证券代码：603129 证券简称：春风动力 浙江春风动力股份有限公司 ZHEJIANG CFMOTO POWER CO.,LTD. （浙江省杭州市临平区临平经济开发区五洲路 116 号） 关于公司向不特定对象发行可转换公司 债券募集资金使用可行性分析报告 二〇二五年四月 一、本次募集资金运用计划 本次向不特定对象发行可转换公司债券拟募集资金总额不超过人民币 250,000.00 万元（含本数），扣除发行费用后募集资金净额将用于投资以下项目： 单位：万元 | 序 | | 项目名称 | 项目投资总额 | 拟使用募集资 | | --- | --- | --- | --- | --- | | 号 | | | | 金金额 | | 1 | 年产 300 | 万台套摩托车、电动车及核心部件研产 配套新建项目 | 350,000.00 | 178,000.00 | | 2 | | 营销网络建设项目 | 90,000.00 | 45,000.00 | | 3 | | 信息化系统升级建设项目 | 12,000.00 | 12,000.00 | | 4 | | 补充流动资金项目 | 15,000.00 | 15,000.00 | ...

证券代码：603129 证券简称：春风动力 公告编号：2025-039 浙江春风动力股份有限公司 浙江春风动力股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开 了第六届董事会第五次会议、第六届监事会第五次会议，审议通过了关于公司向 不特定对象发行可转换公司债券的相关议案，公司本次向不特定对象发行可转换 公司债券事项尚需获得股东大会审议通过，且经上海证券交易所审核通过并经中 国证券监督管理委员会同意注册后方可实施。 根据《国务院办公厅关于进一步加强资本市场中小投资者合法权益保护工作 的意见》（国办发[2013]110 号）、《国务院关于进一步促进资本市场健康发展的若 干意见》（国发[2014]17 号）和中国证券监督管理委员会（以下简称"中国证监 会"）《关于首发及再融资、重大资产重组摊薄即期回报有关事项的指导意见》（证 监会公告[2015]31 号）等相关法律、法规及规范性文件的要求，为保障中小投资 者利益，公司就本次向不特定对象发行可转换公司债券（以下简称"可转债"） 对即期回报摊薄的影响进行了分析并提出了具体的填补回报措施，相关主体对公 司填补回报拟采取的措施能够得到切实履行作出了承 ...

浙江春风动力股份有限公司 截至 2024 年 12 月 31 日止 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn)_"进行 | | | --- | | 5 | | V | | | | | | 前次募集资金使用情况报告的鉴证报告 | 1-2 | | --- | --- | --- | | ------ | 前次募集资金使用情况报告 | 1-3 | t with the 前次募集资金使用情况报告及 鉴证报告 BDO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS LLP 关于浙江春风动力股份有限公司截至2024年12月31日止 前次募集资金使用情况报告的鉴证报告 信会师报字[2025]第ZF10687号 浙江春风动力股份有限公司全体股东: 我们接受委托,对后附的浙江春风动力股份有限公司(以下简称 "春风动力")截至2024年12月31日止前次募集资金使用情况报告(以 下简称"前次募集资金使用情况报告")执行了合理保证的鉴证业务。 一、管理层的责任 春风动力管理层的责任是按照中国证券监督管理委员会《监管规 则适用指 ...

证券代码：603129 证券简称：春风动力 公告编号：2025-040 浙江春风动力股份有限公司 关于最近五年未被证券监管部门和交易所 采取监管措施或处罚的公告 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个别及连带责任。 浙江春风动力股份有限公司（以下简称"公司"）自上市以来严格按照《中 华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等相关法律法 规、规范性文件及《浙江春风动力股份有限公司章程》等相关要求，不断完善公 司治理结构，建立健全内部管理及控制制度，规范公司运营，提高公司治理水平， 促进公司持续、健康、稳定发展。 鉴于公司拟申请向不特定对象发行可转换公司债券，根据相关要求，公司对 最近五年是否被证券监管部门和交易所采取监管措施或处罚的情况进行了自查， 自查结果如下： 一、公司最近五年被证券监管部门和交易所处罚的情况 经自查，公司最近五年不存在被证券监管部门和交易所处罚的情况。 二、公司最近五年被证券监管部门和交易所采取监管措施的情况 经 ...

证券代码：603129 证券简称：春风动力 公告编号：2025-038 浙江春风动力股份有限公司 前次募集资金使用情况报告 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。 根据中国证券监督管理委员会《监管规则适用指引——发行类第 7 号》的相 关规定，浙江春风动力股份有限公司（以下简称"公司"）将截至 2024 年 12 月 31 日止前次募集资金使用情况报告如下： 经中国证券监督管理委员会证监许可[2021]2340 号《关于核准浙江春风动力 股份有限公司非公开发行股票的批复》核准，由主承销商华泰联合证券有限责任 公司于 2021 年 9 月 8 日非公开发行人民币普通股（A 股）15,700,074 股，发行 价格 110.00 元/股，募集资金总额为 1,727,008,140.00 元，扣除发行费用人民币 17,954,757.94 元（不含税）后，募集资金净额为人民币 1,709,053,382.06 元，其 中注册资本人民币 15,700,074.00 元，溢价人民币 1,693,353,308.06 元计入资本公 ...

浙江春风动力股份有限公司 2024 年年度股东大会 会议材料 （召开时间：2025 年 5 月 7 日） 1 / 42 浙江春风动力股份有限公司 2024 年年度股东大会会议须知 根据中国证券监督管理委员会《上市公司股东会规则》和《公司章程》的有 关规定，为便于各位股东及其授权代理人出席会议并确保会议顺利进行，以下事 项敬请注意： 一、本次大会期间，全体参会人员应以维护股东的合法权益，确保大会的 正常秩序和议事效率为原则，自觉履行法定义务。 二、请按股东大会通知公告要求，按时办理股东登记手续，确认与会资格。 三、为保证本次大会的严肃性和正常秩序，除出席会议的股东及股东代理 人、董事、监事、公司高级管理人员、公司聘任律师及中介机构外，公司有权依 法拒绝其他人员入场。 四、股东请尽量提前 30 分钟到达会场，进行会议签到，13:50 为会议报到 的终止时间。股东签到时，应出示以下证件和文件。 2、个人股东亲自出席会议的需持本人身份证、股票账户卡和持股凭证办理 登记；委托代理人出席会议的，代理人须持授权代理人身份证、授权委托书、委 托人证券账户卡、委托人持股凭证、委托人身份证办理登记手续，异地股东可采 用信函或邮件 ...

Summary of the Conference Call for Chunfeng Power Company Overview - Chunfeng Power is involved in the all-terrain vehicle (ATV) and motorcycle industry, with a focus on both fuel and electric two-wheelers. The company is experiencing various market dynamics that influence its stock price and overall performance. Key Points and Arguments Stock Price Volatility and Investment Outlook - The stock price of Chunfeng Power in 2024 is influenced by multiple factors including export chain speculation, motorcycle sales fluctuations, uncertainties surrounding the U.S. elections, and new product sales performance. However, the market has largely absorbed tariff concerns, indicating a high level of earnings certainty, making it suitable for long-term investors [1][3][5] Sales Performance and Growth Projections - In 2024, ATV sales are expected to grow by over 10%, primarily driven by the CFMOTO brand, although the average selling price (ASP) has slightly declined. Fuel motorcycle sales, both domestic and international, are showing significant growth, but the ASP has also decreased. Electric two-wheeler sales reached 106,000 units, resulting in a slight annual loss, but excluding this segment, the net profit margin exceeds 11%, indicating improved profitability [1][6] Future Sales Expectations - For 2025, ATV sales are projected to achieve double-digit growth, with the high-end model U10 Pro expected to enhance the ASP and achieve around 20% revenue growth. The company is implementing measures such as early shipments and production adjustments to mitigate the impact of U.S. tariffs, which will also improve product structure and profitability [1][7] Fuel Motorcycle Business Outlook - The export sales growth for fuel motorcycles is anticipated to exceed 40%, while domestic sales growth is expected to be below 20%. The company is upgrading its product displacement, which will enhance profitability and gross margins. In the first three months of 2025, domestic sales of large-displacement motorcycles are expected to exceed the industry average growth rate [1][9] Electric Two-Wheeler Business Projections - Electric two-wheeler sales are expected to reach 500,000 to 600,000 units in 2025, with revenue projected to exceed 1.8 billion yuan. However, the net profit margin may not turn positive, leading to an estimated annual profit of 1.7 to 1.8 billion yuan. If the ATV segment is affected by tariffs for two quarters, the annual net profit could be around 1.6 billion yuan, corresponding to a price-to-earnings ratio of approximately 13-14 times, indicating a strong margin of safety [1][10][12] Market Capitalization Potential - The company has a planned production capacity of 3 million electric two-wheelers. If profitability is achieved, it could contribute 700 to 800 million yuan in net profit, significantly enhancing market capitalization. Considering the main business and potential tariff impacts, the annual net profit could exceed 2 billion yuan, leading to an estimated market capitalization of around 40 billion yuan [1][11][12] Tariff Impact Assessment - The second quarter is not expected to be affected by tariffs, making the current position suitable for long-term investment strategies [1][13] Additional Important Insights - The company’s stock price has shown resilience despite external pressures, with significant fluctuations observed throughout 2024 due to various market factors. The overall sentiment indicates that the stock is currently undervalued, providing a favorable entry point for long-term investors [1][5][4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company reported a revenue of 15.04 billion yuan for 2024, a year-on-year increase of 24%, and a net profit attributable to shareholders of 1.47 billion yuan, up 46% year-on-year [1] - The company achieved a significant increase in operating cash flow, reaching 2.97 billion yuan, which is a 115% year-on-year growth [1] - The company plans to distribute a dividend of 590 million yuan, maintaining a payout ratio of 40% [1] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 4.25 billion yuan, representing a 39% year-on-year increase, and a net profit of 420 million yuan, up 36% year-on-year [1] - The gross profit margins for four-wheeled and two-wheeled vehicles were 36.5% and 21.7% respectively, with a slight decline attributed to accounting policy changes [1] - The sales net profit margin for 2024 was 9.9%, an increase of 1.2 percentage points year-on-year, and the weighted average ROE was 26.3%, up 4.6 percentage points year-on-year [1] Product Matrix and Globalization - The company has optimized its product matrix with the launch of new models such as U10 PRO and X10, achieving a sales volume of 169,100 units for all-terrain vehicles in 2024, with a revenue of 7.21 billion yuan, an 11% increase year-on-year [2] - In the motorcycle segment, the company sold 286,500 units, generating a revenue of 6.04 billion yuan, a 37% year-on-year increase, with a strong performance in both domestic and overseas markets [3] - The electric vehicle segment saw a remarkable growth of 414% in revenue, reaching 400 million yuan, with significant expansion in both domestic and international markets [4] Earnings Forecast and Valuation - The company is projected to achieve revenues of 18.8 billion yuan, 22.9 billion yuan, and 27 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 25%, 21%, and 18% [5] - The net profit attributable to shareholders is expected to be 1.8 billion yuan, 2.2 billion yuan, and 2.6 billion yuan for the same years, with growth rates of 24%, 22%, and 16% respectively [5] - The corresponding P/E ratios for the next three years are projected to be 13, 11, and 9 times [5]

Summary of Chuanfeng Power's Conference Call Company Overview - Chuanfeng Power reported a net profit of 1.472 billion yuan for 2024, representing a year-on-year increase of 46.08% [1] - The company achieved a weighted average return on equity of 26.25%, up 4.58 percentage points from the previous year [1] - Basic earnings per share reached 9.74 yuan, a 45.37% increase year-on-year [1] - The company maintained a high cash dividend payout ratio of 39.91%, totaling 587 million yuan, marking a historical high and maintaining over 30% for eight consecutive years [1][3] Business Performance Two-Wheeler Segment - Total sales of two-wheelers reached 286,500 units, a 50.37% increase year-on-year, with revenue of 6.037 billion yuan, up 37.14% [1][4] - The domestic market for motorcycles over 200cc holds the largest market share, while overseas markets focus on key regions, achieving both sales and revenue growth [1][5] All-Terrain Vehicle Segment - Sales of all-terrain vehicles totaled 160,000 units, with revenue of 7.2 billion yuan, reflecting a 10% year-on-year growth [1][6] - The company leads domestic exports, with 71% of the export value in this category, and has strengthened its position in the European market through the acquisition of the Ghost brand [1][6] Electric Mobility Segment - The electric mobility sector saw significant growth, with sales surpassing 100,000 units and revenue reaching 300 million yuan, a staggering 414% increase year-on-year [1][7] - The company has successfully entered over 30 countries and regions, laying a solid foundation for future growth [1][7] Research and Development - Chuanfeng Power invested 1 billion yuan in R&D, accounting for 6% of total revenue, which is an 11% increase year-on-year [1][8] - The company has participated in the formulation of 54 national industry standards, with 25 officially published, and holds 1,659 valid patents [1][8] Q1 2025 Performance - In Q1 2025, Chuanfeng Power achieved total revenue of 4.2 billion yuan, a 38% year-on-year increase, and a net profit of 400 million yuan, up 49% [2][9] - The weighted average return on equity for Q1 was 6%, an increase of 1 percentage point from the previous year [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company has shown impressive growth in revenue and profit, with 2024 revenue reaching 15.04 billion yuan (up 24.18% year-on-year) and net profit attributable to shareholders at 1.472 billion yuan (up 46.08%) [7][10] - In Q1 2025, the company continued its strong performance with revenue of 4.25 billion yuan (up 38.9%) and net profit of 420 million yuan (up 49.6%) [7][10] - The company is expected to benefit from the high-end market trend in the all-terrain vehicle sector and has a rich product matrix in motorcycles, with both domestic and international sales anticipated to grow significantly [7][8] - Profit forecasts for 2025-2027 have been raised, with expected net profits of 1.796 billion yuan, 2.203 billion yuan, and 2.703 billion yuan respectively [7][10] Financial Performance - In 2024, the company sold 169,100 all-terrain vehicles, generating revenue of 7.21 billion yuan (up 10.85%) [8] - Motorcycle sales reached 286,500 units, with revenue of 6.04 billion yuan (up 37.14%), including domestic sales of 143,200 units and international sales of 143,300 units [8] - The electric vehicle segment saw significant growth, with sales of 106,000 units and revenue of 397 million yuan (up 414.15%) [8] - The company's gross margin for 2024 was 30.1%, a decrease of 3.4 percentage points, attributed to the introduction of lower-margin new businesses [9][10] Valuation Metrics - The company’s earnings per share (EPS) for 2025 is projected at 11.77 yuan, with a price-to-earnings (P/E) ratio of 12.8 times [7][10] - The projected P/E ratios for 2026 and 2027 are 10.4 and 8.5 times respectively, indicating strong future earnings potential [10] - The company’s return on equity (ROE) is expected to be 22.6% in 2025, slightly decreasing to 21.6% by 2027 [10][14]