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 不就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。 （股 份 代 號：2451） 董事會會議召開日期 Luyuan Group Holding (Cayman) Limited（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，本 公 司 將 於2025年8月27日（星 期 三）舉 行 董 事 會 會 議，藉 以（其 中 包 括） 考慮並批准本公司及其附屬公司截至2025年6月30日止六個月的中期業 績 及 其 刊 發，考 慮 派 發 中 期 股 息 之 建 議（如 有），以 及 處 理 其 他 事 項。 承董事會 命 Luyuan Group Holding (Cayman) Limited Luyuan Group Holding (Cayman) Limited 綠 源 集 團 控 股（開 曼）有 限 公 司* （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） 主席兼執 ...

机构：方正证券 研究员：李珍妮/马萤 观，每年存量替换需求较为稳健；另一方面，在新国标推动下，电动两轮车市场有望逐步转为以产品质 量及品牌力为核心的良性竞争，欠缺研发制造能力及销售网络的中小厂商将逐渐被淘汰，龙头企业将凭 自身实力获得更明显的竞争优势。 公司以产品力为基石，渠道布局有序推进。公司始终重视产品研发，构建了包括液冷动力系统、数字化 电池系统、固态电气系统在内的核心技术壁垒；持续强化多元产品组合，策略性强调中高端市场布局， 随着高毛利产品占比提升，公司盈利能力有望保持稳中有升。渠道端，持续完善多维度渠道布局，加强 线上线下协同，提升端对端零售能力，企业客户方面，与共享出行服务商合作关系稳固，传统业务整体 保持稳健向上。 前瞻布局高端电助力车细分市场，推出LYVA新品牌。公司将LYVA品牌设定为战略发展方向，聚焦以 电助力车为代表的短途代步及轻运动产品，并结合AI智能技术打造多场景轻出行解决方案，有望吸 引、开拓有别于传统自行车及电动两轮车的全新客群。 盈利预测与评级：公司作为电动两轮车行业头部企业，产品研发能力领先，零售渠道逐步加强，ToB渠 道保持稳健，传统业务基本盘稳中求进，同时积极切入E-Bi ...

Group 1 - The electric two-wheeler industry is transitioning towards high-quality and standardized development, with compliant and high-quality enterprises expected to increase market share and industry concentration [1] - The company, Luyuan Group, is recognized as a leading second-tier enterprise in the electric two-wheeler industry, excelling in channel layout, R&D capabilities, and product iteration [1] - Revenue for Luyuan Group is projected to grow from 2.38 billion yuan in 2020 to 5.07 billion yuan in 2024, with a CAGR of 20.8%, while net profit is expected to rise from 40 million yuan to 117 million yuan, with a CAGR of 30.5% [1] Group 2 - The industry is expected to experience a recovery in total growth, driven by natural replacements and potential growth points such as instant delivery and domestic shared riding [2] - The industry is anticipated to see a trend of increasing volume and price, supported by trade-in programs and dealer inventory replenishment [2] - The official implementation of new national standards will lead to a return to high-quality product competition, with Luyuan Group positioned to benefit from its technological reserves and differentiated positioning [2] Group 3 - Luyuan Group is increasing R&D investment to solidify its core advantages, with a focus on five key systems: liquid-cooled motor systems, solid-state electrical systems, digital battery maintenance systems, safe driving systems, and intelligent connectivity systems [3] - The company plans to invest 231 million yuan in R&D in 2024, a year-on-year increase of 22.1%, to enhance its competitive edge in liquid-cooled electric vehicle technology [3] - Luyuan Group has developed a diversified product matrix covering economy, mid-range, and luxury models, with a strategic focus on the mid-to-high-end market [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Views - The electric two-wheeler industry is entering a high-quality development phase, with the company positioned as a leading player benefiting from policy support and market recovery [7][37]. - The company has demonstrated strong revenue growth, with a projected compound annual growth rate (CAGR) of 20.8% from 2020 to 2024, and a net profit CAGR of 30.5% during the same period [6][18]. - The company is expected to continue expanding its market share and profitability through innovation, product diversification, and strategic channel development [8][41]. Summary by Sections Company Overview - The company is a leading manufacturer in the electric two-wheeler sector, having participated in the formulation of national standards since its inception in 1997 [16]. - The company has established a comprehensive production base across four regions in China, enhancing its manufacturing capabilities [16]. Industry Analysis - The electric two-wheeler industry is projected to recover to stable growth, driven by policies encouraging replacement and new market demands such as instant delivery and shared riding [7][29]. - The industry has seen a compound annual growth rate of 10.6% from 2019 to 2023, with sales reaching 55 million units in 2023 [29]. Financial Performance - The company's revenue increased from 2.38 billion yuan in 2020 to 5.07 billion yuan in 2024, with a net profit rising from 40 million yuan to 117 million yuan during the same period [6][18]. - The report forecasts net profits of 184 million yuan, 267 million yuan, and 347 million yuan for 2025, 2026, and 2027, respectively [6][56]. Product and R&D Strategy - The company is focusing on five core systems in R&D, including liquid-cooled motors and smart battery maintenance systems, with R&D investment reaching 231 million yuan in 2024 [8][41]. - A diversified product matrix has been established, covering various market segments from economy to luxury models, with a strategic focus on high-end markets [8][41]. Market Opportunities - The global electric assist bicycle market is expected to grow from 35 billion USD in 2024 to 62 billion USD by 2030, with a CAGR of 10% [8][52]. - The company is actively expanding its presence in overseas markets and has launched a high-end brand, LIVA, to tap into the electric assist bicycle segment [8][53].

Core Insights - The core viewpoint of the news is that Green Source Group has been awarded the "Golden Award for ESG Excellence" for its "All-Scenario Light Travel Solution - Source Walker Platform" project, highlighting its significant social and commercial sustainability impact in the ESG sector [1]. Group 1: ESG Excellence and Recognition - Green Source Group received the "Golden Award for ESG Excellence" at the 2025 Mid-term Strategy Conference, recognizing its project for its industry demonstration effect and substantial social benefits [1]. - The award aims to spotlight ESG benchmark projects that drive transformative change, such as clean energy infrastructure and inclusive finance initiatives [1]. Group 2: Technological Innovation and Social Value - The company’s "All-Scenario Light Travel Solution" effectively addresses diverse user travel needs through technological innovation, promoting safety and low-carbon transitions [2]. - Customized product matrices have been developed for various scenarios, including models equipped with liquid-cooled motors and digital batteries to alleviate winter range anxiety [2]. - The high-end LYVA brand integrates AI central control technology, transforming electric vehicles into "smart health terminals" and advocating for a green lifestyle [2]. Group 3: Integrated Service Ecosystem - The "Source Walker Platform" breaks traditional hardware sales models by creating an integrated service ecosystem of "rent, exchange, sell, and repair," aligning commercial and social values [3]. - The platform operates through 13,000 smart stores nationwide, forming a "3-kilometer service circle" that offers battery leasing and on-site repair services, enhancing user engagement and market coverage [3]. - The project targets various market segments, with budget-friendly products solidifying the base and high-end brands exploring higher profit margins, while the "Source Walker" generates additional revenue through data services [3]. Group 4: Global Expansion and Strategic Success - Green Source Group is leading a green travel revolution through scenario-based innovation and ecological services, reconstructing the industry value chain [3]. - The recognition of the "All-Scenario Light Travel Solution - Source Walker Platform" project as an "ESG Excellence Project" serves as strong evidence of the company's successful strategy [3].

Core Viewpoint - The article discusses the transformation of the Hong Kong stock market, highlighting its resurgence as a capital haven despite previous challenges, driven by significant reforms and an influx of southbound capital from mainland investors [3][6][12]. Group 1: Market Performance and Trends - Xiaomi completed a HKD 4.25 billion placement, marking the third-largest flash placement in Hong Kong's history, following Meituan and BYD [3]. - In 2023, Hong Kong's IPO financing reached HKD 653.25 billion, a year-on-year increase of 691.33%, while total placements surged to HKD 1,242.68 billion, up 853.47% [4]. - The first quarter of 2023 saw a new high of 27% in equity holdings of Hong Kong stocks by actively managed public funds [4]. Group 2: Challenges Faced by the Market - Prior to 2023, Hong Kong stocks faced a four-year decline, with IPO fundraising dropping to HKD 46.3 billion in 2022, an 86% decrease from 2021, making it the lowest in 20 years [3][4]. - The market suffered from liquidity issues, with large-cap stocks contributing 90% of liquidity, while small-cap stocks struggled [9][10]. - The market's challenges were exacerbated by external factors such as aggressive interest rate hikes by the Federal Reserve and geopolitical tensions [8][10]. Group 3: Reforms and Strategic Changes - The new leadership at the Hong Kong Stock Exchange, including CEO Chen Yiting and Chairman Tang Jiacheng, aims to address liquidity issues and attract competitive companies [12][13]. - Reforms include lowering the listing thresholds for companies, with market capitalization requirements for commercialized companies reduced from HKD 60 billion to HKD 40 billion [13]. - The introduction of the FINI platform has improved the efficiency of new stock subscriptions, significantly reducing the time funds are frozen during the process [14][16]. Group 4: Capital Inflows and Market Dynamics - The influx of southbound capital has been a key driver of market resilience, with significant investments in technology and new consumer sectors [18][20]. - Public funds have increased their holdings in major stocks like Tencent and Alibaba, with a notable rise in technology-related ETFs [20][22]. - Insurance funds have actively increased their stakes in high-dividend stocks, contributing to the overall liquidity of the market [23].

Investment Rating - The report assigns a "Buy" rating to Luyuan Group Holdings (2451.HK) with a target price of HKD 13.41, indicating a potential upside of 61.2% from the current price of HKD 7.99 [2][4]. Core Insights - Luyuan Group is a pioneer in the electric two-wheeler industry, focusing on technological innovation and industry transformation since its establishment in 1997. The company has introduced significant technologies such as liquid-cooled motors and digital battery systems, enhancing product durability and range [4][7]. - The transition to new national standards is expected to stimulate demand for electric two-wheelers, with a projected recovery in sales starting in 2025 due to government incentives for trade-ins [4][25]. - The company is strategically repositioning itself as a leader in "all-scenario light mobility solutions," aiming to transform from a traditional manufacturer to a mobility service provider, with a focus on high-end markets and an integrated service ecosystem [4][12]. Financial Summary - Revenue projections for Luyuan Group are as follows: - 2024: CNY 50.72 billion (YoY -0.22%) - 2025: CNY 60.2 billion (YoY +18.69%) - 2026: CNY 73.2 billion (YoY +21.59%) - 2027: CNY 88.5 billion (YoY +20.90%) - Net profit forecasts are: - 2024: CNY 1.16 billion (YoY -20.29%) - 2025: CNY 1.75 billion (YoY +50.86%) - 2026: CNY 3.23 billion (YoY +84.57%) - 2027: CNY 4.58 billion (YoY +41.80%) - The report indicates a significant improvement in earnings per share (EPS) from CNY 0.29 in 2024 to CNY 1.07 in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 25.72 to 6.68 over the same period [3][4][19]. Industry Overview - The electric two-wheeler market in China is projected to experience a compound annual growth rate (CAGR) of 6.32% from 2019 to 2024, despite a decline in 2024 due to weak consumer demand and industry adjustments [4][25]. - The market is characterized by a shift from price competition to quality competition, with leading brands focusing on technological advancements and differentiated offerings to enhance product value [31][34]. - The introduction of new national standards in 2024 is expected to further elevate product quality and safety, driving the industry towards higher standards and compliance [40][41]. Technological Advancements - Luyuan Group has developed core technologies such as liquid-cooled motors and digital battery systems, which significantly improve product performance and longevity, addressing key industry challenges [47][48]. - The company is also enhancing its smart technology offerings, integrating features like real-time monitoring and AI-driven maintenance to improve user experience and safety [51][52]. Strategic Initiatives - The launch of the LYVA brand marks Luyuan's entry into the high-end market, with a focus on premium electric two-wheelers designed for various high-end scenarios [61]. - The company is expanding its production capacity with new manufacturing bases, aiming to meet future demand and enhance market share [53]. Sales and Distribution - Luyuan has established a comprehensive sales network with over 12,800 retail stores across China, supported by a robust online sales strategy that integrates e-commerce with traditional retail [54][57].

Investment Rating - The report assigns a "Buy" rating to Luyuan Group Holdings (2451.HK) with a target price of HKD 13.41, indicating a potential upside of 61.2% from the current price of HKD 7.99 [2][4]. Core Insights - Luyuan Group is a pioneer in the electric two-wheeler industry, leveraging technological innovation to lead market development. The company has introduced significant advancements such as liquid-cooled motors and digital battery technology, enhancing product durability and range [4][7]. - The transition to new national standards is expected to stimulate demand for electric two-wheelers, with a projected recovery in sales starting in 2025 due to government incentives for trade-ins [4][25]. - The company's strategic shift towards high-end markets and the establishment of a comprehensive mobility ecosystem is anticipated to drive growth and improve profitability [4][61]. Financial Summary - Revenue projections for Luyuan Group are as follows: - 2024: CNY 50.72 billion (YoY -0.22%) - 2025: CNY 60.2 billion (YoY +18.69%) - 2026: CNY 73.2 billion (YoY +21.59%) - 2027: CNY 88.5 billion (YoY +20.90%) [3][4] - Net profit forecasts are: - 2024: CNY 1.16 billion (YoY -20.29%) - 2025: CNY 1.75 billion (YoY +50.86%) - 2026: CNY 3.23 billion (YoY +84.57%) - 2027: CNY 4.58 billion (YoY +41.80%) [3][4]. Industry Overview - The electric two-wheeler market in China is projected to experience a compound annual growth rate (CAGR) of 6.32% from 2019 to 2024, despite a decline in 2024 due to weak consumer demand and industry adjustments [4][25]. - The market is characterized by a significant shift from price competition to quality competition, with leading brands focusing on technological advancements and product differentiation [31][34]. - The introduction of new national standards in 2025 is expected to enhance product quality and safety, further driving the industry's evolution [40][41].

Core Viewpoint - The Chinese electric two-wheeler industry is rapidly transitioning to a technology-driven sector, with eBikes emerging as a significant growth engine in the global market. The company, Luyuan Group Holdings, has strategically positioned itself in the high-end market by launching the LYVA brand, which focuses on the diverse needs of urban middle-class consumers and creates an AI-driven smart mobility ecosystem that integrates commuting, sports, and leisure [1][7]. Group 1 - Luyuan Group has been recognized for its technological innovation, winning the China Light Industry Federation Science and Technology Progress Award for its "mid-mounted power system sports fitness electric bicycle," highlighting its leadership in the electric bicycle industry [3][5]. - The company has received the China Light Industry Federation Science and Technology Award five times, reinforcing its growth logic driven by research and development, focusing on core technology rather than superficial design improvements [5]. - Innovations such as liquid-cooled motors and digital battery maintenance technology have been developed to address fundamental technical challenges, providing Luyuan with a significant competitive advantage in a homogenized market [5][6]. Group 2 - The newly awarded "mid-mounted power system sports fitness electric bicycle" addresses several issues associated with traditional mid-mounted motors, such as high-temperature performance degradation and short lifespan, by implementing a dual-chamber independent liquid cooling structure [6]. - The global eBike market is projected to reach $50.14 billion in 2024 and $148.07 billion by 2032, with a compound annual growth rate of 14.6%, indicating a lucrative opportunity for Luyuan's LYVA brand to capture a second growth curve [7]. - Despite facing market demand challenges and intensified competition, Luyuan has achieved steady growth through technological empowerment, product optimization, and supply chain management, positioning itself as a differentiated player in the market [8].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook for the company's growth and profitability in the coming years [1]. Core Viewpoints - The company has shown stable growth in its core business of electric two-wheelers, with a revenue of CNY 50.72 billion in 2024, a slight decrease of 0.2% year-on-year. The net profit attributable to the parent company was CNY 1.17 billion, down 19.8% [1][2]. - The company is expected to benefit from new policies in 2025, including new national standards and trade-in programs, which may create a favorable supply-demand dynamic [2]. - The company is focusing on expanding its product lines, including electric assist bicycles and light sports products under the LYVA brand, targeting high-income consumers [4]. - The company is also developing a new ecosystem involving battery swapping and rental services, aiming to create an integrated system for rental, exchange, and sales [4]. Financial Summary - In 2024, the company's revenue was CNY 50.72 billion, with a net profit of CNY 1.17 billion, resulting in a net profit margin of 2.3% [1][3]. - The company’s gross margin for 2024 was 13.1%, showing resilience despite a decline in overall sales and average selling prices [3]. - The company’s operating cash flow for 2024 was negative CNY 0.03 billion, with a cash and cash equivalents balance of CNY 5.55 billion at year-end [3]. - Revenue projections for 2025-2027 are CNY 65.98 billion, CNY 76.82 billion, and CNY 87.63 billion, respectively, with net profits expected to rise to CNY 1.71 billion, CNY 2.01 billion, and CNY 2.38 billion [7][9]. Growth Potential - The company plans to enhance its production capacity, with an annual capacity exceeding 5 million units by the end of 2024 and an expected increase to 2 million units by 2026 [2]. - The company is strategically positioning itself in the high-end electric assist bicycle market, leveraging its proprietary technology and manufacturing capabilities [4]. - The company aims to transition its user operation model from a rough approach to a more refined one, supported by a nationwide smart store network [4].