Tianfeng Securities·2025-09-17 12:15Investment Rating - The industry investment rating is maintained at "Outperform" [1] Core Insights - In August 2025, the total sales of two-wheeled fuel motorcycles reached 1.441 million units, representing a year-on-year increase of 11.6%. Exports accounted for 1.073 million units, up 20.8%, while domestic sales were 368,000 units, down 8.7% [4][10] - For motorcycles above 250cc, sales in August were 84,000 units, a year-on-year increase of 23.6%. Exports were 47,000 units, up 64.1%, and domestic sales were 38,000 units, down 5.4% [4][10] - Electric motorcycle sales surged to 33,000 units in August, marking a significant year-on-year increase of 348.6% [19] - The all-terrain vehicle (ATV) sales from domestic factories were 14,000 units, down 13.1% year-on-year [19] Summary by Relevant Sections Two-Wheeled Fuel Motorcycles - Total sales in August were 1.441 million units, with exports at 1.073 million units and domestic sales at 368,000 units [4][10] - Year-to-date total sales reached 11.2623 million units, up 14% year-on-year [5] Motorcycles Above 250cc - August sales were 84,500 units, with exports at 47,000 units and domestic sales at 38,000 units [4][10] - Year-to-date total sales reached 674,800 units, up 36% year-on-year [5] Electric Motorcycles - August sales reached 33,000 units, with a year-on-year increase of 348.6% [19] - Year-to-date total sales reached 193,500 units, up 857% year-on-year [19] All-Terrain Vehicles - August sales were 2,000 units, with a year-on-year increase of 186.2% [26] - Year-to-date total sales reached 12,210 units, up 7% year-on-year [5] Three-Wheeled Motorcycles - August sales were 25,000 units, with a year-on-year increase of 46.7% [26] - Year-to-date total sales reached 199,300 units, up 47% year-on-year [5]