Market Overview - On October 31, the motorcycle and other sectors rose by 1.5%, with Xinri Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Key Stocks Performance - Xinri Co., Ltd. (603787) closed at 14.37, up 5.27% with a trading volume of 183,300 shares and a turnover of 260 million yuan [1] - Yong'an Xing (603776) closed at 20.05, up 5.14% with a trading volume of 68,200 shares [1] - Aima Technology (603529) closed at 32.67, up 2.93% with a trading volume of 127,200 shares [1] - Qianli Technology (601777) closed at 11.91, up 2.67% with a trading volume of 466,600 shares [1] - Other notable performances include XD Jiuhua (600689) up 1.83% and Huayang Saiche (920058) up 1.65% [1] Capital Flow Analysis - The motorcycle and other sectors saw a net inflow of 80.89 million yuan from main funds, while retail funds experienced a net outflow of 2.73 million yuan [2] - The main funds' net inflow and outflow for key stocks include: - Aima Technology: net outflow of 41.65 million yuan [3] - Qianli Technology: net inflow of 35.02 million yuan [3] - Yong'an Xing: net inflow of 2.15 million yuan [3] - Spring Wind Power (603129): net inflow of 9.48 million yuan [3]

Group 1 - The core viewpoint of the article highlights the active participation of pension funds in the secondary market, with a total of 176 stocks appearing in the top ten circulating shareholders list by the end of the third quarter, including 65 new entries and 31 increased holdings [1][2] - By the end of the third quarter, pension funds held a total of 1.715 billion shares across these stocks, with a combined market value of 38.074 billion yuan [1][2] - The stock with the highest pension fund holding is Tongling Nonferrous Metals, where the basic pension insurance fund 1205 combination is the ninth largest circulating shareholder with 69.1589 million shares [1][2] Group 2 - The pension fund's heavy holdings include 87 stocks that also have social security funds among their top ten circulating shareholders, indicating a collaborative investment strategy [2] - The longest-held stock by pension funds is Yinlun Co., which has appeared in the top ten circulating shareholders list for 32 consecutive reporting periods, currently holding 14.1227 million shares, a decrease of 36.45% from the previous quarter [2] - The distribution of stocks held by pension funds shows a concentration in the main board with 117 stocks, followed by 26 in the Sci-Tech Innovation Board and 33 in the Growth Enterprise Market [2] Group 3 - Among the stocks held by pension funds, 111 companies reported a net profit increase in their third-quarter reports, with the highest growth seen in Rongzhi Rixin, which achieved a net profit of 26.8952 million yuan, a year-on-year increase of 889.54% [2] - The detailed holdings of pension funds reveal significant investments in various sectors, with notable holdings in mechanical equipment and basic chemicals, comprising 24 and 14 stocks respectively [2][3]

Core Viewpoint - Chufeng Power, a leading company in the leisure power sports equipment sector in China, has demonstrated strong financial performance in Q3 2025, ranking first in revenue among its peers and second in net profit, indicating robust market positioning and operational efficiency [2][6]. Financial Performance - In Q3 2025, Chufeng Power achieved a revenue of 14.896 billion yuan, leading the industry, with the second competitor, Longxin General, at 14.557 billion yuan. The industry average revenue was 5.502 billion yuan [2]. - The company's net profit for the same period was 1.483 billion yuan, ranking second in the industry, with Longxin General at 1.569 billion yuan. The industry average net profit was 448 million yuan [2]. Business Composition - The revenue breakdown for Chufeng Power in Q3 2025 included all-terrain vehicles (7.21 billion yuan, 47.95%), motorcycles (6.435 billion yuan, 42.79%), parts and others (1.035 billion yuan, 6.89%), and other supplementary products (358 million yuan, 2.38%) [2]. Financial Ratios - As of Q3 2025, Chufeng Power's debt-to-asset ratio was 59.13%, an increase from 55.84% year-on-year, which is higher than the industry average of 46.70%, indicating increased debt pressure [3]. - The gross profit margin for Q3 2025 was 27.62%, down from 31.53% year-on-year but still above the industry average of 20.07%, reflecting strong profitability [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 31.21% to 13,300, while the average number of shares held per shareholder decreased by 23.79% to 11,500 shares [5]. Management Compensation - The chairman and president, Lai Minjie, received a salary of 1.4102 million yuan in 2024, an increase of 194,500 yuan from 2023 [4]. Market Outlook - Analysts predict continued strong performance for Chufeng Power, with expected net profits of 1.867 billion yuan, 2.435 billion yuan, and 3.041 billion yuan for 2025 to 2027, reflecting growth rates of 27%, 30%, and 25% respectively [6]. - The company is positioned as a domestic industry leader with a diversified product matrix and ongoing capacity and supply chain upgrades, supporting sustained revenue growth [6].

Group 1 - The company’s subsidiary, CFMOTO POWERSPORTS, INC. (CFP), received a bill from the U.S. Customs and Border Protection (CBP) requiring a classification adjustment for products exported from China, totaling approximately $19.33 million as of October 23, 2025 [2] - The classification adjustment primarily concerns historical tariff reimbursements for products exported to the U.S., but the company has diversified its production capacity through facilities in Thailand and Mexico, reducing the impact of U.S. tariffs on its operations [3] - The company plans to take legal action, including hiring lawyers to appeal to the CBP and potentially filing a lawsuit in the U.S. International Trade Court to protect its interests [3] Group 2 - As of September 2025, sales from the U.S. accounted for less than 30% of the company’s total revenue, indicating that the classification adjustment is not expected to have a significant adverse effect on future operations [3] - The company acknowledges the uncertainty regarding the final amounts and outcomes related to the classification adjustments and will continue to disclose relevant information as the situation progresses [4]

Summary of Chufeng Power's Conference Call Company Overview - **Company**: Chufeng Power - **Date**: October 29, 2025 Key Points Industry and Regulatory Changes - Chufeng Power is required to pay approximately $19 million in tariffs due to a ruling by the U.S. Customs and Border Protection (CBP) regarding tariff classification adjustments for UZ series products produced in China, stemming from a decision related to another UTV brand [2][3][4] - The U.S. tariff on imports has increased to 57.5%, prompting the company to adjust its production strategy by increasing capacity in Mexico and Thailand, with a goal to achieve over 60% localization by the end of Q1 2026 [2][4] Production and Capacity Adjustments - The Mexican factory is set to produce over 30,000 all-terrain vehicles (ATVs) in 2026, focusing on high-volume models like the You Shi Pro and Z series, with a monthly output expected to exceed 3,000 units [2][9] - The Thai factory is enhancing its flexible production capabilities for ATV and UZ series models, anticipating an additional monthly capacity of 3,000 units [2][11] Market Dynamics - The sales structure in the U.S. market is shifting, with an increase in the proportion of You Shi Pro and ATV sales, while older UTV models are seeing a decline. Overall demand remains strong, and the company aims to reduce its reliance on the U.S. market to below 30% [2][14][6] - The company plans to continue expanding its non-U.S. business to mitigate risks associated with the U.S. market [6] Financial Implications - The $19 million tariff payment will significantly impact the company's financials, particularly in Q4 2025, as the amount has not yet been fully reflected in the Q3 report [4][17] - The U.S. corporate tax rate is approximately 30%, which will add to the financial burden of the company [18] Future Strategies - Chufeng Power is adjusting its supply chain to ensure flexibility between production in China, Mexico, and Thailand, aiming to complete this adjustment by Q1 2026 [4][19] - The company is also exploring legal avenues to contest the tariff ruling while maintaining production capabilities in Mexico and Thailand to ensure business continuity [4][21] Certification and Compliance - The company expects to complete the certification for new models, You Shi Pro and Z series, by the end of Q1 2026, provided there are no quality or delivery issues [26] - The Thai factory's production setup is designed to meet local demand while benefiting from lower tariffs compared to domestic production [12][25] Miscellaneous - The company is monitoring the impact of the tariff adjustments and will provide updates on production and sales figures as they become available [28][29] - The overall production from China to the U.S. will continue, especially if overseas facilities cannot meet demand, but the company aims to minimize this to reduce tariff costs [32] This summary encapsulates the critical aspects of Chufeng Power's conference call, highlighting the company's strategic responses to regulatory changes, production adjustments, market dynamics, and financial implications.

Core Viewpoint - CFMOTO POWERSPORTS, INC. (CFP), a wholly-owned subsidiary of Chunfeng Power (603129.SH), received a notice from the U.S. Customs and Border Protection (CBP) regarding tariff adjustments on products exported from China, which may require retroactive tax payments totaling approximately $19.33 million [1][3]. Group 1: Financial Impact - As of October 23, the total amount of related bills received by CFP is $19.32 million [3]. - CFP reported a net profit of 161 million yuan in the first half of this year, with total revenue of 2.89 billion yuan [8][9]. - The total assets of CFP as of June 30 are 3.48 billion yuan, with net assets of 730 million yuan [9]. Group 2: Operational Adjustments - The tariff adjustments primarily involve historical tariff payments for products exported from the Chinese factory to the U.S., but the company has diversified its production capacity through facilities in Thailand and Mexico to mitigate cost pressures from U.S. tariffs [6][7]. - The company is considering legal actions, including appeals and lawsuits, to protect its interests against the CBP's decisions [5][6]. Group 3: Market Dynamics - The all-terrain vehicle (ATV) market is shifting from a "speed-oriented" to a "quality-oriented" focus, with UTV/SSV products gaining market share [9]. - In 2024, global sales of UTV/SSV products are projected to reach 620,000 units, accounting for 64.58% of the market [9]. - North America remains the largest market for ATVs, with an 83.85% share, driven by strong outdoor recreational demand [9]. Group 4: Strategic Responses - The company has implemented various measures to address trade and tariff policy changes, including enhancing local production capabilities in overseas bases and optimizing capacity layout [7][10]. - Chunfeng Power aims to reduce reliance on the U.S. market by expanding its business structure and exploring non-U.S. markets [7][10].

Core Viewpoint - CFMOTO POWERSPORTS, INC. (CFP), a wholly-owned subsidiary of Chunfeng Power (603129.SH), received a notice from the U.S. Customs and Border Protection (CBP) requiring adjustments in tariff classifications for U/Z products exported from China, leading to a cumulative bill of $19.32 million as of October 23 [1][3]. Group 1: Financial Impact - The tax payment adjustment is not expected to significantly impact CFP's current operations [2][3]. - As of mid-2023, CFP reported a net profit of 161 million yuan and total revenue of 2.89 billion yuan for the first half of the year [5]. - The total assets of CFP were 3.478 billion yuan, with net assets of 730 million yuan as of June 30 [5]. Group 2: Market Position and Strategy - The UTV/SSV product segment has been gaining market share, with global sales projected to reach 620,000 units in 2024, accounting for 64.58% of the market [7]. - North America remains the largest market for all-terrain vehicles, with an 83.85% share, driven by strong outdoor recreational demand [7]. - The company has diversified its production capacity by establishing manufacturing bases in Thailand and Mexico to mitigate the cost pressures from U.S. tariffs [3][4]. Group 3: Risk Management and Future Outlook - The company is prepared to take legal action to protect its interests, including appealing to the U.S. International Trade Court [3]. - Chunfeng Power has implemented strategies to reduce reliance on the U.S. market, with sales from the U.S. accounting for less than 30% of total revenue as of September [3][4]. - The company is closely monitoring trade and tariff policy changes and has taken proactive measures to optimize its operational efficiency and expand into non-U.S. markets [4][7].

Market Overview - On October 29, the motorcycle and other sectors rose by 0.55% compared to the previous trading day, with Xinri Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - Xinri Co., Ltd. (603787) closed at 14.00, with a gain of 2.94% and a trading volume of 202,800 shares, amounting to a transaction value of 282 million yuan [1] - Other notable performers included Huayang Racing (920058) with a 2.21% increase, Qianli Technology (601777) up by 2.10%, and Jiangui General (603766) rising by 1.91% [1] - Conversely, companies like Zhenghe Industrial (003033) and Taotao Vehicle (301345) experienced declines of 6.59% and 4.96%, respectively [2] Capital Flow Analysis - The motorcycle and other sectors saw a net outflow of 1.2144 million yuan from institutional investors, while retail investors contributed a net inflow of 1.36 billion yuan [2] - The capital flow data indicates that retail investors were more active in purchasing shares compared to institutional and speculative investors [2] Individual Stock Capital Flow - Spring Power (603129) experienced a significant net outflow from institutional investors of 48.8487 million yuan, while retail investors had a net inflow of 34.6531 million yuan [3] - Taotao Vehicle (301345) had a net inflow of 35.9585 million yuan from institutional investors, but a net outflow from speculative investors of 40.4043 million yuan [3] - Qianli Technology (601777) saw a net inflow of 24.3377 million yuan from institutional investors, while retail investors contributed a smaller net inflow of 698.17 thousand yuan [3]

Core Viewpoint - The company, CFMOTOPOWERSPORTS, INC., has received a notice from the U.S. Customs and Border Protection (CBP) regarding a classification adjustment for products exported from its Chinese factory, which may lead to retroactive tax payments totaling approximately $19.33 million [1] Group 1: Financial Impact - As of October 23, 2025, the total amount of related bills received by CFMOTOPOWERSPORTS is $19.3287 million [1] - The company acknowledges uncertainty regarding the impact of the retroactive tax bill on its financial results for the year 2025 [1] Group 2: Operational Adjustments - The classification adjustment primarily concerns historical tariff payments for products exported from China to the U.S. [1] - The company has effectively mitigated cost pressures from U.S. tariffs by diversifying production capacity to Thailand and Mexico [1] - As of September 2025, sales in the U.S. accounted for less than 30% of the company's total revenue, indicating reduced reliance on the U.S. market [1] Group 3: Legal Actions - The company is considering legal actions, including hiring lawyers to appeal to the CBP and potentially filing a lawsuit in the U.S. International Trade Court to protect its rights [1]

证券代码：603129 证券简称：春风动力 公告编号：2025-079 浙江春风动力股份有限公司 关于子公司收到美国海关和边境保护局账单的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 一、CFP 收到的账单情况 近期，浙江春风动力股份有限公司（以下简称"公司"）在美国设立的全资 子公司 CFMOTO POWERSPORTS,INC.（以下简称"CFP"）收到美国海关和边 境保护局（以下简称"CBP"）出具的《行动通知》（NOTICE OF ACTION），其 中要求公司中国工厂出口至 CFP 的 U\Z 产品（包括 UTV 与 SSV 车型）需进行 归类调整，同时追溯调整并按提高后的税率进行税款的补缴。截至 2025 年 10 月 23 日，CFP 已收到的相关账单累计金额为 1,932.87 万美元，但是，CBP 后续 追溯调整税款账单结合后续申诉情况，存在不确定性，公司会结合后续情况，进 一步确认对 2025 年当期损益的影响。 本次归类调整主要涉及公司历史期内中国工厂出口至美国的关税补缴特殊 事项，而公司已通过泰 ...