Group 1: Investor Relations Activity Overview - The investor relations activity was a targeted research event held on October 29, 2024, in the company's conference room as an online exchange meeting [2] - Attendees included representatives from various securities firms and investment companies, totaling over 30 participants [2] Group 2: Acquisition of Chongqing Junchi Motorcycle Co., Ltd. - The acquisition aims to strategically enhance the company's capabilities in research, manufacturing, and market expansion by leveraging the advantages of the Chongqing region [3] - The integration is expected to enrich product categories and increase market coverage, positively impacting the company's financial status and core competitiveness [3] Group 3: Third Quarter Performance Insights - The company reported strong performance in the third quarter, particularly in the Far East market, driven by targeted resource allocation and market support [3] - The positive feedback from the Far East market, especially Russia, has led to increased confidence in achieving future performance goals [3] Group 4: Inventory and Accounts Receivable Growth - The increase in inventory and accounts receivable by the end of the third quarter was primarily due to reduced efficiency in early payment collections from the Russian market [3] - The company has implemented new collection channels to improve payment efficiency, which is expected to resolve the issues of inventory buildup and delayed order shipments [3]

Investment Rating - The report maintains a rating of "Accumulate" for Huayang Racing [1] Core Views - The company has achieved significant year-on-year revenue growth, primarily driven by the rapid expansion in the Russian market, with a revenue increase of 40.69% year-on-year for the first three quarters of 2024 [2] - The company has successfully reduced its expense ratio, leading to improved operating cash flow, with a net operating cash flow increase of 132.56% year-on-year [3] - Continuous efforts to expand into emerging overseas markets and strategic investments, such as acquiring a 51% stake in Chongqing Junchi Motorcycle Co., are expected to enhance the company's competitive edge [4] Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 423 million yuan, a year-on-year increase of 40.69%, and a net profit attributable to shareholders of 49 million yuan, also up 40.83% year-on-year [2] - The gross profit margin for the first three quarters of 2024 was 22.60%, reflecting a year-on-year increase of 1.65 percentage points [3] - The company forecasts net profits attributable to shareholders of 62 million yuan, 75 million yuan, and 95 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 27.21, 22.58, and 17.77 [5]

Financial Performance - Operating revenue for the first nine months of 2024 was ¥422,570,060.87, representing a 40.69% increase from ¥300,360,666.78 in the same period of 2023[5] - Net profit attributable to shareholders for the first nine months of 2024 was ¥48,834,474.26, up 40.83% from ¥34,675,622.73 year-on-year[5] - In Q3 2024, operating revenue was ¥163,597,969.46, a remarkable growth of 105.28% from ¥79,693,523.11 in Q3 2023[6] - The net profit attributable to shareholders in Q3 2024 was ¥17,109,538.33, reflecting a 165.82% increase from ¥6,445,999.90 in Q3 2023[6] - Operating profit for the first nine months of 2024 was ¥54,866,064.21, compared to ¥38,592,136.75 in the previous year, indicating an increase of about 42.2%[27] - Total comprehensive income for the first nine months of 2024 was ¥50,295,969.47, compared to ¥34,675,622.73 in the same period of 2023[29] Cash Flow - The net cash flow from operating activities for the first nine months of 2024 was ¥55,371,791.17, a significant increase of 132.56% compared to ¥23,810,166.90 in the previous year[5] - Cash flow from operating activities totaled ¥459,568,129.49 for the first nine months of 2024, compared to ¥351,431,225.74 in the same period of 2023[30] - Net cash flow from operating activities was ¥57,182,655.28, significantly up from ¥23,810,166.90 year-over-year, representing a 140.2% increase[33] - Cash received from sales of goods and services was ¥403,668,400.01, up from ¥312,161,641.22, marking a 29.3% increase[32] - Total cash outflow for operating activities was ¥402,048,201.20, compared to ¥327,621,058.84 in the previous year, an increase of 22.7%[33] Assets and Liabilities - Total assets as of September 30, 2024, reached ¥654,629,340.28, an increase of 14.68% compared to ¥570,841,908.88 at the end of 2023[4] - Total liabilities reached 296,514,558.10 yuan, compared to 212,829,851.11 yuan previously, which is an increase of approximately 39.3%[20] - The company's debt-to-asset ratio (consolidated) as of September 30, 2024, was 45.30%, up from 37.28% at the end of 2023[4] - Current assets totaled 447,801,663.82 yuan as of September 30, 2024, compared to 365,789,382.53 yuan at the end of 2023, indicating a rise of about 22.39%[18] - Total liabilities rose to ¥295,345,056.51, compared to ¥212,829,851.11 in the previous year, an increase of approximately 38.7%[25] Shareholder Information - The total number of ordinary shares outstanding remains at 56,000,000, with 25.08% being unrestricted shares[13] - Major shareholders include Dai Jigang with 37.20% and Dai Peng with 10.15% of the shares[14] - The total number of shareholders holding more than 5% of shares is 10, with a combined holding of 83.16%[14] Research and Development - Research and development expenses for the first nine months of 2024 were ¥15,328,281.35, compared to ¥11,808,430.14 in the same period of 2023, indicating a growth of about 29.5%[26] - Research and development expenses for the first nine months of 2024 amounted to ¥15,106,898.17, an increase from ¥11,808,430.14 in the same period of 2023[28] Corporate Governance - The company has no significant legal disputes or external guarantees reported during the period[16] - A stock incentive plan for 2024 has been approved, indicating a focus on employee motivation[16] - The company has complied with all disclosure obligations regarding previously announced commitments[16] - There were no significant changes in the financial condition or operating results due to the implementation of new accounting standards[12] Cash Management - The company reported a decrease in cash and cash equivalents to 173,137,515.20 yuan from 179,588,528.89 yuan, a decline of approximately 3.03%[18] - The ending balance of cash and cash equivalents decreased to ¥101,754,771.46 from ¥195,474,582.96, reflecting a decline of 48.0%[33] - Cash outflow from investment activities totaled ¥50,549,252.78, compared to ¥14,997,497.58 in the previous year, indicating a substantial increase in investment spending[33] - Cash inflow from investment activities was ¥30,936,712.32, a significant rise from just ¥4,000.00 in the same period last year[33] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies and products[28]

证券代码：834058 证券简称：华洋赛车 公告编号：2024-100 浙江华洋赛车股份有限公司 关于拟变更公司注册资本并修订《公司章程》的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、修订内容 根据《公司法》及《证券法》《北京证券交易所股票上市规则（试行）》等相 关规定，公司拟修订《公司章程》的部分条款，修订对照如下： | 原规定 | | 修订后 | | | --- | --- | --- | --- | | 第六条 | 公 司 注 册 资 本 为 人 民 币 | 第 六 条 | 公 司 注 册 资 本 为 人 民 币 | | 56,000,000 | 元。 | 56,087,050 | 元。 | | 第二十条 公司股份总数为 | 56,000,00 | 第二十条 | 公司股份总数为 56,087,050 | | 股，全部为普通股。 | | 股，全部为普通股。 | | 是否涉及到公司注册地址的变更：否 除上述修订外，原《公司章程》其他条款内容保持不变，前述内容尚需提交 公司股东大会审议，具 ...

证券代码：834058 证券简称：华洋赛车 公告编号：2024-096 浙江华洋赛车股份有限公司 第四届董事会第四次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 10 月 28 日 2.会议召开地点：公司会议室 3.会议召开方式：现场会议 4.发出董事会会议通知的时间和方式：2024 年 10 月 24 日以通讯方式发出 5.会议主持人：戴继刚 6.会议列席人员：公司高级管理人员、监事 7.召开情况合法、合规、合章程性说明： 本次会议程序符合《公司法》及《公司章程》的有关规定，会议决议为有效 决议。 （二）会议出席情况 会议应出席董事 8 人，出席和授权出席董事 8 人。 二、议案审议情况 （一）审议通过《关于公司 2024 年第三季度报告的议案》 1.议案内容： 根据《公司法》《上市公司信息披露管理办法》《北京证券交易所股票上市规 则（试行）》等相关法律法规、规范性文件以及《公司章程》的规定，公司编制 了《20 ...

本次会议为 2024 年第三次临时股东大会。 （二）召集人 本次股东大会的召集人为董事会。 公司于 2024 年 10 月 28 日召开第四届董事会第四次会议，审议通过了《关 于提请召开公司 2024 年第三次股东大会的议案》，履行了必要的审议程序。 证券代码：834058 证券简称：华洋赛车 公告编号：2024-099 浙江华洋赛车股份有限公司 关于召开 2024 年第三次临时股东大会通知公告（提供网络投票） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开基本情况 （一）股东大会届次 （三）会议召开的合法性、合规性 本次股东大会的召集、召开所履行的程序符合《公司法》和《公司章程》的 有关规定。 （四）会议召开方式 本次会议采用现场投票和网络投票相结合方式召开。 公司同一股东应选择现场投票、网络投票或其他表决方式的一种方式，如 果同一表决权出现重复投票表决的，以第一次投票表决结果为准。 （五）会议召开日期和时间 1、现场会议召开时间：2024 年 11 月 13 日 13:00。 2、网络 ...

证券代码：834058 证券简称：华洋赛车 公告编号：2024-097 浙江华洋赛车股份有限公司 第四届监事会第四次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 5.会议主持人：卢雅 了《2024 年第三季度报告》。 具体内容详见同日披露于北京证券交易所信息披露平台（www.bse.cn）的《浙 江华洋赛车股份有限公司 2024 年第三季度报告》（公告编号：2024-098）。 2.议案表决结果：同意 3 票；反对 0 票；弃权 0 票。 3.回避表决情况 6.召开情况合法、合规、合章程性说明： 本次会议程序符合《公司法》及《公司章程》的有关规定，会议决议为有效 决议。 （二）会议出席情况 会议应出席监事 3 人，出席和授权出席监事 3 人。 二、议案审议情况 （一）审议通过《关于公司 2024 年第三季度报告》的议案 1.议案内容： 根据《公司法》《上市公司信息披露管理办法》《北京证券交易所股票上市规 则（试行）》等相关法律法规、规范性文件以 ...

证券代码：834058 证券简称：华洋赛车 公告编号：2024-095 浙江华洋赛车股份有限公司 对外投资的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、对外投资概述 （一）基本情况 根据公司战略发展需要，为加大市场开拓，进一步增强公司核心产品竞争 力，浙江华洋赛车股份有限公司（以下简称"公司"）拟以现金增资方式投资重 庆峻驰摩托车有限公司（以下简称"峻驰摩托"），本次投资金额为 312.2449 万 元，增资完成后公司取得峻驰摩托 51.00%的股权。 （二）是否构成重大资产重组 本次交易不构成重大资产重组。 《上市公司重大资产重组管理办法》第十二条规定："上市公司及其控股 或者控制的公司购买、出售资产，达到下列标准之一的，构成重大资产重组： （三）购买、出售的资产净额占上市公司最近一个会计年度经审计的合并 财务会计报告期末净资产额的比例达到 50%以上，且超过 5,000 万元人民币。" 公司本次拟对外投资金额为 312.2449 万元，交易涉及的各项指标均未达 到以上标准，故本次交易不 ...

Investment Rating - The report maintains a "Buy" rating for Huayang Racing (834058 BJ) [1] Core Views - Huayang Racing's revenue in 2024H1 reached 259 million yuan (+17%), with net profit attributable to shareholders of 31 72 million yuan (+12%) and non-GAAP net profit of 31 13 million yuan (+48%) [4] - The company's gross margin increased year-on-year, driven by strong sales in the Russian market [4] - The report forecasts net profit attributable to shareholders of 66 million yuan, 82 million yuan, and 102 million yuan for 2024-2026, with EPS of 1 18 yuan, 1 46 yuan, and 1 83 yuan per share, respectively [4] - The current PE ratios for 2024-2026 are 13 3x, 10 7x, and 8 6x, reflecting optimism about the company's overseas business recovery and capacity expansion [4] Business Overview - Huayang Racing specializes in off-road motorcycles and all-terrain vehicles (ATVs), with five product series: Pit Bike, Dirt Bike, Mini Gp, ATV, and SSV [4] - The company has been expanding its presence in the Russian market since 2023, leveraging geopolitical changes [4] - In 2024H1, the company established a subsidiary, Huarui Kinetic, focusing on new energy power systems, including power batteries, motors, and controllers [6] Market Trends - China's motorcycle exports in July 2024 reached 3 66 million units (+48%), with export value of 1 37 billion USD (+29%) [5] - Exports to Russia surged by 91% in 2023, driven by geopolitical factors, and the Belt and Road markets are expected to further boost China's motorcycle exports [5] - The global ATV market saw a decline in 2022, with sales of 930,000 units (-10 6%), but UTV products accounted for 61% of the market, showing steady growth [12][13] Competitive Landscape - Huayang Racing holds an 8 5% global market share in non-road motorcycles and a 17 6% share in ATVs [37] - Key competitors include CFMOTO, Taotao Vehicles, and Polaris Industries, with CFMOTO leading in ATV exports, accounting for 74 28% of China's total export value [35] - Huayang Racing's gross margin for two-wheel motorcycles is comparable to CFMOTO, but CFMOTO has a higher gross margin in four-wheel vehicles (39 52% vs 20 42% in 2023) [46][47] Strategic Advantages - Huayang Racing has accumulated 82 patents by the end of 2023, with core technologies in lightweight and high-strength frame design, efficient transmission systems, and precise vehicle performance tuning [48][49] - The company has built a strong brand, KAYO, which is recognized internationally, and has established a robust sales network across over 50 countries [53][57] - The company has invested in intelligent manufacturing, including automated welding robots and laser cutting workstations, to enhance production precision and efficiency [66] Future Outlook - Huayang Racing is actively expanding into new energy power systems, with its subsidiary Huarui Kinetic focusing on power batteries, motors, and controllers [66] - The company's "Sports Motorcycle Intelligent Manufacturing Project" has reached 75% of its planned investment as of 2024H1, with a total capacity target of 600,000 units per year after expansion [68][69] - The report expects the company to benefit from the recovery of overseas markets, particularly in Russia and Belt and Road countries, as well as the release of new products like electric off-road motorcycles [71]

2024 年第二次临时股东大会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 证券代码：834058 证券简称：华洋赛车 公告编号：2024-094 浙江华洋赛车股份有限公司 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 9 月 13 日 2.会议召开地点：公司会议室 3.会议召开方式：现场投票和网络投票相结合方式 4.会议召集人：董事会 5.会议主持人：戴继刚 6.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、议案审议程序等符合有关法律、行政法规、部门规 章、规范性文件和《公司章程》的规定。 （二）会议出席情况 出席和授权出席本次股东大会的股东共 5 人，持有表决权的股份总数 41,957,608 股，占公司有表决权股份总数的 74.92%。 其中通过网络投票参与本次股东大会的股东共 0 人，持有表决权的股份总数 0 股，占公司有表决权股份总数的 0%。 （三）公司董事、监事、高级管理人员出席或列席股东大会情况 1.公司在任董事 8 人，出席 8 人 ...