Core Viewpoint - Nandu Power has signed a strategic cooperation agreement with Yadi to enhance collaboration in solid-state battery technology research and development, product development, and industry chain synergy, aiming to create an innovative solid-state battery ecosystem and accelerate marketization [1] Company Collaboration - The partnership will leverage the strengths of both companies to build an open and innovative solid-state battery industry ecosystem [1] - Both companies will explore diverse cooperation models to establish a comprehensive and multi-level strategic partnership [1]

Core Viewpoint - The company Nandu Power has signed strategic cooperation agreements with TaiLan and Yadi to leverage their respective R&D platforms for joint technology development and commercialization of solid-state battery technology [1] Group 1: Strategic Cooperation - The agreements aim to integrate leading technological research capabilities through collaboration on key projects [1] - The parties will utilize their resource, industry, and production advantages to promote the large-scale application of solid-state batteries in energy storage and consumer sectors [1] Group 2: Technology Innovation - The focus will be on advancing solid-state battery technology innovation, application, and product iteration [1] - The collaboration will involve independent planning, industry-driven initiatives, and resource exchanges to enhance the synergy within the industry chain [1]

Core Insights - China is the largest producer, consumer, and exporter of electric two-wheelers globally, with Wuxi's Xishan District contributing one-third of the country's production [1] - The revenue scale of the two-wheeler industry in Xishan is projected to reach 66.76 billion yuan by 2024, with cross-border e-commerce exports amounting to 610 million yuan in 2024, accounting for one-seventh of the total electric vehicle exports [1] - The export value of complete two-wheel electric vehicles from Xishan reached 190 million USD in the first half of 2025, marking a year-on-year growth of 19.5% [1][2] Industry Development - The two-wheeler industry in Xishan began in the early 2000s and has seen significant growth, particularly in international markets since 2020 [1] - Yadea, a leading company in the two-wheeler sector, initiated a large-scale overseas expansion strategy in 2021 due to domestic market saturation and stricter regulations [1][2] - The overseas expansion is supported by the success of Chinese electric vehicles in international markets, especially in Europe and Southeast Asia [2] Market Strategy - Yadea focuses on Southeast Asia for its overseas strategy, adapting products to local needs and establishing R&D centers to develop suitable products [2] - The company aims to build local sales and after-sales service networks, which are crucial for increasing sales [2] - Yadea plans to create a complete local supply chain, covering R&D, production, sales, and after-sales services to meet local demands and reduce costs [2][3] Trade Associations and Support - In 2022, Xishan established the Xishan Electric Vehicle Foreign Trade Association to support the industry’s international trade efforts [5] - The export value of electric motorcycles from Xishan is expected to exceed 400 million USD by 2025, a twentyfold increase from 2000 [5] Logistics and Infrastructure - Overseas warehouses are critical for the export of two-wheel electric vehicles, allowing for faster delivery times compared to direct shipping [6] - Xishan has established 14 overseas warehouses across nine countries, covering over 100,000 square meters [6] - In March, Xishan signed contracts for six global public overseas warehouses to assist small and medium-sized enterprises in reducing logistics times [7] - A new transit warehouse in Xinjiang will facilitate trade with Central Asia, reducing transportation time by 3 to 5 days and lowering logistics costs by over 15% [7]

Core Insights - China is the largest producer, consumer, and exporter of electric two-wheelers globally, with Wuxi's Xishan District contributing one-third of the total production [1] - The revenue scale of the two-wheeler industry in Xishan is projected to reach 66.76 billion yuan by 2024, with cross-border e-commerce exports amounting to 610 million yuan in 2024, accounting for one-seventh of the total electric vehicle foreign trade exports [1] - The export value of complete two-wheel electric vehicles from Xishan is expected to reach 190 million dollars in the first half of 2025, marking a year-on-year growth of 19.5% [1] Industry Development - The two-wheeler industry in Xishan began in the early 2000s and has seen significant growth, particularly in overseas markets since 2020, driven by domestic market saturation and stricter regulations [1][2] - Yadea, a leading enterprise in the two-wheeler industry, initiated a large-scale overseas expansion strategy in 2021, focusing on adapting products to local markets, especially in Southeast Asia [3] Market Strategy - Yadea is establishing local R&D centers to develop products suited to regional needs, with production bases set up in Vietnam, Indonesia, Thailand, and Mexico [3] - The company emphasizes the importance of building local sales and after-sales service networks to drive sales growth, similar to successful Japanese motorcycle brands in Southeast Asia [3] Export and Logistics - The establishment of overseas warehouses is crucial for the two-wheeler export strategy, allowing for faster logistics and order fulfillment [7] - Xishan has seen seven electric vehicle companies set up 14 overseas warehouses across nine countries, covering over 100,000 square meters [7] - In March, Xishan launched its first batch of six global public overseas warehouses to assist small and medium-sized enterprises in reducing logistics times [8] Regional Collaboration - Xishan has formed the Xishan Electric Vehicle Foreign Trade Association to support the industry's overseas expansion, with export values projected to exceed 400 million dollars by 2025 [6] - A new trade transfer warehouse in Akqi County aims to facilitate trade with Central Asia, reducing transportation time and costs significantly [8]

□ 本报记者付奇李顺顺 这"一快一慢"，既展现了企业的技术能力，也显示出精益求精的态度。雅迪电动车销量连续8年全球第 一，产品已敲开100多个国家的市场，核心竞争力是什么？"当然是质量过硬。"面对记者提问，雅迪科 技集团有限公司高级副总裁王家中脱口而出。拥有超2000项专利、全球十大产研基地，正是其硬实力的 体现。 "用产品说话"的不止雅迪。经过20多年的发展，锡山现有规上整车企业64家，规上零配件企业91家，电 动车国内前十强企业就有6家在这里建厂。从整车到零部件企业均加大研发力度，从远程通信控制、动 态安全监测、北斗定位导航等智能网联技术，到新型三电系统、防火阻燃材料、高性能合金钢，电动车 的科技含量、安全性越来越高。仅今年上半年，无锡电动车产业集群内新增授权专利就达548项。 当"倒车请注意"的提示音在纽约街头响起，当雅迪、台铃等品牌电动车频繁在越南、泰国的小巷中穿 行，"无锡制造"电动车正在征服全球市场。 你可能不会想到，平均每1分钟就有2.4辆电动车走出无锡、走向世界。无锡电动车产业正在以惊人的速 度崛起，向着千亿级产业规模目标稳步迈进。 9月16日，记者跟随"活力中国调研行"团队来到"中国电动车之 ...

Core Viewpoint - The implementation of the new national standard for electric bicycles (GB 17761-2024) has significantly impacted consumer behavior and the market dynamics, leading to a surge in demand for old standard models while creating challenges for manufacturers of new standard models [3][10][15]. Market Dynamics - There has been a noticeable increase in foot traffic at stores selling electric bicycles, particularly brands like Aima, Tailg, and Yadea, as consumers rush to exchange their old models for new ones before the new regulations take full effect [1][10]. - The new regulations impose strict limitations, including a maximum speed of 25 km/h, which has caused anxiety among consumers and manufacturers alike [4][8]. - The old standard models have seen a price increase and heightened demand, contrary to expectations that they would phase out [11][15]. Regulatory Changes - The new regulations aim to eliminate the "gray growth" of electric bicycles over the past two decades, introducing stringent safety measures and technological requirements [4][7]. - Key features of the new regulations include a speed limit that, if exceeded, will cut off power to the vehicle, and the requirement for built-in GPS modules to prevent speed tampering [5][6]. Consumer Behavior - Consumers are exhibiting a "last-minute rush" mentality to purchase old standard models due to fears of future unavailability [10][11]. - Social media discussions around identifying old standard models and high demand for them indicate a shift in consumer focus towards these models [13]. Manufacturer Challenges - Major brands like Tailg, Yadea, and Aima face a dilemma as the popularity of old standard models complicates their transition to new standard models, which are currently not selling well [15][24]. - Manufacturers are concerned about the potential for product stagnation if they rush to produce new standard models without addressing consumer hesitance [15][24]. Strategic Adjustments - Companies are exploring alternative selling points to attract consumers, such as enhancing the smart features of their electric bicycles and focusing on aesthetics to appeal to younger demographics [16][19]. - Safety features are being emphasized as a core selling point, with brands investing in improved braking systems and battery management technologies [20][24]. Future Outlook - The transition to the new standard is expected to be a prolonged and challenging process, with ongoing tensions between regulatory demands, consumer preferences, and manufacturer capabilities [24].

Group 1 - Yadea Technology Group has established a new subsidiary named Shanghai Changxintong Supply Chain Co., Ltd. [1] - The new company is fully owned by Yadea Technology Group and its business scope includes supply chain management services, domestic freight forwarding, and electric vehicle charging infrastructure operations [1]

Core Insights - Shanghai Changxintong Supply Chain Co., Ltd. has been established with a legal representative named Bi Ning [1] - The company is wholly owned by Yadea Technology Group Co., Ltd. [1] - The business scope includes supply chain management services, domestic cargo transportation agency, and electric vehicle charging infrastructure operation [1]

Core Viewpoint - The company reported its semi-annual results, which met expectations, showing significant growth in revenue and net profit driven by national subsidies and improved product structure [1] Revenue Summary - The company achieved a revenue of 19.2 billion yuan in H1 2025, representing a 33% increase year-on-year [1] - Revenue from electric bicycles, electric scooters, and batteries and chargers reached 9.3 billion, 3.8 billion, and 5.7 billion yuan respectively, with increases of 49%, 7%, and 41% [1] - The company sold 8.79 million electric two-wheelers in H1 2025, marking a 38% increase, benefiting from national subsidies that favored mid-to-high-end models [1] Profit Summary - The company's gross margin improved to 19.6%, an increase of 1.6 percentage points, while the net profit margin reached a record high of 8.6%, up by 1.4 percentage points [1] - The net profit attributable to shareholders was 1.65 billion yuan, reflecting a 60% increase [1] - The profit per unit for electric bicycles was 188 yuan, up by 16% [1] Cost and Expense Summary - The company's sales, management, R&D, and financial expense ratios were 4.3%, 2.8%, 3.3%, and -1.6% respectively, with slight changes compared to the previous year [1] - The decline in unit revenue to 2,182 yuan, down by 3%, was attributed to a higher proportion of lower-margin models and rising lead prices [1] Investment Outlook - The company is expected to maintain strong terminal sales during the transition period of new and old national standards, with a high certainty of overall growth in 2025 [2] - Profit forecasts for 2025 and 2026 have been adjusted to 3 billion and 3.3 billion yuan respectively, reflecting increases of 135% and 11% [2] - The company maintains a "buy" rating with a projected PE of 12.9 and 11.6 for 2025 and 2026 respectively [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][8]. Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 19.2 billion RMB (+33%) and net profit attributable to shareholders of 1.65 billion RMB (+60%) [4]. - The company is expected to achieve strong growth in volume, price, and profit in 2025, with a significant increase in net profit forecasted for 2025 and 2026 [8]. Revenue Summary - The company's revenue from electric bicycles, electric scooters, batteries, and chargers in the first half of 2025 was 9.3 billion RMB, 3.8 billion RMB, and 5.7 billion RMB respectively, showing growth rates of +49%, +7%, and +41% [5]. - The total sales volume of electric two-wheelers reached 8.79 million units (+38%) in the first half of 2025, driven by national subsidies and a higher proportion of mid-to-high-end models [5]. Profit Summary - The company's gross margin in the first half of 2025 was 19.6% (+1.6 percentage points), and the net profit margin was 8.6% (+1.4 percentage points), both reaching record highs [7]. - The net profit attributable to shareholders per unit sold was 188 RMB (+16%) [7]. Financial Forecast - The company’s revenue projections for 2025 and 2026 are 30 billion RMB and 33 billion RMB respectively, reflecting growth rates of +135% and +11% [8]. - The expected earnings per share (EPS) for 2025 and 2026 are 0.96 RMB and 1.07 RMB respectively [3][12].