Zhejiang Qianjiang Motorcycle Co Ltd

Qianjiang Motorcycle released its 2026 interim report on August 27, showing declines in both revenue and profit for the reporting period, with net profit attributable to the parent company plunging 62.43% year-on-year. The financial report shows the company achieved operating revenue of 2.726 billion yuan, down 11.30% year-on-year; net profit attributable to the parent company was 101 million yuan, down 62.43% year-on-year; and non-GAAP net profit was 53 million yuan, down 77.23% year-on-year. Among these, revenue from the complete vehicle sales segment was 2.522 billion yuan, accounting for 92.52% of total revenue, down 12.98% year-on-year. Domestic sales revenue was 827 million yuan, a sharp decline of 50.01% year-on-year, while overseas sales revenue was 1.899 billion yuan, up 33.86% year-on-year, with its share rising to 69.65%. The decline in performance was mainly affected by intensified competition in the domestic large-displacement motorcycle market, weak domestic demand, and increased exchange losses caused by RMB appreciation. Financial expenses turned from a negative 83 million yuan in the same period last year to 33.4469 million yuan. In addition, some overseas subsidiaries such as Benelli Q.J. SRL incurred losses due to reduced sales volumes and exchange rate factors, dragging down overall performance.

Qianjiang Motorcycle released its 2026 interim report on August 27. First-half operating revenue was 2.73 billion yuan, down 11.3% year on year. Net profit attributable to the parent was 101 million yuan, down 62.4% year on year. Net profit attributable to the parent after deducting non-recurring items was 52.94 million yuan, down 77.2% year on year. Net operating cash flow was 475 million yuan, up 145.4% year on year. Earnings per share were 0.1922 yuan. In the second quarter, operating revenue was 1.7 billion yuan, down 2.1% year on year. Net profit attributable to the parent was 140 million yuan, down 23.3% year on year. Net profit attributable to the parent after deducting non-recurring items was 96.45 million yuan, down 44.3% year on year. Earnings per share were 0.2661 yuan. As of the end of the second quarter, total assets were 10.097 billion yuan, up 1.8% from the end of the previous year. Net assets attributable to the parent were 5.196 billion yuan, down 3.2% from the end of the previous year. The company said in the interim report that there were no major changes in its operating business during the reporting period. All-terrain vehicle and electric motorcycle operations, as extensions of the motorcycle main business's industrial chain, both achieved steady sales growth, gradually matured their operating models, and formed efficient synergies with the existing research and development, manufacturing, and channel systems, giving them the ability to continue operating. The core management team and key technical personnel remained stable, and there was no situation in which core competitiveness was seriously damaged by the departure of core personnel or lagging technology iteration.

Qianjiang Motorcycle has released its performance forecast for the first half of 2026, expecting attributable net profit to be between 90 million and 110 million yuan, a year-on-year decline of 59.15% to 66.57%. The company said the decline was mainly due to a combination of factors: weak domestic market demand led to a year-on-year drop in sales of large-displacement products for the domestic market, shrinking operating revenue; intensified industry competition and upstream cost pressures caused product gross margins to continue falling, narrowing per-unit profit margins; during the reporting period, the renminbi continued to appreciate, resulting in significant foreign exchange losses on foreign currency settlement business, and financial expenses increased year-on-year, further eroding overall profit.