Investment Rating - The report maintains a "Recommended" rating for the motorcycle sector [1] Core Insights - Yamaha's motorcycle revenue has shown steady growth, increasing from 930.1 billion JPY in FY2016 to 1,578.1 billion JPY in FY2025, with a CAGR of approximately 6.1%. However, motorcycle sales decreased from 5.154 million units to 4.999 million units during the same period, reflecting a CAGR of approximately -0.3% [9][27] - The average price of Yamaha motorcycles is projected to rise from 50,000 RMB to 69,700 RMB from FY2021 to FY2025, with a CAGR of approximately 8.7% [9][27] - The global motorcycle demand is estimated at 49.94 million units in 2023, with a projected CAGR of approximately 2% from 2024 to 2027 [11][15] - Yamaha aims to achieve a market share of 9.7% in FY2023, with specific targets of 31% in the high-end market by 2024 and 42% by 2027 in ASEAN and emerging markets, as well as 13% in Europe by 2027 [11][23] Summary by Sections Global Motorcycle Market and Yamaha's Share - The global motorcycle demand for 2023 is 49.94 million units, with a projected CAGR of approximately 2% from 2024 to 2027 [11][15] - Yamaha's target market share for FY2027 includes 31% in the high-end market by 2024 and 42% by 2027 in ASEAN and emerging markets, along with a 13% share in Europe [11][23] Yamaha Motorcycle Revenue and Sales Breakdown - Yamaha's motorcycle revenue is expected to grow steadily, with FY2025 projections showing sales of 76,000 units in Japan, 79,000 units in North America, 210,000 units in Europe, 3,903,000 units in Asia, and 73,100 units in other regions [12][34] - The average price of Yamaha motorcycles in FY2025 is projected to be 55.7 million JPY in Japan, 111.3 million JPY in North America, 112.6 million JPY in Europe, 22.8 million JPY in Asia, and 44.1 million JPY in other regions [34][28] Investment Recommendations - The report suggests that domestic brands have significant potential for overseas expansion, as their export prices still lag behind those of Japanese motorcycle companies. The motorcycle sector maintains a "Recommended" rating, with key recommendations including Chunfeng Power and Longxin General, and a suggestion to pay attention to Qianjiang Motorcycle [12][40]

Investment Rating - The report maintains a "Recommended" rating for the motorcycle industry [1] Core Insights - The motorcycle export market remains robust, with a year-on-year growth of 27% in January 2026, totaling 1.26 million units exported [10][14] - Domestic sales in January 2026 reached 340,000 units, reflecting a year-on-year increase of 17% [14] - The overall motorcycle sales (domestic and export) for January 2026 amounted to 1.6 million units, marking a 27% year-on-year growth [14] Industry Data Update - In January 2026, the motorcycle sales by displacement categories were as follows: - Sales of motorcycles with displacement between 150cc and 250cc reached 170,000 units, up 13% year-on-year [15] - Sales of motorcycles with displacement over 250cc totaled 64,000 units, up 8% year-on-year [15] - The total sales for motorcycles in January 2026 included 340,000 units domestically and 1.26 million units exported [14][19] Company Data Update - **Chunfeng Power**: - Total sales in January 2026 were 19,000 units, a 44% increase year-on-year [22] - Electric motorcycle sales surged by 208% year-on-year, totaling 29,000 units [22] - **Qianjiang Motorcycle**: - Total sales in January 2026 were 35,000 units, down 4% year-on-year [29] - Sales of motorcycles with displacement between 150cc and 250cc increased by 141% year-on-year [29] - **Longxin General**: - Total sales in January 2026 were 81,000 units, down 42% year-on-year [37] - Sales of motorcycles with displacement over 250cc increased by 28% year-on-year [37]

Investment Rating - The report maintains a "Recommended" rating for the motorcycle industry [1] Core Insights - The motorcycle export market remains robust, with a year-on-year sales increase of 20% for total exports in 2025, reaching 12.6 million units [5][15] - The overall motorcycle sales for 2025 reached 16.99 million units, reflecting a year-on-year growth of 16% [15] - The sales of motorcycles with engine displacement greater than 250cc increased by 26% year-on-year, totaling 950,000 units [15][16] Industry Data Update - Total motorcycle sales (domestic + export) for 2025: 16.99 million units, with domestic sales of 4.39 million units (down 4% YoY) and exports of 12.6 million units (up 20% YoY) [5][15] - Breakdown of sales by engine displacement: - 150cc < displacement ≤ 250cc: 2.04 million units (up 8% YoY) - Displacement > 250cc: 950,000 units (up 26% YoY) [16][20] Company Tracking - **Chunfeng Power**: - Total motorcycle sales: 260,000 units (up 4% YoY) - Sales of electric motorcycles: 300,000 units (up 420% YoY) [6][24] - **Qianjiang Motorcycle**: - Total motorcycle sales: 383,000 units (down 12% YoY) - Sales of motorcycles with displacement > 250cc: 114,000 units (down 10% YoY) [7][30] - **Longxin General**: - Total motorcycle sales: 1.34 million units (down 15% YoY) - Sales of motorcycles with displacement > 250cc: 140,000 units (up 32% YoY) [8][18]

Core Viewpoint - The report by Zhiyan Consulting highlights significant growth in China's motorcycle export market, with a notable increase in both quantity and value in 2025 compared to the previous year [1]. Group 1: Export Data - In November 2025, China's motorcycle export quantity reached 3.83 million units, representing a year-on-year growth of 30.5% [1]. - The export value for the same period was $1.575 billion, showing a year-on-year increase of 36% [1]. Group 2: Industry Insights - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services [1]. - The firm has over a decade of experience in the industry research field, offering tailored solutions to support investment decisions [1].

Investment Rating - The report maintains a "Recommended" rating for the motorcycle industry [1] Core Insights - The motorcycle export volume in November 2025 reached 1.64 million units, representing a year-on-year increase of 29% [8] - The export of motorcycles with displacement greater than 250cc saw a significant year-on-year growth of 78% [8] - Major export regions include Africa (615,000 units), Latin America (598,000 units), and Asia (309,000 units), with Africa and Asia showing high growth rates [8][12] - The overall export growth rate for motorcycles remains robust, with a consistent trend of over 9% year-on-year growth in each month from January to November 2025 [13] Summary by Sections Export Performance - In November 2025, motorcycle exports to Africa, Latin America, and Asia maintained high growth rates, with year-on-year increases of 46.5%, 9.4%, and 54.1% respectively [8][12] - The total motorcycle export volume for 2025 is projected to be 1.64 million units, with a year-on-year growth of 29.3% [14] Displacement Analysis - Motorcycles with displacement greater than 250cc showed a year-on-year growth of 78.46% in November 2025, indicating strong demand in this segment [14] - The export of motorcycles with displacement between 500cc and 800cc surged by 473.3% year-on-year [14] Regional Insights - The top five African countries for motorcycle exports in November 2025 were Togo, Nigeria, Tanzania, Ghana, and Egypt, primarily focusing on motorcycles with displacement less than or equal to 250cc [19] - In Latin America, Mexico is a key market, with exports of motorcycles greater than 250cc accounting for 61% of the total exports to the region [16]

Summary of Conference Call Notes Industry Overview - The motorcycle industry is experiencing a shift with policy support and market optimization, indicating a potential turning point in high prosperity for the sector in 2025 [1][2][5] - The electric two-wheeler market is driven by trade-in policies, but the effectiveness of these policies is diminishing, leading to a subdued sales performance post-implementation of new national standards [1][12] Key Insights on Motorcycle Market - In 2025, the domestic sales growth of large-displacement motorcycles is expected to stabilize, with a projected year-on-year growth of single digits from January to October, maintaining levels similar to the previous year [2][5] - The top companies in the large-displacement motorcycle segment, such as Chuanfeng Power, Longxin General, and Qianjiang Motorcycle, hold a market share of approximately 20%-30% and are likely to benefit from the expansion of the leisure consumer base [3][5] Export Performance - China’s motorcycle exports are robust, with 110cc and above motorcycle exports increasing by 24% year-on-year, and 250cc and above models seeing a 60% increase [6][9] - The overseas market, particularly in North America, South America, and Europe, presents significant growth potential, with the total global motorcycle sales exceeding 50 million units annually [6][9] Competitive Landscape - Chinese brands are narrowing the performance gap with Japanese brands through improved product features and supply chain advantages, achieving a market share of over 5% in Europe [7][8] - The Turkish market is experiencing short-term challenges due to currency fluctuations, impacting sales for companies heavily reliant on exports, but long-term growth prospects remain positive [9][10] Electric Two-Wheeler Market Insights - The electric two-wheeler market is expected to grow by approximately 10% in 2025, driven by trade-in policies, although the impact of these policies is expected to wane in 2026 [12][14] - Major players like Yadi and Aima are positioned to capture market share due to the challenges faced by smaller companies, especially in light of new national standards [12][13] Recommendations - The motorcycle sector is recommended for investment, particularly in companies like Chuanfeng Power and Longxin General, which are expected to outperform the industry average growth in 2026 [4][11][18] - For the electric two-wheeler segment, companies such as Yadi, Aima, and 9号 are highlighted as potential beneficiaries of market share opportunities in 2026, provided they can adapt to new market conditions [18] Additional Considerations - The electric golf cart market is primarily concentrated in North America, with significant growth expected, particularly in the outdoor segment where Chinese brands hold a substantial market share [15][16] - Chinese electric golf cart manufacturers are responding to anti-dumping measures by relocating production to Southeast Asia, which is expected to enhance their competitive position in the North American market [17]

Core Insights - The report by Zhiyan Consulting highlights the growth of China's motorcycle export market, with a notable increase in both quantity and value in 2025 [1] Export Performance - In October 2025, China exported 3.91 million motorcycles, representing a year-on-year growth of 10.9% [1] - The export value reached $1.388 billion, showing an increase of 11.1% compared to the previous year [1] Industry Analysis - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services [1] - The firm has a strong focus on delivering tailored solutions to empower investment decisions through its market insights and quality services [1]

Core Viewpoint - Motorcycle exports from China continue to maintain a high level of prosperity, with a year-on-year increase of 10% in October 2025, leading to a "recommended" rating by Guohai Securities [1][2]. Export Volume Summary - In October 2025, a total of 1.41 million motorcycles were exported, reflecting a year-on-year growth of 10%. Among these, motorcycles with a displacement of ≤250cc saw a significant increase, with 1.35 million units exported (yoy +10%), while those with a displacement of >250cc reached 60,000 units (yoy +9%) [2]. Regional Export Performance - The primary export regions for Chinese motorcycles are Latin America, Africa, and Asia, with Africa and Asia showing high growth rates. The export volume by region in October 2025 was as follows: Latin America (563,000 units), Africa (448,000 units), Asia (301,000 units), Europe (60,000 units), North America (33,000 units), and Oceania (4,000 units) [3]. - Year-on-year growth rates for exports in October 2025 by region were: Latin America (-3.7%), Africa (+15.0%), Asia (+42.9%), Europe (-5.9%), North America (+2.9%), and Oceania (-17.5%) [3]. High Growth in Key Export Regions - For motorcycles with a displacement of >250cc, the core export countries or regions and their growth rates in October 2025 were as follows: Latin America (33,836 units, yoy -17%), Europe (21,481 units, yoy +72%), Asia (5,451 units, yoy +48%), North America (958 units, yoy +594%), Africa (1,053 units, yoy +23%), and Oceania (671 units, yoy +36%) [4].

Investment Rating - The report maintains a "Recommended" rating for the motorcycle industry [1] Core Insights - The motorcycle export volume in October 2025 reached 1.41 million units, reflecting a year-on-year increase of 10% [8] - The export growth is driven primarily by the ≤250cc motorcycles, which also saw a 10% year-on-year increase, while the >250cc segment grew by 9% [8] - Major export regions include Latin America (563,000 units), Africa (448,000 units), and Asia (301,000 units), with Africa and Asia showing significant growth rates of 15% and 42.9% respectively [8][12] - The overall export growth for motorcycles in October 2025 indicates a sustained high level of market activity, justifying the "Recommended" rating [8] Summary by Sections Export Performance - In October 2025, motorcycle exports totaled 1.41 million units, with a year-on-year growth of 10% [8] - The breakdown by displacement shows that ≤250cc motorcycles accounted for 1.35 million units, while >250cc motorcycles accounted for 60,000 units [8] - The primary export destinations for Chinese motorcycles are Latin America, Africa, and Asia, with respective export volumes of 563,000, 448,000, and 301,000 units [12] Regional Growth Analysis - Year-on-year growth rates for major regions in October 2025 are as follows: Latin America (-3.7%), Africa (+15.0%), Asia (+42.9%), Europe (-5.9%), North America (+2.9%), and Oceania (-17.5%) [8] - Notably, the African and Asian markets continue to show robust growth, contributing significantly to the overall export performance [8] Monthly Export Trends - Monthly data from January to October 2025 indicates that the year-on-year growth rate for motorcycle exports consistently exceeded 9% [13] - The highest growth rates were observed in the 50-100cc and 500-800cc segments, with increases of 142.4% and 182.1% respectively [14] Market Dynamics - The report highlights that the motorcycle export market remains vibrant, with a sustained year-on-year growth of 10% in October 2025, reinforcing the positive outlook for the industry [8] - The analysis suggests that the motorcycle industry is well-positioned to capitalize on ongoing demand in key international markets [8]

Event Overview - In October, the company's fuel motorcycle sales reached 17,000 units, a year-on-year increase of 12.3% but a month-on-month decrease of 1.2% [2] - The sales of the Jike electric motorcycle (excluding self-produced) were 28,000 units, showing significant year-on-year growth [2] - The export sales of four-wheeled beach vehicles reached 19,000 units, with a year-on-year increase of 43.3% and a month-on-month increase of 14.3% [2] Two-Wheeled Vehicles: Export Sales and Jike Development - For large-displacement motorcycles (250cc+), October sales were 11,000 units, up 27.8% year-on-year but down 13.8% month-on-month; cumulative sales from January to October reached 166,000 units, a 35.6% year-on-year increase, with market share rising to 20.2% [3] - The new high-end 675cc three-cylinder model sold 55,000 units, a remarkable year-on-year increase of 510.5%, indicating ongoing product structure optimization [3] - The company's two-wheeled motorcycle exports saw a year-on-year recovery, with October sales of 11,000 units, up 50.1% year-on-year and 2.8% month-on-month; cumulative exports from January to October reached 116,000 units, a 20.6% year-on-year increase [3] - The Jike electric motorcycle sales for January to October reached 253,000 units, a substantial year-on-year increase, with the Jike brand expanding its channels domestically and internationally [3] Four-Wheeled Vehicles: U.S. Market Expansion and High-End Layout - In October, the export sales of four-wheeled beach vehicles were 19,000 units, a year-on-year increase of 43.3% and a month-on-month increase of 14.3%, nearing a historical monthly high; cumulative sales from January to October reached 151,000 units, a 9.7% year-on-year increase [4] - The company is maintaining a steady growth trend, with plans to continue leading the European market in market share and expanding in the U.S. market [4] - The core new product U10PRO has gained attention for its performance and quality upgrades, driving an increase in the average selling price (ASP) of four-wheeled vehicles [4] 2025 Milan Exhibition: New High-End Models - The new flagship ADV: 1000 MT-X features a 946cc twin-cylinder engine with a maximum power of 83kW (approximately 113 horsepower) and a maximum torque of 105N·m, equipped with advanced electronic configurations and comfort features [5] - The performance flagship prototype V4 SR-RR showcases the company's technical prowess, featuring a 997cc 90° V4 engine with a power output exceeding 157kW (approximately 210 horsepower) and advanced aerodynamic design [5] Long-Term Outlook - The company is optimistic about the export of two-wheeled vehicles and the high-end layout of four-wheeled vehicles, projecting revenues of 19.91 billion, 24.51 billion, and 29.50 billion yuan for 2025-2027, with net profits of 1.86 billion, 2.38 billion, and 2.93 billion yuan respectively [6] - The expected EPS for the same period is 12.19, 15.61, and 19.21 yuan, with corresponding PE ratios of 20, 16, and 13 times [6] - The closing price on November 14, 2025, was 242.36 yuan per share [6] Financial Projections | Item/Year | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | Revenue (Million Yuan) | 15,038 | 19,914 | 24,514 | 29,502 | | Growth Rate (%) | 24.2 | 32.4 | 23.1 | 20.3 | | Net Profit (Million Yuan) | 1,472 | 1,860 | 2,382 | 2,931 | | Growth Rate (%) | 46.1 | 26.4 | 28.0 | 23.0 | | EPS (Yuan) | 9.65 | 12.19 | 15.61 | 19.21 | | PE | 25 | 20 | 16 | 13 | | PB | 6.0 | 5.0 | 4.1 | 3.3 | [8]