LONCIN(SH:603766) Xin Lang Cai Jing·2025-09-12 12:28Core Insights - The company reported its 2025 H1 results, showing slightly better-than-expected performance with revenue of 9.752 billion yuan, a year-on-year increase of 27.21%, and a net profit attributable to shareholders of 1.074 billion yuan, up 82.26% year-on-year [1] Financial Performance - In Q2 2025, the company achieved revenue of 5.106 billion yuan, a year-on-year increase of 16.83% and a quarter-on-quarter increase of 9.89%. The net profit attributable to shareholders was 567 million yuan, up 70.99% year-on-year and 11.93% quarter-on-quarter [1] - For H1 2025, the company's motorcycle product revenue was 5.835 billion yuan, a year-on-year increase of 21.45%, while the general machinery product revenue reached 1.844 billion yuan, up 56.38% year-on-year [1] Profitability and Cost Control - The company reported a gross margin of 18.94%, an increase of 0.26 percentage points year-on-year, and a net profit margin of 10.95%, up 3.41 percentage points year-on-year. The overall expense ratio decreased by 3.19 percentage points year-on-year [2] Brand Development and Market Expansion - The company is enhancing its brand promotion and product development, focusing on two main self-owned brands: VOGE high-end motorcycles and LONCIN non-road sports motorcycles. It has established a distribution network covering over 90 countries and regions [2] - The domestic sales network includes 1,053 outlets, while the overseas network has 1,292 outlets, with 957 located in Europe [2] Product Development - The company is focusing on garden machinery products to create a second growth curve in its general machinery business. New product developments include a zero-turn lawn mower and an intelligent lawn mowing robot, which is expected to enter the final testing phase in Q3 [3] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 20.814 billion yuan, 23.341 billion yuan, and 26.084 billion yuan, representing year-on-year increases of 23.73%, 12.14%, and 11.75% respectively. Net profit forecasts are 1.825 billion yuan, 2.205 billion yuan, and 2.568 billion yuan, with year-on-year increases of 62.75%, 20.86%, and 16.43% respectively [4]