League of Nations Minsheng Securities: CUHK maintains strong sales volume, motorcycle exports outperform domestic sales

The Zhitong Finance App learned that Guolian Minsheng Securities released a research report saying that the CUHK high-displacement motorcycle market is rapidly expanding, supplying leading car companies with new models and brands to accelerate the launch of new models and brands to provide a core driving force for the development of the industry, simultaneously fueling the gradual formation of motorcycle culture, and continuing to recommend the CUHK motorcycle racetrack. Referring to the history of domestic automobile development and the competitive pattern of overseas motorcycle markets, independent brands are expected to become high beneficiaries of the rise in demand for medium and large displacement motorcycles.

The main views of Guolian Minsheng Securities are as follows:

Incident Overview

According to data from the China Motorcycle Chamber of Commerce, in June 2026, the sales volume of motorcycles above 250cc (not included) was 113,000 units, +10.1% year-on-year and +11% month-on-month. Among them, export sales volume was 69,000 units, +21% YoY, +27% month-on-month; domestic sales volume was 44,000 units, -3% YoY and -7% month-on-month. The cumulative wholesale sales volume from January to June was 506,000 units, +1% year-on-year.

Industry: CUHK maintains strong monthly sales volume, export performance is superior to domestic sales

1) 125cc (not included) or more: sales volume of 852,000 units in June, +20.7% YoY, +4.9% month-on-month; cumulative sales volume in January-June was 4.304 million units, +8.3% YoY;

2) 250cc (not included) or more: Sales volume in June was 113,000 units, +10.1% year over year and +11.2% month over month. The cumulative sales volume for January-June was 506,000 units, +0.9% year-on-year. Among them: Exports: 69,000 250cc+ motorcycles were exported in June, +20.8% year-on-year, +27.0% month-on-month, and a cumulative total of 305,000 units were exported in January-June, +15.2% year-on-year.

Domestic sales: 250cc+ motorcycles sold 44,000 units in June, -3.2% year-on-year, -6.7% month-on-month. Cumulative domestic sales in January-June were 201,000 units, -15.2% year-on-year.

Structure: The year-on-year increase in sales of 800cc+ models is higher, and the trend of high-end displacement is remarkable

1) 250cc<displacement≤400cc: June sales of 62,000 units, +16.4% YoY, +22.8% month-on-month; cumulative sales volume in January-June was 272,000 units, +2.7% YoY;

2) 400cc<displacement≤500cc: 25,000 units sold in June, -1.5% YoY, +0.1% month-on-month; cumulative sales volume in January-June was 109,000 units, -15.3% YoY;

3) 500cc<displacement≤800cc: June sales 21,000 units, -1.7% YoY, -6.1% month-on-month; cumulative sales volume in January-June was 105,000 units, +11.8% YoY;

4) Displacement > 800cc: Sales of 0.47 million units in June (of which Chunfeng/Longxin was 0.1/10,000 units), +101.5% year over year, +35.4% month on month; cumulative sales volume from January to June was 20,000 units, +41.6% year on year.

The bank believes that overall sales of medium- to large-displacement motorcycles were strong in June. Looking ahead to 2026, supply will continue to be abundant. Combined with leading motorcycle companies such as Chunfeng Motor, Longxin GM, and Qianjiang Motorcycle to exert strong export business, CUHK's domestic and foreign sales are expected to resonate.

Pattern: Leading companies have a stable share, Chunfeng, and Longxin's share is leading

The top three 250cc+ sales in June were Chunfeng Power, Longxin GM, and Qianjiang Motorcycle, with a total CR3 market share of 48.1%; the total cumulative market share of CR3 in January-June was 49.2%, up 2.6 pct from the full year of 2025, of which:

Chunfeng Power: 250cc +23,000 units sold in June, +5% year-on-year, market share 20.2%, month-on-month - 4pct; cumulative market share in January-June was 21.5%, compared with +1.7 pct for the full year of 2025;

Longxin GM: 250cc +17,000 units sold in June, +15% year-on-year, market share 15.2%, month-on-month +0.1pct; cumulative market share in January-June was 16.7%, compared with +1.8pct for the full year of 2025;

Qianjiang Motorcycle: 250cc +14,000 units sold in June, +24% year over year, market share 12.6%, month-on-month +1.9pct; cumulative market share in January-June was 11.1%, compared with -0.9 pct for the full year of 2025.

Chunfeng Power: Strong growth in two wheels/four wheels, continuous product structure upgrade

According to data from the China Motorcycle Chamber of Commerce, Chunfeng Power sold a total of 133,000 vehicles in June, +141.2% year on month, with fuel motorcycle sales volume of 44,000 units, +78.2% year on month, and -2.2% month on month; sales volume of extremely nuclear electric motorcycles was 89,000 units, +191.4% year over month, and +24.4% month on month. The company's cumulative sales volume of two-wheelers in January-June was 486,000 units, +82.5% over the same period last year. The export sales volume of four-wheeled beach cruisers was 30,000 units, +68.8% year on year, +16.5% month on month; cumulative sales volume in January-June was 126,000 units, +46.7% year on year.

Medium and large motorcycles: 250cc+23,000 motorcycles in June, +5.2% year-on-year, -7.1% month-on-month, cumulative sales volume of 109,000 units in January-June, +0.5% year-on-year;

Two-wheeler subregions:

1) Exports: Sales volume in June was 17,000 units, +26.6% year over year, -11.1% month on month; cumulative exports in January-June were 87,000 units, +22.5% year on year.

2) Domestic sales: June sales volume was 116,000 units, +177.3% year-on-year, +19.1% month-on-month; cumulative domestic sales in January-June were 39,000 units, +104.4% year-on-year.

Two-wheelers are divided into structures:

1) 200<displacement≤250cc: June sales volume: 60,000 units, +191.0% year on year, -70.5% month on month; cumulative sales volume from January to June was 29,000 units, +16.3% year on year;

2) 250<displacement≤400cc: June sales volume: 0.04 million units, -60.9% YoY, -56.2% month-on-month; cumulative sales volume in January-June was 40,000 units, -34.4% YoY;

3) 400<displacement≤500cc: June sales volume: 16,000 units, +25.8% year on year, +2.8% month on month; cumulative sales volume from January to June 71,000 units, +4.0% year on year;

4) 500<displacement≤800cc: June sales volume of 50,000 units, -34.8% YoY, -19.0% month-on-month; cumulative sales volume in January-June was 27,000 units, -22.4% YoY.

Two-wheeler outlook: Focus on the two core increases of Chunfeng Power's two-wheel core:

1) Domestic sales: Focus on 500cc+ new models. The main models include 800MT-ES/500SR/550CL-C/675SR/1000MT-X, etc., which are worth looking forward to;

2) Export side: Starting in 2021, after gradually stabilizing its position in the overseas four-wheel market, two rounds of accelerated expansion into overseas markets: According to data from the China Motorcycle Chamber of Commerce, the export sales volume of Chunfeng motorcycles in 2022, 2023, 2024, and 2025 was 4.6, 7.5, 12.6, and 146,000 units, respectively, +72.0%, +66.6%, and +16.4%. With product strength advantages and a richer supply of models, the bank is expected to maintain a high growth rate in 2026.

Longxin GM: Deeply involved in motorcycle exports, the Wuji brand revitalizes

According to data from the China Motorcycle Chamber of Commerce, Longxin GM sold 17,000 250cc+ motorcycles in June 2026, +15.2% year-on-year, +12.0% month-on-month. The cumulative sales volume for January-June was 84,000 units, +24.7% year-on-year.

Exports: The sales volume of 250cc+ motorcycles in June was 80,000 units, -3.9% year-on-year, +0.2% month-on-month. In January-June, 48,000 units were exported, +13.1% year-on-year, of which 1,339 800cc+ models were exported, maintaining strength.

Outlook: The company has been deeply involved in the motorcycle export business for decades. After five years of development, the new brand, Wuji, has grown into a domestic leisure and entertainment sports motorcycle head brand. Wuji mainly covers the high-end motorcycle market. In recent years, it has launched various explosions such as CU525, DS525X, SR250GT, and DS900, and is currently in a strong product cycle.

Qianjiang Motor: Increased product definition capacity, significant export injection of new momentum

According to data from the China Motorcycle Chamber of Commerce, Qianjiang Motor sold 38,000 units in June 2026, +9.8% year on year, +10.2% month on month. The cumulative sales volume for January-June was 180,000 units, -11.4% year on year.

Medium and large motorcycles: 250cc+ motorcycles sold 14,000 units in June, 24.4% year on year, 31.2% month on month; cumulative sales volume in January-June was 56,000 units, -19.6% year on year.

Look at the subregions:

1) Exports: Sales volume in June was 26,000 units, +22.9% year on year, +19.6% month on month. Cumulative exports in January-June were 119,000 units, +26.7% year over year.

2) Domestic sales: The sales volume in June was 12,000 units, -11.6% year-on-year, -6.4% month-on-month. The cumulative domestic sales volume in January-June was 610,000 units, or -44.2% year-on-year.

outlook

The company's product definition capabilities have improved markedly. In September 2025, Qianjiang Motorcycle QJMOTOR chose to debut as an independent, hold a strategy conference the day before the motorcycle fair, and launch a new model matrix covering six major categories, including street cars, cruisers, and replicas. Looking ahead to the whole year, the flagship street car Chase 921 and Flash 600 V4 will be launched one after another, which is expected to take over the product cycle.

Risk warning: demand for medium and large motorcycles has declined; motorcycle ban and restriction policies have been tightened; market competition has intensified.