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 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].

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].