CFMOTO(SH:603129) Ge Long Hui A P P·2025-08-12 09:41Core Viewpoint - Minsheng Securities report indicates that Spring Breeze Power's H1 2025 performance exceeded expectations, driven by the synergy of two-wheeled and four-wheeled vehicle sales [1] Revenue Summary - In H1 2025, the company sold 150,000 fuel motorcycles, generating revenue of 3.35 billion yuan, representing a year-on-year increase of 3.0% [1] - The average selling price (ASP) was 22,000 yuan, highlighting the effectiveness of the company's high-end strategy [1] Profit Summary - The company's net profit attributable to shareholders in H1 2025 reached 1.0 billion yuan, a year-on-year increase of 41.4% [1] - In Q2 2025, the net profit attributable to shareholders was 590 million yuan, reflecting a year-on-year increase of 36.0% and a quarter-on-quarter increase of 41.3% [1] - The net profit margin stood at 11.0%, attributed to the optimization of product mix in two-wheeled and all-terrain vehicles, as well as cost structure improvements [1] Long-term Outlook - The company is expected to expand its product line with a focus on high-end U/Z series, enhancing its cost-performance ratio to increase market share [1] - There is a positive long-term outlook for the company's two-wheeled vehicle exports and high-end four-wheeled vehicle strategy [1] - The earnings forecast has been raised, with a corresponding price-to-earnings (PE) ratio of 21/16/13 times for the years 2025, based on the closing price of 252.73 yuan per share on August 11, 2025 [1]