“传统业务+航空动力” 宗申动力深化双轮驱动

Core Viewpoint - Zongshen Power (001696), a leading local power machinery enterprise in Chongqing, is experiencing significant growth driven by strategic adjustments in its aviation power segment and steady growth in its core business, forming a dual-driven development pattern with traditional and emerging sectors [1] Financial Performance - For the first three quarters of 2025, Zongshen Power achieved total operating revenue of 9.639 billion, a year-on-year increase of 30.17% [1] - The company reported a net profit attributable to shareholders of 758 million, reflecting a year-on-year growth of 93.70% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 710 million, up 92.63% year-on-year [1] Traditional Business Growth - The general machinery business benefited from rural revitalization policies and a recovery in overseas demand, leading to a continuous expansion of orders [1] - The motorcycle engine business has seen a steady increase in market share both domestically and internationally due to technological upgrades and channel expansion, contributing to the performance growth "foundation" [1] Aviation Power Business Development - The aviation power segment is gaining development opportunities supported by regional policy advantages [1] - Zongshen Aviation, as a local leader, has received policy support in technology research and development and order acquisition, with the establishment of Chenyu Technology further promoting the scale development of the aviation power business [1] Future Outlook - Zongshen Power will continue to deepen the dual-driven pattern of "steady growth in traditional business + strategic breakthroughs in aviation power" [2] - The stable cash flow from traditional business will support research and layout in the aviation power segment [2] - With the empowerment of the Chenyu Technology platform and the dual support of the Chongqing low-altitude economic industry ecosystem, the long-term growth potential of the aviation power business is highly regarded by the market [2]