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。 ...

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。 智通财经APP讯，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。 ...

Core Viewpoint - Yadea Holdings (01585.HK) announced the resignation of its auditor, PwC, effective from August 12, 2025, due to the company's current business situation and future audit service needs [1] Group 1 - The company has communicated with PwC regarding the proposed change of auditor, and PwC has agreed to resign [1] - The board has decided to appoint Deloitte as the new auditor to fill the vacancy left by PwC's resignation, following the recommendation of the audit committee [1] - Deloitte is currently undergoing internal procedures related to its proposed appointment [1]

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。 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） 更換核數師 本公告乃雅迪集團控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香 港聯合交易所有限公司（「聯交所」）證券上市規則第13.51(4)條而刊發。 核數師辭任 於2025年6月17日舉行的本公司股東週年大會上，羅兵咸永道會計師事務所（「羅兵 咸永道」）獲重新委聘為本公司核數師（「核數師」），任期直至本公司下屆股東週年大 會結束為止，而本公司董事會（「董事會」）獲授權釐定其酬金。 董事會進一步確認，羅兵咸永道尚未開始對本集團截至2025年12月31日止年度開展 任何審核工作。董事會相信，更換核數師將不會對本集團截至2025年6月30日止六 個月的中期業績發佈產生任何重大影響。董事會謹藉此機會衷心感謝羅兵咸永道於 過去數年為本集團提供專業服務。 建議委任核數 ...

Key Points - The top three stocks with net inflows from southbound funds are Yingfu Fund (02800) with 1.184 billion, Alibaba-W (09988) with 730 million, and Hang Seng China Enterprises (02828) with 556 million [1] - The top three stocks with net outflows are WuXi Biologics (02269) with -539 million, Hua Hong Semiconductor (01347) with -509 million, and SMIC (00981) with -432 million [1] - In terms of net inflow ratio, Shanghai Industrial Holdings (00363) leads with 63.56%, followed by Bank of China Aviation Leasing (02588) with 60.26%, and Sunshine Insurance (06963) with 55.37% [1] - The top three stocks with the highest net outflow ratios are GX China (03040) at -100.00%, Southern Hang Seng Index ETF (03037) at -65.52%, and Sichuan Chengyu Expressway (00107) at -49.23% [1] Top 10 Net Inflows - Yingfu Fund (02800) had a net inflow of 1.184 billion, representing a 16.79% increase, closing at 25.380 [2] - Alibaba-W (09988) saw a net inflow of 730 million, with a 10.34% increase, closing at 116.300 [2] - Hang Seng China Enterprises (02828) had a net inflow of 556 million, with an 8.70% increase, closing at 91.160 [2] - Xiaomi Group-W (01810) had a net inflow of 473 million, with a 6.69% increase, closing at 51.250 [2] - Zai Ding Pharmaceutical (09688) had a net inflow of 429 million, with a 26.73% increase, closing at 27.200 [2] Top 10 Net Outflows - WuXi Biologics (02269) experienced a net outflow of -539 million, with a -33.02% decrease, closing at 29.360 [2] - Hua Hong Semiconductor (01347) had a net outflow of -509 million, with a -21.78% decrease, closing at 44.000 [2] - SMIC (00981) saw a net outflow of -432 million, with a -3.98% decrease, closing at 48.660 [2] - Kuaishou-W (01024) had a net outflow of -292 million, with a -14.76% decrease, closing at 79.150 [2] - Juzi Biotechnology (02367) experienced a net outflow of -220 million, with a -24.75% decrease, closing at 59.000 [2] Net Inflow Ratios - Shanghai Industrial Holdings (00363) had a net inflow ratio of 63.56%, with a net inflow of 11.36 million, closing at 14.870 [3] - Bank of China Aviation Leasing (02588) had a net inflow ratio of 60.26%, with a net inflow of 3.56 million, closing at 73.500 [3] - Sunshine Insurance (06963) had a net inflow ratio of 55.37%, with a net inflow of 2.48 million, closing at 3.790 [3] - Poly Property (06049) had a net inflow ratio of 52.60%, with a net inflow of 1.14 million, closing at 34.880 [3] Net Outflow Ratios - GX China (03040) had a net outflow ratio of -100.00%, with a net outflow of -7100.00, closing at 35.460 [3] - Southern Hang Seng Index ETF (03037) had a net outflow ratio of -65.52%, with a net outflow of -724,900, closing at 25.400 [3] - Sichuan Chengyu Expressway (00107) had a net outflow ratio of -49.23%, with a net outflow of -380,740, closing at 4.920 [3]

Group 1 - The Hong Kong automotive stocks have strengthened, with XPeng Motors leading the rise with over 8% increase, followed by NIO with nearly 4%, and Geely with nearly 3% [1] - According to the China Passenger Car Association, the retail sales of passenger cars in China for July 1-31 reached 1.834 million units, a year-on-year increase of 7%, but a month-on-month decrease of 12%. Cumulatively, retail sales for the year have reached 12.736 million units, representing a year-on-year growth of 10% [1] - The China Passenger Car Association has slightly raised its annual industry forecast for 2025 [1] Group 2 - XPeng Motors' first extended-range model, the X9, has entered the new vehicle public announcement list by the Ministry of Industry and Information Technology on August 8, indicating that the vehicle is closer to launch. The CEO of XPeng Motors announced that the "super electric vehicle" X9 will officially launch in the fourth quarter [1] - NIO's second model under the brand "Lao Dao," the L90, was officially launched at the end of July. The CEO of NIO stated that within three days of the L90's launch and delivery, it entered the top three in large SUV weekly sales and is accelerating production and delivery [1]