Investment Rating - The report maintains a "Recommended" rating for the motorcycle industry [1] Core Insights - The motorcycle export market remains robust, with a year-on-year growth of 27% in the first five months of 2025, indicating a strong demand for motorcycles [10][16] - The overall motorcycle sales from January to May 2025 reached 6.822 million units, reflecting a year-on-year increase of 21% [16] - The report highlights significant growth in the sales of motorcycles with engine displacement greater than 250cc, which saw a 50% increase year-on-year [16] Industry Data Update - **Overall Sales**: In the first five months of 2025, total motorcycle sales (domestic and export) were 6.822 million units, with domestic sales at 1.846 million units (down 1.3% year-on-year) and exports at 4.976 million units (up 27% year-on-year) [16][17] - **Sales by Displacement**: - Motorcycles with displacement between 150cc and 250cc sold 800,000 units (up 17% year-on-year) - Motorcycles with displacement greater than 250cc sold 399,000 units (up 50% year-on-year) [16][17] Company Data Update - **Chunfeng Power**: - Total sales of fuel motorcycles reached 118,200 units (up 23% year-on-year) in the first five months of 2025, with electric motorcycle sales skyrocketing to 93,000 units (up 2000% year-on-year) [26] - **Qianjiang Motorcycle**: - Total sales were 168,000 units (down 6% year-on-year) in the same period, with sales of motorcycles over 250cc increasing by 8% [35] - **Longxin General**: - Total sales reached 649,000 units (up 16% year-on-year), with significant growth in the 150cc to 250cc segment (up 48% year-on-year) [9]

Core Viewpoint - The motorcycle industry, despite being overshadowed by the automotive and aviation sectors, has emerged as a significant market with a scale of approximately 1 trillion yuan and an annual demand of around 52 million units, showcasing a successful recovery from deflationary pressures and becoming a positive case of "anti-involution" in the context of global manufacturing [5][11][17]. Group 1: Market Size and Dynamics - The global motorcycle market is larger than that of heavy trucks, buses, and rail transit, with a market size of about 1 trillion yuan, indicating substantial investment potential [5][12]. - China is the largest motorcycle producer, with annual domestic sales exceeding 5 million units and exports surpassing 10 million units, accounting for over 30% of the global market share [11][12]. - The motorcycle industry has historically faced challenges such as low-end positioning and declining domestic demand, but recent trends show a shift towards high-displacement motorcycles, with exports of over 35,900 units of 250cc and above motorcycles, reflecting a compound annual growth rate of 38.6% over five years [17][21]. Group 2: New Consumer Trends - The rise of "new consumption" emphasizes self-satisfaction and experiential purchases, with high-displacement motorcycles becoming symbols of adventure and social interaction among younger consumers [19][21]. - The domestic market for high-displacement motorcycles has seen a significant increase in penetration from 1.5% to 7.5% between 2019 and 2024, driven by changing consumer preferences and outdoor activities [24][25]. Group 3: Competitive Landscape - Domestic brands, particularly the "Big Three" (Chunfeng, Longxin, and Qianjiang), have captured approximately 60% of the high-displacement motorcycle market, with projected sales of 150,000 to 180,000 units each in 2024 [25][26]. - The competitive dynamics have shifted, with traditional foreign brands losing market share in the high-displacement segment, while domestic brands are gaining traction [32]. Group 4: Export Opportunities and Challenges - The export market for high-displacement motorcycles is expected to grow significantly, with projections of 50,000 units by 2025, indicating a strong demand for Chinese brands abroad [27][28]. - However, challenges remain in terms of production capacity, quality control, and brand recognition, particularly in comparison to established players like Honda, which dominates the global market [33][36][37].

Group 1: Market Performance - In April, the company's sales data was generally weak due to supply chain adjustments and the timing of new product launches [2] - The Turkish market experienced normal shipments in April, but there was a significant decline of approximately 20% compared to the same period last year [2] - The European markets with better growth expectations include Italy, France, and Spain, primarily driven by large displacement products [2] Group 2: Profitability Concerns - Potential adverse factors affecting this year's profit include increased competition in the domestic large displacement market, which may lead to a decline in gross margin [2] - Decreased expectations for financial returns due to lower bank interest rates [2] - Anticipated significant increases in depreciation expenses due to the gradual commissioning of new factories [2] Group 3: Corporate Strategies - The company is considering a new round of equity incentive plans to attract and retain talent, with a focus on stock options and employee stock ownership plans [3] - There are currently no plans for capital market financing [3] - The board has suggested increasing dividends and the frequency of dividend payments, but no specific ratio has been established yet [3] Group 4: Manufacturing and Expansion - The company manufactures its engines in-house, with some limited external sales planned [3] - Current manufacturing bases include two main vehicle factories in Wenling, a factory in Fuling, Chongqing, and a factory in Indonesia, with potential future capacity expansion in Guangdong [3] - The Wenling factory is the primary base for large displacement products and all-terrain vehicles, while the Fuling factory focuses on models for the southwestern region [3] Group 5: Competitive Landscape - The company does not face direct price competition in overseas markets as it primarily deals with importers, employing a country-specific pricing strategy [3] - Competitive pricing may be used strategically to gain market share in certain regions [3]

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].

Group 1: Financial Performance - The main reasons for the decline in Q1 2025 performance include an increase in taxes and additional expenses: taxes increased by CNY 31.09 million due to higher consumption tax on large-displacement motorcycles; R&D expenses rose by CNY 20.92 million due to new product development and certification costs; sales expenses increased by CNY 15.34 million due to higher advertising costs. Excluding these factors, operational performance remained stable [2] - For the first four months of 2025, the motorcycle industry saw domestic sales of 1.4277 million units, a decrease of 0.8% year-on-year, while exports reached 3.9347 million units, an increase of 27.8% year-on-year [3] Group 2: Market Overview - In 2024, the sales distribution by region was as follows: Asia approximately 45%, North America approximately 17%, Europe approximately 16%, South America approximately 11%, and Africa approximately 10%. Major sales regions for large-displacement motorcycles are Europe and Asia, with potential growth expected in Europe and South America [2] - The company's market share in the U.S. was less than 1% in 2024, and current changes in the U.S. market have minimal direct impact on the company, but may affect future expansion efforts in the U.S. motorcycle market [3] Group 3: Sales Performance - For the first four months of 2025, the company reported domestic sales of 79,300 units, a year-on-year increase of 31%, with large-displacement sales of 27,900 units, up 14.3% year-on-year. However, external sales decreased by 24.4% to 59,500 units, with large-displacement sales of 16,400 units, a growth of 2.7% year-on-year. The decline in external sales was primarily due to reduced sales in the Turkish market [3] Group 4: Investor Relations - The company is considering increasing dividend payouts to enhance investor returns, with a focus on future development and profitability. Starting from 2024, the company has introduced mid-term dividends and plans to authorize the board to develop a mid-term dividend plan for 2025 [4]

Core Points - Zhejiang Qianjiang Motorcycle Co., Ltd. announced a cash dividend distribution plan for the fiscal year 2024, proposing to distribute a cash dividend of RMB 4.00 per 10 shares, totaling RMB 210,644,400.00 [1][2] - The plan was approved at the shareholders' meeting held on May 16, 2025, and will not include stock dividends or capital reserve transfers [1][2] - The record date for the dividend distribution is set for May 28, 2025, with the ex-dividend date on May 29, 2025 [1][2] Dividend Distribution Details - The total share capital of the company is 526,611,000 shares, and the cash dividend will be distributed based on this total [1][2] - For Hong Kong market investors and certain qualified foreign institutional investors (QFII, RQFII), the cash dividend after tax will be RMB 3.60 per 10 shares [1][2] - Different tax rates will apply for individual shareholders based on their holding period, with specific tax amounts outlined for different durations [1][2] Rights and Procedures - The cash dividends will be directly credited to shareholders' accounts through their custodial securities companies starting from May 29, 2025 [2] - The calculation principle for the ex-dividend price is based on the total cash dividend amount divided by the total number of A shares, resulting in an ex-dividend price adjustment of RMB 0.40 per share [2] - The company will fulfill its disclosure obligations regarding any adjustments to the ex-dividend price as per relevant regulations [2]

证券代码：000913 证券简称：钱江摩托 公告编号：2025-023 浙江钱江摩托股份有限公司 2024年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、浙江钱江摩托股份有限公司（以下简称"公司"） 2024年度利润分配方 案为：以公司总股本526,611,000股为基数，向全体股东每10股派发现金红利 人民币4.00元（含税），共计派发现金210,644,400.00元，不送红股、不进行 公积金转增股本。 2、自权益分派方案披露至权益分派实施期间，公司股本总额未发生变化。 公司2024年度权益分派方案已获2025年5月16日召开的2024年度股东大会审 议通过，现将权益分派事宜公告如下： 一、股东大会审议通过权益分派方案的情况 1、公司2024年度利润分配方案已获2025年5月16日召开的2024年度股东大 会审议通过：以公司总股本526,611,000股为基数，向全体股东每10股派发现金 红利人民币4.00元（含税），共计派发现金210,644,400.00元，不送红股、不 进行公积金转增股本。 2、自权益分派方案披 ...

Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, particularly recommending companies such as Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [5][15]. Core Insights - The motorcycle industry is experiencing significant growth, with April 2025 sales for motorcycles over 250cc reaching 93,000 units, a year-on-year increase of 28.0% and a month-on-month increase of 5.6%. Cumulative sales from January to April 2025 reached 298,000 units, up 58.3% year-on-year [3][4]. - The report highlights strong performance in the 500cc+ segment, with notable increases in sales and market share for leading companies, driven by new model launches and export growth [5][15]. - The competitive landscape shows that leading companies like Chuanfeng Power, Qianjiang Motorcycle, and Longxin General are solidifying their market shares, with a combined market share of 52.9% for the top three companies in April 2025 [6][8]. Summary by Sections Sales Performance - In April 2025, sales of motorcycles over 125cc reached 786,000 units, a year-on-year increase of 24.2% and a month-on-month increase of 10.5%. The growth was primarily driven by the 125-150cc and 500-800cc segments [4]. - The export of motorcycles over 250cc in April 2025 was 39,000 units, a year-on-year increase of 23.4%, while domestic sales reached 54,000 units, up 31.6% year-on-year [4]. Market Structure - The report indicates robust growth in the 500cc+ motorcycle segment, with April sales showing a year-on-year increase of 106.6% for models in the 500cc-800cc range [5]. - The 800cc+ segment saw a remarkable year-on-year increase of 179.2% in April 2025, indicating a strong demand for high-performance motorcycles [5]. Competitive Landscape - Chuanfeng Power led the market with a 24.1% share in April 2025, followed by Qianjiang Motorcycle at 16.2% and Longxin General at 12.7% [6][8]. - The report notes that Chuanfeng Power's total motorcycle sales in April 2025 reached 56,000 units, a year-on-year increase of 108.1% [9]. Future Outlook - The motorcycle industry is expected to continue its upward trajectory in 2025, driven by new model launches and an expanding export market. The report anticipates sustained high growth rates for leading companies [11][15].

01 事件概述 据中国摩托车商会数据，2025年4月250cc（不含）以上摩托车销量9.3万辆，同比+28.0%，环比+5.6%。1-4月累计销量29.8万辆，同比+58.3%。 02 分析判断 1） 250cc<排量≤400cc ：4月销售4.4万辆，同比+14.8%，环比+7.9%；1-4月累计销量15.8万辆，同比+71.3%； 我们认为4月整体中大排量摩托车销量同比继续维持高速增长，内销临近旺季表现强势，出口在欧5+认证显著恢复。展望2025年全年，供给持续丰富，叠加春风动力、 隆鑫通用、钱江摩托等龙头摩企发力出口业务，中大排内外销有望共振向上。 格局： 头部企业份额稳固 春风动力稳居头名 行业： 旺季临近 中大排月度销量创历史新高 4月250cc+销量前三名分别为春风动力、钱江摩托、隆鑫通用，CR3市占率合计为52.9%；1-4月CR3累计市占率合计为49.8%，较2024年全年下降4.4pcts，其中： 1）125cc（不含）以上 ： 4月销量78.6万辆，同比+24.2%，环比+10.5%，主要增量来自于125-150cc及500-800cc，春风动力、隆鑫通用等头部企业均贡献明 显增量； 2） ...

Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, particularly recommending companies like Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [5][15]. Core Insights - The motorcycle industry is experiencing significant growth, with April 2025 sales of motorcycles over 250cc reaching 93,000 units, a year-on-year increase of 28.0% and a month-on-month increase of 5.6% [3][4]. - The overall market for large-displacement motorcycles is expected to continue expanding, driven by new model launches and increased export activities from leading companies [5][15]. Summary by Sections Sales Performance - In April 2025, sales of motorcycles above 125cc reached 786,000 units, up 24.2% year-on-year and 10.5% month-on-month, with significant contributions from 125-150cc and 500-800cc segments [4]. - For motorcycles over 250cc, April sales were 93,000 units, with a cumulative total of 298,000 units from January to April, reflecting a 58.3% year-on-year increase [4]. Export and Domestic Sales - Exports of motorcycles over 250cc in April were 39,000 units, a year-on-year increase of 23.4%, while domestic sales were 54,000 units, up 31.6% year-on-year [4]. - Cumulative exports from January to April reached 158,000 units, a significant year-on-year increase of 81.1% [4]. Market Structure - The report highlights strong growth in the 500cc+ segment, with April sales of 16,000 units, a year-on-year increase of 106.6% [5]. - The top three companies in the 250cc+ segment are Chuanfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 52.9% in April [6]. Company Performance - Chuanfeng Power reported a total motorcycle sales of 56,000 units in April, a year-on-year increase of 108.1% [9]. - Longxin General's April sales reached 145,000 units, with a year-on-year increase of 9.6% [14]. - Qianjiang Motorcycle's April sales were 35,000 units, reflecting a year-on-year decrease of 12.4% [12]. Future Outlook - The report anticipates continued strong performance in the motorcycle market, with a focus on new model launches and expanding export capabilities [11][15]. - The motorcycle industry is expected to benefit from a growing demand for large-displacement motorcycles, with domestic brands likely to be the biggest beneficiaries [15].