2025Q3 毛利率提升/费用率下降带动业绩持续高增长，规模效应显著2025Q1/2025Q2/2025Q3 公司毛利 率分别为37.2%/41.6%/46.05%（同比分别-0.24/+6.65/+9.07pct），单季度毛利率显著提升系高尔夫球车 产品结构升级+对经销商提价。费用端， 2025Q1/2025Q2/2025Q3 公司期间费用率分别为 20.91%/12.25%/15.63%，同比分别-4.0/-2.5/-3.2pct，其中2025Q3 销售/管理/研发/财务费用率同比分 别-1.03/+1.01/-0.64/-2.56pct，规模效应下销售费用率下降明显。综合影响下2025Q1/2025Q2/2025Q3 归 母净利率同比分别+3.7/+8.8/10.6pct。 风险提示：高尔夫球车销售不及预期；关税政策风险加剧；行业竞争加剧等。 2025Q3 业绩增长提速，海外产能充沛构筑长期竞争力，维持"买入"评级2025Q3 营收10.60 亿元（同比 +27.73%，下同），归母净利润2.64 亿元（+121.44%），扣非归母净利润2.63 亿元（+126.44%）。考虑 到高尔夫球车规模效应显著 ...

I 叉寸 促进了 市场占有率证明涉及多方领域，比如高尔夫球车领域： 高尔夫球车，又称电动高尔夫球车、汽动高尔夫球车，是专为高尔夫球场设计开发的环保型乘用车辆，也适用于度假村、别墅区、花园式酒店、旅游景区等 场所。随着高尔夫运动的普及和环保意识的提升，高尔夫球车市场需求持续增长。 市场占有率证明是一种反映企业综合实力和市场份额占比的重要证明文件，它对于提高企业产品竞争力，增强品牌价值，增强市场信任度，吸引投资与合 作，申报单项冠军、专精特新、小巨人等方面都有着重要作用。适用于招投标、专精特新申报、制造业单项冠军申报、专精特新"小巨人"申报、项目合作、 企业宣传、商务合作等全场景。提升企业品牌形象、产品竞争力、产品市场地位、技术研发实力、品牌价值、市场信任度、吸引投资与合作等；助力合作方 准确评估产品的可靠性、安全性、技术水平，降低选型风险、加速项目落地；增强合作伙伴信任度，吸引更多的资源和关注。 中金企信国际咨询深耕市场调研16年，为国内外各领域提供市场地位占有率认证&证明、市场占有率认证&证明、国产化率证明、进入性研究、市场调查、 资信/信用报告、品牌价值评估报告、数据分析、项目可行性&商业计划书、行业研究等 ...

Core Insights - The power sports industry is experiencing rapid growth driven by consumer upgrades and increasing demand for leisure and entertainment, particularly in all-terrain vehicles and mid-to-large displacement motorcycles [1] - Chinese motorcycle companies have improved product capabilities and cost-performance advantages, positioning themselves to capture overseas market share while continuously optimizing product structure and increasing market share and profit margins [1] Two-Wheelers - Emerging markets are showing steady growth, with Japanese and Indian companies achieving sustained sales and revenue growth in both domestic and export markets, while European and American brands face pressure [2] - The demand in Europe and North America is marginally improving, but competition is intensifying, leading to a divergence in pricing, unit profits, and profit margins among brands [2] Four-Wheelers - Demand in Europe and North America is declining due to inflation, with leading brands facing pressure from high inventory levels and increased competition, resulting in decreased profit margins [3] - Secondary brands like Kawasaki are benefiting from capacity release and new product launches, achieving volume and revenue growth [3] Chinese Companies - Chinese companies are actively expanding into overseas markets, with Spring Wind, Longxin, and Taotao achieving record revenue and profit in Q2 2025, while also exploring new growth areas such as AI, robotics, and semiconductors [4] - The revenue and profit of Spring Wind, Longxin, and Taotao have reached historical highs for a single quarter [4] Outlook - Japanese companies forecast continued growth in motorcycle sales in 2025, with expectations of growth in emerging markets for brands like Honda, Suzuki, and Kawasaki [5] - The competitive landscape is expected to intensify globally, with Chinese companies likely to capture more market share, while leading four-wheeler brands may see a decline in market share due to weak demand and high inventory [5]