隆鑫通用20250716

Summary of Conference Call for Longxin General (隆鑫通用) Industry Overview - In the first half of 2025, sales of motorcycles with engine displacement over 250CC increased by over 40% year-on-year, with exports contributing significantly, reaching 265,000 units, a 70% increase year-on-year [2][4] - Domestic sales approached 237,000 units, reflecting a year-on-year growth of approximately 20%, indicating sustained industry prosperity [2][4] Company Performance and Strategy - Longxin's overseas market focus for the second half of 2025 will be on repair motorcycles and scooters, particularly in the 300-900CC range, while the domestic market will prioritize cruising motorcycles [2][6] - The CU625 model has been launched, and a 500CC four-cylinder sports bike is set to be released soon [2][6] - The DS625 and DS800 models have begun delivery, with DS800's production capacity ramp-up completed, although a seasonal downturn in European shipments may affect short-term delivery volumes [2][6] Market Expansion - Longxin's export market is primarily Europe, with Italy and Spain showing strong market conditions, while Germany, France, and the UK have also made breakthroughs [2][7] - The scooter segment has entered Germany's top 15 sales rankings for the first time, and the company is also establishing a presence in emerging markets in Latin America and Asia [2][7] - Longxin has achieved a 6% market share in Spain and is performing well in Italy, enhancing brand visibility and attracting interest from Asian countries [2][8] Product Development - The company plans to launch the world's first dual-cylinder 400CC scooter next year to compete in the 350CC market [3][9] - In 2025, the focus will be on launching 500-900CC adventure bikes, with over 10,000 units of the 900CC model shipped in the first half of the year [9][10] - The company aims to enhance its product line with a focus on scooters and adventure bikes, with the 800CC model expected to surpass the 900CC model in sales due to its lightweight design and consumer preferences [24][25] Financial Performance - The average selling price (ASP) of Longxin's products is expected to increase by over 10% year-on-year, with the average price last year being 17,000 yuan [5][14] - The export unit price exceeded 20,000 yuan in the first half of the year, although an increase in the shipment of the 125 series may slightly impact this figure [5][13] Competitive Landscape - The company faces significant competition in the European market, particularly from established brands like BMW, but is leveraging its product advantages and brand influence to gain traction [17][20] - The competitive pressure is notable in the Mexican market, where inventory issues have affected overall performance, but other Latin American countries like Colombia continue to show growth [12][13] Future Outlook - Longxin plans to continue expanding its product offerings in 2026, focusing on scooters and other vehicle types, while adapting models to meet local market demands [22] - The company is optimistic about the long-term potential of its self-branded low-end models in emerging markets, which are expected to provide stable growth opportunities [10][19]