Group 1 - The 23rd China International Motorcycle Expo is being held in Chongqing from September 19 to 22, showcasing over 900 companies, marking a record scale for the event [1][3] - The expo focuses on electric, intelligent, and large-displacement motorcycles, highlighting the latest industry achievements [1][7] - The growing "Z generation" is expected to drive market growth and influence differentiated branding, products, services, and marketing strategies in the motorcycle industry [6][10] Group 2 - The electric motorcycle market is projected to reach 69.3 billion yuan by 2026, with a compound annual growth rate (CAGR) of 6.5% [7] - In the first half of 2025, Chongqing's electric motorcycle production reached 1.237 million units, a year-on-year increase of 33% [7][10] - The number of exhibitors for electric motorcycles increased by 60% compared to the previous year, indicating a strong shift towards high-tech and high-value products in Chongqing's motorcycle industry [7][10] Group 3 - The transformation towards electric and intelligent motorcycles is reshaping the supply chain and is seen as essential for the industry's future [10][12] - Companies are focusing on digitalization, networking, and intelligent upgrades as a necessary path for sustainable development in the electric motorcycle sector [10][12] - The Chongqing government aims to produce over 15 million electric vehicles annually by 2027, with electric motorcycles making up over 80% of that figure [11][12]

本文约 3 0 0 0 字，推荐阅读时长 1 0 分钟，欢迎关注新财富公众号。 摩托车这个品类在国内很特殊，我国是世界上最大的摩托车产销国，也是世界上唯一一个大规模禁摩的国家。 从90年代到2008年，国内的摩托车工业都处在高速发展阶段，2008年销量达到巅峰的2750万辆，2008年之后国内禁摩政策限制、电动两轮车替代、汽车 工业迅速发展、共享经济崛起等等因素共同作用下，摩托车作为出行工具的属性不断被弱化，国内摩托车销量一直处在下滑区间。 一直到2019 年，摩托车产业不再是单一方向的下滑、萎缩，开始有了结构性变化：出口持续放量，大排量、休闲娱乐属性开始凸显，而电动化、玩法属 性、品牌化成为新的关键词。 0 1 从嘉陵到摩帮，20年前出口折戟 在探讨近年来摩托车产业变化之前，我们先回顾国内摩托车产业的历史，更能体会到20多年来摩托车产业的翻身巨变。 提起中国摩托车的起点，绕不开"嘉陵"二字。嘉陵的根子可以追溯到洋务运动的江南制造总局，而真正让它走进千家万户的，是1979年的那个决定 ——"军转民"，做摩托。次年，第一辆嘉陵50问世，虽然排量不大，却象征着中国人第一次真正拥有了自主研发的摩托车。 真正让嘉陵封 ...

Core Viewpoint - Honda Motor has built a robust "fourfold moat" over the past 70 years through technology, product innovation, manufacturing, and branding, leading to its position as the world's largest motorcycle brand with a market share exceeding 30% in 2024 [2][6]. Group 1: Global Journey of Honda Motor - Honda maintains a leading global market share with 18.819 million units sold in 2024, accounting for over 30% of the global market [2][22]. - The motorcycle business is projected to generate an operating profit of 121.25 billion yen in the 2024 fiscal year, with a gross margin of 21.5% [2]. - Key technologies such as four-stroke engines and DCT dual-clutch systems position Honda at the forefront of the industry, with ongoing investments in hydrogen energy and electrification [2][6]. Group 2: Product Dimension - Honda's product matrix includes popular models like the Super Cub, Gold Wing, and CBR series, which have driven significant sales growth and expanded the customer base [3][7]. - The Super Cub series has doubled global sales over the past decade due to its low fuel consumption and high durability [3]. - The current product lineup spans scooters, street bikes, sport bikes, and cruisers, balancing entry-level models with high-end offerings to enhance brand image [3][7]. Group 3: Strategic Dimension - Honda's strategy combines "performance leadership + cost control," allowing for broader international market penetration [3][4]. - The company employs a phased, region-specific strategy to build its global operations, leveraging local labor cost advantages and cultural adaptability [3][4]. - In the U.S., Honda has successfully transformed the rebellious image of motorcycles into a more approachable brand through cultural integration [3][4]. Group 4: Lessons for Domestic Motorcycle Enterprises - Honda's experience highlights the importance of building a "technology moat + product strength + cultural adaptability" for domestic motorcycle companies aiming for global expansion [4][8]. - Domestic companies like Chunfeng Power, Longxin General, and Qianjiang Motorcycle are exploring different paths for globalization, with expectations of exporting over 500,000 mid-to-large displacement motorcycles by 2025, a year-on-year increase of 50.4% [4][8]. - The shift from "manufacturing export" to "system output" is crucial for sustainable globalization [4][8]. Group 5: Investment Recommendations - The overseas mid-to-large displacement motorcycle market presents significant growth potential, with relatively mild competition [4]. - Domestic leaders like Chunfeng Power, Longxin General, and Qianjiang Motorcycle are expected to achieve rapid market share expansion through product strength and global strategies [4].

摩托车行业深度报告 本田百年复盘 自主摩企探径 2025 年 09 月 11 日 ➢ 引言：过去 70 余年，本田摩托一步步构建起技术、产品、制造、品牌的"四 重护城河"，在技术突破与产品创新的连续演进中，不仅改写了全球摩托车产业 格局，也为后来者提供了极具可操作性的战略范式。作为全球销量第一的摩托车 品牌，本田摩托的成功，是工业逻辑、市场节奏与文化适应力深度融合的产物， 观察其崛起过程，是理解摩企全球化路径的一个重要切口。 ➢ Honda Motor 全球征途 技术沉淀、产品布局与市场韧性共振。本田凭借 70+年的技术积累与持续创新，长期保持全球市占率第一，2024 年销量为 1,881.9 万辆，占全球市场逾 30%；2024 财年摩托车业务营业利润 12,125 亿日 元，毛利率 21.5%。在技术维度，本田摩托以四冲程发动机、DCT 双离合等核 心技术引领行业，并率先布局氢能源与电动化平台，推动成本与性能同步优化。 ➢ 产品维度：经典铸就传奇 本田摩托如何定义工业标杆？自成立以来，本田 摩托始终站在全球摩托车技术与市场演进的前沿，通过热门车型实现多次增长。 Super Cub 系列凭借低油耗与高耐用性 ...

Summary of Longxin General's Conference Call Company Overview - Longxin General reported a revenue of 16.8 billion yuan in 2024, a year-on-year increase of 29%, with a net profit attributable to shareholders of 1.13 billion yuan, up 92% [2][5] - The motorcycle business now accounts for 76% of total revenue, reflecting a strategic focus on core operations and divestment of non-core assets [2][5] - The company completed a share restructuring in December 2024, with Zongshen New Manufacturing becoming the controlling shareholder, potentially enhancing its position in the motorcycle market [2][7] Key Business Segments Motorcycle Business - The self-owned brand "Wujie" saw rapid growth, with sales exceeding 180,000 units in 2024, generating revenue of 3.15 billion yuan, doubling year-on-year and accounting for 18.7% of total revenue [2][10] - The brand's competitive edge has been bolstered by collaboration with BMW, improving product quality and technology [2][9] - The motorcycle segment includes high-end motorcycles, all-terrain vehicles, and electric motorcycles, with a focus on expanding the product matrix and enhancing market presence [3][4] All-Terrain Vehicles - The all-terrain vehicle segment is projected to be a core growth driver for 2025, with revenue reaching 400 million yuan in 2024, a 74% increase [4][18] - Expected sales for 2025 are anticipated to nearly double, supported by a diversified product matrix and competitive strategies [4][18] Financial Performance - Longxin General's financial performance shows a stable gross margin between 15% and 20% over the past five years, with a recovery in net profit margin from 3.6% in 2023 to 6.3% in 2024 [5] - The company has maintained a stable expense ratio between 8% and 10% [5] Strategic Adjustments - Since 2021, Longxin has focused on core businesses, transitioning from industrial to consumer products, and divesting non-core subsidiaries [6] - By the end of 2024, goodwill impairment risks have been eliminated, enhancing financial stability [6] Market Trends Large Displacement Motorcycles - The large displacement motorcycle industry is experiencing rapid export growth, with a compound annual growth rate (CAGR) of 12% from 2020 to 2024 [14] - The penetration rate for large displacement motorcycles in China is only 4.6%, indicating significant growth potential compared to Japan and Europe [14] Future Outlook - Longxin General expects a net profit of 1.87 billion yuan in 2025, a 10.67% increase, with potential for higher performance if export and profit margins exceed expectations [21] - The company has a strong cash position of 5.6 billion yuan and a dividend payout ratio expected to remain high at 73% [22] Additional Insights - The Wujie brand has introduced a wider range of new models, significantly increasing the success rate of popular products [11][15] - The company is also expanding its electric motorcycle segment, which could become a secondary growth driver in the future [20]

Core Viewpoint - Wuyang Honda has unveiled its electrification strategy and launched the high-performance smart electric motorcycle E-VO, marking a significant step in the transition from fuel to electric two-wheelers [1][2]. Group 1: E-VO Specifications - E-VO is the first model in Wuyang Honda's electric FUN EV series, available in dual and triple battery versions with two color options: Milk Apricot White and Extreme Black [2]. - The E-VO features a 74V28Ah battery system developed exclusively by New Energy An, which offers four key advantages addressing user pain points [3]. Group 2: Battery Advantages - The E-VO is equipped with a 6.2kWh large-capacity battery pack, designed for long-range with a cycle life exceeding 1500 times [4]. - It maintains high discharge performance in low-temperature environments down to -20℃, ensuring all-weather adaptability [4]. - The motorcycle employs a partitioned cell layout and directional pressure relief technology, achieving the industry's first five-star fire safety certification, thus ensuring zero explosion risk during thermal runaway [4]. - It is compatible with both home charging stations and fast-charging stations, alleviating range anxiety for users [4]. Group 3: Industry Insights - The collaboration between New Energy An and Wuyang Honda is seen as a model for the two-wheeled electric motorcycle industry, accelerating the transition from fuel to electric [5]. - New Energy An, a joint venture of CATL and ATL, focuses on the two-wheeled vehicle market, having developed the "Kun Yuan" battery specifically for electric motorcycles and forming strategic partnerships with leading electric motorcycle manufacturers [5]. - The electric motorcycle market is projected to exceed $100 billion globally by 2030, driven by the shift towards electric mobility and the advantages of zero emissions and lower operating costs [5]. - Despite the growth potential, challenges such as reduced range in low temperatures and high battery costs remain significant hurdles for the electric motorcycle sector [5]. Group 4: Competitive Landscape - Several battery companies, including Xingheng Power, Boliview, and Tianpeng Power, are focusing on the electric motorcycle market, indicating a competitive landscape [6]. - Xingheng has developed a range of lithium batteries tailored for domestic commuting electric motorcycles, achieving high performance with a peak discharge rate of 2.5C [6]. - Boliview has established a global presence in the electric motorcycle battery market and sees new national standards and battery swapping as potential growth areas [6]. - Tianpeng Power's parent company, Weilan Lithium Chip, is optimistic about the demand for electric motorcycles in Southeast and South Asia [7]. Group 5: Future Outlook - With the technological advancements from these companies, improvements in battery range and cost issues for electric motorcycles are expected to continue [8].

Core Insights - The Chinese motorcycle industry reported significant growth in Q1 2025, characterized by "three growths and two breakthroughs" in production, sales, exports, and profits, along with advancements in the large-displacement leisure motorcycle market and electric transformation [1] Production and Sales Data - In Q1 2025, the motorcycle industry produced and sold 4.8729 million and 4.897 million units, respectively, marking year-on-year increases of 16.61% and 17.09% [2] - Electric motorcycles emerged as the mainstay of domestic sales, with production and sales of 810,900 and 801,000 units, reflecting year-on-year growth of 17.16% and 18.31%, capturing 48% of total domestic sales (up from 42% in 2024) [2] - The large-displacement leisure motorcycle segment (over 250cc) saw production and sales of 207,800 and 204,800 units, with year-on-year surges of 82.12% and 77.23%, representing 15.3% of fuel motorcycle domestic sales, a historical high [2] - The sales of cross motorcycles increased significantly, with 2.5553 million units sold, a year-on-year growth of 26.74%, while traditional fuel scooters experienced a decline of 1.87% [2] Export Performance - In March 2025, motorcycle exports reached 1.0978 million units, with a month-on-month increase of 42.44% and a year-on-year increase of 30.3%; export value was $1.168 billion, up 125.42% month-on-month and 118.42% year-on-year [3] - Cumulatively, Q1 exports totaled 2.9274 million units, a year-on-year increase of 27.59%, with an export value of $2.354 billion, up 59.04% year-on-year [3] - The export structure is evolving, with a notable increase in higher displacement models and emerging markets, such as a 40% increase in exports to Mexico and a 124% increase to Brazil [3] - Major companies like Longxin and Dazhongjiang accounted for 62% of exports, with Longxin exporting over 400,000 units in a single quarter [3] Economic Benefits - Key motorcycle manufacturers reported growth in industrial output value, sales revenue, and profits in early 2025, with total industrial output value reaching 19.173 billion yuan, a year-on-year increase of 20.01% [4] - The total profit reached 1.008 billion yuan, reflecting a year-on-year increase of 36.60%, while total tax revenue increased by 55.79% to 1.849 billion yuan [4] - R&D investment rose to 671 million yuan, up 18.14%, accounting for 3.17% of revenue, indicating a focus on innovation [4] - Leading companies like Zongshen and Chuanfeng achieved significant revenue growth, with Zongshen leading at 2.522 billion yuan [4] Future Growth Drivers - The China Motorcycle Association forecasts four key trends for 2025: increased integration of technology, cultural development through events, policy benefits from relaxed regulations, and resilient export growth, with expectations for total export value to exceed $9 billion [5] - The industry is transitioning from being merely a transportation tool to a lifestyle choice, with a projected increase in smart motorcycles equipped with AI and connectivity features [5]