Tianfeng Securities·2025-08-20 06:43Industry Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - In July, total sales of two-wheeled fuel motorcycles reached 1.477 million units, a year-on-year increase of 7.2%. Exports were 1.082 million units, up 11.9%, while domestic sales were 395,000 units, down 3.9% [3][10] - For motorcycles over 250cc, sales in July were 88,300 units, a year-on-year increase of 21.7%. Exports were 47,000 units, up 77.0%, and domestic sales were 42,000 units, down 9.7% [3][10] - Electric motorcycle sales surged to 37,000 units in July, reflecting a significant year-on-year increase of 533% [20] - All-terrain vehicle shipments from domestic factories reached 18,000 units in July, a year-on-year increase of 27.1% [20] Summary by Sections Two-Wheeled Fuel Motorcycles - Total sales in July were 1.477 million units, with exports at 1.082 million units and domestic sales at 395,000 units [4][10] - Year-to-date cumulative sales reached 9.8218 million units, a 14% increase year-on-year [4] Motorcycles Over 250cc - July sales totaled 88,300 units, with exports at 47,000 units and domestic sales at 42,000 units [4][10] - Year-to-date cumulative sales reached 590,300 units, a 38% increase year-on-year [4] Electric Motorcycles - July sales reached 37,000 units, a remarkable increase of 533% year-on-year [20] - Year-to-date cumulative sales reached 160,900 units, reflecting a 1141% increase year-on-year [20] All-Terrain Vehicles - July shipments totaled 18,000 units, a year-on-year increase of 27.1% [20] - Year-to-date cumulative shipments reached 108,400 units, a 14% increase year-on-year [20]