Core Viewpoint - Longxin General is expected to achieve a net profit attributable to shareholders of 1.52-1.62 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 69.1%-80.3% [1] Financial Performance - The net profit for Q3 2025 is projected to be around 500 million yuan, reflecting a year-on-year increase of 60.5% but a quarter-on-quarter decrease of 12.5% [1] Business Growth Drivers - The significant growth in performance is driven by the synergy of multiple business lines, with the Wujie brand rapidly growing through both product and channel expansion [1] - The company is actively advancing its strategic layout in the Central and South American and Southeast Asian markets, with overseas search exposure reaching 9.27 million times, a year-on-year increase of 70.85% [1] Brand Development - The global expansion of the mid-to-large displacement motorcycle segment is a key contributor to the Wujie brand, with dual expansion in both product and channel driving accelerated growth [1] Investment Rating - The company maintains a "recommended" rating based on its growth prospects and market strategies [1]

Core Insights - The 138th China Import and Export Fair (Canton Fair) has seen a significant shift towards professional buyers, indicating a higher probability of transactions in the motorcycle sector [1] - China's motorcycle exports have surged, with a total of 12.05 million units exported from January to August 2025, marking a 30.38% increase year-on-year, and export value reaching $7.533 billion, up 34.63% [1] - The demand for electric motorcycles is on the rise, with over 50% of exhibitors showcasing electric models at the fair, reflecting a clear trend towards electrification in the industry [3] Export Growth - In the first eight months of 2025, Latin America was the largest market for motorcycle exports from China, with 4.3761 million units exported, a year-on-year increase of 17.72%, and an export value of $2.656 billion, up 26.33% [1] - Africa showed the highest growth rate in exports, with 3.8126 million units exported, a 72.26% increase, and an export value of $2.015 billion, up 76.86% [1] Electric Motorcycle Trends - The fair highlighted a significant increase in electric motorcycle offerings, with many companies introducing advanced technologies such as range-extended electric models and battery-swapping systems [3] - The export value of electric motorcycles and bicycles from China is projected to exceed 40 billion yuan in 2024, driven by manufacturers' understanding of overseas market demands [4] Market Dynamics - The competitive landscape includes established Japanese brands like Honda and Suzuki, as well as Indian brands like TVS and Hero, which are also vying for market share in the electric motorcycle segment [4] - Emerging markets in Africa and the Middle East are increasingly adopting favorable policies for electric motorcycles, creating new opportunities for Chinese manufacturers [4] Diverse Usage Scenarios - The application of motorcycles is diversifying beyond personal use, with logistics companies purchasing two-wheelers for delivery and hotels acquiring three-wheelers or golf carts for various services [5] Tariff Implications - Mexico remains the largest market for Chinese motorcycle exports, despite potential tariff increases on imports from non-trade agreement countries [7] - The company has successfully adjusted its strategy in response to tariffs, focusing on markets in the Middle East and South America, which are showing increased demand [7] Customer Preferences - High-end electric golf carts are being marketed to Middle Eastern customers, who prioritize luxury features over cost, indicating a shift in consumer behavior [8] - The company emphasizes the need to move away from traditional price competition, focusing instead on value-added features to maintain profitability in international markets [8]

Core Viewpoint - Minsheng Securities has issued a "recommend" rating for Longxin General (603766.SH, latest price: 13.93 yuan), highlighting strong growth potential driven by business synergies and global expansion efforts [1] Group 1: Performance and Growth Drivers - The company is expected to see significant performance growth by Q3 2025, driven by enhanced business collaboration [1] - The combination of products and channels is facilitating rapid growth of the Wujie brand [1] - The mid-to-large displacement motorcycle segment is becoming a key contributor to the global expansion of the Wujie brand [1] Group 2: Risks - Potential risks include slower-than-expected progress in the restructuring of the controlling shareholder [1] - There are concerns regarding the company's product sales not meeting expectations [1] - Challenges in overseas expansion and currency fluctuations are also noted as risks [1]

Core Viewpoint - The company has established partnerships with various automotive and motorcycle clients, indicating a strong market presence and growth potential in both domestic and international markets [1] Group 1: Partnerships and Clientele - The company has formed collaborations with Chery, Geely, Leap Motor, Qianjiang Motorcycle, and Chunfeng Power, showcasing its engagement with key players in the automotive and motorcycle sectors [1] - The company is actively participating in overseas competition, with an expected overseas revenue share of 16.07% for the fiscal year 2024 [1] Group 2: Technological Focus - The company is deeply involved in two main areas: electronic control and precision die-casting [1] - In the electronic control sector, the company has significant technological accumulation in ECU, actuators, and sensors, which positions it well for potential technological expansion in execution and precision control [1] - In precision die-casting, the company focuses on lightweight product manufacturing and has the foundation to adapt products based on downstream demand [1]

近一年宁波市龙嘉摩托车有限公司摩托车产销情况统计图 数据来源：中国汽车工业(摩托车)产销快讯，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市公司：钱江摩托（000913），信隆健康（002105），征和工业（003033），久祺股份（300994）， 林海股份（600099），上海凤凰（600679），中路股份（600818），力帆科技（601777），春风动力 （603129），爱玛科技（603529），隆鑫通用（603766），永安行（603776），新日股份（603787）， 绿通科技（301322），涛涛车业（301345），华洋赛车（834058） 相关报告：智研咨询发布的《2026-2032年中国摩托车行业市场全景评估及发展策略分析报告》 根据中国汽车工业(摩托车)产销快讯数据显示：2025年8月宁波市龙嘉摩托车有限公司摩托车产量为 5956辆，同比增长49.76%，销量为 ...

上市公司：钱江摩托（000913），信隆健康（002105），征和工业（003033），久祺股份（300994）， 林海股份（600099），上海凤凰（600679），中路股份（600818），力帆科技（601777），春风动力 （603129），爱玛科技（603529），隆鑫通用（603766），永安行（603776），新日股份（603787）， 绿通科技（301322），涛涛车业（301345），华洋赛车（834058） 数据来源：中国汽车工业(摩托车)产销快讯，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据中国汽车工业(摩托车)产销快讯数据显示：2025年8月宁波东方凌云车辆制造有限公司摩托车产量 为1842辆，同比下降41.78%，销量为1774辆，同比下降43.1%，产销率为96.31%，积压68辆。 近一年宁波东方凌云车辆制造有限公司摩托车产销情况统计图 相关报告：智研咨询 ...

近一年康超集团广州摩托车制造有限公司摩托车产销情况统计图 数据来源：中国汽车工业(摩托车)产销快讯，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市公司：钱江摩托（000913），信隆健康（002105），征和工业（003033），久祺股份（300994）， 林海股份（600099），上海凤凰（600679），中路股份（600818），力帆科技（601777），春风动力 （603129），爱玛科技（603529），隆鑫通用（603766），永安行（603776），新日股份（603787）， 绿通科技（301322），涛涛车业（301345），华洋赛车（834058） 相关报告：智研咨询发布的《2026-2032年中国摩托车行业市场全景评估及发展策略分析报告》 根据中国汽车工业(摩托车)产销快讯数据显示：2025年8月康超集团广州摩托车制造有限公司摩托车产 量为11967辆，同比增长40. ...

数据来源：中国汽车工业(摩托车)产销快讯，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据中国汽车工业(摩托车)产销快讯数据显示：2025年8月洛阳盛江红强摩托车有限公司摩托车产量为 153辆，同比下降0.65%，销量为153辆，同比下降0.65%，产销率为100%，无积压库存。 近一年洛阳盛江红强摩托车有限公司摩托车产销情况统计图 上市公司：钱江摩托（000913），信隆健康（002105），征和工业（003033），久祺股份（300994）， 林海股份（600099），上海凤凰（600679），中路股份（600818），力帆科技（601777），春风动力 （603129），爱玛科技（603529），隆鑫通用（603766），永安行（603776），新日股份（603787）， 绿通科技（301322），涛涛车业（301345），华洋赛车（834058） 相关报告：智研咨询发布的《202 ...

数据来源：中国汽车工业(摩托车)产销快讯，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据中国汽车工业(摩托车)产销快讯数据显示：2025年8月洛阳北方易初摩托车有限公司摩托车产量为 50840辆，同比增长18.77%，销量为55243辆，同比增长28.78%，产销率为108.66%，清仓4403辆。 近一年洛阳北方易初摩托车有限公司摩托车产销情况统计图 上市公司：钱江摩托（000913），信隆健康（002105），征和工业（003033），久祺股份（300994）， 林海股份（600099），上海凤凰（600679），中路股份（600818），力帆科技（601777），春风动力 （603129），爱玛科技（603529），隆鑫通用（603766），永安行（603776），新日股份（603787）， 绿通科技（301322），涛涛车业（301345），华洋赛车（834058） 相关报告： ...

Core Insights - Keeway held its first "Morbidelli Days" global dealer conference in Ziyang, attracting over 500 dealers and partners from more than 40 countries, marking the official production launch of the Morbidelli brand in Ziyang [2][3] - Ziyang is actively expanding its international connections and promoting foreign investment and trade, aiming for stable growth in these areas [2][4] Group 1: Investment and Production - The Morbidelli brand, acquired by Keeway in April 2022, has established its global manufacturing base in Ziyang [2] - Ziyang's Keeway Southwest production base features modern and automated production facilities, impressing international dealers [3] - The Ziyang-based Oufei Egg Industry is conducting trial runs in its smart workshop, equipped to process 120,000 eggs per hour, meeting both Chinese and EU standards [3] Group 2: International Cooperation - Ziyang is fostering international cooperation through various initiatives, including hosting delegations from Costa Rica and Vietnam to explore collaborative opportunities [3][4] - The city has adopted a "trade fair as a medium + enterprises as a bridge" approach to deepen economic ties with countries involved in the Belt and Road Initiative [4] - Ziyang's foreign direct investment has ranked second in the province for two consecutive years, with a projected import-export total of over 6 billion yuan in 2024, reflecting a 21.4% year-on-year growth [4]