Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved a revenue of 9.855 billion yuan in the first half of 2025, representing a year-on-year growth of 30.90%. The net profit attributable to shareholders reached 1.002 billion yuan, up 41.35% year-on-year [5][11]. - The all-terrain vehicle business saw sales of 101,800 units, generating revenue of 4.731 billion yuan, a year-on-year increase of 33.95%. The export value accounted for 74.05% of China's total all-terrain vehicle exports [11]. - The electric vehicle segment experienced significant growth, with sales of 250,500 units and revenue of 872 million yuan, marking a staggering year-on-year increase of 652.06% [11]. - The company’s gross margin was 28.37%, a decline of 1.88 percentage points year-on-year, primarily due to the increased proportion of lower-margin electric vehicle sales [11]. - The company is expected to achieve net profits of 1.853 billion yuan, 2.414 billion yuan, and 2.724 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 22.47, 17.25, and 15.29 [11]. Summary by Sections Financial Performance - In the second quarter of 2025, the company reported revenue of 5.605 billion yuan, a year-on-year increase of 25.45%, and a net profit of 587 million yuan, up 36.04% year-on-year [5][11]. - The company’s operating profit for the first half of 2025 was 1.096 billion yuan, with an operating profit margin of 11.12%, an increase of 2.67 percentage points year-on-year [11]. Business Segments - The motorcycle segment achieved sales of 150,300 units, generating revenue of 3.346 billion yuan, a year-on-year growth of 3.03%. Domestic sales accounted for 79,100 units, with revenue of 1.697 billion yuan, up 17.35% [11]. - The company’s electric vehicle business is expanding rapidly, with a 100% coverage in core cities and over 70% of stores located in second-tier cities and above [11]. Market Position - The company is well-positioned in the all-terrain vehicle market, with expectations for continued market share growth due to product performance and industry upgrades [11]. - The motorcycle market is expected to grow steadily, with the company actively expanding its presence in the European and American markets [11].

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant growth in both revenue and net profit, driven by the sales of two-wheeled and four-wheeled vehicles [2][3]. Financial Performance - In 2025H1, the company achieved revenue of 9.86 billion yuan, a year-on-year increase of 30.9%, and a net profit attributable to shareholders of 1 billion yuan, up 41.4% year-on-year [2]. - For Q2 2025, revenue reached 5.6 billion yuan, reflecting a year-on-year growth of 25.5% and a quarter-on-quarter increase of 31.9%. The net profit for the same quarter was 590 million yuan, up 36.0% year-on-year and 41.3% quarter-on-quarter [2]. Revenue Breakdown - Two-wheeled vehicle sales in 2025H1 totaled 150,000 units, generating revenue of 3.35 billion yuan, with an average selling price (ASP) of 22,000 yuan, indicating a successful high-end product strategy [3]. - In Q2 2025, two-wheeled vehicle sales were 88,000 units, down 1.3% year-on-year but up 42.4% quarter-on-quarter. The company also sold 250,000 electric vehicles under the "Jike" brand, generating revenue of 870 million yuan [3]. - Four-wheeled vehicle sales reached 102,000 units in 2025H1, with revenue of 4.73 billion yuan, a year-on-year increase of 34.0% and an ASP of 46,000 yuan, up 7.2% year-on-year [3]. Profitability Analysis - The net profit margin for 2025H1 was 11.0%, attributed to the optimization of product mix in two-wheeled and all-terrain vehicles, as well as cost structure improvements [3]. - The company reported a continuous optimization of expense ratios in Q2 2025, with sales, management, R&D, and financial expense ratios at 5.3%, 4.0%, 5.4%, and -1.2% respectively, showing year-on-year and quarter-on-quarter improvements [3]. Market Position and Strategy - The company maintained its leading position in the mid-to-large displacement motorcycle segment, with sales of 108,000 units in 2025H1, a year-on-year increase of 44.6%, and a market share of 21.6% [4]. - The "Jike" brand electric vehicle sales reached 250,000 units in 2025H1, with revenue of 870 million yuan, indicating strong growth and expansion into over 30 countries and regions [4]. - The company is focusing on the U.S. market for four-wheeled vehicles, with a strong performance from the U10PRO model, contributing to an increase in ASP to 46,000 yuan [4]. Investment Outlook - The company is expected to see continued growth in two-wheeled exports and four-wheeled high-end product strategies, with revenue projections for 2025-2027 at 19.91 billion, 24.51 billion, and 29.50 billion yuan respectively [5][8]. - Net profit forecasts for the same period are 1.83 billion, 2.39 billion, and 2.93 billion yuan, with corresponding EPS estimates of 11.96, 15.63, and 19.23 yuan [5][8].

Investment Rating - The report maintains a "Recommended" rating for the company, with an expected revenue growth of 199.1 billion, 245.1 billion, and 295.0 billion for the years 2025 to 2027, respectively, and a projected net profit of 18.3 billion, 23.9 billion, and 29.3 billion for the same period [4][6]. Core Views - The company reported a strong performance in H1 2025, with revenue of 9.86 billion, a year-on-year increase of 30.9%, and a net profit of 1.00 billion, up 41.4% year-on-year. The Q2 2025 revenue was 5.60 billion, reflecting a 25.5% increase year-on-year and a 31.9% increase quarter-on-quarter [1][2]. - The growth in revenue and profit is attributed to the strong sales of both two-wheeled and four-wheeled vehicles, with significant contributions from the launch of new products and the expansion of the electric vehicle segment [2][4]. Summary by Sections Revenue Performance - In H1 2025, the company sold 150,000 fuel motorcycles, generating revenue of 3.35 billion, a 3.0% increase year-on-year. The average selling price (ASP) for these motorcycles was 22,000. In Q2 2025, motorcycle sales were 88,000, down 1.3% year-on-year but up 42.4% quarter-on-quarter. The company also sold 250,000 electric vehicles, generating revenue of 870 million [2][3]. Profitability - The net profit for H1 2025 was 1.00 billion, with a net profit margin of 11.0%. The profit growth is attributed to the optimization of product mix and cost structure [2][4]. Two-Wheeled Vehicles - The company led the market in the sales of mid-to-large displacement motorcycles, with sales of 108,000 units in H1 2025, a 44.6% increase year-on-year, and a market share increase to 21.6%. The new high-end 675cc three-cylinder model sold 34,000 units, a 593.8% increase year-on-year [3]. Four-Wheeled Vehicles - The company sold 102,000 all-terrain vehicles in H1 2025, generating revenue of 4.73 billion, a 34.0% increase year-on-year. The ASP for four-wheeled vehicles reached 46,000, a 7.2% increase year-on-year [4]. Future Outlook - The company is expected to continue its growth trajectory, with revenue projections of 19.91 billion in 2025, 24.51 billion in 2026, and 29.50 billion in 2027. The EPS is projected to be 11.96, 15.63, and 19.23 for the respective years [5][8].

据《经济观察报》、红星资本局报道，江苏省盐城市王先生是极核电动车经销商，2024年8月，其通过 名下公司盐城市鑫鼎新能源有限公司（下称"鑫鼎新能源"）与极核品牌达成合作。王先生负责提供店 面，厂家承担装修及品牌支持。 由于销量惨淡，今年3月，王先生选择闭店。根据合同约定，运营未满一年需承担13万余元装修费用。 王先生提出以5万元保证金及部分货款抵扣，但厂家江苏区域负责人坚持要求 "先打款再谈车"。王先生 表示，协商陷入僵局后，今年5月，厂家通过技术手段远程锁死仓库内80多辆电动车，导致车辆定位、 联网等核心功能失效，仅能实现基础骑行。王先生同时强调，这些电动车自己已全款购买，锁车正值国 家 "以旧换新" 补贴政策实施期，原本可降价清仓的车辆因功能缺失无人问津，直接损失超30万元。 对于这一说法，极核并不认可，并在官方微博发布了题为《关于"极核远程锁车"不实言论》的声明（下 称《声明》），称所谓"远程锁车"，纯属谣言。 《声明》解释，用户交付环节，授权门店须通过DMS系统对销售车辆完成信息录入，用户即可绑定 APP享受车辆智能服务，如未完成录入，也不影响车辆正常骑行使用，但无法完成APP绑定，仅能激活 车辆部分 ...

作为一个主打高端市场的品牌，极核电动车的价位在数千元到 数万元不等，其在两轮电动车市场的体量至今仍然较小。 作者：濮振宇 封图：图虫创意 "我已经准备材料，走法律程序，是非公道让法律去判决。"6月5日，针对春风动力（603129.SH） 方面的最新声明，春风动力旗下两轮电动车品牌极核的经销商王香华在接受经济观察报采访时表 示。 近日，王香华向外界表示，自己经营的极核品牌门店因经营不善闭店后，厂家对店内库存车辆采取 了"远程锁车"的措施，他的这一表态迅速引发外界关注。6月3日，极核品牌发布声明否认"远程锁 车"。 对于极核品牌的声明，王香华不认可。针对事件进展以及更多细节，经济观察报致函春风动力，截 至发稿尚未获得回复。 春风动力总部位于浙江杭州，是一家从事大排量摩托车、全地形车、新能源摩托车及配套核心部件 研发、制造和销售于一体的企业。极核品牌诞生于2020年，产品主要包括电动摩托车、电动轻便 摩托车和新国标电动自行车。 极核品牌在声明中称，2024年8月，极核品牌与王香华创办的盐城市鑫鼎新能源有限公司（下 称"鑫鼎新能源"）正式建立授权合作关系。2025年3月，极核品牌在例行巡检中发现，鑫鼎新能源 在未告知 ...