CFMOTO(SH:603129) Chang Jiang Shang Bao·2025-11-24 00:33Core Viewpoint - Chuanfeng Power, founded by Lai Guogui, has transformed from a small motorcycle workshop into a leading all-terrain vehicle manufacturer with a market value of 37.9 billion yuan, achieving continuous revenue and profit growth over the past nine years [1][8]. Company Development - Lai Guogui started his business in a small workshop in Wenzhou in the early 1990s, initially producing motorcycle parts and later transitioning to engine manufacturing, filling a domestic gap in 125cc engine cylinder heads in 1992 [2][3]. - The company faced significant challenges during the 1998 market reshuffle but successfully shifted from parts manufacturing to complete motorcycle production, launching its first water-cooled scooter [3][4]. - In 2005, Chuanfeng Power ventured into the all-terrain vehicle (ATV) market, which was controversial but ultimately positioned the company for global manufacturing [4][5]. Financial Performance - For the first three quarters of 2025, Chuanfeng Power reported revenue of 14.896 billion yuan, a year-on-year increase of 30.1%, and a net profit of 1.415 billion yuan, up 30.89% [1][7]. - The company has consistently achieved double-digit growth in both revenue and net profit from 2016 to 2024 [8]. Future Plans - Chuanfeng Power plans to raise up to 2.179 billion yuan for capacity expansion, marketing network development, and information technology upgrades, with a focus on electric and fuel motorcycle production [2][8]. - The company aims to enhance its production capacity to meet the growing demand for electric vehicles and core components [8].