Event Overview - In October, the company's fuel motorcycle sales reached 17,000 units, a year-on-year increase of 12.3% but a month-on-month decrease of 1.2% [2] - The sales of the Jike electric motorcycle (excluding self-produced) were 28,000 units, showing significant year-on-year growth [2] - The export sales of four-wheeled beach vehicles reached 19,000 units, with a year-on-year increase of 43.3% and a month-on-month increase of 14.3% [2] Two-Wheeled Vehicles: Export Sales and Jike Development - For large-displacement motorcycles (250cc+), October sales were 11,000 units, up 27.8% year-on-year but down 13.8% month-on-month; cumulative sales from January to October reached 166,000 units, a 35.6% year-on-year increase, with market share rising to 20.2% [3] - The new high-end 675cc three-cylinder model sold 55,000 units, a remarkable year-on-year increase of 510.5%, indicating ongoing product structure optimization [3] - The company's two-wheeled motorcycle exports saw a year-on-year recovery, with October sales of 11,000 units, up 50.1% year-on-year and 2.8% month-on-month; cumulative exports from January to October reached 116,000 units, a 20.6% year-on-year increase [3] - The Jike electric motorcycle sales for January to October reached 253,000 units, a substantial year-on-year increase, with the Jike brand expanding its channels domestically and internationally [3] Four-Wheeled Vehicles: U.S. Market Expansion and High-End Layout - In October, the export sales of four-wheeled beach vehicles were 19,000 units, a year-on-year increase of 43.3% and a month-on-month increase of 14.3%, nearing a historical monthly high; cumulative sales from January to October reached 151,000 units, a 9.7% year-on-year increase [4] - The company is maintaining a steady growth trend, with plans to continue leading the European market in market share and expanding in the U.S. market [4] - The core new product U10PRO has gained attention for its performance and quality upgrades, driving an increase in the average selling price (ASP) of four-wheeled vehicles [4] 2025 Milan Exhibition: New High-End Models - The new flagship ADV: 1000 MT-X features a 946cc twin-cylinder engine with a maximum power of 83kW (approximately 113 horsepower) and a maximum torque of 105N·m, equipped with advanced electronic configurations and comfort features [5] - The performance flagship prototype V4 SR-RR showcases the company's technical prowess, featuring a 997cc 90° V4 engine with a power output exceeding 157kW (approximately 210 horsepower) and advanced aerodynamic design [5] Long-Term Outlook - The company is optimistic about the export of two-wheeled vehicles and the high-end layout of four-wheeled vehicles, projecting revenues of 19.91 billion, 24.51 billion, and 29.50 billion yuan for 2025-2027, with net profits of 1.86 billion, 2.38 billion, and 2.93 billion yuan respectively [6] - The expected EPS for the same period is 12.19, 15.61, and 19.21 yuan, with corresponding PE ratios of 20, 16, and 13 times [6] - The closing price on November 14, 2025, was 242.36 yuan per share [6] Financial Projections | Item/Year | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | Revenue (Million Yuan) | 15,038 | 19,914 | 24,514 | 29,502 | | Growth Rate (%) | 24.2 | 32.4 | 23.1 | 20.3 | | Net Profit (Million Yuan) | 1,472 | 1,860 | 2,382 | 2,931 | | Growth Rate (%) | 46.1 | 26.4 | 28.0 | 23.0 | | EPS (Yuan) | 9.65 | 12.19 | 15.61 | 19.21 | | PE | 25 | 20 | 16 | 13 | | PB | 6.0 | 5.0 | 4.1 | 3.3 | [8]

Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, particularly recommending companies such as Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [18]. Core Insights - The motorcycle industry is experiencing steady growth in the mid-to-large displacement segment, with a notable increase in exports. The report highlights the robust performance of leading companies in this sector, driven by new model launches and an expanding market [4][18]. - The report indicates that the overall sales of mid-to-large displacement motorcycles are expected to resonate positively in both domestic and international markets, supported by the efforts of key players like Chuanfeng Power and Longxin General [5][18]. Summary by Sections Sales Performance - In October 2025, the sales of motorcycles above 250cc reached 61,000 units, showing a slight year-on-year decline of 0.2% but a significant month-on-month drop of 29.7%. Cumulatively, from January to October, sales totaled 822,000 units, reflecting a year-on-year increase of 29.7% [3]. - The sales of motorcycles above 125cc in October were 603,000 units, up 1.0% year-on-year but down 19.7% month-on-month, with growth primarily from the 125-150cc and 500-800cc segments [4]. Structural Analysis - The report notes strong growth in the 500cc+ displacement models, with October sales of 13,000 units, a year-on-year increase of 33.2%. Cumulative sales from January to October reached 161,000 units, up 128.7% year-on-year [5]. - The 250cc to 400cc segment saw a decline in October sales, with 36,000 units sold, down 8.5% year-on-year and 31.5% month-on-month, while the 400cc to 500cc segment experienced a slight decrease of 7.2% year-on-year [5]. Market Dynamics - The top three companies in the 250cc+ segment for October were Chuanfeng Power, Longxin General, and Qianjiang Motorcycle, with a combined market share of 43.7%. Chuanfeng Power maintained a leading position with a market share of 18.8% [6][8]. - Longxin General's sales in October were 11,000 units, reflecting a year-on-year increase of 62.7%, while Qianjiang Motorcycle's sales were 4,000 units, down 47.9% year-on-year [8][15]. Future Outlook - The report anticipates continued growth in the mid-to-large displacement motorcycle market, driven by new model launches and an expanding consumer base. The focus will be on enhancing domestic sales and increasing export volumes, particularly for Chuanfeng Power and Longxin General [12][18]. - The report emphasizes the importance of new product introductions and brand positioning in capturing market share and driving future sales growth [14][18].

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company shows strong sales performance in October, with fuel motorcycle sales reaching 17,000 units, a year-on-year increase of 12.3% [1]. - The company is experiencing significant growth in its electric motorcycle segment, with sales of 28,000 units in October, representing a year-on-year increase of 141% [2]. - The four-wheeled beach vehicle exports also performed well, with sales of 19,000 units in October, up 43.3% year-on-year [3]. Summary by Sections Two-Wheeled Vehicles - The company’s 250cc+ motorcycle sales in October reached 11,000 units, a year-on-year increase of 27.8% [2]. - Cumulative sales from January to October for 250cc+ motorcycles reached 166,000 units, up 35.6% year-on-year, with market share increasing to 20.2% [2]. - The company’s electric motorcycle brand, Jike, saw sales of 253,000 units from January to October, a significant year-on-year increase [2]. Four-Wheeled Vehicles - The company is focusing on the U.S. market, with October sales of four-wheeled beach vehicles reaching 19,000 units, a year-on-year increase of 43.3% [3]. - Cumulative sales from January to October for four-wheeled vehicles reached 151,000 units, up 9.7% year-on-year [3]. - The company is expected to maintain its leading market share in Europe and continue expanding in the U.S. market [3]. Product Launches - At the 2025 Milan Show, the company unveiled its new flagship ADV motorcycle, featuring a 946cc engine and advanced electronic configurations [4]. - The performance flagship prototype, V4 SR-RR, was also showcased, featuring a 997cc V4 engine with over 210 horsepower [4]. Financial Forecast - The company is projected to achieve revenues of 19.91 billion, 24.51 billion, and 29.50 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.86 billion, 2.38 billion, and 2.93 billion yuan [5][6]. - The earnings per share (EPS) are expected to be 12.19, 15.61, and 19.21 yuan for the same years [5][6].

Core Viewpoint - The motorcycle industry is experiencing strong performance in the mid-to-large displacement segment, with significant growth in exports and a robust domestic market despite seasonal trends [7][22]. Industry Overview - In July 2025, sales of motorcycles above 250cc reached 88,000 units, a year-on-year increase of 21.7% but a month-on-month decrease of 14.2% [5][11]. - Cumulative sales from January to July 2025 totaled 590,000 units, reflecting a year-on-year growth of 37.9% [5][6]. - The export of motorcycles above 250cc in July was 47,000 units, up 77.0% year-on-year, while domestic sales were 42,000 units, down 9.7% year-on-year [5][6]. Market Structure - The top three companies in the 250cc+ segment for July 2025 were Chuanfeng Power, Longxin General, and Qianjiang Motorcycle, with a combined market share of 48.3% [8][9]. - The market share of the top three companies decreased by 2.0 percentage points compared to the entire year of 2024 [8]. Company Performance - Chuanfeng Power reported July sales of 18,000 units in the 250cc+ category, a year-on-year increase of 9.2% [9][10]. - Longxin General's July sales in the same category were 14,000 units, up 15.8% year-on-year [9][20]. - Qianjiang Motorcycle experienced a decline in July sales to 10,000 units, down 34.4% year-on-year [9][16]. Future Outlook - The motorcycle market is expected to continue expanding, driven by new model launches and increased supply from leading manufacturers [22]. - Chuanfeng Power is focusing on new models in the 450cc and 650cc categories to boost domestic sales [15]. - Longxin General is enhancing its export capabilities and has established a strong presence in the high-end motorcycle market [20].

Core Viewpoint - The motorcycle industry is experiencing significant growth in the mid-to-large displacement segment, with strong sales performance and export growth expected to continue into 2025 [19]. Industry Overview - In June 2025, sales of motorcycles with a displacement of 250cc and above reached 102,000 units, marking a year-on-year increase of 14.3% and a month-on-month increase of 1.7%, setting a historical record [2][4]. - Cumulative sales from January to June 2025 reached 501,000 units, representing a year-on-year increase of 41.3% [2]. Sales Performance - For motorcycles above 125cc, June sales totaled 706,000 units, showing a year-on-year decrease of 1.9% but a month-on-month increase of 0.4% [2]. - Exports of 250cc and above motorcycles in June reached 57,000 units, a year-on-year increase of 59.9% and a month-on-month increase of 13.7%, with cumulative exports for the first half of the year at 265,000 units, up 70.1% year-on-year [2][4]. Domestic Market - Domestic sales of 250cc and above motorcycles in June were 45,000 units, down 15.6% year-on-year and 10.1% month-on-month, with cumulative domestic sales for the first half of the year at 236,000 units, up 18.7% year-on-year [3][4]. Market Structure - The market for motorcycles with a displacement of 500cc and above is experiencing strong growth, with June sales of 2,300 units, a year-on-year decrease of 27.06% but a cumulative increase of 125.9% for the first half of the year [4]. - The top three companies in the 250cc and above segment in June were Chuanfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 46.9% [5]. Company Highlights - Chuanfeng Power's June sales for 250cc and above motorcycles were 21,000 units, a year-on-year increase of 9.2%, maintaining a market share of 21.2% [5]. - Qianjiang Motorcycle's June sales were 11,000 units, a year-on-year decrease of 39.6%, with a market share of 11.2% [10]. - Longxin General's June sales were 15,000 units, a year-on-year increase of 31.8%, with a market share of 12.9% [10]. Future Outlook - The motorcycle industry is expected to continue its upward trajectory in 2025, driven by increased supply and the expansion of leading companies' export businesses [4][19]. - Chuanfeng Power is focusing on new models in the 450cc and 650cc categories to boost domestic sales, while also expanding its overseas market presence [12].

Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, particularly recommending companies like Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [6][15]. Core Insights - The motorcycle industry is experiencing significant growth, with 250cc and above motorcycle sales reaching a record high in May 2025, showing a year-on-year increase of 31.1% and a cumulative increase of 50.4% from January to May 2025 [3][4]. - The report highlights the strong performance of major players in the market, with Chuanfeng Power leading in sales and market share, followed by Qianjiang Motorcycle and Longxin General [6][15]. - The export market is also thriving, with a notable increase in shipments of 250cc and above motorcycles, driven by the growth of leading companies in the 500-800cc segment [4][5]. Summary by Sections Sales Performance - In May 2025, sales of motorcycles above 125cc reached 703,000 units, a year-on-year increase of 7.8% [4]. - For 250cc and above motorcycles, May sales were 101,000 units, with a year-on-year increase of 31.1% and a cumulative total of 399,000 units from January to May, reflecting a 50.4% increase [4][5]. Market Structure - The report notes strong growth in the 500cc and above segment, with sales of 500-800cc motorcycles increasing by 96.6% year-on-year in May [5]. - The 250cc to 400cc segment saw sales of 53,000 units in May, up 21.4% year-on-year, while the 400cc to 500cc segment sold 30,000 units, marking a 23.3% increase [5]. Competitive Landscape - The top three companies in the 250cc and above segment in May 2025 were Chuanfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 48.4% [6]. - Chuanfeng Power maintained a market share of 21.5% in May, with sales of 22,000 units, reflecting a year-on-year increase of 48.1% [6][8]. Future Outlook - The report anticipates continued growth in the motorcycle market, driven by new model launches and an expanding export market, particularly for Chuanfeng Power and Longxin General [11][15]. - The motorcycle industry is expected to benefit from a cultural shift towards motorcycle usage, with domestic brands poised to capture a larger share of the growing demand [15].

Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, particularly recommending companies like Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [5][15]. Core Insights - The motorcycle industry is experiencing significant growth, with April 2025 sales of motorcycles over 250cc reaching 93,000 units, a year-on-year increase of 28.0% and a month-on-month increase of 5.6% [3][4]. - The overall market for large-displacement motorcycles is expected to continue expanding, driven by new model launches and increased export activities from leading companies [5][15]. Summary by Sections Sales Performance - In April 2025, sales of motorcycles above 125cc reached 786,000 units, up 24.2% year-on-year and 10.5% month-on-month, with significant contributions from 125-150cc and 500-800cc segments [4]. - For motorcycles over 250cc, April sales were 93,000 units, with a cumulative total of 298,000 units from January to April, reflecting a 58.3% year-on-year increase [4]. Export and Domestic Sales - Exports of motorcycles over 250cc in April were 39,000 units, a year-on-year increase of 23.4%, while domestic sales were 54,000 units, up 31.6% year-on-year [4]. - Cumulative exports from January to April reached 158,000 units, a significant year-on-year increase of 81.1% [4]. Market Structure - The report highlights strong growth in the 500cc+ segment, with April sales of 16,000 units, a year-on-year increase of 106.6% [5]. - The top three companies in the 250cc+ segment are Chuanfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 52.9% in April [6]. Company Performance - Chuanfeng Power reported a total motorcycle sales of 56,000 units in April, a year-on-year increase of 108.1% [9]. - Longxin General's April sales reached 145,000 units, with a year-on-year increase of 9.6% [14]. - Qianjiang Motorcycle's April sales were 35,000 units, reflecting a year-on-year decrease of 12.4% [12]. Future Outlook - The report anticipates continued strong performance in the motorcycle market, with a focus on new model launches and expanding export capabilities [11][15]. - The motorcycle industry is expected to benefit from a growing demand for large-displacement motorcycles, with domestic brands likely to be the biggest beneficiaries [15].