Loncin Motor Co., Ltd.: history, ownership, mission, how it works & makes money

From its founding by Tu Jianhua in Chongqing in 1993 to becoming a Shenzhen-listed industrial force under ticker 603766 and launching the premium Voge line in 2018, Loncin Motor Co., Ltd. has grown into a global powerhouse: a 2005 OEM tie-up with BMW Motorrad signaled its export-ready engineering, by 2024 it reported revenue of CN¥10.8 billion and operating income of CN¥740 million, and by 2025 it employed over 10,500 people while boasting a market capitalization of CN¥33.21 billion (stock +2.21% on Dec 12, 2025), EPS (TTM) of CN¥0.88 and a P/E of 18.32; the company's diversified model-motorcycles, engines, power equipment-relies on an R&D team of over 400, a distributor network of 2,000+, more than 20 holding/joint-venture entities and sales in over 100 countries, with overseas income accounting for 64.74% of operating income and exports reaching 1.57 million motorcycles in 2024, while TTM net profit stood at CN¥1.80 billion and 2024 revenue rose 28.74%, underscoring how strategic partnerships (BMW, TORO, Cummins), OEM agreements and a broad product portfolio translate into multiple revenue streams.}

Loncin Motor Co., Ltd. (603766.SS): Intro

Loncin Motor Co., Ltd. (603766.SS) is a Chongqing-based manufacturer of motorcycles, small engines and power equipment founded in 1993 by Tu Jianhua. Over three decades the company has expanded from domestic motorcycle production to international engine partnerships, premium-brand launches and a publicly listed industrial group with diversified revenue streams.

• Founded: 1993 by Tu Jianhua in Chongqing, China
• IPO: Listed on Shanghai Stock Exchange in 2012 (Ticker: 603766)
• International partnership: 2005 contract with BMW Motorrad to produce single-cylinder engines for F650GS / G650GS
• Brand expansion: Launched Voge in 2018 to target premium motorcycle segment (examples: Voge 500DS, 900DSX)
• Scale (2024-2025): Revenue CN¥10.8 billion (2024); Operating income CN¥740 million (2024); Employees over 10,500 (by 2025)

History & Milestones

• 1993 - Company established; initial focus on low- and mid-displacement motorcycles and small engines.
• 2000s - Expansion of OEM supply capabilities and exports to emerging markets.
• 2005 - Strategic manufacturing partnership with BMW Motorrad to build single-cylinder engines, raising Loncin's technical credibility and export profile.
• 2012 - Successful listing on Shanghai Stock Exchange under ticker 603766, improving capital access for R&D and capacity expansion.
• 2018 - Launch of Voge as Loncin's premium motorcycle brand to capture higher-margin segments and international customers.
• 2024-2025 - Continued scale-up of manufacturing, product portfolio and workforce; 2024 revenue CN¥10.8 billion and headcount surpassing 10,500 by 2025.

Ownership & Corporate Structure

Loncin operates as a publicly listed company with share trading on the Shanghai Stock Exchange (603766.SS). Major shareholders historically include the founding family, institutional investors and strategic partners; listing in 2012 diluted private ownership while providing transparency and capital for industrial growth.

Mission, Strategy & Competitive Positioning

• Mission: To be a leading global supplier of motorcycles, engines and power equipment offering reliable, cost-effective and increasingly premium products.
• Strategic pillars:
  • Vertical integration of engine R&D and manufacturing to control key components and margins
  • Brand laddering with mainstream Loncin products and premium Voge models to access broader customer segments
  • Export focus and technical partnerships (e.g., BMW) to access advanced design and quality benchmarks
• Competitive advantages: large-scale production, integrated engine capability, and increasing premium product lineup.

How Loncin Works - Operations & Product Lines

• Product categories:
  • Motorcycles (entry to mid-premium: Loncin and Voge brands)
  • Small gasoline engines and power equipment (generators, water pumps)
  • OEM engine manufacturing for domestic and international partners
• Manufacturing footprint: Multiple plants in Chongqing and other Chinese provinces with vertically integrated engine machining, assembly and testing lines.
• R&D: In-house engine development and testing facilities, collaboration with international OEMs for advanced single-cylinder and multipurpose engines.
• Distribution: Domestic dealer network plus export channels to Asia, Africa, Latin America and selected developed markets via distributors and strategic partners.

How Loncin Makes Money - Business Model & Revenue Streams

• Sales of motorcycles (own brands and OEM-produced units)
• Engine and power equipment sales (branded and OEM contracts)
• After-sales parts, service, and accessory sales
• Licensing and technical collaboration fees from partner agreements

For a more detailed corporate history and ownership breakdown, see Loncin Motor Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money

Loncin Motor Co., Ltd. (603766.SS): History

• Founded as a Loncin group manufacturing arm focused on engines and motorcycles.
• Expanded product mix to include ATVs, scooters, gasoline engines, and power equipment.
• Developed OEM partnerships and export distribution, increasing global footprint.

• Strategic focus: mass-market engines, diversified mobility products, and OEM supply chains.
• Corporate structure: public listing on the Shanghai Stock Exchange while majority control rests with Loncin Holdings.

Loncin Motor Co., Ltd. (603766.SS): Ownership Structure

• Mission and values: Deliver high-performance complete solutions while prioritizing customer satisfaction, sustainability and continual technological advancement.
• Innovation focus: Strong R&D emphasis on low-emission and low-fuel-consumption engines and electrification-ready platforms.
• Global reach: Products sold in over 100 countries and regions.
• Strategic partners: Long-standing technical and supply relationships with BMW, TORO and Cummins.
• Certifications: Holds multiple industry certifications including ISO 9001, ISO 14001 and relevant CE and emissions approvals for export markets.

• Major corporate shareholder(s): Loncin Group and related affiliates retain a controlling or significant stake (core industrial shareholder group).
• Institutional investors: Mutual funds, asset managers and state-owned investment vehicles hold meaningful portions via the A-share market.
• Public/free float: Significant free float on Shanghai Stock Exchange under the ticker 603766.SS, enabling liquidity and institutional trading.

• Product sales: Small-displacement motorcycle engines, gasoline and diesel power units, generators, outdoor power equipment engines and related components.
• OEM contracts and co-development: Supply agreements and engineered packages for global partners (e.g., co-supply and parts for BMW, TORO, Cummins), providing stable, volume-driven revenue.
• Aftermarket and parts: Spare parts, service agreements and accessories expand lifetime revenue per unit.
• Export-driven margins: Higher-margin export contracts and certified products for regulated markets (EU, North America) enhance profitability.

Loncin Motor Co., Ltd. (603766.SS): Mission and Values

• Core segments: motorcycles, gasoline engines (small-displacement and L-series), general machinery and power equipment (generators, water pumps, garden machinery).
• Revenue streams: direct retail and wholesale of branded vehicles and equipment, OEM/ODM manufacturing for international partners, after-sales parts & service, licensing/technology collaboration, and export sales to distributors.
• Sales channels: domestic dealers, >2,000 international distributors, OEM clients and B2B contracts with industrial customers.
• Global reach: products sold in more than 100 countries and regions, supporting both developed and emerging markets.

• R&D capability: a central R&D center with over 400 personnel, including senior experts and engineers focused on engine development, electrification readiness, emissions compliance and product reliability.
• Manufacturing base: multiple production facilities in Chongqing producing motorcycles, engine assemblies and power-equipment lines, incorporating automated assembly and testing lines.
• Corporate structure: over 20 holding and joint-venture entities across China to manage specialized operations, component sourcing and regional sales.

• Key partners: long-term collaborations with Fortune 500 firms such as BMW (engine cooperation/OEM), TORO (power equipment/technology), and Cummins (engine components and technical exchange).
• Benefits: access to advanced engine architectures, stricter emissions know-how, and co-development opportunities that enhance Loncin's product portfolio and global OEM credibility.

• Branded product sales: motorcycles and power equipment sold via dealers and distributors generate primary gross-margin revenue.
• OEM/ODM manufacturing: contract manufacturing for international brands and components supplies (engines, assemblies) provide stable B2B income and capacity utilization.
• Aftermarket & spare parts: recurring revenue from parts, repairs and service networks increases lifetime value per vehicle/equipment sold.
• Export sales: higher-margin international sales supported by >2,000 distributors and presence in 100+ countries diversify currency and market risk.
• Collaborative income: technology licensing, joint-development contracts and turnkey supply arrangements with partners add non-product recurring revenue streams.

• R&D-driven product upgrades to meet emissions and efficiency regulations in export markets.
• Scale manufacturing to lower unit costs and improve margins via high-capacity Chongqing plants.
• Expand distributor footprint and after-sales parts availability to enhance recurring revenue.
• Leverage strategic partnerships for technology transfer and joint market entries.

Loncin Motor Co., Ltd. (603766.SS): How It Works

• Primary revenue streams: manufacturing and direct sale of motorcycles, sale of engines (motorbike and small industrial), and sale of power equipment (generators, pumps, garden machinery).
• OEM and JV income: technical licensing, joint‑venture profit shares and OEM supply agreements (notably with BMW for motorcycle engines and Cummins for small industrial engines).
• After‑sales, spare parts, and service networks that generate recurring revenue and support brand retention.
• Export sales-overseas demand contributes a major share of top‑line income through distribution partners and Loncin's own overseas subsidiaries.

• Global reach: products exported to more than 100 countries and regions; overseas income accounts for 64.74% of annual operating income.
• Product diversification: multiple price/feature tiers across two‑wheelers, ATV/utility vehicles, and small power system segments to address emerging markets, developed markets and industrial customers.
• R&D and quality focus: sustained investment in engine technology and emissions compliance to win large OEM contracts and premium market placements.

• How partnerships add revenue:
  • BMW: technology collaboration and supply agreements that command higher margins and elevate Loncin's engineering profile.
  • Cummins: co‑development and component supply for small industrial engine platforms, opening industrial and commercial channels.
• Advantages that drive monetization:
  • Broad SKU portfolio-mitigates single‑market cyclicality.
  • Scale manufacturing-lowers unit costs and enables competitive OEM pricing.
  • Export diversification-reduces dependence on any single geography; demonstrated by 64.74% overseas revenue.

Loncin Motor Co., Ltd. (603766.SS): How It Makes Money

• Core product sales: mass-market motorcycles and scooters sold domestically and overseas (key revenue driver).
• Powertrain and engines: small-displacement engines supplied to OEMs and aftermarket channels.
• OEM & strategic partnerships: co-development and supply agreements (notably with BMW and Cummins).
• Exports: large-volume international shipments (1.57 million motorcycles exported in 2024).
• New-energy products: electric motorcycles and related components targeted at fast-growing EV markets.
• After-sales, parts and accessories: recurring revenue and higher-margin service parts.