Summary of Chuanfeng Power Conference Call Company Overview - **Company**: Chuanfeng Power - **Industry**: Motorcycle and All-Terrain Vehicle (ATV/UTV) Manufacturing Key Points Market Position and Growth - Chuanfeng Power consolidates its leading position in the large-displacement motorcycle market, benefiting from a domestic market penetration increase expected to grow 2 to 4 times and a vast overseas market with export potential approximately 10 times that of domestic sales [2][3][4] - Projected sales for 2023 and 2024 are approximately 100,000 and 130,000 units respectively, with continued high growth expected in 2025 [2][3] ATV/UTV Market Performance - The company ranks among the top five in the global ATV/UTV market, holding about 10% market share, with a stable market capacity of 800,000 to 1,000,000 units annually, predominantly in the U.S. [2][5] - New high-end models such as U8, U10 Pro, and C10 SUV are expected to drive long-term growth [2][5] Globalization and Tariff Risk Management - To mitigate tariff risks, Chuanfeng Power has established a global footprint with factories in Hangzhou and Chongqing in China, and overseas facilities in Thailand and Mexico, effectively reducing tariff impacts [2][7][8] Financial Performance - The company anticipates revenue of 1,005 billion yuan in 2024, with over 30% growth in the first half of 2025. Gross margin is maintained at around 30% [2][11] - Projected net profit for 2024 is approximately 1.4 billion yuan, with expectations for 2025 net profit between 1.8 to 1.9 billion yuan [2][11] Electric Vehicle Expansion - Chuanfeng Power is actively expanding into the electric vehicle sector, targeting high-end electric motorcycles and light electric vehicles, with sales expected to reach 500,000 to 600,000 units in 2024 and aiming for over 1 million units in 2025 [4][21] Competitive Landscape - The domestic large-displacement motorcycle market is growing rapidly, with annual growth exceeding 30% from 2020 to 2025, and Chuanfeng's domestic market share is projected to increase from 12% in 2023 to 20% in 2024 and 26% in the first half of 2025 [4][13][14] - In the global motorcycle market, Chuanfeng competes primarily with Japanese and European brands, with a favorable competitive position due to its pricing and performance [15][17] Future Strategies - Chuanfeng Power is shifting towards a high-end development strategy, launching new models based on a new three-cylinder engine platform, which are expected to enhance profitability and market value [27][28] - The company anticipates significant growth in performance, with projected earnings of approximately 1.85 billion yuan in 2025 and close to 2.4 billion yuan in 2026, indicating a positive outlook for investors [29] Additional Insights - The company has a stable family-controlled ownership structure, ensuring long-term stability and development [9][10] - Chuanfeng Power's electric vehicle business contributes significantly to its revenue and profit, with a higher profit margin due to the premium pricing of electric models [22] This summary encapsulates the key insights from the conference call, highlighting Chuanfeng Power's market position, growth strategies, financial performance, and future outlook in the motorcycle and ATV/UTV industry.

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].

Core Insights - The success path of Honda Motor demonstrates that motorcycle companies need to simultaneously build a "technology moat + product excellence + cultural adaptability" for global expansion [1][4] - Domestic motorcycle 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% [1][4] Product Dimension - Honda Motorcycle has consistently been at the forefront of global motorcycle technology and market evolution, achieving significant growth through popular models [2] - The Super Cub series has doubled global sales in ten years due to low fuel consumption and high durability, while the Gold Wing series has enhanced high-end product profit margins [2] Strategic Dimension - Honda Motorcycle leverages a combination of "performance leadership + cost control" to confidently promote products in broader international markets [3] - The company employs a phased, regionally differentiated strategy to build a global operating system, taking advantage of lower labor costs in Japan compared to Western competitors [3] Empowering Domestic Companies - The experience of Honda Motorcycle serves as a reference for domestic motorcycle companies in their global expansion efforts [4] - Domestic companies are gradually shifting from "manufacturing export" to "system output," focusing on mid-to-large displacement product platforms and brand cultural narratives [4] Investment Recommendations - The overseas mid-to-large displacement market presents significant opportunities with relatively mild competition [5] - Domestic leaders like Chunfeng Power, Longxin General, and Qianjiang Motorcycle are expected to achieve rapid market share expansion driven by product strength and global strategies [5]

Investment Rating - The report recommends "Buy" for the companies: Changan Power, Longxin General, and Qianjiang Motorcycle [4]. Core Viewpoints - Honda Motorcycle has established a "four-fold moat" consisting of technology, products, manufacturing, and brand over the past 70 years, significantly reshaping the global motorcycle industry landscape [1][9]. - Honda maintains a leading global market share of over 30%, with projected sales of 18.819 million units in 2024 and an operating profit of 1.2125 trillion yen, reflecting a gross margin of 21.5% [1][27]. - The report emphasizes the importance of technology as the foundational driver for Honda's success, with product strength as the vehicle connecting users and globalization strategy as the key lever for expanding influence and profit pools [3][12]. Summary by Sections 1. Introduction - Honda Motorcycle's success is attributed to the deep integration of industrial logic, market rhythm, and cultural adaptability, providing a strategic paradigm for other companies [1][9]. 2. Honda Motor's Global Journey - Honda has maintained its global market leadership through over 70 years of technological accumulation and continuous innovation, with a projected sales volume of 20.572 million units in 2025 [1][27]. - The company leads the industry with core technologies such as four-stroke engines and DCT dual-clutch systems, and is pioneering hydrogen energy and electrification platforms [1][3]. 3. Product Dimension - Honda's product matrix includes various models like the Super Cub, Gold Wing, and CBR series, catering to different market segments from entry-level to high-end products [2][20]. - The company has successfully created a diverse product lineup that meets various user needs, ensuring both volume sales and brand image enhancement [2][10]. 4. Strategic Dimension - Honda's global strategy combines performance leadership with cost control, allowing for effective market penetration [2][3]. - The company employs a phased, regionally differentiated strategy to build its global operations, leveraging local advantages in labor costs and cultural integration [2][3]. 5. Lessons for Domestic Motorcycle Companies - The report highlights that domestic motorcycle companies like Changan Power, Longxin General, and Qianjiang Motorcycle are exploring globalization paths, with expectations of exporting over 500,000 mid-to-large displacement motorcycles by 2025 [3][11]. - The success of Honda's global strategy serves as a reference for domestic companies to enhance their competitiveness through technology, product strength, and cultural adaptability [3][12]. 6. Key Companies - Changan Power is positioned to expand its high-end product line and is preparing for international market entry [4][6]. - Longxin General is focusing on leveraging its strengths in the European market for global expansion [4][6]. - Qianjiang Motorcycle is enhancing its brand presence through improved foreign trade channels [4][6]. 7. Investment Recommendations - The report identifies significant growth potential in the overseas mid-to-large displacement motorcycle market, recommending investment in domestic leaders like Changan Power, Longxin General, and Qianjiang Motorcycle [3][4].

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7月鹤山国机南联摩托车工业有限公司摩托车产 量为12886辆，同比增长14.88%，销量为12777辆，同比增长14.54%，产销率为99.15%，积压109辆。 近一年鹤山国机南联摩托车工业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 ...

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7月江门市华龙摩托车有限公司摩托车产量为 1825辆，同比下降75.07%，销量为3391辆，同比下降66.9%，产销率为185.81%，清仓1566辆。 近一年江门市华龙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 ...

Group 1 - A total of 22 A-shares are undergoing equity registration today according to Wind data [1] - Ganyuan Food, Boss Electric, and Qianjiang Motorcycle have the highest dividend payouts, distributing 5.80 yuan, 5.00 yuan, and 5.00 yuan per 10 shares respectively [1] - ST Jinke is increasing its share capital by issuing 10 additional shares for every 10 shares held [1]

Group 1 - The core viewpoint of the article highlights the significant growth in motorcycle production and sales in China, particularly by Guangdong Xingji Motorcycle Technology Co., Ltd., which reported a production and sales volume of 27,329 units in July 2025, marking a year-on-year increase of 79.74% [1][1][1] - The production and sales rate for Guangdong Xingji Motorcycle Technology Co., Ltd. was 100%, indicating no inventory backlog [1][1][1] Group 2 - The article references a report by Zhiyan Consulting titled "2025-2031 China Motorcycle Industry Market Special Research and Investment Prospects," which provides insights into the motorcycle industry in China [1][1][1] - A list of relevant companies in the motorcycle industry is provided, including Qianjiang Motorcycle, Xinlong Health, Zhenghe Industrial, and others, indicating a diverse market landscape [1][1][1]

Industry Trends - The motorcycle industry in China is undergoing a transformation, shifting from traditional commuting tools to leisure and social activities, reflecting trends of youthfulness, electrification, and internationalization [1][2] - The motorcycle exhibition at the Qilu Auto Show attracted a significant number of visitors, indicating strong consumer interest and engagement in the motorcycle market [1] Consumer Demographics - Young consumers aged 20-30 are becoming the primary demographic for motorcycle purchases, with many seeking versatile vehicles for both commuting and recreational use [1][2] - The majority of customers consulting and purchasing motorcycles are aged 18-30, highlighting a trend towards younger buyers in the market [2] Consumer Preferences - Young consumers exhibit three distinct characteristics: 1. They conduct thorough research on vehicle specifications and features before making a purchase [2] 2. They desire multifunctional vehicles that balance daily commuting efficiency with performance for leisure activities [2] 3. They view motorcycles as an extension of their lifestyle rather than just a mode of transportation, leading to higher expectations for smart features and driving experiences [2]

Core Insights - The company achieved revenue of 4.184 billion yuan in the first half of 2025, representing a year-on-year increase of 40.0%, and a net profit attributable to shareholders of 31.17 million yuan, up 19.0% year-on-year [1] Revenue and Profit Analysis - Revenue growth was primarily driven by increased sales in the automotive and motorcycle segments [1] - The net profit attributable to shareholders decreased significantly to -130 million yuan after deducting non-recurring items, a decline of 903.9% year-on-year, indicating that the core business profitability still needs improvement [1] - The company received 170 million yuan in government subsidies and 30 million yuan from the disposal of long-term equity investments, contributing to non-recurring gains of 160 million yuan [1] - Gross margin was 8.3%, down 0.33 percentage points year-on-year, affected by product mix [1] - R&D expenses increased by 59.7% to 290 million yuan, accounting for 6.9% of revenue, while sales expenses decreased by 21.2% [1] - The company reported a strong cash flow performance with net cash flow from operating activities of 1.32 billion yuan, up 396.3% year-on-year [1] Business Segments - The automotive and motorcycle segments are the core support for stable performance, with the automotive sector focusing on integrated charging and swapping capabilities [2] - The automotive segment has established deep ties with B-end operational markets like Cao Cao Mobility, ensuring base sales, and is accelerating international market expansion, particularly in Europe and Indonesia [2] - The motorcycle segment emphasizes international expansion, with export business becoming a major growth driver, covering 87 countries and entering emerging markets like Brazil and Egypt [2] - Technological upgrades are being pursued, including hybrid power solutions and advanced driver assistance systems, enhancing product competitiveness [2] Technology Initiatives - The company is focusing on "AI + vehicle" integration, aiming to commercialize its technology business [3] - In the intelligent driving sector, the company released the "Qianli Zhijia 1.0" system, with plans for L3 and L4 level solutions in the near future [3] - The company is leveraging its AI capabilities to develop next-generation smart cockpit products, enhancing market competitiveness [3] - A joint venture named "Qianli Zhijia" has been established to integrate resources and promote Robotaxi commercialization, with plans for L4 level customized vehicles by the end of 2026 [3] Valuation and Investment Outlook - The company is compared with five peers in the motorcycle, passenger vehicle, and intelligent driving sectors, with an average PS ratio of 1.3X for comparable companies [4] - The transition towards an "AI + vehicle" technology platform is expected to be a core growth driver, with a reference PS ratio of 23.04X for intelligent driving peers [4] - The deep integration with Geely's automotive ecosystem and advancements in intelligent driving and cockpit technology are anticipated to accelerate growth [4]