Investment Rating - The report maintains a "Recommendation" rating for the home appliance industry [4] Core Viewpoints - The proportion of actively managed equity funds holding home appliance stocks decreased in Q1 2025, primarily due to a temporary policy gap and consumer concerns leading to preemptive consumption [7][15] - The "old-for-new" policy is expected to expand, alleviating market concerns and boosting domestic demand for home appliances [7][15] - Leading home appliance companies are expanding into emerging markets, which is anticipated to steadily increase export revenues [7][15] - The report highlights the high dividend yield and stable operations of leading companies, indicating strong investment value in home appliance stocks [7][15] Summary by Sections Section 1: Fund Holdings in Home Appliances - The proportion of actively managed equity funds holding home appliance stocks was 5.51% in Q1 2025, down by 0.09 percentage points from the previous quarter [15] - The home appliance sector was over-allocated by 2.99%, a decrease of 0.16 percentage points [15] Section 2: Sector Allocation Changes - Funds increased their allocation to the two-wheeler and black appliance sectors, with increases of 0.39 percentage points and 0.04 percentage points, respectively [20] - Conversely, the white appliance and small appliance sectors saw reductions in allocation, with decreases of 0.53 percentage points and 0.01 percentage points [20] Section 3: Key Stocks in Focus - Funds increased their holdings in Ninebot, Yadea, Chunfeng Power, and Hisense Visual, with increases of 0.26 percentage points, 0.04 percentage points, 0.04 percentage points, and 0.05 percentage points, respectively [67][70] - The report suggests that the "old-for-new" policy will continue to stimulate demand and improve product structure in the two-wheeler sector [70] - In the white appliance sector, the report notes a decline in fund holdings for Midea Group, Gree Electric, and Haier Smart Home, with decreases of 0.30 percentage points, 0.20 percentage points, and 0.04 percentage points, respectively [68][69]

Summary of the Conference Call on the Two-Wheeled Vehicle Industry Industry Overview - The two-wheeled vehicle industry is experiencing significant growth, with an overall market growth rate of approximately 30% in May 2025. Specific companies are seeing varied growth rates due to factors such as channel expansion and new product launches [2][3]. Company Performance Yadea - In Q1 2025, Yadea's sales were approximately 4.006 to 4.007 million units, with April sales around 1.388 million units [2][3]. - Yadea's average selling price (ASP) for 2024 is expected to be around 2,200 RMB, with a projected increase of 3% to 5% in 2025 [10][11]. - Yadea's inventory levels are normal, approximately 1.5 to 1.6 months [7]. Aima - Aima's total sales for 2024 are projected to exceed 10.9 million units, with approximately 10.29 million units being two-wheeled vehicles. Quarterly sales are estimated at 2.5 million, 3.1 million, 3.4 million, and 1.8 million units respectively [5]. - Aima is facing structural shortages in inventory, particularly in first and second-tier cities, with inventory levels around 1.2 to 1.3 months [8]. - Aima's ASP for 2024 is expected to be around 2,100 RMB, with a similar increase projected for 2025 [10]. Tailg - Tailg's total sales for 2024 are estimated to be between 7.2 million and 7.3 million units, with quarterly sales of approximately 1.8 million, slightly over 2 million, 2.4 to 2.5 million, and 0.7 to 0.8 million units respectively [6]. - Tailg's sales for 2023 were between 7.8 million and 8 million units [6]. Ninebot - Ninebot's sales in April 2025 were approximately 480,000 to 490,000 units, showing a year-on-year growth of nearly 80% [3]. - Ninebot's ASP for 2024 is projected to be between 2,900 and 3,000 RMB, with a slight increase expected in 2025 [12]. Market Dynamics - The market for products priced above 4,000 RMB is expanding, with approximately 4.5 million units sold in 2024. Ninebot leads this segment with 1.8 to 1.9 million units sold [18]. - The industry is shifting towards higher-end models, driven by subsidies for trade-ins and the introduction of new products [18]. Pricing Strategies - Yadea is adjusting its product pricing strategy, focusing on the 3,300 to 3,600 RMB range while reducing the proportion of models priced below 2,500 RMB [14][15]. - The average selling price for high-end models is expected to be between 3,500 and 3,900 RMB [14]. Inventory and Supply Chain - Yadea's inventory is reported to be at a normal level, while Aima is experiencing structural shortages due to production capacity issues [7][8]. - Ninebot maintains a moderate inventory level, relying on normal retail sales and import/export volumes [9]. R&D and Innovation - Yadea is focusing on integrating smart features into its mid-to-high-end products but has not reached the level of smart development seen in competitors like Ninebot [21]. - The company has established a structured product development cycle of 10 to 12 months for new products and 6 to 8 months for iterations [22][23]. Financial Metrics - Ninebot has a higher average gross margin of 25-26%, while Yadea and Aima have an average gross margin of around 18% [33]. - The gross margin for electric motorcycles varies by model, with high-end models achieving margins over 22% [34]. After-Sales Service - Yadea has approximately 800 to 900 dedicated after-sales service centers, with plans to exceed 1,000 centers this year [42]. - Aima operates 500 to 600 after-sales service centers, while Ninebot has around 150 to 180 [42]. Conclusion - The two-wheeled vehicle industry is poised for growth, with key players adjusting strategies to meet market demands and enhance profitability. The focus on higher-end products and smart features is expected to drive future sales and market share.

Market Overview - The Hong Kong stock market experienced a significant rise on May 14, with all three major indices increasing by over 2%. The Hang Seng Index rose by 2.3% to 23,640.65 points, the Hang Seng China Enterprises Index increased by 2.47% to 8,593.07 points, and the Hang Seng Tech Index gained 2.13% to 5,381.78 points [2]. Financial Sector Performance - Major financial stocks saw a substantial surge, particularly in the insurance and Chinese brokerage sectors. Notable gains included China Pacific Insurance rising nearly 8%, with China Life and China Taiping both increasing by over 6%. In the brokerage sector, Hongye Futures surged over 12%, while other firms like Xingsheng International and GF Securities rose by 9% and 6%, respectively [4][9]. Technology Sector Performance - Large technology stocks collectively performed well, with Baidu increasing by over 4%, Alibaba and JD.com both rising by over 3%, and Tencent gaining nearly 3%. Internet healthcare stocks also showed strength, with JD Health and ZhongAn Online both rising over 5% [4][6]. Automotive Sector Performance - The automotive sector continued its upward trend, with Leap Motor increasing by over 6% to reach a new high. Other notable gains included BYD and Li Auto, both rising over 4%, while XPeng and NIO increased by over 3% [5][10]. Regulatory Impact - The China Securities Regulatory Commission (CSRC) recently released a plan to promote the high-quality development of public funds, which is expected to drive capital flows towards the brokerage sector. The new regulations may lead fund managers to allocate more resources to sectors with lower current allocations, particularly those with higher benchmark weights [9].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 20.5 HKD based on a 20x P/E ratio for 2025 [4]. Core Viewpoints - The domestic two-wheeler industry is entering a growth cycle driven by "national subsidies + new national standards," with leading companies like Yadea and Aima expected to gain market share due to their high cost-performance products and supply chain advantages [2][13]. - The company is focusing on product strength and channel efficiency to enhance store performance, with significant efforts in product innovation and market expansion [3][9]. Summary by Sections Investment Logic - The report highlights that the growth of the domestic two-wheeler industry will be supported by improved product capabilities, particularly in battery technology and smart features, which are expected to drive up average selling prices (ASP) [2][13]. - The company is actively expanding its product range to cater to diverse consumer segments, with a notable increase in sales from products priced above 3000 RMB [2][9]. Financial Forecasts - The projected net profits for the company from 2025 to 2027 are 30.14 billion, 34.16 billion, and 39.0 billion RMB, reflecting year-on-year growth rates of 137%, 13%, and 14% respectively [4][7]. - The company’s revenue is expected to rebound significantly in 2025, with a forecasted revenue of 38.296 billion RMB, up from 28.236 billion RMB in 2024 [7]. Product Development and Innovation - The company is focusing on enhancing its three core systems (battery, motor, and control) to improve product performance and safety, with recent advancements in sodium-ion battery technology [27][35]. - The introduction of the sodium-ion battery series is positioned as a key differentiator in the market, with features such as fast charging and high safety standards [27][29]. Market Expansion - The company is actively expanding its international presence, with plans to increase the number of export countries to 100 by 2024, leveraging its strong cash flow to support dividend payments [3][4]. - The report emphasizes the importance of overseas markets as a second growth curve for the company, particularly in Southeast Asia [3][20]. Competitive Landscape - The report notes that the competitive landscape is shifting, with leading companies expected to capture a larger share of the market as smaller players struggle to maintain their positions [2][13]. - The new national standards are anticipated to raise entry barriers, benefiting established players like Yadea [13][28].

Core Viewpoint - The article discusses the rapid expansion of Chinese electric two-wheeler companies into international markets, highlighting their strategies, market adaptations, and the robust supply chain that supports their global operations [10][30][55]. Group 1: Market Dynamics - The Chinese two-wheeler electric vehicle market is highly competitive, with Yadea and Aima holding a combined market share of 43.2% in 2022 [11]. - The domestic market is nearing saturation, with an estimated 400 million electric two-wheelers in use by the end of 2023, leading companies to seek growth opportunities abroad [12][13]. - Yadea achieved a 23% year-on-year increase in overseas sales in 2023, indicating a successful shift towards international markets [14]. Group 2: Regional Strategies - Chinese electric vehicle brands are customizing their products and strategies based on local market conditions, such as climate and consumer preferences [20][22]. - In Southeast Asia, the shift from fuel to electric vehicles is supported by government policies and rising fuel prices, prompting local adaptations in product design [21][22]. - In Europe, the focus is on high-end electric vehicles, with companies like Niu Electric targeting premium segments with advanced features [24][25][27]. Group 3: Supply Chain and Production - China's dominance in lithium battery production is a key factor, with over 82% of global capacity as of 2023, providing a strong foundation for electric vehicle manufacturing [34]. - The integration of local supply chains in overseas markets, such as the establishment of factories and partnerships in Indonesia, enhances operational efficiency and reduces costs [45][49]. - The collaboration between Chinese companies and local partners in Africa and the Middle East is facilitating the development of infrastructure, such as battery swapping stations, to support electric vehicle adoption [50][51]. Group 4: Future Outlook - The article emphasizes that the comprehensive capabilities of Chinese manufacturers, including product, technology, and supply chain integration, will continue to drive their global expansion [52][55]. - As the global shift towards electrification accelerates, Chinese two-wheeler electric vehicles are expected to capture more market share and establish "Chinese standards" in international markets [55][56].

港股汽车股走势回暖，理想汽车(02015.HK)涨超5.5%，吉利汽车(00175.HK)涨近5%，长城汽车 (02333.HK)、北京汽车(01958.HK)均涨超2.5%，小鹏汽车(09868.HK)、雅迪控股(01585.HK)、广汽集团 (02238.HK)均涨超1%。 ...

Core Viewpoint - The introduction of the "24-month replacement" service by Yadi Huayu Battery signifies a shift in the two-wheeled electric vehicle industry from product competition to a focus on full lifecycle services, enhancing user rights and promoting high-quality development in the industry [1][11]. Group 1: Technological Foundation - Yadi Huayu Battery's "24-month replacement" commitment is rooted in continuous investment in technology research and quality assurance, featuring self-developed TTFAR graphene 3rd generation Plus batteries and TTFAR evergreen graphene lead-acid batteries, which achieve over 1000 charge-discharge cycles and have a lifespan three times that of ordinary lead-acid batteries, with a nearly 30% increase in capacity for the same volume [3][5]. Group 2: Service Upgrade - The "24-month replacement" service not only upgrades after-sales policies but also reshapes a win-win ecosystem for users, dealers, and the industry. Users benefit from reduced battery replacement costs and risks, enhancing their purchasing experience and brand loyalty [7][9]. - Dealers gain customer traffic through this innovative service, allowing them to stand out in a competitive market, increase user retention, and drive sales performance, thereby supporting the stable development of the entire sales network [9]. - The service encourages the industry to shift from mere product competition to emphasizing full lifecycle battery services, guiding resources towards companies focused on technological innovation and service optimization, thus promoting a new phase of high-quality and sustainable development in the industry [9][11].

Financial Performance - Total revenue for 2024 decreased by 18.8% to RMB 28,236.2 million compared to RMB 34,762.8 million in 2023[20] - Profit attributable to owners of the company for 2024 was RMB 1,272.4 million, down from RMB 2,640.2 million in 2023, representing a decline of 51.8%[20] - The gross profit margin for 2024 was 15.2%, down from 16.9% in 2023, indicating increased cost pressures[20] - The company's gross profit decreased by approximately 27.1% to RMB 4,289.0 million in 2024 from RMB 5,885.2 million in 2023, with a gross margin decline from about 16.9% to approximately 15.2%[41] - Other income and gains decreased by approximately 34.4% from RMB 979.8 million in 2023 to RMB 642.9 million in 2024, primarily due to the absence of one-time government grants in 2024 and increased foreign exchange losses[42] - Profit for the year decreased by approximately 51.8% from RMB 2,640.2 million in 2023 to RMB 1,272.4 million in 2024[48] - Basic earnings per share decreased by approximately 52.3% to RMB 42.2 cents for the year ended December 31, 2024[180] Assets and Liabilities - The total assets as of December 31, 2024, were RMB 24,618.9 million, a decrease from RMB 25,660.1 million in 2023[21] - The total liabilities decreased to RMB 15,860.8 million in 2024 from RMB 17,258.9 million in 2023, reflecting improved financial stability[21] - Cash and cash equivalents as of December 31, 2024, were approximately RMB 7,868.9 million, a decrease of about 0.6% from RMB 7,913.8 million as of December 31, 2023[49] - Inventory increased by approximately 33.9% from RMB 955.4 million as of December 31, 2023, to RMB 1,279.4 million as of December 31, 2024, mainly due to preparations for anticipated demand during the Chinese New Year[53] - Accounts receivable decreased by approximately 16.2% from RMB 545.9 million as of December 31, 2023, to RMB 457.7 million as of December 31, 2024, due to increased collection efforts and a decline in sales[54] - The debt-to-equity ratio increased to 16.4% as of December 31, 2024, compared to 9.9% as of December 31, 2023[58] Sales and Market Performance - The revenue breakdown for 2024 shows electric scooters at 3.2%, batteries and chargers at 25.1%, electric bicycles at 28.3%, and parts at 43.4%[18] - Total sales of electric scooters and bicycles dropped from approximately 16.5 million units in 2023 to about 13.0 million units in 2024, reflecting a significant decline in demand[34] - The sales volume of electric scooters decreased by approximately 20.7% from about 4,960,000 units in 2023 to approximately 3,931,000 units in 2024[37] - The sales volume of electric bicycles fell by approximately 21.4% from about 11,561,000 units in 2023 to approximately 9,089,000 units in 2024[37] Research and Development - The company operates six R&D centers and holds over 2,000 patents, emphasizing its commitment to innovation in electric vehicles[10] - The company continues to invest in R&D for core components such as batteries and electronic control systems, with a focus on launching compliant and market-oriented products[29] - The company is set to launch its first mass-produced sodium-ion battery-powered electric bicycle in January 2025, marking a significant breakthrough in sustainable transportation[29] Marketing and Expansion - The company aims to enhance marketing efforts through digital platforms and social media to connect with younger consumers, appointing a global brand ambassador to rejuvenate its brand image[30] - The company plans to accelerate global expansion, particularly in Southeast Asia, with new factories in Indonesia and Vietnam, and flagship stores in Thailand and Indonesia[29] Corporate Governance - The board consists of eight directors, including three executive directors, one non-executive director, and four independent non-executive directors[73] - The company has fully complied with the corporate governance code during the year ended December 31, 2024[69] - All independent non-executive directors confirmed their independence according to the guidelines set out in the listing rules[75] - The company has established mechanisms to ensure independent judgment from the board, including evaluating the time commitment of independent non-executive directors[86] - The roles of chairman and CEO are clearly defined and separated, with Dong Jinggui as chairman and Qian Jinghong as CEO[87] Risk Management - The company has established a robust risk management and internal control system to safeguard shareholder investments and company assets[117] - The board has identified four risk categories: strategic risk, financial risk, operational risk, and legal risk, and has established a reporting policy to address misconduct or fraud[122] - The company encourages employees and stakeholders to report any concerns regarding misconduct or fraud, ensuring thorough investigations are conducted[122] Social Responsibility and Sustainability - The company is committed to fulfilling its social responsibilities through active implementation of environmental, social, and governance policies during the reporting period[135] - The company is focused on sustainable development and continuously reviews and improves its sustainability efforts during the reporting period[135] Leadership and Management - The company has a strong leadership team with over 23 years of experience in the electric two-wheeler industry, co-founded by the current chairman and CEO[138][140] - The management team has received multiple accolades, indicating a high level of recognition in their respective fields[149] - The strategic appointments aim to strengthen the company's operational efficiency and drive future growth initiatives[146][148][151][152][154] Shareholder Communication - The company emphasizes the importance of transparent communication with shareholders to enhance their understanding of business performance and strategies[121] - The company maintains various formal communication channels to report performance and engage with shareholders, including investor forums and site visits[123]

4月24日，电动两轮车领军品牌雅迪宣布与支付宝达成战略合作，并发布全球首款支持"支付宝碰一 下"的智能电动车：该车型搭载"支付宝碰一下"技术，手机化身车钥匙，碰一下"1秒绑车、1秒解锁"， 骑行还可获得绿色能量。这也是"支付宝碰一下"首次与电动两轮骑行场景做产品级结合，将通过深度联 营打造智能骑行新标杆。 据了解，此次发布的全球首款"碰一下"电动车，背后依托IIFAA可信连接技术作为数字车钥匙，构建"芯 片-终端-云端"全链路安全防护体系，能攻克传统蓝牙解锁依赖网络、响应延迟高、靠近车辆误开机的 痛点。用户不需要带车钥匙，只需将手机解锁后贴近车辆"碰一下"标识区，即可1秒开锁，对比传统方 式提效90%以上，也可通过在支付宝内的车控界面，直接完成开车座、设防、寻车等功能。 此外，通过"碰一下"骑行，还可获得蚂蚁森林绿色能量。为倡导绿色出行概念，打造出行行业绿色低碳 发展合作样板，雅迪与支付宝在个人电动车场景首推碰一下骑行得蚂蚁森林绿色能量的交互方式，用户 每碰一下就可得39克能量，全年最多可多种2.4棵梭梭树。 雅迪科技集团总裁周朝阳表示："雅迪与支付宝碰一下的合作，将为用户带来更方便、更绿色的出行体 验，为行 ...

业绩投资者电话会议请允许我为大家介绍一下自己本次电话会的管理层他们是雅迪集团董事会主席董经贵先生副董事会主席兼行政总裁浅静红女士高级副总裁钟朝阳先生王家中先生周超先生 副总裁兼国内营销公司总经理张静松先生以及财务总监石瑞先生我们将首先邀请公司财务总监石总为大家介绍公司2024年度的业绩情况随后将进入问答环节各位投资者可通过语音指示进行提问我们首先有请石总 非常感谢主持人感谢各位投资人24年虽然说我们有遇到了各种的问题业绩也不及预期我们在去年的12月也发布了业绩引颈然后也跟大家进行了详细的一些介绍所以在今天我就不去做过多的一些推述因为今天我们也请到了我们的三位轮值以及我们的新同事在后边跟大家来重点回复大家的问题 除了南京大火的事故导致了这行业的延长第二个因为延长导致了公司的产品节奏以及营销策略节奏发生了比较大的一些影响所以导致了24年这个节奏上出现了重大的一些问题直接影响到整体销量做到了34%的一个这个缩少21%的一个下滑到了1302万台出入也下滑了18.8%282亿元 在这个三个组合的数据中实际上基本上灌篮系列海外及三文这些毛利率涉嫁较高的产品占比是34%的产品自主车型已经占到了绝对的大头95%都是自主研发的 ...