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]

Group 1 - In May 2025, China's motorcycle exports reached 4.03 million units, representing a year-on-year increase of 25.2% [1] - The export value for motorcycles was $1.662 billion, showing a year-on-year growth of 21.5% [1] - The data is sourced from Chinese customs and organized by Zhiyan Consulting [3]

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 25% in the first half of 2025, indicating a strong demand for motorcycles [9][15] - The overall motorcycle sales in the first half of 2025 reached 8.317 million units, reflecting a year-on-year increase of 19% [15] - The report highlights significant growth in the sales of motorcycles with engine displacement greater than 250cc, which saw a 41% increase year-on-year [15] Industry Data Update - Total motorcycle sales (domestic and export) for January to June 2025: 8.317 million units, up 19% year-on-year - Domestic sales: 2.226 million units, down 3.5% year-on-year - Export sales: 6.091 million units, up 25% year-on-year [15][16] - Breakdown of sales by engine displacement: - Sales of motorcycles with 150cc < displacement ≤ 250cc: 970,000 units, up 13% year-on-year - Sales of motorcycles with displacement > 250cc: 502,000 units, up 41% year-on-year [15][16] Company Data Update Chuanfeng Power - Total sales for January to June 2025: 143,000 units, up 10% year-on-year - Sales of motorcycles with 150cc < displacement ≤ 250cc: 25,300 units, down 49% year-on-year - Sales of motorcycles with displacement > 250cc: 108,400 units, up 45% year-on-year [25] Qianjiang Motorcycle - Total sales for January to June 2025: 202,000 units, down 10% year-on-year - Sales of motorcycles with 150cc < displacement ≤ 250cc: 33,000 units, up 12% year-on-year - Sales of motorcycles with displacement > 250cc: 70,000 units, down 4% year-on-year [34]

Investment Rating - The report maintains a "Recommended" rating for the motorcycle industry [1] Core Insights - The motorcycle export volume in May 2025 reached 1.59 million units, showing a year-on-year increase of 24.8% [9] - The export of motorcycles with displacement greater than 250cc saw a significant year-on-year growth of 33.4% [9] - Major export regions include Latin America (562,000 units), Africa (489,000 units), and Asia (371,000 units) [15] - The overall export growth rate for motorcycles has consistently exceeded 24% each month from January to May 2025 [17] Summary by Sections Recent Trends - The motorcycle industry has shown a strong performance relative to the Shanghai and Shenzhen 300 index, with a 12-month return of 23.2% compared to 9.8% for the index [4] Export Analysis - In May 2025, motorcycle exports to Africa and Latin America continued to maintain high growth rates, with Africa showing an impressive year-on-year increase of 82.6% [9][15] - The export of motorcycles with displacement less than or equal to 250cc totaled 1.51 million units, reflecting a year-on-year increase of 24.4% [9] Regional Performance - The top export destinations for Chinese motorcycles in May 2025 were Latin America, Africa, and Asia, with respective export volumes of 562,000, 489,000, and 371,000 units [15] - The year-on-year growth rates for exports to various regions were as follows: Latin America (3.0%), Africa (82.6%), Asia (20.3%), and Europe (18.9%) [9][15] Displacement Segmentation - The export of motorcycles with displacement less than or equal to 50cc increased by 8.8%, while those in the 50-100cc range surged by 136.9% [16] - The segment of motorcycles with displacement greater than 250cc has shown robust growth, particularly in the 500-800cc category, which grew by 97.8% [16]

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 the first five months of 2025, indicating a strong demand for motorcycles [10][16] - The overall motorcycle sales from January to May 2025 reached 6.822 million units, reflecting a year-on-year increase of 21% [16] - The report highlights significant growth in the sales of motorcycles with engine displacement greater than 250cc, which saw a 50% increase year-on-year [16] Industry Data Update - **Overall Sales**: In the first five months of 2025, total motorcycle sales (domestic and export) were 6.822 million units, with domestic sales at 1.846 million units (down 1.3% year-on-year) and exports at 4.976 million units (up 27% year-on-year) [16][17] - **Sales by Displacement**: - Motorcycles with displacement between 150cc and 250cc sold 800,000 units (up 17% year-on-year) - Motorcycles with displacement greater than 250cc sold 399,000 units (up 50% year-on-year) [16][17] Company Data Update - **Chunfeng Power**: - Total sales of fuel motorcycles reached 118,200 units (up 23% year-on-year) in the first five months of 2025, with electric motorcycle sales skyrocketing to 93,000 units (up 2000% year-on-year) [26] - **Qianjiang Motorcycle**: - Total sales were 168,000 units (down 6% year-on-year) in the same period, with sales of motorcycles over 250cc increasing by 8% [35] - **Longxin General**: - Total sales reached 649,000 units (up 16% year-on-year), with significant growth in the 150cc to 250cc segment (up 48% year-on-year) [9]

Core Viewpoints - The growth of the motorcycle market is driven by two key factors: exports and large-displacement motorcycles, with the latter transitioning from a tool to a consumer product [2][8][11] - The domestic market for large-displacement motorcycles is expected to grow significantly, with a projected CAGR of 12% from 2024 to 2030, reaching 800,000 units by 2030 [3][77][80] - The overseas motorcycle market presents a substantial opportunity for Chinese brands, with an expected market size of 932 billion yuan in 2024, and a significant growth potential for large-displacement exports [4][8][11] Group 1: Market Overview - The annual motorcycle sales in China range from 19 to 20 million units, with small-displacement models dominating the market [2][15] - The motorcycle industry has undergone three phases: popularization, decline, and differentiated growth, with a notable shift towards large-displacement motorcycles since 2020 [2][19][20] - The domestic sales of fuel motorcycles are projected to decline from 7.71 million units in 2019 to 5.44 million units in 2024, while large-displacement motorcycle sales are expected to grow from 110,000 to 400,000 units during the same period, reflecting a CAGR of 28.8% [3][32] Group 2: Large-Displacement Motorcycle Market - The penetration rate of large-displacement motorcycles in China is expected to increase from 1.5% in 2019 to 7.5% in 2024, indicating a growing consumer interest in this segment [3][41] - The market for large-displacement motorcycles is being driven by rising outdoor sports demand and the development of motorcycle culture, with a significant increase in motorcycle events and clubs [3][48][56] - By 2024, the share of 400-500cc models is expected to rise to 46%, indicating a trend towards higher performance and larger displacement motorcycles [3][63] Group 3: Export Opportunities - The overseas motorcycle market is projected to exceed 40 million units in 2024, with large-displacement motorcycle sales estimated at 3.44 million units, representing a significant growth opportunity for Chinese manufacturers [4][8] - In 2024, Chinese motorcycle exports are expected to reach 11.02 million units, with a 25.7% share of the overseas market, highlighting the potential for further growth in large-displacement exports [4][8] - The export of large-displacement motorcycles is accelerating, with a CAGR of 67.6% from 2022 to 2024, as domestic brands enhance their international presence [4][8] Group 4: Key Players - The leading companies in the large-displacement motorcycle market include Chunfeng, Longxin, and Qianjiang, with Chunfeng expected to become the market leader in 2024 [5][9] - Chunfeng's motorcycle sales are projected to grow from 45,000 units in 2019 to 308,000 units in 2024, with a focus on large-displacement products [5][9] - Longxin's large-displacement motorcycle sales are expected to increase from 21,000 units in 2019 to 108,000 units in 2024, reflecting a CAGR of 38.6% [6][9]

► 中大排摩托车走向全球 全地形车新品周期强劲。 1）燃油摩托车： 150SC、675SR等新品陆续上市，完善产品体系，2024年累计销售两轮车28.7万辆，实现营收60.4亿元，同比增长37.1%，ASP为2.1万元，同比微 降，高端化、全球化成效愈发显著。分市场来看，两轮内销14.3万台，营收30.9亿元，同比+44.4%，>200CC跨骑摩托车销量登顶行业第一；出口14.3万台，营收 29.4亿元，同比+30.2%； 2）全地形车： 核心产品矩阵全面焕新， 中高端新品U10PRO等凭借卓越性能与创新设计成为市场焦点 ，推动业务高弹性增长。2024年公 司全地形车销售16.9万辆，营收72.1亿元，同比+10.9%，ASP为4.3万元。看好公司依靠产品线扩充、性价比优势持续提升市场份额，打开成长空间。 ► 股权激励绑定核心人才 保障公司长远发展。 01 事件概述 公司发布《向不特定对象发行可转换公司债券预案》： 拟次向不特定对象发行可转换公司债券拟募集资金总额不超过25.0亿元，扣除发行费用后募集资金净额将用 于： （1）投资年产300万台套摩托车、电动车及核心部件研产配套新建项目，项目总投资额35.0亿 ...

Core Viewpoint - 隆鑫通用动力股份有限公司 reported significant growth in revenue and net profit for the year 2024, driven by strong performance in the motorcycle and general machinery sectors [15][17]. Company Overview - 隆鑫通用 is a leading manufacturer in the motorcycle industry, maintaining the top position in exports for 19 consecutive years, with a total motorcycle sales volume of 16.46 million units in 2024, a year-on-year increase of 12.99% [2][3]. - The company specializes in various products including two-wheeled motorcycles, three-wheeled motorcycles, motorcycle engines, all-terrain vehicles, and general machinery [4][5]. Industry Performance - The motorcycle industry in China saw a total sales volume of 16.46 million units in 2024, with domestic sales declining by 16.56% to 8.91 million units, while exports increased by 26.72% to 11.02 million units [2]. - The market for large-displacement leisure motorcycles (over 250cc) grew significantly, with sales reaching 756,600 units, a year-on-year increase of 42.97% [3]. - The general machinery sector experienced a total sales volume of 47.72 million internal combustion engines, marking a 6.67% increase year-on-year [4]. Financial Highlights - The company achieved a revenue of 4.646 billion yuan in 2024, representing a year-on-year growth of 40.98%, and a net profit of 507 million yuan, up 96.79% [15]. - Motorcycle product sales contributed 2.742 billion yuan, with export revenue reaching 310 million USD, a 55.23% increase [15]. - The company’s all-terrain vehicle sales increased by 74.36%, generating 107 million yuan in revenue [16]. Business Model - 隆鑫通用 operates through a comprehensive business model that includes research and development, procurement, production, and sales [6][10]. - The company has established a robust R&D structure with nearly 1,600 personnel, focusing on market-driven innovations [7]. Legal and Financial Matters - The company is currently involved in legal proceedings regarding receivables, with a balance of 666 million yuan and significant provisions for credit impairment [18]. - The company is also in the process of transferring its stake in the Italian CMD company, with ongoing negotiations and conditions to be met for completion [19][20].