Core Viewpoint - The company, Spring Power (603129), announced that its wholly-owned subsidiary in the U.S., CFMOTO POWERSPORTS, INC. (CFP), received a notice from the U.S. Customs and Border Protection (CBP) regarding a classification adjustment for UZ products exported from its Chinese factory, which will require retroactive tax payments totaling $19.3287 million [1] Group 1 - The classification adjustment involves historical tariff payments for UZ products exported from the Chinese factory to the U.S. [1] - As of October 23, 2025, the total amount of related bills received by CFP is $19.3287 million [1] - The company is assessing the impact of these adjustments on its financial results for the year 2025, considering the uncertainty surrounding future tax bills and appeals [1] Group 2 - The company has effectively mitigated the cost pressure from U.S. tariffs by diversifying its production capacity through facilities in 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] - The classification adjustment is not expected to have a significant adverse impact on the company's future operations [1]

Market Overview - On October 28, the motorcycle and other sectors rose by 0.12%, led by Zhenghe Industrial. The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1]. Stock Performance - Zhenghe Industrial (003033) closed at 86.53, up 10.01% with a trading volume of 51,900 shares and a transaction value of 432 million yuan [1]. - Shanghai Phoenix (600679) closed at 13.53, up 3.28% with a trading volume of 202,500 shares and a transaction value of 275 million yuan [1]. - TaoTao Vehicle (301345) closed at 252.20, up 2.40% with a trading volume of 18,100 shares and a transaction value of 454 million yuan [1]. - Qianli Technology (601777) closed at 11.41, up 1.78% with a trading volume of 421,100 shares and a transaction value of 480 million yuan [1]. - Other notable performances include Xinlong Health (002105) up 1.58% and Chunfeng Power (603129) up 0.52% [1]. Capital Flow - The motorcycle and other sectors experienced a net outflow of 151 million yuan from main funds, while retail funds saw a net inflow of 62.61 million yuan [2]. - The main funds showed a net outflow in several stocks, including Zhenghe Industrial and Qianli Technology, while retail investors contributed positively to stocks like Green通科技 [3]. Detailed Stock Capital Flow - Zhenghe Industrial had a main fund net outflow of 33.16 million yuan, with retail inflow of 21.91 million yuan [3]. - Qianli Technology saw a main fund net inflow of 13.31 million yuan, but retail investors had a net outflow of 15.13 million yuan [3]. - Chunfeng Power had a main fund net inflow of 9.84 million yuan, while retail investors had a slight outflow [3].

Core Insights - The report from the fund managed by Zhu Shaoxing under the Fuqua Fund indicates a net value growth rate of 15.18% over the past year [1] Fund Holdings Summary - New additions to the top ten holdings include Zhongchuang Zhiling, Luxshare Precision, and Guoci Materials, while Ningbo Bank remains the largest holding at 5.47% [1] - The fund has reduced its positions in major stocks such as Midea Group, Guangdong Hongda, and Blue Sky Technology, which have exited the top ten holdings [1] Detailed Holdings Changes - Zhongchuang Zhiling (601717): New entry with 26 million shares valued at 646 million [1] - Luxshare Precision (002475): New entry with 10 million shares valued at 647 million [1] - Guoci Materials: New entry with 22 million shares valued at 491 million [1] - Ningbo Bank (002142): Reduced by 1.96% with 50 million shares valued at 1.321 billion [1] - Kweichow Moutai: Reduced by 15.0% with 850,000 shares valued at 1.227 billion [1] - CATL (300750): Increased by 8.0% with 2.7 million shares valued at 1.085 billion [1] - Jerry Holdings (002353): Increased by 23.33% with 18.5 million shares valued at 1.03 billion [1] - Spring Power: Reduced by 35.59% with 3.2203 million shares valued at 864 million [1] - Binjiang Group: Reduced by 5.66% with 50 million shares valued at 628 million [1] - Ruifeng New Materials: Reduced by 27.54% with 10 million shares valued at 530 million [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company reported a revenue of 14.896 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 30.10%, and a net profit of 1.415 billion yuan, up 30.89% [3][4] - In Q3 2025, the company achieved a revenue of 5.041 billion yuan, reflecting a growth of 28.56%, while the net profit reached 413 million yuan, marking an 11.00% increase [4] - The company's gross margin in Q3 2025 was 26.14%, down 5.43 percentage points, attributed to fluctuations in raw material prices and tariff policies [4] - The net profit margin for Q3 2025 was 8.76%, a decrease of 0.98 percentage points, indicating effective control over operating expenses despite the pressure on profitability [4] Summary by Sections Financial Performance - The company is projected to achieve net profits of 1.954 billion yuan in 2025, 2.443 billion yuan in 2026, and 3.062 billion yuan in 2027, with corresponding EPS of 12.81, 16.01, and 20.07 yuan respectively [5][7] - Revenue growth rates are expected to be 32.50% in 2025, 24.70% in 2026, and 22.40% in 2027 [7] Market and Industry Outlook - The global all-terrain vehicle market is expected to maintain stable growth, supported by consumer education and demand for motorcycle exports [5] - The company is positioned as a domestic industry leader, focusing on expanding its product matrix and enhancing its market presence [5] Strategic Initiatives - The company aims to increase the output of products from its Mexican and Thai bases to the U.S. market, while also enhancing local component manufacturing and procurement [5]

Industry Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - In September 2025, total sales of two-wheeled fuel motorcycles reached 1.554 million units, representing a year-on-year increase of 11.8%. Exports were 1.174 million units, up 20.6%, while domestic sales were 380,000 units, down 8.8% [4][10] - For motorcycles above 250cc, sales in September were 87,000 units, a year-on-year increase of 13.1%. Exports were 53,000 units, up 39.0%, and domestic sales were 33,000 units, down 12.7% [4][10] - Electric motorcycle sales surged to 32,000 units in September, marking a significant year-on-year increase of 184.5% [20] - The all-terrain vehicle (ATV) domestic factory shipments reached 17,000 units, reflecting a year-on-year growth of 10.2% [20] Summary by Relevant Sections Overall Industry Performance - Total sales in September reached 1.554 million units, with a cumulative total of 12.816 million units for the year, showing a 13% year-on-year increase [5] - Exports for the entire industry were 1.174 million units, up 21%, while domestic sales were 380,000 units, down 9% [5] Two-Wheeled Fuel Motorcycles - Total sales for two-wheeled fuel motorcycles in September were 105,000 units, down 30% year-on-year, with exports at 97,000 units, down 31%, and domestic sales at 8,000 units, down 13% [22] - For motorcycles above 250cc, total sales were 12,000 units, up 30.1% year-on-year, with exports at 7,000 units, up 75.2%, and domestic sales at 5,000 units, down 7.5% [22] Key Companies - Changan Power reported 32,000 units in electric motorcycle sales, a 184.5% increase year-on-year [20] - Longxin General's total sales reached 25,400 units, a 29.6% increase year-on-year, with three-wheeled motorcycle sales at 25,000 units, up 29.6% [26] - Qianjiang Motorcycle's total sales for two-wheeled fuel motorcycles were 37,800 units, down 21% year-on-year, while sales for motorcycles above 250cc were 13,000 units, up 85% [32]

Market Overview - On October 27, the motorcycle and other sectors rose by 0.32% compared to the previous trading day, with Xinri Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Key Performers - Xinri Co., Ltd. (603787) closed at 13.95, with a significant increase of 10.02% and a trading volume of 112,700 shares, amounting to a transaction value of 156 million yuan [1] - Zhenghe Industrial (003033) also saw a rise of 10.00%, closing at 78.66 with a trading volume of 12,400 shares [1] - Jiuyi Co., Ltd. (300994) increased by 7.58%, closing at 19.58 with a trading volume of 129,900 shares [1] Decliners - Qianjiang Motorcycle (000913) experienced a decline of 3.52%, closing at 16.18 with a trading volume of 134,700 shares and a transaction value of 219 million yuan [2] - Ninebot Company (689009) fell by 3.39%, closing at 63.25 with a trading volume of 330,200 shares [2] - Aima Technology (603529) decreased by 1.90%, closing at 32.55 with a trading volume of 138,000 shares [2] Capital Flow - The motorcycle and other sectors saw a net outflow of 167 million yuan from main funds, while retail funds had a net inflow of 79.27 million yuan [2] - The main funds' net inflow and outflow for key stocks showed varied trends, with Xinri Co., Ltd. experiencing a net outflow of 50.56 million yuan from main funds [3] - Zhenghe Industrial had a net inflow of 26.49 million yuan from main funds, indicating strong interest [3]

Core Insights - Pension funds have actively invested in the secondary market, appearing in the top ten circulating shareholders of 45 stocks by the end of Q3, with 23 new entries and 7 increased holdings [1][2] - The total shareholding amount of pension accounts reached 379 million shares, with a total market value of 10.011 billion yuan [1] - The most significant holdings include Haiyou Development and Shenzhen Airport, with respective holdings of 65.3843 million shares and 24.2047 million shares [1][2] Summary by Category Shareholding Details - Haiyou Development is the largest holding, with pension funds holding 65.3843 million shares, a 25.49% increase from the previous quarter [2][3] - Shenzhen Airport follows with 24.2047 million shares, maintaining its position [2] - Other notable holdings include Blue Sky Technology (20.7810 million shares, 6.78% of circulating shares) and Spring Wind Power (7.9514 million shares, 5.21% of circulating shares) [2][3] Performance and Sector Distribution - Among the stocks held by pension funds, 30 companies reported net profit growth in Q3, with the highest increase seen in Zhi De Mai, achieving a net profit of 13.4486 million yuan, a 253.49% year-on-year increase [2] - The stocks are primarily distributed across the main board (25 stocks), ChiNext (16 stocks), and STAR Market (4 stocks), with a focus on the machinery equipment and pharmaceutical industries, each having 7 stocks represented [2][3] New Entrants and Changes - A total of 23 new stocks were added to the pension fund's portfolio, with notable new entries including North Copper Industry and Hubei Yihua [3] - The pension fund's longest-held stock is Jiajiayue, which has been in the top ten shareholders for 28 consecutive reporting periods, holding 13.3027 million shares [2]

Core Viewpoint - Laopu Gold has announced its third price adjustment of the year, with multiple products seeing price increases exceeding 20% compared to the previous adjustments in February and August, which had increases of 5%-13% [2][2][2] Group 1: Price Adjustments - The latest price adjustment was officially implemented on October 26, following a prior announcement on October 17 [2] - Laopu Gold typically conducts 2-3 price adjustments annually, with the current adjustment marking the third for this year [2][2] Group 2: Market Presence - On October 25, the day before the price adjustment, Laopu Gold opened a new store in Shanghai's Hang Lung Plaza, achieving full coverage in China's top ten high-end shopping malls [2] - Official information indicated that the customer reception limit was reached at the Hang Lung Plaza store by 2:30 AM on October 25 [2]

Investment Rating - The report maintains an "Outperform" rating for the company [7][5][38] Core Insights - The company achieved revenue of 14.1 billion yuan in Q1-Q3 2025, a year-on-year increase of 30.9%, driven by the motorcycle and all-terrain vehicle (ATV) segments, although profit growth has slowed due to tariff impacts [1][10] - The company is set to launch several new products in 2024, including high-performance models in the ATV and motorcycle segments, which are expected to enhance competitiveness and drive growth [3][24][27] - The electric two-wheeler segment, represented by the brand "Jike," is emerging as a new growth curve, with significant sales increases anticipated [35][36] Financial Performance - For Q1-Q3 2025, the company reported a gross margin of 27.6%, down 3.9 percentage points year-on-year, and a net margin of 10.0%, up 0.1 percentage points year-on-year [2][18] - The company forecasts net profits of 18.49 billion, 23.86 billion, and 28.61 billion yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share of 12.12, 15.64, and 18.75 yuan [5][38] Product Development - The company is actively expanding its motorcycle lineup with new models set to launch in 2024 and 2025, enhancing its market presence and competitiveness [4][27][29] - The introduction of the U10 PRO and U10 XL PRO models in the ATV segment is expected to significantly boost the company's market position in high-end products [24][25] Market Expansion - The company is focusing on expanding its export business, particularly in North America and Europe, leveraging its competitive pricing and product offerings [31][32] - The electric two-wheeler market is being targeted with a comprehensive product matrix aimed at various consumer segments, indicating a strategic shift towards electric mobility [35][36]

Investment Rating - The report maintains an "Outperform" rating for the company [7][5]. Core Insights - The company achieved revenue of 14.1 billion yuan in Q1-Q3 2025, a year-on-year increase of 30.9%, driven by the motorcycle and all-terrain vehicle (ATV) businesses, although profit growth has slowed due to tariff impacts [1][10]. - The gross margin for Q1-Q3 2025 was 27.6%, down 3.9 percentage points year-on-year, while the net margin was 10.0%, up 0.1 percentage points year-on-year [2][18]. - The company is set to launch several new products in 2024, including the U10 PRO and U10 XL PRO, which are expected to drive significant growth in the ATV segment [3][24]. Financial Performance - For Q3 2025, the company reported revenue of 50.4 billion yuan, a year-on-year increase of 28.6%, but a quarter-on-quarter decline of 10.1% [1][10]. - The net profit for Q3 2025 was 4.1 billion yuan, reflecting a year-on-year growth of 11.0% but a quarter-on-quarter decline of 29.5% [1][10]. - The company forecasts net profits of 18.49 billion yuan, 23.86 billion yuan, and 28.61 billion yuan for 2025, 2026, and 2027, respectively [5][38]. Product Development - The company is actively expanding its motorcycle lineup with new models such as the 150SC, 450MT, and 500SR VOOM, aiming to enhance competitiveness and market share [4][27]. - The electric motorcycle brand, Jike, is expected to become a significant growth driver, with plans to establish a production base in Zhejiang Province [35][36]. Market Expansion - The company is focusing on both domestic and international markets, with a renewed emphasis on exporting motorcycles, particularly to North America and Europe [31][32]. - The competitive pricing of its products, such as the 450SS, positions the company favorably against established competitors in overseas markets [32][34].