Investment Rating - The investment rating for Yadea Holdings (1585.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and growth projections [1]. Core Insights - Yadea Holdings reported a strong performance for the first half of 2025, achieving revenue of 19.186 billion yuan, a year-on-year increase of 33.1%, and a net profit of 1.649 billion yuan, up 59.5% [1][2]. - The company's electric two-wheeler segment saw significant growth, with electric bicycles achieving sales of 6.6655 million units, a 48.7% increase year-on-year, and an average selling price (ASP) of approximately 1,395 yuan [2]. - The overall gross margin improved to 19.6%, up 1.6 percentage points from the previous year, indicating enhanced profitability driven by product mix optimization and scale effects [3]. Financial Performance Summary - For the first half of 2025, Yadea Holdings' revenue from electric bicycles, electric scooters, batteries and chargers, and components was 9.298 billion, 3.809 billion, 5.712 billion, and 367 million yuan respectively, reflecting year-on-year growth rates of 49.0%, 7.4%, 40.5%, and a decline of 34.8% [2]. - The company’s net profit margin increased to 8.6%, up 1.4 percentage points, with operational cash flow reaching 4.727 billion yuan [3]. - The forecast for net profit for 2025-2027 is projected at 3.01 billion, 3.47 billion, and 3.94 billion yuan, with corresponding price-to-earnings (PE) ratios of 12.1X, 10.5X, and 9.3X [3]. Operational Efficiency - Inventory turnover days decreased to approximately 15 days, down 5 days year-on-year, indicating improved operational efficiency [3]. - The company is actively enhancing its brand image through product innovation and marketing strategies, including the introduction of flagship series targeting younger consumers [3]. Financial Projections - The projected revenue for 2025 is 37.278 billion yuan, representing a 32% increase from 2024, with net profit expected to rise by 136% to 3.009 billion yuan [5][7]. - The earnings per share (EPS) is forecasted to increase from 0.42 yuan in 2024 to 0.97 yuan in 2025, reflecting strong growth potential [5][7].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 22.63, indicating a potential upside of 76.5% from the current price of HKD 12.82 [2][3][10]. Core Insights - In the first half of 2025, the company's two-wheeler sales reached 8.794 million units, surpassing the 8.211 million units sold in the same period of 2024, leading to a revenue increase of 33.1% year-on-year to RMB 19.19 billion [2][7]. - The company's gross margin improved to a historical high of 19.6%, up 1.6 percentage points year-on-year, driven by a high-end product strategy and an increase in the proportion of products priced above RMB 3,000 [2][7]. - The implementation of new national standards is expected to enhance industry concentration, benefiting leading companies like this one, which is also well-positioned for overseas expansion [2][7]. Financial Performance Summary - Revenue projections for 2025, 2026, and 2027 have been revised upwards by 2%-4% to RMB 38.51 billion, RMB 43.04 billion, and RMB 46.91 billion respectively [6][11]. - Net profit estimates for the same years have been adjusted upwards by 1%-2% to RMB 3.08 billion, RMB 3.59 billion, and RMB 4.02 billion respectively [6][11]. - The company reported a net profit margin of 8.6% in the first half of 2025, an increase of 1.4 percentage points year-on-year, with operating cash flow of RMB 4.73 billion [2][7].

中金发布研报称，雅迪控股(01585)产品结构改善、多措施降本，上调25E/26E归母净利润12%/12%至 30/35亿元。当前股价对应12x/10x25/26E P/E。维持跑赢行业评级，维持目标价18港元，对应 17x/14x25E/26E P/E，较当前有40.4%的上行空间。公司公布1H25业绩：1H25公司实现营业收入191.9亿 元，同比+33.1%;归母净利润16.5亿元，同比+59.5%。 中金主要观点如下： 上半年销量如期高增，产品结构环比改善 毛利率同环比增长，单车净利润创新高 1H25毛利率19.6%，同比+1.6ppt/环比+7.4ppt，该行认为主要系产品结构改善、电池自供比例提升、平 台化生产研发等因素共同带动。从分部资料来看，电池及电驱动业务毛利率为11%，1H25公司销售/研 发/管理费用分别为8.2/5.3/6.2亿元，对应费率分别为4.3%/2.8%/3.3%，合计同比-0.2ppt/环比-2.4ppt。 1H25净利率为8.6%，同比+1.4ppt，单车净利润188元/扣除其他收益的单车净利润150元，均创新高。 旺季动销无虞，积极推进高质量增长 考虑到8月31日生产端 ...

Core Viewpoint - Company Yadea Holdings (01585) has improved its product structure and implemented cost-reduction measures, leading to an upward revision of its net profit forecasts for 2025 and 2026 by 12% to 30 billion and 35 billion respectively, with a current stock price corresponding to 12x/10x P/E for 2025/2026 [1] Group 1: Sales Performance - In the first half of 2025, the company achieved sales of 8.794 million units, a year-on-year increase of 37.8%, driven by low base effects and the old-for-new replacement program [2] - The sales breakdown shows electric scooters sold 2.128 million units (up 12% YoY) and electric bicycles sold 6.666 million units (up 49% YoY), with battery sales reaching 9.384 million units (up 40% YoY) [2] - The average revenue per vehicle was 2,182 yuan, an increase of 99 yuan from the previous period, with a higher proportion of high-priced products contributing to this growth [2] Group 2: Profitability Metrics - The gross margin for the first half of 2025 was 19.6%, reflecting a year-on-year increase of 1.6 percentage points and a quarter-on-quarter increase of 7.4 percentage points, attributed to improved product structure and increased self-supply of batteries [3] - The net profit margin was 8.6%, up 1.4 percentage points year-on-year, with a record high net profit per vehicle of 188 yuan [3] Group 3: Future Outlook - The company anticipates strong sales growth in the third quarter, supported by the cessation of production of old national standard models, which will meet terminal sales demand from September to November [4] - The company is focusing on high-quality growth through product innovation and market expansion, including the introduction of high-end brands and deepening its presence in the commercial market [4] - The potential of the battery aftermarket is recognized, with expectations for significant contributions to incremental performance [4]

北京商报讯（记者 张君花）8月26日，雅迪控股披露2025年上半年财报称，报告期内，公司实现收入 191.86亿元，较上年同期增长约33.1%；股东应占利润达16.49亿元，同比增幅约为59.5%。 ...

Core Viewpoint - Yadea Holdings (01585.HK) reported a revenue of approximately 19.186 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 33.1% [1] - The company's profit attributable to shareholders was 1.649 billion RMB, reflecting a year-on-year increase of 59.5% [1] - Basic earnings per share were 0.543 RMB, and the company did not declare an interim dividend [1] Financial Performance - Revenue for the period reached approximately 19.186 billion RMB, marking a significant growth of 33.1% compared to the previous year [1] - Shareholder profit increased to 1.649 billion RMB, which is a notable rise of 59.5% year-on-year [1] - Basic earnings per share stood at 0.543 RMB, indicating strong profitability [1] Dividend Policy - The company decided not to declare an interim dividend for this period [1]

有见于2024年底电动两轮车行业需求逐步回升，管理层采取了一系列的战略及营运措施，旨在加强其核 心业务、巩固市场地位及推动可持续增长。该等措施包括优先开发新产品、优化国内外分销网络、加强 对生产的成本控制并提升效率。本集团持续聚焦长期增长，继续投资于研发，尤其是新产品创新及有关 核心部件的先进技术，并同时加大在国内和全球各地推广"雅迪"品牌的力度。以上工作已初见实质成 效，2025年上半年各项主要表现指标均见明显改善。 展望2025年下半年，管理层对其战略方向仍然充满信心，并致力于保持上半年的增长势头。雅迪将继续 专注加强其核心竞争力、推动产品创新、扩大全球业务版图，以及深化品牌参与度(尤其是年轻消费者 分部)。本集团将进一步投资于研发，以提升产品性能、用户体验及可持续发展能力，并同时推进智能 制造能力。因应市场趋势及不断转变的客户偏好，雅迪旨在巩固其在电动两轮车市场的领先地位，为其 股东创造长远价值。 公告称，收入增加主要由于在市场需求整体回升、产品组合扩大及更趋优化，以及对营销及品牌建设工 作投资增加的支持下，销量有所上升所致。 雅迪控股(01585)发布2025年中期业绩，该集团取得收入人民币191.8 ...

雅迪控股公布2025年上半年的中期业绩。其间，公司收入增长33.1%至人民币191.859亿元，毛利增长 45.1%至人民币37.632亿元，股东应占利润增长59.5%至人民币16.490亿元。每股基本盈利增长57.4%。 收入增长归因于销量上升，这得益于市场需求回升、产品组合优化及营销投入增加。 展望2025年下半年，雅迪对战略方向充满信心，并将保持上半年增长势头。公司将继续专注于增强核心 竞争力、产品创新、拓展全球业务和深化品牌参与度，特别是吸引年轻消费者。雅迪还将加大研发投入 以提升产品性能、用户体验和可持续发展能力，并推进智能制造。公司旨在巩固其在电动两轮车市场的 领导地位，为股东创造长期价值。 ...

人民财讯8月26日电，雅迪控股(01585.HK)8月26日午间公告，2025年上半年收入同比增加约33.1%至人 民币191.86亿元，公司股东应占利润同比增加约59.5%至人民币16.49亿元。 ...

智通财经APP讯，雅迪控股(01585)发布2025年中期业绩，该集团取得收入人民币191.86亿元(单位下 同)，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%;每股盈利54.3分。 公告称，收入增加主要由于在市场需求整体回升、产品组合扩大及更趋优化，以及对营销及品牌建设工 作投资增加的支持下，销量有所上升所致。 有见于2024年底电动两轮车行业需求逐步回升，管理层采取了一系列的战略及营运措施，旨在加强其核 心业务、巩固市场地位及推动可持续增长。该等措施包括优先开发新产品、优化国内外分销网络、加强 对生产的成本控制并提升效率。本集团持续聚焦长期增长，继续投资于研发，尤其是新产品创新及有关 核心部件的先进技术，并同时加大在国内和全球各地推广"雅迪"品牌的力度。以上工作已初见实质成 效，2025年上半年各项主要表现指标均见明显改善。 展望2025年下半年，管理层对其战略方向仍然充满信心，并致力于保持上半年的增长势头。雅迪将继续 专注加强其核心竞争力、推动产品创新、扩大全球业务版图，以及深化品牌参与度(尤其是年轻消费者 分部)。本集团将进一步投资于研发，以提升产品性能、用户体验及可持续 ...