2024年03月20日 公 司点评 公 买入 / 维持 司 雅迪控股(01585) 研 究 收入利润双位数增长，优化产品结构和终端有望持续增厚业绩 公司发布 2023 年度业绩公告，收入业绩均双位数增长：公司 2023 全年 ◼ 走势比较 实现营业收入347.63亿元/+11.92%，归母净利润26.40亿元/+22.17%， 基本每股收益 0.89 元/+19.59%。其中，23H2 实现营业收入 177.22 亿元 20% /+4.19%，归母净利润 14.52 亿元/+15.06%，基本每股收益 0.49 元 太 8% /+13.95%。 平 电自销量驱动整体收入增长，价格战下均价同比下滑：全年来看，两轮销 (1( 64 %% ))02/3/32 13/5/32 11/8/32 22/01/32 2/1/42 41/3/42 量合计1652万台/+17.9%，单车均价1488元/台，同比下降5.1%，其中， 洋 1）电动自行车收入159.52亿元/+24.4%，销量1156万台/+28.8%，单价 证 (28%) 1380元/-3.4%；2）电踏车收入86.35亿元/-5.6%，销量496万台/-1.5 ...

[Ta雅ble迪_St控ock股Nam（eR 0p 1tT 5yp 8e 5] ） 公司研究/港股点评 盈利向上，加码钠电 ——雅迪控股 23 年报点评 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-03-20 [⚫T ab公le司_S发um布m2a0r2y3] 年年报： ➢ 23H2：营收177.0亿元（+4.0%），净利润14.5亿元（+15.1%）， [收Ta盘bl价e_（Ba港se元D）at a] 13.44 ➢ 23全年：营收347.6亿元（+11.9%），净利润26.4亿元（+22.2%）。 近12个月最高/最低（港元） 19.80/10.68 ➢ 收入、业绩基本符合市场预期。 总股本（百万股） 3,064 ➢ 23年公司拟派股息0.48港元/股，对应分红率50.5%。 流通股本（百万股） 3,064 ➢ 公司另于 3.17 公告拟以 3.5 亿元收购电控领先企业凌博电子，进一 流通股比例（%） 100.00 步加注钠电技术优势。 总市值（亿港元） 412 流 通市值（亿港元） 412 ⚫ 短逻辑：主业均价及结构已现边际改善 [公Ta司ble价_C格ha与rt ...

Revenue Growth - Revenue increased by 11.9% to RMB 34,762.8 million compared to the previous year[2] - Revenue from electric bicycles increased to RMB 15,952.1 million in 2023, up from RMB 12,827.5 million in 2022, representing a growth of approximately 24.4%[13] - Battery and charger revenue rose to RMB 9,249.6 million in 2023, compared to RMB 8,397.8 million in 2022, an increase of about 10.1%[13] - Revenue from electric two-wheeler parts grew to RMB 925.7 million in 2023, up from RMB 689.0 million in 2022, an increase of about 34.4%[13] - Total revenue for 2023 reached RMB 34,762.8 million, compared to RMB 31,059.4 million in 2022, representing a growth of approximately 11.9%[13] - Total revenue for electric two-wheelers and related accessories reached RMB 34,543,555 thousand in 2023, an increase from RMB 30,409,109 thousand in 2022[16] - Revenue increased by 11.9% to RMB 34,762.8 million in 2023, driven by strong sales of electric bicycles, batteries, and chargers[39][44] - Revenue from electric bicycles increased by 28.8% to 11,561,000 units in 2023, contributing to a total revenue of RMB 15,952,107 thousand, up from 8,976,000 units and RMB 12,827,456 thousand in 2022[45] - Total revenue for 2023 reached RMB 34,762,757 thousand, a 11.9% increase from RMB 31,059,443 thousand in 2022[45] Profitability - Net profit attributable to the company's owners rose by 22.2% to RMB 2,640.2 million[2] - Basic earnings per share increased by 19.6% to RMB 88.5 cents[2] - Gross profit reached RMB 5,885.2 million, up from RMB 5,614.0 million in the previous year[3] - Operating profit grew to RMB 3,132.1 million from RMB 2,707.6 million[3] - Net profit for 2023 increased by 20.9% to RMB 2,640.2 million, up from RMB 2,183.0 million in 2022[56] - Net profit attributable to the company's owners for 2023 was RMB 2,640,158 thousand, compared to RMB 2,161,094 thousand in 2022[27] - Basic earnings per share increased to 88.5 RMB cents in 2023 from 74.0 RMB cents in 2022[25] - Diluted earnings per share for 2023 increased to RMB 88.0 cents per share, up from RMB 72.9 cents per share in 2022[27] Research and Development - Research and development expenses amounted to RMB 1,192.0 million, up from RMB 1,105.8 million[3] - R&D expenses rose by 7.8% to RMB 1,192.0 million in 2023, primarily due to increased employee benefits and material costs[53] Financial Position - Total assets increased to RMB 25,660.1 million from RMB 24,952.7 million[5] - Total equity rose to RMB 8,401.2 million from RMB 6,642.6 million[6] - Cash and cash equivalents grew by 16.7% to RMB 7,913.8 million as of December 31, 2023, compared to RMB 6,782.6 million in 2022[57] - Operating cash flow increased to RMB 3,580.1 million in 2023, up from RMB 3,078.4 million in 2022[57] - Net current assets stood at RMB 445.6 million as of December 31, 2023, compared to net current liabilities of RMB 125.4 million in 2022[58] - Inventory decreased by 34.5% from RMB 1,458.0 million in 2022 to RMB 955.4 million in 2023, primarily due to reduced battery stock[59] - Average inventory turnover days decreased from 18.8 days in 2022 to 15.04 days in 2023, driven by reduced raw materials and battery inventory[59] - Accounts receivable increased by 40.6% from RMB 388.3 million in 2022 to RMB 545.9 million in 2023, mainly due to an increase in distributors granted credit[60] - Financial assets at fair value decreased by 33.7% from RMB 4,208.5 million in 2022 to RMB 2,789.8 million in 2023, primarily due to the redemption of wealth management products and structured deposits[61] - The company recorded a fair value gain of approximately RMB 103.7 million from financial assets at fair value in 2023[61] - Accounts payable and notes payable increased by 0.6% from RMB 13,592.9 million in 2022 to RMB 13,672.2 million in 2023, mainly due to increased raw material purchases[62] - The asset-liability ratio decreased to 9.9% in 2023 from 26.8% in 2022[63] Dividends and Shareholder Returns - The company proposed a final dividend of 48.0 HK cents per ordinary share[2] - The company proposed a final dividend of 48.0 HK cents per share for 2023, totaling HK$1,436,698 thousand (approximately RMB 1,304,076 thousand)[23] - The Board has resolved to recommend a final dividend of HK$0.48 per ordinary share for the year ending December 31, 2023, compared to HK$0.40 for the previous year[72] - The final dividend cheques and new shares under the scrip dividend scheme are expected to be dispatched to shareholders around August 19, 2024[72] Business Segments - The company operates in two reportable segments: electric two-wheelers and related parts, and batteries[15] - The electric two-wheelers and related parts segment focuses on the development, manufacturing, and sales of electric two-wheelers and related components[15] - The batteries segment is primarily engaged in the production and sales of batteries through its subsidiaries, Huayu New Energy Technology Co., Ltd. and Jieshou Huayu New Energy Sales Co., Ltd.[15] Sales Performance - Electric scooter revenue decreased to RMB 8,635.3 million in 2023 from RMB 9,145.2 million in 2022, a decline of approximately 5.6%[13] - Total sales of electric two-wheelers reached 16.5 million units in 2023, a 17.9% increase year-over-year, including 4.9 million electric scooters and 11.6 million electric bicycles[39] - Electric scooter sales decreased by 1.5% to 4,960,000 units in 2023, with revenue of RMB 8,635,319 thousand, compared to 5,034,000 units and RMB 9,145,187 thousand in 2022[45] Product Development and Innovation - The company launched 33 new electric bicycle models and 16 new electric scooter models in 2023, featuring enhanced design, smart functions, and advanced performance[40] - The company introduced its first-generation sodium-ion battery, "Ji Na 1," in 2023, offering advantages in safety, lifespan, charging speed, low-temperature durability, and power[40] Distribution and Market Expansion - The company expanded its distribution network to over 4,000 distributors in China, with more than 40,000 sales points as of December 31, 2023[42] - The company's international distribution network now covers over 90 countries, including Europe, Southeast Asia, South America, and Central America[42] - A new production facility in Vietnam, with a planned annual capacity of 2 million electric motorcycles, is set to begin operations in 2025, with 30% of output exported to Southeast Asian markets[43] Acquisitions and Investments - The company acquired a 70% stake in Huayu in January 2022 for a total cash consideration of RMB 311,500 thousand[32] - Intangible assets from the Huayu acquisition were valued at RMB 310,848 thousand, primarily consisting of acquired patents[33] - Goodwill from the Huayu acquisition was RMB 683,858 thousand, attributed to post-acquisition synergies[33] - The company acquired the remaining 30% stake in Huayu in August 2022 for RMB 133,500 thousand[35] - The company also acquired the remaining 30% stake in Chengdu Yadi Technology Co., Ltd. in August 2022 for RMB 6,000 thousand[36] - The company acquired 100% equity of Wuxi Lingbo Electronic Technology for RMB 351.5 million, focusing on smart control system solutions and products[38] - The company's subsidiary acquired 100% equity of Wuxi Lingbo Electronic Technology Co., Ltd. for a total cash consideration of approximately RMB 351.5 million in March 2024[69] Corporate Governance and Compliance - The company's financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRS) and include applicable disclosures required by the Hong Kong Stock Exchange Listing Rules and the Hong Kong Companies Ordinance[12] - No single customer accounted for 10% or more of the company's total revenue during the reporting period[14] - The company has fully complied with the Corporate Governance Code for the entire year ending December 31, 2023[70] - The Audit Committee has reviewed the annual results for the year ending December 31, 2023, and discussed risk management, internal controls, and financial reporting matters[75] - The company's annual report for the year ending December 31, 2023, will be dispatched to shareholders and made available on the company's website[77] Other Income and Expenses - Government subsidies increased to RMB 328,372 thousand in 2023 from RMB 166,631 thousand in 2022[18] - Bank interest income rose to RMB 305,676 thousand in 2023 compared to RMB 179,556 thousand in 2022[18] - The company recorded a net gain of RMB 25,001 thousand from the sale of a portion of its equity in an associate company in 2023[18] - Other income and gains surged by 115.9% to RMB 979.8 million in 2023, driven by government subsidies, bank interest income, and VAT overpayment credits[50] Employee Costs - Employee benefits expenses rose to RMB 2,491,264 thousand in 2023 from RMB 2,095,911 thousand in 2022[20] - The company's total employee cost increased by 16.9% from RMB 2,315.3 million in 2022 to RMB 2,707.6 million in 2023, driven by an increase in employee numbers and average salaries[65] Inventory and Raw Materials - Raw materials and consumables used increased to RMB 27,739,951 thousand in 2023 from RMB 24,376,677 thousand in 2022[20] - Inventory decreased to RMB 955,438 thousand in 2023 from RMB 1,458,049 thousand in 2022, with significant reductions in raw materials and work-in-progress[28] Accounts Receivable and Payable - Accounts receivable increased to RMB 545,941 thousand in 2023 from RMB 388,315 thousand in 2022, with 95.8% of receivables aged within six months[29][30] - Accounts payable and notes payable totaled RMB 13,672,198 thousand in 2023, slightly up from RMB 13,592,878 thousand in 2022[30] Shareholder Meetings and Dividends - The Annual General Meeting is scheduled to be held on June 17, 2024[73] - The company will suspend the registration of shareholders from June 12 to June 17, 2024, to determine eligibility for attending and voting at the Annual General Meeting[73]

Sales Performance - In the first half of 2023, Yadea Group Holdings Limited achieved a sales volume of approximately 8,210,700 electric two-wheelers, representing a 33.8% increase from approximately 6,136,200 units in the same period of 2022[8]. - Sales of electric bicycles increased by approximately 53.6% from about 3,606,800 units in the first half of 2022 to approximately 5,538,900 units in the first half of 2023[11]. - The electric scooter sales volume rose by approximately 5.6% from about 2,529,400 units in the first half of 2022 to approximately 2,671,800 units in the first half of 2023[11]. Revenue and Profitability - Revenue for the six months ended June 30, 2023, was approximately RMB 17,041.1 million, a 21.3% increase from approximately RMB 14,050.6 million in the same period of 2022[10]. - Total revenue for electric two-wheelers and related accessories increased from RMB 14,050.6 million for the six months ended June 30, 2022, to RMB 17,041.1 million for the six months ended June 30, 2023, representing a growth of approximately 21.2%[13]. - Gross profit rose from RMB 2,518.2 million for the six months ended June 30, 2022, to RMB 2,874.1 million for the six months ended June 30, 2023, an increase of about 14.1%[15]. - Profit for the period increased by approximately 31.2%, from RMB 904.5 million for the six months ended June 30, 2022, to RMB 1,186.8 million for the six months ended June 30, 2023[17]. - Basic earnings per share rose to RMB 39.9, compared to RMB 31.1 for the same period last year, reflecting a growth of 28.4%[63]. Market Strategy and Product Development - The company launched 29 new models in the first half of 2023, including the KANON Explore X7 and KANON Luxury Q9, targeting increased market share in second and third-tier cities in China[9]. - The company aims to capture additional market share by introducing new models tailored to the preferences of female users, emphasizing design and comfort[9]. - The increase in revenue was attributed to the recovery of market demand for daily commuting, expansion of the product portfolio, increased marketing efforts, and an expanded distribution network[10]. Financial Position and Cash Flow - Cash and cash equivalents increased by approximately 21.3%, from RMB 6,782.6 million as of December 31, 2022, to RMB 8,227.7 million as of June 30, 2023[18]. - Net cash inflow from operating activities for the six months ended June 30, 2023, was approximately RMB 2,572.8 million, compared to RMB 448.9 million for the same period in 2022[19]. - Total assets as of June 30, 2023, were RMB 25,589.9 million, an increase from RMB 24,952.7 million at the end of 2022[65]. - The company’s total equity reached RMB 7,011,189 thousand as of June 30, 2023, compared to RMB 6,642,594 thousand as of December 31, 2022, an increase of 5.5%[67]. Shareholder Information and Stock Options - As of June 30, 2023, the total issued shares of the company were 3,063,800,000, with major shareholders holding 1,910,996,943 shares, representing approximately 62.37% ownership[29]. - The company granted a total of 33,550,000 share options to 263 employees on January 17, 2023, with an exercise price of HKD 16.14 per share[34]. - The share options granted are subject to performance targets, and unexercised options as of June 30, 2023, totaled 32,220,000[34]. Expenses and Liabilities - Total employee costs increased to approximately RMB 1,426.0 million for the six months ended June 30, 2023, compared to RMB 1,108.1 million for the same period in 2022[24]. - Total liabilities increased to RMB 18,578,725 thousand as of June 30, 2023, compared to RMB 18,310,092 thousand as of December 31, 2022, reflecting a growth of 1.5%[67]. - The company reported a total comprehensive income of RMB 1,287,350 thousand for the six months ended June 30, 2023, compared to RMB 921,653 thousand for the same period in 2022, indicating a growth of 39.7%[70]. Investment and Acquisitions - The company acquired 70% of Huayu by the company's wholly-owned subsidiary involved a total cash consideration of RMB 311,500,000[108]. - The identifiable net liabilities acquired from Huayu amounted to RMB (531,940,000), with goodwill recognized at RMB 683,858,000[109]. - The net proceeds from the placement of shares amounted to approximately HKD 857.6 million, equivalent to approximately RMB 727.8 million[51].

[2 -> 18] 好的可以大家上午好我是雅思怡陈子慕今天先跟大家简单过一下我们这个半年报的一个业绩录影PPT然后看大家有些哪些关心的问题我们再进一步探讨 [19 -> 37] 首先讲一下上半年经营的一个亮点今年我们上半年的量增长是比较迅猛达到34%的同比的一个销量增速这个销量增速的核心原因是我们在去年下半年开始 [38 -> 64] 就对于不同价格带不同性别不同消费人群在新品上做了非常充分的一个布局那这个呢跟我们传统以中高阶以这个男性消费者为主的这样一个新品推出呢变得更加多元化差异化所以呢这个其实是充分的一个新品布局的一个准备是我们今年亮上来比较快的一个核心的原因 [67 -> 96] 那大家也比较关心海外市场那海外市场呢我们今年除了在越南在销量上从去年大概5万台今年可能到年底估计应该是要翻一翻这样一个水平另外呢我们在去年下半年也在越南买了一个300多亩的土地那现在已经开始要准备正式开工建设一个200万的一个产能可能在2025年的时候 [97 -> 116] 落成跟现在的在那边的组装工厂就是一个不太一样跟国内类似于国内的一个正式的产业基地工业园一样的一个大的基地包括了主要的零部件的配套都会在里面那另外呢我们 ...

Financial Performance - Revenue increased by approximately 21.3% to about RMB 17,041.1 million compared to the same period in 2022[1] - Gross profit rose by approximately 14.1% to about RMB 2,874.1 million compared to the same period in 2022[1] - Profit attributable to shareholders increased by approximately 32.1% to about RMB 1,187.6 million compared to the same period in 2022[1] - Basic earnings per share increased by approximately 28.3% to about RMB 39.9 cents compared to the same period in 2022[1] - Operating profit for the period was RMB 1,469.3 million, up from RMB 1,128.2 million in the same period last year[2] - Total comprehensive income for the period was RMB 1,286.5 million, compared to RMB 927.2 million in the same period last year[3] - The company reported a net profit attributable to shareholders of RMB 1,187,643, compared to RMB 898,979 in the same period last year, which is an increase of approximately 32.2%[26] - Basic earnings per share rose to RMB 39.9, up from RMB 31.1 in the previous year, reflecting a growth of about 28.4%[26] - Profit for the period increased by approximately 31.2% from RMB 904.5 million for the six months ended June 30, 2022, to RMB 1,186.8 million for the same period in 2023[58] Revenue Breakdown - Total revenue from electric bicycles reached RMB 7,639,514 thousand, up from RMB 5,201,631 thousand in the previous year, indicating a growth of 46.9%[15] - Revenue from batteries and chargers increased to RMB 4,498,171 thousand, compared to RMB 3,907,361 thousand in the prior year, reflecting a growth of 15.1%[15] - Total revenue for the electric two-wheeler and related parts segment reached RMB 16,988,740, an increase from RMB 13,659,387 in the same period last year, representing a growth of approximately 24.5%[18] - Revenue from the sales of electric two-wheelers, batteries, and chargers rose by approximately 21.3% from about RMB 14,050.6 million for the six months ended June 30, 2022, to about RMB 17,041.1 million for the six months ended June 30, 2023[50] Cash Flow and Liquidity - Cash and cash equivalents as of June 30, 2023, were RMB 8,227.7 million, compared to RMB 6,782.6 million as of December 31, 2022[4] - Operating cash flow for the six months ended June 30, 2023, was RMB 2,572,802 thousand, a significant increase from RMB 448,933 thousand in the same period of 2022, representing a growth of 474%[6] - The company reported a significant increase in cash generated from operating activities, amounting to RMB 2,821,783 thousand, compared to RMB 538,331 thousand in the previous year[6] - Cash and cash equivalents amounted to approximately RMB 8,227.7 million as of June 30, 2023, an increase of about 21.3% from RMB 6,782.6 million as of December 31, 2022[59] - The net cash used in investing activities was RMB (260,442) thousand, an improvement from RMB (642,053) thousand in the same period last year[7] - Financing activities resulted in a net cash outflow of RMB (924,874) thousand, compared to a net inflow of RMB 694,950 thousand in the same period of 2022[7] Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 25,589.9 million, compared to RMB 24,952.7 million as of December 31, 2022[4] - Total liabilities increased to RMB 18,578.7 million from RMB 18,310.1 million as of December 31, 2022[5] - Net assets attributable to equity holders increased to RMB 7,011.2 million from RMB 6,642.6 million as of December 31, 2022[5] - Total financial liabilities as of June 30, 2023, were RMB 17,155,545,000, slightly up from RMB 17,141,361,000 at the end of 2022[42] - The net current liabilities increased to approximately RMB 343.7 million as of June 30, 2023, compared to RMB 125.4 million as of December 31, 2022, primarily due to the recognition of payable dividends as a current liability[63] Inventory and Receivables - Accounts receivable as of June 30, 2023, amounted to RMB 733,610,000, a significant increase from RMB 396,531,000 as of December 31, 2022[30] - The total inventory as of June 30, 2023, was RMB 1,132,247,000, down from RMB 1,458,049,000 as of December 31, 2022[31] - Inventory decreased by approximately 22.3% from RMB 1,458.0 million as of December 31, 2022, to RMB 1,132.2 million as of June 30, 2023, with the average inventory turnover days reducing from 18.1 days to 16.5 days[64] Employee and Management Compensation - Total employee costs amounted to approximately RMB 1,426.0 million as of June 30, 2023, compared to RMB 1,108.1 million for the same period in 2022, reflecting an increase in workforce to 11,988 employees[66] - The company’s management compensation increased significantly to RMB 18,472 thousand for the six months ended June 30, 2023, compared to RMB 4,874 thousand for the same period in 2022[49] - Total employee benefit expenses related to share-based payments amounted to RMB 92,448,000 for the six months ended June 30, 2023, compared to RMB 67,880,000 for the same period in 2022, representing a 36% increase[39] Corporate Governance and Compliance - The company fully complied with the Corporate Governance Code during the reporting period[74] - The board confirmed adherence to the Standard Code for securities trading by all directors as of June 30, 2023[75] - An Audit Committee has been established, consisting of four independent non-executive directors and one non-executive director, to oversee financial reporting and risk management[77] Market and Product Development - The company launched 29 new models in the first half of 2023, including the Crown Energy Explorer X7 and Crown Energy Luxury Q9, targeting increased market share in second and third-tier cities in China[51] - The Crown Energy Modern electric two-wheeler, launched in March 2023, sold over 261,000 units within three months, indicating strong market demand[51] - The company plans to continue investing in the development of new models and enhancing the performance of existing electric two-wheelers and bicycles[51] - The company emphasized the design of its products to cater specifically to female users, enhancing user experience and comfort[51] - The company’s marketing and advertising efforts contributed to the recovery of market demand for daily commuting[50]

Share Incentive Plans - As of December 31, 2022, the total number of shares available for issuance under the share incentive plans is 109,200,539 shares, which includes 16,012,000 shares (approximately 0.52% of the issued share capital as of the 2022 annual report date) under the first share incentive plan, 17,512,539 shares (approximately 0.57%) under the second and third share incentive plans, and 75,676,000 shares (approximately 2.47%) under the fourth share incentive plan[7]. - The company has not granted any rewards under the first group incentive plan as of the date of the 2022 annual report[2]. - No payment is required upon acceptance of the rewards granted under the first, second, and third share incentive plans[4]. - The company has not yet redeemed any rewards through the general or special authorization to subscribe for new shares[2]. Board Discretion and Governance - The board has the discretion to determine the vesting period and conditions for the reward shares under the first share incentive plan[3]. - The board may determine the purchase price for the reward shares at its discretion, considering the company's business and financial performance[6]. - The board may specify other terms and conditions related to the acceptance of rewards in the notification to selected employees[5]. - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[8]. Accuracy and Impact of Reports - The company confirms that all information in the 2022 annual report is true and accurate[8]. - The announcement does not affect any information contained in the 2022 annual report[8].

Financial Performance - Total revenue for 2022 reached RMB 31,059.4 million, representing a year-on-year growth of 15.2%[12] - The gross profit for 2022 was RMB 5,614.0 million, with a gross margin of approximately 18.1%[12] - The net profit attributable to the owners of the company for 2022 was RMB 2,161.1 million, an increase of 58.0% compared to 2021[12] - The total assets as of December 31, 2022, amounted to RMB 24,952.7 million, up from RMB 19,407.8 million in 2021[13] - The total liabilities for 2022 were RMB 18,310.1 million, compared to RMB 14,895.4 million in 2021[13] - In 2022, the company's revenue increased by approximately 15.2% to RMB 31,059.4 million, up from RMB 26,967.5 million in 2021[19] - The gross profit increased by approximately 36.9% to RMB 5,614.0 million in 2022, compared to RMB 4,101.5 million in 2021[19] - The net profit for the year increased by approximately 59.7% from RMB 1,366.6 million in 2021 to RMB 2,183.0 million in 2022, reflecting the cumulative impact of the aforementioned factors[23] Production and Capacity - The company’s production capacity for electric two-wheelers is approximately 20 million units per year, supported by over 11,000 employees[8] - The company launched 15 new models of electric scooters and 34 new electric bicycles with enhanced designs and smart features in 2022[16] - The company expanded its distribution network to 4,041 distributors in China by December 31, 2022, up from 3,353 in 2021, with over 32,000 sales points[16] - The total segment revenue for the battery division was RMB 3,870.0 million in 2022, with no corresponding revenue reported for 2021 due to the acquisition of Huayu[22] Research and Development - The company has a strong R&D team in Wuxi, employing about 980 professionals with various product design backgrounds[8] - Research and development expenses rose by about 31.1% from RMB 843.7 million in 2021 to RMB 1,105.8 million in 2022, primarily due to new product and technology development related to batteries and chargers[23] - The company plans to continue investing in R&D to ensure it remains at the forefront of technological advancements in the electric two-wheeler industry[16] - The total number of patents held increased to 1,890 in 2022 from 1,350 in 2021, marking a growth of about 40%[76] - The number of invention patents held rose significantly to 109 in 2022 from 29 in 2021, indicating an increase of approximately 275.9%[76] Market and Sales - The average selling price of electric scooters rose from RMB 1,662 in 2021 to RMB 1,816 in 2022, while the average selling price of electric bicycles increased from RMB 1,265 to RMB 1,429 during the same period[19] - Total sales volume of electric scooters decreased by approximately 18.0% from about 6,142,000 units in 2021 to about 5,034,000 units in 2022, while electric bicycle sales increased by approximately 16.3% from about 7,721,000 units to about 8,976,000 units[21] - The company exports its products to over 80 countries through its international distribution network[9] Environmental, Social, and Governance (ESG) - Yadea identified 14 "very important" ESG issues through stakeholder engagement, with over 200 participants involved in the assessment[41] - The group received multiple international ESG awards during the reporting period, highlighting its leadership in sustainable practices[42] - Yadea was recognized as a "Top Ten Green Brand for Carbon Neutrality" and a "Model Enterprise for Carbon Neutrality" in 2022[43] - The company initiated a carbon footprint assessment and developed a preliminary carbon reduction strategy in collaboration with external consultants[41] - The company is committed to enhancing its ESG governance framework and integrating ESG objectives into its overall strategic development[45] Employee and Labor Practices - The total number of employees in the group is 11,825, with a turnover rate of 6.10% during the reporting period[114] - The group strictly adheres to labor standards, ensuring no illegal employment practices, including forced labor and child labor[109] - Employee benefits include meal subsidies, high-temperature allowances, and access to facilities such as gyms and canteens[115] - The group has implemented a zero-discrimination policy, promoting equal opportunities regardless of race, age, gender, and other factors[111] - The company emphasizes the importance of employee development and training as a critical social issue[69] Safety and Compliance - The company emphasizes compliance with laws and regulations to protect its corporate reputation and prevent legal violations[49] - The company has established a policy in place to provide a safe working environment and prevent occupational hazards[169] - The company has implemented strict safety protocols, including mandatory safety training for all new employees before they can start work[120] - The company has a zero-tolerance policy towards corruption and has implemented strict anti-corruption measures, including mandatory training for all employees[104] Community Engagement - The company committed RMB 30 million for pandemic relief efforts, including the donation of 10,000 electric vehicles to frontline workers[154] - The company actively supports rural revitalization efforts, including donations for local education and employment initiatives[156] - Yadea Group Holdings Limited launched the "Love Charging Station" initiative, providing free energy drinks to outdoor workers, and donated over RMB 500,000 to various foundations for social welfare[157] Corporate Governance - The board of directors consists of eight members, including three executive directors, one non-executive director, and four independent non-executive directors[181] - The company has adopted a high standard of corporate governance, ensuring compliance with the corporate governance code and maintaining shareholder rights[177] - The board aims to achieve gender diversity with a target of having three female directors by December 31, 2023[194] - The company has established procedures to ensure that all directors are informed of the annual general meeting schedule and receive timely notifications for board meetings[188]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company achieved significant financial growth in 2022, with revenue increasing by 15.2% to RMB 31.06 billion and profit attributable to owners surging by 57.8% to RMB 2.16 billion Key Financial Indicators | Indicator | 2022 | Year-on-Year Growth | | :--- | :--- | :--- | | Revenue | RMB 31,059.4 million | +15.2% | | Gross Profit | RMB 5,614.0 million | +36.9% | | Profit Attributable to Owners | RMB 2,161.1 million | +57.8% | | Basic Earnings Per Share | RMB 74.0 cents | +54.8% | | Proposed Final Dividend | HK 40.0 cents per share | - | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated financial performance and position, including statements of profit or loss, comprehensive income, and financial position [Consolidated Statement of Profit or Loss](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the year ended December 31, 2022, the Group's revenue grew by 15.2% to RMB 31.06 billion, with gross profit increasing by 36.9% to RMB 5.61 billion, leading to a 57.8% rise in profit attributable to owners Consolidated Statement of Profit or Loss (RMB thousands) | Item (RMB thousands) | 2022 | 2021 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 31,059,443 | 26,967,532 | +15.2% | | Gross Profit | 5,614,011 | 4,101,484 | +36.9% | | Operating Profit | 2,707,591 | 1,537,297 | +76.1% | | Profit Before Income Tax | 2,615,267 | 1,506,985 | +73.5% | | Profit for the Year | 2,183,000 | 1,366,643 | +59.7% | | Profit Attributable to Owners of the Company | 2,161,094 | 1,369,495 | +57.8% | | Basic Earnings Per Share (RMB cents) | 74.0 | 47.8 | +54.8% | [Consolidated Statement of Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) In 2022, the Group's total comprehensive income for the year reached RMB 2.24 billion, a 65.0% increase, primarily driven by a positive shift in other comprehensive income due to foreign exchange differences - Total comprehensive income for the year was **RMB 2,235,948 thousand**, an increase of approximately **65.0%** from RMB 1,355,764 thousand in 2021[4](index=4&type=chunk) - Other comprehensive income shifted from a **loss of RMB 10,879 thousand in 2021** to a **gain of RMB 52,948 thousand in 2022**, primarily due to exchange differences on translation of functional currency to presentation currency, resulting in a gain of RMB 66,555 thousand[4](index=4&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of December 31, 2022, total assets increased by 28.6% to RMB 24.95 billion, total liabilities grew by 22.9% to RMB 18.31 billion, and net assets surged by 47.2% to RMB 6.64 billion Consolidated Statement of Financial Position (RMB thousands) | Item (RMB thousands) | December 31, 2022 | December 31, 2021 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Total Non-Current Assets | 7,557,671 | 4,393,326 | +72.0% | | Total Current Assets | 17,395,015 | 15,014,467 | +15.9% | | **Total Assets** | **24,952,686** | **19,407,793** | **+28.6%** | | **Liabilities and Equity** | | | | | Total Current Liabilities | 17,520,386 | 14,327,877 | +22.3% | | Total Non-Current Liabilities | 789,706 | 567,517 | +39.1% | | **Total Liabilities** | **18,310,092** | **14,895,394** | **+22.9%** | | **Net Assets** | **6,642,594** | **4,512,399** | **+47.2%** | - The Group reported **net current liabilities of RMB 125 million** at the end of 2022, compared to net current assets of RMB 687 million at the end of 2021[54](index=54&type=chunk) [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed explanations and disclosures regarding the accounting policies, revenue breakdown, expenses, and key balance sheet items [General Information and Accounting Policies](index=6&type=section&id=General%20Information%20and%20Accounting%20Policies) Yadea Group Holdings Ltd. is an investment holding company listed in Hong Kong, primarily engaged in the development, manufacturing, and sale of electric vehicles and related accessories in China - The Group is primarily engaged in the development, manufacturing, and sale of electric two-wheeled vehicles, batteries, and related accessories in China[7](index=7&type=chunk) - In 2022, the Group adopted several new and revised Hong Kong Financial Reporting Standards, which had no significant impact on prior period amounts[8](index=8&type=chunk) [Revenue and Segment Information](index=7&type=section&id=Revenue%20and%20Segment%20Information) In 2022, total revenue was RMB 31.06 billion, with electric bicycles, electric scooters, and batteries/chargers being the primary product categories, and the Group now reports two segments after the Huayu acquisition Revenue by Product Type (RMB thousands) | Product Type (RMB thousands) | 2022 | 2021 | | :--- | :--- | :--- | | Electric Bicycles | 12,827,456 | 9,767,681 | | Electric Scooters | 9,145,187 | 10,208,564 | | Batteries and Chargers | 8,397,775 | 6,583,763 | | Electric Two-Wheeled Vehicle Components | 689,025 | 407,524 | | **Total** | **31,059,443** | **26,967,532** | - Following the acquisition of Huayu, the Group introduced a new "Batteries" business segment, with the "Electric Two-Wheeled Vehicles and Related Accessories" segment generating **RMB 5.56 billion in gross profit** and the "Batteries" segment generating **RMB 330 million in gross profit** in 2022[13](index=13&type=chunk)[14](index=14&type=chunk) [Expenses and Other Income](index=9&type=section&id=Expenses%20and%20Other%20Income) Total expenses, including cost of sales, selling, administrative, and R&D, amounted to RMB 28.81 billion in 2022, while other income and gains increased by 19.3% to RMB 450 million Expenses by Nature (RMB thousands) | Expense Nature (RMB thousands) | 2022 | 2021 | | :--- | :--- | :--- | | Raw materials and consumables used | 24,376,677 | 22,226,264 | | Employee benefit expenses | 2,095,911 | 1,518,681 | | Advertising expenses | 403,067 | 364,720 | | Freight charges | 303,331 | 299,155 | - Other income and net gains increased from **RMB 380 million in 2021 to RMB 450 million in 2022**, primarily driven by bank interest income (RMB 180 million) and government grants (RMB 170 million)[16](index=16&type=chunk) - Finance costs significantly increased from **RMB 15.28 million in 2021 to RMB 59.40 million in 2022**, mainly due to interest expenses on new borrowings[19](index=19&type=chunk) [Dividends and Earnings Per Share (EPS)](index=10&type=section&id=Dividends%20and%20Earnings%20Per%20Share%20(EPS)) The Board proposed a final dividend of HK 40.0 cents per share for 2022, while basic earnings per share increased by 54.8% to RMB 74.0 cents - The Board recommended a final dividend of **HK 40.0 cents per ordinary share** for 2022, totaling approximately HKD 1.18 billion (equivalent to RMB 1.03 billion)[20](index=20&type=chunk) Earnings Per Share | EPS | 2022 | 2021 | | :--- | :--- | :--- | | Basic (RMB cents/share) | 74.0 | 47.8 | | Diluted (RMB cents/share) | 72.9 | 47.0 | [Key Balance Sheet Items](index=12&type=section&id=Key%20Balance%20Sheet%20Items) As of year-end 2022, inventory increased by 22.1% to RMB 1.46 billion due to new work-in-progress from Huayu, while trade receivables remained stable at RMB 390 million, and trade and bills payables rose by 6.5% to RMB 13.59 billion - Inventory increased from **RMB 1.19 billion at the end of 2021 to RMB 1.46 billion at the end of 2022**, with work-in-progress significantly rising from RMB 12.28 million to RMB 346 million[24](index=24&type=chunk) - The vast majority of trade receivables (approximately **97.5%**) were aged within six months, indicating low credit risk[26](index=26&type=chunk) - Total trade and bills payables reached **RMB 13.59 billion**, with bills payable accounting for RMB 9.81 billion, serving as a significant source of working capital for the Group[27](index=27&type=chunk) [Business Combination (Acquisition of Huayu)](index=14&type=section&id=Business%20Combination%20(Acquisition%20of%20Huayu)) In January 2022, the Group acquired a 70% equity interest in Huayu (Jieshou Nandu Huayu Power Co., Ltd. and Zhejiang Changxing Nandu Power Co., Ltd.) for a total cash consideration of RMB 311.5 million, recognizing goodwill of RMB 683.86 million from expected synergies - The Group acquired a **70% equity interest** in battery manufacturer Huayu for a cash consideration of **RMB 311.5 million**[29](index=29&type=chunk) - Goodwill arising from the acquisition amounted to **RMB 683,858 thousand**, allocated to the battery operating segment[30](index=30&type=chunk) - The net cash outflow from this investing activity was **RMB 302 million**, after deducting cash acquired of RMB 9.53 million[31](index=31&type=chunk) [Transactions with Non-Controlling Interests (NCI)](index=15&type=section&id=Transactions%20with%20Non-Controlling%20Interests%20(NCI)) Following the 70% acquisition of Huayu in January, the Group acquired the remaining 30% non-controlling interest in Huayu for RMB 133.5 million in August 2022, and also acquired the remaining 30% non-controlling interest in Chengdu Yadea for RMB 6 million in the same month, achieving full ownership of both companies - In August 2022, the Group acquired the remaining **30% equity interest in Huayu for RMB 133.5 million**, which resulted in a **decrease of RMB 274 million** in equity attributable to owners of the company[32](index=32&type=chunk) - In August 2022, the Group acquired the remaining **30% equity interest in Chengdu Yadea for RMB 6 million**, which resulted in an **increase of RMB 7.76 million** in equity attributable to owners of the company[33](index=33&type=chunk) [Management Discussion and Analysis (MD&A)](index=16&type=section&id=Management%20Discussion%20and%20Analysis%20(MD%26A)) This section provides management's perspective on the Group's operational performance, financial condition, and future outlook, highlighting key drivers and strategic initiatives [Business Review and Outlook](index=16&type=section&id=Business%20Review%20and%20Outlook) In 2022, Yadea achieved record sales, revenue, and profit by optimizing its product portfolio and expanding its distribution network, while strategically acquiring Huayu to enhance supply chain stability - Average selling prices for electric scooters and electric bicycles increased to **RMB 1,816 and RMB 1,429**, respectively, driven by product portfolio improvements, contributing to revenue and profit growth[35](index=35&type=chunk) - The distribution network continued to expand, with **4,041 distributors and over 32,000 sales points in China** and presence in over 80 countries globally by the end of 2022[36](index=36&type=chunk) - Continuous investment in R&D led to the launch of the **GuanNeng 3.0 series** and the third-generation TTFAR graphene battery, with the Group holding **1,890 patents** by the end of 2022[37](index=37&type=chunk) - The full acquisition of battery manufacturer Huayu was completed to ensure stable supply of core components, achieve product differentiation, and strengthen market leadership[38](index=38&type=chunk) [Financial Review](index=17&type=section&id=Financial%20Review) In 2022, the Group's revenue increased by 15.2% to RMB 31.06 billion, with gross profit rising by 36.9% to RMB 5.61 billion, and net profit significantly growing by 59.7% to RMB 2.18 billion [Revenue Analysis](index=17&type=section&id=Revenue%20Analysis) Total revenue grew by 15.2% to RMB 31.06 billion in 2022, primarily driven by a 16.3% increase in electric bicycle sales and higher average selling prices across two-wheeled vehicles Revenue and Sales Volume by Product Type | Product Type | 2022 Revenue (thousands) | Revenue Share | 2022 Sales Volume (thousand units) | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | Electric Bicycles | 12,827,456 | 41.3% | 8,976.0 | +16.3% | | Electric Scooters | 9,145,187 | 29.5% | 5,034.2 | -18.0% | | Batteries and Chargers | 8,397,775 | 27.0% | 26,171.3 | +10.1% (Batteries) | | **Total** | **31,059,443** | **100.0%** | **-** | **-** | [Cost, Margin, and Profitability Analysis](index=19&type=section&id=Cost%2C%20Margin%2C%20and%20Profitability%20Analysis) Cost of sales同比增長11.3%至254.5億元，增速低於收入增長。因此，毛利大幅增長36.9%至56.1億元，毛利率從15.2%提升至18.1%。由於除稅前利潤增加，所得稅開支同比增長208.0%至4.3億元。最終，年內利潤實現59.7%的強勁增長，達到21.8億元 - Gross margin increased by **2.9 percentage points from 15.2% in 2021 to 18.1% in 2022**, primarily due to higher average selling prices resulting from an improved product mix[45](index=45&type=chunk) - Income tax expense increased by **208.0% year-on-year to RMB 432 million**, mainly due to the increase in profit before income tax[51](index=51&type=chunk) - Profit for the year increased by **59.7% year-on-year**, from RMB 1.37 billion in 2021 to RMB 2.18 billion in 2022[52](index=52&type=chunk) [Operating Expenses Analysis](index=19&type=section&id=Operating%20Expenses%20Analysis) Operating expenses increased across all categories in 2022, with R&D expenses significantly rising by 31.1% to RMB 1.11 billion to support innovation and new battery development Operating Expenses (RMB million) | Operating Expense (RMB million) | 2022 | 2021 | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 1,358.2 | 1,282.9 | +5.9% | | Administrative Expenses | 896.1 | 817.9 | +9.6% | | Research and Development Expenses | 1,105.8 | 843.7 | +31.1% | [Liquidity and Financial Resources](index=20&type=section&id=Liquidity%20and%20Financial%20Resources) As of year-end 2022, cash and cash equivalents increased by 11.7% to RMB 6.78 billion, while net cash inflow from operating activities was RMB 3.08 billion, and the gearing ratio rose to 26.8% Cash Flow (RMB million) | Cash Flow (RMB million) | 2022 | 2021 | | :--- | :--- | :--- | | Net cash inflow from operating activities | 3,078.4 | 3,693.0 | | Net cash outflow from investing activities | (2,056.0) | (824.3) | | Net cash outflow from financing activities | (379.4) | (207.4) | - The gearing ratio (other non-current liabilities and borrowings / total equity) increased from **8.8% in 2021 to 26.8% in 2022**, primarily due to increased borrowings from the consolidation of Huayu's accounts[59](index=59&type=chunk) - At the end of 2022, the Group reported **net current liabilities of RMB 125 million**, compared to net current assets of RMB 687 million at the end of 2021[54](index=54&type=chunk) [Key Financial Position Items Analysis](index=21&type=section&id=Key%20Financial%20Position%20Items%20Analysis) Inventory increased by 22.1% to RMB 1.46 billion, extending average inventory turnover days to 18.8, while trade and bills payables grew by 6.5% to RMB 13.59 billion - Average inventory turnover days increased from **14.8 days in 2021 to 18.8 days in 2022**, mainly due to the relatively longer production cycle for batteries[55](index=55&type=chunk) - Trade and bills payables increased by **6.5% to RMB 13.59 billion**, primarily due to an increase in bills payable driven by higher raw material purchases[58](index=58&type=chunk) [Human Resources and Risk Management](index=22&type=section&id=Human%20Resources%20and%20Risk%20Management) The Group's employee count increased by 28.9% to 11,825 in 2022, with total staff costs rising by 36.1% to RMB 2.32 billion, and foreign exchange risk primarily managed through regular reviews - The number of employees increased from **9,174 at the end of 2021 to 11,825 at the end of 2022**[61](index=61&type=chunk) - Total staff costs for 2022 were **RMB 2.315 billion**, an increase of **36.1%** from RMB 1.701 billion in 2021[61](index=61&type=chunk) - The Group is primarily exposed to foreign exchange risk related to the US dollar and regularly reviews its net foreign exchange exposure[60](index=60&type=chunk) [Corporate and Shareholder Information](index=23&type=section&id=Corporate%20and%20Shareholder%20Information) This section details corporate actions, post-reporting period events, dividend proposals, and the Group's adherence to corporate governance and compliance standards [Corporate Actions](index=23&type=section&id=Corporate%20Actions) In 2022, the company completed a share placement raising HKD 857 million for overseas expansion and fully acquired battery manufacturer Huayu for RMB 445 million - A placement of new shares was completed in May 2022, raising net proceeds of approximately **HKD 857 million**, which have been fully utilized for overseas business expansion[64](index=64&type=chunk) - The Group completed the acquisition of Huayu in two stages in January and August 2022, achieving **100% control** for a total consideration of **RMB 445 million** (RMB 311.5 million + RMB 133.5 million)[65](index=65&type=chunk)[66](index=66&type=chunk) [Post-Reporting Period Events](index=24&type=section&id=Post-Reporting%20Period%20Events) On January 17, 2023, the company granted 33.55 million share options to employees, with no other significant post-reporting period events noted - On January 17, 2023, **33.55 million share options** were granted to certain employees under the company's share option scheme[68](index=68&type=chunk) [Dividends and Shareholder Information](index=25&type=section&id=Dividends%20and%20Shareholder%20Information) The Board proposed a final dividend of HK 40.0 cents per share for 2022, payable on July 17, 2023, following approval at the Annual General Meeting on June 16, 2023 - A final dividend of **HK 40.0 cents per share** for 2022 is proposed, with a payment date of July 17, 2023[71](index=71&type=chunk) - The Annual General Meeting is scheduled to be held on **June 16, 2023**[71](index=71&type=chunk) [Corporate Governance and Compliance](index=24&type=section&id=Corporate%20Governance%20and%20Compliance) The company fully complied with the Corporate Governance Code throughout 2022, with the Audit Committee reviewing the annual results and the auditors verifying the financial figures - The company fully complied with the Corporate Governance Code for the entire year ended December 31, 2022[69](index=69&type=chunk) - The Audit Committee, comprising four independent non-executive directors and one non-executive director, has reviewed the annual results[75](index=75&type=chunk)

Financial Performance - For the six months ended June 30, 2022, the company recorded revenue of approximately RMB 14,050.6 million, representing a year-on-year increase of 13.5% from RMB 12,375.4 million[11]. - The net profit for the same period was approximately RMB 904.5 million, reflecting a year-on-year growth of 54.4%, primarily due to improvements in the product mix of electric two-wheelers[9]. - The gross profit rose by approximately 36.5% to RMB 2,518.2 million, with a gross margin of 17.9%, up from 14.9% in the previous year, attributed to improved product mix and reasonable price increases[14]. - Operating profit increased to RMB 1,128,242 thousand, a 56.4% rise compared to RMB 722,209 thousand in the previous year[55]. - Basic earnings per share rose to RMB 31.1, compared to RMB 20.6 in the same period last year, marking an increase of 50.2%[55]. - The company reported a total comprehensive income of RMB 921,653 thousand for the six months ended June 30, 2022, compared to RMB 586,498 thousand for the same period in 2021, representing a significant increase of about 57%[63]. Sales and Product Performance - Sales of electric bicycles increased by approximately 4.1% to 3,606,800 units, while sales of electric scooters decreased by approximately 17.7% to 2,529,400 units during the reporting period[12]. - The company continues to promote the sales of its popular electric two-wheeler series, which accounted for 40% of total electric two-wheeler sales during the reporting period[9]. - Total revenue for electric bicycles reached RMB 5,201,631 thousand, up from RMB 3,889,264 thousand, representing a growth of 33.8% year-over-year[71]. - Revenue from electric scooters decreased to RMB 4,596,637 thousand from RMB 5,420,725 thousand, a decline of 15.2% year-over-year[71]. - Battery and charger sales increased to RMB 3,907,361 thousand from RMB 2,894,462 thousand, marking a growth of 35% year-over-year[71]. Cash Flow and Liquidity - Cash and cash equivalents increased by approximately 8.8% from RMB 6,073.1 million as of December 31, 2021, to RMB 6,607.4 million as of June 30, 2022[16]. - Net cash inflow from operating activities decreased from RMB 2,585.7 million for the six months ended June 30, 2021, to RMB 448.9 million for the six months ended June 30, 2022[16]. - Cash generated from operating activities was RMB 538,331 thousand, significantly down from RMB 2,700,701 thousand in the previous year[65]. - The company expects its liquidity needs to be met through existing cash and projected cash flows from operating activities[159]. Investments and Acquisitions - The company completed the acquisition of 70% equity in two subsidiaries for a total consideration of RMB 311.5 million[43]. - On August 19, 2022, the company agreed to acquire the remaining 30% equity of Huayu New Energy Technology Co., Ltd. for RMB 133.5 million, making it a wholly-owned subsidiary[44]. - The company plans to utilize the net proceeds from the placement for establishing overseas R&D centers, factories, and distribution networks, as well as potential acquisitions[50]. - The company completed the placement of 68,800,000 new shares, raising approximately HKD 857,647,000 (equivalent to RMB 727,842,000) on May 31, 2022[106]. Financial Position - Total assets as of June 30, 2022, amounted to RMB 22,136,974 thousand, up from RMB 19,407,793 thousand at the end of 2021, indicating a growth of 14.1%[59]. - Total liabilities increased to RMB 16,750,360 thousand from RMB 14,895,394 thousand as of December 31, 2021, representing an increase of approximately 12.2%[60]. - The asset-liability ratio increased to 39.8% as of June 30, 2022, from 8.8% as of December 31, 2021[23]. - The net asset value increased to RMB 5,386,614 thousand from RMB 4,512,399 thousand, marking a growth of around 19.3%[60]. Shareholder Information - Mr. Dong Jinggui holds 1,910,996,943 shares, representing 62.37% of the company's total issued shares as of June 30, 2022[31]. - The total issued shares of the company as of June 30, 2022, were 3,063,800,000[32]. - The company has implemented multiple share incentive plans, including the first plan adopted on December 26, 2018, aimed at recognizing contributions and retaining key personnel[181][183]. Market Trends and Strategy - The overall demand for personal transportation has increased, driven by a shift from public transport to personal mobility solutions post-COVID-19[9]. - The company is expanding its distribution network to meet the growing demand for personal transportation equipment[11]. - The company aims to accelerate its globalization strategy through the establishment of overseas facilities and potential mergers and acquisitions[50]. - The company has observed a shift in consumer demand from public transportation to personalized transportation due to the COVID-19 pandemic[151]. Research and Development - The company plans to continue investing in the development of new models and upgrading the performance of existing electric two-wheelers and bicycles[9]. - Research and development expenses for the period were RMB 505.3 million, up from RMB 339.0 million, reflecting the company's commitment to product innovation[197].