（文章来源：证券日报） 证券日报网讯 12月23日，涛涛车业在互动平台回答投资者提问时表示，公司创始人团队已在北美深耕 20来年，目前拥有400多人的本土化经营团队，在品牌营销、渠道建设、售后服务、生产制造等方面具 有较大优势，能够快速响应客户需求、适应本地法规、开发贴合区域需求的产品，同时提供高品质服 务；公司正在通过中国制造与东南亚、美国等海外产能协同，构建稳定高效的产品供应链，以满足不断 增长的市场需求，并通过持续提升品牌影响力、多渠道营销、扩大经销商和商超门店规模、优化售后服 务等方式多维度地增加公司产品在北美市场的竞争优势。 ...

Group 1 - The core point of the article is that Taotao Automotive (301345) reported a total of 7,870 shareholders as of December 19, 2025 [1]

Core Viewpoint - TaoTao Automotive reported a decrease in the number of shareholders, indicating a potential shift in investor sentiment and stock liquidity [2] Group 1: Shareholder and Stock Performance - As of December 20, the number of shareholders for TaoTao Automotive was 7,870, a decrease of 790 from the previous period (December 10), representing a decline of 9.12% [2] - The closing price of the stock on the latest trading day was 248.79 yuan, down 1.52%, while the stock price has increased by 6.26% since the concentration of shares began [2] - The stock experienced 6 days of increases and 3 days of decreases during this period [2] Group 2: Financing and Margin Data - As of December 22, the margin trading balance for the stock was 213 million yuan, with a financing balance of 211 million yuan [2] - The financing balance increased by 16.27 million yuan during the concentration period, reflecting an increase of 8.38% [2] Group 3: Financial Performance - For the first three quarters, the company achieved a total operating revenue of 2.773 billion yuan, representing a year-on-year growth of 24.89% [2] - The net profit for the same period was 607 million yuan, showing a significant year-on-year increase of 101.27% [2] - The basic earnings per share were reported at 5.5800 yuan, with a weighted average return on equity of 18.13% [2]

投资建议：高尔夫球车应用场景正由球场内向球场外延伸，市场空间和潜力巨大，并且双反和关税促使 产能出清和格局优化。涛涛车业一方面受益于东南亚+北美多地产能布局领先，另一方面凭借高品质产 品、经销商网络完善、品牌影响力和口碑提升，快速抢占市场，长期空间巨大，有望实现数十万台销量 和百亿级别收入规模。此外，对比春风等行业巨头，涛涛全地形车仍有较大成长空间，人形机器人和无 人驾驶业务也能复用公司渠道、生产、品牌能力。预计公司2025-2027年实现归母净利润 8.03/11.14/14.29亿元，EPS为7.38/10.22/13.10元，当前股价对应PE为34.29/24.72/19.28倍，维持"买入"评 级。 风险提示：海外需求和渗透率提升不及预期、市场竞争加剧风险、产能爬坡及本土化推进不及预期、品 牌建设与产品质量风险。 竞争格局会如何变化？供给端由三巨头稳定产能走向多极扩张，中国厂商在双反与关税背景下加速海外 建厂以贴近美国市场。球场内客户关系与品牌粘性强，仍是寡头格局；球场外渠道高度分散、门店销量 门槛低，多品牌共存为新品牌进入提供机会。美国对华低速车双反并追溯征税后，中小企业出清，具有 海外产能与渠道能 ...

Group 1 - The report emphasizes the growth potential of the manufacturing sector driven by advancements in AI and a reversal of the anti-competitive cycle [1] - Key companies highlighted for investment include Yokogawa Electric, Zhejiang Rongtai, Shanghai Yanpu, and SANY Heavy Industry among others [2][3] - The report maintains a positive outlook on the machinery equipment industry, with a focus on companies that are positioned to benefit from emerging trends [6] Group 2 - The report details the performance of various sectors, with the best-performing indices including retail trade (+6.66%) and non-bank financials (+2.9%) for the week ending December 19, 2025 [4][19] - Within the manufacturing sector, the top indices were the China Aerospace and Military Industry Theme (+3.83%) and the Shanghai 50 (+0.32%) [20] - The report notes significant bidding activity in the controlled nuclear fusion sector, with over 5.6 billion yuan in bids since the beginning of 2025, indicating accelerated project development [7][8] Group 3 - The report discusses the strategic merger of Trump Media with TAE Technologies, valued at $6 billion, highlighting the increasing capital flow into the fusion energy sector [9] - TAE Technologies is noted for its innovative approach to fusion energy, utilizing hydrogen-boron fusion technology, which is seen as a cleaner alternative to traditional methods [9] - The report suggests focusing on core suppliers and flexible investment targets in the fusion energy supply chain, including companies like Lianchuang Optoelectronics and Xiguang Electronics [8][9] Group 4 - The report provides earnings forecasts for key companies, projecting revenue growth for companies like SANY Heavy Industry and Zhejiang Rongtai, with expected EPS growth from 0.63 to 1.20 for SANY from 2024 to 2026 [17] - The report highlights the competitive landscape in the carrier tape market, where the company has a 74% market share in paper carrier tape and is expanding into the plastic carrier tape segment [10][12] - The report also discusses the potential of composite current collectors in the lithium battery market, projecting significant growth from $1.2 billion in 2023 to $3.4 billion by 2032 [12]

公告披露，涛涛车业于2025年12月15日审议通过《关于收购境外公司100%股权的议案》，同意公司使用自有资金1500万美元， 通过孙公司Trailblazer Motors Inc.收购Champion Motorsports Group Investor,LLC.持有的标的公司100%股权。本次收购的核心目的 在于承接标的公司的销售网络、客户资源和自有品牌，进而扩大公司销售规模与自有品牌矩阵，打通销售链上下游，实现销售 渠道"高效率、低成本"运营，增强公司整体盈利能力与市场竞争力。收购完成后，标的公司将纳入涛涛车业合并报表范围。 截至本次公告披露日，交易双方已正式签署《收购协议》，公司已按约定足额支付全部交易对价款，相关交接手续均已办妥， 涛涛车业通过孙公司Trailblazer MotorsInc.已持有标的公司100%股份，完全拥有标的公司股东权利。 12月19日，涛涛车业发布收购境外公司股权进展公告，宣布公司已完成对Champion Motorsports Group Holdings,LLC.（以下简 称"标的公司"）100%股权的收购，相关交易款项已全额支付，交接手续办妥。 ...

证券日报网讯 12月19日晚间，涛涛车业发布公告称，公司于2025年12月15日召开第四届董事会第十一 次会议，审议通过了《关于收购境外公司100%股权的议案》。董事会同意公司使用自有资金1，500万 美元，通过孙公司TrailblazerMotorsInc.收购ChampionMotorsportsGroupInvestor，LLC.持有的 ChampionMotorsportsGroupHoldings，LLC.（简称"标的公司"）100%股权（简称"本次交易"）。通过本 次收购，公司承接了标的公司的销售网络、客户资源和自有品牌等，有助于公司扩大销售规模和自有品 牌矩阵，打通销售链的上下游，进一步实现销售渠道的"高效率、低成本"运营，以不断增强公司的整体 盈利能力与市场竞争力。收购完成后，标的公司纳入公司合并报表范围。近日，交易双方已签署《收购 协议》，公司已按照约定支付完毕全部的交易对价款，相关交接手续已办妥，公司对标的公司已拥有全 部的股东权利。截至目前，公司已通过孙公司TrailblazerMotorsInc.持有标的公司100%股份。 （编辑 任世碧） ...

涛涛车业公告，公司于2025年12月15日召开董事会会议，审议通过了《关于收购境外公司100%股权的 议案》。董事会同意公司使用自有资金1500万美元，通过孙公司Trailblazer Motors Inc.收购Champion Motorsports Group Investor, LLC.持有的Champion Motorsports Group Holdings, LLC. 100%股权。通过本 次收购，公司承接了标的公司的销售网络、客户资源和自有品牌等，有助于公司扩大销售规模和自有品 牌矩阵，打通销售链的上下游，进一步实现销售渠道的"高效率、低成本"运营，以不断增强公司的整体 盈利能力与市场竞争力。收购完成后，标的公司纳入公司合并报表范围。 ...

近日，交易双方已签署《收购协议》，公司已按照约定支付完毕全部的交易 对价款，相关交接手续已办妥，公司对标的公司已拥有全部的股东权利。截至目 前，公司已通过孙公司Trailblazer Motors Inc.持有标的公司100%股份。 证券代码：301345 证券简称：涛涛车业 公告编号：2025-071 浙江涛涛车业股份有限公司 关于收购境外公司 100%股权的进展公告 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、交易概述 浙江涛涛车业股份有限公司（以下简称"公司"）于2025年12月15日召开第 四届董事会第十一次会议，审议通过了《关于收购境外公司100%股权的议案》。董 事会同意公司使用自有资金1,500万美元，通过孙公司Trailblazer Motors Inc. 收购Champion Motorsports Group Investor,LLC.持有的Champion Motorsports Group Holdings,LLC.（以下简称"标的公司"）100%股权（（以下简称"本次交 易"）。通过本次收购，公司承接了标的公司的销售网络、客户 ...

Core Viewpoint - Taotao Automotive is acquiring an overseas target to build a core barrier for its own brand and distribution channels, leveraging strong market coverage and stable customer resources in the U.S. retail sector [1] Group 1: Acquisition Details - The target company has a strong market presence in U.S. specialty supermarkets and online sales channels, including major clients like Tractor Supply Co., Walmart, and Sportsman's Warehouse, with over 2,000 retail stores [1] - The acquisition is expected to enhance operational capabilities and improve various aspects of the target company's business due to strong synergies with Taotao's existing operations [1] Group 2: Company Strengths - Taotao Automotive is a leading global outdoor leisure equipment company, continuously upgrading its product matrix in core categories such as electric golf carts, high-displacement all-terrain vehicles, and electric bicycles [1] - The company has a significant advantage in its integrated online and offline marketing network in the U.S., along with accelerated overseas production capacity in Vietnam and the U.S. to better respond to global trade uncertainties [1] Group 3: Strategic Partnerships - Taotao is collaborating with high-quality technology companies like K-scale and Yushu Technology to strategically enter cutting-edge fields such as humanoid robotics, opening new business growth points [1]