Zhejiang Qianjiang Motorcycle Co., Ltd.
000913.SZ · SHZ
Company research
Zhejiang Qianjiang Motorcycle Co., Ltd. (000913.SZ), trading as QJMOTOR, is one of China's largest two-wheeled vehicle manufacturers, founded in 1985 and headquartered in Taizhou, Zhejiang Province. Listed on the Shenzhen Stock Exchange since 1999 and operating as a key business unit under the Geely Technology Group, the company is engaged in the research, development, manufacturing, sales, and servicing of motorcycles, engines, and related components for both domestic and international markets. Its diverse product portfolio spans scooters, high-displacement motorcycles, ATVs, UTVs, and electric models across a wide range of categories — from 50cc urban commuters to 1,200cc high-performance machines — marketed under well-established brands including QJmotor, Benelli, Keeway, and KSR. With a production capacity of approximately 1.5 million two-wheeled vehicles annually and exports reaching over 130 countries and regions, the company holds a prominent global footprint and reported annual revenues of approximately CNY 6.03 billion in 2024.
Research reports
Broker commentary on Qianjiang’s 2025 annual performance forecast, highlighting that headline net profit growth is driven largely by one-off asset disposal gains while core operating profit and motorcycle sales volumes are under pressure, with medium- and large-displacement exports still supporting long-term growth. The authors remain optimistic about the company’s brand, product, channel, and organizational strengths, maintain a “Recommend” rating, and present EPS forecasts and valuation multiples, while flagging risks from weaker sales and intensified competition.
Minsheng Securities Research Institute · August 31, 2025Qianjiang Motorcycle (000913.SZ) Series Commentary Six: 2025Q2 results in line, medium- and large-displacement sales resilientThis full equity research report reviews 2025H1 and Q2 results, noting year-on-year declines in revenue and net profit but strong quarter-on-quarter recovery driven by improving sales of larger-displacement motorcycles and better cost efficiency, with sales, management, and R&D expense ratios trending down. It emphasizes Qianjiang’s enhanced product definition capability, new high-end models such as Sai 800RS and Zhui 900, resilient export volumes (including a notable ramp in 800cc+ units), expansion into ATV/UTV segments, and a “Recommend” rating supported by detailed forecasts and valuation, while outlining risks around weaker-than-expected motorcycle demand, export demand, freight costs, exchange rates, and competition.
Minsheng Securities Research Institute · August 17, 2025Motorcycle Industry Series Commentary Nineteen: strong export momentum in medium- and large-displacement segment; accelerating domestic high-end transition (includes Qianjiang Motorcycle as a key beneficiary)Sector note analyzing China’s July 2025 motorcycle data, concluding that medium- and large‑displacement volumes continue to grow with especially strong export momentum in 500cc+ segments and rising domestic high-end penetration, and identifying Qianjiang as one of the top three 250cc+ players by volume alongside CF Moto and Loncin. It discusses Qianjiang’s improving product definition, new models (including Super9 and several “Sai” and “Flash” series bikes) and export strategy, recommends the stock together with other leading peers, and highlights macro and regulatory risks such as potential demand downturns, stricter restriction policies, and fiercer competition.