CFMOTO(SH:603129) 车中旭霞·2025-08-16 03:57Core Viewpoint - The motorcycle and all-terrain vehicle sectors continue to grow, with a 25% year-on-year revenue increase in Q2 2025 [2][14]. Financial Performance - In H1 2025, the company achieved revenue of 9.86 billion yuan, a year-on-year increase of 30.9%, and a net profit of 1 billion yuan, up 41.4% [3][15]. - In Q2 2025, revenue reached 5.6 billion yuan, reflecting a 25.5% year-on-year growth and a 31.9% quarter-on-quarter increase, with net profit of 590 million yuan, up 36.0% year-on-year and 41.3% quarter-on-quarter [3][15]. - The company sold 101,800 all-terrain vehicles in H1 2025, generating revenue of 4.731 billion yuan, a 33.95% increase year-on-year [3][15]. - Domestic sales of two-wheeled motorcycles reached 79,100 units, with revenue of 1.697 billion yuan, a 17.35% increase year-on-year [3][15]. - The company sold 250,500 units of its electric motorcycle brand, Jike, generating revenue of 872 million yuan, a staggering 652.06% increase year-on-year [3][15]. Profitability and Cost Management - The company's gross margin in H1 2025 was 28.4%, down 3.1 percentage points year-on-year, while the net margin was 10.6%, up 0.7 percentage points [5][22]. - In Q2 2025, the gross margin was 27.3%, down 3.5 percentage points year-on-year and 2.4 percentage points quarter-on-quarter, while the net margin was 11.0%, up 0.9 percentage points year-on-year and 1.1 percentage points quarter-on-quarter [5][22]. - The decline in gross margin was attributed to the increased proportion of Jike sales and tariffs, while the net margin improvement was due to the volume increase of U10 PRO and internal cost reduction efforts [5][22]. Product Development and Market Expansion - The company is entering a significant product year in 2024, launching several new models to enhance competitiveness in the ATV sector [6][30]. - New products include CFORCE 800 TOURING, CFORCE 1000 TOURING, and ZFORCE 950 Sport 4, aimed at expanding the SSV product line [7][30]. - The company is actively expanding its motorcycle product line, with new models such as 150SC, 450MT, and 500SR VOOM launched in 2024, and more planned for 2025 [9][34]. - The Jike brand is establishing a third growth curve, with rapid sales growth in the electric motorcycle market, supported by a new production base in Zhejiang [10][44]. Export Strategy - The company is focusing on expanding its motorcycle export business, aiming for long-term growth by re-entering the North American market and enhancing its product offerings [41][42]. - The motorcycle products are positioned competitively in overseas markets, with a focus on high cost-performance ratios compared to Japanese competitors [42][43].