董事會會議通告 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之內容概不負責， 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） 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2026年 3月30日（星期一）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12月31日止年度的全年業績及其發佈，並考慮派發末期股息（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，2026年3月18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。 ...

Group 1 - Xiaomi's humanoid robot has successfully completed a 3-hour continuous operation in an automotive factory with a success rate of 90.2%, marking a significant step in its application in smart manufacturing [2] - Elon Musk announced that the next generation of Starlink satellites will provide 5G-speed internet from space, with data density 100 times that of the current version, enabling seamless streaming and high-speed applications [2] - A milestone in quantum technology has been achieved by a team from the Beijing Quantum Information Science Research Institute, successfully developing a high-efficiency, high-purity dual-photon emitter, which is a key advancement in the field [2] - ASML plans to expand its chip manufacturing equipment into the advanced packaging sector, utilizing artificial intelligence to enhance tool performance and production speed [2] - Yadea announced the completion of the first phase of its smart manufacturing plant in Vietnam with an investment exceeding $100 million, initially designed to produce 1 million units annually, with plans to increase capacity to 2 million units [2]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 雅迪集團控股有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01585 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | 本月底法定/ ...

Investment Rating - The industry investment rating is "Hold" [3] Core Insights - The electric two-wheeler industry is transitioning from price competition to product upgrades, with leading companies like Yadea, Aima, and Ninebot focusing on smart technology and high-end markets [2][7] - The market share of leading companies is expected to increase, with Yadea, Aima, and Ninebot projected to account for 71.7% of the market by 2025 [7][27] - The introduction of new national standards has significantly reshaped the competitive landscape, leading to a concentration of market share among top players [7][27] Summary by Sections Section 1: Electric Two-Wheeler Industry Overview - The electric two-wheeler industry is heavily influenced by policy changes, with the new national standards raising entry barriers and enhancing market concentration [17][27] - The industry has experienced four development phases: initial phase (1990s), rapid growth (2001-2014), bottleneck period (2014-2019), and a second growth phase post-2019 driven by new regulations [19][21] Section 2: Formation of Competitive Advantages - Leading companies have achieved higher return on equity (ROE) through improved profit margins and operational efficiencies [33][49] - The shift towards smart technology and high-end products is becoming a focal point for competition among leading firms [2][33] Section 3: Investment Recommendations - Current stock prices of Yadea, Aima, and Ninebot have significantly corrected from their peaks, indicating that their competitive advantages are not fully priced in [8] - Continuous market share growth and stable performance are expected to catalyze upward valuation adjustments for these companies [8]

Core Viewpoint - Yadea, a global leader in electric two-wheelers, is leveraging its prominent presence at the 2026 Spring Festival Gala to boost sales of its model, Yadea Kuaneng White Shark II, marking a strong start to the new year [1][2]. Group 1: Market Response and Consumer Engagement - The Yadea Kuaneng White Shark II has gained significant attention, transforming viewers of the Spring Festival Gala into potential customers, as evidenced by increased foot traffic in Yadea stores [2][3]. - The model was highlighted during the gala, with notable endorsements from celebrities and discussions around its innovative features, leading to a surge in social media engagement [2][3]. Group 2: Product Features and Innovations - The Yadea Kuaneng White Shark II combines advanced technology with appealing aesthetics, designed to meet the diverse travel needs of consumers during the back-to-work and school season [3]. - Key features include the iRide smart system for seamless user experience, a 6-inch smart screen for navigation, and enhanced safety systems like TCS2.0 and HDC, elevating the safety and convenience of electric two-wheelers [3]. Group 3: Promotional Activities and Sales Strategy - Yadea is conducting a nationwide promotional campaign titled "New Year Purchase Yadea, Lucky Draw Nonstop," running until February 28, encouraging customers to visit stores for test rides and participate in giveaways [4]. - The company has prepared over 40,000 stores across the country to meet the anticipated demand during the post-holiday travel peak, ensuring quality service and product availability [4].

Core Viewpoint - The two-wheeled electric bicycle has become an essential transportation tool for short-distance travel in China, driven by convenience, speed, and cost-effectiveness, with significant growth expected in production and consumption by 2026 [1][5]. Industry Definition and Production Base Distribution - Electric bicycles are defined as vehicles that use batteries as auxiliary energy, equipped with motors, controllers, and other components, with specific standards for two-wheeled electric bicycles set by national regulations [2][3]. - China is the largest producer and consumer of electric bicycles globally, with major production bases located in cities like Tianjin, Wuxi, Taizhou, and Guangdong [3]. Industry Development History - The industry has evolved through three stages: initial development, rapid growth, and maturity, with advancements in battery, motor, controller, and charger technologies [3]. Current Industry Status - The demand for electric bicycles is increasing due to rising living standards and the growth of the express delivery and takeaway industries, which significantly boosts production [5]. - By 2025, the cumulative production of electric bicycles in China is projected to reach 47.084 million units, with further growth expected to 49.655 million units by 2026 [5]. Industry Value Chain - The industry value chain consists of upstream manufacturing of materials and components, midstream production of electric bicycles, and downstream sales through various channels [5][6]. Relevant Policies - The government has implemented various policies to regulate the electric bicycle industry, addressing safety and battery standards to ensure sustainable development [7][8]. Competitive Landscape - The electric bicycle market in China is highly competitive, with major players including Yadea, Aima, and Tailg, which focus on brand, quality, and innovation [9][10]. - As of the first half of 2025, Yadea, Aima, and Tailg held market shares of approximately 26.3%, 20.0%, and 12.6%, respectively, indicating a competitive triad [10]. Industry Development Trends - Continuous policy support is expected to drive production growth, with regulations promoting safety and environmental standards [11]. - Consumer demand is evolving towards personalized and intelligent products, expanding market opportunities beyond basic transportation [11][12]. - Technological advancements in core components are enhancing product competitiveness, addressing user pain points related to weight, battery life, and energy efficiency [12][13].

Core Viewpoint - The electric motorcycle market in China is experiencing a dual increase in inventory and exports for 2025, influenced by new national standards and the ban on gasoline motorcycles, leading to a complex market dynamic [2][10]. Market Overview - In 2025, the total sales of gasoline and electric motorcycles are projected to be approximately 21.97 million units, with exports around 13.37 million units and domestic sales about 8.6 million units, indicating that exports account for 60% of total sales, surpassing domestic sales [3]. - Domestic sales of motorcycles are expected to decline by 3.45% year-on-year, while exports are anticipated to grow by 21%, highlighting the significance of overseas markets amid domestic restrictions [4]. Electric Motorcycle Segment - The electric motorcycle segment has shown slow growth due to policy constraints, with 2025 sales expected to reach 3.5062 million units, reflecting a mere 1.14% year-on-year increase, while the penetration rate of new energy is about 16% [6]. - Despite sluggish sales growth, production of electric motorcycles is projected to reach 3.6118 million units in 2025, marking a 6.03% increase year-on-year, with December alone seeing a production of 339,100 units, a 7% month-on-month increase [6]. Inventory and Production Dynamics - The production of electric motorcycles exceeding sales is attributed to manufacturers' strategies to stockpile inventory in response to uncertainties brought by new national standards [7]. - Manufacturers are preparing "over-standard vehicles" to meet the demand of users seeking longer range and commuting capabilities due to the new speed limit of 25 km/h imposed by the new standards [8]. Export Growth and Market Competition - The overall export data for motorcycles is strong, with electric motorcycle exports experiencing significant growth, reflecting domestic manufacturers' competitive positioning under the new standards [9]. - Major domestic electric motorcycle brands are actively participating in international exhibitions, showcasing new technologies and products, with a focus on commuter and off-road electric motorcycles [9]. New National Standards Impact - The new national standards are reshaping the demand landscape for two-wheeled vehicles, with a notable increase in interest for electric motorcycles as they offer better performance for long commutes compared to electric bicycles [10][11]. - The introduction of the new standards has led to a resurgence of lead-acid two-wheeled vehicles, regaining significant market share, indicating a shift in consumer preferences [13]. Lithium Battery Integration - The combination of lithium batteries and new national standards is seen as a promising avenue for electric motorcycles, with manufacturers focusing on lightweight, high-capacity, and high-safety batteries [15]. - Lithium batteries are positioned as superior alternatives to gasoline engines, with ongoing developments in battery technology aimed at enhancing performance and safety [16]. International Market Opportunities - Despite a modest growth rate of 1.14% in domestic electric motorcycle sales, exports are projected to grow by 18%, indicating a trend of "blooming within the walls" as domestic brands expand internationally [19]. - Southeast Asia represents a significant market for electric motorcycles, although challenges such as higher initial costs compared to gasoline motorcycles and existing consumer preferences for fuel-based options persist [20]. Strategies for Market Penetration - To achieve competitive pricing in international markets, manufacturers are focusing on local production and collaboration with local brands to mitigate the impact of decreasing export tax rebates [22]. - In contrast to Southeast Asia's price-sensitive market, developed markets like Europe are more receptive to higher-priced electric motorcycles, supported by government incentives aimed at promoting sustainable transportation [23]. Brand Positioning and Future Outlook - Chinese electric motorcycle brands are increasingly participating in European markets, with strategies ranging from affordable models to high-end offerings, enhancing brand recognition and market penetration [24]. - The evolving landscape of domestic regulations and standards will continue to influence the export dynamics of electric motorcycles, necessitating adaptive strategies from manufacturers [24].

Core Insights - The article discusses how Yadea effectively transformed the emotional connection of the Spring Festival into tangible sales through its marketing campaign, leveraging its extensive retail network and innovative product technology [1][3]. Group 1: Marketing Strategy - Yadea's campaign "Ride Yadea, Prosper in the Year of the Horse" successfully integrated various elements such as the CCTV Spring Festival Gala, the Wangwang IP, and youth appeal to drive sales [1][3]. - The brand's participation in the Spring Festival Gala for the fifth time has established it as a leading brand in the electric two-wheeler industry, enhancing its authority and reach [4][8]. - Yadea's collaboration with Wangwang and global ambassador Wang Hedi effectively targeted Gen Z and new family emotional contexts, lowering user decision-making barriers and optimizing customer acquisition costs [4][8]. Group 2: Product Innovation - The Yadea Crown Smart Shark II was featured as an interactive "smart host" during the Spring Festival Gala, showcasing its advanced technology and enhancing user engagement [5][7]. - The product's ability to respond to voice commands and interact with hosts during the show demonstrated a seamless connection between young users and smart mobility [5][7]. Group 3: User Engagement and Retention - Yadea has built a comprehensive user engagement model that transforms public attention into private user assets, creating a cycle of awareness, interest, purchase, and repurchase [7][9]. - The brand's extensive offline network of over 40,000 stores allows for rapid response to social media trends, effectively converting online buzz into offline sales [8][9]. - Yadea's focus on building a local user operation center in its stores enhances customer experience and loyalty, proving that real user assets are found in physical touchpoints rather than online [9][10]. Group 4: Brand Positioning - Yadea has positioned itself beyond a mere manufacturer of transportation tools, embedding itself in the modern lifestyle narrative of "green, trendy, and technological" [10][12]. - The brand's ability to create a lifestyle connection with consumers leads to lower user churn rates and higher lifetime value, establishing a strong competitive advantage [12][13]. - Yadea's flagship product, the Crown Smart Shark II, embodies the brand's commitment to quality and user expectations, contributing to its sustained market leadership [13].

Group 1 - Wang Hedi, as the global ambassador for Yadea, stars in the movie "Starry Dream," which will be released nationwide on February 17, with Yadea as a co-promotional partner [1] - The film features a unique dream world where the characters, played by Wang Hedi and Song Qian, navigate various settings, showcasing resilience and courage [3] - Yadea has maintained its position as the global sales leader for nine consecutive years and will appear on CCTV's Spring Festival Gala for the fifth time, emphasizing its unique status in the industry [5] Group 2 - Yadea's collaboration with "Starry Dream" conveys a message of companionship, highlighting the Yadea Crown series as a top-selling travel companion [7] - During the Spring Festival, Yadea will illuminate large screens at 24 key high-speed rail stations across China, providing a warm greeting to travelers [7] - Yadea has been a continuous partner of the CCTV Spring Festival Gala for five years, reflecting a long-standing trust and commitment to its customers [9] Group 3 - Yadea's journey began over 20 years ago with its first electric vehicle, focusing on providing enjoyable travel experiences for millions [11] - The brand emphasizes that true companionship is found in everyday moments, from morning commutes to late-night returns [11] - The overarching theme of Yadea's messaging is that the journey is ongoing, and the company is committed to accompanying users every step of the way [12]

Investment Rating - The report maintains a "Buy" rating for the durable consumer goods industry [1] Core Insights - The durable consumer goods industry is experiencing growth driven by various segments, including trendy toys, new tobacco products, home furnishings, and AI technologies [1][2][3] - The report highlights the expansion of brands like Bubble Mart and the collaboration with Takara Tomy to enhance IP development in the trendy toy sector [1][8] - The new tobacco segment shows long-term growth potential, with companies like Philip Morris International reporting significant revenue increases [2][14] - The home furnishings market is showing signs of recovery, particularly in the second-hand housing market, while new housing remains under pressure [15][16] - The report emphasizes the importance of adapting to regulatory changes in the personal care and AI glasses sectors, which are expected to reshape marketing and distribution strategies [19][23] Summary by Relevant Sections Trendy Toys - Bubble Mart is expanding into the Japanese market and collaborating with Takara Tomy to enhance its IP development [1][8] - The company reported that it aims to sell over 400 million products across all IP categories in 2025, with significant growth in registered members and store numbers [9] New Tobacco - Philip Morris International's revenue reached $40.6 billion in 2025, with a 7.3% year-on-year increase, driven by a 15% increase in new tobacco product sales [14] - The market for heated tobacco products is expected to accelerate, despite potential regulatory challenges in various countries [2][13] Home Furnishings - The report notes a significant increase in transaction volumes in the second-hand housing market, with a 754.6% year-on-year increase in certain cities [15] - Export figures for furniture show a decline, but there is potential for recovery driven by policy support and improved consumer sentiment [16] AI and Personal Care - New regulations are set to transform marketing strategies in the personal care sector, emphasizing compliance and professional channels [19][21] - The AI glasses market is witnessing innovation, with companies like Oakley and Meta launching new products, indicating a growing trend towards smart technology integration [23] 3D Printing - The report highlights advancements in 3D printing technology, particularly in multi-color printing solutions, which are expected to enhance efficiency and usability in consumer applications [35] Two-Wheeled Vehicles - The electric bicycle market is facing challenges due to policy changes and high base effects, while the motorcycle sector is showing positive trends due to regulatory relaxations [36][37]