Sales Performance - In 2025, the overall sales of Qianjiang Motorcycle in the fuel motorcycle industry were approximately 402,900 units, a year-on-year decline of about 8.1% [2] - Domestic sales were around 167,200 units, down approximately 20.9% year-on-year [2] - Exports reached about 235,700 units, showing a year-on-year growth of approximately 3.9% [2] - Sales of models over 250cc were about 64,500 units, down approximately 26% domestically, while exports for these models were about 51,000 units, up approximately 28.9% [2] 2026 Sales Strategy - The main sales models for 2026 include sport, cruiser, rally, and scooter series, with competitive products in the 400, 550, 600, and 800cc ranges [2] - The company plans to focus on key sales strategies such as: - **Public Opinion Management**: Building consumer trust through product reputation and service quality while addressing negative publicity [3] - **Focus on Bestsellers**: Streamlining product lines to enhance quality and launch competitive models [3] - **Sales Channel Reform**: Concentrating on the top 60 stores and replacing underperforming sales areas with self-operated models [3] - **Rapid Service Capability**: Enhancing user feedback mechanisms to improve customer satisfaction [3] Export Markets - In 2025, the total export volume was approximately 235,700 units, with significant markets in Asia, Europe, and Africa [3] - The company anticipates steady growth in Europe and significant growth in South America and Southeast Asia for 2026, while Africa is expected to continue its upward trend [3] Impact of Raw Material Prices - Rising raw material prices, such as aluminum and iron, are expected to increase product costs and potentially affect gross margins [3] - The company plans to mitigate these impacts through personnel optimization and cost-reduction strategies [3] Dividend Policy - The company intends to maintain a high dividend payout ratio based on actual operating conditions and future funding needs, aiming to provide good returns to investors [4]

Core Viewpoint - The importance of overseas expansion for Chinese motorcycle companies is emphasized, with a focus on increasing market share in international markets [1] Group 1: Market Strategy - Chinese motorcycle companies are actively expanding overseas, with a significant increase in market share [1] - The high cost-performance ratio of certain models, such as scooters and ADV models, has proven effective in quickly capturing market share [1] - There is potential for price competition in cruiser and sportbike segments, which have not yet initiated such strategies [1] Group 2: Market Potential - Chinese companies have different strategic focuses and competitive stages in various key markets [1] - In the medium to long term, as the product matrix of Chinese companies improves, they can leverage cost-performance advantages to capture market share [1] - A single Chinese brand could achieve annual sales of 150,000 to 200,000 units in the European and American markets, and approximately 700,000 and 600,000 units in Latin America and ASEAN markets, respectively [1]