Core Insights - The "Love Chongqing · Shopping in Changshou" 2025 Autumn Consumption Season event successfully concluded, achieving over 13.19 million yuan in sales, exceeding expectations and demonstrating strong consumer demand during the National Day holiday [1][20] - The event showcased a diverse range of products and services, enhancing brand visibility and fostering local economic growth through a collaborative model involving government support, platform assistance, and merchant discounts [1][21] Group 1: Economic Impact - The event activated the consumption engine, effectively tapping into consumer potential during the National Day holiday, with a sales figure of 13.19 million yuan reflecting the resilience of the regional market [20] - It facilitated collaborative development across various industries, including culture, tourism, dining, and manufacturing, creating a positive cycle that boosts economic growth [20] - The initiative aligns with the strategy to expand domestic demand, guiding consumer spending towards local markets and reducing outflow [20] Group 2: Brand Development - The event provided a high-visibility platform for 70 exhibitors, enhancing brand exposure and influence through both offline exhibitions and online live broadcasts [21] - The sales achievements validated the market value of local products, such as Yadi electric vehicles and Changshou rice, offering valuable data for future product optimization and pricing strategies [21][22] - It helped local brands build customer relationships and reputation, fostering a positive commercial ecosystem [22] Group 3: Community and Cultural Engagement - The event highlighted the vitality of the city, with high attendance and sales signaling economic stability and improved living standards, thereby enhancing the city's reputation [23] - It enriched the cultural and spiritual life of residents by integrating art displays, innovative experiences, and public welfare activities, fulfilling diverse community needs [23] - The initiative promoted inclusivity and social responsibility, allowing marginalized groups to feel valued and engaged, thereby strengthening community identity and belonging [23][25]

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9月30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10月8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 50,00 ...

Core Viewpoint - Chongqing is transforming into a global industrial base for smart connected electric vehicles, with ambitious production targets and a focus on electric two-wheelers, aiming for an annual output of over 15 million units by 2027 [1][14]. Group 1: Industry Transformation - The production of electric motorcycles in Chongqing reached 1.45 million units from January to July this year, marking a 34% year-on-year increase, indicating a rapid shift towards electrification [2]. - Chongqing has attracted seven of the top ten electric vehicle companies in China, including Yadea and Aima, with a local supply rate exceeding 60% for key components [1][10]. - The local government has initiated the "Chongqing Smart Connected Electric Vehicle Industry Development Action Plan (2025-2027)," aiming to establish a global industrial base for smart electric vehicles [1][14]. Group 2: Historical Context - Chongqing was once the heart of motorcycle manufacturing in China, producing the first civilian motorcycle, the "Jialing CJ50," in 1979, which symbolized the beginning of motorized transportation for Chinese families [4][7]. - The decline of the "Big Three" motorcycle manufacturers—Lifan, Longxin, and Zongshen—was attributed to policy changes, market saturation, and technological limitations, leading to a significant shift in the industry landscape [8][9]. Group 3: Smart and Electric Integration - The focus is shifting from merely achieving electrification to integrating smart technologies, with companies like Tailin implementing Huawei's HarmonyOS for enhanced connectivity features [12][13]. - The Chongqing government is promoting the development of a "Smart Electric Vehicle Data Service System" to facilitate future applications like battery swapping and shared mobility [10][12]. - The challenge lies in balancing the cost of smart features with consumer willingness to pay, as the electric two-wheeler market is highly price-sensitive [12][13]. Group 4: Global Expansion - With the domestic market reaching saturation, Chongqing's motorcycle companies are looking to expand internationally, particularly in Southeast Asia, Africa, and Latin America [2][16]. - The logistics network in Chongqing is a competitive advantage for exporting electric vehicles, with efficient routes established to key markets [19]. - Companies are adapting their products for international markets, focusing on customization and smart technology to differentiate themselves from competitors [20][21].

Group 1 - Alibaba's 1688 platform is set to launch the world's first cross-border e-commerce AI agent named "Ao Xia," which is currently in internal testing and expected to go live in November 2025. This AI product will significantly reduce the product selection cycle from days to minutes by using visual recognition and semantic analysis [5] - Taobao is accelerating its globalization efforts for this year's Double 11 shopping festival, investing 1 billion yuan in marketing subsidies to help 100,000 merchants double their overseas sales. The platform has seen a 200% year-on-year growth in new overseas users since April [5] - Bawang Tea Ji has opened its largest "super tea warehouse" in Hong Kong, marking its seventh store in the region, with plans for more locations to enhance its market presence [6] Group 2 - Pop Mart has launched its official e-commerce platform in Mexico, featuring core IP products and responding to the growing demand in the Latin American market, with a reported revenue increase of 1142.3% in the Americas [7] - Yadi Group is set to enter the Japanese market in November with its electric two-wheelers, priced approximately 210,000 yen, which is about 30% cheaper than local competitors [9] - Starry Innovation has completed a 1 billion yuan A+ round of financing, aiming to expand its smart pool cleaning robot products into 38 countries [10] Group 3 - Poland has emerged as one of the fastest-growing e-commerce markets in the EU, with a projected market size of 35.2 billion euros in 2024, and cross-border e-commerce transactions accounting for nearly 20% of total online sales [13] - Vietnam's Ministry of Industry and Trade is discussing a draft e-commerce law aimed at regulating live commerce and enhancing market transparency, with the e-commerce market expected to reach 25 billion USD in 2024 [14]

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 ...

（於開曼群島註冊成立的有限公司） 股份代號：1585 2025 中期報 告 (Incorporated in the Cayman Islands with limited liability) Stock Code: 1585 2025 INTERIM REPORT 目錄 2 公司資料 4 管理層討論及分析 10 企業管治及其他資料 20 簡明綜合損益表 21 簡明綜合損益及其他全面收益表 22 簡明綜合財務狀況表 24 簡明綜合權益變動表 25 簡明綜合現金流量表 26 簡明綜合財務資料附註 雅迪集團控股有限公司 2025 年 中 期 報 告 公司 資料 董事會 執行董事： 董經貴先生 （主席） 錢靜紅女士 （行政總裁） 沈瑜先生 非執行董事： 張禕胤先生（於2025年4月29日辭任） 獨立非執行董事： 黃隆銘先生 陳明宇先生 馬晨光女士 梁勤女士 董事委員會 審核委員會 陳明宇先生 （主席） 黃隆銘先生 張禕胤先生（於2025年4月29日辭任） 馬晨光女士 梁勤女士 薪酬委員會 馬晨光女士 （主席） 張禕胤先生（於2025年4月29日辭任） 黃隆銘先生 梁勤女士 提名委員會 董經貴先生 （主席） 錢靜紅 ...

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].