Core Viewpoint - Longxin General (隆鑫通用) is experiencing significant growth in its operating performance, with a projected net profit increase of 70.52% to 90.03% for the first half of 2025 compared to the previous year [1][2]. Financial Performance - The company expects to achieve a net profit of 10.05 billion to 11.2 billion yuan for the first half of 2025, driven by growth in motorcycle and general machinery businesses [2]. - In 2024, Longxin General reported a revenue of 168.22 billion yuan, a year-on-year increase of 28.74%, and a net profit of 11.21 billion yuan, up 92.19% [2]. - For Q1 2025, the company achieved a revenue of 46.46 billion yuan, a 40.98% increase year-on-year, with a net profit of 5.07 billion yuan, reflecting a growth of 96.79% [3]. Business Segments - Longxin General has a strong focus on the "motorcycle + general machinery" business model, which has led to a steady increase in gross margin from 13.77% in 2021 to 17.59% in 2024, reaching 18.9% in Q1 2025 [1][5]. - The motorcycle segment generated sales of 126.88 billion yuan in 2024, a 34.01% increase, with the "Wuji" series products achieving sales of 31.54 billion yuan, up 111.43% [6]. - The general machinery segment reported sales of 35.35 billion yuan in 2024, a 29.32% increase, driven by customer demand and technological development [6]. Research and Development - Longxin General has invested a total of 21.24 billion yuan in R&D over the past five years, with annual expenditures increasing from 3.06 billion yuan in 2020 to 5.13 billion yuan in 2024 [6]. - The company holds 1,591 valid patents, including 350 invention patents, showcasing its strong R&D capabilities and industry leadership [6]. Financial Structure - As of the end of Q1 2025, Longxin General's total assets reached 170.4 billion yuan, a 6.04% increase from the previous year, with a net cash flow from operating activities of 10.21 billion yuan [5][6].

Group 1 - The company achieved operating revenue of 16.822 billion yuan, a year-on-year increase of 28.74%, and a net profit attributable to shareholders of 1.121 billion yuan, a year-on-year increase of 92.19% [1] - The motorcycle business generated sales revenue of 12.688 billion yuan, a year-on-year increase of 34.01%, with a gross profit margin of 17.94% [1] - The company's "Wujie" series products achieved sales revenue of 3.154 billion yuan, a year-on-year increase of 111.43%, with domestic sales revenue of 1.808 billion yuan, a year-on-year increase of 114.45% [1] Group 2 - The company plans to continue deepening its presence in the European market while expanding into Latin America and Southeast Asia, aiming for a "1+N" market synergy [2] - The general machinery business achieved sales revenue of 3.535 billion yuan, a year-on-year increase of 29.32%, with non-U.S. markets generating 2.444 billion yuan, a year-on-year increase of 33.60% [2] - The company successfully launched new product categories, with sales of fuel-powered riding lawnmowers exceeding 30,000 units, a year-on-year increase of 170% [2] Group 3 - By 2025, the company aims to integrate into national strategies, focusing on high-end, green, intelligent, and global development, while establishing a "smart brain + future factory" in the motorcycle industry [3] - The company plans to launch a new generation of high-end new energy intelligent robotic motorcycles and establish overseas manufacturing plants [3] - The company is committed to becoming a benchmark enterprise in the Chinese motorcycle industry, emphasizing high-quality development [3]