Core Points - The new mandatory national standard for electric bicycles (GB17761-2024) officially took effect on September 1, 2023, with a transition period until November 30, 2023 [1] - The market is experiencing a chain reaction due to the new standard, including price increases for old standard models, inventory clearance by dealers, and consumer challenges regarding speed limits and model choices [1] Group 1: New Standard Implementation - The new standard aims to combat illegal modifications, setting technical requirements to increase the difficulty of such alterations [2] - The weight limit for electric bicycles using lead-acid batteries has been raised from 55 kg to 63 kg, potentially increasing the range by approximately 20 km [3] - The new standard emphasizes fire safety, limiting the weight of plastic components to no more than 5.5% of the total vehicle weight and enhancing fire resistance requirements for non-metal materials [3] Group 2: Market Reactions - Dealers are experiencing inventory shortages of old standard models, with prices increasing due to high demand and limited production [4][5] - The transition period allows for the sale of old standard models until December 1, 2023, after which all production of non-compliant bicycles must cease [5] Group 3: Industry Concerns and Suggestions - There are calls within the industry to reconsider the speed limit of 25 km/h, with suggestions to increase it to 35 km/h for better commuting efficiency [6] - Concerns have been raised regarding the weight limit adjustments, with some dealers suggesting that the increase may not be sufficient for larger models [6] - The new fire safety requirements are generally accepted, but some dealers express concerns about the strict limitations on plastic components potentially raising production costs [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 19.186 billion yuan in the first half of 2025, representing a year-on-year growth of 33.1%, and a net profit attributable to shareholders of 1.649 billion yuan, up 59.5% year-on-year [7] - The gross margin improved to 19.6%, an increase of 1.6 percentage points year-on-year, attributed to the expansion and optimization of the product mix [7] - The company achieved significant sales growth, with electric scooter and bicycle sales reaching 8.7935 million units, a 37.8% increase year-on-year, supported by continuous product development and an optimized distribution network [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 3.057 billion, 3.535 billion, and 3.844 billion yuan respectively, with corresponding PE ratios of 12.76, 11.03, and 10.15 [7] Financial Performance Summary - Revenue projections for the company are as follows: 34.763 billion yuan in 2023, 28.236 billion yuan in 2024, 36.865 billion yuan in 2025, 43.694 billion yuan in 2026, and 48.321 billion yuan in 2027, with a revenue growth rate of 11.92% in 2023, -18.77% in 2024, and 30.56% in 2025 [6] - The net profit attributable to shareholders is projected to be 2.640 billion yuan in 2023, 1.272 billion yuan in 2024, 3.057 billion yuan in 2025, 3.535 billion yuan in 2026, and 3.844 billion yuan in 2027, with a net profit growth rate of 22.17% in 2023, -51.81% in 2024, and 140.25% in 2025 [6] - The company’s earnings per share (EPS) are expected to be 0.89 yuan in 2023, 0.42 yuan in 2024, 0.98 yuan in 2025, 1.14 yuan in 2026, and 1.23 yuan in 2027 [6]

（原标题：电动自行车新国标落地，安全要求收紧推动行业升级） 21世纪经济报道 实习生涂玥 记者吴立洋 9月1日，《电动自行车安全技术规范》（GB 17761—2024）（以下简称"新国标"）正式实施，自此作 为新的生产标准，正式代替2019年起实施的旧国标（GB 17761-2018）。 作为短途出行工具，电动自行车的市场已经相当庞大。工信部数据显示，我国电动自行车社会保有量高 达3.8亿辆，相当于，每四个人就拥有一辆电动自行车。 面对广大的电动自行车用户群体，新国标提出更明确的安全导向，更在规定内容中直指火灾事故和非法 改装两大痛点设置了新标准。 值得一提的是，长期以来电动自行车关于速度与安全的博弈也将迎来终局。 新国标在旧国标限速的基础上再加码，明确新国标车出行速度超过25km/h将自动断电，防篡改的规定 更从物理层面杜绝了电动自行车超速行驶的风险，为电动自行车行业划下了一条红线。 此外，相较于旧国标，新国标新增多项技术要求，如放宽铅酸电池车型重量限制至63kg，提升续航里 程；引入北斗定位、制动性能优化等技术。对于电动自行车市场而言，更严格的技术要求落地有望在推 动行业规范发展的同事，加速市场格局洗牌， ...

Core Viewpoint - The Hong Kong automotive stocks experienced a collective rise, led by BYD's 3% increase, with other companies like Li Auto and Brilliance China also showing gains, reflecting positive delivery results for August from domestic automakers [1] Group 1: Company Performance - BYD's August sales of new energy vehicles reached 373,600 units, showing a year-on-year growth of 0.15% and a month-on-month increase of 8.52% [1] - Great Wall Motors reported August sales of 115,600 vehicles, a year-on-year increase of 22%, with new energy vehicle sales at 37,500 units [1] - SAIC Group's new energy vehicle sales in August were 129,800 units, representing a year-on-year growth of 49.89% [1] Group 2: Market Trends - Domestic automakers are releasing their August delivery results, with Leap Motor delivering 57,100 units, Xpeng delivering 37,700 units, and NIO exceeding 30,000 units, all achieving historical highs [1] - Xiaomi's automotive division has also delivered over 30,000 units for the second consecutive month [1] - The Secretary-General of the China Passenger Car Market Information Joint Conference, Cui Dongshu, noted that the diversification of domestic demand and exports is changing the structure of the regional car market [1] Group 3: Future Outlook - With the favorable environment created by the national "two new" policies promoting passenger car consumption, it is expected that the national retail volume of passenger cars will grow by 10% annually by 2025, with good growth observed from February to July [1]

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 FF301 截至月份: 2025年8月31日 狀態: 新提交 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） 致：香港交易及結算所有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 本月底法定/註冊股本總額： USD 50,000 第 1 頁 共 10 頁 v 1.1.1 II. 已發行股份及/或庫存股份變動 | 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 ...

Core Viewpoint - The company achieved significant revenue growth in H1 2025, driven by domestic quality improvement and overseas expansion, maintaining a "buy" rating [1] Group 1: Financial Performance - In H1 2025, the company reported revenue of 19.186 billion yuan, an increase of 33.11%, and a net profit of 1.649 billion yuan, up 59.5% [1] - The company adjusted its profit forecast for 2025-2027, expecting net profits of 3.009 billion, 3.501 billion, and 4.093 billion yuan respectively, with corresponding EPS of 1.0, 1.1, and 1.3 yuan [1] - The total sales volume in H1 2025 increased significantly, with a notable rise in single-vehicle profit [1] Group 2: Product Breakdown - Electric two-wheelers generated revenue of 13.106 billion yuan (excluding batteries), a year-on-year increase of 33.93%, accounting for 68.3% of total revenue [1] - The sales volume for electric bicycles reached 6.6655 million units, up 48.69%, while electric scooters saw revenue of 3.808 billion yuan, with a sales volume of 2.128 million units [1] - Other product lines, including batteries and chargers, generated revenue of 5.713 billion yuan, an increase of 40.52% [1] Group 3: Profitability - The company's gross margin improved significantly, with a gross margin of 19.61%, up 1.6 percentage points year-on-year [2] - The sales net profit margin reached 8.6%, reflecting a 1.4 percentage point increase due to revenue scale expansion and cost control [2] Group 4: Industry Outlook - The introduction of new national standards is expected to accelerate industry consolidation, with double-digit growth in overall shipment volumes anticipated [2] - The company plans to leverage its advantages in product development and compliance to achieve excess growth in the recovering market [2] - The company is also focusing on expanding its presence in overseas markets such as Indonesia and Thailand, with increased investment in battery technology and production capacity [2]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by strategic initiatives and market demand recovery in the electric two-wheeler industry [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 19.186 billion, a year-on-year increase of 33.1% [1] - The net profit attributable to shareholders reached 1.649 billion, reflecting a year-on-year growth of 59.5% [1] - The gross margin improved to 19.6%, up by 1.6 percentage points compared to the previous year [1] Group 2: Strategic Initiatives - The management implemented various strategies to enhance core business and market position, including prioritizing new product development and optimizing distribution networks [1] - The upcoming new national standards and the "old-for-new" policy are expected to accelerate demand for electric two-wheelers, benefiting the company's operations [1] Group 3: Product and Marketing Innovation - The company is focusing on optimizing its product structure and enhancing brand appeal through innovative designs and technology [2] - New product lines, such as the retro-modern series for female consumers and the performance-oriented Guan Neng series, have gained market recognition [2] - Marketing strategies have been adjusted to target younger consumers, including collaborations with popular IPs and leveraging digital platforms for brand engagement [2] Group 4: Profit Forecast and Valuation - The profit forecasts for 2025-2026 have been adjusted downward due to the marginal impact of the "old-for-new" policy, with expected net profits of 3 billion, 3.4 billion, and 3.7 billion for 2025, 2026, and 2027 respectively [3] - The current stock price corresponds to a PE ratio of 12, 11, and 10 for 2025-2027 [3] - Despite the adjustments, the company is expected to maintain its market share and industry leadership, leading to a "buy" rating [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][11]. Core Insights - The company achieved significant growth in its financial performance for the first half of 2025, with total revenue reaching 19.186 billion yuan, a year-on-year increase of 33.1%, and a net profit of 1.649 billion yuan, up 59.5% [2][4]. - The management has implemented various strategic and operational measures to strengthen core business, consolidate market position, and promote sustainable growth, especially in light of the upcoming new national standards and the "old-for-new" policy [2][3]. - The company is focusing on high-end product development and innovation, enhancing its product matrix to meet diverse consumer needs, which has positively impacted brand recognition and pricing power [3][4]. Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 3.047 billion yuan, with a growth rate of 139.51% compared to 2024 [5][9]. - The projected earnings per share (EPS) for 2025 is 0.98 yuan, with a price-to-earnings (P/E) ratio of 12 [5][9]. - The company's gross margin improved to 19.6%, reflecting a 1.6 percentage point increase year-on-year [2][4]. Product and Marketing Strategy - The company has introduced new product lines tailored for specific consumer segments, such as the "Modern Series" for female consumers and the "Crown Series" focusing on performance and driving experience [3]. - Marketing strategies have been adjusted to appeal to younger demographics, including collaborations with popular cultural icons and leveraging digital platforms for brand engagement [3].

Group 1 - Hong Kong automotive stocks collectively rose, with Li Auto up over 6%, BYD up nearly 5%, Great Wall Motors and NIO up over 3%, and XPeng Motors and Leap Motor up over 2% [1] - Recent earnings reports show Li Auto's Q2 revenue at 30.2 billion yuan, a quarter-on-quarter increase of 16.7%, with an operating profit of 827 million yuan, a year-on-year increase of 76.7% and a quarter-on-quarter surge of 204.4% [1] - Leap Motor achieved Q2 revenue of 14.23 billion yuan, with a gross margin of 13.6% and a net profit of 160 million yuan, marking a profitable quarter that exceeded expectations [1] Group 2 - XPeng Motors reported a net profit of -66.05 million USD for the second fiscal quarter of FY2025, an increase of 62.68% year-on-year [1] - BYD is expected to announce its Q2 results on August 30, forecasting a net profit between 10.5 billion to 12.914 billion yuan, representing a year-on-year growth of 15.9% to 42.5% [1] - Analysts suggest that Chinese automotive brands have gained the capability to compete with global traditional giants in design, technology, and experience, particularly in electrification and intelligence [1]

Group 1 - The core viewpoint of the report indicates that Yadea Holdings has restored its shipment pace in the first half of the year, with a gradual recovery in the two-wheeled electric vehicle business [1] - Sales of electric bicycles and electric scooters reached 6.666 million and 2.128 million units, respectively [1] - The improvement in product mix has led to an increase in Yadea's gross margin by 1.6 percentage points to 19.6%, marking a historical high [1] Group 2 - The report anticipates further potential for gross margin improvement and maintains a "Buy" rating for Yadea Holdings [1] - The new national standard is expected to be officially implemented on September 1 this year, signaling the start of a new development cycle for the industry [1] - The positive outlook for overseas business has prompted the company to raise its revenue forecasts for 2025 to 2027 by 2% to 4% and net profit forecasts by 1% to 2% [1] - The target price for Yadea Holdings has been increased from HKD 19.84 to HKD 22.63 [1]