Summary of the Conference Call for TaoTao Automotive Company Overview - **Company**: TaoTao Automotive - **Industry**: Automotive, specifically focusing on all-terrain vehicles (ATVs), electric scooters, golf carts, and related components Key Points and Arguments Strategic Response to Anti-Dumping Duties - TaoTao Automotive has implemented a three-step strategy to address the challenges posed by the U.S. anti-dumping duties: 1. **Increase Production in China**: Accelerating shipments to ensure sales targets for 2024 are met and maintaining sufficient inventory for 2025 [3] 2. **Establish Production in Southeast Asia**: Particularly in Vietnam, to mitigate the impact of anti-dumping duties. Components from the Vietnam factory began shipping to the U.S. by the end of 2024, with customs clearance completed [3][6] 3. **Local Production in the U.S.**: A production line was established in the U.S. in October 2024, with applications for U.S. manufacturer qualifications underway to fully avoid anti-dumping duties [3][5] Cost Management and Competitive Advantage - The company estimates that shipping components from Southeast Asia to the U.S. will result in manageable cost increases, even with potential tax rates as high as 30%-50% [9] - The Vietnam factory is expected to meet 60%-70% of the ATV sales volume by 2025, with electric vehicle components covering nearly all demand [10][12] - Despite a new 10% tariff, the company has not yet incurred related costs due to a transitional period, allowing for negotiation opportunities [7] Product Development and Market Strategy - Plans for 2025 include small-scale production of high-displacement ATVs and the development of high-end products such as utility vehicles and camping cars to expand market presence and enhance brand competitiveness [3][16] - The company has adjusted pricing for golf carts in response to anti-dumping policies, reducing gross margins but maintaining sales volume due to dealer acceptance [13][14] Market Outlook and Sales Projections - The sales target for 2024 is set at approximately 70,000 to 80,000 units, with expectations of increased market share as competitors exit the market [15] - The company aims to leverage its production capabilities to compete effectively with Dell Technologies in the North American market [15] Production and Supply Chain Considerations - The Southeast Asia factory, particularly in Vietnam, is progressing well, with plans to ensure component exports to the U.S. to avoid high tariffs [6][10] - The company is also considering establishing a factory in Thailand due to its robust automotive supply chain and favorable economic conditions [18] Future Product Structure and Market Positioning - TaoTao Automotive is focusing on high-end products while maintaining cost advantages, with plans to introduce new models in 2025 that align with market demands [22] - The company believes that cost control will be crucial in a competitive market, emphasizing the importance of performance alongside cost efficiency [23] Industry Dynamics and Competitive Landscape - The market is expected to see a shift as weaker players exit, particularly in the electric low-speed vehicle segment, due to financial pressures and inventory challenges [24] - Local production of golf course vehicles is anticipated to open up larger market opportunities, with ongoing development of high-end products [25] Additional Important Insights - The company has successfully navigated the complexities of U.S. tariffs and anti-dumping duties through strategic planning and operational adjustments [8] - The focus on local production and supply chain optimization is critical for maintaining competitiveness in the evolving automotive landscape [19][21]

Financial Performance - The company's 2024 net profit is expected to grow by 44.40% to 58.66% year-on-year, driven by improved operational efficiency, product structure optimization, and enhanced sales channel layout [1] - The 2025 performance target aims for a year-on-year growth of no less than 70% based on 2022 revenue or net profit [11] Operational Strategy - The U.S. team consists of over 200 members covering the entire value chain, with a focus on local manufacturing capabilities to enhance market responsiveness [2] - The company has established production bases in Vietnam and the U.S. to mitigate risks from international trade policy changes and enhance competitiveness in the electric golf cart market [4][5] Product Development - The company plans to expand its product line for electric golf carts, including new models for commercial and industrial use, with a strong focus on R&D investment in 2025 [10][11] - The 300CC ATV has already been mass-produced in 2024, with plans for the 700CC UTV to begin small-scale production in 2025 [10] Market Challenges - The U.S. anti-dumping measures have increased market entry barriers, but the company remains confident in its long-term growth prospects in the electric golf cart sector [10] - The recent 10% tariff imposed by the U.S. will be addressed through global supply chain strategies and potential price adjustments to maintain competitiveness [5][6] Supply Chain Management - The domestic production capacity will focus on supplying markets outside the U.S. and supporting overseas production bases, ensuring efficient supply chain operations [8] - The company aims to optimize costs through strategic planning of component production and assembly processes, despite initial higher costs in Southeast Asia and the U.S. [8]

证券代码：301345 证券简称：涛涛车业 公告编号：2025-008 浙江涛涛车业股份有限公司 关于股份回购实施结果暨股份变动的公告 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 2024 年 2 月 2 日召开 第三届董事会第十七次会议，审议通过了《关于回购公司股份方案的议案》，同 意公司使用自有资金以集中竞价交易方式回购公司已发行的部分人民币普通股 （A 股）股票，本次回购股份将全部用于员工持股计划或股权激励。本次用于回 购的资金总额不低于人民币 5,000 万元（含本数）且不超过人民币 10,000 万元 （含本数），回购价格上限为人民币 87.35 元/股。回购股份的实施期限自公司 董事会审议通过回购股份方案之日不超过 12 个月。公司于 2024 年 7 月 6 日召开 第三届董事会第二十一次会议，于 2024 年 7 月 24 日召开 2024 年第一次临时股 东大会，审议通过了《关于变更回购股份用途的议案》，公司拟将股份回购方案 实施过程中回购股份的用途由"用于员工持股计划或股权激励"变更为"用 ...

Financial Performance - The estimated net profit attributable to shareholders is projected to be between RMB 40.5 million and RMB 44.5 million, representing a year-on-year growth of 44.40% to 58.66% compared to RMB 28.05 million in the same period last year[5]. - The estimated net profit after deducting non-recurring gains and losses is expected to be between RMB 39.5 million and RMB 43.1 million, indicating a year-on-year increase of 46.28% to 59.61% from RMB 27.00 million in the previous year[5]. - The impact of non-recurring gains and losses on the net profit attributable to shareholders is estimated to be between RMB 10 million and RMB 14 million[7]. - The performance forecast indicates a positive outlook for the company's financial growth in 2024[4]. Research and Development - The company has increased R&D investment, adjusted production capacity, and improved operational efficiency to enhance its product matrix and broaden sales channels[7]. - The company aims to continuously develop and produce more intelligent, high-end, and lithium battery products[7]. Performance Forecast - The performance forecast period is from January 1, 2024, to December 31, 2024[3]. - The financial data related to this performance forecast has not been audited by the accounting firm, but there are no significant discrepancies between the company and the firm regarding the forecast[6]. - The company will provide detailed audited financial data in the 2024 annual report[9]. Investment Advisory - Investors are advised to make cautious decisions and be aware of investment risks[9].

证券代码：301345 证券简称：涛涛车业 公告编号：2025-007 浙江涛涛车业股份有限公司 关于回购股份注销并减少注册资本暨通知债权人的公告 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。 一、通知债权人的原因 公司于 2024 年 2 月 2 日召开第三届董事会第十七次会议，审议通过了《关 于回购公司股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回购 公司已发行的部分人民币普通股（A 股）股票，本次回购股份将全部用于员工持 股计划或股权激励。本次用于回购的资金总额不低于人民币 5,000 万元（含本数） 且不超过人民币 10,000 万元（含本数），回购价格上限为人民币 87.35 元/股。 回购股份的实施期限自公司董事会审议通过回购股份方案之日不超过 12 个月。 公司于 2024 年 7 月 6 日召开第三届董事会第二十一次会议，于 2024 年 7 月 24 日召开 2024 年第一次临时股东大会，审议通过了《关于变更回购股份用途的议 案》，公司拟将股份回购方案实施过程中回购股份的用途由"用于员工持股计划 或股权激励"变更为"用于注销并 ...

证券代码：301345 证券简称：涛涛车业 公告编号：2025-004 浙江涛涛车业股份有限公司 第四届董事会第五次会议决议公告 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"）第四届董事会第五次会议 通知于2025年1月13日以电子邮件方式发出，会议于2025年1月16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7人，实际出席董事7人，其中以 通讯表决方式出席会议的董事有曹马涛、张建新、陈东坡、陈军泽。公司监事、 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》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《关于对外投资建设泰国生产基地的议案》 经审议，董事会认为：在泰国投资建设生产基地是公司全球供应链体系的重 要组成部分，有利于满足海外客户对公司全地形车和电动高尔夫球车等需求，提 高公司在全球的竞争力，推进公司全球化发展战略。因此，董事会同意公司使用 自有资 ...

浙商证券股份有限公司 关于浙江涛涛车业股份有限公司 2024 年度持续督导现场检查报告 | 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 | | 现场检查人员姓名：冉成伟、王永恒 | | | 现场检查对应期间：2024 年度 | | | 现场检查时间：2025 年 1 月 13 日至 14 | 日 | | 一、现场检查事项 | 现场检查意见 | | （一）公司治理 | 是 否 不适用 | | 现场检查手段： | | | （一）对上市公司董事、高级管理人员进行访谈； | | | （二）查看公司章程和公司治理制度； | | | （三）查阅公司股东大会、董事会和监事会相关会议文件； | | | （四）现场查看公司主要管理场所； | | | （五）对有关文件及其他资料或者客观状况进行查阅、复制、记录。 | | | 1.公司章程和公司治理制度是否完备、合规 | √ | | 2.公司章程和三会规则是否得到有效执行 √ | | | ...

Summary of Conference Call Industry Overview - The conference call primarily discusses the electric two-wheeler industry in China, focusing on the impact of new national standards (国标) on the market and specific companies within the sector [1][2][3]. Key Points and Arguments 1. **New National Standards Implementation**: The new national standards were announced on September 19, 2024, and have significantly impacted the industry and stock prices of related companies [1]. 2. **Differences from Draft**: Key differences from the draft include: - Non-commercial two-wheeled vehicles will not require mandatory installation of Beidou positioning systems; consumers can choose to add this feature [1]. - The transition period for retail ends on December 1, 2025, meaning the old standards will still apply until then [2]. 3. **Safety and Performance Requirements**: The new standards emphasize safety, including fire resistance and weight limits, with a maximum weight for certain vehicles set at 63 kg [3][5]. 4. **Market Dynamics**: Despite being in a traditional off-season, manufacturers are experiencing strong demand, with expectations of a sales peak following the implementation of the new standards [7]. 5. **Company Performance**: Companies like Yadi and Aima are reported to have low inventory levels and strong sales performance, with daily shipments exceeding 50,000 units in January [8][9]. 6. **3C Certification**: The new standards will lead to stricter 3C certification requirements, impacting production capabilities and potentially forcing smaller manufacturers to increase capital expenditures [11]. 7. **Market Outlook**: The overall market outlook is positive, with expectations of continued strong demand and improved industry structure due to regulatory changes [12][15]. Additional Important Content - **Impact of Regulatory Changes**: The new regulations are expected to benefit leading companies that can comply with the new standards, enhancing their market position [13]. - **Expansion Plans**: Aima plans to expand its retail network significantly, while Yadi has not provided specific expansion guidance [14]. - **Long-term Growth Potential**: The company anticipates a 25% growth in profits over the next two to three years, driven by the golf cart segment and other low-speed electric vehicles [21][22]. - **Challenges and Opportunities**: The potential imposition of anti-dumping tariffs could pose challenges, but companies like Taotao are adapting by localizing production in the U.S. and Vietnam [19][20]. This summary encapsulates the key insights and developments discussed during the conference call, highlighting the implications of new regulations and the performance of major players in the electric two-wheeler market.

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the two-wheeled vehicle industry in China, focusing on the impact of new national standards (新国标) and the performance of key players like Yadea (雅迪) and Aima (爱玛) [2][3][4]. Key Points and Arguments 1. **New National Standards (新国标) Changes**: - The new standards relax the mandatory installation of Beidou positioning devices for civilian vehicles, allowing consumers to choose [2][3]. - The transition period has been extended to 8 months plus an additional 3 months, meaning the old standards will apply until December 1, 2025 [2][3]. - New requirements include a maximum speed of 25 km/h and stricter safety and performance metrics, which may increase production costs and eliminate smaller non-compliant firms, benefiting leading companies like Yadea and Aima [3][4]. 2. **Market Dynamics**: - The two-wheeled vehicle industry is currently in a restocking phase, with Yadea and Aima maintaining low inventory levels and high shipping volumes [5]. - Both companies are expected to continue restocking into 2025, supported by government subsidies for trade-in programs, which will stimulate consumer demand [5]. 3. **3C Certification Impact**: - The new standards will tighten 3C certification processes, leading to increased compliance costs for smaller manufacturers, potentially driving them out of the market [6]. - This will enhance the market position and profitability of leading firms [6]. 4. **Shared Two-Wheeled Vehicle Market**: - Regulatory scrutiny is increasing in the shared two-wheeled vehicle market, which may lead to new rules that could benefit compliant companies like Yadea and Aima [7]. - These companies are expected to re-enter this market segment, providing new growth opportunities [7]. 5. **Channel Expansion Strategies**: - Aima plans to expand its store count from over 31,700 to nearly 40,000, while Yadea has not specified new store openings but will focus on channel management to enhance efficiency [9]. - Both companies are projected to achieve net profits exceeding 2.6 billion yuan in 2024 [9]. Additional Important Insights - **Caocao Vehicle Industry**: - Caocao is a leading player in the golf cart market, benefiting from rising demand in the U.S. despite facing anti-dumping tariffs [10]. - The company is expected to double its export volume by 2025-2026, with significant growth potential in the golf cart segment [11]. - Caocao is also diversifying into other low-speed electric vehicles, which may provide additional revenue streams [12]. - **Profit Growth Outlook**: - Caocao's long-term profit growth is supported by its expansion into low-speed electric vehicles, with a projected net profit corresponding to a price-to-earnings ratio of about 13 times by 2025 [13]. - Investor sentiment is positive, anticipating that Caocao's channel development and product diversification will ensure stable profit growth [15]. Conclusion - The new national standards and market dynamics present both challenges and opportunities for the two-wheeled vehicle industry in China. Leading companies like Yadea and Aima are well-positioned to capitalize on these changes, while Caocao's expansion into the U.S. market and other vehicle segments indicates strong growth potential.

Group 1 - The company, Taotao Automotive, announced plans to invest up to 600 million yuan in a project to produce 10,000 golf carts and key components annually in Yongkang, Zhejiang [1] - The project will be constructed by the company's wholly-owned subsidiary, Yongkang Taotao Technology Co., Ltd [1] - The construction period for the project is expected to be no more than 3 years and will be carried out in phases [1]