Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, particularly recommending companies like Chuanfeng Power, Longxin General, and Qianjiang Motorcycle due to the rapid expansion of the mid-to-large displacement motorcycle market [20][21]. Core Insights - The motorcycle industry is experiencing steady growth, with total sales of 952,000 units in 2025, representing a year-on-year increase of 25.9% [4]. - The growth in sales is primarily driven by the 125-150cc and 500-800cc segments, with significant contributions from leading companies such as Chuanfeng Power and Longxin General [4][5]. - The export market for motorcycles has shown a robust increase, with a cumulative export of 533,000 units in 2025, up 48.5% year-on-year [4]. Summary by Sections Sales Performance - In December 2025, sales of motorcycles above 250cc reached 69,000 units, up 1.8% year-on-year and 12.9% month-on-month [3][4]. - Cumulative sales for the year reached 952,000 units, with a notable increase in domestic sales of 41.9 million units, up 5.4% year-on-year [4]. Market Structure - The 500cc+ segment has shown strong growth, with sales of 13,000 units in December, a year-on-year increase of 63.6% [5]. - The 250cc to 400cc segment also performed well, with December sales of 45,000 units, up 16.3% year-on-year [5]. Competitive Landscape - The top three companies in the 250cc+ segment are Longxin General, Chuanfeng Power, and Qianjiang Motorcycle, with a combined market share of 35.4% in December [6]. - Longxin General maintained a market share of 15.0% in December, while Chuanfeng Power held 14.8% [6]. Company-Specific Insights - Chuanfeng Power's total two-wheeler sales in December reached 38,000 units, with a significant increase in electric motorcycle sales [9]. - Longxin General has focused on expanding its export business, with a cumulative export of 138,200 units in 2025, despite a year-on-year decline in total sales [14]. - Qianjiang Motorcycle has improved its product definition capabilities, launching new models that cater to various market segments [19].