Core Viewpoint - In 2025, China's independent motorcycle companies are expected to experience a dual trend of high-end development and international expansion, with increasing domestic sales concentration [1][2]. Group 1: Market Overview - In 2025, domestic sales of mid-to-large displacement motorcycles (over 250cc) reached 374,000 units, a year-on-year increase of 6.2%, achieving a record penetration rate of 11.1% [2]. - Exports of mid-to-large displacement motorcycles surged to 449,000 units, reflecting a significant year-on-year growth of 59.1% [2]. - The market structure is evolving, with the share of 450cc models increasing to approximately 34%, and the export of 800cc models marking a significant milestone for domestic brands [2]. Group 2: Sales Forecast for 2026 - Domestic sales of mid-to-large displacement motorcycles are projected to reach 432,000 and 477,000 units in 2025 and 2026, respectively, with year-on-year growth rates of 8.8% and 10.5% [3]. - The overseas market for mid-to-large displacement motorcycles is expected to exceed 5 million units, with exports forecasted to maintain high growth rates, reaching 540,000 and 718,000 units in 2025 and 2026, respectively, representing year-on-year increases of 58.4% and 33.0% [3]. Group 3: Structural Trends - The trend towards high-end products is expected to accelerate, with major domestic companies launching multiple models of 500cc and above in 2025, leading to a projected increase in the share of 500cc-800cc motorcycles to 22% and 25% in 2025 and 2026, respectively [4]. - The export structure is stabilizing, with the share of 500cc-800cc models expected to rise to 17.4% and 19.5% in 2025 and 2026 [5]. Group 4: Competitive Landscape - The concentration of the mid-to-large displacement motorcycle market remains high, with the CR3 (the market share of the top three companies) at approximately 53.6% in the first ten months of 2025 [6]. - As consumer preferences evolve, leading domestic brands like Changan, Longxin, and Qianjiang are expected to capture more market share due to their better understanding of local consumer preferences and superior product quality [6]. Group 5: Investment Recommendations - The focus on mid-to-large displacement product platforms, popular product models, regional breakthroughs, and brand storytelling positions domestic motorcycle companies for sustainable global growth, with recommendations for Changan Power (603129.SH), Longxin General (603766.SH), and Qianjiang Motorcycle (000913.SZ) [7].

Group 1 - The core viewpoint of the article emphasizes the strong growth momentum of the mid-to-large displacement motorcycle market in China, driven by both domestic sales and exports, with a notable shift towards high-end models and international expansion by domestic manufacturers [1][4][10] Group 2 Review of 2025 - Domestic sales of mid-to-large displacement motorcycles reached 374,000 units in the first ten months of 2025, a year-on-year increase of 6.2%, with a penetration rate of 11.1%, marking a historical high [1][17] - Exports of mid-to-large displacement motorcycles surged to 449,000 units, reflecting a significant year-on-year growth of 59.1%, indicating a rapid acceleration in overseas market penetration [1][53] - The structure of motorcycle displacement is continuously upgrading, with 450cc models accounting for approximately 34% of sales, and the emergence of 800cc models marking a new phase for domestic brands [1][12] Outlook for 2026 - Domestic sales are projected to grow to 432,000 and 477,000 units in 2025 and 2026, respectively, with penetration rates expected to reach 10.5% and 12.0% [2][12] - Export volumes are anticipated to maintain high growth, with expected sales of 540,000 and 718,000 units in 2025 and 2026, respectively, reflecting year-on-year increases of 58.4% and 33.0% [2][12] - The market structure is expected to continue evolving, with a focus on high-end models, as domestic manufacturers enhance their product offerings and market strategies [3][10] Group 3 Investment Recommendations - The mid-to-large displacement motorcycle market is expected to maintain high growth momentum, with domestic and export sales projected at 477,000 and 718,000 units, respectively, in 2026, reflecting year-on-year increases of 10.5% and 33.0% [4][10] - The proportion of 500-800cc models in domestic and export sales is expected to rise to 25% and 20%, respectively, indicating a shift towards higher displacement motorcycles [4][10] - Key companies recommended for investment include Chuanfeng Power, Longxin General, and Qianjiang Motorcycle, which are well-positioned to benefit from the ongoing market trends [4][10] Group 4 Market Dynamics - The competitive landscape is becoming increasingly diversified, with the top three domestic manufacturers—Chuanfeng Power, Qianjiang Motorcycle, and Longxin General—holding a combined market share of approximately 53.6% in domestic sales [1][44] - The export market is characterized by a more fragmented competition, with Chuanfeng Power, Longxin General, and Qianjiang Motorcycle capturing 42.6% of the market share, indicating a growing presence of various players [2][82] - The North American and European markets are emerging as key growth areas for exports, with Europe remaining the largest market for mid-to-large displacement motorcycles [2][86]

Core Insights - The motorcycle industry is expected to see strong growth in 2026, driven by high-end exports and robust domestic sales, with a focus on the mid-to-large displacement segment (over 250cc) [6][12] - Domestic sales of mid-to-large displacement motorcycles are projected to reach 47.7 million units in 2026, representing a year-on-year growth of 10.5% [12] - Export volumes for mid-to-large displacement motorcycles are anticipated to hit 71.8 million units in 2026, with a significant year-on-year increase of 33.0% [12] Industry Overview - The mid-to-large displacement motorcycle market has shown a consistent upward trend, with domestic sales reaching 37.4 million units in the first ten months of 2025, marking a 6.2% increase year-on-year [5][14] - The penetration rate of mid-to-large displacement motorcycles in the domestic market has reached a historical high of 11.1% in 2025, up by 2.1 percentage points from the previous year [5][23] - The export of mid-to-large displacement motorcycles has accelerated, with 44.9 million units exported in 2025, reflecting a remarkable year-on-year growth of 59.1% [5][55] Market Structure and Competition - The market structure is evolving, with the top three companies (Chunfeng Power, Qianjiang Motorcycle, and Longxin General) holding a combined market share of 53.6% in the domestic market as of 2025 [47][48] - Chunfeng Power has seen rapid market share growth, increasing its share to 23.6% in 2025, while Qianjiang Motorcycle and Longxin General have experienced declines [47][48] - The competitive landscape is becoming more diversified, with domestic companies enhancing their product offerings and brand strength, allowing them to capture a larger market share [6][9] Future Outlook - The domestic market is expected to see a continued shift towards higher displacement models, with the proportion of 500cc-800cc motorcycles projected to reach 25% of total sales by 2026 [12][9] - The overseas market for mid-to-large displacement motorcycles is estimated to have a potential space of over 5 million units, with significant growth opportunities in Europe and Latin America [7][13] - The focus on high-end products and international expansion is anticipated to drive the growth of domestic motorcycle companies, positioning them for sustainable global competitiveness [8][9] Investment Recommendations - The report recommends investing in Chunfeng Power, Longxin General, and Qianjiang Motorcycle, as these companies are well-positioned to benefit from the anticipated growth in both domestic and international markets [9][12]

致：隆鑫通用动力股份有限公司 根据《中华人民共和国公司法》、《中华人民共和国证券法》（以下简称《证 券法》）、《关于上市公司实施员工持股计划试点的指导意见》（以下简称《试点指 导意见》）、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等中 华人民共和国（以下简称"中国"，包括香港特别行政区、澳门特别行政区和台 湾省，为本法律意见书之目的，在本法律意见书中特指中国大陆地区）现行法律、 行政法规、部门规章及规范性文件和《隆鑫通用动力股份有限公司章程》（以下 简称《公司章程》）的有关规定，北京市君合律师事务所（以下简称"本所"或 "君合"）接受隆鑫通用动力股份有限公司（以下简称"公司"或"隆鑫通用"） 的委托，就公司拟实施的第三期员工持股计划（以下简称"本次员工持股计划"） 相关事宜出具法律意见书。 本所仅依据中国现行有效的法律、法规和规范性文件的有关规定及本法律意 见书出具之日以前已经发生或者存在的事实，对本次员工持股计划相关法律问题 发表意见，并不对境外法律发表意见，也不对所涉及的标的股票价值、参与对象 考核标准等问题的合理性以及会计、审计、资产评估、投资决策等非法律专业事 项发表意见。在本法律意 ...

603766 隆鑫通用 隆鑫通用动力股份有限公司 2026 年第一次临时股东会 会议资料 证券代码：603766 2026 年 1 月 1 / 10 603766 隆鑫通用 目 录 | 参会须知 3 | | --- | | 会议议程 5 | | 议案1：《关于<公司第三期员工持股计划（草案）>及其摘要的议案》 6 | | 议案2：《关于<公司第三期员工持股计划管理办法>的议案》 8 | | 议案3：《关于提请股东会授权董事会办理员工持股计划相关事宜的议案》 9 | 2 / 10 603766 隆鑫通用 隆鑫通用动力股份有限公司 2026年第一次临时股东会参会须知 为维护投资者的合法权益，保障股东在隆鑫通用动力股份有限公司（以下简称"公 司"）2026年第一次临时股东会期间依法行使权利，确保股东会的正常秩序和议事效率， 根据《中华人民共和国公司法》《隆鑫通用动力股份有限公司章程》《隆鑫通用动力股份 有限公司股东会议事规则》的有关规定，特制定本须知： 一、请按照本次股东会会议通知（详见公司于2025年12月25日刊登在上海证券交易 所网站（www.sse.com.cn）的《隆鑫通用动力股份有限公司关于召开2026 ...

Market Performance - The motorcycle and other sectors increased by 0.2% compared to the previous trading day, with Zhenghe Industrial leading the gains [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - Zhenghe Industrial (code: 003033) closed at 73.27, with a rise of 10.00% and a trading volume of 44,500 shares [1] - Qianhui Motorcycle (code: 000913) rose by 3.76% to close at 15.73, with a trading volume of 103,700 shares [1] - Huayang Jizhu (code: 920058) increased by 3.02% to 33.80, with a trading volume of 13,200 shares [1] - Qianli Technology (code: 601777) rose by 1.77% to 10.90, with a trading volume of 341,200 shares [1] - Chuncheng Power (code: 603129) increased by 0.86% to 280.72, with a trading volume of 9,876 shares [1] - Other notable stocks include Jiuyi Co. (code: 600689) down by 2.22% and Longxin General (code: 603766) down by 1.83% [3] Fund Flow Analysis - The motorcycle and other sectors experienced a net outflow of 69.04 million yuan from institutional funds and 60.62 million yuan from retail funds, while retail investors saw a net inflow of 130 million yuan [2] - Zhenghe Industrial had a net inflow of 28.22 million yuan from institutional funds, while Qianli Technology saw a net inflow of 23.77 million yuan [4] - The overall fund flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are increasing their positions [2][4]

Group 1 - The company has launched its third employee stock ownership plan with a total scale not exceeding 400 million yuan, granting approximately 25.94 million shares to a maximum of 500 individuals, including the chairman, non-independent directors, general manager, and other core personnel [1][2] - The company plans to distribute a cash dividend of 2 yuan for every 10 shares to all shareholders, totaling over 410 million yuan, which accounts for approximately 26% of the company's net profit attributable to shareholders in the first three quarters [1] Group 2 - The employee stock ownership plan is expected to enhance the stability of the core team, with performance assessment conditions set for 2026-2028, including revenue growth targets for proprietary brands of 15%/30%/50% and net profit growth of 10%/20%/30% [2] - The company's brand "Wuji" has shown strong growth, achieving revenue of 1.98 billion yuan in the first half of 2025, a year-on-year increase of 30.2%, with exports contributing 1.19 billion yuan, a significant increase of 83.3% [3] - The company has expanded its domestic sales network to 1,053 outlets and established 1,292 overseas sales outlets, with a notable increase in the European market [3] Group 3 - The company's motorcycle sales for large-displacement models reached 108,000 units in 2024 and 131,000 units in the first 11 months of 2025, representing year-on-year growth of 43.1% and 33.6% respectively, with exports contributing significantly [4] - In Spain, the sales of the Wuji brand reached 15,000 units in the first 11 months of 2025, a year-on-year increase of 80.7%, ranking fourth in the market [4] Group 4 - The company expects revenues of 20.16 billion yuan, 23.41 billion yuan, and 27.05 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.98 billion yuan, 2.32 billion yuan, and 2.72 billion yuan [5][7] - The earnings per share (EPS) are forecasted to be 0.96 yuan, 1.13 yuan, and 1.32 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 16, 14, and 12 [5][7]

Market Overview - On December 25, the motorcycle and other sectors rose by 1.02% compared to the previous trading day, with Zhenghe Industrial leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Stock Performance - Zhenghe Industrial (code: 003033) closed at 69.69, with a gain of 4.56% and a trading volume of 34,600 shares, amounting to a transaction value of 239 million yuan [1] - Other notable performers included: - Lvtong Technology (code: 301322) at 28.10, up 2.26% [1] - Jiangui General (code: 603766) at 15.74, up 2.08% [1] - Xinlong Health (code: 002105) at 7.86, up 1.95% [1] Capital Flow - The motorcycle and other sectors experienced a net outflow of 55.78 million yuan from institutional investors, while retail investors saw a net inflow of 80.48 million yuan [2] - The capital flow for specific stocks showed: - Zhenghe Industrial had a net inflow of 13.02 million yuan from institutional investors [3] - Jiangui General saw a net outflow of 44.15 million yuan from speculative funds [3] - Xinlong Health had a net inflow of 7.28 million yuan from retail investors [3]

Core Viewpoint - Longxin General Power Co., Ltd. has launched its third employee stock ownership plan and a mid-term profit distribution plan for 2025, aiming to strengthen the alignment of interests between the core team and the company's development while conveying confidence in stable and positive business operations [1] Group 1: Employee Stock Ownership Plan - The current stock ownership plan is capped at 400 million yuan, translating to approximately 25.94 million shares based on the closing price of 15.42 yuan per share on December 24, which does not exceed 10% of the total share capital [2] - The plan includes participation from directors, executives, and key personnel, with a maximum of 500 participants, and aims to enhance the motivation and creativity of the core management team while attracting and retaining talent for sustainable development [2] - The plan is designed to deeply bind the interests of participants with the company's operational performance and long-term value, thereby enhancing team cohesion and overall competitiveness [2] Group 2: Mid-term Profit Distribution Plan - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares (tax included) based on the total share capital as of the mid-term profit distribution registration date in 2025, amounting to a total of 411 million yuan, which represents 26.05% of the net profit attributable to shareholders for the first three quarters of 2025 [3] - This profit distribution plan has been approved by the board of directors and does not require further shareholder approval, demonstrating the company's commitment to returning value to shareholders [3] - The company assures that any changes in total share capital before the registration date will not affect the per-share distribution ratio, and the dividend will not significantly impact the company's cash flow or long-term development [3]

Core Viewpoint - Longxin General's employee stock ownership plan demonstrates confidence in long-term development, with performance targets set for 2026-2028 [1] Group 1: Employee Stock Ownership Plan - The employee stock ownership plan is linked to performance targets for the years 2026-2028 [1] - Revenue from self-owned brands is expected to grow by 15% year-on-year in 2026, with overall revenue and net profit attributable to shareholders both projected to increase by 10% year-on-year [1] Group 2: Market Expansion and Product Development - Since 2018, the company has been developing its self-owned brand business, with the "Wuji" brand gaining traction in the European market, indicating potential for further breakthroughs in Europe and South America [1] - The all-terrain vehicle business is continuously upgrading with larger displacement models, and the product matrix is expanding, which is expected to create future growth momentum [1] Group 3: Management Stability and Business Synergy - The stabilization of major shareholder transitions enhances management stability [1] - The strong collaboration between Longxin Motorcycle and Zongshen Power Motorcycle is anticipated to elevate the company's motorcycle business to new heights [1]