Thanks to the development strategy of simultaneous domestic and international markets and the layout of high-end and globalization, CFMOTO Power's motorcycle business continued to maintain high growth in the first half of 2024, with Q2 revenue and net income reaching a quarterly high.

It is worth noting that the 'Patient Capital' National Social Security Fund 406 combine, which has held CFMOTO Power for three years, has dropped out of the top ten circulating shareholders of the company in Q2 this year. Hangzhou Boss Industrial Group Co., Ltd., the controlling shareholder of Hong Kong Central Clearing Limited (Lu Stock Connection) and Hangzhou Robam Appliances Co., Ltd. (002508.SZ), also chose to reduce their holdings of CFMOTO Power shares at this time.

This evening, CFMOTO Power released its 2024 interim report. In the first half of the year, the company achieved a revenue of 7.529 billion yuan, an increase of 15.73% year-on-year, and a net profit attributable to the parent of 0.709 billion yuan, an increase of 28.49% year-on-year. During the reporting period, the net cash inflow from the company's operating activities was 1.492 billion yuan, an increase of 91.19% compared to the same period last year.

In the first quarter of the year, the company's revenue and net income were 3.061 billion yuan and 0.278 billion yuan, respectively, an increase of 6.31% and 31.97% year-on-year. Based on this calculation, the company achieved a revenue of 4.468 billion yuan in the second quarter, a year-on-year increase of 23.2%, and a net profit of 0.431 billion yuan, a year-on-year increase of 26.4%, both setting a new quarterly record.

By product line, in the first half of 2024, CFMOTO Power sold a total of 0.0814 million all-terrain vehicles and realized sales revenue of 3.532 billion yuan, a year-on-year decrease of 1.55%. The semi-annual report shows that in the first half of the year, the company's exports of all-terrain vehicles accounted for 71.75% of the export volume of similar products in the country, ranking first in the industry.

During the same period, the company sold a total of 0.1539 million two-wheeled vehicles and realized sales revenue of 3.248 billion yuan, a year-on-year increase of 41.95%. Among them, 0.068 million two-wheeled vehicles were sold domestically, with a revenue of 1.446 billion yuan, a year-on-year increase of 38.25%; 0.0858 million two-wheeled vehicles were sold abroad, with a revenue of 1.802 billion yuan, a year-on-year increase of 45.07%. In terms of channels, the company's motorcycle business currently has more than 600 channels in the domestic market and more than 1,500 dealer networks in the overseas market.

It is worth mentioning that CFMOTO Power is building the third business growth curve with extreme nuclear-powered electric motorcycles. In the first half of this year, the company sold a total of 0.0204 million extreme nuclear electric vehicles and achieved sales revenue of 0.116 billion yuan. According to the semi-annual report, since the launch of the AE4 series of extreme nuclear-powered electric motorcycles in the first half of the year, the order has been continuous, and the market performance has been strong. Domestic channels have grown by 81.03%, and international channels have grown by 181.25%.

CFMOTO Power stated that benefited from the widely applicable scenarios of electric motorcycles, it can serve as a good supplement to automobiles and solve the travel needs of families in the context of increasing urban congestion. At the same time, commercial demand continues to grow, including bike sharing, food delivery riders, express delivery, etc., and demand for electric motorcycles remains strong.

The Financial Association News reporter noticed that as of June 30th of this year, CFMOTO Power's total liabilities were 6.737 billion yuan, an increase of 37.3% compared to the same period last year. Among them, accounts payable was 3.409 billion yuan, and the company's asset-liability ratio was 54.6%.

In addition, there have been changes in CFMOTO Power's shareholders in the first half of this year. The semi-annual report shows that the National Social Security Fund 406 combine, which held a 4.12% stake in the first quarter of this year, dropped out of the top ten circulating shareholders of the company in Q2. Wind data shows that the National Social Security Fund 406 combine entered the top ten circulating shareholders of the company in Q1 2021 and has held the position for three years.

At the same time, the holdings of Hong Kong Central Clearing Limited (Lu Stock Connection) and Hangzhou Boss Industrial Group Co., Ltd., the controlling shareholders of Hangzhou Robam Appliances Co., Ltd. (002508.SZ), have also decreased. They reduced their holdings by 0.2754 million shares and 0.7038 million shares, respectively. After the reduction, their holdings were 3.1609 million shares and 2.4113 million shares, respectively.