GLMS SEC has released a research report stating that the mid-to-large displacement motorcycle market is expanding rapidly. On the supply side, leading manufacturers are accelerating the launch of new models and brands, providing the core driving force for industry development. This is also helping to gradually shape a motorcycle culture. The firm continues to recommend the mid-to-large displacement motorcycle segment. Drawing on the history of China's automotive industry and the competitive landscape of overseas motorcycle markets, domestic brands are poised to be the primary beneficiaries of the rising demand for mid-to-large displacement motorcycles. The firm recommends CFMOTO (603129.SH) and Loncin Motor (603766.SH).

The main views of GLMS SEC are as follows:

Event: According to data from the China Motorcycle Chamber of Commerce, sales of motorcycles with displacements above 250cc (excluding 250cc) reached 104,000 units in April 2026, representing a year-on-year increase of 11.4% and a month-on-month increase of 33.4%. Cumulative sales from January to April were 291,000 units, a year-on-year decrease of 2.3%.

Industry: Sequential Improvement in Monthly Mid-to-Large Displacement Sales; Export Performance Outpaces Domestic Sales 1) Above 125cc (excluding 125cc): April sales were 812,000 units, up 3.4% year-on-year and 20.0% month-on-month. Cumulative sales from January to April were 2.638 million units, up 2.9% year-on-year. 2) Above 250cc (excluding 250cc): April sales were 104,000 units, up 11.4% year-on-year and 33.4% month-on-month. Cumulative sales from January to April were 291,000 units, down 2.3% year-on-year. - Exports: Exports of 250cc+ motorcycles in April were 56,000 units, up 44.5% year-on-year and 19.9% month-on-month. Cumulative exports from January to April were 182,000 units, up 15.4% year-on-year. - Domestic Sales: Domestic sales of 250cc+ motorcycles in April were 48,000 units, down 12.3% year-on-year but up 53.7% month-on-month. Cumulative domestic sales from January to April were 109,000 units, down 22.3% year-on-year.

Structure: Significant Sequential Improvement Across All Displacement Segments 1) 250cc < Displacement ≤ 400cc: April sales were 55,000 units, up 24.1% year-on-year and 30.1% month-on-month. Cumulative sales from January to April were 159,000 units, up 0.7% year-on-year. 2) 400cc < Displacement ≤ 500cc: April sales were 24,000 units (including 16,000 units from CFMOTO), down 18.4% year-on-year but up 39.2% month-on-month. Cumulative sales from January to April were 59,000 units, down 20.1% year-on-year. 3) 500cc < Displacement ≤ 800cc: April sales were 20,000 units (including 4,000 units from CFMOTO), up 23.6% year-on-year and 27.6% month-on-month. Cumulative sales from January to April were 61,000 units, up 7.8% year-on-year. 4) Displacement > 800cc: April sales were 4,000 units (including 2,000 units from Loncin), up 49.6% year-on-year and 90.1% month-on-month. Cumulative sales from January to April were 12,000 units, up 27.9% year-on-year.

GLMS SEC believes overall mid-to-large displacement motorcycle sales performed strongly in April. Looking ahead to 2026, with the continued enrichment of supply and leading motorcycle enterprises like CFMOTO, Loncin Motor, and Qianjiang Motor focusing on export business, mid-to-large displacement sales both domestically and internationally are expected to grow in tandem.

Competitive Landscape: Leading Firms Maintain Solid Market Share; CFMOTO and Loncin Lead In April, the top three sellers of 250cc+ motorcycles were CFMOTO, Loncin Motor, and Qianjiang Motor, with a combined CR3 market share of 49.8%. The cumulative CR3 market share from January to April was 49.4%, an increase of 2.8 percentage points compared to the full year 2025. 1) CFMOTO: 250cc+ sales in April were 23,000 units, up 2.6% year-on-year, with a market share of 22.2%, up 0.03 percentage points month-on-month. The cumulative market share from January to April was 21.1%, up 1.2 percentage points from the full year 2025. 2) Loncin Motor: 250cc+ sales in April were 17,000 units, up 44.4% year-on-year, with a market share of 16.4%, down 1.9 percentage points month-on-month. The cumulative market share from January to April was 17.8%, up 2.9 percentage points from the full year 2025. 3) Qianjiang Motor: 250cc+ sales in April were 12,000 units, down 23.0% year-on-year, with a market share of 11.2%, up 0.8 percentage points month-on-month. The cumulative market share from January to April was 10.6%, down 1.3 percentage points from the full year 2025.

CFMOTO: All-Terrain Vehicle Sales Show Strong Momentum; Product Structure Continuously Upgrading According to data from the China Motorcycle Chamber of Commerce, CFMOTO's total two-wheeler sales in April were 84,000 units, up 51.0% year-on-year and 13.4% month-on-month. This includes 33,000 units of fuel-powered motorcycles, up 16.7% year-on-year and 20.2% month-on-month, and 51,000 units of ZEEHO electric motorcycles, up 87.4% year-on-year and 9.3% month-on-month. The company's cumulative two-wheeler sales from January to April were 238,000 units, up 60.3% year-on-year. Four-wheeled ATV export sales were 23,000 units, up 46.9% year-on-year and 31.7% month-on-month. Cumulative sales from January to April were 71,000 units, up 33.0% year-on-year. Mid-to-Large Displacement Motorcycles: 250cc+ motorcycle sales in April were 23,000 units, up 2.6% year-on-year and 33.5% month-on-month. Cumulative sales from January to April were 61,000 units, down 5.5% year-on-year. Two-Wheeler Sales by Region: 1) Exports: April exports were 12,000 units, up 16.9% year-on-year but down 13.1% month-on-month. Cumulative exports from January to April were 52,000 units, up 12.4% year-on-year. 2) Domestic Sales: April domestic sales were 72,000 units, up 58.7% year-on-year and 19.5% month-on-month. Cumulative domestic sales from January to April were 186,000 units, up 81.9% year-on-year. Two-Wheeler Sales by Structure: 1) 200cc < Displacement ≤ 250cc: April sales were 3,000 units, down 81.4% year-on-year and 44.6% month-on-month. Cumulative sales from January to April were 15,000 units, down 21.3% year-on-year. 2) 250cc < Displacement ≤ 400cc: April sales were 500 units, down 29.4% year-on-year but up 33.7% month-on-month. Cumulative sales from January to April were 2,000 units, down 29.0% year-on-year. 3) 400cc < Displacement ≤ 500cc: April sales were 16,000 units, up 6.5% year-on-year and 39.7% month-on-month. Cumulative sales from January to April were 39,000 units, down 3.9% year-on-year. 4) 500cc < Displacement ≤ 800cc: April sales were 4,000 units, down 31.4% year-on-year but up 9.5% month-on-month. Cumulative sales from January to April were 16,000 units, down 27.1% year-on-year. Two-Wheeler Outlook: Focus on two key growth drivers for CFMOTO's two-wheelers: 1) Domestic Sales: The company is focusing on new models in the 450cc and 650cc segments, including key models like the 450NK, 500SR, 450CLC, 675SR, and 450MT. Their impact on sales is highly anticipated. 2) Exports: Since 2021, after solidifying its position in the overseas four-wheeler market, the company has accelerated its expansion into overseas two-wheeler markets, opening a new growth avenue. According to the China Motorcycle Chamber of Commerce, CFMOTO's motorcycle export sales in 2022, 2023, 2024, and 2025 were 46,000, 75,000, 126,000, and 146,000 units respectively, with year-on-year growth rates of 72.0%, 63.4%, 66.6%, and 16.4%. In 2026, leveraging product strength advantages and a richer model lineup, GLMS SEC expects exports to maintain a relatively high growth rate.

Loncin Motor: Deeply Focused on Motorcycle Exports; VOGE Brand Gains New Momentum According to data from the China Motorcycle Chamber of Commerce, Loncin Motor's motorcycle sales (including three-wheelers) in April 2026 were 129,000 units, down 25.1% year-on-year and 5.6% month-on-month. Cumulative sales from January to April were 478,000 units, down 23.2% year-on-year. Mid-to-Large Displacement Motorcycles: 250cc+ motorcycle sales in April were 17,000 units, up 44.4% year-on-year and 19.7% month-on-month. Cumulative sales from January to April were 52,000 units, up 30.5% year-on-year. Exports: April exports were 105,000 units, down 22.1% year-on-year and 9.0% month-on-month. Cumulative exports from January to April were 413,000 units, down 18.8% year-on-year. Exports of 800cc+ models stood at 1,796 units, maintaining strong performance. 2025 Milan Show: The 400cc ADV scooter became a focal point. 1) All-Scenario ADV Scooter: SR450X: Aims to break the boundaries of traditional scooter use. It is equipped with a 398cc twin-cylinder engine, delivering a maximum power of 31kW and maximum torque of 42N·m. With 180mm of ground clearance and dual-purpose "road-off-road" tires, coupled with KYB adjustable suspension, it is capable of handling unpaved roads. 2) Urban Commuter Scooter: SR16A: Focuses on improving the quality of daily urban commuting. It effectively suppresses handlebar and seat vibrations during riding through a specially tuned handlebar stabilization system and efficient vibration isolation technology. Outlook: The company has been deeply involved in the motorcycle export business for decades. After five years of development, its new brand VOGE has grown into a leading domestic brand for recreational and sports motorcycles. VOGE primarily covers the high-end motorcycle market. In recent years, it has launched several popular models such as the CU525, DS525X, SR250GT, and DS900, and is currently in a strong product cycle phase. According to the company's 2024 annual report, the VOGE brand's channel development has been significant both domestically and internationally. It has 990 domestic sales outlets and 1,165 overseas sales outlets, with nearly 900 in Europe, laying a solid foundation for sustained sales growth.

Qianjiang Motor: Significant Improvement in Product Definition Capabilities; Exports Inject New Momentum According to data from the China Motorcycle Chamber of Commerce, Qianjiang Motor's sales in April 2026 were 30,000 units, down 14.2% year-on-year but up 17.6% month-on-month. Cumulative sales from January to April were 107,000 units, down 18.6% year-on-year. Mid-to-Large Displacement Motorcycles: 250cc+ motorcycle sales in April were 12,000 units, down 23.0% year-on-year but up 43.8% month-on-month. By Region: 1) Exports: April exports were 18,000 units, up 26.2% year-on-year and 20.9% month-on-month. Cumulative exports from January to April were 71,000 units, up 34.0% year-on-year. 2) Domestic Sales: April domestic sales were 12,000 units, down 42.2% year-on-year but up 12.8% month-on-month. Cumulative domestic sales from January to April were 37,000 units, down 53.6% year-on-year. 2025 Milan Show: 1) V4-Powered Retro: EQUUS 600 (EQvv S 600): The "café racer" style retro model was a highlight at Qianjiang's booth. It is powered by a uniquely structured 600cc 90° V4 engine, delivering a maximum horsepower of 68hp, and is equipped with electronic throttle and two power modes. The body uses an aluminum alloy twin-spar frame, integrating the engine as a stressed member, creating a strong mechanical aesthetic. 2) First Three-Cylinder ADV: Reno 900: Marks Qianjiang's entry into the upgraded multi-cylinder ADV market. It is equipped with a 900cc three-cylinder engine, delivering a maximum horsepower of 120hp and maximum torque of 93N·m. It features front 19-inch and rear 17-inch spoked wheels. The design is robust and full of adventure spirit. Outlook: The company's product definition capabilities have improved significantly. In September 2025, QJMOTOR chose to appear independently, holding a strategy launch event before the motorcycle show, unveiling a new model matrix covering six major categories including street bikes, cruisers, and sport bikes. Looking ahead for the full year, the launch of flagship models like the Zhui 921 and Shan 600 V4 is expected to sustain the product cycle.

Risk Warnings: Decline in demand for mid-to-large displacement motorcycles; tightening of motorcycle bans and restrictions; intensification of market competition.