证券日报网讯1月9日，格力博（301260）在互动平台回答投资者提问时表示，公司招聘机械设计工程 师，核心是为现有UTV、卡丁车等产品的结构优化、多场景适配提供技术支持，提升产品在复杂地形 的实用性与可靠性。这是对公司现有产品的技术补强，未来将结合市场需求与技术积累，探索相关技术 的其他更多应用可能。 ...

Summary of Longxin General's Conference Call Company Overview - Longxin General's total revenue for 2024 reached 12.69 billion yuan, with motorcycle business accounting for 75% and general machinery business contributing 3.54 billion yuan, representing 21% of total revenue [2][3] - The company is transitioning from OEM to developing its own brands, with self-owned high-end brand revenue in the first half of 2025 growing by 42.43% year-on-year to 2.334 billion yuan, making up 24% of total revenue [2][5] Industry Insights - The global ATV market is expected to grow to approximately 15 billion USD by 2028, with a compound annual growth rate (CAGR) of about 4% [4][15] - The Chinese motorcycle engine market is recovering, with sales expected to increase by 10.6% in 2024 to 16.08 million units [4][16] - The general machinery market in China is expanding, with production increasing from less than 500,000 units in 2000 to over 30 million units in 2023, making China a key production base [18][19] Financial Performance - Longxin General's net profit is projected to be 2 billion yuan in 2025 and may reach 2.5 billion yuan in 2026, indicating a relatively low valuation at around 15 times earnings [4][24] - The company has seen a significant recovery in profits in 2024 after a decline from 2018 to 2021, with goodwill impairment issues largely resolved [8] Market Performance - Longxin's high-end motorcycle brand, Wujing, performed well in the European market, generating 1.021 billion yuan in sales in 2024, accounting for 6% of total revenue [2][5] - The company has shifted from low-displacement motorcycles to high-end brands, with market share in Spain increasing from 4.2% in 2024 to 6.6% in the first eight months of 2025 [2][14] Competitive Landscape - Longxin General is addressing competition issues with Zongshen Power through equity restructuring, expected to be completed by the end of 2026 [2][7] - The company has a strong technical foundation in engine manufacturing, with over 200 models and partnerships with international brands like BMW [12][17] Strategic Initiatives - Longxin General plans to enhance its high-end brand through technological innovation and international collaboration, while also focusing on resolving competition issues to improve operational efficiency [11] - The company is implementing a "one plus N" strategy for overseas market expansion, focusing on core markets like Italy and Spain before expanding to surrounding regions [13][14] Future Outlook - The company aims to maintain a compound growth rate of about 10% in its communication business, despite slower growth [22] - Longxin General's future market value could reach 40-45 billion yuan based on distribution valuation methods, indicating significant upside potential from its current market cap of just over 30 billion yuan [4][24]

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 - Kandi Technologies Group has signed a share transfer agreement to acquire 100% equity of Rawrr Inc., a high-end electric off-road motorcycle brand, marking a significant step in its multi-brand strategy and strengthening its market presence in North America's sustainable mobility sector [1]. Group 1: Acquisition Details - The acquisition of Rawrr is aimed at enhancing Kandi's market foundation in North America and expanding its user base to include younger, socially-driven consumers [1]. - Rawrr is recognized as one of the most promising electric off-road brands in the U.S., known for its high-performance, lightweight, and fun products [1]. Group 2: Strategic Benefits - The acquisition will create significant synergies with Kandi's existing North American operations, as Rawrr's electric off-road motorcycles will complement Kandi's product offerings in non-road vehicles, providing low-carbon mobility solutions across various scenarios [1]. - Rawrr will benefit from Kandi's established retail network in North America, which will help reduce market promotion and channel development costs [2]. Group 3: Market Positioning - Rawrr's existing online direct sales and digital marketing capabilities will enhance Kandi's digital operational efficiency and brand influence [2]. - The collaboration is viewed as a win-win situation, with both companies sharing a vision for growth and aiming to establish Rawrr as a globally influential and respected brand [2].

Summary of Changbai Mountain Scenic Area Conference Call Industry Overview - The conference call discusses the performance of the Changbai Mountain Scenic Area in 2025, focusing on revenue, profit, visitor demographics, and operational strategies. Key Financial Performance - Revenue for the first three quarters of 2025 reached 636 million yuan, a year-on-year increase of 6.99% [2][9] - Net profit for the same period was 149 million yuan, up 1.05% year-on-year [2][9] - In Q3 2025, revenue was 400 million yuan, reflecting a 17.78% increase year-on-year, while net profit was 101.51 million yuan, up 19.43% [2][9] Visitor Demographics and Trends - Visitor demographics show a shift towards younger tourists, with the proportion of visitors under 18 years old increasing to 14.52%, up approximately 2 percentage points from the previous year [2][7] - The proportion of visitors aged 41 to 50 also increased to 17.97% [2][7] - Female visitors accounted for 57.4% of total visitors, surpassing male visitors at 42.6% [2][7] - The proportion of group tours decreased to 33.3%, while individual travelers now make up 66.7% of visitors, indicating a need for more personalized services [2][8] Changes in Visitor Source Regions - The share of visitors from Heilongjiang, Jilin, and Liaoning provinces has declined, while Shandong province's visitor numbers are rapidly increasing, potentially becoming the second-largest source of visitors [2][5] - In Q3 2025, the visitor proportions were Jilin 12.04%, Liaoning 10.67%, and Shandong 9.86% [2][5] - The proportion of South Korean visitors decreased to 8.19% in Q3 2025 [2][6] Hotel Performance - The occupancy rate of Crowne Plaza Hotel in Q3 was 58.03%, an increase of 3.89 percentage points year-on-year [2][10] - Average room rates rose by 3.05%, and revenue per available room increased by 10.45% [2][10] - Newly opened luxury hotels had occupancy rates above 45% with revenue per available room around 575 yuan [2][10] Operational Strategies and Future Projects - The company plans to expand snowmobile tours and introduce UTV and ATV snowmobile projects in Q4 2025 [2][13][14] - The opening of the Shenbai High-speed Railway is expected to significantly increase visitor numbers, with projections of over 4 million visitors in 2026 [2][17] - The company is adjusting its operational strategies to accommodate the anticipated increase in visitor traffic [2][14][17] City Operations and Travel Agency Performance - The city operations segment, including transportation services, saw a revenue increase of 26.47% in the first nine months, although net profit declined by 2% [2][11] - Easy Travel Agency transitioned all offline channels to online, achieving over 53% revenue growth in Q3 and a net profit increase of 4,059% [2][12] Government Support and Taxation - The company faced minor tax recoveries of about 1-2 million yuan, which had a negligible impact due to its status as a top taxpayer in the province [2][15] - Various subsidies related to tourism are expected to continue, supporting the company's operations [2][15] Transportation Improvements - Significant improvements in transportation, including new flight routes and the Shenbai High-speed Railway, are expected to enhance visitor access and increase tourism [2][16] Employee Costs and Future Outlook - Employee costs have risen significantly in 2025 due to previous wage adjustments, but no major changes are expected in 2026 [2][18] - The company anticipates that the growth in visitor numbers will support necessary increases in labor costs [2][18]

Core Insights - The 138th China Import and Export Fair (Canton Fair) opened in Guangzhou from October 15 to November 4, showcasing the participation of five companies from the Guiyang Economic Development Zone [1][2] - The fair serves as a significant platform for companies to display their strengths and expand into international markets, with a focus on enhancing competitiveness and fostering international cooperation [2] Group 1: Event Overview - The fair is the longest-running, largest, and most effective comprehensive international trade exhibition in China, attracting over ten million overseas buyers [2] - As of October 16, companies from the Guiyang Economic Development Zone received a total of 461 buyers, including 409 from overseas, facilitating efficient connections with international markets [2] Group 2: Company Highlights - Zhenyang Heavy Industry's six-wheeled inspection robot became a focal point, showcasing strong competitiveness and innovation in heavy manufacturing [2] - Zhonghui Heavy Industry presented electric golf carts, UTVs, and buses, highlighting their green and adaptable products, which demonstrate potential for international market expansion [2] Group 3: Future Directions - The Guiyang Economic Development Zone plans to leverage the fair as a platform for international cooperation and support for enterprises to enhance their export capabilities and competitiveness [2]

Core Viewpoint - Qianjiang Motorcycle (000913) has achieved mass production of ATV1000 and ATV600 models, with several other models such as UTV and SSV currently in research or testing phases [1] Company Summary - The company has successfully launched mass production for two ATV models, indicating progress in its product development strategy [1] - Ongoing research and testing for additional models suggest a commitment to expanding its product lineup and enhancing market competitiveness [1]

Group 1 - The company has achieved mass production of the ATV1000 and ATV600 models, with several other models such as UTV and SSV in development or testing stages [2] - Currently, there are no domestic sales plans for the new all-terrain vehicle series [2] - The company is exploring the potential to create a market-recognized hit model to enhance its brand core competitiveness [2]

Core Viewpoint - Qianjiang Motorcycle (000913) has achieved mass production of ATV1000 and ATV600 models, with several other models such as UTV and SSV currently in research or testing phases [1] Company Summary - Qianjiang Motorcycle has successfully commenced mass production of its ATV1000 and ATV600 models [1] - The company is actively developing or testing multiple other vehicle models, including UTV and SSV [1] Industry Summary - The industry is witnessing advancements in all-terrain vehicle production, with companies like Qianjiang Motorcycle leading in the mass production of new models [1] - Ongoing research and development efforts are crucial for maintaining competitiveness in the ATV and UTV markets [1]