Industry Outlook - The industry is expected to return to rapid growth due to the old-for-new policy and the implementation of new national standards, with projected sales of 56 million and 61.75 million units in 2025 and 2026, respectively, representing year-on-year growth of 12% and 10% [1] - The old-for-new policy has shown significant effects, with 3.341 million electric bicycles sold for old-for-new exchanges nationwide as of April 8, 2025, and an average subsidy of 688 yuan per unit [1] - The new national standards set to be implemented in September 2024 will raise industry entry barriers, which is expected to maintain strong demand for older models in Q2 and Q3 [1] Market Structure - Leading companies like Yadea and Aima have significant advantages in product pricing and distribution channels, with projected sales of 13.02 million and 10.7 million units in 2024, corresponding to market shares of 26% and 21%, respectively, totaling 47% [1] - The commuting segment, which accounts for about 50% of the market, is driven by essential needs, while the entertainment segment (30%) focuses on brand appeal and design [2] - New brands like Ninebot have a first-mover advantage in the entertainment segment, but traditional companies are quickly adapting to close the gap [2] Company Performance - The company is expected to recover quickly in terms of sales and profitability following a period of aggressive expansion and deep adjustments in 2024 [2] - The company anticipates a healthy recovery in terminal channels starting from 2025, aided by the new national standards and the old-for-new policy [2] - The subsidiary Huayu Battery is expected to see rapid sales growth due to strong external demand for its "24-month true replacement" technology [2] Profit Forecast and Valuation - The company’s projected net profits for 2025, 2026, and 2027 are 2.93 billion, 3.55 billion, and 4.11 billion yuan, respectively, with corresponding price-to-earnings ratios of 12.1, 10.0, and 8.6 [3]

Core Insights - The airless tire industry is emerging with significant market potential due to the increasing awareness of environmental protection and advancements in technology [1][13] - The market size of China's airless tire industry reached 185 million yuan in 2023, and it is projected to grow to 263 million yuan by 2029, with a compound annual growth rate of 6.04% [1][13] - Government support for environmentally friendly industries, including electric vehicles, is bolstering the development of the airless tire sector [1][13] Industry Overview - Airless tires do not rely on air for support and cushioning, using their material and structure instead, which reduces the risk of punctures and blowouts [3][8] - Despite their advantages, airless tires face challenges such as lower comfort on rough surfaces and higher manufacturing costs [3][8] - The airless tire industry is benefiting from various government policies aimed at promoting recycling and green development [4][6] Market Dynamics - The airless tire industry is supported by a growing demand for sustainable transportation solutions, particularly in the electric vehicle sector [1][22] - The market for shared bicycles, which often use airless tires, is also expanding, with projections indicating growth from 13.03 billion yuan in 2017 to 39.86 billion yuan in 2024 [11][22] Competitive Landscape - Major international players in the airless tire market include Michelin, Bridgestone, and Goodyear, while domestic companies like Jiangsu Jiangxin Technology Co., Ltd. and Shenzhen Jintian Technology Co., Ltd. are also significant [15][16] - Domestic companies are focusing on cost control and innovation in specific applications to enhance their competitiveness [15][24] Industry Trends - Continuous technological innovation is expected to improve the performance and reduce the costs of airless tires [21][22] - The demand for airless tires is anticipated to grow as consumer preferences shift towards safer and more convenient options, especially in the context of increasing vehicle ownership [22][24] - Competition in the airless tire market is intensifying, with both established brands and new entrants striving to enhance their market positions through innovation and strategic marketing [23][24]

Investment Rating - The report initiates coverage with a "Buy" rating for Yadea Holdings [3][5]. Core Views - The industry is expected to experience a resurgence in demand driven by the "old-for-new" policy and the implementation of new national standards, with projected sales of 56 million and 61.75 million units in 2025 and 2026, respectively, reflecting year-on-year growth of 12% and 10% [1][40]. - Yadea and Aima dominate the market, with a combined market share of nearly 50% in 2024, benefiting from significant advantages in product pricing and distribution channels [2][42]. - The company is anticipated to recover its sales and profitability rapidly following a period of aggressive expansion and subsequent adjustments in 2024, aided by the launch of new products and the easing of channel pressures [3][19]. Summary by Sections Industry Overview - The electric two-wheeler industry is poised for growth due to favorable policies and changing consumer demands, with the new national standards set to enhance safety and performance requirements [10][34]. - The "old-for-new" policy has already seen significant uptake, with over 334,100 units exchanged by April 2025, indicating strong consumer interest and government support [38][40]. Company Analysis - Yadea Holdings has a strong historical performance, being the global leader in electric two-wheeler sales for eight consecutive years, with over 100 million units sold [13][19]. - The company has a diversified product lineup, including classic, modern, and high-end models, catering to various consumer segments [21][22]. - Financial projections indicate a recovery in net profit from 1.27 billion RMB in 2024 to 2.93 billion RMB in 2025, with corresponding P/E ratios decreasing from 27.8 to 12.1 [4][3]. Financial Performance - The company's revenue is projected to rebound significantly, with expected revenues of 38.34 billion RMB in 2025, up from 28.24 billion RMB in 2024, marking a year-on-year growth of 35.8% [4][3]. - The gross margin is expected to stabilize around 17% in the coming years, reflecting improved operational efficiency and market conditions [30][4].

Investment Rating - The report initiates coverage with a "Buy" rating for Yadea Holdings [3][5]. Core Views - The industry is expected to experience a resurgence in demand driven by the "old-for-new" policy and the implementation of new national standards, with projected sales of 56 million and 61.75 million units in 2025 and 2026 respectively, reflecting year-on-year growth of 12% and 10% [1][40]. - Yadea and Aima dominate the market, with a combined market share of approximately 47% in 2024, indicating strong competitive advantages in pricing and distribution channels [2][42]. - The company is anticipated to recover its sales and profitability rapidly following a period of aggressive expansion and subsequent adjustments in 2024, aided by the launch of new products and the easing of channel pressures [3][19]. Summary by Sections Industry Overview - The electric two-wheeler industry is poised for growth due to favorable policies and changing consumer demands, with the new national standards set to enhance safety and performance requirements [10][34]. - The "old-for-new" policy has shown significant results, with over 334,100 units exchanged by April 2025, indicating strong consumer interest and government support [38][40]. Company Analysis - Yadea Holdings has a robust product lineup, including the Classic, Modern, and Crown series, catering to various market segments with a focus on quality and innovation [21][19]. - The company has experienced fluctuations in revenue, with a projected revenue of 38.34 billion RMB in 2025, rebounding from a decline in 2024 [4][19]. - Profitability is expected to improve significantly, with net profit forecasts of 2.93 billion, 3.55 billion, and 4.11 billion RMB for 2025, 2026, and 2027 respectively, reflecting a recovery from previous lows [4][3]. Financial Projections - The report outlines financial forecasts with a projected revenue growth rate of 35.8% in 2025, followed by more moderate growth in subsequent years [4][19]. - The company's earnings per share (EPS) is expected to rise from 0.94 RMB in 2025 to 1.32 RMB in 2027, indicating a positive outlook for shareholder returns [4][3].

Group 1 - The event focuses on new technologies and market expansion in the electric two-wheeler battery swap industry [3] - The conference will feature the release of the "2025 China Two-Wheeler Battery Swap and Battery TOP Rankings and Industry White Paper," which includes rankings for top electric two-wheeler manufacturers and battery suppliers [3] - The global battery swap market for two-wheelers is experiencing rapid growth driven by policy support, demand for instant delivery, and technological upgrades [3] Group 2 - The event will take place on July 10-11, 2025, at the Hongdoushan Villa in Wuxi, with an expected attendance of over 500 participants [4] - The agenda includes various specialized forums discussing trends in electric two-wheeler technology, battery safety, and the impact of new national standards [5] - Key topics will include high-safety sodium-ion batteries, lithium battery technology advancements, and the application of new materials and processes [5] Group 3 - Notable participating companies include major players in the electric two-wheeler and battery sectors, such as Yadea, Aima, and CATL, among others [7][8] - The event will also attract companies from the IoT and communication module sectors, as well as battery management system (BMS) providers [7][8] - The conference aims to facilitate collaboration and knowledge sharing among industry stakeholders, including manufacturers, investors, and media [8]

Industry Overview - The electric scooter industry has rapidly developed in China, becoming a major manufacturing hub due to its energy-saving, quick charging, and strong endurance features [1][19] - The global electric scooter market is projected to reach approximately $26.73 billion in 2024 and is expected to grow to $55.01 billion by 2033, with a compound annual growth rate (CAGR) of 8.35% [1][21] - The industry benefits from the increasing popularity of shared scooters in the US and Europe, which has enhanced public awareness and led to the establishment of regulatory standards [1][19] Market Dynamics - The primary markets for electric scooters are Europe and North America, where short-distance travel accounts for 60% of travel demand [12] - The industry is characterized by a diverse and competitive landscape, with many brands and companies entering the market, focusing on technological innovation and quality improvement [23] - The introduction of national standards in China, such as GB/T 42825-2023, is expected to enhance industry regulation and consumer confidence [12][19] Key Players - Notable companies in the electric scooter market include Ninebot, Yadea, and Niu Technologies, which leverage strong technological capabilities and brand influence to dominate the market [2][24] - Ninebot's revenue from electric scooters and balance bikes is projected to be approximately 3.38 billion yuan in 2024 [24] - Niu Technologies reported an electric scooter revenue of about 2.96 billion yuan in 2024, reflecting a year-on-year growth of 25.52% [26] Technological Trends - The industry is expected to focus on technological innovations in battery, motor, and smart control systems, with advancements in lithium battery technology driving growth [28] - The integration of AI algorithms and enhanced user interaction technologies will significantly improve user experience and product performance [28] Future Outlook - The electric scooter market is anticipated to expand into diverse application scenarios beyond personal commuting, including logistics, recreational use, and specialized mobility devices for the elderly and disabled [29][30] - The shift towards an ecosystem-based business model, combining products with services, is likely to reshape the competitive landscape and enhance profitability [31]

Core Insights - The electric vehicle market is shifting from a "price war" to a "value war," with a focus on endurance and durability as key competitive factors [1][16] - Yadea's new Crown S series emphasizes long endurance and battery durability, addressing diverse user needs across various riding scenarios [2][4] Group 1: Market Trends - 72% of consumers prioritize endurance when purchasing electric vehicles, followed by durability [1] - The release of the new safety standards for electric bicycles highlights the importance of durability and battery performance [1] Group 2: Product Innovations - Yadea's Crown S series introduces the "Crown S Long Endurance Battery Warranty for Three Years," setting a new industry standard for endurance [2] - The Crown S White Shark model features a TTFAR Evergreen Range Extender system and a second-generation graphene lead-acid battery, enhancing battery durability and performance [4][11] Group 3: User Experience - Yadea's products cater to different user groups, offering solutions for urban commuting, long-distance travel, and winter riding [4] - The Crown S series aims to elevate user experience from "usable" to "practical" and "good to use," reflecting a significant shift in user value perception [9] Group 4: Technological Advancements - Yadea's self-developed second-generation graphene battery incorporates eight core material innovations, enhancing battery life and efficiency [11] - The company has invested over 5.927 billion yuan in R&D since 2016, establishing a comprehensive innovation matrix [11] Group 5: Brand Positioning - Yadea has sold over 20 million units of the Crown S series by April 2025, earning recognition as a leader in long-endurance electric two-wheelers [9] - The brand is actively engaging with younger consumers through partnerships with popular cultural icons and sustainability initiatives [14][16]

Core Insights - The two-wheeled electric vehicle market is entering a significant consumption upgrade phase, driven by the evolving demands of the mobile internet generation [1] - There is a clear shift in user needs towards long-range capabilities, which are becoming essential for various commuting and recreational scenarios [1] Group 1: Market Trends - The demand for long-range capabilities is concentrated in three core scenarios: practical long-range for daily commuting, strong power long-range for high-load situations, and all-scenario long-range for diverse terrains and weather conditions [1] - The launch of the Yadea Crown S series aims to meet these long-range demands while expanding its applicability from daily commuting to cross-regional travel and weekend outings [2] Group 2: Product Innovations - Yadea has developed the second-generation graphene battery, which enhances durability and performance, allowing for a lifespan of up to three years [4] - The graphene battery maintains stable performance across extreme temperatures, unlike traditional lead-acid batteries, which suffer from reduced capacity in cold conditions [4] - The Yadea Crown S series features the TTFAR range extension system, which includes an AI chip for battery health diagnostics and energy recovery during rides, effectively increasing the vehicle's range [6][9] Group 3: Technological Advancements - The Crown S series incorporates iRide smart technology for enhanced user experience, including features like smart unlocking, anti-theft measures, and cloud-based updates [9] - The Ark Safety Technology ensures stability and safety across various riding conditions through a combination of smart hardware and software [9] Group 4: Market Position - Yadea has established a robust sales and service network with over 40,000 global retail outlets, leading the industry in channel coverage [9] - As the world's top-selling electric vehicle brand for eight consecutive years, Yadea has sold over 100 million units, with the Crown series projected to surpass 20 million units by April 2025 [9]

Core Viewpoint - Yadea's launch of the Crown S series emphasizes long-range capabilities and a three-year battery durability commitment, aiming to address diverse user needs in various riding scenarios [1][11]. Group 1: Product Launch and Features - The Crown S series has achieved cumulative sales of over 20 million units by April 2025, setting a record for single-series sales in the industry [1]. - The series introduces advanced technologies such as the TTFAR Evergreen Range Extension System and TTFAR High-Energy Lithium Battery System, enhancing battery durability and performance [4][6]. - The product lineup includes models like the White Shark 90 for daily commuting, White Shark 100 for performance enthusiasts, and the Starship Sodium Electric version for cold weather, catering to a wide range of user preferences [7][11]. Group 2: Technological Innovations - The TTFAR Evergreen Range Extension System features upgraded materials and patented technologies, significantly improving battery life and reducing user anxiety regarding range [4]. - The TTFAR High-Energy Lithium Battery System optimizes component integration to balance power and long-range capabilities, appealing to younger users [6]. - The iRide smart experience and Ark Safety Technology enhance user interaction and safety, creating a synergistic effect among the three technological systems [6][9]. Group 3: Industry Position and Future Outlook - Yadea is recognized as the leader in long-range electric two-wheelers in China, with a commitment to driving industry standards and technological advancements [3][9]. - The company aims to shift the industry focus from price competition to value competition, enhancing the global competitiveness of Chinese electric two-wheelers [9]. - Yadea's collaboration with Ant Forest and Zhejiang TV for the "Green Evergreen Crown Plan" demonstrates its commitment to social responsibility and sustainable transportation [11].

Core Viewpoint - The 2025 Fifth Start Two-Wheeled Vehicle Battery Swap Conference and Lightweight Power Battery Technology Summit aims to focus on new technologies and expand new markets, highlighting the rapid growth of the battery swap market driven by policy support, demand for instant delivery, and technological upgrades [3][4]. Group 1: Event Background and Highlights - The event will feature the authoritative release of the "2025 China Two-Wheeled Vehicle Battery Swap and Battery TOP Rankings and Industry White Paper," covering various rankings such as the top 10 electric two-wheeled vehicle shipments and battery operators [3]. - The global battery swap market for two-wheeled vehicles is experiencing rapid growth, with Chinese companies poised for a new round of strategic positioning due to industry chain integration advantages [3]. - Challenges such as battery safety, market penetration, and cost optimization need urgent solutions as companies accelerate the development of high-safety, high-rate, high-energy density, long-cycle life, and low-cost battery products [3]. - The lightweight power and small-scale energy storage markets are also growing rapidly, with applications in low-altitude flight, mobile electric tools, humanoid/robotic technology, smart homes, and intelligent energy storage [3]. - AI technology is accelerating the development and optimization of new battery technologies and processes, such as sodium batteries and full-tab cylindrical batteries, particularly in the battery swap sector for two-wheeled vehicles [3]. Group 2: Event Agenda - The conference will take place on July 10-11, 2025, in Wuxi, Jiangsu, with a scale of over 500 participants [4][6]. - Key topics include the development trends of electric two-wheeled vehicles, battery technology advancements, and the opportunities and challenges in the battery swap market [5][7]. - Roundtable discussions will address critical issues such as balancing energy density, cost, and safety in battery production, as well as the impact of new national standards on battery technology [7]. Group 3: Invited Companies - Notable companies invited to participate include leading electric two-wheeled vehicle manufacturers like Yadea, Aima, and Niu, as well as battery companies such as CATL and BYD [9]. - The event will also attract equipment and materials companies involved in battery production and technology [9]. Group 4: Participation Details - The registration fee for the conference is set at 2888 yuan per person, which includes a conference ticket, lunch, and a copy of the industry white paper [11].