According to data from the China Chamber of Commerce for Motorcycles, sales of motorcycles above 250cc in February 2026 reached 46,000 units, representing a year-on-year decrease of 20.5% and a month-on-month decline of 28.1%. Cumulative sales for the January-February period totaled 110,000 units, down 6.0% compared to the same period last year. The large-displacement motorcycle market is experiencing rapid expansion, with leading manufacturers accelerating the launch of new models and brands, providing a core driver for industry growth. This trend is also fostering the gradual formation of motorcycle culture, sustaining a positive outlook for the large-displacement motorcycle segment. Drawing parallels with the development history of the domestic automotive industry and the competitive landscape of overseas motorcycle markets, domestic brands are poised to be the primary beneficiaries of the rising demand for large-displacement motorcycles.

Key observations from the industry are as follows:

**Industry Overview:** Due to the impact of the Spring Festival holiday, large-displacement monthly sales experienced temporary pressure. Export performance surpassed domestic sales. 1) Motorcycles above 125cc: February sales were 480,000 units, up 3.9% year-on-year but down 28.3% month-on-month. The primary growth came from the 110-125cc and 150-200cc segments, with leading companies like CFMOTO contributing to the increase. 2) Motorcycles above 250cc: February sales were 46,000 units, down 20.5% year-on-year and 28.1% month-on-month. Cumulative sales for January-February were 110,000 units, a decrease of 6.0% year-on-year. * Exports: Exports of 250cc+ motorcycles in February were 34,000 units, down 8.5% year-on-year and 24.0% month-on-month. Cumulative exports for January-February were 79,000 units, up 3.7% year-on-year. * Domestic Sales: Domestic sales of 250cc+ motorcycles in February were 12,000 units, down 42.8% year-on-year and 38.1% month-on-month. Cumulative domestic sales for January-February were 30,000 units, down 24.5% year-on-year.

**Structural Analysis:** Models with engine displacements above 500cc showed strong growth, indicating an acceleration in independent brand premiumization. 1) 250cc < displacement ≤ 400cc: February sales were 25,000 units, down 34.3% year-on-year and 33.4% month-on-month; January-February cumulative sales were 62,000 units, down 14.9%. 2) 400cc < displacement ≤ 500cc: February sales were 9,000 units (including 5,000 units from CFMOTO), down 14.7% year-on-year and 5.9% month-on-month; January-February cumulative sales were 18,000 units, down 8.9%. 3) 500cc < displacement ≤ 800cc: February sales were 9,000 units (including 2,000 units from CFMOTO), up 19.4% year-on-year but down 41.1% month-on-month; January-February cumulative sales were 25,000 units, up 22.8%. 4) Displacement > 800cc: February sales were 3,000 units (including 1,000 units from Loncin), up 50.2% year-on-year and 68.8% month-on-month; January-February cumulative sales were 5,000 units, up 24.3%.

Overall large-displacement motorcycle sales in February were relatively subdued. Looking ahead to 2026, with a continuously enriching product supply and leading manufacturers like CFMOTO, Loncin, and Qianjiang expanding their export businesses, large-displacement motorcycle sales, both domestically and internationally, are expected to see synchronized growth.

**Competitive Landscape:** Market leaders maintained stable market shares, with Loncin and CFMOTO leading. The top three companies by 250cc+ sales in February were CFMOTO, Loncin, and Qianjiang, with a combined CR3 market share of 48.9%. The cumulative CR3 market share for January-February was 48.1%, an increase of 1.5 percentage points compared to the full year 2025. 1) CFMOTO: 250cc+ sales in February were 10,000 units, up 18.1% year-on-year, with a market share of 21.8%, up 4.3 percentage points month-on-month. The cumulative market share for January-February was 19.3%, down 0.5 percentage points from the full year 2025. 2) Loncin: 250cc+ sales in February were 9,000 units, up 17.4% year-on-year, with a market share of 19.9%, up 2.2 percentage points month-on-month. The cumulative market share for January-February was 18.6%, up 3.8 percentage points from the full year 2025. 3) Qianjiang: 250cc+ sales in February were 3,000 units, down 45.9% year-on-year, with a market share of 7.1%, down 5.2 percentage points month-on-month. The cumulative market share for January-February was 10.2%, down 1.8 percentage points from the full year 2025.

**Company Focus:**

**CFMOTO: ZEEHO Sales Surge, Product Structure Upgrades** According to data, CFMOTO's total two-wheeled vehicle sales in February were 32,000 units, up 129.1% year-on-year but down 32.9% month-on-month. This included 15,000 fuel-powered motorcycles, up 23.4% year-on-year but down 22.1% month-on-month, and 17,000 ZEEHO electric motorcycles, up 780.3% year-on-year but down 40.1% month-on-month. The company's cumulative two-wheeled vehicle sales for January-February were 79,000 units, up 118.2% year-on-year. Four-wheeled ATV export sales were 15,000 units, up 8.3% year-on-year but down 7.7% month-on-month; cumulative January-February sales were 30,000 units, up 27.5% year-on-year. * Large-Displacement Motorcycles: 250cc+ motorcycle sales in February were 10,000 units, up 18.1% year-on-year but down 10.4% month-on-month; cumulative January-February sales were 21,000 units, up 28.3% year-on-year. * Two-Wheeled Vehicles by Region: 1) Exports: February export sales were 12,000 units, up 76.9% year-on-year but down 10.6% month-on-month; cumulative January-February exports were 26,000 units, up 59.8% year-on-year. 2) Domestic Sales: February domestic sales were 20,000 units, up 180.0% year-on-year but down 41.9% month-on-month; cumulative January-February domestic sales were 54,000 units, up 164.6% year-on-year. * Two-Wheeled Vehicles by Structure: 1) 200cc < displacement ≤ 250cc: February sales were 3,081 units, down 39.9% year-on-year but up 67.8% month-on-month; cumulative January-February sales were 7,000 units, down 10.2% year-on-year. 2) 250cc < displacement ≤ 400cc: February sales were 440 units, down 22.0% year-on-year and 54.9% month-on-month; cumulative January-February sales were 1,000 units, up 67.3% year-on-year. 3) 400cc < displacement ≤ 500cc: February sales were 5,304 units, down 14.9% year-on-year and 5.9% month-on-month; cumulative January-February sales were 11,000 units, down 0.8% year-on-year. 4) 500cc < displacement ≤ 800cc: February sales were 2,442 units, up 53.7% year-on-year but down 46.3% month-on-month. The new three-cylinder 675SR model launched in the second half of 2024 and began deliveries, while the 675NK launched in March 2025, contributing to the increase. * 2025 Milan Show: High-end new models and upgraded versions were unveiled: 1) New Flagship ADV: 1000 MT-X: A fully independently developed adventure tourer featuring a 946cc inline-twin engine producing 83kW (approx. 113 hp) and 105N·m of torque. It is equipped with comprehensive electronics including a six-axis IMU, cornering ABS, adjustable traction control, bidirectional quick-shifter, fully adjustable KYB suspension, and Brembo brakes, along with comfort features like an adjustable windscreen and heated grips/seat. 2) Performance Flagship Prototype: V4 SR-RR Prototype: A milestone showcasing technical prowess, powered by a 997cc 90° V4 engine with a crankshaft power exceeding 157kW (approx. 210 hp) and a power-to-weight ratio of 0.86 kg/hp. It features advanced aerodynamics with active wings, semi-active electronic suspension, and high-level power control systems. * Two-Wheeled Vehicle Outlook: Focus on two key growth areas for CFMOTO: 1) Domestic Sales: Emphasis on new models in the 450cc and 650cc segments, including the 450NK, 500SR, 450CLC, 675SR, and 450MT, which are expected to drive sales. 2) Exports: After solidifying its position in the overseas ATV market since 2021, the company is accelerating the expansion of its two-wheeled business internationally. Export sales of CFMOTO motorcycles were 46,000, 75,000, 126,000, and 146,000 units in 2022, 2023, 2024, and 2025, representing year-on-year increases of 72.0%, 63.4%, 66.6%, and 16.4%, respectively. Leveraging product strengths and a richer model lineup, high growth rates are anticipated for 2026.

**Loncin: Deepening Motorcycle Exports, VOGE Brand Revitalized** According to data, Loncin's total motorcycle sales (including three-wheelers) in February 2026 were 106,000 units, down 6.8% year-on-year and 0.4% month-on-month. Cumulative sales for January-February were 212,000 units, down 22.9% year-on-year. * Large-Displacement Motorcycles: 250cc+ sales in February were 9,000 units, down 72.4% year-on-year and 19.1% month-on-month; cumulative January-February sales were 20,000 units, up 22.9% year-on-year. Sales of 800cc+ models (primarily the DS900) remained strong at 1,131 units for the month. * Exports: February exports were 95,000 units, up 4.1% year-on-year but down 1.2% month-on-month; cumulative January-February exports were 192,000 units, down 19.8% year-on-year. Exports of 800cc+ models were 1,131 units, maintaining strength. * 2025 Milan Show: The 400cc ADV scooter became a focal point: 1) All-Scenario ADV Scooter: SR450X: Aims to break traditional scooter boundaries with a 398cc twin-cylinder engine (31kW, 42N·m), 180mm ground clearance, dual-purpose tires, and KYB adjustable suspension for off-road capability. 2) Urban Commuter Scooter: SR16A: Focuses on improving urban commuting quality with specialized handlebar stabilization and vibration damping technologies. * Outlook: With decades of experience in motorcycle exports, the VOGE brand has grown into a leading leisure and sports motorcycle brand over five years. Covering the premium market with popular models like the CU525, DS525X, SR250GT, and DS900, VOGE is in a strong product cycle. According to the company's 2024 annual report, VOGE has significantly expanded its distribution network, with 990 domestic and 1,165 overseas sales outlets (nearly 900 in Europe), laying a solid foundation for sustained sales growth.

**Qianjiang: Enhanced Product Definition, Exports Provide New Momentum** According to data, Qianjiang's total sales in February 2026 were 16,000 units, down 27.1% year-on-year and 56.4% month-on-month. Cumulative sales for January-February were 52,000 units, down 11.1% year-on-year. * Large-Displacement Motorcycles: 250cc+ sales in February were 3,000 units, down 45.9% year-on-year and 58.4% month-on-month. * By Region: 1) Exports: February exports were 11,000 units, up 45.4% year-on-year but down 56.4% month-on-month; cumulative January-February exports were 38,000 units, up 55.7% year-on-year. 2) Domestic Sales: February domestic sales were 4,000 units, down 68.5% year-on-year and 56.3% month-on-month; cumulative January-February domestic sales were 14,000 units, down 58.2% year-on-year. * 2025 Milan Show: 1) V4-Powered Retro: EQUUS 600 (EQvv S 600): A café racer-style retro model featuring a unique 600cc 90° V4 engine (68 hp), ride-by-wire, and two power modes, with an aluminum twin-spar frame showcasing mechanical aesthetics. 2) First Triple-Cylinder ADV: Reno 900: Marks Qianjiang's entry into the multi-cylinder ADV segment with a 900cc triple (120 hp, 93 N·m), spoked wheels (19-inch front, 17-inch rear), and a robust adventure design. * Outlook: The company has significantly improved its product definition capabilities. In September 2025, QJMOTOR held an independent strategy launch, unveiling a new matrix of models across six categories. For the full year, the launch of flagship models like the Zhui 921 and Shan 600 V4 is expected to drive the next product cycle.

**Risk Warning:** Potential risks include a decline in demand for large-displacement motorcycles, tightening restrictions or bans on motorcycle usage, and intensifying market competition.