隆鑫通用分析师会议-20250826

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The company attaches great importance to shareholder returns and plans to conduct mid - term dividends under eligible conditions. It has made significant progress in brand strategy, product development, and market expansion, with strong potential for future development [24][25] Group 3: Summary by Related Catalogs 01. Research Basic Situation - The research object is Loncin General, belonging to the transportation equipment industry. The reception time was on August 26, 2025, and the listed company's reception staff included the chairman, general manager, independent directors, board secretary, and financial director [17] 02. Detailed Research Institutions - The reception objects include investors and others [20] 03. Research Institution Proportion - No relevant content provided 04. Main Content Data - Dividend Policy: In 2024, the company distributed cash dividends of 821 million yuan, accounting for 73.26% of the net profit attributable to shareholders of the listed company in 2024. The company's general meeting of shareholders has authorized the board of directors to formulate a mid - term dividend plan for 2025 [25] - Sales and Service System: The company is building the "Ji" service system and launched the Wujiji official APP in July. For the Southeast Asian market, it uses Malaysia as a strategic fulcrum to expand the market [26][27] - Brand Strategy: The company's independent brand strategy is progressing smoothly, with two independent brands, VOGE and LONCIN. The high - end independent brand revenue was 2.334 billion yuan, a year - on - year increase of 42.43%, accounting for about 24% of the company's operating income [27] - Export Performance: In the first half of this year, the export sales revenue of the Wujiji series products was 1.19 billion yuan, a year - on - year increase of 83.31%. The growth was mainly due to the increase in European market revenue, and the brand ranked among the top ten in the core markets of Spain and Italy [28] - Engine R & D: In the first half of the year, new products such as KEV250A and KEN460 were successfully mass - produced, and the engine matrix was further improved [29][30] - Tricycle Business: The sales revenue of tricycle products was 879 million yuan, a year - on - year increase of 38.68%. The export sales revenue was 489 million yuan, a year - on - year increase of 87.57%. The company is expanding domestic and overseas markets [31] - Lawn Mower Robot: The company's lawn mower robot uses a pure vision solution and a self - developed 3D vision algorithm. It is expected to complete mass - production preparations within the year [32] - Response to Ranking Change: The company congratulates Dachangjiang Group and is more determined to pursue the independent brand development path [34] - Employee Incentive: The new board of directors and management of the company will introduce an incentive plan in due course [35]