Group 1 - The core point of the article highlights the performance of the CITIC Securities Selected Return Mixed Fund B, which has a latest net value of 0.7750 yuan and has experienced a weekly return of -1.51% [1] - The fund was established on October 15, 2020, and as of June 30, 2025, it has a total scale of 2.25 billion yuan [1] - The top ten stock holdings of the fund include China Mobile, Gree Electric, CATL, Tencent Holdings, SPD Bank, Midea Group, Shandong Gold, Yadea Holdings, Ping An Insurance, and Kunlun Energy, with a combined holding ratio of 51.90% [1] Group 2 - The fund has recorded a return of 2.53% over the past three months and a year-to-date return of -0.27% [1]

Group 1 - The new mandatory national standard for electric bicycles (GB 17761—2024) will be implemented in phases, with production starting on September 1, 2025, and sales on December 1, 2025, leading to a significant market demand for compliant vehicles [1][2] - The current electric bicycle ownership in China is approximately 380 million, indicating a strong market presence and consumer reliance on these vehicles for short-distance travel [1] - The new standard emphasizes higher safety requirements, including fire resistance and material specifications, prompting manufacturers to upgrade their products and production lines [2][3] Group 2 - Major companies like Yadea and Luyuan are actively preparing for the new standard, with Yadea already obtaining CCC certification for six models and planning to transition to new standard production by mid-August [3][4] - The transition period from September 1 to December 1, 2025, allows manufacturers to clear existing inventory of old standard vehicles, with many companies implementing promotional strategies to facilitate sales [4][5] - The new standard is expected to lead to a consolidation in the industry, as smaller brands may struggle to meet the new requirements, potentially increasing market share for leading companies [5][6] Group 3 - Companies are focusing on quality control and cost management to meet the new standards, with Luyuan optimizing production processes and investing in advanced inspection equipment [6][7] - The implementation of the new standard is seen as an opportunity for industry leaders to enhance their brand influence and market position through differentiation and innovation [5][6] - The overall market demand remains stable despite some consumer hesitation to purchase old standard models, as companies continue to promote their products and respond to consumer safety concerns [4][5]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 雅迪集團控股有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01585 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | ...

7月30日，无锡融创茂人潮涌动，"安全骑行 文明出行"交通安全文化江苏无锡行主题宣传活动在此隆重 举行。活动由公安部新闻传媒中心指导，中国警察网、无锡市公安局联合主办，市公安交管支队承办， 雅迪科技集团协办。通过主题宣讲、公益捐赠、趣味普法与沉浸式互动，警企携手共倡电动车安全骑 行。这次活动不仅彰显了雅迪的社会责任和企业担当，更为无锡交通的文明有序再添新动力。 政企同声倡文明，共树安全新风尚 当前，我国电动两轮车保有量已超过4.2亿辆，相当于每3人中就有1人拥有一辆。随着电动两轮车保有 量的攀升，也带来了日益严峻的交通安全挑战。骑行中未佩戴头盔、逆行、闯红灯等行为，直接威胁骑 行者生命安全，并严重扰乱交通秩序。 在此背景下，公安部新闻传媒中心相关领导在活动致辞中，强调了文明出行对城市交通的重要作用，也 肯定了雅迪在传达安全理念中展现的企业担当和社会责任。他表示，将充分发挥公安媒体的引领作用， 积极联合各地公安机关及相关企业单位，凝聚各方力量，共同致力于提升全社会的文明交通意识，推动 安全出行习惯的广泛普及，努力降低交通事故的发生率及伤亡风险，确保每一位市民都能安全出行，平 安回家。 雅迪科技集团轮值总裁周朝阳 ...

Core Insights - The article highlights Yadea's innovative approach to integrating ESG principles and youth-oriented strategies into its business model, particularly through the "717 Global Riding Festival" [1][11] - Yadea's focus on creating a "personified" product experience shifts the competition from technical specifications to emotional recognition, appealing to younger consumers [3][7] - The company's commitment to sustainability is evidenced by significant achievements in reducing carbon emissions and promoting green transportation [8][9] Product Strategy - Yadea's "Crown" series is positioned as a reliable partner for adventure, emphasizing long battery life and performance in various challenging conditions [3][7] - The "Modern" series targets female users, combining aesthetics with safety features, addressing common riding challenges [5][7] - The integration of user stories and experiences into the brand narrative enhances emotional connections with the products [7][13] ESG Practices - Yadea's ESG initiatives have resulted in a cumulative riding distance of 368.5 billion kilometers, reducing carbon emissions by 63.9 billion kilograms, equivalent to planting 3.1 billion trees [8][9] - The company has successfully built a green technology enterprise model, demonstrating the impact of user choices on sustainable development [11][15] - Yadea's approach to quantifying environmental contributions resonates with younger generations, fostering a sense of responsibility and engagement [15] Industry Insights - The success of the "717 Global Riding Festival" serves as a model for the electric two-wheeler industry in China, emphasizing the need for brands to understand and address the diverse needs of younger consumers [11][13] - The shift from traditional advertising to user-generated content and experiences is highlighted as a powerful marketing strategy [13][14] - Yadea's integration of green and emotional values into its brand DNA is seen as a critical factor for transitioning from efficiency to value advantages in Chinese manufacturing [14][15]

Core Viewpoint - The article emphasizes the innovative approach of Yadea in integrating ESG principles and a youthful strategy into its business model, transforming low-carbon travel into a lifestyle trend for Generation Z, thereby creating a strong growth engine based on "youthfulness" and "sustainability" [1] Product Value "Personalization" - The competition in the product market is shifting from "technical specifications" to "emotional recognition," with Yadea's products being assigned distinct "personalized" labels [2][3] - The Yadea Crown series is positioned as a reliable partner for adventure, meeting the long-range needs of young users through extreme challenges that validate its performance [3] - The Yadea Modern series targets female users, addressing their travel pain points while emphasizing safety and style through a comprehensive safety system [5] ESG Practices "Data-Driven" - Yadea has developed a systematic approach to ESG practices, achieving significant results in sustainable development areas such as green product innovation and low-carbon transformation [8] - Global Yadea users have accumulated a riding distance of 368.5 billion kilometers, reducing carbon emissions by 63.9 billion kilograms, equivalent to planting 3.1 billion trees [10] - Yadea's user base and global sales figures reflect strong market recognition of its product and brand value, contributing to the realization of ESG goals [10] Industry Insights "Tangible" - The success of Yadea's global cycling festival provides valuable insights for the transitioning two-wheeled electric vehicle industry in China, highlighting the need to address the diverse real-life scenarios of young users [14] - Brands should shift their mindset to create an open platform for users to become active participants and promoters, as evidenced by the impactful user-generated stories during the cycling festival [14] - Quantifying the environmental contributions of products and making them tangible for users is crucial for gaining deep recognition from Generation Z [15]

Core Viewpoint - The electric bicycle market in Southeast Asia is experiencing rapid growth, driven by government incentives and increasing market demand, presenting opportunities for Chinese brands like Yadea, Aima, and Tailg to expand their presence in the region [2][3]. Market Overview - China has over 350 million electric two-wheelers, indicating limited future growth domestically, while Southeast Asia has a motorcycle household penetration rate of 75%, significantly higher than the global average of 29% [3]. - The ASEAN electric two-wheeler market is projected to reach USD 1.0778 billion in 2024 and grow to USD 2.232 billion by 2030, with a compound annual growth rate (CAGR) of 12.90% from 2025 to 2030 [3]. Government Policies - Southeast Asian governments are implementing favorable policies to encourage the transition from fuel to electric vehicles, such as zero tariffs on electric motorcycle imports in the Philippines and a target for 25% of two-wheel sales to be electric in Vietnam by 2030 [6]. - Vietnam plans to establish 10,000 public charging points to support the adoption of electric motorcycles, although the lack of standardized charging infrastructure may hinder penetration rates [6]. Competitive Landscape - Traditional fuel motorcycle manufacturers like Honda, Yamaha, and Suzuki dominate the market but are slow to transition to electric, creating opportunities for Chinese electric two-wheeler manufacturers to enter Southeast Asia [9][10]. - Chinese brands are investing in local production facilities in countries like Indonesia, Vietnam, and Thailand, with Yadea already operating over 400 stores in Vietnam [10]. Consumer Preferences - Southeast Asian consumers prioritize economic practicality, reliable range, and affordable pricing when choosing electric two-wheelers, which aligns with the strengths of Chinese manufacturers in cost control and supply chain integration [12]. - The demand for electric motorcycles with a range of over 100 kilometers and low maintenance costs is significant, especially in regions with challenging climates and infrastructure [14]. Industry Trends - The development of battery swapping models is seen as a key trend in the electric motorcycle market, similar to the initial growth path of electric vehicles in China [12]. - The focus on practical and economical solutions in Southeast Asia contrasts with the emphasis on lightweight and high energy density in the European and American markets [13].

Investment Rating - The report provides a positive outlook on various sectors, indicating a stable recovery in the home furnishing and paper packaging sectors, while new tobacco and packaging sectors show robust growth [3][4]. Core Insights - The home furnishing sector is expected to see marginal improvement in domestic demand due to government support for consumption upgrades, with a focus on companies with high dividend yields and growth certainty for 2025 [5][10]. - The new tobacco sector is experiencing growth, particularly in heated tobacco products (HTP), with significant sales increases reported in Europe and a growing user base for IQOS [11]. - The paper packaging sector is facing a gradual recovery in pulp prices, with a focus on companies that maintain strong market positions and high dividends [12]. - The light consumer goods and pet food sectors are under pressure, but there are opportunities in innovative product launches and channel expansion [15]. - The two-wheeler sector is poised for a rebound with government subsidies and new standards expected to drive demand [16][17]. Summary by Sections Home Furnishing - Domestic sales are expected to improve due to government initiatives, with a focus on companies with strong growth prospects and high dividends [5][10]. - Export figures show a slight increase in June, but a cumulative decline for the first half of the year [10]. New Tobacco - HNB sales increased by 10.5% year-on-year, with a growing user base for IQOS [11]. - The regulatory environment in the U.S. is tightening, which may benefit compliant market players [11]. Paper Packaging - Pulp prices have shown slight increases, but overall market conditions remain challenging [12]. - Companies with strong market positions and dividend policies are recommended for investment [12]. Light Consumer Goods & Pet Food - The sector is facing challenges, but there are opportunities in new product launches and expanding distribution channels [15]. - Online sales data indicates mixed performance across different product categories [23]. Two-Wheeler - The sector is expected to benefit from government subsidies and new regulations, with a focus on companies that can leverage these changes for growth [16][17]. - Recent data shows a significant number of electric bikes being replaced under the subsidy program [26][27].

Investment Rating - The report maintains a positive outlook on the light industry and paper-making sector for the mid-2025 earnings forecast, indicating a favorable investment rating for these industries [1]. Core Insights - The report highlights a divergence in performance within the export sector for Q2 2025, with companies that have a global supply chain showing resilience against external tariff disruptions. Notable performers include Jiangxin Home, Jiayi Co., and Tianzhen Co. [4][5]. - The two-wheeler segment is expected to benefit from government subsidies and new standards, with companies like Yadi Holdings and Aima Technology showing strong growth potential [4]. - The light consumer goods sector is characterized by a robust domestic demand, particularly in personal care products, with companies like Baiya Co. and Dengkang Oral Care expected to perform well [4]. - The packaging industry is undergoing consolidation, with leading companies experiencing a slowdown in capital expenditure, indicating a shift towards a harvest phase [4]. - The home furnishing sector is facing short-term order impacts due to the pause in government subsidies, but long-term growth is anticipated through market integration and new product categories [4]. - The paper-making sector is expected to see stable profitability due to low raw material costs and improved supply-demand dynamics [4]. Summary by Sections Export Sector - Q2 2025 shows performance divergence due to increased external disruptions, with companies like Jiangxin Home expected to see a 40%+ growth in net profit [5][6]. - Jiayi Co. anticipates a 30%+ revenue increase, while Tianzhen Co. is expected to recover orders significantly [4][5]. Two-Wheeler Sector - Companies like Aima Technology and Ninebot are projected to grow by 20% and 50% respectively in Q2 2025, driven by new product launches and market demand [8][9]. Light Consumer Goods - The sector is expected to show resilience, with companies like Chaohongji and Baiya Co. projected to grow by 20% and 2% respectively in revenue [10][11]. Packaging Industry - The report notes a continued consolidation trend, with companies like Yutong Technology and Baosteel Packaging expected to maintain stable revenue growth [12][14]. Home Furnishing Sector - The sector is facing challenges due to subsidy pauses, but companies like Mousse and Zhizhong Home are expected to adapt and show growth in the long term [13][15]. Paper-Making Sector - The report indicates stable profitability for the paper-making sector, with companies like Sun Paper and Huawang Technology expected to benefit from improved market conditions [17].

Investment Rating - The report emphasizes a focus on companies with high earnings growth certainty and relatively high dividend support in the domestic market [4][9]. Core Insights - The home furnishing sector shows a year-on-year increase of 28.7% in furniture retail sales in June, but demand has weakened since July due to the lack of new government subsidies [4][9]. - The new tobacco sector is witnessing a recovery, with Smoore's H1 2025 revenue expected to grow by 18% year-on-year, indicating stabilization in the vaping business [15][16]. - The paper and packaging industry is experiencing price stabilization, with expectations for a recovery in demand for white cardboard and cultural paper [17][18]. - The light industry and personal care sector is facing a downturn, but there are investment opportunities in leading brands [19][20]. - The toy sector, particularly Bubble Mart, is highlighted for its strong performance, with a 94% year-on-year increase in online sales of blind boxes in Q2 [21][22]. - The two-wheeler market is expected to see a rebound in Q3, driven by new policies in Vietnam promoting electric vehicle replacements [22][31]. Summary by Sections Home Furnishing Sector - Retail sales of furniture increased by 28.7% year-on-year in June, but demand has weakened since July due to subsidy issues [4][9]. - The overall real estate investment decreased by 10.3% year-on-year in June, with residential construction area down by 4.3% [4][9]. New Tobacco Sector - Smoore's H1 2025 revenue is projected to grow by 18% year-on-year, indicating a recovery in the vaping market [15][16]. - The FDA's recent approvals for JUUL products suggest a positive trend in the U.S. compliance market [15][16]. Paper and Packaging Sector - Paper prices are stabilizing, with expectations for recovery in demand for specific paper types [17][18]. - The packaging sector is seeing improvements in profitability for metal packaging companies due to industry consolidation [17][18]. Light Industry and Personal Care - The sector is experiencing a downturn, but leading brands are still seen as investment opportunities [19][20]. - Online sales for personal care products have shown mixed results, with some categories facing increased competition [20][23]. Toy Sector - Bubble Mart is highlighted for its strong performance, with a 209% year-on-year increase in GMV [21][22]. - The overall toy market is benefiting from new operational models and IP advantages [21][22]. Two-Wheeler Market - The market is expected to rebound in Q3, with new policies in Vietnam promoting electric vehicle replacements [22][31]. - Leading companies in the sector are expected to show good growth in their mid-year reports [22][31].