春风动力成立于 1989 年，最初从事汽车和摩托车零部件生产，后逐步转向摩 托车产品，并于 2005 年进入全地形车市场。公司目前的主要业务包括全地形 车和摩托车，其中全地形车是最重要的收入来源。2024 年，全地形车业务实 现营收 72 亿元，占总营收的 48%；摩托车业务实现营收 64 亿元，占总营收 的 43%。在摩托车业务中，内销占比 20.6%，外销占比 19.6%。公司产品种 类丰富，涵盖多种排量段，包括 ATV、UTV 和 SSV 三类全地形车，以及各种 类型的摩托车。 公司电动两轮车业务始于 2020 年，2023 年开始放量，目前已覆盖各 价格带。预计 2026 年集合品牌有望冲击百万台规模，实现盈亏平衡， 并计划新增门店以实现更大市场目标。 展望 2026 年，四轮全地形车辆将在新品拉动下迎来良好业绩表现，两 轮车辆出口预计恢复。若美加墨协定完成，利润有望达到 25 亿元，公 司市值有较大上升空间。核心风险点包括新车型上市节奏、贸易环境变 化等。 春风动力 20251216 摘要 春风动力全地形车和摩托车业务是主要收入来源，2024 年分别占总营 收的 48%和 43%。公司通过与 KTM ...

Core 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].

Core Viewpoint - Zhejiang Chunfeng Power Co., Ltd. is at a critical juncture of transformation, facing challenges from shareholder actions and external market conditions, particularly in the U.S. and Europe [1][2][3] Financial Impact - Chunfeng Power's U.S. subsidiary received a bill totaling $19.32 million for tax adjustments, which is expected to have a minimal impact on the company's financials for 2025 [2][3] - The company reported a net profit of 1.415 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 30.89% [6] Market Strategy - The company is diversifying its market presence to mitigate risks associated with U.S. trade policies, with a focus on expanding production capabilities in Mexico and Thailand [3][4] - Chunfeng Power is strategically reducing its reliance on the U.S. market, with sales from non-U.S. markets increasing [3] Product Development - Chunfeng Power is expanding its electric two-wheeler business, aiming to establish it as a second growth curve alongside traditional motorcycle sales [5][6] - The company plans to invest approximately 3.5 billion yuan in a new production base for motorcycles and electric vehicles in Tongxiang, Zhejiang [5] Competitive Position - The company is enhancing its competitive edge in the electric two-wheeler market by focusing on high-performance and high-quality products, avoiding price wars [5][6] - Chunfeng Power has established a brand matrix with CFMOTO, GOES, and ZEEHO to cover different market segments effectively [7] Shareholder Actions - Recent shareholding reductions by major shareholders have raised questions, but the company maintains that these actions are personal financial decisions and do not reflect on the company's operational health [8][9]

Core Viewpoint - Chuanfeng Power is facing multiple challenges, including increased tariffs in the U.S. and the cessation of sales partnerships with KTM in Europe, prompting a shift in focus towards the domestic electric motorcycle market [2][11]. Group 1: Financial Impact and Market Dependency - Chuanfeng Power's U.S. subsidiary CF-MOTO has been notified to pay $19.3287 million in increased tariffs, which represents 90% of its net profit for the first half of the year [2]. - The company's ATV sales heavily rely on the U.S. market, with 2024 projected sales of 169,100 units generating revenue of 7.21 billion yuan, accounting for 48% of total revenue [5]. - In 2023, Chuanfeng Power's revenue reached 12.11 billion yuan, a year-on-year increase of 6.44%, while net profit grew by 43.65% to 1.008 billion yuan [7]. Group 2: Strategic Shifts and New Initiatives - In response to market pressures, Chuanfeng Power plans to issue 2.178 billion yuan in corporate bonds to expand its electric motorcycle production capacity to 3 million units [2][11]. - The company is also focusing on the domestic electric motorcycle market, with plans to invest 3.5 billion yuan in a new production base in Zhejiang Province [11]. - Chuanfeng Power aims to enhance its electric motorcycle brand, Jike, which has seen a significant increase in sales, with a 318% year-on-year growth in Q3 [13]. Group 3: Challenges in International Markets - The cessation of KTM's sales partnership in Europe has raised concerns about Chuanfeng Power's competitiveness in that market [11]. - The company has acquired the European "GOES" brand to strengthen its presence, but the majority of the ATV market remains in the U.S., necessitating new growth avenues [10]. - Chuanfeng Power's global strategy is impacted by increased tariffs on products from Mexico and Thailand, affecting its supply chain and market access [8]. Group 4: Concerns Over Profitability and Market Position - The profitability of Chuanfeng Power is under scrutiny as the electric motorcycle segment has lower profit margins compared to traditional motorcycles [13]. - The company faces competition in the high-end electric motorcycle market, with established brands like Yadea and Aima leading the market [14]. - Recent stock sell-offs by executives and major shareholders have raised questions about the company's future valuation and market confidence [12].

Core Viewpoint - CFMOTO POWERSPORTS, INC. (CFP), a wholly-owned subsidiary of Chunfeng Power (603129.SH), received a notice from the U.S. Customs and Border Protection (CBP) regarding tariff adjustments on products exported from China, which may require retroactive tax payments totaling approximately $19.33 million [1][3]. Group 1: Financial Impact - As of October 23, the total amount of related bills received by CFP is $19.32 million [3]. - CFP reported a net profit of 161 million yuan in the first half of this year, with total revenue of 2.89 billion yuan [8][9]. - The total assets of CFP as of June 30 are 3.48 billion yuan, with net assets of 730 million yuan [9]. Group 2: Operational Adjustments - The tariff adjustments primarily involve historical tariff payments for products exported from the Chinese factory to the U.S., but the company has diversified its production capacity through facilities in Thailand and Mexico to mitigate cost pressures from U.S. tariffs [6][7]. - The company is considering legal actions, including appeals and lawsuits, to protect its interests against the CBP's decisions [5][6]. Group 3: Market Dynamics - The all-terrain vehicle (ATV) market is shifting from a "speed-oriented" to a "quality-oriented" focus, with UTV/SSV products gaining market share [9]. - In 2024, global sales of UTV/SSV products are projected to reach 620,000 units, accounting for 64.58% of the market [9]. - North America remains the largest market for ATVs, with an 83.85% share, driven by strong outdoor recreational demand [9]. Group 4: Strategic Responses - The company has implemented various measures to address trade and tariff policy changes, including enhancing local production capabilities in overseas bases and optimizing capacity layout [7][10]. - Chunfeng Power aims to reduce reliance on the U.S. market by expanding its business structure and exploring non-U.S. markets [7][10].

Core Viewpoint - CFMOTO POWERSPORTS, INC. (CFP), a wholly-owned subsidiary of CFMOTO, has received a notice from the U.S. Customs and Border Protection (CBP) regarding tariff classification adjustments for products exported from China, which may require retroactive tax payments totaling approximately $19.33 million [1][3][4]. Group 1: Financial Impact - As of October 23, the total amount of related bills received by CFP is $19.32 million [3]. - CFP reported a net profit of 161 million yuan and revenue of 2.89 billion yuan for the first half of the year [8]. - The total assets of CFP as of June 30 are 3.48 billion yuan, with net assets of 730 million yuan [8]. Group 2: Operational Adjustments - The company has diversified its production capacity by establishing facilities in Thailand and Mexico to mitigate the cost pressures from U.S. tariffs [4][6]. - The sales proportion from the U.S. market has decreased to below 30% of the total revenue, indicating reduced reliance on the U.S. market [4][7]. Group 3: Legal and Compliance Measures - The company is considering legal actions, including appeals to the U.S. International Trade Court, to protect its interests [4]. - CFMOTO is actively cooperating with CBP and is prepared to take necessary measures to safeguard its business interests [6]. Group 4: Market Trends - The all-terrain vehicle (ATV) market is shifting from a "speed-oriented" to a "quality-oriented" focus, with UTV/SSV products gaining market share [10]. - The North American market remains the largest consumer market for ATVs, accounting for 83.85% of global sales [10].

Core Viewpoint - CFMOTO POWERSPORTS, INC. (CFP), a wholly-owned subsidiary of Chunfeng Power (603129.SH), received a notice from the U.S. Customs and Border Protection (CBP) requiring adjustments in tariff classifications for U/Z products exported from China, leading to a cumulative bill of $19.32 million as of October 23 [1][3]. Group 1: Financial Impact - The tax payment adjustment is not expected to significantly impact CFP's current operations [2][3]. - As of mid-2023, CFP reported a net profit of 161 million yuan and total revenue of 2.89 billion yuan for the first half of the year [5]. - The total assets of CFP were 3.478 billion yuan, with net assets of 730 million yuan as of June 30 [5]. Group 2: Market Position and Strategy - The UTV/SSV product segment has been gaining market share, with global sales projected to reach 620,000 units in 2024, accounting for 64.58% of the market [7]. - North America remains the largest market for all-terrain vehicles, with an 83.85% share, driven by strong outdoor recreational demand [7]. - The company has diversified its production capacity by establishing manufacturing bases in Thailand and Mexico to mitigate the cost pressures from U.S. tariffs [3][4]. Group 3: Risk Management and Future Outlook - The company is prepared to take legal action to protect its interests, including appealing to the U.S. International Trade Court [3]. - Chunfeng Power has implemented strategies to reduce reliance on the U.S. market, with sales from the U.S. accounting for less than 30% of total revenue as of September [3][4]. - The company is closely monitoring trade and tariff policy changes and has taken proactive measures to optimize its operational efficiency and expand into non-U.S. markets [4][7].

Core Viewpoint - The company reported its Q3 2025 results, showing a revenue of 5.04 billion yuan, with a year-on-year increase of 28.6% but a quarter-on-quarter decrease of 10.1%. The net profit attributable to shareholders was 413 million yuan, reflecting a year-on-year increase of 11% but a quarter-on-quarter decrease of 29.5% [2]. Group 1: All-Terrain Vehicle (ATV) Performance - In Q3 2025, the company sold 49,000 ATVs, with a year-on-year increase of 0.2% but a quarter-on-quarter decrease of 15.7%. The U10pro model sold nearly 10,000 units, while the average selling price (ASP) for ATVs was 48,000 yuan, representing a year-on-year increase of 22.2% and a quarter-on-quarter increase of 5.6% due to product mix changes [3]. - The gross margin for ATVs remained stable quarter-on-quarter [3]. Group 2: Motorcycle Business - The company sold 66,000 fuel motorcycles in Q3 2025, with a year-on-year decrease of 13.9% and a quarter-on-quarter decrease of 23.8%, primarily due to weak domestic performance. Exports remained strong, influenced by the transition in Turkey and KTM [4]. - The ASP for motorcycles was 23,000 yuan, with a year-on-year increase of 14.9% and a quarter-on-quarter increase of 8.0%. However, the gross margin for motorcycles declined due to decreased model sales and intense price competition [4]. Group 3: Extreme Core Product Line - The extreme core product line saw significant growth, with sales reaching 193,000 units in Q3 2025, a year-on-year increase of 349% and a quarter-on-quarter increase of 24.2%, setting a new quarterly sales record. The ASP for extreme core products was 3,500 yuan, with a quarter-on-quarter increase of 2.2. The product line has not yet turned profitable, but profit margins are improving, and channel inventory is healthy [5]. Group 4: Financial Metrics - The company's gross margin in Q3 2025 was 26.1%, reflecting a year-on-year decrease of 4.7 percentage points and a quarter-on-quarter decrease of 1.2 percentage points, mainly due to U.S. tariffs, an increase in low-margin two-wheeler revenue, and declining motorcycle gross margins [6]. - The expense ratios for sales, management, and R&D in Q3 2025 were 6.2%, 4.1%, and 6.0%, respectively, showing year-on-year changes of -1.6, +0.9, and -1.0 percentage points. The increase in expense ratios quarter-on-quarter was attributed to a decline in revenue [7]. Group 5: Profit Forecast and Investment Rating - The company is a leader in the domestic ATV and motorcycle markets, with all three business segments experiencing high growth. The net profit forecasts for 2025-2027 are 1.87 billion, 2.47 billion, and 2.74 billion yuan, respectively, with corresponding price-to-earnings ratios of 19.0, 14.4, and 13.0 times. Given the company's strong market position and upward momentum across its three business lines, the investment rating remains "Buy" [8].

Core Viewpoint - The company reported strong revenue growth driven by increased exports of two-wheeled vehicles and significant sales growth in electric motorcycles, despite facing challenges from tariffs and currency fluctuations [2][3]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved revenue of 14.9 billion yuan, a year-on-year increase of 30.1%, and a net profit attributable to shareholders of 1.42 billion yuan, up 30.9% year-on-year [2]. - In Q3 2025, the company reported revenue of 5.04 billion yuan, a year-on-year increase of 29.6% but a quarter-on-quarter decrease of 10.0%. The net profit for the same quarter was 410 million yuan, reflecting a year-on-year increase of 10.8% and a quarter-on-quarter decrease of 30.5% [2][3]. Group 2: Revenue Drivers - The revenue growth in Q3 2025 was primarily attributed to the increase in two-wheeled vehicle exports, with sales of 21,000 units in July-August, representing a year-on-year increase of 55.1%, and a significant rise in electric motorcycle sales, which reached 70,000 units, up 430.9% year-on-year [3]. - The company’s net profit margin in Q3 2025 was 8.8%, showing a decline due to the impact of tariffs on all-terrain vehicles in the U.S. and foreign exchange effects [3]. Group 3: Product Performance - The sales of mid-to-large displacement motorcycles (over 250cc) reached 142,000 units from January to August 2025, marking a year-on-year increase of 41.6%, with market share rising to 21.0% [4]. - The company’s electric motorcycle brand, "极核," saw sales of 193,000 units from January to August 2025, with rapid channel expansion domestically and internationally [4]. Group 4: Market Outlook - The company sold 122,000 all-terrain vehicles in the U.S. market from January to August 2025, reflecting a year-on-year increase of 6.7%. The company is optimistic about its high-end product line expansion and market share growth [5]. - Long-term projections estimate revenues of 19.91 billion yuan in 2025, 24.51 billion yuan in 2026, and 29.50 billion yuan in 2027, with net profits expected to reach 1.86 billion yuan, 2.38 billion yuan, and 2.93 billion yuan respectively [7].

Core Viewpoint - The motorcycle and all-terrain vehicle sectors continue to grow, with a 25% year-on-year revenue increase in Q2 2025 [2][14]. Financial Performance - In H1 2025, the company achieved revenue of 9.86 billion yuan, a year-on-year increase of 30.9%, and a net profit of 1 billion yuan, up 41.4% [3][15]. - In Q2 2025, revenue reached 5.6 billion yuan, reflecting a 25.5% year-on-year growth and a 31.9% quarter-on-quarter increase, with net profit of 590 million yuan, up 36.0% year-on-year and 41.3% quarter-on-quarter [3][15]. - The company sold 101,800 all-terrain vehicles in H1 2025, generating revenue of 4.731 billion yuan, a 33.95% increase year-on-year [3][15]. - Domestic sales of two-wheeled motorcycles reached 79,100 units, with revenue of 1.697 billion yuan, a 17.35% increase year-on-year [3][15]. - The company sold 250,500 units of its electric motorcycle brand, Jike, generating revenue of 872 million yuan, a staggering 652.06% increase year-on-year [3][15]. Profitability and Cost Management - The company's gross margin in H1 2025 was 28.4%, down 3.1 percentage points year-on-year, while the net margin was 10.6%, up 0.7 percentage points [5][22]. - In Q2 2025, the gross margin was 27.3%, down 3.5 percentage points year-on-year and 2.4 percentage points quarter-on-quarter, while the net margin was 11.0%, up 0.9 percentage points year-on-year and 1.1 percentage points quarter-on-quarter [5][22]. - The decline in gross margin was attributed to the increased proportion of Jike sales and tariffs, while the net margin improvement was due to the volume increase of U10 PRO and internal cost reduction efforts [5][22]. Product Development and Market Expansion - The company is entering a significant product year in 2024, launching several new models to enhance competitiveness in the ATV sector [6][30]. - New products include CFORCE 800 TOURING, CFORCE 1000 TOURING, and ZFORCE 950 Sport 4, aimed at expanding the SSV product line [7][30]. - The company is actively expanding its motorcycle product line, with new models such as 150SC, 450MT, and 500SR VOOM launched in 2024, and more planned for 2025 [9][34]. - The Jike brand is establishing a third growth curve, with rapid sales growth in the electric motorcycle market, supported by a new production base in Zhejiang [10][44]. Export Strategy - The company is focusing on expanding its motorcycle export business, aiming for long-term growth by re-entering the North American market and enhancing its product offerings [41][42]. - The motorcycle products are positioned competitively in overseas markets, with a focus on high cost-performance ratios compared to Japanese competitors [42][43].