Core Insights - The report by Zhiyan Consulting highlights the growth of China's motorcycle export market, with a significant increase in both quantity and value in 2025 [1] Export Performance - In September 2025, China exported 4.37 million motorcycles, representing a year-on-year growth of 20.5% [1] - The export value reached 1.582 billion USD, showing a year-on-year increase of 30.9% [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 over a decade of experience in the industry research field, offering tailored solutions to support investment decisions [1]

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 August 2025 [1] Export Performance - In August 2025, China exported 4.37 million motorcycles, representing a year-on-year increase of 17.4% [1] - The export value reached $1.654 billion, marking a year-on-year growth of 24.1% [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 market insights and quality services [1]

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 April 2025 compared to the previous year [1]. Summary by Categories Export Performance - In April 2025, China exported 3.66 million motorcycles, representing a year-on-year increase of 36.9% [1]. - The export value reached $1.52 billion, which is a year-on-year growth of 38.4% [1]. 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, focusing on delivering tailored solutions to empower investment decisions [1].

Core Viewpoint - The motorcycle industry in China has undergone significant changes, transitioning from a period of rapid growth to facing challenges due to various factors, including government policies and market competition. Recent trends indicate a structural shift towards larger displacement motorcycles and electric vehicles, presenting new opportunities for growth and export [1][9]. Historical Context - The Chinese motorcycle industry began with the establishment of "Jialing," which marked the first domestically developed motorcycle in 1979. The JH70 model became a cultural icon in the 1980s and 1990s, symbolizing freedom and status [4][5]. - In 1995, Jialing achieved a production milestone of over one million units, earning the title of "King of Chinese Motorcycles." This success spurred the rise of other manufacturers in Chongqing, leading to a competitive landscape in the industry [5][7]. - By 2001, Chinese motorcycles had captured nearly 90% of the Vietnamese market, significantly impacting Japanese brands that previously dominated the region. However, aggressive price competition led to a decline in product quality and consumer trust, resulting in a loss of market share [7][8]. Recent Developments - Since 2019, the domestic motorcycle market has stabilized, with a notable increase in demand for motorcycles under 150cc due to favorable government policies and relaxed restrictions in certain cities. However, the growth of passenger cars and electric two-wheelers has marginalized the commuting role of small-displacement motorcycles [15]. - The popularity of large-displacement motorcycles surged during the pandemic, with a 90.5% increase in sales in 2021, indicating a growing market for recreational riding [15][17]. - The penetration rate of large-displacement motorcycles in China is currently around 6%, significantly lower than in the U.S. (95%) and Europe (60-70%), suggesting substantial growth potential [17]. Export Trends - The export of large-displacement motorcycles has become a trend, with exports increasing from 6.51 thousand units in 2019 to 35.90 thousand units in 2024, reflecting a growing share of the international market [19]. - In the first seven months of 2025, China's motorcycle exports reached 10.44 million units, a 31.29% increase year-on-year, with Latin America and Africa showing significant growth in both volume and value [21]. - The motorcycle industry is leveraging its strengths in product quality and cost-effectiveness to compete in international markets, particularly in Latin America and Africa, while also focusing on the growing demand for electric motorcycles [23].

Core Insights - The report by Zhiyan Consulting highlights the growth of China's motorcycle export market, with a significant increase in both quantity and value in July 2025 [1] Group 1: Export Data - In July 2025, China's motorcycle export volume reached 4.43 million units, representing a year-on-year growth of 21.1% [1] - The export value for the same period was $1.708 billion, showing a year-on-year increase of 24.3% [1] Group 2: 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 over a decade of experience in the industry research field, offering tailored solutions for investment decision-making [1]

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 June 2025 [1] Group 1: Export Data - In June 2025, China's motorcycle export volume reached 4.25 million units, representing a year-on-year growth of 16% [1] - The export value for the same period was $1.704 billion, showing a year-on-year increase of 14.7% [1] Group 2: 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 over a decade of experience in the industry research field, focusing on delivering tailored solutions to support investment decisions [1]

Investment Rating - The report maintains a "Buy" rating for Chuanfeng Power, indicating a positive outlook on the company's growth potential in the all-terrain vehicle (ATV) and motorcycle sectors [6]. Core Insights - Chuanfeng Power has experienced significant growth since its listing in 2017, with a market capitalization increase of 13.3 times and an annualized return of 38% [3]. - The all-terrain vehicle market is approximately 950,000 to 1,000,000 units, with North America being the largest market, accounting for about 80% of global sales [3][69]. - The company has successfully expanded its product lines, including ATVs, motorcycles, and electric two-wheelers, with revenue contributions of 48%, 40%, and 3% respectively in 2024 [21]. - The report highlights the potential for Chuanfeng Power to double its all-terrain vehicle revenue by 2030, driven by new product launches and market expansion [4]. Summary by Sections Company Overview - Chuanfeng Power has evolved from a parts manufacturer to a leading player in the ATV and motorcycle markets, with significant milestones including entering the ATV market in 2005 and launching its electric motorcycle brand ZEEHO in 2020 [11]. Stock Price Review - The stock price of Chuanfeng Power has been influenced by product cycles, external tariffs, shipping costs, and exchange rate fluctuations, with long-term growth driven by business expansion and product cycles [3][31]. All-Terrain Vehicles - The all-terrain vehicle segment has seen a compound annual growth rate (CAGR) of 32% from 2019 to 2024, with revenue increasing from 1.83 billion to 7.21 billion yuan [3]. - Chuanfeng Power's market share in the U.S. increased from 5.8% in 2020 to 17.6% in 2022, capitalizing on supply shortages faced by competitors during the pandemic [3]. Motorcycles - The motorcycle segment has also shown robust growth, with revenue rising from 1.15 billion to 6.04 billion yuan from 2019 to 2024, reflecting a CAGR of 39% [5]. - The domestic market for recreational motorcycles has expanded significantly, with sales increasing from 140,000 units in 2020 to 400,000 units in 2024 [5]. ZEEHO Brand - The ZEEHO brand is projected to achieve sales of 600,000 to 700,000 units by 2025, with significant growth potential similar to that of other successful electric motorcycle brands [6]. Profit Forecast and Investment Recommendations - The report anticipates continued growth across all three business segments (ATVs, motorcycles, and ZEEHO), suggesting that Chuanfeng Power should command a higher valuation due to its leading market position [6].

Core Viewpoint - Motorcycle exports possess three rare attributes: overseas sales potential is over ten times that of the domestic market; core markets are Europe and Latin America, while the U.S. market accounts for less than 1% of global capacity; domestic brands have undergone a qualitative leap in product strength over the past five years, with overseas market share currently below 5%, expected to accelerate from 1% to 10% [1][2]. Market Analysis - The global market for 250cc+ large displacement motorcycles is approximately 3.6 million units, with the overseas market space nearly ten times that of the domestic market. Domestic brands are focusing on Europe and Latin America [2]. - The European motorcycle market has a total size of about 1.84 million units, primarily consisting of large displacement models, with a penetration rate of nearly 60% for 250cc and above. The projected sales for 250cc+ large displacement motorcycles in 2024 is around 1.08 million units, with a preference for high-end models in the 600cc to 1000cc range [2]. - The Americas motorcycle market has an overall capacity of approximately 6.88 million units, with the U.S. market around 500,000 units, primarily focusing on super large displacement models. The Latin American market capacity reaches 6.26 million units, with a projected sales volume of about 500,000 units for 250cc+ models [3]. - The Asian motorcycle market has a total capacity of about 47.55 million units, with penetration rates for 250cc+ models at 8.6% in China and 25% in Japan. The total sales for 250cc+ models in Asia is estimated at 1.34 million units [3]. Company Insights - Changan Power has successfully adopted a "premium" strategy, rapidly gaining international recognition. The company has exported products to over 100 countries, with sales increasing from 8,000 units in 2020 to 126,000 units in 2024, reflecting a CAGR of 96.99% [4]. - Longxin General has achieved rapid growth, transitioning from "product export" to "brand export." The brand has gained recognition in the European market, with 76% of export revenue coming from Europe, and sales of the Longxin DS900X exceeding 10,000 units [4]. - Qianjiang Motorcycle, a veteran in the large displacement segment, has elevated its international strategy to a top priority, focusing on markets in Europe, Latin America, the Middle East, and Africa [5].

Group 1 - The motorcycle export market has three rare attributes: overseas sales potential is over ten times that of the domestic market [1] - The core markets for motorcycle exports are Europe and Latin America, while the US market accounts for less than 1% of the global total capacity [1] - The product strength of domestic brands has undergone a significant qualitative change in the past five years, with overseas market share currently below 5%, indicating potential for rapid growth from 1% to 10% [1]

Group 1 - The core viewpoint is that China's internal combustion motorcycle exports have shown significant growth in both quantity and value in May 2025, indicating a strong market performance [1] - The export quantity reached 1.64 million units, representing a year-on-year increase of 25.1% [1] - The export value amounted to $1.011 billion, reflecting a year-on-year growth of 27.5% [1] Group 2 - The data is sourced from China Customs and organized by Zhiyan Consulting, a leading industry consulting firm in China [3]