Core Insights - Green Source Group held a successful partner conference in Xiamen on December 18, 2025, themed "Gathering Strength for New Growth" [1] - The company is transitioning from "scale growth" to "high-quality competition" and has introduced new core technologies such as liquid-cooled smart power and smart interaction systems, along with a product plan for 2026 [1][2] - Green Source aims to transform from a "traditional manufacturer" to an "ecosystem builder" through the launch of the "2026 New Wave Plan" in collaboration with key supply chain partners [1][20] Technology Upgrades - The company has developed a comprehensive self-researched core technology system that includes key areas such as core three-electric systems, ecological integration technology, and intelligent manufacturing [4] - The new liquid-cooled smart power system enhances vehicle performance by addressing common issues like range anxiety, while the battery maintenance system ensures compatibility with various battery types [6] - The smart interaction system improves user experience by integrating high-definition screens and entertainment features, aligning two-wheeled vehicles with smart automotive standards [6] Product Layout - Green Source's "All-Scenario Light Mobility" strategy focuses on precise market demand and product alignment, described as "one body and two wings" [7] - The company is launching flagship products in the two-wheeled and three-wheeled vehicle segments, including the S70Pro and over 30 new electric bicycles [10][12] - The E-Bike segment features the LYVA E-Bike C10, designed for smart health riding, incorporating lightweight materials and intelligent sensing systems [14] Growth Strategies - The first wing of growth focuses on "embodied intelligence," collaborating with Zhejiang University and other partners to develop high-performance robots and smart products [17] - The second wing targets international markets, leveraging partnerships with global leaders like BMW to create a technology ecosystem that meets local demands [17] Channel Empowerment - Green Source emphasizes "channel empowerment" through three core strategies: integrated marketing, user operation, and multi-scenario coverage [19] - The company aims to enhance brand and sales synergy, improve store efficiency through digital tools, and extend service boundaries with innovative models like "rent and sell together" [19] Supply Chain Collaboration - The launch of the "2026 New Wave Plan" involves collaboration with 135 core suppliers to enhance product quality and service experience [20] - The initiative focuses on building a transparent and trustworthy supply chain ecosystem, transitioning from product quality enhancement to supply chain ecological construction [20] Conclusion - The conference marks a milestone in Green Source's strategic transformation, showcasing confidence in the light mobility industry [22] - The company is committed to addressing industry challenges while exploring intelligent and global pathways, aiming for a more sustainable future in the light mobility ecosystem [22]

Core Viewpoint - The implementation of the new national standard for electric bicycles has led to a rise in prices and a shift in market dynamics, with stricter regulations affecting manufacturers and consumer choices [4][10][16]. Market Situation - The current market for new standard electric bicycles shows limited variety, with few models available and no promotional activities [11][12]. - Prices for electric bicycles have increased by approximately 200-300 yuan, with examples like the Aima "Little Golden Bean" model rising from around 2000 yuan to 2300 yuan [10][12]. - Sales performance varies by store, with some reporting normal sales while others have not sold any new standard models [12]. Speed Limit and Compliance - New standard electric bicycles cannot unlock speed limits, with a maximum speed of 25 km/h enforced through multiple anti-tampering measures [8][9]. - Manufacturers have closed loopholes for speed modification due to strict penalties, and any attempts to enhance speed would compromise compliance and registration [8][9]. Material and Design Changes - The new standard mandates reduced plastic usage, requiring manufacturers to use more aluminum and magnesium alloys, which increases production costs [10][16]. - The design changes have led to improved material quality, with many components now made from fire-retardant materials [10]. Industry Dynamics - The new standard is expected to reshape the industry, favoring larger manufacturers with better cost structures and market shares, while smaller companies may struggle to comply [16][17]. - The market may experience a cooling period followed by a resurgence as consumers adapt to the new regulations and seek compliant products [16]. Consumer Behavior - Some consumers still prefer older models due to their longer range and larger size, but these models are becoming scarce and more expensive [14][15]. - The demand for electric motorcycles may increase as consumers seeking higher speeds transition away from electric bicycles [16].

Core Viewpoint - The implementation of the new national standard for electric bicycles (GB 17761-2024) has sparked discussions regarding user experience, with manufacturers clarifying that concerns about design features like "no child seating" and "metal seats" are misinterpretations of the standard [1][10][11] Group 1: New National Standard Implementation - The transition period for the new national standard officially ends on November 30, with compliant electric bicycles being introduced to the market [1] - The new standard mandates that electric bicycles must not exceed a maximum speed of 25 km/h and includes stricter requirements for materials and safety features [3][5] - The new standard aims to address safety concerns that arose from the previous standard, which allowed for excessive modifications and led to safety hazards [3][4] Group 2: Market Response and Product Features - Many stores are now selling only "new standard" models, with prices increasing by 200 to 400 yuan, ranging from 1,000 to over 4,000 yuan [3][8] - Manufacturers like Yadea, Aima, and others have responded to public concerns by stating that their products do not feature the criticized designs and have made improvements in comfort and safety [10][11] - The new models generally include features such as child seating options and soft seat materials, contrary to some online claims [1][8][11] Group 3: Industry Adjustments and Consumer Feedback - The industry is currently in a transition phase, with over 600 new standard models certified and available, addressing various consumer needs [10][11] - Some consumers have reported dissatisfaction with the new models, citing issues like uncomfortable seating and lack of storage for accessories [6][10] - The China Bicycle Association emphasizes that the transition to the new standard is a systematic process requiring time for production and sales adjustments [11]

Core Viewpoint - The implementation of the new national standard for electric bicycles (GB17761-2024) has led to a limited supply of compliant models in the market, resulting in fewer choices and increased prices for consumers [2][6]. Group 1: New National Standard Implementation - The new standard, effective from December 1, 2023, prohibits the sale of old electric bicycles and introduces stricter requirements regarding speed, fire safety, and smart positioning systems [2][4]. - Under the new regulations, electric bicycles must not exceed a speed of 25 km/h, and manufacturers are required to implement anti-tampering mechanisms to prevent speed modifications [5]. - The new standard mandates the use of higher-grade flame-retardant materials for key components and sets specific technical indicators for battery safety, including thermal runaway protection [5]. Group 2: Market Supply and Pricing - The market supply of new standard electric bicycles is still in its early stages, with many stores reporting low inventory levels, often displaying only one model with limited stock [6][8]. - Prices for new standard electric bicycles have increased by 300 to 500 yuan compared to old models, with some high-end models seeing price hikes of up to 1,000 yuan due to upgraded materials and features [6][8]. - Online sales channels reflect a similar trend, with only 1-2 models available from major brands, and many listings showing "out of stock" [7][8]. Group 3: Industry Response and Future Outlook - Companies are adjusting their production lines to comply with the new standard, with some brands like Aima announcing capacity transfers and temporary shutdowns of old production lines [8][11]. - Despite the current supply challenges, industry representatives express optimism about the future, believing that the new standard will enhance safety and drive demand as production ramps up [10][11]. - The market is also witnessing a shift towards electric motorcycles, which are not subject to the new regulations and have shown higher sales volumes compared to new standard electric bicycles [10][11].

致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 公司名稱: 創新奇智科技集團股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年12月2日 第 2 頁 共 10 頁 v 1.1.1 本月底法定/註冊股本總額： RMB 563,544,438 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 I. 法定/註冊股本變動 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02121 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 563,544,438 | RMB | | 1 RMB | | 563,544,438 | | 增加 ...

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依賴該等內容而引致的任何損失承擔任何責任。 AINNOVATION TECHNOLOGY GROUP CO., LTD* 及 有 關 2024 年年報之 補充公告 有關收購目標公司一51%股權之須予披露交易之補充協議 本公告乃由創新奇智科技集團股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則 （「上市規則」）第14.36條刊發，此乃考慮到本公告所披露的補充協議構成股份轉讓協議一之重大變 更。除另有定義者外，本公告所用詞彙與本公司日期為2022年5月20日的公告所界定者具有相同 涵義。 創新奇智科技集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2121） 有關收購目標公司一 51% 股權之 須予披露交易之補充協議 本公司與三名賣方（「賣方一」）於2022年5月20日訂立股份轉讓協議（「股份轉讓協議一」）。根據股 份轉讓協議一，本公司同意有條件收購，賣方一同意有條件以總代價人民幣153.0百萬元出讓其持 有浩 ...

Core Viewpoint - Innovation Works (02121) has seen a stock price increase of over 7%, currently trading at 5.94 HKD, with a transaction volume of 6.93 million HKD, following its recognition in the "AI100 Application Benchmark" list at the 2025 AI+ Conference in Beijing [1] Group 1: Company Developments - Innovation Works' AInnoGC industrial large model was selected as a benchmark application, highlighting its technological advancements [1] - The company operates under a strategic framework termed "One Model, One Body, Two Wings," utilizing the AInnoGC model as a technological foundation and AI entities as engines for practical applications [1] - The company is focusing on the application of large model technology across various sectors, including steel metallurgy, semiconductor panels, 3C high-tech, automotive equipment, energy, construction, food and beverage, new materials, and smart manufacturing training [1] Group 2: Industry Insights - Western Securities (002673) noted that Innovation Works is firmly focused on the "AI + Manufacturing" sector, with an expected 80% of its revenue from manufacturing by 2024 [1] - The company has served over 1,000 manufacturing enterprises, indicating a strong market presence and customer base [1] - The firm is positioned to benefit from the long-term structural demand for industrial intelligence upgrades, supported by the national push for new productivity and digital transformation in manufacturing [1]

Core Viewpoint - Innovation Works (02121) saw a stock increase of over 7%, reaching HKD 5.94 with a trading volume of HKD 6.9258 million, following its recognition in the "AI100 Application Benchmark" list at the 2025 AI+ Conference in Beijing [1] Group 1: Company Developments - Innovation Works' AInnoGC industrial large model was selected as a benchmark application, highlighting its technological advancements [1] - The company operates under a strategy termed "One Model, One Body, Two Wings," utilizing the AInnoGC model as a technological foundation and AI entities as engines for application in various industries [1] - The company has focused on the "AI + Manufacturing" sector, with projected revenue from manufacturing reaching 80% by 2024 and having served over 1,000 manufacturing enterprises [1] Group 2: Industry Context - The company is positioned as a pioneer in the industrial intelligence upgrade, benefiting from the national push for new productivity and digital transformation in manufacturing [1] - The long-term structural demand for industrial intelligence is expected to favor companies with deep industry know-how and extensive client case studies, such as Innovation Works [1]

Group 1 - AI application concept stocks have mostly risen, with notable increases in companies such as Innovent Biologics (6.85%), Alibaba (4.54%), Kuaishou (4.38%), Meitu (3.21%), and Yuedu Group (3.56%) [1] - Recent positive developments in the AI application field include Google's release of Gemini3 and Nano Banana Pro, which have significantly outperformed previous models [1] - Alibaba's AI assistant Qianwen App has surpassed 10 million downloads within a week of its public testing, becoming the fastest-growing AI application, outpacing ChatGPT and others [1] Group 2 - Bohai Securities notes that leading model manufacturers like Baidu, Alibaba, and Google are continuously iterating their AI large model products, intensifying global competition and accelerating technological innovation and application [2] - Domestic large models in China are making steady progress in technical iterations, successfully entering the global first tier of large models [2] - The compatibility between domestic large models and local accelerated computing chips is improving, creating a synergistic advantage for algorithm and hardware, which lays a solid foundation for large-scale implementation across various industries [2]

每经AI快讯，港股AI应用概念股多数走高，截至发稿，创新奇智(02121.HK)涨6.85%，报5.93港元；阿 里巴巴-W(09988.HK)涨4.54%，报154.3港元；快手-W(01024.HK)涨4.38%，报66.8港元；美图公司 (01357.HK)涨3.21%，报8.04港元；阅文集团(00772.HK)涨3.56%，报36.1港元。 ...