Core Viewpoint - The report from Open Source Securities highlights the impressive revenue and profit growth of Chuncheng Power in H1 2025, with continued high growth in Q2 2025, maintaining a "Buy" rating [1] Group 1: Financial Performance - In H1 2025, Chuncheng Power achieved sales of 101,800 all-terrain vehicles, generating revenue of 4.731 billion yuan, representing a year-on-year growth of 33.95% [1] - The export value of all-terrain vehicles accounted for 74.05% of the industry, leading the export rankings [1] - For motorcycles, H1 2025 sales reached 150,300 units, with revenue of 3.346 billion yuan, reflecting a year-on-year increase of 3.03% [1] - Domestic sales of motorcycles were 79,100 units, generating revenue of 1.697 billion yuan (up 17.35%), while international sales were 71,300 units with revenue of 1.649 billion yuan (down 8.5%) [1] - The electric vehicle segment, Jiku, sold 250,500 units in H1 2025, with revenue of 872 million yuan, marking a significant year-on-year growth of 652.06% [1] Group 2: Market Position and Strategy - The company is well-positioned to capitalize on the high-end market trends through continuous product innovation and development [1] - The diverse product matrix in motorcycles and the successful ramp-up of both domestic and international operations are expected to drive future growth [1]
研报掘金丨开源证券:春风动力Q2业绩持续高增,维持“买入”评级