Tianfeng Securities·2025-11-16 06:05Industry Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - In October 2025, the total sales of two-wheeled fuel motorcycles reached 1.333 million units, representing a year-on-year increase of 11.0%. Exports accounted for 1.003 million units, up 20.7% year-on-year, while domestic sales were 331,000 units, down 10.8% year-on-year [6][12] - The sales of motorcycles with engine displacement over 250cc were 61,000 units in October, showing a slight decrease of 0.2% year-on-year. Exports were 37,000 units, up 12.3%, and domestic sales were 24,000 units, down 15.0% [6][12] - Electric motorcycle sales surged to 28,000 units in October, marking a significant year-on-year increase of 141.0% [21] - The all-terrain vehicle (ATV) shipments from domestic factories reached 19,000 units, reflecting a year-on-year growth of 42.3% [18] Summary by Relevant Sections Overall Industry - Total sales of two-wheeled fuel motorcycles in October were 1.333 million units, with exports at 1.003 million units and domestic sales at 331,000 units [6][12] - The total sales of motorcycles with engine displacement over 250cc were 61,000 units, with exports at 37,000 units and domestic sales at 24,000 units [6][12] Changan Power - Sales of two-wheeled fuel motorcycles reached 17,000 units in October, with exports at 11,000 units and domestic sales at 6,000 units [15] - The sales of motorcycles with engine displacement over 250cc were 11,000 units, with exports at 6,000 units and domestic sales also at 6,000 units [15] - Electric motorcycle sales were 28,000 units, showing a year-on-year increase of 141.0% [21] Longxin General - Total sales of two-wheeled fuel motorcycles were 90,000 units in October, with exports at 85,000 units and domestic sales at 5,000 units [24] - The sales of motorcycles with engine displacement over 250cc were 11,000 units, with exports at 8,000 units and domestic sales at 3,000 units [24] - Three-wheeled motorcycle sales reached 24,000 units, reflecting a year-on-year increase of 7.1% [28] Qianjiang Motorcycle - Total sales of two-wheeled fuel motorcycles were 27,000 units in October, with exports at 18,000 units and domestic sales at 8,000 units [35] - The sales of motorcycles with engine displacement over 250cc were 4,000 units, with exports at 2,000 units and domestic sales at 2,000 units [35]