Core Viewpoint - The transition period for the newly revised mandatory national standard "Safety Technical Specifications for Electric Bicycles" has officially ended, leading to the complete cessation of sales for old standard electric bicycles. The market is currently experiencing a shift as new models are being introduced, but consumer sentiment remains cautious due to various factors [1]. Group 1: Market Situation - As of December 1, all sales have switched to new national standard vehicles, with stores like Yadi in Guangzhou showcasing new models. Approximately 50 units of new standard models are available in stock [2]. - Many stores are still awaiting the arrival of new standard models, as old standard models have been sold out. Production of old standard vehicles ceased on September 1, with manufacturers now focusing on new standard designs [2]. - Consumer interest has decreased compared to previous years, with fewer inquiries and lower purchase intentions noted by sales personnel [2][3]. Group 2: Price and Cost Implications - The introduction of new standard products has led to price increases ranging from several hundred to a thousand yuan compared to similar old models [4]. - The new standards impose stricter requirements on fire resistance, structural safety, and braking performance, contributing to increased production costs [4]. Group 3: Changes in Standards - The new standard has revised nearly 200 important indicators, significantly enhancing fire safety by limiting the plastic weight ratio in the vehicle [6]. - Adjustments to the weight limit for lead-acid battery models allow for increased battery capacity, improving the range to approximately 60 kilometers [7]. - Enhanced safety measures include improved monitoring of battery status and tamper-proof technology, which raises the threshold for illegal modifications [8]. Group 4: Consumer Awareness and Regulatory Actions - Regulatory bodies are intensifying inspections of electric bicycle sales to ensure compliance with the new standards and prevent the sale of old standard vehicles [13]. - Consumers are advised to look for 3C certification labels to ensure that electric bicycles meet mandatory national standards [15].

Group 1 - The domestic sales of electric two-wheelers reached 32.325 million units in the first half of 2025, representing a year-on-year growth of 29.5%, driven by the implementation of new national standards which are expected to release replacement demand [1] - The new standards are expected to significantly increase the penetration rate of smart electric bicycles, with a notable shift in product structure anticipated by 2026 [1] - The implementation of the new standards raises technical barriers and capital thresholds in the industry, accelerating the process of industry consolidation [1] Group 2 - Leading companies like Yadea and Aima are benefiting significantly from the new standards, with Yadea achieving a revenue of 19.186 billion yuan in the first half of 2025, a year-on-year increase of 33.1% [2] - Aima has made significant breakthroughs in fire-resistant materials and lightweight technology, with its new magnesium alloy frame reducing weight by 30% and costs by 15%, fully complying with the new standards [2] - New Day Holdings is focusing on the smart connected field, having developed a dedicated positioning chip for electric bicycles in collaboration with Beidou Star, achieving mass production [2] Group 3 - The new standards present challenges such as increased production costs, estimated to rise by 100 to 600 yuan per electric bicycle due to the application of new materials and technologies [3] - Insufficient technical reserves hinder some companies' ability to transition, particularly in the development of the Beidou positioning system which requires expertise across multiple fields [3] - The establishment of a comprehensive recycling system is urgent as the acceleration of old vehicle elimination necessitates improved recycling and utilization frameworks [3]

Core Insights - The transition from old to new national standards for electric bicycles has led to a significant inventory clearance of old models, with new models expected to be launched soon [2][5][6] - The new standards impose stricter requirements on safety, quality, and technology, resulting in price increases of 500 to 1000 yuan for new models compared to old ones [2][10] - Major companies in the industry, such as Aima Technology, Ninebot, and New Day, have reported double-digit revenue and profit growth in the first three quarters of 2025, indicating a positive market response to the new standards [13][14] Industry Transition - The new national standard, GB 17761-2024, was officially implemented on December 1, 2025, with a focus on safety and quality improvements, including speed limits and battery compatibility [4][5] - Companies are facing challenges in adapting their manufacturing systems and supply chains to meet the new standards, but many have already begun production of compliant models [6][12] - The market is shifting from price competition to a value-based competition centered on technology, safety, and intelligence [15] Market Dynamics - The demand for electric bicycles is expected to rise due to increased consumer awareness of safety features and the availability of government subsidies [13][14] - The industry is experiencing a significant transformation, with a focus on smart features and enhanced safety measures, which are becoming key selling points for consumers [12][15] - Companies like Aima and Ninebot are expanding their product lines to include a variety of models that cater to different consumer needs, indicating a strategic response to the new market conditions [7][14]

截至月份: 2025年11月30日 狀態: 新提交 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 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12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 | ...

Core Viewpoint - The implementation of the new national standard for electric bicycles (GB 17761—2024) marks a significant safety upgrade for the industry, setting higher technical requirements and driving transformation [1][5]. Industry Overview - The new national standard establishes clear safety thresholds for the electric bicycle industry, enhancing safety measures across various dimensions, including fire resistance of non-metal materials, limiting plastic usage, improving anti-tampering technology, and enhancing braking performance [5][8]. Company Actions - Yadea, as a leading enterprise, has taken proactive measures to comply with the new standards, showcasing its commitment to industry responsibility and safety through upgrades in critical safety components such as plastic parts, wiring harnesses, and battery boxes [8][9]. - Yadea ceased production of old standard vehicles in August 2023, fully transitioning to manufacturing new standard models, demonstrating strategic execution as a market leader [9][10]. Market Performance - Yadea's actions have translated into robust financial performance, achieving a revenue of 19.186 billion yuan in the first half of 2025, reflecting a year-on-year growth of 33.1% during a critical policy transition phase [12]. Innovation and Development - Yadea is focusing on innovation-driven development, with initiatives spanning technology, product upgrades, and market expansion to support the effective implementation of the new standards [15]. - The company has developed a sodium-ion battery-based "Hua Yu Extreme Sodium Supercharging Ecosystem," significantly enhancing energy experiences for short-distance travel [18]. Global Reach - Yadea has established a strong global presence, exporting products to over 100 countries and regions, earning the trust of over 100 million users, and maintaining the title of the world's top seller for eight consecutive years [21]. - The establishment of ten smart R&D bases worldwide, including locations in China, Vietnam, Indonesia, Thailand, and Mexico, reinforces Yadea's leading position in the short-distance travel sector [21].

Core Viewpoint - The electric bicycle market in China is undergoing a significant transition as the deadline for the old national standard approaches, leading to a surge in demand for old standard bikes while new standard bikes face supply shortages [1][2][4]. Market Dynamics - The old standard bikes are experiencing a "last train" sales boom, with some stores reporting that their remaining inventory will only last for a couple of weekends [2]. - Sales of old standard bikes in Beijing have nearly doubled compared to previous years, driven by the impending deadline and local subsidy policies [2][4]. - There is a supply-demand imbalance for old standard bikes, which may lead to price fluctuations as inventory becomes scarce [4]. Consumer Behavior - Consumers are torn between choosing compliant new standard bikes and the faster, albeit less safe, old standard bikes [1][7]. - Some consumers prefer old standard bikes for their speed and lower price, while others prioritize safety and are willing to wait for new standard models [8][10]. - The price difference between new and old standard bikes can be significant, with new models costing several hundred yuan more due to enhanced safety features [10]. Regulatory Environment - The transition to new standards has prompted some retailers to engage in "gray market" practices to circumvent regulations, such as registering old standard bikes under different names to continue selling them [5][6]. - The new national standard imposes stricter safety requirements, including speed limits and anti-tampering measures, which complicate illegal modifications [6][12]. - Regulatory bodies are increasing inspections and enforcement actions against non-compliant sales practices, indicating a tightening of market oversight [12][16]. Industry Implications - The shift to new standards is expected to reshape the competitive landscape, favoring companies that can quickly adapt to regulatory changes and consumer demands [16]. - Companies are investing in technology upgrades and supply chain optimization to meet new standards and maintain profitability [10][16]. - The new regulations are seen as a catalyst for industry-wide improvements in safety and product quality, although consumer education on the importance of safety features remains a challenge [17].

Core Viewpoint - The introduction of the new national standard for electric bicycles is accelerating the segmentation of the two-wheeler market, with a focus on safety and performance, leading to a shift in user demographics and preferences [3][4]. Group 1: Market Segmentation - The new national standard is expected to create a primary user base of urban commuters and short-distance travelers who prioritize safety [2][4]. - Users engaged in delivery, logistics, and entertainment, who previously relied on over-standard or illegally modified vehicles, are likely to transition to electric motorcycles as substitutes [2][4]. Group 2: High-End Electric Motorcycle Growth - High-end electric motorcycles priced above 4000 yuan are projected to grow by 87% in 2024, driven by brands like Ninebot, Yadea, and Niu [2]. - The primary consumers of high-end electric motorcycles are young individuals seeking personalized and high-quality riding experiences, with a repurchase rate twice that of lower-end models [2][6]. Group 3: Battery Technology and Performance - The shift towards lithium batteries in electric motorcycles is significant due to their advantages in weight, energy density, and overall performance compared to lead-acid batteries [5][6]. - Companies like Xingheng Power are advancing battery technology, introducing high-capacity lithium batteries designed specifically for electric motorcycles, addressing the needs of over 90% of users [7]. Group 4: International Market Opportunities - The overseas market, particularly in Europe and the U.S., is becoming a testing ground for Chinese high-end electric motorcycle brands, with significant subsidies available in countries like Belgium and Italy to promote electric vehicle adoption [9][10]. - Brands like Yadea and Niu are performing well in Europe, with Niu's targeted development of mid-to-high-end models contributing to an estimated sales revenue of 170 million yuan in 2024 [9][10]. Group 5: Future Outlook - The new national standard is expected to catalyze a more segmented electric motorcycle market domestically, while validated overseas markets will further drive demand for lithium batteries [11].

Core Viewpoint - Yadea, the world's largest electric two-wheeler company, is set to launch its electric two-wheeler PORTA in Japan at a price of 217,800 yen (approximately 10,450 RMB), which is about 30% cheaper than products from Japanese companies like Honda [1][3] Group 1: Market Entry and Product Features - The PORTA model features a retro design aimed at attracting younger consumers and falls under Japan's "original 1 class" for electric two-wheelers, allowing it to be driven with a regular car license [1][3] - The vehicle can be charged using a household outlet, with a maximum range of 60 km on a full charge [1][3] Group 2: Competitive Landscape - Japanese companies, historically dominant in the gasoline two-wheeler market, are facing challenges from the electric wave, with Yadea's entry potentially impacting their electric vehicle strategies [1][5] - Honda and Yamaha's cheapest electric models exceed 300,000 yen (approximately 14,400 RMB), making Yadea's offering significantly more affordable [3][4] Group 3: Regulatory Environment - Yadea's launch coincides with Japan's stricter emissions regulations starting in November, which align with European standards, prompting local manufacturers to halt production of current models [3][4] - Japanese manufacturers plan to continue producing gasoline vehicles that comply with the new regulations, but only Yamaha has announced a timeline for new compliant models, set for mid-2026 [3][4] Group 4: Industry Trends and Projections - The global two-wheeler market is projected to sell 59.9 million new units in 2024, with electric models expected to account for 8.5% of sales, rising to 18.8% by 2035 [5][7] - Despite the push for electrification, some analysts believe that the gasoline two-wheeler market will continue to grow, suggesting that Japanese companies may not need to lead in electrification [5][7] Group 5: Japanese Companies' Response - In response to the electric two-wheeler market pressure, Honda plans to invest 500 billion yen in electrification by 2030, aiming to launch 30 electric models globally [7] - Yamaha plans to electrify about 30% of its new two-wheelers between 2025 and 2027, indicating a shift towards electric models [7]

Core Viewpoint - Yadea Group Holdings, the largest electric two-wheeler company globally, is set to launch its electric scooter PORTA in Japan in November, priced at 217,800 yen (approximately 10,450 RMB), which is about 30% cheaper than similar products from Japanese companies like Honda [2][4][5]. Market Entry Strategy - The launch coincides with Japan's new stricter exhaust emission regulations, which will significantly reduce carbon monoxide and nitrogen oxide emissions, creating a favorable market environment for electric vehicles [5][8]. - Yadea aims to disrupt the market by offering competitive pricing that aligns with gasoline scooters, thereby attracting consumers looking to switch [5][17]. Product Specifications - The PORTA falls under Japan's "original class 1" electric two-wheeler category, with a maximum output of 0.6 kW, and can be charged using standard household outlets, offering a maximum range of 60 kilometers on a full charge [4][12]. Market Context - Japanese companies, including Honda, Yamaha, Suzuki, and Kawasaki, dominate over 40% of the global two-wheeler market, primarily with gasoline-powered models [11]. - The Japanese two-wheeler market has seen a significant decline, with sales projected to drop to approximately 320,000 units by 2024, down from over 3 million in the early 1980s [7]. Competitive Landscape - Other emerging players in the electric two-wheeler market include Ola Electric Mobility from India, VinFast from Vietnam, and Gogoro from Taiwan, indicating a growing competition in the sector [14]. - Honda plans to invest 500 billion yen in electric two-wheeler development by 2030, aiming to launch 30 electric models globally [15]. Future Projections - The electric two-wheeler market is expected to grow, with projections indicating that by 2035, the electric vehicle share could reach 18.8% of new two-wheeler sales globally [12].

FF301 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11月3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 | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 第 1 頁 共 10 頁 v 1.1.1 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 ...