Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, specifically recommending companies such as Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [5][15]. Core Insights - The motorcycle industry is experiencing steady growth in sales, particularly in the mid-to-large displacement segment, with exports accelerating [4][5]. - The overall sales of motorcycles above 250cc reached 87,000 units in September 2025, marking a year-on-year increase of 13.1% and a cumulative sales of 761,000 units from January to September, up 32.9% year-on-year [3][4]. - The report highlights the strong performance of leading companies in the industry, with Chuanfeng Power maintaining its top position in sales [6][9]. Summary by Sections Sales Performance - In September 2025, sales of motorcycles above 125cc reached 751,000 units, a year-on-year increase of 5.5% and a month-on-month increase of 12.2% [4]. - Exports of motorcycles above 250cc in September were 53,000 units, up 39.0% year-on-year, while domestic sales were 33,000 units, down 12.7% year-on-year [4]. Market Structure - The report notes significant growth in the 500cc and above segment, with sales of 1,700 units in September, a year-on-year increase of 351.5% [5]. - The 250cc to 400cc segment saw sales of 53,000 units in September, up 3.8% year-on-year, while the 400cc to 500cc segment experienced a decline of 24.1% [5]. Competitive Landscape - The top three companies in the 250cc and above segment are Chuanfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 44.2% in September [6][8]. - Chuanfeng Power's market share was 15.3% in September, while Qianjiang Motorcycle's market share was 15.0%, reflecting a year-on-year increase of 84.8% in sales [6][8]. Future Outlook - The report anticipates continued growth in the mid-to-large displacement motorcycle market, driven by new model launches and increased export activities from leading manufacturers [5][15]. - Chuanfeng Power is expected to focus on new models in the 450cc and 650cc categories, which are anticipated to boost sales significantly [11].

Core Viewpoint - The motorcycle industry is experiencing significant growth in sales, particularly in the mid-to-large displacement segment, driven by strong domestic demand and export performance [2][12]. Industry Overview - April sales for motorcycles above 125cc reached 786,000 units, a year-on-year increase of 24.2% and a month-on-month increase of 10.5%, with notable contributions from 125-150cc and 500-800cc segments [2]. - The 250cc and above segment saw sales of 93,000 units in April, up 28.0% year-on-year and 5.6% month-on-month, marking a historical high [2][3]. - Cumulative sales from January to April for 250cc and above motorcycles reached 298,000 units, reflecting a year-on-year increase of 58.3% [2]. Structural Insights - The 500cc and above displacement models are experiencing robust growth, with April sales of 7,000 units, a staggering year-on-year increase of 436.0% [5]. - The overall mid-to-large displacement motorcycle sales continue to maintain high growth rates, with strong domestic performance as the peak season approaches [3]. Competitive Landscape - The top three companies in the 250cc and above segment in April were Chunfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 52.9% [4]. - Chunfeng Power's total two-wheeler sales in April reached 56,000 units, a year-on-year increase of 108.1% [4]. - Qianjiang Motorcycle's April sales were 35,000 units, down 12.4% year-on-year, while Longxin General reported sales of 145,000 units, up 9.6% year-on-year [7][11]. Future Outlook - Chunfeng Power is focusing on new models in the 450cc and 650cc categories, which are expected to drive sales growth [6]. - The export market for motorcycles is anticipated to maintain high growth rates, with significant increases in export volumes projected for 2025 [6][14]. - The mid-to-large displacement motorcycle market is expected to expand rapidly, with domestic brands likely to benefit the most from the rising demand [12].