大家好，我是电动车公社的社长。 就在前几天，公社小伙伴聊着聊着，突然发现一个有些"恐怖"的事情： 即便是我们这样全员 90 后、 00 后的年轻团队，也有不少小伙伴 已经跨越了 30 岁的门槛 。 相信大家或多或少地也都听说过，过了 30 岁很快就要面临 35 岁危机。 再叠加即将到来的中年危机和瞬息万变的时代，说没有焦虑感和危机感是假的。 （好在现在我们还跟得上行业发展，还能给大家带来一些不一样的汽车内容 ） 就在前两天，年满 35 岁的长城汽车也发布了一部态度短片《年方 35 》，直接面向全球 35 岁以上的汽车人才，开启专场招聘。 董事长魏建军也直言， " 35 岁是人生履历的新开始"。 那么， 35 岁的年龄，在汽车行业里真的是个坎吗？长城又为什么要这么做？ 关注 「电动车公社」 和我们一起重新思考汽车 今天，我们就来简单聊一聊。 01. 职场35岁，为啥是个坎？ 如果在生命结束之前，能够选择从一个年纪开始再活一次，我相信很多人会选择 18 岁。 哪怕有着不谙世事的懵懂，但在那个青春的年纪，每一个选择都是人生新的起点，都有着无限的可能性。 但我也相信， 几乎没有人想从 35 岁重启人生。 到了这个年纪 ...

持续拓展的国际"朋友圈"，让全球游客前来领略海南魅力。三亚市旅游发展局副局长张皓介绍，今年上 半年，三亚接待了近50万人次的入境过夜游客。从客源结构来看，俄语国家和韩国等国是主要客源地。 在240小时过境免签、离境退税"即买即退"等政策利好的持续推动下，海南跨境游热情高涨。海口海关9 日披露，2025年上半年，海口海关共监管进出境飞机、邮轮8433架(艘)次，人员119.6万人次，分别同比 增长18.47%、20.6%。 今年上半年，海南对外"空中通道"不断延伸加密。海口新增往返日本东京、英国伦敦、沙特阿拉伯吉达 等国际航线，三亚开通往返韩国首尔、俄罗斯圣彼得堡等国际航线。截至今年6月，海南岛内三座国际 机场已累计执飞境外航线69条，航线覆盖全球21个国家和地区、36座城市。 韩国首尔特别市观光协会会长赵泰淑8日乘坐首都航空新开通的"三亚首尔"航班来到三亚。她说，三亚 的潜水、冲浪、高尔夫等旅游产品受到韩国年轻人青睐，免签入境政策对韩国游客有很大吸引力。 在入境游火热同时，海南出境游也保持热度。海南优团国际旅行社有限公司总经理王铁柱告诉中新社记 者，上半年海南游客"走出去"，前往新加坡、柬埔寨、泰国、马来西亚 ...

Core Insights - The report highlights the strong performance of the U.S. job market, with June non-farm employment data showing an increase of 147,000 jobs and a decrease in the unemployment rate from 4.2% to 4.1% [4] - The report notes the significant growth of the jewelry brand Zhou Li Fu, which went public on the Hong Kong Stock Exchange, raising approximately HKD 1.292 billion [5][6] - The report discusses the rapid expansion of 361 Degrees, which opened 49 new stores, establishing itself as a new landmark in urban sports consumption [6][7] Market Trends - The U.S. economy is experiencing a mild cooling phase, with concerns about the job market being alleviated by strong employment data [4] - The textile and apparel sector saw a 1.36% increase, while the light industry manufacturing sector rose by 0.58% [6] - The gold and jewelry retail sector reported a year-on-year growth of 21.8% in May, indicating a robust demand for gold and jewelry products [7] Company Performance - Zhou Li Fu's revenue is projected to grow from CNY 3.102 billion in 2022 to CNY 5.718 billion in 2024, with a compound annual growth rate (CAGR) of 35.8% [5] - The net profit of Zhou Li Fu is expected to increase from CNY 575 million in 2022 to CNY 706 million in 2024, with a CAGR of 10.8% [5] - Tao Tao Vehicle's net profit for the first half of 2025 is projected to be between CNY 310 million and CNY 360 million, representing a year-on-year growth of 70.34% to 97.81% [14][16] Industry Developments - The global regulatory framework for stablecoins is advancing, with significant legislative actions in the U.S., EU, and Hong Kong [9][10] - The report emphasizes the entry of traditional financial institutions and tech giants into the stablecoin market, enhancing the ecosystem [9] - The report also highlights the potential for Real World Assets (RWA) to create new growth opportunities for stablecoins [10] Investment Recommendations - The report recommends focusing on companies with strong mid-year performance, particularly in the textile and apparel sector, such as Anta Sports and 361 Degrees [6][7] - In the gold and jewelry sector, companies like Lao Pu Gold and Chao Hong Ji are highlighted as having strong mid-year performance potential [7] - The report suggests monitoring the progress of virtual asset licensing in Hong Kong and the core application scenarios for stablecoins in the long term [12]

摩托车及其他Ⅲ 涛涛车业（301345.SZ） 买入-A(首次) 中报利润高增，布局人形机器人领域 2025 年 7 月 7 日 公司研究/公司快报 公司近一年市场表现 事件描述 涛涛车业发布了 2025 年半年度业绩预告，预计 2025 年上半年归母净利 润为 3.1 亿-3.6 亿之间，比上年同期增长为 70.34%-97.81%，其中，预计非经 常性损益对归母净利润的影响金额约为 280 万元，扣非后的净利润为 3.07-3.57 亿元，比上年同期增长 71.97%-99.96%。 事件点评 市场数据：2025 年 7 月 7 日 收盘价（元）： 135.99 销售收入和利润双增，经营效率提升。公司 Q2 归母净利润为 2.24-2.74 亿，同比增长 71%-109%，延续一季度利润高增的趋势，公司上半年主力产 品的毛利率提升，规模效应显现，再叠加费用管控良好，促成了公司净利润 的快速增长。展望下半年，欧美地区有圣诞节、感恩节等购物旺季，加之公 司目前的新品迭代、品牌影响力、渠道拓展、海外产能的不断提升，预计下 半年业绩还会持续增长。 电动高尔夫球车产品不断迭代，覆盖多客户多场景。公司电动高尔夫球 车 ...

如果说年初还有人对中国一汽党委常委、副总经理兼一汽-大众党委书记、总经理陈彬口中的"突破2025"表示存疑，那在6个月后，面对大众、奥迪、捷 达三大品牌共计15.1%的销量同比增幅，质疑声可以散去了。这其中，销量主力大众品牌的成绩单很是亮眼：6月整车销量87048辆，同比增长12.5%；1-6 月，累计销量43.61万辆，同比增长3.5%，实现多月销量同比增长。支撑其跑赢大盘的，正是一汽-大众大众品牌在战略、服务、营销、渠道上的全维突破。 聚焦智能化转型，2025上海车展期间，大众品牌全球首款CMP平台概念车ID. AURA亮相，其搭载全新的CEA电子电气架构，能够实现与人工智能座 舱、智能驾驶辅助系统等多种技术无缝融合。另外，一汽-大众全面自研了舒感智域座舱，可实现与PAD、手机等设备的毫秒级互联。在辅助驾驶上，一汽- 大众与大疆车载深度共创的IQ.Pilot辅助驾驶系统集成9个摄像头、5个雷达和12个超声波传感器，自适应巡航、智能障碍避让、拨杆变道以及自动泊车等功 能。 油电并举 存量、增量两不误 大象转身之痛、巨轮转向之难，近几年传统车企早已深有体会。究竟要All in新能源，还是要守好燃油车？这一艰难 ...

Group 1: Overall Market Trends - The Shanghai Composite Index and ChiNext Index have shown a decline of 16% over the past year, indicating a challenging market environment [2] - The top five performing industries yesterday included Electronics (+1.691%), Electric Equipment (+1.382%), and Pharmaceutical Biology (+1.351%) [3] - Conversely, the bottom five performing industries were Coal (-1.160%), Transportation (-0.282%), and Steel (-0.133%) [4] Group 2: Fixed Income Insights - The central bank's bond-buying actions are seen as a preparation for reinitiating bond purchases, with significant activity starting on May 12, 2025 [5][14] - The current yield spread between 2-year government bonds and 2-year policy bonds is considered reasonable, potentially influenced by the central bank's bond-buying methods [15] - The central bank's bond-buying is primarily viewed as a long-term channel for basic currency injection, with historical shifts in monetary policy tools indicating a move towards bond transactions [7][8] Group 3: Company-Specific Analysis - TaoTao Vehicle (301345.SZ) - The company is expected to report a net profit of 2.24 to 2.74 billion yuan for Q2 2025, reflecting a year-on-year growth of 71% to 109% [5][19] - The projected net profits for 2025-2027 are 6.65 billion, 8.26 billion, and 10.08 billion yuan, with corresponding EPS of 6.12, 7.60, and 9.28 yuan [5][19] - The company is expanding into the robotics and intelligent product sectors, with a strategic partnership announced for humanoid robots, indicating a focus on innovation and market growth [21][20]

Summary of TaoTao Vehicle's Conference Call Company Overview - **Company**: TaoTao Vehicle - **Industry**: Electric vehicles, specifically golf carts, all-terrain vehicles (ATVs), and robotics Key Points and Arguments Financial Performance - **Q2 Performance**: TaoTao Vehicle's Q2 performance exceeded expectations, primarily driven by golf cart sales, with all-terrain vehicles and off-road vehicles also performing well. Electric bicycles are expected to grow due to tariff impacts, with clients like Walmart potentially shifting orders to Chinese manufacturers [2][5][6] - **Sales Growth**: Sales revenue increased by approximately 20% in the first half of 2025, with net profit growth expected to outpace revenue growth due to high margins on golf carts [3][10] - **Golf Cart Sales**: Approximately 10,000 golf carts were sold in Q2, with an average price of around 43,000 to 44,000 yuan [12][23] Market Dynamics - **Tariff Impact**: The introduction of anti-dumping tariffs has led to a drastic decline in exports of golf carts from China to the U.S., with a drop of 80-90%. This has created opportunities for companies with overseas production capabilities [13][14] - **U.S. Market Strategy**: The company has established a localized operation in the U.S. and has a significant team, enhancing brand and channel advantages. Inventory levels are healthy, with no immediate impact from tariffs expected [7][8][36] Product Performance - **Product Categories**: Besides golf carts, all-terrain vehicles and off-road vehicles showed good performance, while electric bicycles are anticipated to grow due to shifting orders from major clients [5][6][9] - **Regional Performance**: In non-U.S. markets, all-terrain vehicles have seen over 20% annual growth, while electric scooters in Europe have faced declines [9][28] Robotics Business - **Development Plans**: The company is accelerating its robotics business, establishing a smart technology company in Shanghai to develop humanoid robots and autonomous vehicles. Collaborations with TSKL focus on efficient research and data collection, with expectations for revenue generation by 2026 [11][20][22] Competitive Landscape - **Market Positioning**: TaoTao Vehicle differentiates itself through its established brand, localized operations, and extensive sales channels in North America. The company aims to capture a significant market share in the golf cart segment, targeting sales of over 100,000 units in the coming years [15][18][30] - **Challenges in Europe**: The company faces challenges in the European market due to high anti-dumping taxes and competition from low-priced Chinese manufacturers [32][28] Future Outlook - **Growth Projections**: The company anticipates continued growth, with a long-term goal of achieving a market share of 20-30% in the golf cart segment. The natural growth rate of the golf cart market is estimated at 8-10% annually [16][18] - **Investment in Robotics**: Future investments in robotics are expected to increase operational costs, but the company is prepared to manage these expenses based on market conditions [22][19] Supply Chain and Production - **Production Strategy**: The company has divided its production capabilities, with Vietnam and Thailand serving the U.S. market and China focusing on non-U.S. markets. This strategy is aimed at mitigating tariff impacts [24][25] Conclusion - **Core Competitiveness**: TaoTao Vehicle's core competitiveness lies in its established brand, localized operations, and global supply chain, positioning it as a significant player in the electric vehicle market [38][39]

编号：2025-003 | 投资者关系活动 | √ 特定对象调研□分析师会议 | | --- | --- | | 类别 | □媒体采访□业绩说明会 | | | □新闻发布会□路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及 | 民生证券李瑶 | | 人员姓名 | 中金资管周文菁 | | 时间 | 2025 年 7 月 2 日（周三）下午 15:00~16:00 | | 地点 | 公司大会议室 | | 上市公司接待人 | 董事会秘书马笑 | | 员姓名 | 证券事务代表 盘羽洁 | | | 一、 介绍公司情况： | | | 力盛云动（上海）体育科技股份有限公司（力盛体育 002858.SZ）是中国领先的 | | | 汽车运动运营服务商，中国体育赛事市场化及产业数字化升级的探索先行者。公司专 | | | 注于体育运动业务开展，主营业务包括体育赛事经营、体育场馆经营、市场营销服务、 | | | 体育俱乐部经营、体育装备制造与销售、数字体育业务等。 | | | 2025 年，公司新增高尔夫赛事，继续运营 FE 中国站比赛，赛车场业务在小米等 | | | 性能车的带 ...

Core Viewpoint - The company, TaoTao Automotive, is expected to report a significant increase in net profit for the first half of 2025, driven by enhanced brand influence, improved sales channels, and operational efficiency [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 310 million to 360 million yuan, representing a year-on-year growth of 70.34% to 97.81% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 307.2 million and 357.2 million yuan, reflecting a growth of 71.97% to 99.96% compared to the previous year [1] - The performance is attributed to the company's continuous improvement in brand influence and operational efficiency [1] Group 2: Product and Market Position - The company's products cater to leisure sports, smart travel, and special operations, appealing to a wide range of consumers across various scenarios [2] - TaoTao Automotive's all-terrain vehicles have gained significant market attention, ranking second in export quantity in 2024 according to the China Motorcycle Industry Association [2] Group 3: Global Manufacturing Strategy - The company focuses on a "China + Southeast Asia + North America" capacity layout, enhancing global manufacturing capabilities and responding to international trade barriers [3] - The North American market strategy includes local production in the U.S. and collaboration with Southeast Asian factories, while non-North American markets are supported by Chinese manufacturing [3] - The company aims to balance market responsiveness and trade policy adaptability through its global capacity layout [3] Group 4: Product Development and Innovation - The company has established a comprehensive production and R&D system for electric balance vehicles, achieving high consumer recognition in mainstream markets [4] - The company’s electric balance vehicles have maintained a leading position on platforms like Amazon and Walmart, with significant sales achievements [4] - The successful launch of the first humanoid robot prototype (K-Bot) demonstrates the company's capability in product development and innovation [4]

Summary of TaoTao Vehicle's Conference Call Company Overview - **Company**: TaoTao Vehicle - **Industry**: Electric and Specialty Vehicles Key Points Financial Performance - **Significant Profit Growth**: In the first half of 2025, net profit growth significantly outpaced revenue growth, primarily due to a substantial increase in high-margin golf cart sales and effective cost control [2][4] - **Revenue Drivers**: The growth in net profit was attributed to continuous sales growth, particularly in golf carts, which have a higher unit price and margin [4] Product Performance - **Golf Carts**: Golf carts were the standout product in the first half of 2025, with a notable increase in sales volume and pricing adjustments of approximately $400-$500 per unit [2][6] - **Other Products**: All-terrain vehicles (ATVs) and off-road vehicles showed stable sales, while electric products like balance scooters and skateboards faced production capacity constraints and slight declines in sales [2][6] - **Production Capacity**: The company is enhancing production capacity in its Vietnam factory to meet U.S. market demand [2][6] Market Dynamics - **Export Challenges**: Chinese golf cart exports to the U.S. have significantly declined due to anti-dumping and countervailing duties, with market share being captured by manufacturers from Fujian and Zhejiang [2][8] - **Competitive Landscape**: Major competitors in the U.S. market include Easy Go, Club Car, and Yamaha, with TaoTao focusing on both on-course and off-course markets [3][9] Strategic Initiatives - **Market Share Goals**: The company aims to capture 20%-30% of the U.S. market share, which has an estimated 600,000 units in circulation, with plans to increase production capacity to approximately 100,000 units per factory [3][9] - **Product Development**: Future investments will focus on brand building and product R&D, including smart golf carts, humanoid robots, and autonomous vehicles [2][7][10] Future Outlook - **Growth Projections**: The company expects significant growth in the all-terrain vehicle segment with the introduction of new models (350cc and 550cc) in 2026 [5][15] - **Production Strategy**: The Vietnam and Thailand factories will primarily serve the U.S. market, while the Chinese factory will cater to other regions [16] Financial Policies - **Dividend Policy**: The company maintains a high dividend payout policy, with potential adjustments based on significant capital expenditures [17] - **Performance Expectations**: The company anticipates that the second half of 2025 will perform at least as well as the first half, driven by seasonal demand during holidays [18] Research and Development - **Technological Advancements**: The company is exploring advancements in humanoid robots and autonomous vehicles, with ongoing collaborations for technology upgrades [10][11][13] Additional Insights - **Market Positioning**: The company is strategically positioned to leverage its inventory and market share gained in 2024 to improve its competitive stance in the U.S. market [8][9] This summary encapsulates the key insights from the conference call, highlighting the company's financial performance, product dynamics, market strategies, and future outlook.