Core Viewpoint - The motorcycle industry in China is experiencing mixed performance, with specific companies showing varied production and sales trends, as highlighted by recent data from the China Automotive Industry (Motorcycle) production and sales report [1]. Group 1: Company Performance - Qianjiang Motorcycle (000913) and other listed companies are part of the broader analysis of the motorcycle market in China, which includes companies like Xinlong Health (002105), Zhenghe Industrial (003033), and others [1]. - Luoyang Northern Enterprises Group Co., Ltd. reported a motorcycle production of 44,341 units in October 2025, reflecting a year-on-year decrease of 2.68% [1]. - The same company achieved sales of 47,345 units, marking a year-on-year increase of 3.57%, resulting in a production-sales ratio of 106.77% [1]. Group 2: Market Insights - The report by Zhiyan Consulting provides a comprehensive assessment of the motorcycle industry in China, projecting trends and strategies from 2026 to 2032 [1]. - The data indicates that while production has declined, sales have increased, suggesting a potential inventory clearance with 3,004 units reported as unsold [1]. - Zhiyan Consulting emphasizes its expertise in providing in-depth industry research and tailored consulting services to support investment decisions in the motorcycle sector [1].

Core Thesis - Harley-Davidson, Inc. is viewed as a deep-value investment opportunity, trading below tangible book value, indicating that the market assigns little value to its strong brand presence in the motorcycle industry [2][3]. Company Overview - Founded in 1903, Harley-Davidson is a key player in American motorcycling culture, known for its strong brand loyalty [3]. - The company's stock is currently trading at $21.25, with trailing and forward P/E ratios of 5.09 and 6.76 respectively [1]. Valuation Insights - The current market valuation suggests that Harley-Davidson's intangible assets, including its brand and financing arm, are being valued at nearly zero, reflecting investor pessimism rather than the company's intrinsic worth [3]. - A sum-of-the-parts analysis indicates that the intrinsic value of Harley-Davidson could approach the low-$30s per share, suggesting a potential upside of over 50% [7]. Challenges Faced - The company's valuation discount is attributed to both self-inflicted challenges, such as past management decisions and a shift in focus towards younger demographics, and external macroeconomic pressures like high interest rates and weak consumer sentiment [4][5]. - Recent leadership changes are aimed at refocusing on core operations and profitability, which may help address these challenges [5]. Strategic Moves - Harley-Davidson's decision to sell a 10% stake in Harley-Davidson Financial Services (HDFS) has raised investor concerns, but this move is seen as a way to de-risk the business while maintaining operational control [6]. - The transaction, which transfers $4 billion of loans off the balance sheet, is expected to bring in institutional investors like KKR and PIMCO, validating the value of HDFS [6].

Group 1 - Harley-Davidson (HOG) shares have underperformed over the past year, losing approximately one-third of their value [1] - Despite the overall market reaching record highs, Harley-Davidson shares are currently near a 52-week low, which was observed during the peak of tariff concerns [1]

Core Insights - The motorcycle maker is enhancing the responsibilities of its finance chief and reintroducing a company veteran as chief operating officer, solidifying the leadership team under new CEO Artie Starrs [1] Group 1 - The company is expanding the role of its finance chief, indicating a strategic shift in financial management [1] - A veteran from within the company is being brought back to take on the role of chief operating officer, suggesting a focus on experienced leadership [1] - These changes are part of a broader effort to strengthen the top ranks of the company under the new leadership of CEO Artie Starrs [1]

Core Insights - Harley-Davidson announced leadership and organizational changes aimed at strengthening its connection with riders and dealers, enhancing operational capabilities, and reaffirming its commitment to Milwaukee as its business hub [1][9]. Leadership Changes - Jonathan Root has been appointed as Chief Financial and Commercial Officer, focusing on dealer relations and integration with Harley-Davidson Financial Services [3][10]. - Bryan Niketh will return as Chief Operating Officer, overseeing Product Management, Product Development, and Product Operations, bringing extensive experience back to the company [4][10]. - Matt Ryan has been named Chief Marketing and Technology Officer, tasked with unifying marketing, digital, and technology efforts to enhance data-driven marketing and customer engagement [5][10]. - Marcus Fischer has taken on the role of Chief Brand Officer, responsible for brand strategy and creative direction, reporting to Matt Ryan [6][10]. - Bill Davidson will serve as Special Advisor to the CEO and Brand Ambassador, focusing on product development and community engagement [7]. - Karen Davidson continues as Brand Ambassador, enhancing collaboration with marketing and brand teams [8]. Commitment to Milwaukee - The company reaffirmed its dedication to Milwaukee, particularly the historic Juneau Avenue campus, as the core of its operations [9]. - These organizational changes are part of a broader strategy to strengthen relationships with dealers and riders, positioning Harley-Davidson for future growth [9]. Company Background - Harley-Davidson, Inc. encompasses Harley-Davidson Motor Company and Harley-Davidson Financial Services, with a mission to lead the motorcycle industry through innovation and a commitment to adventure [11]. - The company aims to maintain its status as the most desirable motorcycle brand globally, offering customizable motorcycles, accessories, and experiences [11]. - Harley-Davidson also holds a controlling interest in LiveWire Group, Inc., focusing on electric motorcycles and urban adventure [11].

Company Overview - Harley-Davidson Inc. is a well-known American motorcycle manufacturer recognized for heavyweight motorcycles designed for cruising on highways with a rich history dating back to 1903 [1] - The company competes with other motorcycle manufacturers like Honda, Yamaha, and BMW [1] Recent Transactions - On November 28, 2025, Tim Moore, a representative from North Carolina, engaged in a sale transaction involving Harley-Davidson shares valued between $15,001 and $50,000 [2] - Moore's trading activities also included selling shares of Cracker Barrel Old Country Store and Verizon Communications, while purchasing shares in Harley-Davidson, Cracker Barrel, Hyster-Yale, and Genprex [2] Stock Performance - The current stock price of Harley-Davidson is $24.43, with a slight increase of $0.225, or approximately 0.93% [3] - Throughout the trading day, the stock has seen fluctuations, reaching a low of $24.22 and a high of $24.98 [3] - Over the past year, Harley-Davidson's stock has experienced a high of $34.09 and a low of $20.45 [3] Market Capitalization and Trading Volume - Harley-Davidson has a market capitalization of approximately $3.01 billion, indicating the total market value of its outstanding shares [4] - The trading volume for Harley-Davidson today is 1,724,096 shares, reflecting the number of shares traded during the day [4]

Core Insights - Zacks Premium provides various tools for investors to enhance their stock market strategies, including daily updates, research reports, and stock screens [1][2] Zacks Style Scores - Zacks Style Scores are indicators that rate stocks based on value, growth, and momentum, helping investors identify stocks likely to outperform the market in the short term [2][3] - Stocks are rated from A to F, with A indicating the highest potential for outperformance [3] Value Score - The Value Style Score focuses on identifying undervalued stocks using financial ratios such as P/E, PEG, Price/Sales, and Price/Cash Flow [3] Growth Score - The Growth Style Score assesses a company's financial health and future growth potential based on projected and historical earnings, sales, and cash flow [4] Momentum Score - The Momentum Style Score identifies optimal entry points for stocks based on price trends and earnings estimate changes [5] VGM Score - The VGM Score combines the Value, Growth, and Momentum Scores to highlight stocks with the best overall characteristics [6] Zacks Rank - The Zacks Rank is a proprietary model that uses earnings estimate revisions to guide investors, with 1 (Strong Buy) stocks achieving an average annual return of +23.93% since 1988, significantly outperforming the S&P 500 [7][8] - Investors are encouraged to focus on stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B for optimal returns [9] Harley-Davidson (HOG) - Harley-Davidson is classified as a 3 (Hold) on the Zacks Rank, with a VGM Score of A and a Value Style Score of A, indicating attractive valuation metrics such as a forward P/E ratio of 5.72 [11][12] - The company has seen an upward revision in earnings estimates, with the Zacks Consensus Estimate increasing by $0.03 to $4.23 per share for fiscal 2025, and an average earnings surprise of +27.6% [12]

Core Insights - Stark Future has announced a strategic partnership with EVE Energy to mass-produce a new battery cell specification designed for high-performance electric motorcycles, marking a significant advancement in motorcycle battery technology [1][3] - The new 26120 cylindrical battery cell, developed by Stark and produced in collaboration with EVE, optimizes space utilization, enhances thermal management, and reduces weight and cost compared to traditional automotive 21700 cells [1][2] - The 26120 battery cell achieves a record energy density of 330 Wh/kg and supports ultra-fast charging in just 10 minutes, setting a new benchmark for the electric vehicle industry [2] Company Overview - Stark Future, based in Barcelona, is a rapidly growing electric motorcycle manufacturer founded in 2020, aiming to redefine performance and sustainability in the power sports industry [7] - The company's flagship model, VARG, is recognized as the most powerful off-road motorcycle to date, combining exceptional power, precision, and sustainability [7] - EVE Energy, established in 2001 and listed on the Shenzhen Stock Exchange, is a leading battery manufacturer and the largest cylindrical battery supplier in China, with a global presence and multiple super factories [8] Future Plans - EVE Energy will begin preparations for the industrial production of the 26120 battery in 2026, with Stark aiming to integrate this new battery into its next-generation road motorcycle platform [5] - The collaboration is expected to redefine the performance standards of electric motorcycles and signal a readiness for transformation within the motorcycle industry [3][5]

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Core Viewpoint - Harley-Davidson Financial Services, Inc. has initiated tender offers to purchase all Medium-Term Notes issued by the company, aiming to manage its debt obligations effectively [1][2]. Summary by Relevant Sections Tender Offers - The tender offers are made for cash purchases of Medium-Term Notes, with specific details outlined in the Offer to Purchase dated November 17, 2025 [1][2]. - The principal amounts of the Medium-Term Notes include $700 million for 6.500% Notes due 2028 and $500 million for 5.950% Notes due 2029 [2]. Consideration and Terms - The consideration for each $1,000 principal amount of Notes will be determined based on a fixed spread plus the yield to maturity of the applicable U.S. Treasury Reference Security [2]. - The Offers will expire at 5:00 p.m. New York City time on November 21, 2025, unless extended or terminated [2][6]. Settlement and Withdrawal - The expected settlement date for validly tendered Notes is November 24, 2025, with a separate settlement for those tendered through Guaranteed Delivery Procedures expected on November 26, 2025 [4][5]. - Holders can withdraw their tendered Notes at any time before the expiration date, but not thereafter unless required by law [6]. Conditions and Management - The acceptance of Notes for purchase is subject to the satisfaction or waiver of certain conditions set forth in the Offer to Purchase [7]. - The company has the discretion to amend the Offers and extend deadlines as necessary [2][6]. Contact Information - J.P. Morgan, TD Securities, and Wells Fargo Securities are the lead dealer managers for the tender offers, providing assistance to investors [9].