春风动力(603129) - 2025 Q2 - 季度财报

Section I Definitions Definitions of Common Terms This section provides definitions of common terms used in the report, including company names, abbreviations, related parties, and the reporting period, ensuring a clear understanding of the report's content - Company's Chinese name is Zhejiang CFMOTO Power Co., Ltd., abbreviated as CFMOTO Power[14] - Reporting period refers to the first half of 2025[16] Section II Company Profile and Key Financial Indicators I. Company Information This section outlines the company's basic registration information, including its Chinese name, abbreviation, foreign name and its abbreviation, and legal representative Company Basic Information | Indicators | Content | | :--- | :--- | | Chinese Name | 浙江春风动力股份有限公司 | | Chinese Abbreviation | 春风动力 | | Foreign Name | ZHEJIANG CFMOTO POWER CO., LTD. | | Foreign Name Abbreviation | CFMOTO | | Legal Representative | 赖民杰 | II. Contact Person and Information This section provides contact information for the company's Board Secretary and Securities Affairs Representative, facilitating communication for investors and relevant parties Company Contact Information | Position | Name | Contact Address | Phone | Fax | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | 周雄秀 | 杭州临平经济开发区五洲路116号 | 0571-89195143 | 0571-89195143 | | Securities Affairs Representative | 黄文佳、周雪春 | 杭州临平经济开发区五洲路116号 | 0571-89195143 | 0571-89195143 | III. Brief Introduction to Changes in Basic Information This section introduces the company's basic information such as registered address, office address, website, and email, noting no historical changes during the reporting period - The company's registered and office address is Zhejiang Province, Hangzhou City, Linping District, Linping Economic Development Zone, No. 116 Wuzhou Road[18] - There were no historical changes to the company's registered address during the reporting period[18] IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations This section specifies the company's designated newspapers for information disclosure, the website address for the semi-annual report, and the report custody location, confirming no changes during the reporting period - The company's designated newspapers for information disclosure are "Shanghai Securities News" and "China Securities Journal", and the report website is **www.sse.com.cn**[19](index=19&type=chunk) - The company's semi-annual report is kept at the company's Securities Affairs Department, with no changes during the reporting period[19] V. Company Stock Profile This section provides basic information about the company's stock, including stock type, listing exchange, stock abbreviation, and stock code Company Stock Profile | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | 春风动力 | 603129 | Not applicable | VII. Key Accounting Data and Financial Indicators This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing significant growth in operating revenue, total profit, net profit attributable to shareholders, and net cash flow from operating activities Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 9,855,433,172.23 yuan | 7,528,836,116.19 yuan | 30.90 | | Total Profit | 1,236,901,352.84 yuan | 806,849,326.41 yuan | 53.30 | | Net Profit Attributable to Shareholders of Listed Company | 1,001,909,003.12 yuan | 708,809,607.76 yuan | 41.35 | | Net Cash Flow from Operating Activities | 2,399,965,948.11 yuan | 1,492,183,613.25 yuan | 60.84 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 6,772,285,269.99 yuan | 6,194,046,198.66 yuan | 9.34 | | Total Assets (Period-end) | 16,744,829,832.31 yuan | 14,900,162,628.85 yuan | 12.38 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 6.58 | 4.70 | 40.00 | | Diluted Earnings Per Share (yuan/share) | 6.53 | 4.69 | 39.23 | | Basic Earnings Per Share Excluding Non-recurring Gains and Losses (yuan/share) | 6.25 | 4.55 | 37.36 | | Weighted Average Return on Net Assets (%) | 14.96 | 13.18 | Increased by 1.78 percentage points | | Weighted Average Return on Net Assets Excluding Non-recurring Gains and Losses (%) | 14.20 | 12.78 | Increased by 1.42 percentage points | IX. Non-recurring Gains and Losses Items and Amounts This section details the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling 50,847,515.66 yuan Non-recurring Gains and Losses Items and Amounts for H1 2025 | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 128,283.06 | | Government grants recognized in current profit and loss | 26,222,252.10 | | Gains and losses from changes in fair value and disposal of financial assets | 48,534.82 | | Gains and losses from entrusted investment or asset management | 145,740.66 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 60,736,828.50 | | Other non-operating income and expenses | -926,093.82 | | Less: Income tax impact | 13,186,034.10 | | Minority interest impact (after tax) | 22,321,995.56 | | Total | 50,847,515.66 | Section III Management Discussion and Analysis I. Description of the Company's Industry and Main Business During the Reporting Period This section elaborates on the company's positioning in the power sports industry, main businesses, operating model, industry status, and market position, emphasizing its focus on ATVs, medium and large displacement motorcycles, and electric two-wheelers, and active participation in global competition (I) Company's Main Business With a mission to "let life enjoy more sports fun," the company focuses on the power sports industry, with core businesses covering ATVs, medium and large displacement motorcycles, and electric two-wheelers, actively expanding into the new energy sector - Company's core business focuses on ATVs, medium and large displacement motorcycles, electric two-wheelers[26] - ATV displacement covers 400CC-1000CC, motorcycle displacement covers 125CC-1250CC[26] - Company established the electric brand ZEEHO, deeply entering the new energy sector[26] (II) Operating Model The company has established a "one core, two sales, three combinations" global marketing model, implemented a unified and standardized global procurement strategy, promoted flexible intelligent manufacturing, and conducted matrix R&D centered on customer value - Sales Model: Global retail terminals exceed 7,000, covering over 100 countries and regions; domestic market coverage in prefecture-level cities is over 90%[27] - Procurement Model: Adhering to the philosophy of "long-term cooperation and mutual benefit," implementing a unified and standardized global procurement strategy[28] - Production Model: Established production bases in China, Thailand, and Mexico, building a flexible and intelligent manufacturing model[28] - R&D Model: Based on high-performance engine platforms and new energy power platforms, adhering to a matrix management model of "researching one generation, developing one generation, producing one generation"[29] (III) Industry Overview This section analyzes the market overview, development trends, and competitive landscape of the ATV, motorcycle, and electric two-wheeler industries, noting steady growth in the ATV market with UTV/SSV products as the main growth drivers; expanding demand for medium and large displacement motorcycles with increasing export volume and price; and the electric two-wheeler industry's shift towards intelligence and high-end development driven by new national standards 1. All-Terrain Vehicles (ATVs) The global ATV market is expected to maintain steady growth, with UTV/SSV products being the main growth segment. China's ATV industry is clearly export-oriented, with CFMOTO Power dominating export value - Global ATV sales reached $15 billion in 2023, projected to increase to $29.5 billion by 2033, with a 10-year CAGR of 7%[31] - Global UTV/SSV product sales reached 620,000 units in 2024, accounting for 64.58%, becoming the main growth market[32] - From January to June 2025, China's ATV exports reached 227,300 units, a YoY decrease of 0.22%; export value accumulated to $661 million, a YoY increase of 18.46%[34] - CFMOTO Power's ATV export value accounted for 74.05% of the national total, maintaining its industry leadership[34] 2. Motorcycles The global motorcycle market is booming, with Europe and America focusing on medium and large displacement models, and domestic recreational demand driving rapid growth in medium and large displacement motorcycles. China's motorcycle industry saw both production and sales exceed 10 million units, with export volume and price rising - From January to June 2025, China's motorcycle industry production and sales reached 10.6141 million units and 10.6146 million units respectively, with YoY increases of 11.83% and 11.54%[36] - Production and sales of medium and large displacement recreational motorcycles (250cc above) increased by 44.74% and 41.21% respectively[36] - From January to June 2025, the total export value of motorcycle manufacturers' products reached $5.299 billion, a YoY increase of 26.71%[37] 3. Electric Two-Wheelers China's electric two-wheeler industry is undergoing technological upgrades and market restructuring driven by new national standards, with sales expected to rebound to 52 million units in 2025. Chinese manufacturers are actively expanding overseas, with the global market size projected to exceed $100 billion - China's electric two-wheeler industry sales reached 49.2 million units in 2024, projected to rebound to 52 million units in 2025[38] - In 2024, China's export value of "two-wheelers" (electric motorcycles and electric bicycles) exceeded 40 billion yuan for the first time, with production capacity accounting for over 80% globally[39] - The global two-wheel electric vehicle market is projected to grow at a CAGR of 34.57% from 2022 to 2030, with market size exceeding $100 billion by 2030[39][40] (IV) Company's Industry Position CFMOTO Power consistently ranks first in China's ATV export value and has maintained the top market share in Europe for over ten years. Its motorcycle business holds the leading sales position in the domestic market for 200CC+ street motorcycles. ZEEHO Electric, as a technology pioneer, is rapidly emerging in the electric two-wheeler sector, becoming a new growth engine for the company - ATV Business: The company consistently ranks first in China's ATV export value, accounting for 74.05% in H1 2025[41] - ATV Business: Maintained the top market share in Europe for ATVs for over ten consecutive years[41] - Motorcycle Business: During the reporting period, the company's sales in the domestic market for street motorcycles larger than 200CC ranked first in the industry[42] - ZEEHO Electric: Relying on the company's R&D strength and forward-looking industrial layout, it rapidly emerged as a new force in the industry, with sales of 250,500 units and sales revenue of 872 million yuan in H1, a YoY increase of 652.06%[53] II. Discussion and Analysis of Operations In the first half of 2025, CFMOTO Power achieved significant growth in operating revenue and net profit attributable to shareholders, driven by its "globalization, electrification, and intelligence" strategy. The company made multi-pronged efforts in ATVs, motorcycles, and electric two-wheelers, continuously increasing R&D investment, optimizing industrial layout, and strengthening brand building and management efficiency, laying a solid foundation for stable full-year development H1 2025 Operating Performance | Indicator | Amount | YoY Growth | | :--- | :--- | :--- | | Total Operating Revenue | 9.855 billion yuan | 30.90% | | Net Profit Attributable to Parent | 1.002 billion yuan | 41.35% | | Net Profit Excluding Non-recurring Items | 951 million yuan | 38.38% | | Net Cash Flow from Operating Activities | 2.400 billion yuan | 60.84% | I. Multi-pronged Efforts in Main Business, Continuous Breakthroughs in Core Areas In the first half of the year, the company achieved breakthrough progress in its three main businesses: ATVs, motorcycles, and electric two-wheelers. ATVs consolidated their leading position, motorcycles saw coordinated growth in domestic and international sales, and electric two-wheelers experienced explosive growth, becoming a new performance driver (I) ATV Business: Consolidating Leadership, Continuous Innovation and Upgrades The ATV business consolidated its leading position in the European market and achieved significant growth in sales and revenue through product structure optimization, technological innovation, and a dual-brand strategy - Core new product U10PRO quickly gained popularity with its performance and quality upgrades[48] - European market "CFMOTO+GOES" dual-brand strategy established a differentiated and synergistic development pattern, with the CFMOTO brand consistently ranking first in market share[48] ATV Business Performance | Indicator | H1 2025 | | :--- | :--- | | Sales | 101,800 units | | Sales Revenue | 4.731 billion yuan | | YoY Growth | 33.95% | | Industry Export Value Share | 74.05% | (II) Motorcycle Business: Coordinated Domestic and International Sales, Leading the High-End Market The motorcycle business adhered to a "boutique" development strategy, enriched its product matrix, and achieved coordinated growth in domestic and international sales through channel flattening and a global network layout, consolidating its leading position in the domestic high-end market - New products such as 700MT, 675NK, and 150AURA were successively launched, enriching the two-wheeler product matrix[50] Motorcycle Business Performance | Indicator | H1 2025 | | :--- | :--- | | Sales | 150,300 units | | Sales Revenue | 3.346 billion yuan | | YoY Growth | 3.03% | | Domestic Two-Wheeler Sales | 79,100 units | | Domestic Operating Revenue | 1.697 billion yuan (YoY growth of 17.35%) | | Overseas Two-Wheeler Sales | 71,300 units | | Overseas Operating Revenue | 1.649 billion yuan | - Maintained industry leadership in domestic 200CC+ street motorcycle models[50] (III) Electric Two-Wheeler Business: Third Growth Curve Explosion, Opening Up Incremental Space ZEEHO Electric focused on the high-end electric mobility sector, achieving explosive growth in sales and revenue through product iteration and channel expansion, becoming a new growth engine for the company ZEEHO Electric Business Performance | Indicator | H1 2025 | | :--- | :--- | | Sales | 250,500 units | | Sales Revenue | 872 million yuan | | YoY Growth | 652.06% | - Launched multiple new products including MO1 series, AE8S+My25 series, AE4My25 series, AE7 series, and EZ4 series, covering diverse consumption scenarios[53] - Achieved 100% coverage in core domestic cities, with over 70% of stores in second-tier and above cities; international market expanded to over 30 countries and regions[54] II. Sustained Increase in R&D Investment, Remarkable Achievements in Technological Innovation The company continuously increased R&D investment, with R&D expenses growing by 19.86%, launched multiple innovative products, and achieved technological breakthroughs in power platforms, electrification platforms, and intelligent platforms, adding 153 new patents in the first half of the year - R&D expenses totaled 549 million yuan, accounting for 5.57% of current operating revenue, a YoY increase of 19.86%[55] - Launched new products for four-wheelers including X10 Mud Edition ABS, U10PRO, U6EV; two-wheelers saw new additions in 150, 250, 450, 675, 750 displacement segments; electric vehicles launched AE7, EZ4, MO1 series[55] - Power platform achieved continuous breakthroughs in large displacement and multi-cylinder power, with the first 150cc scooter self-developed platform benchmarking international first-tier standards[56] - Intelligent platform MMIOS2.0 smart hub and ACC intelligent driving assistance system achieved mass production[56] - In the first half of the year, 28 invention patents, 101 utility model patents, and 24 design patents were added, with a cumulative total of 1,812 valid authorized patents[57] III. Industrial Adjustment and Layout Optimization, Building a Strong Industrial Ecosystem The company deepened its global industrial chain layout, strengthened supply chain resilience, and improved production capacity efficiency through synergistic upgrades of overseas bases and comprehensive linkage of domestic bases, and initiated the construction of a new Jiaxing base to build a "motorcycle + electric vehicle" industrial synergistic ecosystem - Deepened overseas industrial chain synergy, increasing the proportion of products exported to the US from Mexico and Thailand bases, and increasing Mexico's local parts self-production and procurement[59] - Domestic Hangzhou, Chongqing, and Zhuzhou bases formed comprehensive linkage, and the "Annual Production of 3 Million Sets of Motorcycles, Electric Vehicles, and Core Components R&D and Supporting Production Base Project" in Jiaxing was officially launched[59] - By building a "motorcycle + electric vehicle" industrial synergistic ecosystem, the company achieves resource sharing and complementary advantages, enhancing its overall risk resistance[60] IV. Brand Building and Promotion, Multi-dimensional Enhancement of Brand Influence The company through diversified user interaction activities, new media matrix communication, and participation in top-tier competitions, continuously strengthened user connection and brand penetration in the global market, significantly enhancing brand awareness and influence - Deepened user interaction through participation in professional exhibitions, global new product launches, CFMOTO DAY, and safe riding training camps[61] - Built a comprehensive, multi-level new media matrix relying on platforms like Douyin and Bilibili[61] - Achieved 1 championship, 4 runner-up finishes, 2 third-place finishes, and 1 pole position in MotoGP; CFMOTO Thunder Team won 8 stages in the W2RC World Rally-Raid Championship[62] - "CFMOTO Genius Program" helped Chinese young riders compete in the Spanish ESBK circuit, marking the first time the national anthem was played at this international event[62] V. Enhancing Management Efficiency, Solidifying the Foundation for Long-Term Development The company optimized its operational management structure, strengthened risk control, built a talent ecosystem adapted to organizational growth, and continuously innovated its management system, driving talent growth and business development through culture to enhance core competitiveness - Optimized operational management structure to ensure efficient resource allocation and smooth business processes[63] - Improved employee quality through "Nuclear Power" and "New Power" projects, optimized performance management, and promoted team youthfulness and operational flexibility[63] - Continuously innovated the management system, perfected the "strong back-end, large mid-end, small front-end" architecture, and fostered an open and enterprising corporate culture[63] III. Analysis of Core Competitiveness During the Reporting Period This section deeply analyzes CFMOTO Power's core competencies in R&D innovation, brand value, intelligent manufacturing, quality management, and talent pool construction, emphasizing the company's continuous consolidation of its industry-leading position through its "globalization, intelligence, and electrification" strategy (I) Excellent R&D Innovation and Market Conversion Capabilities The company possesses a complete product design and technology R&D system, maintains high R&D investment, builds an international R&D network, and has formed industry-leading independent innovation capabilities in engines, new energy three-electric systems