Group 1 - Chongqing Jinlong Titanium Extreme Motorcycle Industry Co., Ltd. has been established with a registered capital of 33.88 million yuan [1] - The legal representative of the new company is Li Jun [1] - The business scope includes import and export of goods, manufacturing of motorcycle parts, wholesale of motorcycles and parts, research and development of motorcycles and components, sales of generators and generator sets, and international shipping agency [1] Group 2 - The company is jointly held by Chongqing Longxin Motorcycle Co., Ltd. and Chongqing Titanium Realm Motorcycle Industry Co., Ltd., both subsidiaries of Longxin General [1]

钱江摩托（000913）公告，2025年第一季度营收为13.34亿元，同比下降0.81%；净利润为8669.88万 元，同比下降37.96%。 ...

Core Insights - Qianli Technology (千里科技) reported a revenue of 7.035 billion yuan for 2024, marking a year-on-year increase of 3.94% [1][10] - The company experienced a net profit attributable to shareholders of 40 million yuan, a significant increase of 65.28% year-on-year, although the net profit after deducting non-recurring items was a loss of 68.0432 million yuan, which is an improvement from the previous year's loss of 135 million yuan [2][10] - The company is transitioning towards an "AI+Car" strategy, with plans to enhance user experience and business models by 2025 [4][6] Financial Performance - In 2024, the automotive segment generated a revenue of 4.217 billion yuan, up 12.95% year-on-year, with a gross margin increase of 6.7 percentage points [2] - The motorcycle segment achieved a revenue of 2.14 billion yuan, reflecting a 5.27% year-on-year growth, although its gross margin decreased by 0.64 percentage points [2] - The internal combustion engine segment reported a revenue of 428 million yuan, a 6.97% increase year-on-year, with a gross margin rise of 1.99 percentage points [2] - The utilization rate of the passenger car factory improved from 30.50% in 2023 to 37.44% in 2024 [2] Strategic Developments - Qianli Technology is focusing on the "AI+Car" strategy, with a dual approach of terminal and technology businesses, aiming for AI-driven product enhancement and international market expansion [4] - The company has established partnerships with various firms, including Zhejiang Jirun Automotive and Maichi Zhixing, to develop the intelligent driving brand "Qianli Haohan" [5] - A significant change in leadership occurred when the co-founder of Megvii Technology, Yin Qi, acquired a 19.91% stake in Qianli Technology, leading to a strategic shift in the company's direction [4] Cost Management - In 2024, sales and management expenses decreased by 9.94% and 23.57% respectively, while R&D and financial expenses increased significantly by 89.30% and 130.39% due to foreign exchange losses [3] - The total number of employees at Qianli Technology decreased from 5,178 at the end of 2023 to 4,927 by the end of 2024 [3]

01 事件概述 据中国摩托车商会数据，2025年3月250cc（不含）以上摩托车销量8.8万辆，同比+68.4%，环比+52.7%。1-3月累计销量20.5万辆，同比+77.4%。 02 分析判断 行业： 旺季临近 中大排月度销量创历史新高 1）125cc（不含）以上： 3月销量71.1万辆，同比+25.6%，环比+54.0%，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： 3月销量8.8万辆，同比+68.4%，环比+52.7%，创历史新高。1-3月累计销量20.5万辆，同比+77.4%。其中： 出口：250cc+摩托车3月出口4.2万辆 ，同比+101.2%，环比+13.5%，同比增长原因为头部企业在500-800cc排量段出口持续增长， 1-3月累计出口11.9万辆，同比 +113.7%。 内销：250cc+摩托车3月内销4.6万辆 ，同比+46.2%，环比+124.9%。 1-3月累计内销8.6万辆，同比+43.5%。 结构：500cc+排量车型增长强劲 自主高端化提速 1） 250cc<排量≤400cc ：3月销售4.1 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company has exceeded market expectations with its Q1 2025 performance, driven by significant growth in its "Wujie" brand and channel motorcycle business [2]. - The company's revenue for 2024 is projected to be 16.82 billion yuan, with a year-on-year growth of 28.7%, and a net profit of 1.15 billion yuan, reflecting a 97.1% increase [6]. - The report highlights the strong sales performance of the "Wujie" brand, particularly in the large-displacement motorcycle segment, which saw a 55.9% increase in sales [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 16.82 billion yuan, a 28.7% increase year-on-year, and a net profit of 1.15 billion yuan, up 97.1% [6]. - For Q1 2025, the expected net profit is between 4.6 to 5.3 billion yuan, representing a year-on-year increase of 76.7% to 105.8% [1][2]. Product and Market Expansion - The "Wujie" brand's revenue reached 1.49 billion yuan in 2023, a 57.1% increase, and is projected to grow significantly in 2024 [3]. - The company has expanded its global sales network, adding 194 new sales points in 2023, bringing the total to 1,334 [3]. Sales and Export Growth - The sales of large-displacement motorcycles (>250cc) reached 7.5 million units in 2023 and are expected to grow to 10.8 million units in 2024, with significant contributions from exports [4]. - The company reported a 39% increase in exports of small-displacement motorcycles (≤250cc) in early 2024, driven by strong demand in Latin America [2]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 16.82 billion yuan, 20.16 billion yuan, and 23.71 billion yuan, respectively, with net profits expected to be 1.15 billion yuan, 1.85 billion yuan, and 2.23 billion yuan [5][6]. - The report anticipates an EPS of 0.56 yuan for 2024, increasing to 1.09 yuan by 2026, with corresponding PE ratios of 22, 14, and 11 [5][6].

Core Viewpoint - Longxin General (603766.SH) reported significant growth in its financial performance for 2024, leading to a surge in its stock price, which hit the limit up on April 14, 2024 [2][5]. Financial Performance Summary - In 2024, Longxin General achieved an operating income of 16.822 billion yuan, with a year-on-year increase of 28.74% [3][4]. - The net profit attributable to shareholders reached 1.15 billion yuan, marking a substantial year-on-year growth of 97.16% [3][4]. - For Q1 2025, the company anticipates a net profit of 455 million to 530 million yuan, representing a year-on-year increase of 76.65% to 105.77% [3][4]. Business Segments - The main business segments of Longxin General include motorcycles, engines, general machinery products, commercial generator sets, low-speed four-wheel electric vehicles, high-end components, and unmanned helicopters [3]. - The motorcycle and general machinery businesses accounted for 95.69% of the company's revenue in the first half of 2024 [3]. Stock Performance - Following the announcement of strong financial results, Longxin General's stock price rose from an initial increase of 2.95% to the daily limit, closing at 12.32 yuan per share, with a total market capitalization of 25.3 billion yuan [5]. - The stock has been on an upward trend since 2021, reaching its highest level in over nine years [5]. Ownership Changes - The stock price increase is also attributed to a change in ownership, with the new controlling shareholder being Zongshen New Manufacturing, which acquired a 24.55% stake in Longxin General [5][6]. - The restructuring of the Longxin Group, which involved the merger of thirteen companies, has been a significant factor in the company's recent performance [6].

Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, specifically recommending companies such as Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [7][16]. Core Insights - The motorcycle industry is experiencing strong growth in the large-displacement segment, with significant year-on-year increases in sales, particularly in the 250cc and above categories [4][5]. - The report highlights that the domestic market remains robust even during the off-season, with exports recovering due to ongoing compliance with Euro 5+ standards [5][6]. - The overall market dynamics suggest a favorable outlook for 2025, driven by increased supply and the efforts of leading manufacturers to expand their export businesses [5][12]. Summary by Sections Sales Performance - In February 2025, sales of motorcycles above 250cc reached 58,000 units, a year-on-year increase of 134.9% and a month-on-month decrease of 2.2% [3]. - Cumulative sales for January and February 2025 totaled 117,000 units, reflecting an 84.8% year-on-year growth [3]. Market Structure - The 250-400cc segment saw sales of 38,000 units in February, up 228.4% year-on-year, while the 400-500cc segment had sales of 10,000 units, a 16.4% increase [5]. - The 500-800cc segment also performed well, with February sales of 8,000 units, marking a 135.2% increase year-on-year [5]. Competitive Landscape - The top three companies in the 250cc+ segment in February were Chuanfeng Power, Longxin General, and Qianjiang Motorcycle, with a combined market share of 38.7% [6]. - Chuanfeng Power's sales in February were 8,000 units, with a market share of 14.7%, while Longxin General and Qianjiang Motorcycle had market shares of 13.5% and 10.5%, respectively [6]. Future Outlook - The report anticipates continued strong demand for large-displacement motorcycles, with leading companies expected to benefit from new model launches and enhanced export capabilities [15]. - The motorcycle culture is gradually forming, which is expected to further drive demand in the coming years [15].

Investment Rating - The report suggests a positive outlook for the power sports industry, indicating it is in a growth phase driven by increased consumer spending and demand for recreational vehicles [4]. Core Insights - The motorcycle industry is experiencing a recovery in overseas demand, particularly in Europe and emerging markets, while Japanese, Indian, and Chinese companies are seeing growth. In contrast, European and American brands are under pressure [2][3]. - The four-wheeler market is also witnessing a rebound in demand, but leading brands are facing challenges due to high inventory levels and increased competition, leading to a decline in profit margins [3]. - The report anticipates continued robust recovery in motorcycle demand through 2025, with increased competition in overseas markets, providing opportunities for Chinese companies to gain market share [2][3]. Summary by Sections Two-Wheelers - The demand for motorcycles in Europe and emerging markets is recovering, with Japanese, Indian, and Chinese brands performing strongly. The global motorcycle market saw a sustained increase in demand in Q4 2024, with emerging markets driving growth [2][6]. - The motorcycle consumption structure is changing, with increased competition in mature markets leading to a divergence in pricing, profit per unit, and profit margins among brands [2][13]. Four-Wheelers - The demand for four-wheelers in Europe and North America is recovering, but leading brands are struggling with high inventory levels and competitive pressures, resulting in a notable decline in profit margins [3][6]. - Secondary brands like Chuanfeng and Kawasaki are benefiting from effective inventory management and are expected to continue gaining market share [3][6]. Outlook - The report projects ongoing recovery in both two-wheeler and four-wheeler demand, with a notable divergence in brand performance. Japanese companies are expected to exceed initial sales and profit forecasts due to favorable currency exchange rates and recovering demand in Europe and emerging markets [3][6]. - The competition in overseas markets is expected to intensify, with Chinese companies likely to capture more global market share [3][6]. Investment Recommendations - The report recommends investing in leading companies in the all-terrain vehicle and mid-to-large displacement motorcycle segments, particularly Spring Wind Power and TaoTao Industries, which have advantages in local operations and cost control [4].

Core Viewpoint - The motorcycle industry is experiencing strong growth in the mid-to-large displacement segment, with significant increases in both domestic and export sales, indicating a positive outlook for 2025 [1][2][3]. Industry Overview - In January 2025, sales of motorcycles above 250cc reached 59,000 units, a year-on-year increase of 52.9% but a month-on-month decrease of 12.9% [1]. - The sales of motorcycles above 125cc were 605,000 units in January, reflecting a year-on-year growth of 16.0% and a month-on-month decline of 7.1% [2]. - Exports of motorcycles above 250cc totaled 39,000 units, up 76.1% year-on-year but down 16.4% month-on-month, driven by leading companies' growth in the 250-500cc segment [2]. Structural Analysis - Sales of motorcycles in the 250cc to 400cc range reached 35,000 units, a year-on-year increase of 89.7% [3]. - The 500cc to 800cc segment saw sales of 12,000 units, up 47.9% year-on-year and 57.9% month-on-month, with new multi-cylinder models contributing to growth [3]. - The overall mid-to-large displacement motorcycle sales maintained high growth rates, with domestic sales slightly affected by seasonal fluctuations [3]. Competitive Landscape - The top three companies in the 250cc+ segment in January were Qianjiang Motorcycle, Longxin General, and Chuanfeng Power, with a combined market share of 64.1%, indicating increasing industry concentration [4]. - Chuanfeng Power's total two-wheeler sales in January were 22,000 units, a year-on-year increase of 33.0% [4]. - Qianjiang Motorcycle's sales in January were 37,000 units, a year-on-year decrease of 2.5% but a month-on-month increase of 14.8% [7]. Company Performance - Qianjiang Motorcycle's sales of 250cc+ motorcycles in January were 11,000 units, with a market share of 17.9%, reflecting an 11.0% year-on-year increase [8]. - Longxin General's sales in the same segment were 9,000 units, up 43.0% year-on-year, with a market share of 15.0% [8]. - Chuanfeng Power's sales of 250cc+ motorcycles were 8,000 units, a year-on-year increase of 18.1% [8]. Future Outlook - The motorcycle market is expected to expand rapidly, with leading companies launching new models and brands, driving industry growth [14]. - Qianjiang Motorcycle is focusing on new models such as the Qianjiang 921 and Hong 250, which are expected to contribute to sales in 2025 [11]. - The export market for motorcycles is anticipated to maintain high growth rates, with significant increases in sales projected for 2025 [6].

证券简称： 华洋赛车 证券代码： 834058 浙江省丽水市缙云县新碧街道碧园路 139 号 浙江华洋赛车股份有限公司 浙江华洋赛车股份有限公司招股说明书 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐人及证券服务机构承诺因其为发行人本次公开发行股票制作、出具的文件有虚假记 载、误导性陈述或者重大遗漏，给投资者造成损失的，将依法承担法律责任。 1-1-2 1-1-0 保荐人（主承销商） （上海市静安区新闸路 1508 号） 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人的投资 ...