Core Viewpoint - The two-wheeled electric vehicle market is expected to experience a price increase starting from April 2026, driven by rising raw material costs and the expiration of factory rebate policies [3][7][10]. Group 1: Price Increase Announcement - Major brands such as Ninebot, Yadea, Tailg, and Aima are planning to raise prices for several models, with expected increases ranging from 200 to 300 yuan [7][10]. - Ninebot has confirmed a reduction in discounts for some models, effectively raising prices by 100 yuan due to increased raw material costs [9]. Group 2: Consumer Sentiment - Consumer acceptance of price increases is uncertain, especially in light of previous price wars in the industry, with some consumers expressing intentions to boycott brands that raise prices [4][12]. - Social media feedback indicates a strong resistance to price hikes, with consumers stating they would not purchase if prices increase [4][12]. Group 3: Raw Material Costs - The price of battery-grade lithium carbonate has been on the rise, reaching 161,000 yuan per ton, with a recent increase of 5,000 yuan per ton, marking an 11.03% rise over the past week [10]. - The ongoing increase in raw material costs is expected to pressure manufacturers, leading to potential price adjustments in the two-wheeled electric vehicle sector [10]. Group 4: Profit Margins - The intense price competition in the two-wheeled electric vehicle market has compressed profit margins for leading brands like Aima and Yadea, with Aima's gross margin fluctuating between 16.36% and 17.82% from 2022 to 2024, and Yadea's margin dropping from 18.08% to 15.19% [11].

EF001 其他信息 其他信息 不適用 發行人董事 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 第 2 頁 共 2 頁 v 1.1.1 公司獨立非執行董事。 免責聲明 | 公告全部或任何部份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。 | 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 | | --- | --- | | | 股票發行人現金股息公告 | | 發行人名稱 | 雅迪集團控股有限公司 | | 股份代號 | 01585 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度之末期股息 | | 公告日期 | 2026年3月30日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | ...

Financial Performance - Revenue increased by approximately 31.1% to RMB 37,008.2 million compared to the year ended December 31, 2024[3] - Profit attributable to owners increased by approximately 128.8% to RMB 2,911.6 million compared to the year ended December 31, 2024[3] - Basic earnings per share increased by approximately 127.0% to RMB 95.8 cents compared to the year ended December 31, 2024[3] - Operating profit rose to RMB 3,638.8 million, up from RMB 1,665.3 million in the previous year[4] - The company reported a total comprehensive income of RMB 2,824.4 million, compared to RMB 1,332.6 million in the previous year[5] - The company reported a revenue of RMB 37,008.2 million for 2025, an increase of approximately 31.1% compared to RMB 28,236.2 million in 2024[37] - Net profit surged by approximately 128.8% from RMB 1,272.4 million in 2024 to RMB 2,911.6 million in 2025[56] Assets and Liabilities - Total assets increased to RMB 29,996.7 million from RMB 24,618.9 million in the previous year[7] - Total liabilities rose to RMB 19,534.8 million from RMB 15,860.8 million in the previous year[8] - Net assets increased to RMB 10,461.9 million from RMB 8,758.1 million in the previous year[8] - The asset-liability ratio rose to 17.4% as of December 31, 2025, up from 16.4% in 2024, primarily due to increased borrowings[65] Revenue Sources - Electric bicycles generated revenue of RMB 16,208,695 thousand in 2025, up 32.3% from RMB 12,244,215 thousand in 2024[15] - Total sales of electric scooters and bicycles increased from approximately 13.0 million units in 2024 to about 16.3 million units in 2025[37] - Sales of electric bicycles increased by approximately 26% from about 9,089,500 units in 2024 to approximately 11,453,500 units in 2025, while sales of electric scooters rose by about 22.5% from approximately 3,931,000 units to approximately 4,815,700 units[45] Expenses - Total cost of goods sold increased to RMB 34,079,528 thousand in 2025, compared to RMB 27,213,872 thousand in 2024, indicating a rise in operational expenses[23] - Employee benefits expenses rose to RMB 2,664,586 thousand in 2025, compared to RMB 2,007,515 thousand in 2024, reflecting a 32.7% increase[23] - Sales and distribution expenses increased by approximately 33.3% from RMB 1,215.3 million in 2024 to RMB 1,619.6 million in 2025, primarily due to increased employee benefits and advertising expenses[51] - Administrative expenses rose by approximately 23.7% from RMB 904.5 million in 2024 to RMB 1,118.6 million in 2025, mainly due to higher employee benefits and outsourcing costs[52] - Financial expenses increased by approximately 28.4% from RMB 360 million in 2024 to RMB 462 million in 2025, primarily due to increased interest expenses from bank loans[54] - Income tax expenses rose by approximately 119.5% from RMB 311 million in 2024 to RMB 683 million in 2025, driven by increased profits leading to higher corporate income tax in China[55] Research and Development - Research and development expenses increased to RMB 1,404.5 million from RMB 1,146.8 million in the previous year[4] - Research and development expenses increased by approximately 22.5% from RMB 1,146.8 million in 2024 to RMB 1,404.5 million in 2025, focusing on smart platform and battery technology[53] Dividends and Shareholder Returns - The company plans to declare a final dividend of HKD 0.53 per share for the year ending December 31, 2025[3] - The board proposed a final dividend of HKD 0.53 per share for the year ended December 31, 2025, compared to HKD 0.22 per share for the year ended December 31, 2024[81] Strategic Initiatives - The company aims to strengthen its core business and market leadership through strategic initiatives and investments in R&D, marketing, and brand building[37] - The company is investing RMB 1 billion in a smart manufacturing facility in Vietnam, which will have an initial annual production capacity of 1 million units, marking a significant milestone in its regional expansion strategy[40] - The company plans to use the net proceeds for expanding overseas business through the construction of overseas R&D centers, factories, distribution networks, and potential acquisitions[73] Market Outlook - The company anticipates continued growth in the electric two-wheeler industry, supported by stable demand for core products and expansion in high-growth product segments[41] - The Southeast Asian market is expected to grow at a double-digit rate, with countries like Vietnam, Indonesia, and the Philippines becoming key growth engines for electric scooters and bicycles[40] Compliance and Governance - The company has fully complied with the corporate governance code throughout the year ended December 31, 2025[79] - There were no significant subsequent events related to the group's business or financial performance from the end of the reporting period until the announcement date[78]

Group 1: Stock Performance and Market Reactions - Power stocks declined across the board, with Huadian International down 5.86%, Longyuan Power down 3.62%, Huaneng International down 1.98%, and China Resources Power down 2.15% [1] - Shoucheng Holdings fell nearly 6% after reporting a revenue of HKD 1.437 billion for 2025, an increase of 18.24% year-on-year, and a proposed final dividend of HKD 0.0047 per share [1] - Meili Tianyuan Medical Health dropped over 11% post-earnings, with a year-to-date decline exceeding 30%, despite reporting a revenue of approximately CNY 3 billion, a 16.7% increase year-on-year [2] - Brilliance China experienced a drop of over 10%, reporting a revenue of CNY 1.182 billion for 2025, a 7.84% increase, but a net profit decline of 35.97% [2] - Photovoltaic stocks fell sharply, with Xinte Energy down 6.09% and Junda Co. down 5.04%, following the announcement of a 9% VAT export tax rebate cancellation on solar products [2] Group 2: Company Earnings and Financial Results - Muyuan Foods reported a revenue of CNY 144.145 billion for the year, a slight increase of 4.49%, but a net profit decline of 13.39% [3] - Yadea Holdings saw a rise of over 5% after announcing expected net profits of no less than CNY 2.9 billion for 2025, compared to CNY 1.27 billion in 2024 [3] - CRRC Corporation reported a revenue of CNY 273.063 billion for 2025, a 10.79% increase, but a net profit increase of only 6.40% [4] - Angelalign reported a total case count of 532,400 for 2025, a 48.1% increase, with revenue rising 37.8% to USD 370 million and net profit increasing 163% to USD 26.3 million [4] - Weigao Group's revenue was approximately CNY 13.389 billion, a 2.3% increase, but net profit fell by 22% [4] Group 3: Market Trends and Economic Indicators - Precious metals sector strengthened, with Coeur Mining up 5.94% and Pan American Silver up 4.13%, as gold prices surged over 3% to USD 4,538.25 per ounce [5] - Argan's stock surged 37.91% after reporting Q4 revenue of USD 262.1 million, exceeding market expectations [5] - Unity Software rose 13.54% after strong Q1 2026 financial performance expectations, with projected revenue between USD 505 million and USD 508 million [6] - AstraZeneca's stock increased by 2.74% following the approval of a new treatment for breast cancer in China [8] - Major U.S. indices opened lower, with the Nasdaq down 0.8%, as concerns about economic downturns increased due to geopolitical tensions [8]

Core Viewpoint - The electric two-wheeler market in China is expected to experience a price increase starting from April 2026, driven by rising raw material costs, the expiration of factory rebate policies, and the conclusion of promotional activities [3][5]. Group 1: Price Increase Factors - Major brands like Yadea, Aima, Tailg, and Ninebot plan to raise prices by approximately 200 to 300 yuan per model [4]. - The increase is significant for dealers who operate on thin margins and rely heavily on volume sales, indicating a shift in the market dynamics [4][5]. - The rise in prices is attributed to three main factors: sustained high raw material prices, the end of factory rebate policies, and the conclusion of promotional sales [5]. Group 2: Market Dynamics and Implications - The collective price increase from leading brands signals a potential end to the prolonged price war in the industry, suggesting a focus on profit recovery [6][7]. - The competitive landscape has begun to shift, with leading companies prioritizing profitability over market share, as evidenced by the financial reports of Yadea and Aima showing revenue growth but squeezed profit margins [6][7]. - The price adjustments may force second and third-tier brands to make difficult decisions regarding their pricing strategies, potentially leading to further market consolidation [6][7]. Group 3: Consumer Impact - Consumers are advised to make purchases before the price increase takes effect, as waiting could result in paying an additional 200 yuan for the same model [7]. - Despite the price hikes, intense competition may lead some brands or dealers to offer alternative promotions to maintain sales, such as discounts on older models or added services [7].

Core Viewpoint - The rising oil prices have led to increased interest in electric two-wheelers as a practical alternative to fuel-powered vehicles, with the electric two-wheeler sector experiencing a recent surge in stock prices and potential investment opportunities [2][3]. Group 1: Market Dynamics - The electric two-wheeler sector has seen a significant uptick, with brands like Yadea, Aima, and New Day witnessing stock price increases of over 10% recently [3]. - The market for electric two-wheelers in China is projected to reach a total ownership of 425-450 million units by 2025, indicating a high market penetration rate [3]. - The sector has historically been characterized by low technical barriers and intense competition, primarily driven by domestic market saturation [4]. Group 2: Impact of Oil Prices - The ongoing geopolitical tensions in the Middle East have caused Brent crude oil prices to rise, significantly increasing the operating costs for fuel-powered motorcycles [6]. - In Southeast Asia, where motorcycle ownership exceeds 200 million units, the penetration rate of electric motorcycles is only about 6%, with countries like Vietnam leading at 22% [8]. - The rise in oil prices has led to fuel shortages in several Southeast Asian regions, prompting a shift from fuel motorcycles to electric models, supported by government policies and improved charging infrastructure [8]. Group 3: Growth Opportunities - The global market for electric two-wheelers is expected to reach 385.8 billion yuan by 2029, with overseas markets contributing significantly [9]. - Domestic companies like Yadea and Aima are expanding their production bases in Southeast Asia, transitioning from complete vehicle exports to local manufacturing [11]. - The export of electric motorcycles and bicycles is projected to grow by 18.1% year-on-year by 2025, with further growth anticipated if oil prices remain high [11]. Group 4: Regulatory Changes - The new national standard for electric bicycles, effective from September 2025, poses challenges for compliance, as many existing models will be banned [19][20]. - The implementation of the new standards has led to increased production costs, with manufacturers facing higher expenses due to the need for fire-resistant materials and lightweight alloys [25]. - The market has seen a reduction in the number of brands from approximately 400 in 2017 to less than 80 currently, indicating a trend towards consolidation and increased market share for leading companies [28]. Group 5: Future Outlook - Despite short-term sales pressures due to regulatory changes, the new standards are expected to accelerate industry consolidation and improve the competitive landscape for leading firms [28][29]. - The electric two-wheeler market is anticipated to maintain stable growth, driven by ongoing demand for short-distance transportation and the need for vehicle replacements [33]. - As the market matures, competition is expected to shift from price wars to a focus on brand, technology, and international expansion, providing growth opportunities for leading companies [35].

Core Viewpoint - The article emphasizes the transformation of the two-wheeled electric vehicle industry from a focus on basic functionality to a more sophisticated integration of smart technology, enhancing user experience and daily convenience [2][4][8]. Group 1: Industry Evolution - The two-wheeled electric vehicle industry has evolved from a simple mode of transportation to a mature market characterized by technological sophistication and competitive scaling [4][42]. - As the gap in core metrics like range and power narrows, the industry is shifting from parameter-driven growth to a focus on user experience [4][39]. - The emergence of younger consumers is changing the role of electric scooters from mere transportation tools to lifestyle devices that offer both experience and utility [4][8]. Group 2: Smart Technology Integration - Yadea's new product line, including the Yadea Crown Shark II, Starship II, and i7, aims to integrate safety, smart interaction, and daily convenience into the riding experience [7][21]. - The concept of "Extreme Smart Partner" highlights the importance of vehicles understanding user needs rather than just showcasing advanced features [12][20]. - Yadea's approach focuses on seamless integration of smart technology into the riding experience, making it intuitive and user-friendly [11][20]. Group 3: Product Launch and Features - The Yadea Crown Shark II incorporates high-end features like a 72V21Ah battery, full-color smart screen, and vehicle-grade navigation, all within an affordable price range [24][29]. - The Yadea Crown Starship II emphasizes performance and control, enhancing the riding experience through improved acceleration and braking stability [30][32]. - The Yadea Crown i7 targets younger consumers with customizable features and a design that serves as a mobile expression of identity [33][36]. Group 4: Market Position and Future Outlook - Yadea has achieved significant market success, with over 20 million units sold in the Crown series, establishing itself as a leading brand in the industry [42]. - The company’s long-term investment in technology and innovation positions it to define industry standards and enhance user experience [42][43]. - The future of the industry is expected to involve a shift towards integrated systems that encompass battery, energy networks, and data services, moving beyond individual product capabilities [43][44].

Core Viewpoint - The article emphasizes the transition of solid-state batteries from theoretical development to practical applications, particularly in the electric motorcycle sector, highlighting the importance of real-world scenarios for validating technology [3][11]. Group 1: Event Details - The "2026 Solid-State Battery Technology and Application Summit" will take place on April 23, 2026, at the Kaiyuan Mingdu Hotel in Hangzhou, Zhejiang [2][13]. - The summit will focus on the theme "Scene Landing, Mass Production Challenges," indicating a shift towards practical applications of solid-state battery technology [3]. Group 2: Industry Developments - Taiblue New Energy and Yadi have successfully integrated semi-solid-state batteries into the Yadi Crown Starship II-200L electric motorcycle, achieving a range of approximately 112 kilometers with a battery system of 72V 109Ah [5]. - Degas Energy announced its "Extreme Safety" solid-state battery in collaboration with a high-end domestic electric motorcycle brand, achieving significant order volumes and production capacity [5]. Group 3: Application Categories - The exploration of solid-state batteries in the electric motorcycle sector can be categorized into two types: 1. Completed vehicle or system integration cases, such as the collaboration between Taiblue New Energy and Yadi [5]. 2. Scenario-based pilot projects, like the full solid-state battery electric bicycle battery swap project initiated by Pure Lithium New Energy and Yadi in Beijing [7][8]. Group 4: Market Dynamics - The current two-wheeler market predominantly relies on lead-acid batteries due to their low cost and established systems, while lithium batteries, particularly lithium iron phosphate, are gaining market share due to safety and cost advantages [8]. - High-end electric motorcycles demand batteries that enhance range and performance while minimizing safety risks, indicating a need for advanced battery technologies [8][10]. Group 5: Future Outlook - Solid-state and semi-solid-state batteries are beginning to show practical significance in the electric motorcycle market, with their thermal stability being particularly important in less protected two-wheeler environments [9]. - The upcoming summit aims to clarify which scenarios have adopted solid-state batteries, which paths are nearing mass production, and which technologies remain in the validation phase [11][12].

Summary of Electric Two-Wheeler Market in Southeast Asia Industry Overview - The electric two-wheeler market in Southeast Asia is experiencing significant changes driven by fuel shortages and government policies, particularly in Vietnam, Indonesia, and Thailand [1][2][3][4]. Key Market Insights Vietnam - The market is expected to double in sales by 2026, reaching 1.2 to 1.3 million units, with VinFast and Yadea targeting sales of 800,000 and 200,000 units respectively [1][6]. - Sales growth is attributed to fuel supply issues, rising oil prices, and government incentives for electric vehicles [2][3]. - A VinFast dealer reported a significant increase in sales from 200 units annually to approximately 150 units in just two months post-Chinese New Year [3]. - The introduction of a robust charging infrastructure is underway, with plans for around 2 million charging points [3]. Indonesia - The market faced a drastic drop in sales from over 1 million units in 2024 to 60,000 units in 2025 due to the removal of purchase subsidies [1][5]. - Sales are expected to recover slightly to 100,000 units in 2026, but remain far below previous levels [5][6]. - The local market is dominated by Honda and Yamaha, with Chinese brands struggling due to quality issues and lack of trust [3][5]. Thailand - The market is projected to see sales of 200,000 to 300,000 units in 2026, with a 20% growth noted in recent sales [1][5]. - Challenges include high temperatures and humidity affecting product performance, leading to overheating issues during high-speed use [4][7]. - Local consumers prefer quieter electric vehicles due to environmental concerns, but Chinese brands face negative perceptions [3][4]. Philippines - The market remains primarily focused on fuel vehicles, with electric motorcycle sales expected to rise to 50,000 to 60,000 units in 2026 due to rising oil prices [5][6]. Competitive Landscape - VinFast benefits from a local supply chain and after-sales service, while Yadea leads through a direct sales model in Vietnam [1][8]. - Chinese brands like Tailg and others are struggling due to inadequate product adaptation and poor after-sales service, leading to long repair times and damaged reputations [7][8]. Challenges and Opportunities - Key barriers to market growth include: - Higher prices for electric vehicles compared to fuel vehicles in Southeast Asia [7]. - Inadequate product adaptation to local road conditions and user habits [7]. - Insufficient after-sales service networks compared to established brands like Honda and Yamaha [7][8]. - Companies like Yadea are adapting products for local markets, enhancing durability and performance to meet consumer needs [8]. Conclusion - The electric two-wheeler market in Southeast Asia is poised for growth, particularly in Vietnam, driven by external factors like fuel prices and government policies. However, challenges remain in product adaptation, pricing, and after-sales service, which will require strategic focus from companies entering or expanding in this market.

Summary of Key Points from Conference Call Records Industry Focus - The analysis primarily revolves around the **electric vehicle (EV)** and **energy sectors**, with a specific emphasis on **electric motorcycles**, **electric four-wheelers**, and **alternative fuels** such as **saf** and **green methanol** in the **shipping and aviation** industries [1][1]. Core Insights and Arguments 1. **Low Penetration Rates and Oil Substitutes**: - The current investment focus is on industries with low penetration rates and the expansion of oil price differentials. The conclusion suggests a regional focus on **Southeast Asia and Australia** [1][1]. - Key companies identified for potential investment include **BYD**, **Geely**, and **Yadea Holdings** [1][1]. 2. **North America Electricity Shortage**: - The shortage of electricity in North America is expected to lead to adjustments in the **space photovoltaic** sector. The narrative has expanded significantly, with a comparison made to the growth in robotics [1][1]. 3. **Investment Opportunities in Equipment**: - There is a focus on companies like **Daimler** (700 billion) and **Aotaiwei** (200 billion) due to recent upgrades in semiconductor orders. The sustainability of main and auxiliary materials is highlighted, with companies like **Foster**, **Juhua Materials**, and **JinkoSolar** being noted for their potential [2][2]. 4. **Price Increases in Key Materials**: - The report emphasizes the importance of **copper foil**, **copper powder**, and **capacitors** as key materials to watch due to ongoing price increases [3][3]. 5. **Copper Powder Processing Fee Increase**: - Jiangnan New Materials is noted for increasing copper powder processing fees from 10,000 to 13,000-14,000, indicating a favorable adjustment period if there are changes due to stock unlocks [4][4]. 6. **Electric Vehicle Sector Performance**: - The commercial vehicle sector is showing better-than-expected performance, with notable companies including **China National Heavy Duty Truck**, **King Long Motor**, **Zhongyuan Inner配**, and **Tianrun Industrial** benefiting from the export of heavy trucks and electricity shortages [4][4]. 7. **Patience in North America**: - There is a recommendation to remain patient regarding North American investments while preparing for potential opportunities in companies like **Aero Engine Corporation**, **Weichai Power**, **Ankao**, and **Zhenhua Holdings** [5][5]. Other Important Insights - The report indicates a significant shift in the market dynamics due to basic changes in the industry, with a focus on the sustainability of materials and the potential for new technologies in the lithium battery sector [2][2]. - The mention of **AI price increases** and new technologies suggests a broader trend impacting various sectors, including lithium batteries, with key players identified as **CATL**, **Putailai**, **Yiwei Lithium Energy**, and **Keda Li** [2][2].