Core Viewpoint - Jiangsu's foreign trade has achieved a growth rate of 5.1% in the first eight months of the year, driven primarily by its strong manufacturing sector [1][3]. Group 1: Manufacturing Strength - Jiangsu's total import and export value reached 3.82 trillion yuan, with exports amounting to 2.55 trillion yuan, reflecting a 9% increase [1]. - The province's manufacturing capabilities are highlighted by significant projects such as ultra-high voltage direct current (UHVDC) transmission and high-speed rail, showcasing the strength of Jiangsu enterprises on the global stage [3][5]. - Companies like Bo Rui Electric and Xi Dian Transformer are leading in UHVDC equipment manufacturing, contributing to major international projects [3][4]. Group 2: Technological Advancements - The current wave of international expansion is characterized as a technology-driven upgrade battle, with companies focusing on advanced manufacturing techniques [2]. - Jiangsu's manufacturing sector is increasingly adopting smart manufacturing and digital transformation strategies to enhance global competitiveness [12]. Group 3: Global Market Penetration - Companies such as Yadea and Youao Intelligent Technology are successfully expanding their presence in international markets, with Yadea focusing on Southeast Asia and Youao achieving a 16% global market share in mobile air conditioning [7][9]. - Yadea plans to establish local R&D and production bases to better cater to regional market needs, while Youao is diversifying its market structure and enhancing its e-commerce capabilities [8][10]. Group 4: Future Outlook - Jiangsu's manufacturing sector is set to gain more market competitiveness as it continues to upgrade its smart manufacturing capabilities [13].

Core Viewpoint - The electric bicycle industry is experiencing rapid growth in the first half of 2025, driven by the end of the transition period for new national standards and nationwide trade-in subsidy policies, with significant sales increases reported by leading companies [1][5]. Industry Overview - In the first half of 2025, the national sales volume of electric two-wheelers reached 32.325 million units, a year-on-year increase of 29.5% [1]. - The market concentration is increasing as leading companies leverage their advantages in channels, technology, and products to expand market share [1]. Company Performance - Yadea Holdings reported a revenue increase of 33.11% to 19.186 billion yuan and a net profit increase of 59.5% to 1.649 billion yuan in the first half of 2025 [2][5]. - Other listed companies in the electric bicycle sector also showed positive performance, with six representative companies achieving double growth in their financial results [1][2]. Market Dynamics - The significant revenue growth for Yadea in 2025 is attributed to a low base from 2024, price reductions to clear inventory, and the impact of national trade-in subsidy policies [5][8]. - The price reduction strategy has led to some models being sold at discounts of up to 30%, making them highly attractive to consumers [5]. Challenges and Competition - Despite revenue growth, Yadea's offline stores are facing challenges due to intense price competition, with dealers reporting difficulties in profitability [3][10]. - The rapid expansion of Yadea's retail network, which has grown to over 42,000 stores, is now seen as a burden, leading to increased competition and reduced margins for dealers [12][14]. Future Outlook - The electric bicycle market is expected to enter a new development phase in 2026, with potential deceleration in growth as the driving forces behind the current surge weaken [8]. - The sustainability of Yadea's performance in maintaining high growth rates post-subsidy and price reduction phases remains uncertain [8][14].

Yadea Group Holdings Ltd. 雅迪集團控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） （Stock Code 股份代號：1585） NOTIFICATION LETTER 通知信函 Dear Non-Registered Shareholders, 26 September 2025 Yadea Group Holdings Ltd. (the "Company") – Notice of publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.yadea.com.cn and the website of The Stoc ...

Yadea Group Holdings Ltd. 雅迪集團控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） （Stock Code 股份代號：1585） NOTIFICATION LETTER 通知信函 – Notice of publication of Interim Report 2025 (the "Current Corporate Communication") Dear Registered Shareholders, Yadea Group Holdings Ltd. (the "Company") The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website at www.yadea.com.cn and the website of The Stock Exchange of Hong ...

Revenue and Sales Performance - Revenue for the six months ended June 30, 2025, was RMB 19,185.9 million, an increase of approximately 33.1% compared to RMB 14,413.8 million for the same period in 2024[11] - Sales volume of electric two-wheelers increased from 6,382,600 units for the six months ended June 30, 2024, to 8,793,500 units for the same period in 2025, representing a growth of approximately 37.8%[8] - The electric bicycle segment generated revenue of RMB 9,297.6 million, accounting for 48.5% of total revenue, with sales volume of 6,665.5 thousand units[12] - The electric scooter segment contributed RMB 3,808.5 million, representing 19.9% of total revenue, with sales volume of 2,128.0 thousand units[12] - Total revenue for the electric two-wheelers and related accessories segment reached RMB 18,648.5 million for the six months ended June 30, 2025, compared to RMB 19,185.9 million for the same period in 2024, reflecting a decrease of approximately 2.8%[14] - Total revenue for the electric two-wheelers and related accessories segment reached RMB 18,648,461,000 for the six months ended June 30, 2025, compared to RMB 14,205,169,000 for the same period in 2024, representing a year-over-year increase of 31.5%[104] - Revenue from electric bicycles reached RMB 9,297,605 thousand, a 48.8% increase from RMB 6,239,374 thousand in the previous year[98] - The company reported a significant increase in battery and charger revenue, which reached RMB 5,712,664 thousand, up 40.4% from RMB 4,065,296 thousand in 2024[98] Profitability and Margins - Gross margin improved from 18.0% for the six months ended June 30, 2024, to 19.6% for the same period in 2025, driven by an expanded and optimized product mix[8] - Gross profit increased by approximately 45.1% from RMB 2,593.8 million for the six months ended June 30, 2024, to RMB 3,763.2 million for the same period in 2025, with a gross margin of 19.6%[16] - Operating profit increased to RMB 2,117.2 million, up 59.5% from RMB 1,328.0 million in the previous year[75] - Net profit rose by approximately 59.5% from RMB 1,033.9 million for the six months ended June 30, 2024, to RMB 1,649.0 million for the same period in 2025[18] - Basic earnings per share for the period was RMB 54.3, compared to RMB 34.5 for the same period in 2024, reflecting a growth of 57.8%[75] Cash Flow and Investments - Operating cash inflow for the six months ended June 30, 2025, was RMB 4,726.6 million, a significant increase compared to an outflow of RMB 696.5 million for the same period in 2024[19] - Net cash outflow from investing activities for the six months ended June 30, 2025, was RMB 6,376.0 million, compared to RMB 1,086.7 million for the same period in 2024[19] - The financing activities generated a net cash inflow of RMB 1,662,678 thousand in the first half of 2025, compared to RMB 925,445 thousand in the same period of 2024[89] - Cash and cash equivalents stood at RMB 7,875.5 million as of June 30, 2025, remaining stable compared to RMB 7,868.9 million as of December 31, 2024[19] - Cash and cash equivalents remained stable at RMB 7,875,530 thousand in June 2025 compared to RMB 7,868,883 thousand in December 2024, showing a marginal increase of 0.1%[134] Employee and Operational Metrics - As of June 30, 2025, the group had 11,044 employees, a decrease from 12,002 employees as of December 31, 2024, with total employee costs amounting to RMB 1,674.3 million, up from RMB 1,074.8 million for the six months ended June 30, 2024[25] - Employee benefits expenses increased to RMB 1,384,413,000 in the first half of 2025 from RMB 957,495,000 in 2024, marking a rise of 44.5%[108] - The number of restricted share units increased to 75,805,000 as of June 30, 2025, from 17,338,000 in the previous year, reflecting a significant rise in employee incentives[127] Financial Position and Liabilities - Total liabilities to equity ratio increased to 34.2% as of June 30, 2025, compared to 16.4% as of December 31, 2024, primarily due to increased borrowings[24] - Total liabilities increased to RMB 21,150,818 thousand from RMB 15,860,819 thousand, reflecting a rise of approximately 33.5%[82] - The company's borrowings increased significantly to RMB 2,576,620 thousand in June 2025 from RMB 898,806 thousand in December 2024, reflecting a growth of 187.5%[135] - The total financial liabilities reached RMB 19,540,187 thousand in June 2025, up from RMB 14,770,191 thousand in December 2024, which is an increase of 32.5%[135] Corporate Governance and Strategy - The company has fully complied with the corporate governance code and has established an audit committee to oversee financial reporting and risk management[69][72] - The company aims to strengthen its market leadership in the electric two-wheeler sector and create long-term value for shareholders[10] - The overall strategy includes expanding global business presence and deepening brand engagement, particularly with younger consumer segments[10] Stock Options and Incentives - The total number of stock options available for grant under the 2024 Stock Option Plan is 153,190,000 shares as of June 30, 2025[48] - The exercise price for stock options must be at least the higher of the closing price on the grant date or the average closing price over the five trading days preceding the grant date[47] - The company adopted a share option scheme on April 22, 2016, which was conditionally approved by shareholders[36] - The total number of stock options granted during the reporting period was 70,015,000 shares, with a purchase price of 5.40 RMB per share[56] Market and Brand Development - The appointment of Wang Hedi as the global brand ambassador has significantly boosted brand awareness and engagement among younger consumers[9] - New product launches, including the modern series for female riders and the Kinetic T35 model, have become bestsellers, contributing to overall sales growth[9]

Core Viewpoint - The implementation of the new national standard for electric bicycles (GB17761-2024) starting September 1, 2024, introduces strict speed limit regulations, requiring automatic power cut-off for speeds exceeding 25 km/h, marking a significant shift in the industry towards safety and regulation compliance [1][2]. Group 1: Speed Limitation and Price Increase - The new standard has led to a surge in prices for existing models, with reports of price increases ranging from 200 to 1000 yuan for older models as dealers clear inventory before the new regulations take full effect [2][3]. - The new regulations not only impose speed limits but also introduce additional requirements, such as limiting the total plastic weight of electric bicycles to no more than 5.5% of the total vehicle weight, which may further increase production costs [2][3]. - The design of new electric bicycles is expected to shift towards single-rider configurations, potentially reducing carrying capacity and altering consumer expectations [2][3]. Group 2: Impact on Delivery Riders - The electric bicycle market has approximately 380 million units in circulation, with a significant portion used by delivery riders, whose income is closely tied to speed and efficiency [5][6]. - The new speed regulations may hinder delivery riders' ability to meet tight deadlines, as many rely on modified bicycles that can exceed the new speed limits [5][6]. - The rise in traffic accidents involving delivery riders, particularly those caused by speeding, highlights the urgent need for regulatory compliance and safety measures in the industry [5][6]. Group 3: Market Dynamics and Industry Restructuring - The transition to the new standard is expected to lead to a market reshuffle, with a notable decline in sales projected for 2024, estimated at 49.5 million units, a decrease of 11.6% year-on-year [9][10]. - Major brands have reported significant sales declines in 2024, with Yadea's sales dropping by 21.18% to 13.02 million units, indicating the challenges faced by the industry during this transition [10]. - Despite the downturn, many leading companies have shown strong performance in the first half of the year, with double-digit revenue growth, suggesting a potential recovery as the market adapts to the new regulations [11][12]. Group 4: Future Outlook and Industry Evolution - The new standard is anticipated to drive the electric bicycle industry towards higher safety standards and technological advancements, with an emphasis on smart features and higher price points [11][12]. - The shift from speed to safety represents a broader transformation in urban mobility and management, indicating a future where electric bicycles are integrated into a more regulated and safer transportation ecosystem [12].

Core Insights - The Ministry of Industry and Information Technology (MIIT) has released the third batch of companies that meet the "Electric Bicycle Industry Normative Conditions," with five companies from Jiangsu province making the list, leading the nation in total entries [2][4] - The "white list" signifies quality assurance for consumers, as listed companies undergo rigorous evaluation processes, ensuring their products meet national standards [2] - The implementation of the new national standard and the "old-for-new" policy is expected to enhance industry concentration and stimulate demand for "white list" companies [2][4] Group 1: Industry Overview - A total of 13 companies are included in the third batch of the "white list," with six brands, including Ninebot, Niu, and JinJian, making their debut on the list [4] - The cumulative total of the three batches of the "white list" now includes 19 brands and 44 factories, with Yadea and Aima leading with six factories each [4] - The new national standard, effective from September 1, 2025, mandates strict speed limit features for new electric bicycles, significantly impacting market dynamics [4] Group 2: Market Impact - Following the announcement of the new national standard, there has been a surge in sales for existing electric bicycle models, indicating a market shift as older models are being purchased rapidly [4] - The "white list" companies are positioned to gain a competitive advantage during this market reshuffle, as new models have yet to be released [4]

Group 1 - Yadea Holdings (01585) announced the appointment of Deloitte as the new auditor, effective from September 22, 2025 [1] - The appointment follows the resignation of PricewaterhouseCoopers and is intended to fill the temporary vacancy [1] - Deloitte will serve until the conclusion of the next annual general meeting of the company [1]

Group 1 - Yadea Holdings (01585) announced the appointment of Deloitte as the new auditor, effective from September 22, 2025 [1] - The appointment follows the resignation of PricewaterhouseCoopers, filling the temporary vacancy [1] - Deloitte will serve until the conclusion of the next annual general meeting of the company [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Yadea Group Holdings Ltd. 雅迪集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1585） 承董事會命 雅迪集團控股有限公司 主席 董經貴 香港，2025年9月22日 於本公告日期，董經貴先生、錢靜紅女士及沈瑜先生為本公司執行董事；及黃隆銘 先生、陳明宇先生、馬晨光女士及梁勤女士為本公司獨立非執行董事。 委任核數師 茲提述雅迪集團控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）日期為 2025年8月13日的公告（「該公告」），內容有關辭任及建議委任核數師。除另有界定 者外，本公告所用詞彙與該公告所界定者具有相同涵義。 董事會謹此宣佈，根據審核委員會的推薦建議，德勤已獲委任為本公司的新任核數 師，自2025年9月22日起生效，以填補羅兵咸永道辭任後的臨時空缺，並任職至下 屆本公司股東週年大會結束為止。 ...