Core Insights - Yadea Holdings (01585) reported a revenue of RMB 19.186 billion for the first half of 2025, representing a year-on-year increase of 33.11% [1] - The profit attributable to the company's owners was RMB 1.649 billion, up 59.5% year-on-year, with earnings per share at 54.3 cents [1] - The revenue growth was primarily driven by an overall recovery in market demand, an expanded product mix, and increased investment in marketing and brand building [1] Group 1 - The management has implemented a series of strategic and operational measures to strengthen core business, consolidate market position, and promote sustainable growth [1] - Key measures include prioritizing new product development, optimizing domestic and international distribution networks, and enhancing cost control and production efficiency [1] - The company continues to focus on long-term growth by investing in R&D, particularly in new product innovation and advanced technology for core components, while also increasing brand promotion efforts globally [1] Group 2 - Looking ahead to the second half of 2025, management remains confident in its strategic direction and aims to maintain the growth momentum from the first half [2] - Yadea will continue to focus on strengthening its core competitiveness, driving product innovation, expanding its global business footprint, and deepening brand engagement, especially among younger consumers [2] - The company plans to further invest in R&D to enhance product performance, user experience, and sustainability, while advancing smart manufacturing capabilities [2]

展望2025年下半年，管理层对其战略方向仍然充满信心，并致力于保持上半年的增长势头。雅迪将继续 专注加强其核心竞争力、推动产品创新、扩大全球业务版图，以及深化品牌参与度(尤其是年轻消费者 分部)。集团将进一步投资于研发，以提升产品性能、用户体验及可持续发展能力，并同时推进智能制 造能力。因应市场趋势及不断转变的客户偏好，雅迪旨在巩固其在电动两轮车市场的领先地位，为其股 东创造长远价值。 格隆汇8月26日丨雅迪控股(01585.HK)公布中期业绩，2025年上半年，收入增加约33.1%至人民币 191.859亿元；毛利增加约45.1%至人民币37.632亿元。公司股东应占利润增加约59.5%至人民币16.490亿 元，每股基本盈利增加约57.4%至每股人民币54.3分。 收入增加主要由于在市场需求整体回升、产品组合扩大及更趋优化，以及对营销及品牌建设工作投资增 加的支持下，销量有所上升所致。 ...

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 （股份代號：1585） （於開曼群島註冊成立的有限公司） 截至2025年6月30日止六個月 中期業績公告 雅迪集團控股有限公司（「本公司」或「雅迪」）董事（「董事」）會（「董事會」）謹此提呈本公司 及其附屬公司（統稱「本集團」）截至2025年6月30日止六個月（「報告期間」）的未經審核綜 合中期業績，連同2024年同期的比較數字如下： 財務摘要 於報告期間： – 1 – • 與2024年同期相比，收入增加約33.1%至人民幣19,185.9百萬元。 • 與2024年同期相比，毛利增加約45.1%至人民幣3,763.2百萬元。 • 與2024年同期相比，本公司股東應佔利潤增加約59.5%至人民幣1,649.0百萬元。 • 與2024年同期相比，每股基本盈利增加約57.4%至每股人民幣54.3分。 簡明綜合損益表 截至2025年6月3 ...

Core Insights - The domestic electric two-wheeler brands have shown significant improvement in the "Global Brand China Online 500 Strong (CBI500)" list for Q2 2025, with several brands making notable jumps in rankings [1][2] Brand Performance - Yadea ranked 51st with a score of 78.85, up from 55th in Q1 - Niu Electric jumped from 312th to 85th with a score of 75.81 - Ninebot moved from 113th to 108th with a score of 74.49 - Aima improved from 357th to 237th with a score of 69.45 - The previously unranked brand Jike surged to 217th place [1][2] Market Trends - The electric vehicle industry is transitioning from localized operations to a unified national market, focusing on integrated operations and smart transformation, driven by government subsidies and promotional events like Tmall's 618 [2][4] Sales Growth - Niu Electric's new model MT4830 saw a nearly tenfold increase in sales during the 618 event, with overall sales growth exceeding 150% year-on-year - The brand Jike launched several successful models, achieving over 600% year-on-year growth during the 618 event and over 700% year-on-year growth in Q2 2025 [3][4] Traditional Brands' Adaptation - Traditional brands like Yadea and Aima have adopted new logistics models, enhancing operational efficiency through online orders and offline pickups - Yadea leveraged its offline supply chain for online sales, while Aima increased its offline store presence to 80% [4][5] E-commerce Strategy - Yadea's sales during the 618 event increased by over 2000% year-on-year, with several products achieving significant sales milestones - Aima also reported over 600% year-on-year growth, with its leading model achieving top sales in its category - Both brands are utilizing live streaming as a sales channel, with Yadea's live sales increasing by over 80 times during the event [5]

Investment Rating - The report maintains a rating of "Outperform the Market" for the industry [7] Core Insights - The report highlights that Dahon Technology is the leading player in the domestic folding bicycle industry, with a market share of 26.3% in sales volume and 36.5% in sales revenue for 2024, indicating strong brand influence and industry position [2][12] - The folding bicycle market is experiencing rapid growth, with a projected compound annual growth rate (CAGR) of 24% in sales volume and 33% in revenue from 2022 to 2024 for Dahon Technology [2][59] - The global bicycle market is expected to grow steadily, with a retail volume increase from 164.5 million units in 2019 to 178.8 million units in 2024, reflecting a CAGR of 1.7% [13][16] Summary by Sections Industry Overview - The demand for folding bicycles is rapidly increasing, driven by urban commuting needs and the convenience of compact storage [21][22] - The global folding bicycle market is projected to grow from 2.0 million units in 2019 to 3.7 million units in 2024, with a CAGR of 13.4% [22][30] - The market for high-end folding bicycles (priced above 2500 RMB) is expanding, accounting for approximately 44.1% of retail volume and 86.5% of retail revenue in 2024 [30][42] Company Profile: Dahon Technology - Dahon Technology, founded in 1982, has established itself as a leader in the folding bicycle sector, achieving significant growth and brand recognition [2][55] - The company’s revenue for 2024 is projected to reach 4.51 billion RMB, with a net profit of 0.52 billion RMB, both reflecting a year-on-year increase of 50% [2][59] - Dahon's product strategy focuses on the mid to high-end market, with mid-range products accounting for approximately 69.5% of revenue by 2024 [70] Market Dynamics - The domestic market for folding bicycles is highly concentrated, with Dahon Technology holding a dominant position, capturing 60.4% of the market share among the top five companies [49][46] - The report indicates that the Chinese market is the largest single market for folding bicycles, with retail volume expected to grow from 0.3 million units in 2019 to 0.8 million units in 2024, reflecting a CAGR of 19.9% [40][41] - The company is expanding its distribution network, with over 680 retail points across 30 provincial regions in China, while also gradually recovering its overseas market presence [75][76]

Core Viewpoint - The report from Huachuang Securities indicates that leading companies in the electric two-wheeler industry are expected to accelerate their market share growth due to the new national standards, suggesting a focus on industry leaders Yadea Holdings (01585) and Aima Technology (603529) [1] Group 1: Impact of New National Standards - The 2024 national standards will enhance safety technology specifications and production thresholds for companies, including requirements for self-manufacturing and testing capabilities for core components [1] - The industry concentration is anticipated to increase further, with the market share of leading companies (Yadea and Aima) rising from 30% in 2018 to 52% in 2021, and the new standards expected to accelerate the exit of smaller firms [1] Group 2: Industry Outlook - The domestic market is expected to grow steadily, with significant potential in overseas markets; if the household ownership rate reaches 100 units, the domestic market could expand to 71.85 million units, a 69% increase from 2024 [3] - Product functionality upgrades are driving an increase in average prices, with the average price on platforms like Tmall and JD.com rising by 70% and 26% respectively compared to 2019 [3] - Vertical integration in the supply chain is expected to reduce costs, with market channels increasingly concentrating on leading brands, which will enhance their competitive advantages [3] Group 3: Competitive Landscape - The operational performance of leading companies is significantly better, with net profit margins for top brands around 9% in 2024, while second-tier brands struggle to exceed 3% [5] - Despite good cash flow, second-tier and smaller companies may see a decline in return on equity (ROE) over the long term, reducing their investment attractiveness [5] - The estimated market value potential for the domestic electric two-wheeler industry is around 115.5 billion yuan, with leading brands like Yadea and Aima having significant room for market capitalization growth [5]

格隆汇8月14日丨雅迪控股(01585.HK)公布，公司将于2025年8月26日召开董事会会议，以（其中包括） 审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及审议派发中期股息的建议（如 有）。 ...

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之任何損失承擔任何責任。 董事會會議通告 雅迪集團控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於2025年 8月26日（星期二）舉行董事會會議，藉以（其中包括）批准本公司及其附屬公司截至 2025年6月30日止六個月的中期業績及其發佈，並考慮派發中期股息（如有），以及 處理其他事項。 承董事會命 雅迪集團控股有限公司 主席 董經貴 香港，2025年8月14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。 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） ...

北京商报讯（记者 张君花）8月13日，雅迪控股发布公告称，公司决定更换核数师。罗兵咸永道会计师 事务所自2025年8月12日起辞任，原因是公司与罗兵咸永道就未来的审计服务需求进行了沟通，罗兵咸 永道同意辞任。同时，董事会建议委任德勤关黄陈方会计师行为新任核数师，以填补罗兵咸永道辞任后 的空缺。审计委员会在评估德勤的资格时，考虑了其在处理联交所上市公司审计工作方面的经验、独立 性、市场声誉等多个因素。董事会认为，更换核数师将有助于维持审计质量，并为公司的未来业务发展 提供更有力的支持。 ...

经考虑审核委员会的推荐建议，其已议决建议委任德勤关黄陈方会计师行(德勤)为新任核数师，以填补 罗兵咸永道辞任后的临时空缺。 雅迪控股(01585)发布公告，考虑到公司现时的业务状况及未来的审核服务需要，经公司与罗兵咸永道 就建议更换核数师进行沟通后，罗兵咸永道已同意辞任核数师，自2025年8月12日起生效。 ...