春风动力中报：全地形车收入增长51%，利润为什么没有同步？｜EP33

from 投研随身听 · host 慢研播客

春风动力二季度收入增长43.22%，归母净利润只增长9.41%。主业并没有失速：全地形车上半年收入增长51.05%，出口份额仍达72.47%；海外燃油摩托恢复，极核毛利率略高于零。但关税、汇率和研发投入吸收了部分新增毛利。本期沿着上一期的利润地图，解释三块业务分别前进了哪一步，以及为什么当前关税成本与历史关税退款不能混为一谈。信息截止：2026-08-18。本节目不构成投资建议。

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春风动力中报：全地形车收入增长51%，利润为什么没有同步？｜EP33

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