Investment Rating - The report maintains a "Buy" rating for the company with a market price of HKD 13.44 [1]. Core Views - The company's profit performance exceeded previous expectations, with a revenue of HKD 34.8 billion in 2023, representing a year-on-year growth of 12%, and a net profit of HKD 2.64 billion, reflecting a 22% increase [3][4]. - The company is expected to maintain its profit forecasts for 2023-2024, with projected profits of HKD 2.6 billion and HKD 3.2 billion respectively, while sales growth is anticipated to rebound in Q2 [2][3]. - The company is focusing on optimizing its product mix, which has impacted gross margins but benefited net margins due to scale [2][3]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2022A: Revenue of HKD 31.1 billion, Net Profit of HKD 2.16 billion - 2023A: Revenue of HKD 34.8 billion, Net Profit of HKD 2.64 billion - 2024E: Revenue of HKD 40.0 billion, Net Profit of HKD 3.20 billion - 2025E: Revenue of HKD 46.1 billion, Net Profit of HKD 3.84 billion - 2026E: Revenue of HKD 53.2 billion, Net Profit of HKD 4.61 billion - Growth rates for revenue and net profit are projected at 15% and 20% respectively for the coming years [1][3]. - **Earnings Per Share (EPS)**: - 2022: HKD 0.71 - 2023: HKD 0.86 - 2024: HKD 1.05 - 2025: HKD 1.25 - 2026: HKD 1.50 [1][3]. - **Return on Equity (ROE)**: - 2022: 39% - 2023: 35% - 2024: 32% - 2025: 28% - 2026: 26% [1][3]. - **Price-to-Earnings (P/E) Ratio**: - 2022: 17.3 - 2023: 14.2 - 2024: 11.7 - 2025: 9.7 - 2026: 8.1 [1][3]. Market and Operational Insights - The company reported a sales volume of 8.21 million units in H1 2023, a 34% increase, with an average revenue per unit of HKD 2,075 [3]. - The company is expected to benefit from structural optimization and a rebound in average selling prices in 2024 [4]. - The company is also exploring new markets and services, including sodium batteries and battery after-sales services, which are anticipated to contribute to revenue in 2024 [2][3].

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]

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的內容概不 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的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） 截 至2022年12月31日 止 年 度 年 度 業 績 公 告 雅迪集團控股有限公司（「本公司」或「雅迪」）董事（「董事」）會（「董事會」）欣然宣佈本 公司及其附屬公司（統稱「本集團」或「我們」）截至2022年12月31日止年度（「報告期」） 的經審核綜合年度業績，連同截至2021年12月31日止年度的比較數字如下： 財務摘要 於報告期內： (cid:129) 與截至2021年12月31日止年度相比，收入增加約15.2%至人民幣31,059.4 百萬元。 (cid:129) 與截至2021年12月31日止年度相比，毛利增加約36.9%至人民幣5,614.0百 萬元。 ...