QJIANG(SZ:000913)2025-05-21 09:28Group 1: Financial Performance - The main reasons for the decline in Q1 2025 performance include an increase in taxes and additional expenses: taxes increased by CNY 31.09 million due to higher consumption tax on large-displacement motorcycles; R&D expenses rose by CNY 20.92 million due to new product development and certification costs; sales expenses increased by CNY 15.34 million due to higher advertising costs. Excluding these factors, operational performance remained stable [2] - For the first four months of 2025, the motorcycle industry saw domestic sales of 1.4277 million units, a decrease of 0.8% year-on-year, while exports reached 3.9347 million units, an increase of 27.8% year-on-year [3] Group 2: Market Overview - In 2024, the sales distribution by region was as follows: Asia approximately 45%, North America approximately 17%, Europe approximately 16%, South America approximately 11%, and Africa approximately 10%. Major sales regions for large-displacement motorcycles are Europe and Asia, with potential growth expected in Europe and South America [2] - The company's market share in the U.S. was less than 1% in 2024, and current changes in the U.S. market have minimal direct impact on the company, but may affect future expansion efforts in the U.S. motorcycle market [3] Group 3: Sales Performance - For the first four months of 2025, the company reported domestic sales of 79,300 units, a year-on-year increase of 31%, with large-displacement sales of 27,900 units, up 14.3% year-on-year. However, external sales decreased by 24.4% to 59,500 units, with large-displacement sales of 16,400 units, a growth of 2.7% year-on-year. The decline in external sales was primarily due to reduced sales in the Turkish market [3] Group 4: Investor Relations - The company is considering increasing dividend payouts to enhance investor returns, with a focus on future development and profitability. Starting from 2024, the company has introduced mid-term dividends and plans to authorize the board to develop a mid-term dividend plan for 2025 [4]