格隆汇11月27日｜中信建投证券研报指出，九号公司Q3营收同比增长56.82%，在两轮车、割草机等业 务的带动下公司整体依旧延续了此前的高增态势。盈利端，受到研发费用短期投入节奏等问题的影响， 管理和研发费用率略有波动，导致公司净利率略低于此前市场预期，Q3实现净利率7.49%，同比下降 1.33pct，单季度实现净利润5. 46亿元，同比提升45.86%，实现扣非净利润4.86亿元，同比增长37%。长 期来看，公司在国内外持续进行品类开拓，长期成长空间依然可期，维持"买入"评级。 ...

涛涛车业 20251126 摘要 淘淘车业主要通过越南工厂生产并出口车辆至美国，泰国工厂预计 2026 年 Q1 投产，满产后年产能达 4 万台。美国工厂已有一条生产线运 行，计划 12 月增加第二条，团队近 400 人负责组装，效率逐步提升。 第二品牌"开口"旨在加密经销商网络，产品、价格及毛利与迪纳狗一 致，但外观和智能化有所提升。经销商多为年轻化新势力，已发展 50 多家，计划扩展至 80-100 家，自 2025 年 8 月起已出货 500 多台，仍 供不应求。 美国电动低速车市场需求增长超预期，主要面向中产家庭。本土品牌收 入增长明显，雅马哈油动车业务预计增长。淘淘车业凭借综合实力和产 能布局，在供应链和客户转移方面具备优势，有望超越竞争对手。 高尔夫球车毛利率高于公司平均水平，自有品牌占比超 70%。2025 年 Q3 公司整体毛利率为 42%，球车毛利率更高。两次涨价因越南关税和 生产成本增加，公司具备议价能力，预计未来球车净利润率和毛利率仍 能保持较高水平。 Q&A 淘淘车业在海外产能方面的进展和未来规划是怎样的？ 淘淘车业在海外产能方面取得了显著进展。越南工厂自 2025 年 7 月开始生产 ...

每经头条（nbdtoutiao）——国开行辟谣的"人民资产"是什么？记者实探：号称投资600元80天赚8万 元！一位投资人的女儿：劝不住她，警察都拦不住 （记者 曾健辉） 每经AI快讯，潍柴动力（SZ 000338，收盘价：16.9元）发布公告称，2025年11月26日10:00-11:30，潍 柴动力接受淡马锡调研，公司王丽、李婷婷参与接待，并回答了投资者提出的问题。 2025年1至6月份，潍柴动力的营业收入构成为：交通运输设备制造业占比77.74%，农业装备占比 20.63%，其他行业占比1.62%。 截至发稿，潍柴动力市值为1473亿元。 ...

截至11月20日，涛涛车业股东户数8502.00，较上期减少7.62%；人均流通股3417股，较上期增加 8.25%。2025年1月-9月，涛涛车业实现营业收入27.73亿元，同比增长24.89%；归母净利润6.07亿元，同 比增长101.27%。 分红方面，涛涛车业A股上市后累计派现7.08亿元。 机构持仓方面，截止2025年9月30日，涛涛车业十大流通股东中，永赢睿信混合A（019431）位居第二 大流通股东，持股102.47万股，为新进股东。永赢稳健增强债券A（014088）位居第三大流通股东，持 股74.46万股，为新进股东。香港中央结算有限公司位居第四大流通股东，持股60.30万股，相比上期增 加18.67万股。汇添富消费行业混合（000083）位居第五大流通股东，持股60.00万股，为新进股东。汇 添富消费升级混合A（006408）位居第六大流通股东，持股50.00万股，为新进股东。中欧景气精选混合 A（020876）位居第七大流通股东，持股45.12万股，为新进股东。汇添富价值精选混合（519069）位居 第八大流通股东，持股42.40万股，为新进股东。汇添富消费精选两年持有股票A（011418 ...

宝盈祥颐定期开放混合A（006398）基金经理为蔡丹、吕姝仪。 截至发稿，蔡丹累计任职时间8年116天，现任基金资产总规模23.5亿元，任职期间最佳基金回报 94.02%， 任职期间最差基金回报0.99%。 吕姝仪累计任职时间9年179天，现任基金资产总规模288.09亿元，任职期间最佳基金回报18.7%， 任职 期间最差基金回报-11.77%。 11月26日，涛涛车业涨5.16%，截至发稿，报206.54元/股，成交9144.79万元，换手率1.56%，总市值 225.23亿元。 资料显示，浙江涛涛车业股份有限公司位于浙江省丽水市缙云县新碧街道新元路10号,香港铜锣湾希慎 道33号利园1期19楼1919室，成立日期2015年9月24日，上市日期2023年3月21日，公司主营业务涉及专 注于户外休闲娱乐兼具短途交通代步功能的汽动车、电动车及其配件、用品研发、生产和销售。主营业 务收入构成为：智能电动低速车67.23%，特种车28.59%，其他4.17%。 从基金十大重仓股角度 数据显示，宝盈基金旗下1只基金重仓涛涛车业。宝盈祥颐定期开放混合A（006398）三季度持有股数 4000股，占基金净值比例为0.54 ...

每经头条（nbdtoutiao）——688496，被证监会立案！刚上市业绩就变脸，亏损超1亿元；核心产品受重 创：第一大客户"自产自用"，减少采购 （记者 张海妮） 2025年1至6月份，潍柴动力的营业收入构成为：交通运输设备制造业占比77.74%，农业装备占比 20.63%，其他行业占比1.62%。 每经AI快讯，潍柴动力（SZ 000338，收盘价：16.6元）发布公告称，2025年11月21日、24日，潍柴动 力接受博时基金等投资者调研，公司李婷婷、刘涵参与接待，并回答了投资者提出的问题。 ...

来源：新浪证券-红岸工作室 11月21日，涛涛车业跌3.39%，成交额1.76亿元。两融数据显示，当日涛涛车业获融资买入额2018.47万 元，融资偿还2754.91万元，融资净买入-736.43万元。截至11月21日，涛涛车业融资融券余额合计1.97 亿元。 资料显示，浙江涛涛车业股份有限公司位于浙江省丽水市缙云县新碧街道新元路10号,香港铜锣湾希慎 道33号利园1期19楼1919室，成立日期2015年9月24日，上市日期2023年3月21日，公司主营业务涉及专 注于户外休闲娱乐兼具短途交通代步功能的汽动车、电动车及其配件、用品研发、生产和销售。主营业 务收入构成为：智能电动低速车67.23%，特种车28.59%，其他4.17%。 截至11月20日，涛涛车业股东户数8502.00，较上期减少7.62%；人均流通股3417股，较上期增加 8.25%。2025年1月-9月，涛涛车业实现营业收入27.73亿元，同比增长24.89%；归母净利润6.07亿元，同 比增长101.27%。 融资方面，涛涛车业当日融资买入2018.47万元。当前融资余额1.96亿元，占流通市值的3.33%，融资余 额超过近一年70%分位水 ...

Core Viewpoint - The company TaoTao Automotive is seeking to list on the Hong Kong Stock Exchange to establish an "A+H" dual capital platform, aiming to leverage Hong Kong's financial advantages to attract international investors and optimize its capital structure for growth and technological advancement [1][6]. Group 1: Business Strategy and Market Position - TaoTao Automotive holds the second position in the global low-speed electric vehicle market, capturing approximately 8.4% of the market share as of 2024 [2]. - The company focuses on high-value overseas markets, with over 99% of its revenue generated from international sales, particularly in North America, avoiding intense domestic competition [1][2]. - The business model includes a diversified distribution strategy, partnering with major retailers like Walmart and Amazon, and utilizing a multi-layered sales network to penetrate niche markets [2]. Group 2: Financial Performance - The company has shown robust revenue growth, with projected revenues of approximately RMB 17.66 billion, RMB 21.44 billion, and RMB 29.77 billion for 2022, 2023, and 2024 respectively, marking a year-on-year increase of 38.82% in 2024 [2]. - For the first seven months of 2025, revenue reached approximately RMB 20.68 billion, continuing the strong growth trend [3]. - The gross profit margin improved from 35.2% in 2022 to 40.2% in the first seven months of 2025, attributed to a comprehensive supply chain and high self-manufacturing rates [3]. Group 3: Challenges and Risks - The company faces structural challenges due to its heavy reliance on foreign markets, with over 90% of revenue coming from abroad, and 70% from the U.S. market [4]. - Trade tensions between the U.S. and China pose risks, including potential tariffs that could impact profitability [5]. Group 4: Future Growth and Investment - The funds raised from the Hong Kong listing will be directed towards expanding production capacity, enhancing smart manufacturing infrastructure, and developing new products [6]. - The company plans to introduce innovative electric vehicles and explore advanced technologies, including artificial intelligence and automation [6][7]. - A commitment to shareholder returns is evident, with cash dividends totaling approximately RMB 3.82 billion from 2022 to 2024, representing about 41.6% of net profits during that period [7].

Core Viewpoint - The company, TaoTao Automotive, has successfully penetrated the North American market with its low-speed electric vehicles (LSVs), achieving significant growth despite ongoing trade tensions between China and the U.S. [1][2] Group 1: Market Position and Growth - TaoTao Automotive is the second-largest electric low-speed vehicle manufacturer globally, with a market share of approximately 8.4% as of 2024 [3] - Nearly 80% of the company's revenue is derived from the U.S. market, making it the largest export destination [3] - The company has seen its stock price increase over 200% this year, indicating strong market performance [1] Group 2: Financial Performance - For the seven months ending July 31, 2025, the company reported revenue of 2.068 billion RMB, a year-on-year increase of 23.31%, and a net profit of 491 million RMB, up 88.43% [9] - The gross profit margin improved to 40.15%, reflecting a nearly 6 percentage point increase year-on-year [9] - The company’s revenue and net profit have shown consistent growth over the past few years, with a gross profit margin of 35.2% in 2022 and 37.3% in 2023 [10] Group 3: Production and Capacity - TaoTao Automotive has established a production capacity system across China, Southeast Asia, and North America to mitigate trade barriers and leverage local labor costs [2][11] - The company has built three major factories in Texas, Florida, and California, focusing on local production of low-speed electric vehicles [11] - The production capacity utilization rate for the electric mobility segment is currently at 56.6%, indicating potential room for growth [27] Group 4: Market Trends and Consumer Behavior - The global electric low-speed vehicle market is projected to grow from $700 million in 2022 to $1.1 billion by 2024, with a compound annual growth rate (CAGR) of 40.7% [5] - The average selling price of products in the North American market has increased by 89.9%, which may impact consumer purchasing behavior [13][23] - The primary consumers of LSVs in the U.S. are middle-class families with annual incomes exceeding $100,000, indicating a shift towards higher-end market positioning [4] Group 5: Strategic Initiatives - The company is transitioning from an original design manufacturer (ODM) model to a focus on its own brand, with over 60% of revenue now coming from proprietary brands [10] - TaoTao Automotive is exploring opportunities in the robotics sector, having formed partnerships with various technology firms, although expectations for this segment should be tempered due to industry uncertainties [17][18] Group 6: Valuation and Market Outlook - The company is currently valued at a price-to-earnings (P/E) ratio of 28 times for 2025 earnings, which is considered reasonable given its growth prospects [19] - Despite a slowdown in revenue growth and recent negative quarterly performance, the company maintains a strong cash position with 1.34 billion RMB in cash and cash equivalents [28] - The company has a history of returning value to shareholders through dividends, with a payout ratio of 46% [28]

开放 创新 绿色 ——在华外国工商界人士看"十五五"新机遇 11月17日下午，窗外寒风呼啸，中共中央对外联络部友谊厅内却热度正酣。一场面向在华外国工 商界的中共二十届四中全会精神专题宣介会在这里举行，160多名与会人士交流互动踊跃。 二十届四中全会审议通过《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》， 对中国未来5年发展作出顶层设计和战略擘画。 一个月来，不少在华外国商协会、跨国企业代表和驻华使馆经贸官员都已经深入研读了"十五 五"规划建议。在他们眼中，"高水平对外开放""贸易创新""现代化产业体系""绿色转型"等一系 列"十五五"热词，意味着所在行业、企业与中方合作的新机遇、新动能。 带着热切的期待，会场问答之间，推进合作的路径愈发清晰。 高质量共建"一带一路"内涵丰富，其中包括统筹推进重大标志性工程和"小而美"民生项目等…… 未来"一带一路"合作将更加多元、更可持续。 创新，也是此次宣介会上频频被提起的热词。与会外国工商界人士普遍认为，中国坚持创新引领 高质量发展，给跨国公司来华投资开辟新空间。 德国克诺尔集团是中国高铁和地铁的制动系统供应商之一。集团中国区副总裁张丹阳提问，"十五 五"规 ...