Event Overview - The company disclosed its 2025 annual performance forecast, expecting a net profit attributable to shareholders of 960-1,030 million yuan, representing a year-on-year growth of 41.9%-52.2%. The "asset disposal income" is expected to contribute approximately 850 million yuan to pre-tax profit. The company anticipates a non-recurring net profit of 270-320 million yuan, a year-on-year decline of 52.8%-43.9% [2]. Profit Analysis - The company's estimated net profit for Q4 2025 is around 680 million yuan, showing a year-on-year increase of 221.4% and a quarter-on-quarter increase of 1223.5%. The non-recurring net profit is estimated at 15 million yuan, reflecting a year-on-year decrease of 87.6% and a quarter-on-quarter decrease of 64.3%. The decline in non-recurring net profit is primarily due to a decrease in motorcycle sales, with total sales of 386,000 units in 2025, down 12.3% year-on-year [3]. Motorcycle Segment - The company has significantly improved its product definition capabilities, launching high-end models such as the Sai 800RS and Zhi 900 in H1 2025, which have been well-received. The company also introduced the Reno 900, its first three-cylinder ADV motorcycle, at the Milan exhibition, featuring a 900cc engine with 120 horsepower and 93 Nm of torque [4]. - The international strategy remains a top priority, with 48,000 units of large-displacement motorcycles exported in 2025, marking a year-on-year increase of 15.3%. Sales of 800cc+ models exceeded 3,400 units, showing significant growth [4]. All-Terrain Vehicle (ATV) Development - The company is actively expanding its all-terrain vehicle (ATV) product matrix, having developed multiple models including ATV, UTV, SSV, and snowmobiles. Two ATV models (ATV600 and ATV1,000) have entered mass production, while UTV1,000 and SSV1,000 are in the development phase [5]. Competitive Advantages - The company is expected to leverage its "brand strength + product strength + channel strength + organizational capability" as competitive advantages. The large-displacement motorcycle business is anticipated to provide substantial growth momentum for the company [6]. Financial Forecast - The company's financial projections for 2024-2027 include: - Revenue: 6,031 million yuan (2024), 5,482 million yuan (2025), 6,546 million yuan (2026), 7,772 million yuan (2027) - Net profit attributable to shareholders: 677 million yuan (2024), 1,004 million yuan (2025), 510 million yuan (2026), 581 million yuan (2027) - Earnings per share (EPS): 1.29 yuan (2024), 1.91 yuan (2025), 0.97 yuan (2026), 1.10 yuan (2027) [7].

Investment Rating - The report maintains a "Buy" rating for Qianjiang Motorcycle (000913.SZ) with a target price based on a PE ratio of 8 for 2025 and 16 for 2026, corresponding to a closing price of 15.66 yuan per share on January 29, 2026 [3][12]. Core Insights - The company expects a net profit attributable to shareholders of 9.6 to 10.3 billion yuan for 2025, representing a year-on-year growth of 41.9% to 52.2%, with asset disposal gains contributing approximately 8.5 billion yuan to pre-tax profit [2][9]. - The motorcycle sales volume is projected to decline, with a total of 386,000 units sold in 2025, down 12.3% year-on-year, impacting operational profits despite the increase in asset disposal gains [9]. - The company is focusing on enhancing its product definition capabilities and has seen robust growth in the export of large-displacement motorcycles, with a 15.3% increase in export volume for 2025 [9]. Financial Forecasts - Revenue is expected to decrease to 5.482 billion yuan in 2025, a decline of 9.1% from 2024, followed by a recovery to 6.546 billion yuan in 2026 [3][10]. - The net profit attributable to shareholders is forecasted at 1.004 billion yuan for 2025, with a significant drop to 510 million yuan in 2026, before rebounding to 581 million yuan in 2027 [3][10]. - Earnings per share (EPS) are projected to be 1.91 yuan in 2025, dropping to 0.97 yuan in 2026, and recovering to 1.10 yuan in 2027 [3][10]. Product and Market Strategy - The company has launched several high-end motorcycle models in 2025, including the 800RS and 900, which have received positive market reception, indicating improved product definition capabilities [9]. - Qianjiang Motorcycle is expanding its all-terrain vehicle (ATV) product line, with two ATV models already in mass production and additional models in development [9]. - The internationalization strategy remains a top priority, with the company establishing subsidiaries in key markets such as the USA, Italy, and Indonesia, and expanding its QJMOTOR brand across over 130 countries [9].

Investment Rating - The report maintains a "Buy" rating for Qianjiang Motorcycle (000913.SZ) with a target price based on a PE ratio of 8 for 2025 and 16 for 2026, corresponding to a closing price of 15.66 yuan per share on January 29, 2026 [3][12]. Core Insights - The company expects a net profit attributable to shareholders of 9.6 to 10.3 billion yuan for 2025, representing a year-on-year growth of 41.9% to 52.2%, with asset disposal gains contributing approximately 8.5 billion yuan to pre-tax profits [2][9]. - The motorcycle sales volume is projected to decline, with a total of 386,000 units sold in 2025, down 12.3% year-on-year, impacting operational profits despite the increase in asset disposal gains [9]. - The company is focusing on enhancing its product definition capabilities and has seen robust growth in exports of high-displacement motorcycles, with a 15.3% increase in export volume for 2025 [9]. Financial Forecasts - Revenue is expected to decrease to 5.482 billion yuan in 2025, a decline of 9.1% from 2024, before rebounding to 6.546 billion yuan in 2026 [3][10]. - The net profit attributable to shareholders is forecasted at 1.004 billion yuan for 2025, with a significant drop to 510 million yuan in 2026, followed by a recovery to 581 million yuan in 2027 [3][10]. - Earnings per share (EPS) are projected to be 1.91 yuan in 2025, dropping to 0.97 yuan in 2026, and recovering to 1.10 yuan in 2027 [3][10]. Product and Market Strategy - The company has launched several high-end motorcycle models in 2025, including the 800RS and 900, which have received positive market reception, indicating strong product definition capabilities [9]. - Qianjiang Motorcycle is expanding its all-terrain vehicle (ATV) product line, with two ATV models already in mass production and additional models in development [9]. - The internationalization strategy remains a top priority, with the company establishing subsidiaries in key markets such as the USA, Italy, and Indonesia, and expanding its QJMOTOR brand across over 130 countries [9].

Core Viewpoint - The company's performance in Q2 2025 met expectations, with marginal improvements in motorcycle business despite a decline in overall sales and profits [3][6]. Financial Performance - In H1 2025, the company reported revenue of 3.07 billion yuan, a year-on-year decrease of 5.7%, and a net profit attributable to shareholders of 270 million yuan, down 22.9% year-on-year [2]. - Q2 2025 revenue was 1.74 billion yuan, a year-on-year decline of 9.2% but a quarter-on-quarter increase of 30.3%. The net profit for Q2 was 180 million yuan, down 12.8% year-on-year but up 110.6% quarter-on-quarter [2][3]. Motorcycle Business - The decline in revenue was primarily due to fluctuations in motorcycle sales, with Q2 2025 motorcycle sales at 106,000 units, down 17.2% year-on-year but up 9.6% quarter-on-quarter [3]. - The company has improved its product definition capabilities, launching high-end models that have received positive market reception, indicating strong potential for future growth [4][6]. Cost Structure - The company has optimized its cost structure, with sales, management, R&D, and financial expense ratios showing improvements compared to previous periods, contributing to profit margins [3]. International Strategy - The company is focusing on international expansion, with a significant increase in exports of mid-to-large displacement motorcycles, achieving 26,000 units in H1 2025, a year-on-year increase of 2.5% [4]. - The establishment of subsidiaries in key markets such as the U.S., Italy, and Indonesia is part of the company's strategy to enhance its global presence [4]. All-Terrain Vehicle (ATV) Development - The company is actively expanding its all-terrain vehicle product line, with two ATV models already in mass production and additional models in development [5]. Future Projections - Revenue projections for 2025-2027 are 6.68 billion yuan, 7.98 billion yuan, and 9.47 billion yuan, respectively, with net profits expected to be 640 million yuan, 750 million yuan, and 880 million yuan [6][8].

Group 1 - The company reported a revenue of 3.07 billion yuan for H1 2025, a year-on-year decrease of 5.7%, and a net profit attributable to shareholders of 270 million yuan, down 22.9% year-on-year [1] - In Q2 2025, the company achieved a revenue of 1.74 billion yuan, a year-on-year decline of 9.2% but a quarter-on-quarter increase of 30.3%, with a net profit of 180 million yuan, down 12.8% year-on-year but up 110.6% quarter-on-quarter [1] - The decline in revenue and profit in Q2 2025 was primarily due to a drop in motorcycle sales, which amounted to 106,000 units, down 17.2% year-on-year but up 9.6% quarter-on-quarter [1] Group 2 - The company has improved its product definition capabilities, launching high-end models such as the Sai 800RS and Zhi 900 in H1 2025, which have been well-received in the market [2] - The international strategy remains a top priority, with exports of mid-to-large displacement motorcycles (over 250cc) reaching 26,000 units in H1 2025, a year-on-year increase of 2.5% [2] - The company is expanding its global presence by establishing subsidiaries in the US, Italy, and Indonesia, and has developed channels in over 130 countries [2] Group 3 - The company is actively expanding its all-terrain vehicle (ATV) product matrix, with two ATV models (ATV600 and ATV1000) already in mass production [3] - The company is planning to develop 10 all-terrain vehicle models, with ongoing research and development for UTV1000 and SSV1000 models [3] - The company’s competitive advantages are seen in its brand strength, product capability, channel development, and organizational capacity, which are expected to drive future growth [3]

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company's performance in Q2 2025 met expectations, with motorcycle sales showing resilience despite a decline in overall revenue [2][3]. - The company's product definition capabilities have significantly improved, leading to successful launches of high-end motorcycle models [3]. - The internationalization strategy is a key focus, with a notable increase in exports of mid-to-large displacement motorcycles [3]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 3.07 billion yuan, a year-on-year decrease of 5.7%, and a net profit attributable to shareholders of 270 million yuan, down 22.9% year-on-year [1]. - Q2 2025 revenue was 1.74 billion yuan, a year-on-year decline of 9.2% but a quarter-on-quarter increase of 30.3%. The net profit for Q2 was 180 million yuan, down 12.8% year-on-year but up 110.6% quarter-on-quarter [1][2]. Motorcycle Business - The motorcycle segment saw a total sales volume of 106,000 units in Q2 2025, a decrease of 17.2% year-on-year but an increase of 9.6% quarter-on-quarter [2]. - The company has optimized its cost structure, leading to improved profit margins despite lower sales volumes [2]. Product Development - The company has enhanced its product definition capabilities, launching several high-end models that have received positive market reception [3]. - The company is expanding its all-terrain vehicle (ATV) product line, with multiple models in production and development [4]. Future Outlook - Revenue projections for 2025-2027 are estimated at 6.68 billion, 7.98 billion, and 9.47 billion yuan, respectively, with net profits expected to be 640 million, 760 million, and 890 million yuan [5]. - The report anticipates continued growth driven by the motorcycle business and improved product offerings [4].