Core Viewpoint - In 2025, China's independent motorcycle companies are expected to experience a dual trend of high-end development and international expansion, with increasing domestic sales concentration [1][2]. Group 1: Market Overview - In 2025, domestic sales of mid-to-large displacement motorcycles (over 250cc) reached 374,000 units, a year-on-year increase of 6.2%, achieving a record penetration rate of 11.1% [2]. - Exports of mid-to-large displacement motorcycles surged to 449,000 units, reflecting a significant year-on-year growth of 59.1% [2]. - The market structure is evolving, with the share of 450cc models increasing to approximately 34%, and the export of 800cc models marking a significant milestone for domestic brands [2]. Group 2: Sales Forecast for 2026 - Domestic sales of mid-to-large displacement motorcycles are projected to reach 432,000 and 477,000 units in 2025 and 2026, respectively, with year-on-year growth rates of 8.8% and 10.5% [3]. - The overseas market for mid-to-large displacement motorcycles is expected to exceed 5 million units, with exports forecasted to maintain high growth rates, reaching 540,000 and 718,000 units in 2025 and 2026, respectively, representing year-on-year increases of 58.4% and 33.0% [3]. Group 3: Structural Trends - The trend towards high-end products is expected to accelerate, with major domestic companies launching multiple models of 500cc and above in 2025, leading to a projected increase in the share of 500cc-800cc motorcycles to 22% and 25% in 2025 and 2026, respectively [4]. - The export structure is stabilizing, with the share of 500cc-800cc models expected to rise to 17.4% and 19.5% in 2025 and 2026 [5]. Group 4: Competitive Landscape - The concentration of the mid-to-large displacement motorcycle market remains high, with the CR3 (the market share of the top three companies) at approximately 53.6% in the first ten months of 2025 [6]. - As consumer preferences evolve, leading domestic brands like Changan, Longxin, and Qianjiang are expected to capture more market share due to their better understanding of local consumer preferences and superior product quality [6]. Group 5: Investment Recommendations - The focus on mid-to-large displacement product platforms, popular product models, regional breakthroughs, and brand storytelling positions domestic motorcycle companies for sustainable global growth, with recommendations for Changan Power (603129.SH), Longxin General (603766.SH), and Qianjiang Motorcycle (000913.SZ) [7].