Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, particularly recommending companies such as Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [18]. Core Insights - The motorcycle industry is experiencing steady growth in the mid-to-large displacement segment, with a notable increase in exports. The report highlights the robust performance of leading companies in this sector, driven by new model launches and an expanding market [4][18]. - The report indicates that the overall sales of mid-to-large displacement motorcycles are expected to resonate positively in both domestic and international markets, supported by the efforts of key players like Chuanfeng Power and Longxin General [5][18]. Summary by Sections Sales Performance - In October 2025, the sales of motorcycles above 250cc reached 61,000 units, showing a slight year-on-year decline of 0.2% but a significant month-on-month drop of 29.7%. Cumulatively, from January to October, sales totaled 822,000 units, reflecting a year-on-year increase of 29.7% [3]. - The sales of motorcycles above 125cc in October were 603,000 units, up 1.0% year-on-year but down 19.7% month-on-month, with growth primarily from the 125-150cc and 500-800cc segments [4]. Structural Analysis - The report notes strong growth in the 500cc+ displacement models, with October sales of 13,000 units, a year-on-year increase of 33.2%. Cumulative sales from January to October reached 161,000 units, up 128.7% year-on-year [5]. - The 250cc to 400cc segment saw a decline in October sales, with 36,000 units sold, down 8.5% year-on-year and 31.5% month-on-month, while the 400cc to 500cc segment experienced a slight decrease of 7.2% year-on-year [5]. Market Dynamics - The top three companies in the 250cc+ segment for October were Chuanfeng Power, Longxin General, and Qianjiang Motorcycle, with a combined market share of 43.7%. Chuanfeng Power maintained a leading position with a market share of 18.8% [6][8]. - Longxin General's sales in October were 11,000 units, reflecting a year-on-year increase of 62.7%, while Qianjiang Motorcycle's sales were 4,000 units, down 47.9% year-on-year [8][15]. Future Outlook - The report anticipates continued growth in the mid-to-large displacement motorcycle market, driven by new model launches and an expanding consumer base. The focus will be on enhancing domestic sales and increasing export volumes, particularly for Chuanfeng Power and Longxin General [12][18]. - The report emphasizes the importance of new product introductions and brand positioning in capturing market share and driving future sales growth [14][18].

Core Viewpoint - The motorcycle industry is experiencing steady growth in the mid-to-large displacement segment, with significant export acceleration and a focus on high-end domestic production [5][18]. Sales Performance - In September 2025, sales of motorcycles above 250cc reached 87,000 units, representing a year-on-year increase of 13.1% and a month-on-month increase of 2.5%. Cumulative sales from January to September totaled 761,000 units, up 32.9% year-on-year [2]. - The export of motorcycles above 250cc in September was 53,000 units, a year-on-year increase of 39.0% and a month-on-month increase of 13.6%. Cumulative exports for the first nine months reached 412,000 units, up 65.4% year-on-year [3]. - Domestic sales for September were 33,000 units, down 12.7% year-on-year and 11.2% month-on-month, with cumulative domestic sales of 350,000 units, up 8.0% year-on-year [4]. Market Structure - The growth of motorcycles with a displacement of 500cc and above is strong, with leading companies like Chuanfeng Power, Longxin General, and Qianjiang Motorcycle enhancing their export capabilities [5]. - The top three companies in the 250cc+ segment in September were Chuanfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 44.2% [6]. Company Insights - Chuanfeng Power's total two-wheeler sales in September were 49,000 units, up 41.5% year-on-year, while cumulative sales for the first nine months reached 423,000 units, up 86.4% year-on-year [6]. - Qianjiang Motorcycle's sales in September were 38,000 units, down 20.9% year-on-year, with cumulative sales of 305,000 units, down 13.2% year-on-year [12]. - Longxin General's motorcycle sales in September were 130,000 units, down 22.7% year-on-year, with cumulative sales of 1.282 million units, down 3.6% year-on-year [15]. Future Outlook - The motorcycle market is expected to continue expanding, driven by new models and brands from leading companies, with a focus on high-end products and international market penetration [18]. - Chuanfeng Power plans to launch new models in the 450cc and 650cc categories, which are anticipated to boost sales [11]. - Qianjiang Motorcycle is enhancing its product definition capabilities and aims to introduce new models to stimulate growth [14].

Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, specifically recommending companies such as Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [5][15]. Core Insights - The motorcycle industry is experiencing steady growth in sales, particularly in the mid-to-large displacement segment, with exports accelerating [4][5]. - The overall sales of motorcycles above 250cc reached 87,000 units in September 2025, marking a year-on-year increase of 13.1% and a cumulative sales of 761,000 units from January to September, up 32.9% year-on-year [3][4]. - The report highlights the strong performance of leading companies in the industry, with Chuanfeng Power maintaining its top position in sales [6][9]. Summary by Sections Sales Performance - In September 2025, sales of motorcycles above 125cc reached 751,000 units, a year-on-year increase of 5.5% and a month-on-month increase of 12.2% [4]. - Exports of motorcycles above 250cc in September were 53,000 units, up 39.0% year-on-year, while domestic sales were 33,000 units, down 12.7% year-on-year [4]. Market Structure - The report notes significant growth in the 500cc and above segment, with sales of 1,700 units in September, a year-on-year increase of 351.5% [5]. - The 250cc to 400cc segment saw sales of 53,000 units in September, up 3.8% year-on-year, while the 400cc to 500cc segment experienced a decline of 24.1% [5]. Competitive Landscape - The top three companies in the 250cc and above segment are Chuanfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 44.2% in September [6][8]. - Chuanfeng Power's market share was 15.3% in September, while Qianjiang Motorcycle's market share was 15.0%, reflecting a year-on-year increase of 84.8% in sales [6][8]. Future Outlook - The report anticipates continued growth in the mid-to-large displacement motorcycle market, driven by new model launches and increased export activities from leading manufacturers [5][15]. - Chuanfeng Power is expected to focus on new models in the 450cc and 650cc categories, which are anticipated to boost sales significantly [11].

Core Viewpoint - The motorcycle industry is experiencing steady growth in sales, particularly in the mid-to-large displacement segment, with a notable increase in exports and a focus on high-end domestic models [4][16]. Industry Overview - In August, sales of motorcycles above 125cc reached 670,000 units, a year-on-year increase of 8.9% and a month-on-month increase of 0.7%, driven mainly by the 125-150cc and 500-800cc segments [3]. - The sales of motorcycles above 250cc reached 84,000 units in August, marking a year-on-year increase of 23.6% but a month-on-month decrease of 4.4%, with cumulative sales from January to August at 675,000 units, up 36.0% year-on-year [2][3]. - Exports of motorcycles above 250cc in August totaled 47,000 units, a year-on-year increase of 64.1%, with cumulative exports from January to August at 358,000 units, up 71.1% year-on-year [3]. Domestic Sales - Domestic sales of motorcycles above 250cc in August were 38,000 units, down 5.4% year-on-year and 10.0% month-on-month, with cumulative sales from January to August at 316,000 units, up 10.8% year-on-year [4][6]. - The structure of sales shows strong growth in the 500cc+ displacement models, indicating a trend towards higher-end products [4]. Market Share and Competition - The top three companies in the 250cc+ segment in August were Chuanfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 44.6% [5]. - Chuanfeng Power's sales in August were 15,000 units, up 14.4% year-on-year, while Qianjiang Motorcycle's sales were 9,000 units, down 18.5% year-on-year [5][11]. Company Performance - Chuanfeng Power reported total two-wheeler sales of 50,000 units in August, a year-on-year increase of 73.3%, with cumulative sales from January to August at 374,000 units, up 94.5% year-on-year [6]. - Qianjiang Motorcycle's sales in August were 33,000 units, down 3.4% year-on-year, with cumulative sales from January to August at 267,000 units, down 12.0% year-on-year [11]. - Longxin General's motorcycle sales in August were 117,000 units, down 29.1% year-on-year, with cumulative sales from January to August at 952,000 units, down 7.1% year-on-year [13]. Future Outlook - The motorcycle industry is expected to continue its growth trajectory, with a focus on expanding exports and introducing new high-displacement models [10][19]. - Companies are anticipated to enhance their product offerings, particularly in the 450cc and 650cc segments, which are expected to drive sales [10].

Core Viewpoint - The motorcycle market, particularly in the mid to large displacement segment, continues to show strong performance despite being in the off-season, with significant growth in both domestic and export sales [5][14]. Industry Overview - In July 2025, sales of motorcycles above 250cc reached 88,000 units, a year-on-year increase of 21.7% but a month-on-month decrease of 14.2%. Cumulative sales from January to July reached 590,000 units, up 37.9% year-on-year [2][3]. - For motorcycles above 125cc, July sales were 665,000 units, down 7.1% year-on-year and 5.9% month-on-month, with growth primarily driven by the 125-150cc and 500-800cc segments [3][4]. Sales Structure - The sales of motorcycles in various displacement categories showed diverse trends: - 250cc to 400cc: July sales of 44,000 units, up 6.1% year-on-year, but down 17.5% month-on-month; cumulative sales of 309,000 units, up 45.0% year-on-year [4]. - 400cc to 500cc: July sales of 24,000 units, down 1.1% year-on-year; cumulative sales of 153,000 units, up 5.7% year-on-year [4]. - 500cc to 800cc: July sales of 19,000 units, up 238.8% year-on-year; cumulative sales of 112,000 units, up 118.9% year-on-year [4]. - Over 800cc: July sales of 1,000 units, up 12.5% year-on-year; cumulative sales of 16,000 units, up 107.4% year-on-year [4]. Export and Domestic Sales - Exports of motorcycles above 250cc in July reached 47,000 units, up 77.0% year-on-year, while domestic sales were 42,000 units, down 9.7% year-on-year [3][4]. - Cumulative exports from January to July reached 312,000 units, up 71.1% year-on-year, while domestic sales totaled 279,000 units, up 13.4% year-on-year [3][4]. Company Performance - Changan Power: In July, total two-wheeler sales reached 57,000 units, up 120.4% year-on-year, with significant contributions from both fuel and electric motorcycles [7]. - Qianjiang Motorcycle: In July, sales were 30,000 units, down 24.4% year-on-year, with cumulative sales of 234,000 units, down 13.1% year-on-year [11][12]. - Longxin General: In July, sales were 89,000 units, down 47.8% year-on-year, with cumulative sales of 860,000 units, down 2.8% year-on-year [13][14]. Market Dynamics - The top three companies in the 250cc+ segment in July were Changan Power, Longxin General, and Qianjiang Motorcycle, with a combined market share of 48.3% [6]. - Changan Power maintained a leading position with a market share of 20.9% in July, while Longxin General and Qianjiang Motorcycle held 15.9% and 11.5% respectively [6]. Future Outlook - The mid to large displacement motorcycle market is expected to continue expanding, driven by new model launches and increased export activities from leading companies [5][14]. - Changan Power is focusing on new models in the 450cc and 650cc categories to boost domestic sales, while also expanding its export market [10].

Core Viewpoint - The motorcycle industry is experiencing significant growth in sales, particularly in the mid-to-large displacement segment, driven by strong domestic demand and export performance [2][12]. Industry Overview - April sales for motorcycles above 125cc reached 786,000 units, a year-on-year increase of 24.2% and a month-on-month increase of 10.5%, with notable contributions from 125-150cc and 500-800cc segments [2]. - The 250cc and above segment saw sales of 93,000 units in April, up 28.0% year-on-year and 5.6% month-on-month, marking a historical high [2][3]. - Cumulative sales from January to April for 250cc and above motorcycles reached 298,000 units, reflecting a year-on-year increase of 58.3% [2]. Structural Insights - The 500cc and above displacement models are experiencing robust growth, with April sales of 7,000 units, a staggering year-on-year increase of 436.0% [5]. - The overall mid-to-large displacement motorcycle sales continue to maintain high growth rates, with strong domestic performance as the peak season approaches [3]. Competitive Landscape - The top three companies in the 250cc and above segment in April were Chunfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 52.9% [4]. - Chunfeng Power's total two-wheeler sales in April reached 56,000 units, a year-on-year increase of 108.1% [4]. - Qianjiang Motorcycle's April sales were 35,000 units, down 12.4% year-on-year, while Longxin General reported sales of 145,000 units, up 9.6% year-on-year [7][11]. Future Outlook - Chunfeng Power is focusing on new models in the 450cc and 650cc categories, which are expected to drive sales growth [6]. - The export market for motorcycles is anticipated to maintain high growth rates, with significant increases in export volumes projected for 2025 [6][14]. - The mid-to-large displacement motorcycle market is expected to expand rapidly, with domestic brands likely to benefit the most from the rising demand [12].