Industry Rating - The industry investment rating is maintained at "Outperform" [1] Core Insights - In May, the total sales of two-wheeled fuel motorcycles reached 1.486 million units, a year-on-year increase of 11.3%. Exports were 1.09 million units, up 20.6%, while domestic sales were 396,000 units, down 8.2% [2][8] - For motorcycles above 250cc, sales in May were 101,000 units, reflecting a year-on-year increase of 31.1%. Exports were 50,000 units, up 52.1%, and domestic sales were 51,000 units, up 15.4% [2][8] Summary by Relevant Sections Overall Industry Performance - Total sales of two-wheeled fuel motorcycles in May were 1.486 million units, with exports at 1.09 million units and domestic sales at 396,000 units [2][8] - Year-to-date total sales reached 6.8407 million units, a 17% increase year-on-year [3] Company-Specific Performance Chuanfeng Power - In May, Chuanfeng's fuel motorcycle sales were 28,000 units, a year-on-year increase of 13.4%. Exports were 12,000 units, up 2.5%, and domestic sales were 17,000 units, up 22.7% [2][13] - For motorcycles above 250cc, sales were 22,000 units, a 48.1% increase year-on-year [2][13] - Electric motorcycle sales surged to 35,000 units, a staggering increase of 2092.0% [2][16] Longxin General - Longxin's total sales of two-wheeled motorcycles in May were 123,000 units, down 10.8%. Exports were 113,000 units, down 12.6%, while domestic sales were 10,000 units, up 15.1% [2][19] - Sales of motorcycles above 250cc were 13,000 units, a year-on-year increase of 20.7% [2][19] Qianjiang Motorcycle - Qianjiang's total sales of two-wheeled motorcycles in May were 37,000 units, down 13.3%. Exports were 14,000 units, down 37.6%, while domestic sales were 22,000 units, up 15.7% [2][25] - For motorcycles above 250cc, sales were 14,000 units, a 6.4% increase year-on-year [2][25]

Summary of Longxin General's Conference Call Company Overview - Longxin General reported a revenue of 16.8 billion yuan in 2024, a year-on-year increase of 29%, with a net profit attributable to shareholders of 1.13 billion yuan, up 92% [2][5] - The motorcycle business now accounts for 76% of total revenue, reflecting a strategic focus on core operations and divestment of non-core assets [2][5] - The company completed a share restructuring in December 2024, with Zongshen New Manufacturing becoming the controlling shareholder, potentially enhancing its position in the motorcycle market [2][7] Key Business Segments Motorcycle Business - The self-owned brand "Wujie" saw rapid growth, with sales exceeding 180,000 units in 2024, generating revenue of 3.15 billion yuan, doubling year-on-year and accounting for 18.7% of total revenue [2][10] - The brand's competitive edge has been bolstered by collaboration with BMW, improving product quality and technology [2][9] - The motorcycle segment includes high-end motorcycles, all-terrain vehicles, and electric motorcycles, with a focus on expanding the product matrix and enhancing market presence [3][4] All-Terrain Vehicles - The all-terrain vehicle segment is projected to be a core growth driver for 2025, with revenue reaching 400 million yuan in 2024, a 74% increase [4][18] - Expected sales for 2025 are anticipated to nearly double, supported by a diversified product matrix and competitive strategies [4][18] Financial Performance - Longxin General's financial performance shows a stable gross margin between 15% and 20% over the past five years, with a recovery in net profit margin from 3.6% in 2023 to 6.3% in 2024 [5] - The company has maintained a stable expense ratio between 8% and 10% [5] Strategic Adjustments - Since 2021, Longxin has focused on core businesses, transitioning from industrial to consumer products, and divesting non-core subsidiaries [6] - By the end of 2024, goodwill impairment risks have been eliminated, enhancing financial stability [6] Market Trends Large Displacement Motorcycles - The large displacement motorcycle industry is experiencing rapid export growth, with a compound annual growth rate (CAGR) of 12% from 2020 to 2024 [14] - The penetration rate for large displacement motorcycles in China is only 4.6%, indicating significant growth potential compared to Japan and Europe [14] Future Outlook - Longxin General expects a net profit of 1.87 billion yuan in 2025, a 10.67% increase, with potential for higher performance if export and profit margins exceed expectations [21] - The company has a strong cash position of 5.6 billion yuan and a dividend payout ratio expected to remain high at 73% [22] Additional Insights - The Wujie brand has introduced a wider range of new models, significantly increasing the success rate of popular products [11][15] - The company is also expanding its electric motorcycle segment, which could become a secondary growth driver in the future [20]

Company Overview - The company is a leading player in the motorcycle industry, transitioning from an OEM to three major self-owned brands [1][10] - Established in 1993, the company has a history of over 30 years in the motorcycle sector, initially focusing on engine manufacturing and later expanding into complete motorcycle production [10][11] Financial Performance - Revenue has steadily increased from 130.58 billion to 168.22 billion from 2021 to 2024, with a CAGR of 8.8% [20] - The company experienced a profit turning point in 2022, with net profit rising from 3.8 billion to 11.3 billion from 2021 to 2024, reflecting a CAGR of 42.8% [20][24] - The motorcycle business revenue share increased from 55.6% in 2019 to 76.0% in 2024, indicating a shift towards core business growth [27] Strategic Transformation - In 2021, the company initiated a significant strategic transformation, focusing on the "motorcycle + general machinery" core business and divesting from loss-making operations [2][33] - The company completed a successful equity restructuring in December 2024, with the actual controller changing to Zuo Zongshen, enhancing synergies with Zongshen Group's motorcycle business [2][50][54] Brand Development - The company launched the VOGE brand in 2018, marking its entry into the high-displacement motorcycle market, and has since developed a product matrix that includes VOGE, LONCIN, and BICOSE [1][12] - The VOGE brand has undergone three phases: explosive growth (2018-2021), adjustment (2022), and a return to growth (2023-present), with sales increasing from 0.3 million to 18 million units by 2024 [66][68] Market Outlook - The domestic market for high-displacement motorcycles is expected to grow, with a penetration rate of 7% in 2024, indicating significant room for growth compared to Japan [5] - The company plans to launch several new models in 2025, including the DS800 Rally and CU625, which are anticipated to drive further growth for the VOGE brand [5] Product and Sales Strategy - The company has shifted from an industrial product mindset to a consumer product approach, enhancing its ability to create popular products [3] - By the end of 2024, the company aims to have 990 domestic sales outlets and 1,165 overseas sales outlets, expanding its market reach [3] Profitability Forecast - Revenue projections for 2025-2027 are estimated at 208.8 billion, 240.2 billion, and 264.2 billion, with corresponding net profits of 18.7 billion, 22.9 billion, and 25.7 billion [6]

Core Insights - The motorcycle export volume from Chongqing has significantly increased, reaching 6.52 billion RMB in Q1 2025, a year-on-year growth of 67.4% [1] - Chongqing has regained its position as a leading motorcycle production hub, contributing 5.027 million units to China's total motorcycle exports of 14.499 million units in 2024 [3][10] - The Chongqing motorcycle industry has undergone a transformation from imitation to innovation, focusing on technological breakthroughs and industrial upgrades [8][23] Export Performance - In Q1 2025, Chongqing's motorcycle exports reached 1.497 million units, marking a 53.1% increase, with high-end motorcycle production valued at 25.438 billion RMB, up 34.4% [10] - The average export price for motorcycles from Chongqing is around 4,000 RMB [5] - The export volume of Longxin's motorcycles approached 400,000 units in Q1 2025, leading the national market [7] Industry Transformation - Chongqing's motorcycle industry has shifted from low-end, homogeneous products to high-end, innovative designs, with a focus on new materials and technologies [12][18] - Companies like Chongqing Rongjue are expanding production capacity and exploring new markets, with significant orders from regions like Central Asia [13][15] - The industry is expected to achieve an industrial output value of 140 billion RMB and an annual production of over 8 million units by 2027 [18][20] Technological Innovation - The industry is emphasizing technological innovation and product upgrades, with a focus on high-end components and collaborative development with international brands [8][25] - The use of advanced materials, such as aluminum alloy and carbon fiber, is enhancing product performance and attracting international customers [15][17] Collaborative Development - Chongqing's motorcycle industry is fostering a collaborative ecosystem, with companies forming partnerships to enhance competitiveness in the global market [21][23] - The establishment of a supply chain radius of 50 kilometers around leading motorcycle enterprises is facilitating resource sharing and efficiency [20] Strategic Recommendations - Continuous investment in technology research and development is crucial for maintaining competitiveness, particularly in emerging fields like new energy and smart technology [25][30] - Strengthening brand recognition and expanding market reach are essential for enhancing the industry's global presence [28][30] - Government support through strategic planning and targeted assistance can stimulate innovation and growth within the industry [33]

Investment Rating - The report assigns a "Buy" rating for Longxin General [1] Core Views - Longxin General is positioned as a leader in the motorcycle industry, transitioning from an OEM to three major self-owned brands, focusing on the motorcycle and general machinery sectors [7][13] - The company has experienced steady revenue growth, with a significant profit turnaround starting in 2022, driven by its core motorcycle business [21][22] - The strategic transformation initiated in 2021 has allowed the company to focus on its main business, shedding non-core operations and enhancing operational efficiency [32][42] Summary by Sections Company Overview - Longxin General, founded in 1993, has evolved from an engine OEM to a prominent motorcycle manufacturer with a diverse product matrix, including the high-end brand VOGE and the electric motorcycle brand BICOSE [13][15] - The company has established a strong manufacturing capability through partnerships with global brands like BMW, enhancing its competitive edge [14] Company Transformation - The strategic pivot in 2021 marked a significant shift towards focusing on motorcycles and general machinery, aiming to strengthen its core business [32][41] - The successful completion of a share restructuring in December 2024 has positioned the company under new control, potentially enhancing synergies within the motorcycle sector [48] Brand Development - The launch of the VOGE brand in 2018 has allowed Longxin to penetrate the high-displacement motorcycle market, with a robust product lineup and competitive pricing [7][20] - The company has expanded its sales network significantly, with 990 domestic and 1,165 overseas sales points by the end of 2024 [7] Growth Outlook - The motorcycle market presents substantial growth potential, with the domestic high-displacement penetration rate expected to increase significantly [7][20] - Longxin's product matrix is set to benefit from the introduction of new models, with expectations for continued upward momentum in brand performance [7][20] Financial Forecast - Revenue projections for Longxin General indicate a growth trajectory, with expected revenues of 20.88 billion, 24.02 billion, and 26.42 billion yuan for 2025, 2026, and 2027 respectively [1] - Corresponding net profits are forecasted to reach 1.87 billion, 2.29 billion, and 2.57 billion yuan for the same years, reflecting a strong growth outlook [1]

Data Summary - In the week of May 19-25, 2025, passenger car sales reached 399,000 units, up 12.1% year-on-year and 2.6% month-on-month; new energy vehicle sales were 222,000 units, up 20.4% year-on-year and 2.0% month-on-month; new energy penetration rate was 55.4%, down 0.4% month-on-month [1][48]. Market Performance - The automotive sector underperformed the market in the week of May 26-30, 2025, with a decline of 2.90%, ranking 30th among sub-industries, compared to the CSI 300's decline of 1.49%. Among sub-sectors, automotive services rose by 2.13%, while passenger cars fell by 5.59% [2][45]. Investment Recommendations - The core investment focus includes companies such as Geely Auto, BYD, Xpeng Motors, and Xiaomi Group, with a recommendation to pay attention to Berteli and Top Group [3][23]. Autonomous Delivery Demand - Strong demand for autonomous delivery is driven by labor shortages and cost pressures, with the express delivery business volume growing at a CAGR of 22.5% over five years, while the number of couriers only grew at 1.4%. The last mile of delivery accounts for 60% of logistics costs, and automation can significantly reduce these costs [4][21]. Supply Chain Developments - The cost revolution in core components is driven by technological scaling, with the average price of lidar dropping from 22,500 to 2,600 yuan, and the price of autonomous delivery vehicles decreasing from around 500,000 to 20,000 yuan [12][21]. Policy Support - The opening of road rights is expected to accelerate the deployment of low-speed autonomous vehicles, with pilot programs set to deploy at least 200 vehicles in various cities by 2025 [18][19]. Robotics Industry Acceleration - The robotics industry is witnessing rapid advancements, with companies like ZhiYuan Robotics and Figure making significant progress in humanoid robots. The integration of AI and advanced manufacturing technologies is expected to reshape production and lifestyle [5][27]. Motorcycle Market Insights - The motorcycle market is experiencing growth, with sales of 250cc and above motorcycles reaching 93,000 units in April 2025, up 28.0% year-on-year. The leading company, Chunfeng Power, holds a market share of 24.1% [35][36]. Heavy Truck Market - The heavy truck market is expected to recover due to expanded subsidies for replacing old vehicles, with sales in April 2025 reaching 87,700 units, up 6.5% year-on-year. The new subsidy policy is anticipated to stimulate demand significantly [38][39]. Tire Industry Outlook - The tire industry is benefiting from high demand and low valuations, with a focus on leading companies and high-growth potential firms. The global expansion of tire manufacturers is expected to enhance competitiveness [41][42].

Core Points - The company announced a cash dividend of 0.40 CNY per share, totaling 821,416,740 CNY for all shareholders based on a total share capital of 2,053,541,850 shares [1][2] - The dividend distribution plan was approved at the annual general meeting held on May 19, 2025 [1] - Key dates for the dividend distribution include the record date on June 4, 2025, the last trading day on June 5, 2025, and the ex-dividend date also on June 5, 2025 [1][2] Dividend Distribution Method - Cash dividends for unrestricted circulating shares will be distributed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the close of trading on the record date [2] - Shareholders who have completed designated transactions can receive cash dividends on the distribution date, while those who have not will have their dividends held until the completion of designated transactions [2] - The company will self-distribute cash dividends to major shareholders, including Chongqing Zongshen New Intelligent Manufacturing Technology Co., Ltd. and Chongqing Yufu Capital Operation Group Co., Ltd. [3] Taxation on Dividends - For individual shareholders holding unrestricted circulating shares, the tax on dividend income varies based on the holding period, with a maximum tax rate of 20% for shares held for one month or less [3] - Qualified Foreign Institutional Investors (QFIIs) will have a withholding tax of 10%, resulting in a net cash dividend of 0.36 CNY per share [4] - For investors from Hong Kong Stock Exchange, the same 10% withholding tax applies, leading to a net cash dividend of 0.36 CNY per share [5]

证券代码：603766 证券简称：隆鑫通用 公告编号：2025-031 隆鑫通用动力股份有限公司 2024年年度权益分派实施公告 重要内容提示： 每股分配比例 A 股每股现金红利0.40元 相关日期 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。 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/4 | － | 2025/6/5 | 2025/6/5 | 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 19 日的2024年年度股东大会审议通过。 二、分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本2,053,541,850股为基数，每股派发 现金红利0.40元（含税），共计派发现金红利8 ...

Core Viewpoint - The article discusses the bankruptcy restructuring of Longxin Group and the legal actions taken by its former actual controller, Tu Jianhua, who claims his interests have been harmed during the restructuring process [2][14]. Group 1: Background Information - Tu Jianhua was once a billionaire and the actual controller of Longxin Group, which controlled four listed companies at its peak: Longxin General (603766.SH), Fenghua Shares (600615.SH), Hanhua Financial (3903.HK), and Qihe Environmental (0976.HK) [2][11]. - Longxin Group was included in China's top 500 enterprises for 18 consecutive years [2]. Group 2: Bankruptcy Restructuring Process - On January 30, 2022, Chongqing Fifth Intermediate People's Court accepted the bankruptcy restructuring application for Longxin Group and thirteen other companies due to debt defaults [4]. - The restructuring plan was approved by the court on November 21, 2022, after a creditors' meeting [7]. - The total asset valuation of the thirteen companies was assessed at 10.825 billion yuan, with a confirmed debt of 36.76 billion yuan, indicating insolvency [8][9]. Group 3: Legal Actions and Claims - Tu Jianhua filed a lawsuit against the restructuring managers, claiming damages for not being able to enjoy the restructuring rights associated with his shares in Longxin General [14]. - He is seeking compensation of approximately 30.89 million yuan for losses incurred due to the restructuring process [14]. - The lawsuit highlights concerns over the management's decision to change the restructuring plan from a comprehensive approach to a segmented sale without proper approvals [14]. Group 4: Changes in Control - As of December 27, 2024, the control of Longxin General was transferred to Zongshen Group, led by Zuo Zongshen, marking a significant shift in ownership [15][16]. - The establishment of a new holding company, New Longxin Holdings, which was supposed to grant Tu Jianhua a 5% equity stake, has been rendered void due to the asset restructuring [12].

Core Viewpoint - Hydrogen fuel cell technology is rapidly developing with strong support from national policies, showcasing advantages such as low pollution, high efficiency, quick refueling, and long range, leading to its increasing application in the electric motorcycle sector [1][15]. Group 1: Market Overview - The global hydrogen motorcycle market is projected to reach approximately $0.9 million in 2024, with expectations to grow to $2 million by 2030 [1][15]. - In 2024, China's hydrogen production and consumption scale is expected to exceed 36.5 million tons, ranking first in the world [6]. Group 2: Industry Dynamics - Companies such as Zongshen, Tailg, and Ninebot have launched hydrogen fuel cell electric motorcycles, with some already moving beyond the concept stage to market introduction [1][17]. - Ninebot's Segway APEX H2 hybrid motorcycle was announced in April 2021 with a pre-sale price of 69,999 yuan, but it faced technical issues that prevented mass production [1][17]. Group 3: Technological Advantages - Hydrogen motorcycles offer significant advantages over traditional electric vehicles, including energy efficiency, convenience in refueling, and enhanced safety due to the use of solid-state hydrogen storage [2][4]. - The hydrogen fuel cell process generates energy without emitting pollutants, making it an environmentally friendly option [2]. Group 4: Policy Support - The Chinese government is enhancing its hydrogen energy policy framework, aiming to establish a comprehensive development environment for the hydrogen industry by 2025 [12][14]. - The introduction of standards for hydrogen fuel cell motorcycles is expected to lower R&D costs and accelerate technological advancements [14]. Group 5: Future Trends - The market acceptance of hydrogen motorcycles is anticipated to increase as production capacity expands and technology evolves, with a growing number of high-end consumers in addition to B2B clients [1][19]. - Local governments are increasingly willing to open road rights for hydrogen motorcycles, which will facilitate market order growth [19].