Core Viewpoint - Yadea Holdings (01585) has seen a recovery in its shipment pace in the first half of the year, with a gradual revival in its two-wheeled electric vehicle business, leading to significant sales growth in electric bicycles and electric scooters [1] Group 1: Company Performance - Sales of electric bicycles reached 6.666 million units, while electric scooters sold 2.128 million units [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: Future Outlook - There is optimism for further gross margin improvement, with expectations that the new national standard will be implemented on September 1, initiating a new development cycle for the industry [1] - The outlook for overseas business is positive, prompting an upward revision of 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 raised from HKD 19.84 to HKD 22.63 [1]

Group 1 - The core viewpoint of the report is that Yadea Holdings (01585) has seen a recovery in its shipment rhythm in the first half of the year, with gradual recovery in its two-wheeled electric vehicle business [1] - Sales of electric bicycles and electric scooters have increased to 6.666 million and 2.128 million units, respectively [1] - Due to improvements in product structure, Yadea's gross margin has increased by 1.6 percentage points to 19.6%, reaching 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, marking the beginning of a new development cycle for the industry [1] - The outlook for overseas business is positive, leading to an upward revision of the company's revenue forecasts for 2025 to 2027 by 2% to 4% and net profit forecasts by 1% to 2% [1] Group 3 - The target price for Yadea Holdings has been raised from HKD 19.84 to HKD 22.63 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 19.186 billion yuan in H1 2025, representing a year-on-year increase of 33.11%, and a net profit of 1.649 billion yuan, up 59.5% [7] - The growth is primarily driven by government subsidies boosting end-consumer demand and increased enthusiasm among distributors for inventory replenishment due to clear policy regulations [7] - The company has raised its profit forecasts for 2025-2027, expecting net profits of 3.009 billion yuan, 3.501 billion yuan, and 4.093 billion yuan respectively, with corresponding EPS of 1.0, 1.1, and 1.3 yuan [7] - The current stock price corresponds to P/E ratios of 12.1, 10.4, and 8.9 for the years 2025, 2026, and 2027 respectively, indicating a solid market position with strong product and channel barriers [7] Revenue Breakdown - In H1 2025, the company’s total sales volume increased significantly, with electric bicycles and electric scooters generating a total revenue of 13.106 billion yuan, accounting for 68.3% of total revenue [8] - The total sales volume reached 8.7935 million units, up 37.77%, with an average selling price (ASP) of 2,182 yuan per unit, down 3.4% [8] - The revenue from electric bicycles was 9.298 billion yuan, up 49.01%, while electric scooters generated 3.808 billion yuan, up 7.39% [8] - Revenue from batteries and chargers was 5.713 billion yuan, up 40.52%, while revenue from electric two-wheeler components decreased to 367 million yuan, down 34.76% [8] Profitability - The company improved its product mix in H1 2025, resulting in a gross margin increase of 1.6 percentage points to 19.61% [9] - The sales, management, and R&D expenses accounted for 4.3%, 2.8%, and 3.3% of revenue respectively, with a focus on optimizing internal management [9] - The net profit margin for H1 2025 was 8.6%, reflecting a 1.4 percentage point increase year-on-year, driven by revenue growth and cost control measures [9] Outlook - The introduction of new national standards is expected to accelerate industry consolidation, with anticipated double-digit growth in overall shipments due to trade-in activities [10] - The company plans to leverage its advantages in product development and compliance to achieve excess growth in a recovering market, with a projected sales increase of 38% in H1 2025 [10] - The company is also expanding its product offerings in overseas markets such as Indonesia and Thailand, with expected growth potential [10]

Group 1: Market Overview - The Hang Seng Index fell by 0.66%, down 165 points, closing at 25,035 points, while the Hang Seng Tech Index decreased by 1.04% [1] - Early trading volume in Hong Kong stocks reached HKD 210.8 billion [1] Group 2: Chip Industry Insights - According to TrendForce, the proportion of external chip suppliers in China's AI server market is expected to drop from 63% in 2024 to 42% by 2025, while local chip suppliers' share may rise to 40%, indicating a trend towards domestic substitution [1] - Chip stocks saw gains, with Shanghai Fudan up 5.79%, SMIC up 8.27%, and Huahong Semiconductor up 4.64% [1] Group 3: Company Performance Highlights - China Cinda's stock rose by 9.74% after reporting a 5.8% year-on-year increase in net profit for the first half of the year, reinforcing its advantage in the non-performing asset management sector [2] - Yadea Holdings' stock increased by over 5% as its net profit for the first half of the year surged nearly 60%, with the new national standard expected to usher in a new industry cycle [3] - CNOOC's stock rose by 4.4% following a mid-term net profit of approximately CNY 69.5 billion, with further potential in overseas exploration [4] - Television Broadcasts' stock fell over 9%, reporting a loss of HKD 108 million for the first half of the year, but expects to achieve positive net profit for the year [5] - Alibaba's stock declined by 3.74% ahead of its first fiscal quarter earnings report, with market concerns regarding the impact of flash sale investments on profits [6] - Lao Pu Gold's stock dropped nearly 4% due to a reduction in shares by the company's incentive platform, although the controlling shareholder did not sell any shares [7] - Smoore International's stock fell over 8%, with a nearly 28% year-on-year decrease in net profit for the first half of the year, affected by increased R&D expenditures [8]

交银国际指出，新国标将于今年9月1日正式实施，行业进入新周期，预计公司作为行业龙头，技术、渠 道、产品力加持下有望受益。此外雅迪在出海方面领先同行，公司预计2027年其海外销量规模有望实现 突破。考虑到新国标实施后及高端产品占比提升，上调公司2025-2027年收入预测及净利润预测。目标 价由19.84港元至22.63港元。考虑到内销"新国标"利好，及海外销售前景良好，看好公司中长期发展， 维持"买入"。 消息面上，雅迪控股发布中期业绩，该集团取得收入191.86亿元人民币，同比增加33.11%；公司拥有人 应占利润16.49亿元，同比增加59.5%。美银证券发布研报称，公司期内销量同比增长38%，受惠于以旧 换新补贴政策及渠道补库存需求。毛利率19.6%，按年升1.6个百分点。净利润按年增长60%，符合先前 业绩预告。该行相信公司将持续扩大市场份额。 雅迪控股(01585)再涨超6%，截至发稿，涨6.29%，报13.68港元，成交额1.82亿港元。 ...

美银证券发表研究报告指，雅迪控股上半年收入按年增长33%，销量按年增长38%，受惠于以旧换新补 贴政策及渠道补库存需求；毛利率19.6%，按年升1.6个百分点；净利润按年增长60%，符合先前业绩预 告。该行将雅迪控股的目标价由17港元微升至17.1港元，重申"买入"评级，相信其有望持续扩大市场份 额。 ...

智通财经APP获悉，雅迪控股(01585)再涨超6%，截至发稿，涨6.29%，报13.68港元，成交额1.82亿港 元。 交银国际指出，新国标将于今年9月1日正式实施，行业进入新周期，预计公司作为行业龙头，技术、渠 道、产品力加持下有望受益。此外雅迪在出海方面领先同行，公司预计2027年其海外销量规模有望实现 突破。考虑到新国标实施后及高端产品占比提升，上调公司2025-2027年收入预测及净利润预测。目标 价由19.84港元至22.63港元。考虑到内销"新国标"利好，及海外销售前景良好，看好公司中长期发展， 维持"买入"。 消息面上，雅迪控股发布中期业绩，该集团取得收入191.86亿元人民币，同比增加33.11%；公司拥有人 应占利润16.49亿元，同比增加59.5%。美银证券发布研报称，公司期内销量同比增长38%，受惠于以旧 换新补贴政策及渠道补库存需求。毛利率19.6%，按年升1.6个百分点。净利润按年增长60%，符合先前 业绩预告。该行相信公司将持续扩大市场份额。 ...

Core Viewpoint - The two-wheeled electric vehicle industry in China is undergoing technological upgrades and market restructuring, driven by policy support, with leading companies like Yadea Holdings gaining significant market share and profit margins [1] Group 1: Industry Dynamics - The new national standard is a core policy driving sales growth and industry concentration in the electric two-wheeler sector [1] - The "old-for-new" policy has effectively stimulated market demand, confirming the logic of industry acceleration [1] - The Hong Kong stock market is favoring brands with "through-cycle" characteristics, with Yadea Holdings being a prime example due to its resilient performance and strategic initiatives [1] Group 2: Company Positioning - Yadea has a strong industry leadership position, with cumulative global sales exceeding 100 million units and maintaining the number one market share for eight consecutive years [2][4] - The company's scale advantage enhances its supply chain management capabilities, reinforcing profit resilience and enabling it to capitalize on policy benefits [4] Group 3: Financial Performance - In the first half of the year, Yadea achieved revenue of 19.19 billion yuan, a year-on-year increase of 33.1%, and a net profit of 1.65 billion yuan, up 59.5% [5] Group 4: Technological Innovation - Yadea has invested over 5.93 billion yuan in R&D since its listing in 2016, leading the industry and driving technological competition [7] - The company holds over 2,000 patents and continues to innovate in core technologies, creating a strong technological ecosystem that raises barriers for competitors [8] Group 5: Global Expansion - Yadea's global strategy focuses on integrated research, production, supply, sales, and service, allowing for refined overseas expansion [9] - The company has established ten smart production and research bases globally, exporting products to over 100 countries and regions [11] Group 6: Brand and Service Strategy - Yadea emphasizes brand emotional connection and quality service, shifting the competitive landscape from purely technical specifications to user experience [12] - The company has built a global network of over 40,000 service outlets, enhancing its service response mechanisms and focusing on user-centric brand missions [16] Group 7: Market Leadership - Yadea maintains a leading market share of 26.3% and a domestic sales growth rate of 41.1%, significantly outperforming the industry average [17] - The company's ability to convert policy benefits, technological advancements, and overseas production into quantifiable growth momentum is expected to enhance market expectations for its future value growth [17]

智通财经APP获悉，美银证券发布研报称，雅迪控股(01585)上半年收入同比增长33%。期内销量同比增 长38%，受惠于以旧换新补贴政策及渠道补库存需求。毛利率19.6%，同比升1.6个百分点。净利润同比 增长60%，符合先前业绩预告。目标价由17港元微升至17.1港元，重申"买入"评级，相信其有望持续扩 大市场份额。 该信息由智通财经网提供 ...

美银证券发布研报称，雅迪控股(01585)上半年收入同比增长33%。期内销量同比增长38%，受惠于以旧 换新补贴政策及渠道补库存需求。毛利率19.6%，同比升1.6个百分点。净利润同比增长60%，符合先前 业绩预告。目标价由17港元微升至17.1港元，重申"买入"评级，相信其有望持续扩大市场份额。 ...