LONCIN(SH:603766) Shang Hai Zheng Quan Bao·2025-10-28 20:57Core Viewpoint - The company reported significant growth in revenue and net profit for the first nine months of 2025, indicating strong operational performance and effective brand strategies [6][7]. Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 14.557 billion yuan, a year-on-year increase of 19.14% [6]. - The net profit attributable to shareholders was 1.577 billion yuan, reflecting a substantial year-on-year growth of 75.45% [6]. - The overall gross profit margin was 18.89%, showing a stable increase compared to the previous year [6]. Product Sales - Motorcycle products generated sales revenue of 10.714 billion yuan, up 14.91% year-on-year [6]. - The "Wujie" series products achieved sales of 3.035 billion yuan, marking a 24.87% increase [6]. - Exports of the "Wujie" series reached 1.718 billion yuan, a remarkable growth of 86.92% [6]. - General machinery products recorded sales of 3.384 billion yuan, representing a 42.54% increase [6]. Brand Development - The company has focused on developing its own brand business, resulting in sales revenue of 3.796 billion yuan from its proprietary brands, which is a 28.49% increase year-on-year [7]. - The proprietary brands accounted for 26.08% of the company's total revenue, an increase of nearly 2 percentage points year-on-year [7]. - The share of proprietary brands in motorcycle product revenue was 35.43%, up nearly 4 percentage points year-on-year [7]. Legal Matters - The company is involved in ongoing litigation regarding receivables, with a balance of 671 million yuan and a provision for credit impairment losses of 607 million yuan [8]. - The company has initiated legal proceedings against 27 distributors for contract disputes, with some cases already resulting in favorable judgments [8]. Shareholder Information - The controlling shareholder, Chongqing Zongshen New Intelligent Manufacturing Technology Co., Ltd., has pledged 100% of its shares, totaling 504.172 million shares, which is 24.55% of the company's total equity [11]. - The company is monitoring the situation closely and plans to reduce the pledge ratio to below 80% by 2025 [11]. Competition Issues - The controlling shareholder and related parties are working to resolve competition issues within the motorcycle and general machinery sectors [12]. - The company is accelerating internal asset integration to address these competitive overlaps [12].