2024年，隆鑫通用摩托车业务产销规模超180万台，连续多年位于行业前两位，出口规模位居行业榜首；摩托车发 动机业务产销规模多年居行业前列；通机业务产销规模超300万台，出口创汇多年位居行业前列。 近年来，隆鑫通用的经营业绩持续攀升，并在2024年交出了年度最佳"成绩单"，公司当年实现营业收入168.22亿 元，同比增长28.74%；归母净利润11.21亿元，同比增长92.19%；扣非净利润10.96亿元，同比增长70.78%。 长江商报消息 ●长江商报记者徐阳 摩托车头部企业隆鑫通用（603766）(603766.SH)稳健运营。 半年报显示，2025年上半年，隆鑫通用实现营业收入97.52亿元，同比增长27.21%。归属于上市公司股东的净利润 (以下简称"归母净利润")10.74亿元，同比增长82.26%。 值得关注的是，近年来，隆鑫通用大力推进自主品牌的推广建设，2025年上半年高端自主品牌表现突出，实现收 入23.34亿元，同比增长42.43%，占公司营业收入比重约24%。 通用机械销售收入增52.82% 据官网介绍，隆鑫通用创建于1993年，2012年登陆A股市场，系重庆宗申新智造科技有限公司旗下的 ...

Core Viewpoint - The article discusses the apology issued by Chongqing Zongshen Vehicles for allegedly infringing on the trademark rights of the automotive brands "Wenjie" and "Zhijie," leading to public confusion and concern [1][4][5]. Group 1: Company Actions and Responses - Chongqing Zongshen Vehicles acknowledged the inappropriate content published on their social media platforms and has taken immediate action to rectify the situation by renaming the controversial products and ceasing the dissemination of related content [1][9]. - The company expressed sincere apologies to the affected brand owners and the public, committing to strengthen internal review mechanisms to prevent future infringements [1][9]. Group 2: Market Context and Brand Information - "Zhijie" and "Wenjie" are popular automotive brands under Hongmeng Zhixing, with Chery Automobile Co., Ltd. having registered the "Zhijie" trademark in 2020, and Seres Automotive holding multiple "Wenjie" trademarks [5]. - The Wenjie brand includes models such as M5, M7, M8, and M9, while Zhijie features R7 and S7 models. In June, Hongmeng Zhixing achieved a record monthly delivery of 52,747 vehicles, marking a significant milestone in their sales history [5][6]. Group 3: Company Background and Financial Performance - Chongqing Zongshen Vehicles, established in 2001, specializes in the research, manufacturing, and sales of diverse products, including new energy vehicles and three-wheeled motorcycles [13][15]. - The company is controlled by Zuo Zongshen, with a family wealth of 7 billion RMB, ranking 754th on the 2024 Hurun Rich List [16][22]. - Zongshen Power's stock price surged nearly 300% in 2024, with a significant increase from 4 RMB per share in February to 35.13 RMB by October 31 [22]. The company reported a revenue of 10.384 billion RMB, a year-on-year increase of 29.84%, and a net profit of 461 million RMB, up 27.45% [22].

Core Viewpoint - Chongqing Zongshen's recent product launch of two electric tricycles named "Zhi Jie S300" and "Wen Jie Q1p" has raised eyebrows due to their association with popular automotive brands under Hongmeng Zhixing, leading to accusations of brand infringement [1][4]. Group 1: Company Background - Chongqing Zongshen Vehicles Co., Ltd. was established in 2001 and specializes in the research, manufacturing, and sales of new energy vehicles, tricycles, and electric tricycles, located in the high-tech industrial development zone of Bishan District, Chongqing [10]. - The company is controlled by Zongshen Industrial Group Co., Ltd., with significant shareholding from Yuan Li and Yuan Deshan [12]. Group 2: Product Naming Controversy - The names "Zhi Jie" and "Wen Jie" are registered trademarks of Chery Automobile Co., Ltd. and Seres Automotive Co., Ltd., respectively, which has led to speculation about Zongshen's intentions [2]. - Zongshen's official apology on July 10 acknowledged the inappropriate naming of the products and stated that they would rectify the situation by renaming the products and ceasing the dissemination of related content [6]. Group 3: Market Reaction - The incident has sparked discussions among netizens regarding the appropriateness of Zongshen's actions, with many questioning the legitimacy of the product names used during the launch [3][4].

Investment Rating - The report indicates a positive investment outlook for the electric tricycle industry, highlighting significant growth potential in both domestic and international markets [2]. Core Insights - The global tricycle market is experiencing growth, with Asia being the primary market. India is rapidly developing, while China's domestic sales are relatively weak but international markets are expanding significantly [7][8]. - In 2024, the global tricycle market is projected to grow by 13%, with electric tricycles seeing a remarkable 30% increase, accounting for 21% of total tricycle sales [7]. - China and India together hold 80% of the overall tricycle market share, dominating over 95% of Asia's electric tricycle sales [7]. Summary by Sections Global Market Overview - The global tricycle market is on an upward trend, with Asia as the main market. India is leading in growth, while China's domestic market is stable but its export market is thriving [7][8]. - In 2024, China's electric tricycle production is estimated at over 12 million units, with significant contributions from various categories including cargo and leisure [8]. Chinese Tricycle Export Market - The growth of China's tricycle export market is driven by demand from developing countries, environmental policies, and the need to replace human-powered and two-wheeled vehicles [11]. - China's complete industrial chain and technological advantages provide a stable supply side, with products priced 30%-50% lower than Western brands [11]. Regional Characteristics of Export Markets - Southeast Asia shows a strong demand for tricycles due to urbanization and insufficient public transport, while India is the largest tricycle market with over 2 million units demanded annually [12]. - In Africa, tricycles are essential for rural transport and urban public transport, while in Latin America, they are used for agricultural transport [12]. Competitive Landscape - Chinese manufacturers have a clear advantage in scale production but face price competition from local brands in India and Southeast Asia [15]. - Key players like Jinpeng and Zongshen are establishing local production and partnerships to enhance their market presence [18]. Emerging Brands and Strategies - New brands are focusing on niche markets, such as cold chain logistics and smart features, to differentiate themselves in the competitive landscape [18]. - The report highlights the importance of adapting to local market needs and regulatory requirements, such as India's FAME-II subsidy and EU's CE certification [20].

Investment Rating - The report indicates a positive investment outlook for the electric tricycle industry, highlighting significant growth potential in both domestic and international markets [2]. Core Insights - The global tricycle market is experiencing growth, with Asia being the primary market. India is rapidly developing, while China's domestic sales are relatively weak but international markets are expanding significantly [7][8]. - In 2024, the global tricycle market is projected to grow by 13%, with electric tricycles seeing a remarkable 30% increase, accounting for 21% of total tricycle sales [7]. - China and India together hold 80% of the overall tricycle market share, dominating over 95% of Asia's electric tricycle sales [7]. Summary by Sections Global Market Overview - The global tricycle market is on an upward trend, with Asia as the main market. India is leading in growth, while China's domestic market is stable but its export market is thriving [7][8]. - In 2024, China's electric tricycle production is estimated at over 12 million units, with significant contributions from various categories including cargo and leisure [8]. Chinese Tricycle Export Market - The growth of China's tricycle export market is driven by demand from developing countries, environmental policies, and the need to replace human-powered and two-wheeled vehicles [11]. - China's complete supply chain and technological advantages support stable supply, with products priced 30%-50% lower than Western brands [11]. Regional Characteristics of Export Markets - Southeast Asia, South Asia, and Africa are key markets for Chinese tricycles, with specific demand characteristics such as urban transportation and agricultural use [12]. - India is the largest tricycle market globally, with a demand exceeding 2 million units annually, and electric tricycles gaining traction due to government incentives [12]. Competitive Landscape - Major Chinese manufacturers like Jinpeng and Zongshen are leveraging local production and partnerships to enhance their market presence [15][16]. - Emerging brands are focusing on niche markets and innovative technologies, such as smart features and long-range batteries, to differentiate themselves [16][18].

Investment Rating - The report indicates a positive investment outlook for the electric tricycle industry, highlighting significant growth potential in both domestic and international markets [2]. Core Insights - The global tricycle market is experiencing growth, with Asia being the primary market. India is rapidly developing, while China's domestic sales are relatively weak but international markets are expanding significantly [7][8]. - In 2024, the global tricycle market is projected to grow by 13%, with electric tricycles seeing a remarkable 30% increase, accounting for 21% of total tricycle sales [7]. - China and India together hold 80% of the overall tricycle market share, dominating over 95% of electric tricycle sales in Asia [7]. Summary by Sections Global Market Overview - The global tricycle market is on an upward trajectory, with Asia as the leading region. India is noted for its rapid market development, while China's domestic sales are stable but its export market is thriving [7][8]. - In 2024, electric tricycle production in China is estimated at over 12 million units, with various categories including cargo, leisure, and specialized vehicles [8]. Chinese Tricycle Export Market - The growth of China's tricycle export market is driven by demand from developing countries, environmental policies, and the need to replace human-powered and two-wheeled vehicles [11]. - China's complete industrial chain and technological advantages provide a stable supply side, with products priced 30%-50% lower than Western brands [11]. Regional Characteristics of Export Markets - Southeast Asia shows a strong demand for tricycles due to urbanization and insufficient public transport, with electric tricycles gaining traction [12]. - India is the largest tricycle market globally, with demand exceeding 2 million units annually, and electric tricycles rapidly gaining popularity [12]. Competitive Landscape - Chinese manufacturers benefit from scale production advantages but face price competition from local brands in India and Southeast Asia [15]. - Key players like Jinpeng and Zongshen are establishing local production and distribution networks to enhance their market presence [18].

Core Viewpoint - 隆鑫通用动力股份有限公司 reported significant growth in revenue and net profit for the year 2024, driven by strong performance in the motorcycle and general machinery sectors [15][17]. Company Overview - 隆鑫通用 is a leading manufacturer in the motorcycle industry, maintaining the top position in exports for 19 consecutive years, with a total motorcycle sales volume of 16.46 million units in 2024, a year-on-year increase of 12.99% [2][3]. - The company specializes in various products including two-wheeled motorcycles, three-wheeled motorcycles, motorcycle engines, all-terrain vehicles, and general machinery [4][5]. Industry Performance - The motorcycle industry in China saw a total sales volume of 16.46 million units in 2024, with domestic sales declining by 16.56% to 8.91 million units, while exports increased by 26.72% to 11.02 million units [2]. - The market for large-displacement leisure motorcycles (over 250cc) grew significantly, with sales reaching 756,600 units, a year-on-year increase of 42.97% [3]. - The general machinery sector experienced a total sales volume of 47.72 million internal combustion engines, marking a 6.67% increase year-on-year [4]. Financial Highlights - The company achieved a revenue of 4.646 billion yuan in 2024, representing a year-on-year growth of 40.98%, and a net profit of 507 million yuan, up 96.79% [15]. - Motorcycle product sales contributed 2.742 billion yuan, with export revenue reaching 310 million USD, a 55.23% increase [15]. - The company’s all-terrain vehicle sales increased by 74.36%, generating 107 million yuan in revenue [16]. Business Model - 隆鑫通用 operates through a comprehensive business model that includes research and development, procurement, production, and sales [6][10]. - The company has established a robust R&D structure with nearly 1,600 personnel, focusing on market-driven innovations [7]. Legal and Financial Matters - The company is currently involved in legal proceedings regarding receivables, with a balance of 666 million yuan and significant provisions for credit impairment [18]. - The company is also in the process of transferring its stake in the Italian CMD company, with ongoing negotiations and conditions to be met for completion [19][20].

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].