一、活动背景及亮点 2025第五届起点两轮车换电大会 及轻型动力电池技术高峰论坛 换电之城 智慧两轮 二、活动组织架构 时间： 7月10-11日 地址： 深圳宝安登喜路国际酒店2楼国际厅 活动名称： 2025第五届起点两轮车换电大会及轻型动力电池技术高峰论坛 活动主题： 换电之城 智慧两轮 举办时间： 2025年7月10-11日 活动地址： 深圳宝安登喜路国际酒店2楼国际厅 活动赞助 /演讲/合作单位： 雅迪科技集团/台铃集团/新日股份/菜鸟集团/嘟嘟换电/司马出行/河豚换电/派能科技/创明新能源/多氟多/博力威/睿恩新 能源/诺达智慧能源/时代瑞象/优旦科技/逸飞激光/盾创科技/博观科技/尚闻科技/威胜能源/兆科动力/中国钠电/比克电池/鹏辉能源/蓝京新能源/亿纬 锂能/星恒电源/先导智能 /小安科技 /鑫晟达/精锐精密 等 三、大会议程 | 7月10日 | 议题 | 参卢死不着宾 | | --- | --- | --- | | 14:00-15:00 | 会场签到 | | | 15:00-17:30 | 2025 第五届中国新能源企业家俱乐部理事会暨两轮车 起点研究/雅迪科技/新日股份/司马出行/河豚换电 ...

2025第五届起点两轮车换电大会 及轻型动力电池技术高峰论坛 换电之城 智慧两轮 时间： 7月10-11日 地址： 深圳宝安登喜路国际酒店2楼国际厅 一、活动背景及亮点 二、活动组织架构 活动名称： 2025第五届起点两轮车换电大会及轻型动力电池技术高峰论坛 活动主题： 换电之城 智慧两轮 雅迪科技集团 商用车事业部 销售总监 李朋 嘟嘟换电 总经理 廖志成 菜鸟集团 自动驾驶区域总经理 吴豫嬰 台铃集团 总裁助理 胡东文 优旦科技 产品与解决方案总监 王剑楠 盾创科技 CEO 刘新宇 小安科技 CEO 李超超 中兴派能 共享换电事业部总经理 张兆勇 | | 专场论坛②:新国标电自电池技术专场 | | | --- | --- | --- | | 13:30-15:30 | 大圆柱电池在两轮车细分领域的应用及发展前景 | 创明新能源 大圆柱电池产品总监 黄肠博士 | | | 电动两轮车及换电高安全动力电池解决方案 | 多氟多新能源 前瞻技术研究副院长 景绍芒 | | | 磷酸锰铁锂产业化研究 | 时代瑞象 总工程师 徐斌 | | | 智能装备助力大圆柱全极耳电池全面量产与创新拓展 | 逸飞激光 | | | 多极 ...

Core Viewpoint - The company is expected to achieve significant growth in net profit for the first half of 2025, with a forecasted increase of over 55% year-on-year, driven by product optimization and favorable industry policies [1][2] Group 1: Company Performance - The company has maintained its position as the global leader in electric two-wheeled vehicles, with sales increasing from 4.06 million units in 2017 to 13.02 million units in 2024, marking a consistent growth over eight years [1] - The company has over 40,000 stores as of the end of 2024, indicating a strong retail presence [1] - In the first half of 2025, the company anticipates a net profit of no less than 1.6 billion yuan, reflecting a significant recovery from a decline in 2024 where revenue and net profit fell by 19% and 52% respectively [1] Group 2: Market Trends and Strategies - The domestic market is benefiting from a concentration of industry resources towards leading companies, with the "old-for-new" policy stimulating high growth, resulting in 6.5 million electric bicycles being replaced from January to May [2] - The new national standards set to be implemented on September 1 are expected to further consolidate market share among top enterprises, with the company positioned to benefit from these policy changes [2] - The company is actively pursuing international expansion, particularly in Southeast Asia, and has launched its first electric vehicle from its Mexican factory in May [2] Group 3: Financial Projections - The company has adjusted its gross margin assumptions upward due to product structure optimization, forecasting net profits of 2.986 billion yuan and 3.507 billion yuan for 2025 and 2026 respectively, which represent increases of 8.51% and 9.12% [2] - The estimated earnings per share (EPS) for 2025 and 2026 are projected to be 1.01 yuan and 1.18 yuan respectively, with a further forecast of 3.826 billion yuan and an EPS of 1.29 yuan for 2027 [2] - The target price for the company's stock has been raised to 19.61 HKD, based on a price-to-earnings (PE) ratio of 17.82 for 2025 [2]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is a leading player in the global electric two-wheeler market, with sales increasing from 4.06 million units in 2017 to 13.02 million units in 2024, maintaining the top position for eight consecutive years [2] - The company is expected to benefit from industry consolidation and favorable policies, including the new national standards and trade-in programs, which are anticipated to drive market share growth [4] - The company has optimized its product structure and marketing strategies, focusing on high-value products, which has led to a significant increase in sales and profitability in the first half of 2025 [3] Summary by Sections Company Overview - The company has over 40,000 stores and is expanding its battery and related components production to strengthen its competitive advantage [2] Financial Performance - The company forecasts a net profit of at least 1.6 billion RMB for the first half of 2025, representing a year-on-year increase of over 55% [3] - The revenue for 2025 is projected to be 37.79 billion RMB, with a significant recovery from a decline in 2024 [7] Market Outlook - The domestic market is expected to see high growth due to the trade-in policy, with 6.5 million electric bicycles traded in from January to May 2025 [4] - The company is actively pursuing international expansion, particularly in Southeast Asia, with new product launches and factory openings [4] Profitability and Valuation - The report raises the profit margin assumptions, predicting net profits of 2.99 billion RMB and 3.51 billion RMB for 2025 and 2026, respectively [5] - The target price is adjusted to 19.61 HKD, based on a price-to-earnings ratio of 17.82 for 2025 [5][9]

【市场复盘】 周一（2025年6月23日），截至收盘，科创人工智能ETF华夏（589010）收跌0.72%，持仓股方面，恒玄 科技下跌5.46%领跌，澜起科技下跌4.36%、石头科技下跌3.62%跌幅靠前；机器人ETF（562500）收涨 0.50%，持仓股方面，东杰智能涨10.47%领涨，天智航涨7.27%、快克智能涨3.04%涨幅靠前。当日交易 金额3.59亿元，居相同标的ETF首位，市场成交活跃，流动性佳。 中国银河证券表示，A股当前估值处于历史中等水平，且相较海外成熟市场偏低，风险溢价和股息率具 备较高投资性价比。在政策推动中长期资金入市、权益类公募基金扩容及政策工具护航下，A股资金面 有望延续稳中向好态势。2025年下半年，A股整体将呈现震荡向上的行情特征，但需关注海外不确定性 因素与国内经济修复节奏的扰动。科技创新是推动A股新供给侧改革的核心动力，TMT板块拥挤度回落 至低位，一季度景气度回暖，细分行业资本开支加速。建议关注AI算力、AI应用、具身智能、创新药 等方向。同时，安全资产如红利板块具备防御属性，央企高股息标的与中长期资金配置需求高度契合， 值得关注。 【热门ETF】 机器人ETF（56 ...

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Core Viewpoint - Yadea Holdings (01585.HK), the leading domestic electric two-wheeler manufacturer, is expected to achieve a turnaround in its operating performance with a projected net profit of no less than 1.6 billion yuan for the first half of the year [2][3]. Financial Performance - For the first half of 2024, Yadea Holdings reported an expected revenue of 14.425 billion yuan, a year-on-year decline of 15.47%, and a net profit attributable to shareholders of 1.034 billion yuan, down 12.95% year-on-year [2][3]. - The company anticipates a significant increase in net profit for the first half of 2025, with an expected growth rate of 54.75%, reaching 1.6 billion yuan, marking a historical high [3]. - Cumulatively, since its listing in 2016, Yadea Holdings has achieved a total profit of 10.956 billion yuan and distributed dividends amounting to 5.521 billion yuan, with an average dividend payout ratio of 50.40% [6]. Sales and Market Position - The increase in net profit is attributed to a rise in electric two-wheeler sales and optimization of product structure [4][5]. - Yadea Holdings has established a global distribution network, selling products in over 100 countries, including Europe and Southeast Asia [8][9]. - The company has maintained its position as the global leader in electric two-wheeler sales for eight consecutive years [9]. Research and Development - Yadea Holdings emphasizes technological innovation as a core strategy, with annual R&D investments exceeding 1.1 billion yuan from 2022 to 2024 [2][8]. - The company has developed over 2,000 patents and operates six R&D centers, one design center, and three CNAS laboratories [8][9]. Production Capacity - Yadea Holdings operates eight self-owned production bases with an annual production capacity of approximately 20 million electric two-wheelers [9]. - The company's financial health is robust, with a debt-to-asset ratio of 64.43% as of the end of 2024, down 2.83 percentage points from the previous year, and cash reserves of 7.869 billion yuan [9].

证券研究报告 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 雅迪控股(1585.HK) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 骆峥 轻工制造行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com 邓健全 汽车行业首席分析师 执业编号：S1500525010002 邮 箱： dengjianquan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 雅迪控股：发布正面盈利预告，动销靓丽、产 品结构持续优化 公司研究 [Table_ReportDate] 2025 年 6 月 18 日 [Table_S 事件：公司发布 ummary]正面盈利公告。公司基于截至 2025 年 5 月 31 日止 5 个月 初步经营情况，预计 2025H ...

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齐鲁晚报·齐鲁壹点记者于天津市应急管理局官方网站获悉，近日，雅迪控股（01585.HK）旗下的天津雅迪实业有限公司（下称"雅迪实业"）收到罚单。 | | | 对此，天津市应急管理局对其做出如下行政处罚：给予处人民币叁万元罚款的行政处罚。2025年6月4日下达行政处罚决定书。 这不是天津雅迪实业有限公司第一次"榜上有名"，2024年6月21日，甘肃省市场监督管理局通报了15批次电动自行车产品质量不符合标准要求，"雅迪""台 铃""新日"等上榜，不合格项目为标识与警示语、充电器与蓄电池（蓄电池防篡改），生产单位为天津雅迪实业有限公司。 齐鲁晚报·齐鲁壹点 李牧青 | | | | | Hold Electric Library List of Children Company of the Property L. | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 受檢单位 | 生产单位 | 产品名称 | 星牌 | 정号 | 生产日期 | 不合格项目 各注 | | 1 | 影龄关雷力风行电动车销售 | 天津雅迪实业有限公司 | 电动自行车 ...