我司充分认识到发布和直播的内容不当，已立即整改相关产品命名，下架并停止传播所有相 关争议内容，全面加强内部审核机制。 7月10日，"宗申智慧出行"微信公众号发布致歉声明： 近日，我司通过微信公众号"宗申智慧出行"、微信视频号"宗申智慧出行"及抖音账号"重庆 宗申车辆有限公司"发布和直播的部分内容涉嫌侵犯了"问界""智界""尚界"的商标权，引发 了广大网友的关注和传播，并给品牌方及公众造成了误解和困扰。在此，我们深表歉意。 我们再次就此次事件给相关品牌方带来的困扰，致以最诚挚的歉意。我司将持续致力于规范 运营，并保证不侵犯"问界""智界""尚界"等相关品牌的知识产权，坚决不发表任何可能影 响到"问界""智界""尚界"品牌声誉的违法内容。 据此前报道，7月8日，坐拥800余万粉丝、认证信息为资深车评人的韩路发布消息称，重 庆宗申在新品发布会上发布两款新型电动三轮车，分别命名为"智界S300""问界Q1p"。 据了解，智界、问界均都是鸿蒙智行旗下热门汽车品牌。其中，奇瑞汽车股份有限公司 2020年就已注册通过"智界"商标，而赛力斯汽车有限公司也持有多枚"问界"相关商标。 目前，问界旗下有问界M5、M7、M8和M9四 ...

Core Viewpoint - The recent approval of mandatory national standards for motorcycles by the State Administration for Market Regulation (SAMR) aims to enhance product quality supervision, ensure consumer safety, and promote vehicle upgrades, with implementation set for January 1, 2026 [1][2] Group 1: Fuel Tank Standards - The new standard for motorcycle fuel tanks increases safety performance requirements, introducing tests for pressure resistance, overturning, and permeability for non-metal fuel tanks, ensuring fuel leakage and permeability levels remain within safe limits [1] - The standard imposes stricter loading requirements for fuel tanks to prevent fuel spillage on high-temperature components like exhaust systems or engines, thereby enhancing the safety of motorcycle riders [1] Group 2: Lighting Standards - New standards for motorcycle lighting devices consider advancements in technology and products, improving the safety levels of lighting and signal lamps while expanding the types of signal lamps that can be installed [1] - Consumers will have access to motorcycles equipped with new lighting features such as daytime running lights, cornering assist lights, emergency brake lights, rear-end warning signal lights, and step lights following the implementation of these standards [1] Group 3: Graphic Symbols for Electric Motorcycles - The new standard for graphic symbols supplements electric motorcycles with additional symbols for daytime running lights, automatic start-stop, tire pressure warnings, and low battery alerts, providing a basis for the upgrade of domestic motorcycle products [2] - This initiative will offer consumers a wider range of choices and assist Chinese motorcycle products in meeting global market requirements, facilitating their international expansion [2]

近日，中华人民共和国江门海关发布行政处罚决定书（江关知字﹝2025﹞1号）。 处罚信息显示，2025年4月28日，金城集团进出口有限公司向外海海关申报出口摩托车全套散件一批（报关单号:681220250125526905）。经查验，该批出口 货物中有使用"HAOJUIS"商标标识的摩托车全套散件368 套，价值人民币1234493元。权利人江门市大长江集团有限公司认为上述使用"HAOJUIS"商标标识 的摩托车全套散件属于侵犯其"HAOJUE"商标专用权（备案号 T2020-95425）的商品，向江门海关提出采取知识产权保护措施的申请。 经江门海关调查，金城集团进出口有限公司的行为已构成出口侵犯他人商标专用权货物的行为。决定没收金城集团进出口有限公司上述侵权的摩托车全套散 件368套，并处罚款160000元。 公开信息显示，金城集团进出口有限公司成立于1995年10月12日，法定代表人王广瑞，股东为金城集团有限公司。 | ■ 营业期限信息 ・ | 1995年10月12日 | | ・ | | --- | --- | --- | --- | | ▌股东及出资信息 | | | | | 序号 | 股东名称 | 股东类 ...

证券研究报告 点评报告 2025 年 7 月 3 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、宏观经济组： 分析师：郭强 证书编号： S1080524120001 电话：0755-23838533 市场正密切关注明天即将公布的 6 月非农就业报告。瑞银预计，6 月非农就业人数 将仅增加 10 万人，失业率或达 4.3%，创 2021 年新高；花旗预计非农就业仅增加 8.5 万人，远低于市场普遍预期的 11 万个新增岗位，失业率将升至 4.4%。而非农 就业增长已连续数月放缓并遭遇大幅下修，从 3 月 22.8 万人降至 4 月 17.7 万人， 再降至 5 月的 13.9 万人，与 ADP 数据趋势相一致；而招聘活动减少、失业救济申 请增加等多重迹象，预示这一趋势预计将在 6 月延续。 "小非农"数据公布后，交易员加大对美联储 2025 年底前至少两次降息的押注。 目前，市场普遍预期 9 月美联储将重新开始降息，但如果 6 月就业或物价数据表 现异常疲软，美联储最早可能在 7 月便采取降息行动。 风险提示： 对上述事件发展趋势的点评，存在由于经济增长、行业竞争、外部经济环境 ...

Core Viewpoint - The company is initiating coverage on Longxin General with a "Buy" rating and a target price of 18.40 yuan, corresponding to a 20x PE for 2025, highlighting its strategic shift from low-end OEM to self-owned mid-to-high-end brands [1] Group 1: Company Strategy and Market Position - Longxin has transformed its business model, with the "Wujie" brand contributing nearly 20% of revenue by 2024, enhancing pricing power and value chain positioning in the motorcycle business [1] - The acquisition of a controlling stake by Zongshen in 2024 is expected to create the largest motorcycle manufacturer in the industry, with a projected market share of 17% [1] - The complementary product lines and platforms of Longxin and Zongshen are anticipated to generate strong synergies, further boosting growth potential [1] Group 2: Market Demand and Product Performance - The demand for large-displacement motorcycles is rising, with domestic sales expected to increase by 20% year-on-year to 396,000 units in 2024, raising the market share of large-displacement motorcycles to 8.6% [2] - Longxin's "Wujie" brand has successfully captured market opportunities, launching competitive products like CU525, which has helped increase its market share to 14% in 2024 [2] - The company is projected to increase its market share to 16.2% within three years, with expected sales growth of 15%/10%/9% from 2025 to 2027 [2] Group 3: Export Growth and Future Prospects - The export business of "Wujie" is thriving, with a compound annual growth rate (CAGR) of 71% over the past four years, driven by partnerships with quality local agents and differentiated product offerings [3] - Europe and Latin America are identified as key growth regions, with expectations to capture 5% market share in Europe by 2027 and 2% in Latin America within three years [3] - The company anticipates maintaining a robust total sales growth rate of nearly 40% from 2025 to 2027 [4] Group 4: Financial Forecast and Valuation - Revenue is projected to grow by 15.3%/17.6%/18.4% from 2025 to 2027, with net profit expected to increase by 69%/24%/21%, reaching 1.90 billion, 2.36 billion, and 2.85 billion yuan respectively [6] - The average PE for comparable companies is estimated at 20x for 2025, leading to a target price of 18.40 yuan for Longxin [6] Group 5: Market Concerns and Growth Potential - Despite market concerns about saturation in the domestic large-displacement motorcycle sector, there remains significant growth potential compared to markets like Italy, Japan, and Brazil [5] - The company plans to expand its product offerings to fill gaps in engine platforms and segmented categories, which could further enhance its domestic market share [5]

以下文章来源于晚点LatePost ，作者晚点团队 晚点LatePost . 晚一点，好一点 去东南亚市场做智能电动摩托车，挑战本田、雅马哈。 文 丨 司雯雯 编辑 丨 宋玮 没有欢送仪式，何涛最终独自一人离开他参与创立的小鹏汽车。他特地晚上去，腾空办公室、移出人 事关系，清扫在此间的所有痕迹。有人曾提议送别，"那太尴尬"，他猜测不知情的员工怎么想，"他跟 何小鹏闹掰了、跑了，怎么还欢送？" 他在小鹏已没有任何管理职位。4 个月前，2024 年 3 月小鹏汽车公告，夏珩和何涛从总裁、副总裁转 任 "终身荣誉顾问"。外界解读更直接，三个合伙人关系崩盘、"被迫出局"。 从开始创业到结束，恰好 10 年。何涛获得 29 岁辞职创业时最渴望的东西——从一名月薪 4000 块的 程序员到财富自由、手握几亿美金——却没获得相匹配的声望。小鹏汽车有新的核心班子，何小鹏办 公桌上合影身旁是顾宏地、王凤英。没人再提何涛的名字。 "以前也没什么人提我"。他说不在意。 这可能是一种回避，至少从 2022 年 9 月小鹏 G9 配置混乱、上市失利和小鹏销量一路滑坡后，许多 批评者认为何小鹏、何涛、夏珩三人管理不善。何小鹏过于民主、只 ...

Core Viewpoint - The article discusses the departure of He Tao from Xiaopeng Motors and his subsequent plans to enter the Southeast Asian market with a new venture focused on smart electric motorcycles, aiming to challenge established brands like Honda and Yamaha. Group 1: Departure from Xiaopeng Motors - He Tao left Xiaopeng Motors without a farewell ceremony, indicating a significant shift in the company's leadership dynamics [2] - The relationship among the founding partners of Xiaopeng Motors deteriorated, leading to He Tao and another co-founder being reassigned to honorary positions [3] - He Tao expressed a desire to prove himself again through a new entrepreneurial venture after achieving financial success but lacking recognition [4] Group 2: New Venture in Southeast Asia - He Tao announced his new company, OMOWAY, in Jakarta, Indonesia, focusing on smart electric motorcycles [4][38] - The Southeast Asian market presents a unique opportunity, with a high motorcycle ownership rate and limited competition from electric brands [21][24] - The market is dominated by Honda and Yamaha, which hold over 95% market share, indicating a concentrated competitive landscape [22] Group 3: Market Potential and Challenges - Indonesia has a population of approximately 300 million, with around 120 million motorcycles, making it a significant market for electric motorcycles [24] - The electric motorcycle penetration rate in Indonesia is currently low, at only 3%, presenting both a challenge and an opportunity for new entrants [40] - OMOWAY aims to leverage the experience gained from the Chinese electric vehicle market to establish a foothold in Indonesia [41] Group 4: Product Development and Strategy - OMOWAY's first motorcycle is designed to appeal to tech-savvy consumers who value quality and are willing to pay a premium [39] - The company conducted extensive user research to inform product design, focusing on aesthetics and functionality [36] - He Tao emphasized the importance of creating a visually appealing product that stands out in the market [37] Group 5: Leadership and Management Style - He Tao is learning to adapt his management style to be more effective in his new role as CEO, focusing on collaboration and communication [32] - The founding team of OMOWAY includes experienced professionals from Xiaopeng Motors, enhancing the company's operational capabilities [30] - He Tao's previous experiences at Xiaopeng Motors have shaped his approach to leadership and decision-making in the new venture [33]

作者 | 张子怡 编辑 | 彭孝秋 近期，智能电动摩托车品牌OMOWAY（目蔚科技）宣布完成数千万美元种子轮及天使轮融资。该融资 由真格、红杉、惠友资本联合投资，OMOWAY创始人何涛及核心团队跟投。融资资金将用于量产产品 的生产和智能化技术的持续研发与完善。 OMOWAY成立于2024年，由原小鹏汽车联合创始人何涛及小鹏前副总裁矫青春共同创立。团队成员有 小鹏自动驾驶前负责人肖志光、小鹏P7设计总监张利华，原VIVO印尼负责人陈碧峰也加入团队，负责 印尼市场拓展。 6月20日，OMOWAY在印尼雅加达发布其首款智能电动摩托车原型车OMO X，该原型车在发布会上 以"自动驾驶"形式驶入舞台。 因此，OMOWAY的首款智能电动摩托车针对印尼市场需求研发，将汽车智能驾驶技术移植到摩托车 上。 具体而言，OMO X搭载了OMOWAY自主研发的HALO全域智能开发架构，其中HALO Pilot系统基于视 觉感知与摩托车自平衡技术，实现低速行驶时的车辆平衡控制。该系统还集成了自适应巡航、一键泊 车、一键召唤等多项智能驾驶功能。 在安全性能方面，OMOWAY自研的HALO Pilot 搭载超感知算法与AI大数据模型，可实 ...

雅马哈发动机株式会社成立于1955年7月1日，今年迎来了70周年里程碑之年。 公司起源于日本代表性乐器制造商——日本乐器制造株式会社(现雅马哈株式会社)。拥有悠久的历史、 且在当时呈现出飞跃式发展的乐器制造商"为何进入摩托车业务"。本文将再次介绍公司创业背景及其创 始人川上源一。 乐器制造商为何进入摩托车领域？走近其背景及创始人川上源一 川上源一先生是日本乐器制造株式会社第4任社长，暨雅马哈发动机的创始人。他曾提出："在业务业绩 上升期做好开拓新业务的准备是经营者的职责"，由此决意向摩托车领域进军。 日本乐器制造株式会社第4任社长 川上源一先生 当时，日本国内已有约180家摩托车制造商群雄并立，而作为后起制造商，公司并未以本土先行的制造 商为技术标杆，秉持"不能在世界通用的就不是商品" "要做就做顶级产品"(均出自川上社长)的理念，以 挑战者之姿怀揣进军全球的雄心，开启了这项跨越式发展的新业务。 日本乐器制造株式会社秘密启动摩托车业务，研发团队人数极其精简。 照片为川上社长(右)与开发成员。完成市场投放后的山路测试时，社长亦亲赴现场 定睛"世界"标准的后起制造商的挑战 雅马哈发动机株式会社的起源可追溯到189 ...

摩托车行业系列点评十七 中大排销量创新高 内外销共振向上 2025 年 06 月 20 日 邮箱：cuiyan@mszq.com 邮箱：jiangxuzhou@mszq.com ➢ 事件概述：据中国摩托车商会数据，2025 年 5 月 250cc（不含）以上摩托 车销量 10.1 万辆，同比+31.1%，环比+8.9%。1-5 月累计销量 39.9 万辆，同 比+50.4%。 ➢ 行业：旺季来临 中大排月度销量创历史新高 1）125cc（不含）以上：5 月销量 70.3 万辆，同比+7.8%，环比-10.5%，主要 增量来自于 125-150cc 及 500-800cc，春风动力、隆鑫通用等头部企业均贡献 明显增量； 2）250cc（不含）以上：5 月销量 10.1 万辆，同比+31.1%，环比+8.9%，创 历史新高。1-5 月累计销量 39.9 万辆，同比+50.4%。其中： 出口：250cc+摩托车 5 月出口 5.0 万辆，同比+52.1%，环比+29.4%，同比增 长原因为头部企业在 500-800cc 排量段出口持续增长，1-5 月累计出口 20.8 万 辆，同比+73.1%。 内销：250cc+ ...