【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 东北证券研报指出，春风动力全球化布局稳步推进，极核电动有望成为新的增长引擎；营业收入增 长强劲，盈利能力稳中向好。利润端，前三季度公司实现归母净利润14.15亿元，同比+30.89%，其中 25Q3实现归母净利润4.13亿元，同比+10.99%。全球化营销与产能布局推进，毛利率有望实现提升。产 能方面，公司积极推进全球化产能布局，在中国、泰国和墨西哥均建立了生产基地，并持续提升墨西 哥、泰国基地对美产品的输出占比，以此规避部分美国关税影响。极核电动销量迅猛增长，成为公司新 的增长引擎。给予"买入"评级。 （责任编辑：刘畅 ） ...

（68,804）的两倍多。信贷条件的放宽和消费模式的改变提振了购买量。这一 反弹标志已走出此前因税收提高、燃油价格上涨和购买力疲软而导致的持续三 年的低迷局面。上次出现这种利好情况是在2021年，全年共注册了291,553台 摩托车，之后由于财政和经营环境趋紧，需求骤降。 肯《商业日报》1月14日报道，肯尼亚国家统计局（KNBS）的数据显示，2025 年1月至11月，肯新摩托车注册数量145,714台，是2024年全年注册量 （原标题：信贷宽松政策推动肯摩托车登记数量激增） ...

近一年重庆鑫源摩托车股份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11月重庆鑫源摩托车股份有限公司摩托车产量为 28003辆，同比下降0.12%， ...

Group 1 - The core viewpoint of the article highlights the declining production and sales figures in the motorcycle industry, specifically referencing Chongqing Wangjiang Motorcycle Manufacturing Co., which experienced significant drops in both production and sales in November 2025 [1] - In November 2025, Chongqing Wangjiang Motorcycle Manufacturing Co. produced 10,264 motorcycles, representing a year-on-year decrease of 39.97%, while sales were 11,969 units, down 27.32% year-on-year [1] - The production-sales ratio for Chongqing Wangjiang Motorcycle Manufacturing Co. stood at 116.61%, with 1,705 units cleared from inventory [1] Group 2 - The article references a report by Zhiyan Consulting titled "2026-2032 China Motorcycle Industry Market Panorama Assessment and Development Strategy Analysis Report," indicating ongoing research and analysis in the motorcycle sector [1] - The companies mentioned in the article include Qianjiang Motorcycle, Xinlong Health, Zhenghe Industrial, Jiuyi Co., Linhai Co., Shanghai Phoenix, Zhonglu Co., Lifan Technology, Chuncheng Power, Aima Technology, Longxin General, Yong'an Hang, New Day Co., Lvtong Technology, Taotao Vehicle, and Huayang Racing [1]

Core Viewpoint - Longxin General's Q4 performance is under short-term pressure, but the growth of its own brand is strong [1] Financial Performance - The company expects to achieve a net profit attributable to shareholders of 165 million to 180 million yuan in 2025, representing a year-on-year growth of 47.15% to 60.53% [1] - Q4 performance is impacted by one-time losses from asset disposals and impairment provisions [1] - The main business shows steady growth, and profitability is steadily improving [1] Business Strategy - The company emphasizes the development of its own brand and constructs a differentiated product portfolio [1] - The overall performance growth is driven by the stable growth of the motorcycle and general machinery main businesses, as well as the continuous optimization of the Wujie series product structure [1] Investment Rating - The company is given a "buy" rating [1]

Summary of Qianli Technology Conference Call Company Overview - Qianli Technology is positioned advantageously in the wave of intelligence, boasting top-tier AI and autonomous driving talent reserves, making it one of the few companies in the A-share market capable of providing a full suite of algorithm solutions [2][3] - The company underwent bankruptcy restructuring, bringing in strategic investors such as Geely and Liangjiang Capital, and established Ruiblu Automobile in partnership with Geely [2][4] - In 2024, the founder of Megvii, Yin Qi, will become the chairman, marking a transition to a technology-driven enterprise [2][4] Core Business Lines - Qianli Technology's core business includes three main segments: motorcycles, passenger vehicles (Ruiblu Automobile), and intelligent driving technology [6] - The motorcycle business is stable and profitable, while the passenger vehicle segment focuses on ride-hailing and exports, and intelligent driving technology is a key development area [2][6] Financial Status - The company's financial situation before 2025 relies heavily on motorcycle and Ruiblu Automobile sales, with motorcycle sales being stable and profitable, while Ruiblu's performance is more volatile [7] - Overall profit margins have remained stable since the restructuring, and cash flow is expected to improve in 2026 through H-share listing [7] Robot Taxi Development - Qianli Technology is optimistic about the Robot Taxi market, which is projected to grow significantly from 80 billion to 700 billion between 2030 and 2035 [8][9] - The company collaborates with Cao Cao Mobility and Geely to build a robust Robot Taxi ecosystem, providing algorithms, platforms, and vehicle models [9] - Plans include launching a low-cost Robot Taxi solution and participating directly in operations through local government partnerships [9] Future Plans - The company aims to deepen its AI and automotive strategy, enhancing technical capabilities and expanding market share [10] - As a core supplier for Geely in L2 support algorithms, Qianli Technology anticipates revenue potential of 10 billion to 20-30 billion [10] - Plans to achieve a scale of 10,000 Robot Taxis correspond to a market value potential of 30-50 billion [10] - The company will also explore expansion into cockpit and robotics sectors, driven by AI [10] Shareholding Structure - Liangjiang Venture Capital and other local government entities hold 30% of the shares, while Chongqing Lifan Holdings owns 13% [5] - Mercedes-Benz announced an investment in December 2025, acquiring a 3% stake in the company [5]

Group 1 - The company emphasizes its commitment to shareholders by ensuring that its R&D decisions are based on rigorous regulatory compliance analysis and market feasibility studies [2] - The company places high importance on product compliance and market access risks, adhering strictly to national standards such as GB/T 24158-2018 for electric motorcycles [2] - Electric motorcycles are legally defined as "motor vehicles" rather than "electric bicycles," requiring production approval from the Ministry of Industry and Information Technology [2] Group 2 - The operational speed of electric motorcycles must comply with motor vehicle road speed regulations and is subject to management by traffic authorities [2]

Core Insights - In 2025, Jinhua achieved a total foreign trade import and export value of 1.05 trillion yuan, marking a 19.5% year-on-year growth and becoming the eighth city in China to surpass the 1 trillion yuan foreign trade threshold [1] Group 1: Export Performance - Jinhua's exports reached 921.29 billion yuan in 2025, with a year-on-year growth of 19.4%, leading the province in both growth rate and contribution [1] - Private enterprises are the backbone of Jinhua's foreign trade, with 21,000 out of 22,000 import and export enterprises being private, accounting for 98.3% of the city's total exports [3] - The city has over 60,000 active cross-border e-commerce sellers, with 54,000 overseas merchants operating in 131 countries and regions [3] Group 2: Market Diversification - Jinhua maintains trade relations with 233 countries and regions, with exports exceeding 1 billion yuan to over 100 countries [4] - Exports to emerging markets in Africa, Latin America, the Middle East, and ASEAN achieved double-digit growth, collectively accounting for 54.2% of total exports [4] - Yiwu, a city within Jinhua, played a significant role, achieving exports of 730.7 billion yuan, a 24.1% increase [4] Group 3: Trade Facilitation and Infrastructure - Jinhua is enhancing its open economy by deepening international trade reforms and establishing a China-Europe freight train hub [5] - The city exported 599.17 billion yuan through market procurement trade, representing 70.7% of the national total for this trade type [5] - The Zhejiang China-Europe freight train has opened 26 routes, covering over 50 countries and 160 cities, with 3,005 trains operated in the year, a 14.7% increase [5] Group 4: Industrial Upgrading - Jinhua is optimizing its industrial structure, enhancing the international competitiveness of traditional industries like textiles and hardware [6] - The export of electric vehicles surged by 99.6%, while high-end products like photovoltaic components and smart equipment are being exported to over 30 countries [6] - The continuous increase in product added value is helping "Jinhua manufacturing" move towards the mid-to-high end of the global value chain [6]

根据中国汽车工业(摩托车)产销快讯数据显示：2025年11月重庆航天巴山摩托车制造有限公司摩托车产 量为43736辆，同比增长41.23%，销量为42651辆，同比增长40.17%，产销率为97.52%，积压1085辆。 近一年重庆航天巴山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 ...

Group 1 - The core viewpoint of the article highlights the decline in motorcycle production and sales for Chongqing Longxin Motorcycle Co., Ltd. in November 2025, with production down by 29.59% and sales down by 33.06% year-on-year [1][1][1] - The production volume for Chongqing Longxin in November 2025 was 115,154 units, while the sales volume was 106,682 units, resulting in a production-sales ratio of 92.64% and an inventory backlog of 8,472 units [1][1][1] Group 2 - The article references a report by Zhiyan Consulting titled "2026-2032 China Motorcycle Industry Market Panorama Assessment and Development Strategy Analysis Report," indicating ongoing research and analysis in the motorcycle industry [1][1][1] - A list of relevant companies in the motorcycle industry is provided, including Qianjiang Motorcycle, Xinlong Health, Zhenghe Industrial, and others, suggesting a broad market context for the analysis [1][1][1]