed assets period-end book value **RMB 566 million**, mainly comprising buildings and structures and machinery equipment[494](index=494&type=chunk) - Short-term borrowings period-end balance **RMB 604 million**, primarily including pledged loans, mortgaged loans, and credit loans[545](index=545&type=chunk) - Operating revenue for the current period **RMB 1.713 billion**, operating cost **RMB 1.028 billion**, with main business revenue accounting for **99.75%**[637](index=637&type=chunk) - Net cash flow from operating activities **RMB 487 million**, primarily due to increased cash received from sales of goods and provision of services[692](index=692&type=chunk) [R&D Expenses](index=150&type=section&id=R%26D%20Expenses) Total R&D expenditure was RMB 48.2149 million, down 11.00% due to lower material costs, with all expenses recognized in profit or loss. R&D Expense Composition | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 23,457,093.70 | 19,821,294.02 | | Direct Materials | 17,427,645.11 | 26,402,744.10 | | Share-based Payment Expenses | 1,476,251.28 | 2,248,138.62 | | Product Design Fees | 1,340,108.33 | 1,008,380.07 | | Depreciation and Amortization | 817,085.23 | 792,257.64 | | Technical Service Fees | 764,741.51 | 1,100,106.18 | | Other | 2,931,950.43 | 2,801,021.12 | | Total | 48,214,875.59 | 54,173,941.75 | | Of which: Expensed R&D Expenditure | 48,214,875.59 | 54,173,941.75 | - Current period R&D investment decreased by **11.00%** year-on-year, primarily due to a decrease in R&D materials[86](index=86&type=chunk) - All R&D expenditures were expensed and recognized in current profit or loss, with no R&D projects meeting capitalization criteria[720](index=720&type=chunk)[722](index=722&type=chunk) [Changes in Consolidation Scope](index=151&type=section&id=Changes%20in%20Consolidation%20Scope) The company expanded its consolidation scope by establishing new subsidiaries and acquiring Shenzhen Qixing Biji Trading Co., Ltd. to broaden its market reach. - During the reporting period, the company expanded its consolidation scope through the establishment of new subsidiaries and acquisitions[739](index=739&type=chunk) - Newly established subsidiaries include ALLTRACK TRADING INC., NO SPEED LIMIT INC., TEKO INC., THUNDERTREK INC., REVEDGE INC., TRANSVOLT INC., CAMPICO INC., DYNO FUTURE INC., TBLAZER(SG)PTE.LTD., TRAILBLAZER VEHICLES (THAILAND) CO.,LTD., and Shanghai Jizhi Intelligent Technology Co., Ltd[739](index=739&type=chunk) - Shenzhen Qixing Biji Trading Co., Ltd. was acquired, with an equity acquisition cost of **RMB 10,000.00**[724](index=724&type=chunk) - The company had no goodwill arising from business combinations not under common control during the reporting period[727](index=727&type=chunk) [Interests in Other Entities](index=156&type=section&id=Interests%20in%20Other%20Entities) The company holds 100% equity in numerous subsidiaries across various countries, engaged in commercial and manufacturing activities, with unchanged ownership interests. - The company owns multiple wholly-owned subsidiaries and sub-subsidiaries, including TAO MOTOR INC., GOLABS INC., and VELOZ POWERSPORTS INC[741](index=741&type=chunk) - Subsidiaries' main operating and registered locations are in the United States, Canada, Japan, Netherlands, Hong Kong, Singapore, and Vietnam, among others[741](index=741&type=chunk)[742](index=742&type=chunk)[709](index=709&type=chunk)[710](index=710&type=chunk) - The company holds **100%** equity in its subsidiaries, with business natures covering commercial and manufacturing sectors[741](index=741&type=chunk)[742](index=742&type=chunk) - During the reporting period, the company's ownership interest in its subsidiaries did not change, and it continues to control them[759](index=759&type=chunk) [Government Grants](index=163&type=section&id=Government%20Grants) The company received RMB 2.5037 million in income-related government grants and RMB 0.5494 million in asset-related grants, with no receivable grants. Liability Items Involving Government Grants | Accounting Account | Period-Beginning Balance (RMB) | Amount Recognized in Other Income in Current Period (RMB) | Period-End Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 17,954,251.82 | 549,437.88 | 17,404,813.94 | Asset Related | Government Grants Recognized in Current Profit or Loss | Source of Other Income | Current Period Amount (RMB) | | :--- | :--- | | Income-related Government Grants | 2,503,687.46 | | Total | 2,503,687.46 | - The company has no government grants recognized at receivable amounts that require disclosure[778](index=778&type=chunk) [Risks Related to Financial Instruments](index=163&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks (interest rate and foreign exchange) through credit assessment, financing optimization, and hedging strategies. - The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[782](index=782&type=chunk)[796](index=796&type=chunk) - Credit risk is managed through regular credit assessments, monitoring of accounts receivable balances, and depositing monetary funds with financial institutions with high credit ratings[783](index=783&type=chunk)[789](index=789&type=chunk)[790](index=790&type=chunk) - Liquidity risk is controlled by comprehensively utilizing various financing methods such as bill settlement and bank borrowings, and by appropriately combining long-term and short-term financing methods[793](index=793&type=chunk) Financial Liabilities Classified by Remaining Maturity (Period-End) | Item | Book Value (RMB) | Undiscounted Contract Amount (RMB) | Within 1 Year (RMB) | | :--- | :--- | :--- | :--- | | Bank Borrowings | 611,164,732.47 | 612,643,494.94 | 612,643,494.94 | | Accounts Payable | 572,156,615.00 | 572,156,615.00 | 572,156,615.00 | | Notes Payable | 136,909,754.36 | 136,909,754.36 | 136,909,754.36 | | Lease Liabilities | 101,929,926.94 | 108,953,834.20 | 40,763,537.70 | | Other Payables | 9,669,031.58 | 9,669,031.58 | 9,669,031.58 | | Subtotal | 1,431,830,060.35 | 1,440,332,730.08 | 1,372,142,433.58 | - Foreign exchange risk is primarily related to foreign currency monetary assets and liabilities; the company will buy and sell foreign currencies at market exchange rates when necessary to ensure net risk exposure remains at an acceptable level[796](index=796&type=chunk) - The company conducts accounts receivable factoring business without derecognition, retaining almost all risks and rewards[801](index=801&type=chunk) [Disclosure of Fair Value](index=167&type=section&id=Disclosure%20of%20Fair%20Value) Period-end assets measured at fair value are primarily derivative financial assets, valued using Level 2 fair value measurement based on forward contract rates. Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 2 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | | Derivative Financial Assets | 704,659.67 | 704,659.67 | - The fair value of derivative financial assets is determined by the present value of the difference between the forward contract's agreed delivery exchange rate and the market forward exchange rate quotation at the balance sheet date[808](index=808&type=chunk) - The company has no Level 3 items measured at fair value, nor has there been any change in valuation techniques[809](index=809&type=chunk)[812](index=812&type=chunk) [Related Parties and Related Party Transactions](index=168&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) Zhejiang Zhongtao Investment and Cao Matao are controlling parties; the company engaged in catering and property leasing with related parties, with key management compensation of RMB 2.2267 million. - The company's controlling shareholder is Zhejiang Zhongtao Investment Co., Ltd., and the actual controller is Cao Matao[815](index=815&type=chunk) - Other related parties include 2201 LUNA ROAD, LLC (an enterprise jointly controlled by actual controller Cao Matao and his spouse) and Hangzhou Musk Trading Co., Ltd. (an enterprise controlled by actual controller Cao Matao's spouse's brother)[818](index=818&type=chunk) Related Party Transactions for Purchase and Sale of Goods/Acceptance of Services | Related Party | Related Party Transaction Content | Current Period Amount (RMB) | | :--- | :--- | :--- | | Chen Wei | Catering Services | 72,832.71 | Related Leases Where the Company is the Lessee | Lessor Name | Type of Leased Asset | Current Period Amount (RMB) | | :--- | :--- | :--- | | 2201 LUNA ROAD | Property | 9,160,626.74 | Key Management Personnel Compensation | Item | Current Period Amount (RMB) | | :--- | :--- | | Key Management Personnel Compensation | 2,226,728.73 | - During this period, company employees consumed **RMB 1,670,799.66** in meal expenses at the employee canteen contracted by related party Chen Wei, which was collected and paid by the company on their behalf[839](index=839&type=chunk) [Share-based Payment](index=171&type=section&id=Share-based%20Payment) The 2023 restricted stock incentive plan has three vesting periods based on performance, with RMB 5.2029 million in equity-settled share-based payment expenses recognized. - The company approved the "Proposal on Granting Restricted Shares to Incentive Recipients for the First Time" on August 2, 2023; the granted restricted shares can be exercised in three tranches at ratios of **40%**, **30%**, and **30%** over 48 months, provided vesting conditions are met after 12 months from the grant date[848](index=848&type=chunk) - The main performance assessment targets are that the operating revenue or net profit growth rate for 2023, 2024, and 2025 shall not be less than **12%**, **32%**, and **56%** respectively, based on 2022 figures[848](index=848&type=chunk) - The fair value of equity instruments on the grant date was determined using the **Black-Scholes model**[850](index=850&type=chunk) Current Period Share-based Payment Expenses | Category of Grantee | Equity-Settled Share-based Payment Expense (RMB) | | :--- | :--- | | Management Personnel | 2,497,217.82 | | R&D Personnel | 1,476,251.28 | | Sales Personnel | 1,176,606.24 | | Production Personnel | 52,866.36 | | Total | 5,202,941.70 | [Commitments and Contingencies](index=173&type=section&id=Commitments%20and%20Contingencies) As of the balance sheet date, the company had no significant commitments or contingencies requiring disclosure. - As of the balance sheet date, the company had no significant commitments requiring disclosure[855](index=855&type=chunk) - As of the balance sheet date, the company had no significant contingencies requiring disclosure[856](index=856&type=chunk)[857](index=857&type=chunk) [Events After the Balance Sheet Date](index=173&type=section&id=Events%20After%20the%20Balance%20Sheet%20Date) The Board approved a H1 2025 profit distribution of RMB 15 cash dividend per 10 shares, with no other significant post-balance sheet events. Profit Distribution Information | Item | Amount | | :--- | :--- | | Proposed Dividend per 10 Shares (RMB) | 15 | | Approved and Declared Dividend per 10 Shares (RMB) | 15 | | Profit Distribution Plan | It is proposed to distribute a cash dividend of RMB 15 (including tax) per 10 shares to all shareholders, based on a total share capital of 108,631,741 shares, totaling RMB 162,947,611.50 (including tax), with no capital reserve conversion to share capital or bonus shares. | - The company had no important non-adjusting events or sales returns[859](index=859&type=chunk)[861](index=861&type=chunk) [Other Significant Matters](index=174&type=section&id=Other%20Significant%20Matters) The company reported no prior period accounting error corrections or other major events, and disclosed financial information by geographical segments. - The company had no prior period accounting error corrections, debt restructurings, asset exchanges, annuity plans, or discontinued operations during the reporting period[863](index=863&type=chunk)[865](index=865&type=chunk)[866](index=866&type=chunk)[868](index=868&type=chunk)[869](index=869&type=chunk) - The company determines its reporting segments based on geographical divisions, with operating revenue and operating costs allocated by the final sales location, and assets and liabilities allocated by the operating entity's location[871](index=871&type=chunk) Financial Information by Reporting Segment | Item | Domestic (RMB) | Overseas (RMB) | Inter-segment Elimination (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 982,900,412.47 | 2,018,148,376.96 | -1,287,755,629.86 | 1,713,293,159.57 | | Operating Cost | 790,460,676.70 | 1,608,255,883.77 | -1,370,630,355.78 | 1,028,086,204.69 | | Total Assets | 4,596,532,711.69 | 4,707,168,566.34 | -4,373,726,534.42 | 4,929,974,743.61 | | Total Liabilities | 1,333,577,401.98 | 3,410,041,858.66 | -3,121,877,256.73 | 1,621,742,003.91 | [Notes to Parent Company Financial Statement Items](index=176&type=section&id=Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This chapter details period-end and period-beginning balances and changes for major parent company financial statement items, including receivables, investments, and revenue. - Parent company accounts receivable period-end balance **RMB 1.911 billion**, with **72.14%** aged within 1 year[878](index=878&type=chunk) - Parent company other receivables period-end balance **RMB 88.2378 million**, primarily intercompany balances[908](index=908&type=chunk) - Parent company long-term equity investments period-end book value **RMB 655 million**, mainly investments in subsidiaries[923](index=923&type=chunk)

浙商证券股份有限公司 关于浙江涛涛车业股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐机构名称：浙商证券股份有限公司 | 被保荐公司简称：涛涛车业 | | --- | --- | | 保荐代表人姓名：冉成伟 | 联系电话：0571-87902572 | | 保荐代表人姓名：王永恒 | 联系电话：0571-87902572 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | 2、督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于防 止关联方占用公司资源的制度、募集资金管理制度、内 | 是 | | 控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3、募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 保荐人按季度赴银行现场调取对账 | | | 单 | | （2）公司募集资金项目进展是否与信息披露文件一致 | ...

证券代码：301345 证券简称：涛涛车业 公告编号：2025-042 浙江涛涛车业股份有限公司 关于召开 2025 年第一次临时股东大会的公告 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"）于 2025 年 8 月 25 日召开 了第四届董事会第八次会议，审议并通过了《关于召开 2025 年第一次临时股东 大会的议案》。公司决定于 2025 年 9 月 10 日召开 2025 年第一次临时股东大会。 现将有关事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2025 年第一次临时股东大会。 本次股东大会将通过深圳证券交易所交易系统和互联网投票系统向公司股 东提供网络形式的投票平台，公司股东可以在网络投票时间内通过深圳证券交易 所交易系统或互联网投票系统对本次股东大会审议事项进行投票表决。公司股东 应选择现场投票、网络投票中的一种方式，如果同一表决权出现重复投票表决的， 以第一次投票表决结果为准。 6、会议的股权登记日：2025 年 9 月 5 日（星期五）。 7、出席对象： （1）于 2025 年 9 月 ...

证券代码：301345 证券简称：涛涛车业 公告编号：2025-040 浙江涛涛车业股份有限公司 第四届监事会第六次会议决议公告 表决结果：同意3票，反对0票，弃权0票。 2、审议并通过《关于公司<2025年半年度募集资金存放、管理与使用情况专项报 告>的议案》 经审议，监事会认为：公司严格按照《公司法》《证券法》《深圳证券交易所上 市公司自律监管指引第2号——创业板上市公司规范运作》等法律法规以及公司《募集 资金管理制度》等规定使用募集资金，并及时、真实、准确、完整履行相关信息披露 工作，不存在违规使用募集资金的情形。 本公司及监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"）以专人送达方式于2025年8月15 日发出第四届监事会第六次会议通知，会议于2025年8月25日在公司会议室以现场方 式召开。本次会议应出席监事3人，实际出席监事3人，会议由监事会主席朱飞剑召集 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 ...

证券代码：301345 证券简称：涛涛车业 公告编号：2025-041 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。 浙江涛涛车业股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日召开 第四届董事会第八次会议和第四届监事会第六次会议，审议通过了《关于公司 <2025 年半年度利润分配预案>的议案》，本议案尚需提交公司 2025 年第一次临 时股东大会审议。现将相关情况公告如下： 一、审议程序 （一）董事会审议情况 2025 年 8 月 25 日，公司召开了第四届董事会第八次会议，审议通过了《关 于公司<2025 年半年度利润分配预案>的议案》，董事会认为 2025 年半年度利润 分配预案综合考虑了公司的盈利能力、财务状况、未来发展的预期等因素，与全 体股东共享经营成果，有利于公司的正常经营和持续健康发展，董事会同意该利 润分配预案，并同意将该议案提交公司 2025 年第一次临时股东大会审议。 浙江涛涛车业股份有限公司 关于 2025 年半年度利润分配预案的公告 （二）监事会审议情况 2025 年 8 月 25 日，公司召开了第四届监事会第六次 ...

报 告 摘 要 乘势而起：市场新高趋势追踪 触及新高的个股、行业和板块可被视为市场的风向标。越来越多的研究表明动量、趋势跟踪策略的有效性。本报告旨在定期跟踪市场中创新高的个股及其 分布，以追踪市场趋势、把握市场热点。 截至2025年8月22日，上证指数、深证成指、沪深300、中证500、中证1000、中证2000、创业板指、科创50指数250日新高距离分别为0.00%、 0.00%、0.00%、0.00%、0.00%、0.06%、0.00%、0.00%。中信一级行业指数中家电、国防军工、综合、传媒、计算机行业指数距离250日新高较 近，食品饮料、煤炭、房地产、银行、消费者服务行业指数距离250日新高较远。概念指数中，数字货币、万得风电、航天军工、汽车零部件、金属非金 属、汽车、家用电器等概念指数距离250日新高较近。 见微知著：利用创新高个股进行市场监测 截至2025年8月22日，共1606只股票在过去20个交易日间创出250日新高。其中创新高个股数量最多的是机械、医药、电子行业，创新高个股数量占比最 高的是国防军工、有色金属、医药行业。按照板块分布来看，本周制造、科技板块创新高股票数量最多；按照指数分布来看 ...

Market Overview - On August 22, the motorcycle and other sectors experienced a decline of 0.17%, with Zhenghe Industrial leading the drop [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - Notable gainers in the motorcycle sector included: - Taotao Industry (301345) with a closing price of 194.79, up 5.23% on a trading volume of 23,800 shares and a turnover of 457 million [1] - Lvtong Technology (301322) closed at 34.41, up 4.49% with a trading volume of 82,800 shares and a turnover of 283 million [1] - Conversely, Zhenghe Industrial (003033) saw a significant decline, closing at 47.94, down 5.50% with a trading volume of 51,500 shares and a turnover of 248 million [2] Capital Flow - The motorcycle and other sectors experienced a net outflow of 38.11 million from main funds, while retail investors saw a net inflow of 87.21 million [2] - Specific stock capital flows included: - Aima Technology (603529) had a main fund net inflow of 63.72 million, while retail investors had a net outflow of 65.23 million [3] - Taotao Industry (301345) recorded a main fund net inflow of 41.21 million, with retail investors also seeing a net outflow of 31.85 million [3]

Core Viewpoint - TaoTao Automotive has shown significant stock price appreciation and strong financial performance, indicating potential growth in the outdoor leisure and short-distance transportation market [1][2]. Financial Performance - As of August 8, 2023, TaoTao Automotive reported a revenue of 639 million yuan for Q1 2025, representing a year-on-year growth of 22.96% [2]. - The company has distributed a total of 545 million yuan in dividends since its A-share listing [2]. Stock Performance - The stock price has increased by 195.41% year-to-date, with a 12.73% rise over the last five trading days and a 17.51% increase over the last 20 days [2]. - As of August 22, 2023, the stock was trading at 189.37 yuan per share, with a market capitalization of 20.572 billion yuan [1]. Shareholder Information - The number of shareholders decreased by 8.19% to 8,336 as of August 8, 2023, while the average number of circulating shares per person increased by 8.93% to 3,440 shares [2]. - Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 709,000 shares, a decrease of 1.0162 million shares from the previous period [2]. Market Position - TaoTao Automotive operates in the motorcycle and other automotive sectors, categorized under the "Automobile - Motorcycle and Others - Motorcycle" industry by Shenwan [2]. - The company is associated with several concept sectors, including historical highs, specialized and innovative enterprises, and strong annual performance [2].

Market Performance - The Shanghai Composite Index rose by 0.13%, with 38 stocks reaching historical closing highs [1] - Among the tradable A-shares, 2,170 stocks increased in price, accounting for 40.08%, while 3,091 stocks decreased, making up 57.09% [1] - The average price of stocks that reached historical highs was 90.53 yuan, with 6 stocks priced over 100 yuan and 12 stocks priced between 50 and 100 yuan [1] Sector Analysis - The sectors with the highest concentration of stocks reaching historical highs included electronics (10 stocks), automotive (5 stocks), and machinery equipment (5 stocks) [1] - Notable stocks with significant price increases included Chuangyitong (15.01%), Guomai Culture (11.37%), and Zhejiang Haideman (10.28%) [2][3] Capital Flow - The total net inflow of main funds into stocks reaching historical highs was 1.036 billion yuan, with 23 stocks experiencing net inflows [2] - The stocks with the highest net inflows included Zhinanzhen (429 million yuan), Beifang Huachuang (247 million yuan), and Xinye Sheng (222 million yuan) [2] - Conversely, 12 stocks saw net outflows, with the largest outflows from Fuyao Glass (347 million yuan), Heertai (292 million yuan), and Zhejiang Dongri (4.5 million yuan) [2] Market Capitalization - The average total market capitalization of stocks reaching historical highs was 120.84 billion yuan, while the average circulating market capitalization was 112.84 billion yuan [2] - The stocks with the highest total market capitalization included Agricultural Bank of China (2.308 trillion yuan), Postal Savings Bank of China (624.49 billion yuan), and Cambrian (433.41 billion yuan) [2] - Stocks with lower market capitalizations included Qianjin Technology (1.449 billion yuan) and Sanxiang Technology (2.147 billion yuan) [2] Historical Highs - Agricultural Bank of China recorded 15 instances of reaching historical highs in the past month, while Xinzuobiao and Zhejiang Zhengte had 11 instances each [2]