Industry Overview - In August, the total sales of two-wheeled fuel motorcycles reached 1.441 million units, a year-on-year increase of 11.6% [1] - Exports accounted for 1.073 million units, up 20.8% year-on-year, while domestic sales were 368,000 units, down 8.7% [1] - For motorcycles above 250cc, sales were 84,000 units, reflecting a year-on-year increase of 23.6% [1] Company Insights Chunfeng Power - In August, Chunfeng Power sold 18,000 two-wheeled fuel motorcycles, a decrease of 18.7% year-on-year [2] - Exports were 11,000 units, up 51.6%, while domestic sales dropped to 7,000 units, down 52.7% [2] - Electric motorcycle sales surged to 33,000 units, a remarkable increase of 348.6% [2] Longxin General - Longxin General reported total sales of 93,000 two-wheeled motorcycles in August, down 34.0% year-on-year [3] - Exports were 82,000 units, a decline of 36.8%, while domestic sales were 11,000 units, down 1.3% [3] - Sales of motorcycles above 250cc reached 14,000 units, up 29.0% year-on-year [3] Qianjiang Motorcycle - Qianjiang Motorcycle's total sales of two-wheeled motorcycles in August were 34,000 units, remaining stable year-on-year [4] - Exports increased significantly to 23,000 units, up 84.9%, while domestic sales fell to 11,000 units, down 48.8% [4] - For motorcycles above 250cc, sales were 9,000 units, a decrease of 18.5% year-on-year [4]

Investment Rating - The industry investment rating is maintained at "Outperform" [1] Core Insights - In August 2025, the total sales of two-wheeled fuel motorcycles reached 1.441 million units, representing a year-on-year increase of 11.6%. Exports accounted for 1.073 million units, up 20.8%, while domestic sales were 368,000 units, down 8.7% [4][10] - For motorcycles above 250cc, sales in August were 84,000 units, a year-on-year increase of 23.6%. Exports were 47,000 units, up 64.1%, and domestic sales were 38,000 units, down 5.4% [4][10] - Electric motorcycle sales surged to 33,000 units in August, marking a significant year-on-year increase of 348.6% [19] - The all-terrain vehicle (ATV) sales from domestic factories were 14,000 units, down 13.1% year-on-year [19] Summary by Relevant Sections Two-Wheeled Fuel Motorcycles - Total sales in August were 1.441 million units, with exports at 1.073 million units and domestic sales at 368,000 units [4][10] - Year-to-date total sales reached 11.2623 million units, up 14% year-on-year [5] Motorcycles Above 250cc - August sales were 84,500 units, with exports at 47,000 units and domestic sales at 38,000 units [4][10] - Year-to-date total sales reached 674,800 units, up 36% year-on-year [5] Electric Motorcycles - August sales reached 33,000 units, with a year-on-year increase of 348.6% [19] - Year-to-date total sales reached 193,500 units, up 857% year-on-year [19] All-Terrain Vehicles - August sales were 2,000 units, with a year-on-year increase of 186.2% [26] - Year-to-date total sales reached 12,210 units, up 7% year-on-year [5] Three-Wheeled Motorcycles - August sales were 25,000 units, with a year-on-year increase of 46.7% [26] - Year-to-date total sales reached 199,300 units, up 47% year-on-year [5]

Industry Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - In July, total sales of two-wheeled fuel motorcycles reached 1.477 million units, a year-on-year increase of 7.2%. Exports were 1.082 million units, up 11.9%, while domestic sales were 395,000 units, down 3.9% [3][10] - For motorcycles over 250cc, sales in July were 88,300 units, a year-on-year increase of 21.7%. Exports were 47,000 units, up 77.0%, and domestic sales were 42,000 units, down 9.7% [3][10] - Electric motorcycle sales surged to 37,000 units in July, reflecting a significant year-on-year increase of 533% [20] - All-terrain vehicle shipments from domestic factories reached 18,000 units in July, a year-on-year increase of 27.1% [20] Summary by Sections Two-Wheeled Fuel Motorcycles - Total sales in July were 1.477 million units, with exports at 1.082 million units and domestic sales at 395,000 units [4][10] - Year-to-date cumulative sales reached 9.8218 million units, a 14% increase year-on-year [4] Motorcycles Over 250cc - July sales totaled 88,300 units, with exports at 47,000 units and domestic sales at 42,000 units [4][10] - Year-to-date cumulative sales reached 590,300 units, a 38% increase year-on-year [4] Electric Motorcycles - July sales reached 37,000 units, a remarkable increase of 533% year-on-year [20] - Year-to-date cumulative sales reached 160,900 units, reflecting a 1141% increase year-on-year [20] All-Terrain Vehicles - July shipments totaled 18,000 units, a year-on-year increase of 27.1% [20] - Year-to-date cumulative shipments reached 108,400 units, a 14% increase year-on-year [20]

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - In June, total sales of two-wheeled fuel motorcycles reached 1.495 million units, a year-on-year increase of 8.0%. Exports were 1.115 million units, up 17.6%, while domestic sales were 380,000 units, down 12.8% [3][9] - For motorcycles above 250cc, sales in June were 103,000 units, a year-on-year increase of 14.3%. Exports were 57,000 units, up 59.9%, and domestic sales were 46,000 units, down 15.6% [3][9] - Electric motorcycle sales surged to 31,000 units in June, reflecting a dramatic year-on-year increase of 2192.0% [3][18] - The all-terrain vehicle (ATV) segment saw domestic factory shipments of 18,000 units in June, marking a 5.8% increase year-on-year [3][18] Summary by Category Two-Wheeled Fuel Motorcycles - June total sales: 1.495 million units, +8.0% YoY; exports: 1.115 million units, +17.6% YoY; domestic sales: 380,000 units, -12.8% YoY [4][9] - Cumulative sales for the first half of the year reached 8.3375 million units, a 15% increase YoY [4] 250cc and Above - June sales: 103,000 units, +14.3% YoY; exports: 57,000 units, +59.9% YoY; domestic sales: 46,000 units, -15.6% YoY [4][9] - Cumulative sales for the first half of the year reached 502,000 units, a 41% increase YoY [4] Electric Motorcycles - June sales: 31,000 units, +2192.0% YoY; cumulative sales for the first half of the year reached 123,900 units, +1489% YoY [4][18] All-Terrain Vehicles - June sales: 18,000 units, +5.8% YoY; cumulative sales for the first half of the year reached 90,600 units, +7% YoY [4][18]

Investment Rating - The industry investment rating is maintained at "Outperform" [3][38] Core Insights - The motorcycle industry showed strong sales growth in April 2025, with total sales of 1.582 million units for two-wheeled fuel motorcycles, representing a year-on-year increase of 19.6% [6][13] - Exports of two-wheeled fuel motorcycles reached 1.141 million units, up 27.9% year-on-year, while domestic sales were 441,000 units, a modest increase of 2.4% [6][13] - The 250cc and above segment also performed well, with total sales of 93,000 units in April, reflecting a 28.0% year-on-year growth [6][13] Summary by Sections Two-Wheeled Fuel Motorcycles - April total sales reached 1.582 million units, with exports at 1.141 million units and domestic sales at 441,000 units [6][13] - Year-to-date cumulative sales for two-wheeled fuel motorcycles stand at 5.3549 million units, showing a 19% increase compared to the previous year [7] 250cc and Above Segment - April sales totaled 93,000 units, with exports of 39,000 units and domestic sales of 54,000 units, marking increases of 28.0%, 23.4%, and 31.6% respectively [6][13] - Year-to-date cumulative sales for this segment reached 297,800 units, reflecting a significant 58% year-on-year growth [7] Electric Motorcycles - Electric motorcycle sales surged to 27,000 units in April, a staggering increase of 1992% year-on-year [23] - Cumulative sales for electric motorcycles reached 58,400 units, indicating a 1289% increase compared to the previous year [23] All-Terrain Vehicles - All-terrain vehicle shipments from domestic factories reached 17,000 units in April, representing a 5.1% year-on-year growth [23]