近日，雅迪全新力作"雅迪冠能白鲨Ⅱ"于京东、天猫、抖音等平台同步上市，开启全渠道发售。雅迪冠 能系列自推出以来，已创下"单系列全球销量第一"的佳绩。而今，冠能家族再添新王牌——冠能白鲨 Ⅱ，以"智能进化，越级高配"之名，实力登场！它不仅延续系列长续航基因，更以全面升级的豪华配置 与旗舰智能科技，重新定义"智能"出行体验。 为助力新品上市，雅迪品牌全球代言人王鹤棣在社交平台发起"白鲨摇"手势舞互动挑战，成功联动全国 4万+门店，线上24小时内即吸引近万人参与，充分展现了用户对白鲨Ⅱ的热烈反响。 惊艳亮相：从澳门、无锡到沈阳，白鲨Ⅱ未售先火 霸气登场：定义年轻人的智能出行新选择 根据权威调研机构"吾德市场研究"的数据，雅迪冠能系列自上市以来，已经创下了"单系列全球累计销 量第一"的佳绩，白鲨一代更是以长续航和高智能的硬核实力成为4000元档智能电动车销量第一。这不 仅再次印证了雅迪连续九年全球销量第一的稳固地位，也持续引领着全球高端智能电动车的创新方向。 在此背景下，雅迪冠能白鲨Ⅱ面向未来出行，以"智能进化，跃级高配"为理念，向更高标准发起冲击。 其升级不仅体现在配置参数上，更融入了对用户日常出行需求的细致洞察。 ...

Group 1 - Traditional industries are an indispensable part of the modern industrial system, with Jiangsu's traditional industries contributing over 50% of the province's industrial profits and over 60% of its operating income [1] - Jiangsu enterprises have deeply integrated into the global market through various strategies such as overseas factories, R&D centers, and brand localization, facilitating a transition in foreign trade from "quantitative expansion" to "qualitative leap" [1] - Yadea Technology Group showcases a wide range of innovative electric vehicles, including electric motorcycles and scooters, with strong demand in markets like South America and Southeast Asia, and has established production bases in Vietnam and Indonesia with planned annual capacities of 250,000 and 300,000 units respectively [1][2] Group 2 - Yadea's success in international markets is attributed to its customized approach, establishing R&D centers to meet local consumer demands and rapidly advancing overseas production and supply chain construction [2] - By the third quarter of 2025, seven electric two-wheeler companies in Xishan District of Wuxi have set up 14 overseas warehouses in nine countries, with exports reaching $350 million in the first half of 2025, a year-on-year increase of 31.9% [2] - Jiangsu Guanhua Medical Technology Co., Ltd. has transitioned from product export to industry chain globalization by establishing overseas factories for the production of dialysis equipment, while retaining core processes in China [2][3] Group 3 - Guanhua Medical occupies a leading position in the blood dialysis supply chain, contributing to the localization of dialysis production in countries along the Belt and Road Initiative, thereby solidifying "Made in China" in international markets [3] - The transformation of Jiangsu's traditional industries reflects a profound change in China's manufacturing export model, emphasizing the importance of cultural understanding, market demand insight, and industry development knowledge for successful global integration [3]

经营范围含电机制造；电动机制造；助动车制造；汽车零部件及配件制造；摩托车零配件制造；摩托车 及零配件零售；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；电机及其控制系统 研发；汽车零部件研发；摩托车及零部件研发；货物进出口；技术进出口(除依法须经批准的项目外， 凭营业执照依法自主开展经营活动)。 天眼查显示，近日，浙江凌博电机有限公司成立，法定代表人为许德祥，注册资本1000万人民币，由雅 迪科技集团有限公司全资持股。 企业名称浙江凌博电机有限公司法定代表人许德祥注册资本1000万人民币国标行业制造业>电气机械和 器材制造业>其他电气机械及器材制造地址浙江省宁波前湾新区滨海大道288号3号厂房企业类型有限责 任公司（非自然人投资或控股的法人独资）营业期限2026-1-27至无固定期限登记机关宁波市市场监督 管理局前湾新区分局 序号股东名称持股比例1雅迪科技集团有限公司100% 来源：市场资讯 ...

作为各自行业的代表企业，双方的此次合作将实现优势互补：东风柳汽依托多年造车经验与核心技术积累，能为物流绿色转型提供整车 研发与制造支持；雅迪科技集团则凭借其覆盖全球的市场网络与深厚的用户洞察能力，可以为电动运输场景注入生态与数据动能。双方 将通过资源共享与技术协同，共同为电动车及上下游产业物流运输提供更高效、更绿色的解决方案。 近日，东风柳汽与雅迪科技集团在其总部无锡基地举行了战略合作签约仪式，双方正式建立深度战略合作关系。本次合作旨在携手推进 新能源智慧物流装备的研发与应用，推动电动车运输向绿色化、智能化、场景化方向转型。 双方合作主要围绕以下三个方面展开： 场景定制化开发： 针对电动车运输需求，共同设计适用于城区、城际运输的专业车辆，并计划拓展至快递物流、工厂配送等领域； 关键技术协同： 聚焦新能源货品（如：电动两轮车等）的运输场景，携手攻克运输车辆在续航、载重与安全上的关键难题，联合开发大 容积、轻量化车型，以提升运输效率与运营经济性； 全链条资源整合： 协同整合雅迪覆盖全国的销售网络与用户数据以及东风柳汽的供应链与生产体系，优化从产品研发到市场推广的全流 程。 本次战略合作将围绕三大目标分阶段推进 ： ...

Summary of Conference Call Notes Industry Overview - The focus is on the home appliance industry, particularly on undervalued stocks following a period of high growth, with expectations that funds will favor these low-value targets in the near term [1] Core Insights and Arguments - **Market Expectations**: The high base from Q4 2025 has been fully digested, leading to a stable outlook for Q1 2026, with production data remaining flat compared to a slight decline in Q4 2025 [1] - **Performance Metrics for Key Companies**: - **Midea A**: Expected net profit growth of +10%, with a Price-to-Earnings (PE) ratio of 11.7X and a dividend yield of 5.9% [1] - **Haier A**: Expected net profit growth of +10%, with a PE ratio of 10.5X and a dividend yield of 5.2% [1] - **Gree**: Net profit expected to remain flat, with a PE ratio of 6.9X and a dividend yield of 7.5% [1] - **AUX**: Assuming a net profit of 2.6 billion for 2026, with a PE ratio of 7.3X and a dividend yield of 10% [1] - **Hisense Home Appliances**: Expected net profit growth of +6%, with a PE ratio of 9.9X and a dividend yield of 5% [1] - **Hisense Visual**: Expected net profit growth of +13%, with a PE ratio of 11.4X and a dividend yield of 4.5% [1] - **TCL Electronics**: Expected net profit growth of +23%, with a PE ratio of 11.2X and a dividend yield of 4.5% [1] - **Yadea**: Expected net profit growth of +15%, with a PE ratio of 10.5X and a dividend yield of 4.8% [1] - **Aima**: Expected net profit growth of +15%, with a PE ratio of 9.9X and a dividend yield of 5% [1] Additional Important Points - The overall sentiment indicates a favorable environment for investment in the home appliance sector, particularly for companies with strong fundamentals and attractive valuations [1]

Summary of Conference Call Notes Industry Overview - The focus is on the home appliance industry, particularly on undervalued stocks following a period of high growth. The market is expected to stabilize in the short term, with a preference for low-valued stocks in the home appliance sector [1] Key Financial Metrics - The fundamental updates indicate that the high base market expectations for Q4 2025 have been fully digested, and the fundamentals for Q1 2026 appear strong. Production data from the industry remains stable, with a slight decline compared to Q4 2025 [1] Company Performance Metrics for 2026 - **Midea A**: - Net profit growth: +10% - Price-to-Earnings (PE) ratio: 11.7X - Dividend yield: 5.9% [1] - **Haier A**: - Net profit growth: +10% - PE ratio: 10.5X - Dividend yield: 5.2% [1] - **Gree**: - Net profit growth: flat - PE ratio: 6.9X - Dividend yield: 7.5% [1] - **AUX**: - Assumed net profit for 2026: 2.6 billion - PE ratio: 7.3X - Dividend yield: 10% [1] - **Hisense Home Appliances**: - Net profit growth: +6% - PE ratio: 9.9X - Dividend yield: 5% [1] - **Hisense Visual**: - Net profit growth: +13% - PE ratio: 11.4X - Dividend yield: 4.5% [1] - **TCL Electronics**: - Net profit growth: +23% - PE ratio: 11.2X - Dividend yield: 4.5% [1] - **Yadea**: - Net profit growth: +15% - PE ratio: 10.5X - Dividend yield: 4.8% [1] - **Aima**: - Net profit growth: +15% - PE ratio: 9.9X - Dividend yield: 5% [1] Additional Insights - The analysis suggests a favorable outlook for the home appliance sector, particularly for companies with strong dividend yields and reasonable PE ratios, indicating potential investment opportunities in undervalued stocks [1]

Investment Ratings - The report provides a positive outlook on the new tobacco industry, indicating a steady upward trend, while the home furnishing and packaging sectors are stabilizing at the bottom [6][11][15]. Core Insights - The report highlights the marketing strategies around the Spring Festival and Valentine's Day for trendy toys, with companies like Pop Mart and Blok launching limited series to enhance IP value and collectability [7][8]. - In the new tobacco sector, the necessity for domestic development is emphasized, with major players increasing investments in heated tobacco products (HNB) and innovative marketing strategies [11][12]. - The home furnishing market is experiencing a contraction in sales, with significant declines in both new and second-hand property transactions, but there are signs of potential recovery driven by policy support [13][14]. - The packaging industry is expected to benefit from a steady recovery in downstream demand, supported by growth in consumer goods sectors [15][16]. - The pet food industry is facing increased competition, leading to higher sales expense ratios, but listed companies are leveraging their financial advantages for mergers and acquisitions [21]. Summary by Sections Trendy Toys - Focus on marketing strategies for key holidays, with companies like Pop Mart and Blok launching special editions to enhance brand value [7]. - The integration of AI in toys is gaining traction, with companies like Kid King and JD.com developing AI products to meet family needs [8][9]. New Tobacco - The report notes a projected decline in electronic cigarette exports, with a focus on the need for innovation in the domestic market [11]. - Major tobacco companies are increasing their investments in HNB products, indicating a significant growth potential in this segment [12]. Home Furnishing - The report indicates a significant drop in property transactions, with new home sales down 29.23% year-on-year and second-hand home sales down 8.94% [13]. - Despite current challenges, there is optimism for recovery in the home furnishing sector due to supportive policies [14]. Packaging - The packaging sector is expected to see a recovery in demand, with growth in consumer goods contributing positively to the industry [15][16]. - The report highlights price fluctuations in raw materials, particularly in the paper and aluminum sectors, which could impact packaging costs [15]. Pet Food - Increased competition in the pet food industry is leading to higher sales expenses, but established companies are positioned to benefit from consolidation opportunities [21]. - The report suggests focusing on companies with strong brand recognition and those actively pursuing mergers and acquisitions [21].

Group 1 - The company announced an earnings upgrade, expecting a net profit of at least 2.9 billion RMB in 2025, representing an increase of over 128% compared to 1.27 billion RMB in 2024, primarily driven by increased sales of electric two-wheelers and optimized product structure [1] - In the first half of 2025, the company's net profit reached 1.649 billion RMB, a year-on-year increase of 59.5%, indicating strong profitability [1] - The new national standard for electric bicycles will take effect on September 1, 2025, with a transition period allowing sales of vehicles produced under the old standard until November 30, 2025, after which all sales must comply with the new standard [2] Group 2 - The company is focusing on long-term growth by investing in R&D, particularly in new product innovation and advanced core component technologies, while also enhancing its global marketing efforts for the "Yadea" brand [2] - In the first half of 2025, the company sold 8,793,500 electric scooters and bicycles, a year-on-year increase of approximately 37.8%, with a gross margin rising to 19.6%, up 1.6 percentage points [2] - The company maintains a "buy" rating with a target price of 16.43 HKD per share, predicting revenues of 35.782 billion RMB (+26.7%), 40.478 billion RMB (+13.1%), and 45.585 billion RMB (+12.6%) for 2025 to 2027, respectively [3]

Group 1 - The core viewpoint of the report is that Yadea Holdings (01585.HK) is maintained with a "Buy" rating and a target price of HKD 16.43 per share, with a projected net profit growth of over 128% by 2025 due to increased sales of electric two-wheelers and optimization of high-value-added product structure [1] - The company has strengthened its market position through continuous R&D investment and brand marketing, leading to significant improvements in profitability, especially after the implementation of new national standards and the end of the industry transition period [1] - The industry demand is expected to stabilize and recover after the 2026 Spring Festival, indicating a positive outlook for the sector [1] Group 2 - In the past 90 days, three investment banks have given a "Buy" rating for Yadea Holdings, with an average target price of HKD 17.47 [1] - Yadea Holdings has a market capitalization of HKD 37.196 billion, ranking first among other transportation equipment industries [1] - Key indicators for Yadea Holdings are summarized in the report, highlighting its leading position in the market [1]

Core Viewpoint - Company maintains a "Buy" rating for Yadea Holdings (01585) with a target price of HKD 16.43 per share, expecting a significant net profit growth of over 128% in 2025, driven by increased sales of electric two-wheelers and optimization of high-value product structure [1][2] Group 1: Financial Performance - The company announced an earnings upgrade, projecting a net profit of no less than RMB 2.9 billion for 2025, compared to RMB 1.27 billion in the same period of 2024, representing an increase of over 128% [2] - For the first half of 2025, the company's net profit is expected to be RMB 1.649 billion, reflecting a year-on-year growth of 59.5% [2] - The earnings upgrade suggests that the company's profitability in 2025 will be relatively balanced between the first and second halves [2] Group 2: Market Conditions - The new national standard for electric bicycles, effective from September 1, 2025, is expected to stabilize market demand after the Spring Festival of 2026 [3] - The transition period allows for the sale of vehicles produced under the old standard until November 30, 2025, after which all sales must comply with the new standard [3] - The company anticipates that consumer purchasing willingness will gradually return to normal after an adaptation period, leading to a gradual increase in industry sales [3] Group 3: Competitive Advantage - The company continues to focus on long-term growth through ongoing investments in research and development, particularly in new product innovation and advanced core component technologies [4] - Increased marketing efforts for the "Yadea" brand both domestically and globally have enhanced the company's product competitiveness and marketing capabilities [4] - In the first half of 2025, the company sold 8,793,500 electric scooters and bicycles, a year-on-year increase of approximately 37.8%, with a gross margin rising to 19.6%, up 1.6 percentage points [4]