机构：华创证券 研究员：韩星雨/樊翼辰 公司经营重回向上通道，新国标有望优先受益。上半年公司以摩登/冠能系列+新高端品牌的产品结构优 化成效显著，同时大力推动销售体系变革，注重门店质量和店效改善，强化渠道销售中高价位产品信 心。此外，针对新旧国标切换公司已储备多款新国标产品，并有望拓展产品价格带。我们认为24 新国 标将进一步提高安全技术规范与企业生产门槛，有望驱动行业结构升级，份额加速向集中头部企业集 中，公司作为行业龙头将优先受益。 投资建议：国内外双轮需求驱动下，雅迪龙头格局确立，规模效应、产业链整合、品牌溢价渐次凸显。 公司整合上游四电系统产业链、东南亚市场经营成功渐次落地，远期成长动力充足，我们调整25/26 年 EPS 预测为0.96/1.11 元，新增27 年EPS 预测为1.23 元，对应PE 为13/11/10 倍。参考DCF 估值法，我们 上调目标价至20 港元，对应25 年19 倍PE，维持"强推"评级。 公司发布 2025 年中期业绩公告，实现收入 191.7 亿元，同比+33.0%；实现归母净利润16.5 亿元，同比 +59.5%。 风险提示：贸易政策风险、新品效果不及预期、终端需求 ...

Investment Rating - The report maintains a "Strong Buy" rating for Yadea Holdings (01585.HK) with a target price of HKD 20, compared to the current price of HKD 13.64 [2][4]. Core Views - Yadea Holdings reported a significant revenue increase of 33.0% year-on-year, achieving revenue of HKD 19.17 billion for the first half of 2025, exceeding the upper limit of previous forecasts [2][7]. - The company's net profit attributable to shareholders reached HKD 1.65 billion, reflecting a year-on-year growth of 59.5%, driven by an improved product mix and increased sales of mid-to-high-end products [2][7]. - The company is expected to benefit from the new national standards, which will likely drive industry upgrades and concentrate market share among leading firms [7]. Financial Summary - **Revenue Forecasts**: - 2024A: HKD 28.236 billion - 2025E: HKD 38.167 billion (35.2% growth) - 2026E: HKD 43.230 billion (13.3% growth) - 2027E: HKD 47.103 billion (9.0% growth) [4][8] - **Net Profit Forecasts**: - 2024A: HKD 1.272 billion - 2025E: HKD 3.001 billion (135.8% growth) - 2026E: HKD 3.466 billion (15.5% growth) - 2027E: HKD 3.820 billion (10.2% growth) [4][8] - **Earnings Per Share (EPS)**: - 2024A: HKD 0.41 - 2025E: HKD 0.96 - 2026E: HKD 1.11 - 2027E: HKD 1.23 [4][8] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025E: 12.9 - Price-to-Book (P/B) ratio for 2025E: 3.5 [4][8]. Market Performance - The company has shown a strong recovery in sales, with a total of 8.794 million units sold in the first half of 2025, marking a 37.8% increase year-on-year [7]. - The average selling price (ASP) per unit is approximately HKD 1,491, a slight decrease of 2.8% year-on-year [7]. Strategic Outlook - Yadea Holdings is focusing on optimizing its product structure and enhancing its sales system, particularly in high-end product segments [7]. - The company is well-positioned to leverage the upcoming changes in national standards, which are expected to raise safety and production standards in the industry [7]. Conclusion - The report indicates a robust growth trajectory for Yadea Holdings, supported by favorable market conditions and strategic initiatives aimed at enhancing profitability and market share [2][7].

9月1日，强制性国家标准《电动自行车安全技术规范》(GB 17761—2024)(以下简称新国标)在全国正式 实施。 相较于此前版本，新国标在车辆防火阻燃、塑料占比、防篡改、制动性能等关键领域提出了更严格的技 术要求。 新国标后，"旧车"(非"新国标车")还能正常上路吗？"新国标车"价格会更贵吗？ "新国标车"到货了吗？ 近日，记者走访北京市多家电动自行车销售门店发现，新旧政策交替下销售热潮显现，有不少前来咨询 购买"小电驴"的消费者。 2025年9月2日，北京市丰台区某爱玛电动自行车店内。新华网记者 游苏杭 摄。 针对市场上现存的旧国标库存车辆，多家电动自行车品牌均明确表示，在过渡期结束后，对于仍未售出 的旧国标车辆，公司将统一进行回收处理，以稳步推进新旧车型的平稳切换，保障市场秩序与消费者权 益。 消费者已购买的"旧车"则不会被强制淘汰，而是借助"以旧换新"等政策加速更新换代。2025年年初，商 务部等五部门联合印发了《关于做好2025年度电动自行车以旧换新工作的通知》，近日有部分地区也出 台了具体方案。 2025年3月28日，天津市北辰区居民在活动现场选购电动自行车。新华社记者 李然 摄 以浙江为例，根 ...

Core Insights - The company reported a revenue of 19.186 billion yuan for the first half of 2025, representing a year-on-year growth of 33.1% [1] - The net profit attributable to shareholders reached 1.649 billion yuan, marking a year-on-year increase of 59.5% [1] Financial Performance - Gross margin improved to 19.6%, an increase of 1.6 percentage points year-on-year, attributed to the expansion and optimization of the product mix [1] - Selling expense ratio was 4.3%, up by 0.1 percentage points year-on-year; management expense ratio was 2.8%, down by 0.1 percentage points; R&D expense ratio was 3.3%, down by 0.2 percentage points [1] Sales and Market Position - The company sold 8.7935 million electric scooters and bicycles in the first half of 2025, a significant year-on-year increase of 37.8% [1] - The company continues to innovate and expand its product offerings, including the launch of the "Modern Series" for female users and the "Crown T35" model for younger consumers [1] Investment Outlook - The company is projected to achieve net profits attributable to shareholders of 3.057 billion, 3.535 billion, and 3.844 billion yuan for 2025-2027, with corresponding PE ratios of 12.76, 11.03, and 10.15 times [1] - The investment rating is maintained at "Buy" [1]

提升企业智能制造能力 为实现上述目标，《行动计划》在产业核心能力建设上精准发力。重庆市经济和信息化委员会负责人表 示，为提升重庆市智联电动车产业发展能力，《行动计划》重点从提升产品市场竞争能力、企业智能制 造能力、企业全球服务能力、产业协同发展能力等方面进行了部署。 近日，重庆市人民政府办公厅正式印发《重庆市智联电动车产业发展行动计划（2025-2027年）》，为 当地电动车产业（含电动摩托车、电动自行车）绘制了一幅清晰的升级蓝图--以高端化、绿色化、数字 化、智能化为方向，加快建成智联电动车全球产业基地。这不仅是重庆推动产业迭代的关键举措，更彰 显了其在全球新能源交通赛道上的雄心。 作为中国重要的摩托车生产基地，重庆早已为智联电动车的发展积蓄了深厚底气。重庆市经济和信息化 委员会负责人介绍，重庆摩托车产业基础雄厚，已形成从整车制造到零部件配套的完整产业链体系。雅 迪、爱玛、台铃等电动车龙头企业先后集聚重庆发展，宗申、隆鑫等传统摩托车企业也正加快电动摩托 车产业布局，2024年全市电动车产量达300万辆。更值得关注的是，重庆市电动车本地配套率超过 60%，电机、电控、车架、灯具、仪表等总成已基本实现就近配套， ...

Investment Rating - The report maintains an "Outperform the Market" rating for Yadea Holdings [5][29][30] Core Viewpoints - Yadea Holdings has shown a rapid recovery in revenue and profit in the first half of 2025, with revenue reaching 19.19 billion yuan, a year-on-year increase of 33.0%, and net profit of 1.65 billion yuan, up 59.5% [1][7] - The company is actively launching new products and expanding its retail network, which is expected to drive sales and profit recovery in 2025 [2][29] - The company is focusing on the Southeast Asian market for growth, with plans to enhance production capacity and sales networks in the region [2][27] Summary by Sections Financial Performance - In the first half of 2025, Yadea's gross margin was 19.6%, an increase of 1.6 percentage points year-on-year, and net margin was 8.6%, up 1.4 percentage points, marking the highest levels since 2017 [1][13] - The company’s total revenue for 2025 is projected to be 37.554 billion yuan, with net profit expected to reach 2.939 billion yuan, reflecting a significant recovery from 2024 [4][29] Product Development and Market Strategy - Yadea launched several new models in 2025, including the "Morden" series aimed at female consumers and the upgraded "Crown S" series, which features advanced battery systems and smart functionalities [2][18][22] - The company has expanded its distribution network to 40,000 sales points and 4,000 distributors, enhancing its market reach [2][25] Growth Prospects - The company is strategically positioning itself in the Southeast Asian market, with production facilities in Vietnam and Indonesia, aiming for a total annual production capacity of 3 million units by 2025 [2][27][28] - The report anticipates that Yadea's international expansion and product innovation will contribute to sustained growth in revenue and profitability [29][30]

雅迪的电动二轮车"PORTA" 这是中国厂商首次在日本推出电动二轮车。雅迪是全球最大的电动二轮车企业，包括电动助力自行车在 内，年销量超过1700万辆。产品已出口到全球100个国家和地区，截至2024年累计销量突破1亿辆。 HASEGAWA MOBILITY计划借助11月日本即将强化尾气排放法规的东风推进销售。汽油动力轻便摩托 车的现有车型将于10月底停止生产。日本各厂商将推出符合新法规的车型，雅马哈发动机将于2026年上 半年发售产品。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 日经中文网 https://cn.nikkei.com 视频号推荐内容： 此次推出的电动二轮车"PORTA"是把在中国等地销售的"Modern"按照日本规格改造而成，将以21.78万 日元的价格（约人民币10514元）销售。日本品牌的电动轻便摩托车多在30万日元以上…… 中国最大二轮车企业雅迪的正规进口代理商HASEGAWA MOBILITY（大阪市）9月1日宣布，将以21.78 万日元的价格（约合人民币10514元）在日本销售电动轻便摩托车（总排量在50cc以下）。这是雅迪的 电动二轮车中首款投放日 ...

9月1日，工信部等五部门组织修订的新版强制性国家标准《电动自行车安全技术规范》（GB17761- 2024）（以下简称新国标）正式实施。9月1日至11月30日为过渡期。 近日，《每日经济新闻》记者在杭州走访发现，伴随新国标实施，市场已经出现连锁反应：有老国标车 型悄然涨价，有品牌经销商忙着清库存，也有的忙于求购畅销的老国标车型来补库存。消费者则面临限 速调整、车型选择等实际问题，行业从生产端到消费端均在适应新规带来的变化。 重点打击非法改装 在电动自行车新国标落地前夕，《每日经济新闻》记者走访了位于杭州的一条"电动车街"，发现电动自 行车的销售端尚未出现明显的"新旧交替"特征，反而是部分老国标车型因即将停售而开始涨价，库存紧 张，但新国标车又尚未到店。 一名九号电动车的经销商告诉记者："从8月上旬开始，总代理商对老国标车型涨了120元/辆，主要是很 多老车型已经不生产了，市场需求又大，预计9月份会涨更多。" 今年6月，家住杭州滨江的小云（化名）花3000元买了一辆雅迪电动自行车，入手时为了提升续航，他 听从商家建议，加钱将48V的铅酸电池升级到60V，但首次骑行，他就发现电动自行车的速度根本提不 起来，"当时 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 19.186 billion yuan in the first half of 2025, representing a year-on-year growth of 33.1%, and a net profit attributable to shareholders of 1.649 billion yuan, up 59.5% year-on-year [7] - The gross margin improved to 19.6%, an increase of 1.6 percentage points year-on-year, attributed to the expansion and optimization of the product mix [7] - The company achieved significant sales growth, with electric scooter and bicycle sales reaching 8.7935 million units, a 37.8% increase year-on-year, supported by continuous product development and an optimized distribution network [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 3.057 billion, 3.535 billion, and 3.844 billion yuan respectively, with corresponding PE ratios of 12.76, 11.03, and 10.15 [7] Financial Performance Summary - Revenue projections for the company are as follows: 34.763 billion yuan in 2023, 28.236 billion yuan in 2024, 36.865 billion yuan in 2025, 43.694 billion yuan in 2026, and 48.321 billion yuan in 2027, with a revenue growth rate of 11.92% in 2023, -18.77% in 2024, and 30.56% in 2025 [6] - The net profit attributable to shareholders is projected to be 2.640 billion yuan in 2023, 1.272 billion yuan in 2024, 3.057 billion yuan in 2025, 3.535 billion yuan in 2026, and 3.844 billion yuan in 2027, with a net profit growth rate of 22.17% in 2023, -51.81% in 2024, and 140.25% in 2025 [6] - The company’s earnings per share (EPS) are expected to be 0.89 yuan in 2023, 0.42 yuan in 2024, 0.98 yuan in 2025, 1.14 yuan in 2026, and 1.23 yuan in 2027 [6]

（原标题：电动自行车新国标落地，安全要求收紧推动行业升级） 21世纪经济报道 实习生涂玥 记者吴立洋 9月1日，《电动自行车安全技术规范》（GB 17761—2024）（以下简称"新国标"）正式实施，自此作 为新的生产标准，正式代替2019年起实施的旧国标（GB 17761-2018）。 作为短途出行工具，电动自行车的市场已经相当庞大。工信部数据显示，我国电动自行车社会保有量高 达3.8亿辆，相当于，每四个人就拥有一辆电动自行车。 面对广大的电动自行车用户群体，新国标提出更明确的安全导向，更在规定内容中直指火灾事故和非法 改装两大痛点设置了新标准。 值得一提的是，长期以来电动自行车关于速度与安全的博弈也将迎来终局。 新国标在旧国标限速的基础上再加码，明确新国标车出行速度超过25km/h将自动断电，防篡改的规定 更从物理层面杜绝了电动自行车超速行驶的风险，为电动自行车行业划下了一条红线。 此外，相较于旧国标，新国标新增多项技术要求，如放宽铅酸电池车型重量限制至63kg，提升续航里 程；引入北斗定位、制动性能优化等技术。对于电动自行车市场而言，更严格的技术要求落地有望在推 动行业规范发展的同事，加速市场格局洗牌， ...