Guolian Minsheng Securities has released a report indicating that the mid-to-large displacement motorcycle market is expanding rapidly. Leading manufacturers are accelerating the launch of new models and brands, which serves as a key driver for industry growth and contributes to the gradual formation of motorcycle culture. The firm continues to recommend the mid-to-large displacement motorcycle segment. Drawing on the development history of China's automotive industry and the competitive landscape of overseas motorcycle markets, domestic brands are expected to benefit significantly from the rising demand for mid-to-large displacement motorcycles. Key points from Guolian Minsheng Securities are as follows:

According to data from the China Chamber of Commerce for Motorcycles, sales of motorcycles above 250cc reached 78,000 units in March 2026, representing a year-on-year decrease of 11.8% but a month-on-month increase of 69.4%. Cumulative sales from January to March totaled 187,000 units, down 8.5% year-on-year.

Industry Overview: Mid-to-large displacement motorcycle sales showed monthly improvement, with export performance surpassing domestic sales as the peak season approaches. 1) Motorcycles above 125cc: March sales reached 677,000 units, down 4.8% year-on-year but up 41.1% month-on-month. Cumulative sales from January to March were 1.826 million units, up 2.7% year-on-year. 2) Motorcycles above 250cc: March sales were 78,000 units, down 11.8% year-on-year but up 69.4% month-on-month. Cumulative sales from January to March were 187,000 units, down 8.5% year-on-year. Exports: Motorcycles above 250cc recorded 47,000 units exported in March, up 10.1% year-on-year and 36.5% month-on-month. Cumulative exports from January to March reached 126,000 units, up 6.0% year-on-year. Domestic Sales: Motorcycles above 250cc recorded 31,000 units sold domestically in March, down 32.1% year-on-year but up 166.6% month-on-month. Cumulative domestic sales from January to March were 61,000 units, down 28.6% year-on-year.

Structural Analysis: Models with displacements between 250cc and 400cc showed steady year-on-year growth. 1) 250cc < displacement ≤ 400cc: March sales reached 42,000 units, up 2.9% year-on-year and 70.8% month-on-month. Cumulative sales from January to March were 104,000 units, down 8.5% year-on-year. 2) 400cc < displacement ≤ 500cc: March sales were 17,000 units (including 12,000 units from CFMOTO), down 30.9% year-on-year but up 97.6% month-on-month. Cumulative sales from January to March were 35,000 units, down 21.2% year-on-year. 3) 500cc < displacement ≤ 800cc: March sales were 16,000 units (including 4,000 units from CFMOTO), down 20.1% year-on-year but up 75.5% month-on-month. Cumulative sales from January to March were 41,000 units, up 1.3% year-on-year. 4) Displacement > 800cc: March sales were 2,000 units (including 1,000 units from Loncin), up 5.8% year-on-year but down 31.4% month-on-month. Cumulative sales from January to March were 8,000 units, up 18.0% year-on-year.

The report suggests that overall mid-to-large displacement motorcycle sales in March were relatively subdued. Looking ahead to 2026, continued product diversification and efforts by leading manufacturers such as CFMOTO, Loncin, and Qianjiang to expand exports are expected to drive growth in both domestic and international sales.

Market Structure: Leading companies maintain stable market shares, with CFMOTO and Loncin leading. The top three sellers of motorcycles above 250cc in March were CFMOTO, Loncin, and Qianjiang, with a combined market share of 50.8%. The cumulative market share of the top three from January to March was 49.2%, up 2.6 percentage points compared to the full year of 2025. 1) CFMOTO: Sales of motorcycles above 250cc reached 17,000 units in March, down 33.8% year-on-year, with a market share of 22.1%, up 0.3 percentage points month-on-month. Cumulative market share from January to March was 20.5%, up 0.6 percentage points compared to the full year of 2025. 2) Loncin: Sales of motorcycles above 250cc reached 14,000 units in March, up 27.0% year-on-year, with a market share of 18.3%, down 1.6 percentage points month-on-month. Cumulative market share from January to March was 18.5%, up 3.7 percentage points compared to the full year of 2025. 3) Qianjiang: Sales of motorcycles above 250cc reached 8,000 units in March, down 34.6% year-on-year, with a market share of 10.4%, up 3.2 percentage points month-on-month. Cumulative market share from January to March was 10.2%, down 1.7 percentage points compared to the full year of 2025.

Risk Warning: Potential decline in demand for mid-to-large displacement motorcycles; tightening of motorcycle restrictions; intensified market competition.