Financial Performance - Revenue for 2023 reached RMB 5,082,982 thousand, a 6.3% increase from RMB 4,783,023 thousand in 2022[22] - Net profit for 2023 was RMB 145,607 thousand, up 23.3% from RMB 118,030 thousand in 2022[22] - Gross profit margin improved to 20.5% in 2023, up from 19.8% in 2022[22] - Revenue increased by 6.3% from RMB 4,783.0 million in 2022 to RMB 5,083.0 million in 2023[26] - Net profit grew by 23.4% from RMB 118.0 million in 2022 to RMB 145.6 million in 2023[26] - Gross profit rose by 21.4% from RMB 561.3 million in 2022 to RMB 681.2 million in 2023[26] - Total assets increased to RMB 3,862.4 million in 2023 from RMB 3,184.0 million in 2022[23] - Equity attributable to shareholders surged to RMB 1,527.6 million in 2023 from RMB 679.8 million in 2022[23] - The company's revenue in 2023 reached RMB 5,083.0 million, a 6.3% increase from RMB 4,783.0 million in 2022, driven by higher sales of electric two-wheelers and batteries[34] - Electric bicycle sales revenue increased by 21.0% to RMB 2,699.9 million in 2023, with sales volume rising by 26.4%[36] - Electric scooter sales revenue decreased by 15.7% to RMB 1,021.4 million in 2023, primarily due to a 78.2% drop in sales of electric light motorcycles[36] - Battery sales revenue grew by 3.9% to RMB 1,093.6 million in 2023, with sales volume increasing by 7.3%[36] - Gross profit increased by 21.4% to RMB 681.2 million in 2023, with gross margin rising from 11.7% to 13.4%[37] - Net profit for the year increased by 23.4% from RMB 118.0 million in 2022 to RMB 145.6 million in 2023[46] - Inventory decreased by 43.0% from RMB 445.7 million at the end of 2022 to RMB 254.0 million at the end of 2023, reflecting improved asset management efficiency[46] - Trade receivables increased by 10.1% from RMB 167.5 million at the end of 2022 to RMB 184.4 million at the end of 2023, driven by higher credit sales to institutional customers[47] - Property, plant, and equipment increased by 13.6% from RMB 844.1 million at the end of 2022 to RMB 958.6 million at the end of 2023, due to production scale expansion and equipment upgrades[49] - Total assets grew by 21.3% from RMB 3,184.0 million at the end of 2022 to RMB 3,862.5 million at the end of 2023, while total liabilities decreased by 6.8% from RMB 2,504.2 million to RMB 2,334.9 million[52] - The current ratio improved from 0.99x at the end of 2022 to 1.44x at the end of 2023, indicating enhanced liquidity[52] - Cash and cash equivalents increased by 151.9% from RMB 395.0 million as of December 31, 2022, to RMB 995.0 million as of December 31, 2023, primarily due to net proceeds from fundraising and operating cash flow[54] - Leverage ratio decreased from 97.3% as of December 31, 2022, to 42.6% as of December 31, 2023, mainly due to increased equity from the global offering[54] - Interest-bearing bank and other borrowings amounted to RMB 643.3 million as of December 31, 2023, representing 27.6% of total liabilities[54] - Capital expenditures decreased by 13.0% from RMB 233.7 million in 2022 to RMB 203.3 million in 2023, primarily used for expanding production capacity[55] - Total bank credit facilities amounted to RMB 1,665.0 million as of December 31, 2023, with RMB 921.6 million utilized[54] - Total employee expenses increased by 14.5% from RMB 412.4 million in 2022 to RMB 472.2 million in 2023, driven by increased headcount and salary adjustments[57] - Sales and marketing costs increased by 21.8% from RMB 259.6 million in 2022 to RMB 316.2 million in 2023, driven by higher advertising expenses, employee benefits, and e-commerce system fees[38] - Administrative expenses rose by 11.4% from RMB 89.1 million in 2022 to RMB 99.2 million in 2023, primarily due to increased employee benefits[39] - R&D costs grew by 25.8% from RMB 150.5 million in 2022 to RMB 189.4 million in 2023, mainly due to higher employee benefits and increased mold depreciation and design fees[40] - Other income surged by 66.1% from RMB 37.8 million in 2022 to RMB 62.7 million in 2023, largely due to increased government subsidies[41] Production and Capacity - The company operates three production facilities with an annual capacity exceeding 4 million electric two-wheelers as of December 31, 2023[3] - A new production facility in Chongqing is under construction, expected to increase annual capacity by 2 million units by 2026[3] - The company plans to build a new production facility in Chongqing in 2024 to meet market demand in the southwest region[27] - The company plans to expand production capacity, with the Chongqing factory expected to reach an annual capacity of 2 million units by 2026[31] - The company established Chongqing Luyuan with a registered capital of RMB 200 million to facilitate strategic development in Southwest China[60] - HKD 211.9 million allocated for enhancing production capacity, with HKD 6.3 million utilized and HKD 205.7 million remaining, to be fully utilized by the end of 2024[63] - HKD 84.8 million allocated for acquiring land use rights and constructing production facilities in Southwest China, with none utilized as of December 31, 2023, to be fully utilized by the end of 2024[63] - HKD 63.6 million allocated for capacity expansion at the Shandong plant, with HKD 3.7 million utilized and HKD 59.9 million remaining, to be fully utilized by the end of 2024[63] - HKD 63.6 million allocated for capacity expansion at the Guangxi plant, with HKD 2.6 million utilized and HKD 61.0 million remaining, to be fully utilized by the end of 2024[63] R&D and Innovation - The company's R&D expenses increased by 15% year-over-year, reflecting continued investment in technological advancements[22] - The company holds nearly 500 patents as of December 31, 2023[3] - The company launched the S-series electric vehicles with proprietary liquid-cooled 2.0 motors and upgraded solid-state controllers in 2023[26] - The company holds nearly 500 patents, leading the industry in invention patents, and launched the second-generation S-series electric two-wheelers in 2023[29] - The company aims to enhance its R&D capabilities, focusing on liquid-cooling technology and digital battery maintenance systems[31] - Net proceeds from the IPO allocated to enhancing R&D capabilities amount to HKD 211.9 million, with HKD 27.8 million utilized and HKD 184.1 million remaining as of December 31, 2023, to be fully utilized by the end of 2025[62] - HKD 169.5 million allocated for new and upgraded product R&D, with HKD 6.7 million utilized and HKD 162.8 million remaining, to be fully utilized by the end of 2024[62] - The company focuses on key technologies for electric two-wheelers, including motors, controllers, batteries, and chargers, enhancing product lifespan and safety[137] - Luyuan Group prioritizes R&D in lithium-ion battery safety and smart two-wheelers, investing in production equipment upgrades to ensure product quality[137] Market and Sales - The company has over 1,400 distributors and approximately 13,000 retail stores across 324 cities in 30 provincial-level regions[3] - The company's market share in the electric two-wheeler industry grew by 2.5 percentage points in 2023[22] - The offline distribution network expanded to cover 324 cities across 30 provincial-level regions in China as of December 31, 2023[28] - The company plans to expand its international market presence, particularly in Southeast Asia, Europe, and the United States[33] - The company will continue to optimize its sales and distribution network, leveraging social media to drive offline traffic and support dealers in key regions[33] - HKD 211.9 million allocated for strengthening sales and distribution channels, with HKD 68.9 million utilized and HKD 143.1 million remaining, to be fully utilized by the end of 2024[62] - HKD 127.2 million allocated for expanding and optimizing retail stores in mainland China, with HKD 29.8 million utilized and HKD 97.4 million remaining, to be fully utilized by the end of 2024[62] - Luyuan Group has over 1,400 dealers in mainland China, covering 324 cities across 30 provincial-level administrative regions as of December 31, 2023[137] Corporate Governance and Leadership - The company successfully listed on the Hong Kong Stock Exchange on October 12, 2023, with a net proceeds of approximately HKD 706.4 million from the global offering[3] - Ni Mr. has over 34 years of experience in product development, including over 25 years in the electric two-wheeler industry[68] - Hu Ms. owns 131,200,000 shares through Apex Marine, representing approximately 30.75% of the company's total issued share capital[69] - Hu Ms. and Ni Mr. each own 50% of Best Expand, which holds 15,264,000 shares, representing approximately 3.58% of the company's total issued share capital[69] - Ni Mr. owns 131,200,000 shares through Drago Investments, representing approximately 30.75% of the company's total issued share capital[69] - Hu Ms. is deemed to own or control 277,664,000 shares, representing approximately 65.08% of the company's total issued share capital[69] - Hu Ms. has over 25 years of experience in the electric two-wheeler industry[70] - Chen Mr. is responsible for the company's financial and capital management, as well as product risk control[71] - Chen Mr. has been serving as the Vice President of Zhejiang Luyuan Electric Vehicle Co., Ltd. since January 2012[71] - Wu Mr. has over 15 years of auditing experience and is a partner at Zhonghua Certified Public Accountants[72] - Wu Mr. has been the head of Zhonghua Certified Public Accountants' Anhui branch since 2014[72] - Mr. Wu has served as an independent director for four companies since 2018, including Nanji E-Commerce Co., Ltd. (SZSE: 002127), Anhui Anruisheng New Energy Co., Ltd. (NEEQ: 834489), Yiwu Technology Co., Ltd., and Anhui Jingsai Technology Co., Ltd. (NEEQ: 871981)[73] - Mr. Wu has been a certified Chinese CPA since June 2001 and graduated from Southwest University of Finance and Economics in September 2004[73] - Mr. Peng, appointed as an independent non-executive director in July 2022, has extensive experience in market, consumer, and corporate operations, having worked at PepsiCo (China) Ltd., Standard Chartered Bank, and the NBA[73] - Mr. Peng holds a bachelor's degree in relay protection and power system automation engineering from Northeast Electric Power University (1983) and an MBA from the State University of New York (1991)[74] - Mr. Liu, appointed as an independent non-executive director in July 2022, has over 25 years of experience in the telecommunications industry, including roles at Nanjing Zhongxing Software and Shanghai Zhongxing Yilian Communications[75] - Mr. Liu holds a bachelor's degree in engineering from Tsinghua University (1996) and an MBA from CEIBS (2014)[75] - Mr. Chen, appointed as an independent non-executive director in June 2023, has over 20 years of experience in finance and accounting, including roles at Ernst & Young, BOCI, and CITIC Securities[75] - Mr. Chen holds a bachelor's degree in business administration from HKUST (2001) and is a member of the Hong Kong Institute of Certified Public Accountants since October 2005[77] - Mr. Chen Wensheng, appointed as Vice President in December 2013, oversees the company's R&D efforts, including product and technology development, and has held various technical and managerial roles since joining the company in 2003[78] - Mr. Ding Xiao, appointed as Vice President in December 2013, manages domestic sales channels and has been with the company since 2006, holding roles in brand management and marketing[78] - The company has established four board committees, including the Audit Committee, Remuneration Committee, Nomination Committee, and Strategy and Investment Committee, to oversee specific aspects of the company's affairs[83] - The board consists of three executive directors, one non-executive director, and four independent non-executive directors, ensuring compliance with regulatory requirements for board composition[83] - The company has adopted a Board Diversity Policy to ensure a balance of skills, experience, and perspectives among board members, supporting the execution of business strategies and enhancing board efficiency[85] - The board consists of 1 female member and 6 male members, including 3 executive directors, 1 non-executive director, and 4 independent non-executive directors[86] - The company aims to have 2 female directors or achieve 20% female representation on the board by proposing the appointment of Ms. Ni Boyuan as a director at the 2024 annual general meeting[86] - As of December 31, 2023, the ratio of female to male employees (including senior management) is approximately 35% to 65%[87] - The company has implemented recruitment and selection procedures to consider diverse candidates and established talent management and training programs to promote employee diversity[87] - The board has appointed 4 independent non-executive directors, complying with the requirement that at least one-third of the board members are independent non-executive directors[88] - Independent non-executive directors have the right to request additional information and documents from management and seek external professional advice at the company's expense[91] - The company does not grant performance-based equity compensation (e.g., stock options or grants) to independent non-executive directors to maintain their objectivity and independence[92] - The board has reviewed the implementation of the above mechanisms and found them to be effective and sufficient as of December 31, 2023[92] - Each newly appointed director has received necessary onboarding and materials to ensure a comprehensive understanding of the company's operations, business, and relevant legal duties[94] - The company holds regular seminars to update directors on the latest developments and changes in listing rules and other relevant legal and regulatory requirements[94] - Directors receive regular updates on the company's performance, status, and prospects to fulfill their duties effectively[94] - The Chairman and CEO roles are separate, with Mr. Ni as Chairman responsible for strategy and management oversight, and Ms. Hu as CEO responsible for overall management and operations[96] - Executive directors have service contracts with an initial fixed term of three years starting from September 24, 2023, subject to rotation and re-election according to the articles of association and listing rules[97] - The company holds at least four Board meetings annually, with notices issued at least 14 days in advance for regular meetings[98] - Board and committee meeting minutes are detailed and distributed to all directors for review and record-keeping[98] - Since listing on October 12, 2023, the company has held Audit, Nomination, Remuneration, Strategy & Investment Committee, and Board meetings to review and approve the 2023 financial statements[98] - Directors' attendance records for Board, committee, and general meetings are summarized, showing full attendance for most meetings[99] - The company has adopted the Model Code for Securities Transactions and confirmed that all directors have complied with the code since the listing date[100] - The Board of Directors retains decision-making authority over all major matters, including policy approval, overall strategy, internal control, and significant transactions[101] - The Board is responsible for reviewing and monitoring compliance with legal and regulatory requirements, as well as the training and continuous professional development of directors and senior management[102] - The Audit Committee reviewed the Group's annual financial statements and the external auditor's report on major accounting issues and audit findings for the year ended December 31, 2023[105] - The Audit Committee discussed the effectiveness of the Group's financial reporting system, risk management, and internal control systems[105] - The Audit Committee reviewed and approved the remuneration and engagement terms of the external auditor and made recommendations to the Board[105] - The Nomination Committee reviewed the structure, size, and composition of the Board, including the re-election of directors and the assessment of independent non-executive directors' independence[107] - The Nomination Committee discussed the Board diversity policy and its implementation, as well as the director nomination policy[107] - The company has adopted a Director Nomination Policy outlining the selection criteria and procedures for appointing new directors, including diversity considerations such as gender, skills, age, and cultural background[108] - The Remuneration Committee consists of three members, chaired by independent non-executive director Mr. Liu Bobin, with executive director Ms. Hu and independent non-executive director Mr. Wu Xiaoya as members[109] - The Remuneration Committee is responsible for reviewing and approving the remuneration policies and structures for directors and senior management, including stock options, non-monetary benefits, and pension rights[110] - The Remuneration

Revenue and Profit Growth - Revenue for the reporting period was RMB 5,083.0 million, a year-on-year increase of approximately 6.3%[3] - Revenue from goods sales in 2023 was RMB 5,017,533 thousand, an increase from RMB 4,727,769 thousand in 2022[14] - Revenue from services in 2023 was RMB 65,449 thousand, up from RMB 55,254 thousand in 2022[14] - Total revenue in 2023 was RMB 5,082,982 thousand, compared to RMB 4,783,023 thousand in 2022[14] - Revenue increased by 6.3% from RMB 4,783.0 million in 2022 to RMB 5,083.0 million in 2023, driven by significant sales growth[38] - The company recorded revenue of RMB 5,083.0 million in 2023, a 6.3% increase from RMB 4,783.0 million in 2022, driven by increased sales of electric two-wheelers and batteries[42] - Gross profit was RMB 681.2 million, a year-on-year increase of approximately 21.4%[3] - Gross profit grew by 21.4% from RMB 561.3 million in 2022 to RMB 681.2 million in 2023, due to increased sales of high-end models and economies of scale[38] - Gross profit increased by 21.4% to RMB 681.2 million in 2023, with gross margin improving from 11.7% to 13.4%[45] - Net profit for the year was RMB 145.6 million, a year-on-year increase of approximately 23.4%[3] - Net profit attributable to equity holders of the company grew to RMB 145,607,000 in 2023 from RMB 118,030,000 in 2022[21] - Net profit for the year grew by 23.4% from RMB 118.0 million in 2022 to RMB 145.6 million in 2023[52] R&D and Innovation - R&D costs increased to RMB 189.4 million, up from RMB 150.5 million in the previous year[4] - R&D costs rose by 25.8% from RMB 150.5 million in 2022 to RMB 189.4 million in 2023, primarily due to increased employee benefits and mold depreciation and design fees[47] - The company holds 489 patents, leading the industry in invention patents, and launched the S-series electric two-wheelers featuring 2.0 liquid-cooled motors and upgraded solid-state controllers[39] - The company will enhance R&D capabilities, focusing on liquid-cooling technology, digital battery maintenance, and expanding product categories such as high-speed electric motorcycles and foldable bikes[40] - The net proceeds from the IPO amounted to HKD 706.4 million, with 30% allocated to enhancing R&D capabilities and maintaining technological advantages[67] - As of December 31, 2023, the company had utilized HKD 27.8 million out of the HKD 211.9 million allocated for R&D capability enhancement, with the remaining HKD 184.1 million to be used by the end of 2025[68] Financial Position and Assets - Total assets increased to RMB 3,862.5 million, up from RMB 3,184.0 million in the previous year[6] - Cash and cash equivalents significantly increased to RMB 994.97 million, up from RMB 395.04 million in the previous year[6] - Total equity attributable to the company's shareholders increased to RMB 1,527.6 million, up from RMB 679.8 million in the previous year[7] - Non-current liabilities increased to RMB 505.8 million, up from RMB 389.0 million in the previous year[7] - Current liabilities decreased to RMB 1,829.1 million, down from RMB 2,115.1 million in the previous year[7] - Inventory recognized as cost of sales was RMB 4,068,630,000 in 2023, up from RMB 3,919,913,000 in 2022[24] - Trade receivables and notes increased to RMB 199,565,000 in 2023 from RMB 189,664,000 in 2022[25] - Total income tax expenses rose to RMB 5,533,000 in 2023 from RMB 4,218,000 in 2022[18] - Financial income net of costs improved to RMB 10,677,000 in 2023 from a loss of RMB 3,735,000 in 2022[17] - Inventory decreased by 43.0% from RMB 445.7 million as of December 31, 2022, to RMB 254.0 million as of December 31, 2023, reflecting improved asset management efficiency[53] - Property, plant, and equipment increased by 13.6% from RMB 844.1 million as of December 31, 2022, to RMB 958.6 million as of December 31, 2023, due to production expansion and equipment upgrades[56] - Total assets grew by 21.3% from RMB 3,184.0 million as of December 31, 2022, to RMB 3,862.5 million as of December 31, 2023, while total liabilities decreased by 6.8% to RMB 2,334.9 million[59] - Cash and cash equivalents surged by 151.9% from RMB 395.0 million as of December 31, 2022, to RMB 995.0 million as of December 31, 2023, driven by net proceeds from global offering and operating cash flow[60] - Leverage ratio decreased significantly from 97.3% as of December 31, 2022, to 42.6% as of December 31, 2023, due to increased equity from the global offering[60] - Capital expenditures decreased by 13.0% from RMB 233.7 million in 2022 to RMB 203.3 million in 2023, primarily used for expanding production capacity[62] - The company has pledged assets with a net book value of RMB 495.6 million for property, plant, and equipment, and RMB 88.4 million for right-of-use assets as collateral for borrowings[65] Sales and Marketing - Sales and marketing costs increased by 21.8% from RMB 259.6 million in 2022 to RMB 316.2 million in 2023, driven by higher advertising, employee benefits, and e-commerce system expenses[46] - Advertising expenses increased to RMB 110,287,000 in 2023 compared to RMB 79,521,000 in 2022[17] - The company plans to improve brand awareness through targeted marketing campaigns and strategic collaborations with other well-known brands[40] - The company allocated HKD 211.9 million for strengthening sales and distribution channels, with HKD 68.9 million utilized as of December 31, 2023, and the remaining HKD 143.1 million to be used by the end of 2024[68] - The company plans to use HKD 26.5 million for brand and marketing activities, HKD 8.6 million for strengthening online channels, and HKD 10.6 million for expanding international market sales, all expected to be fully utilized by the end of 2024[70] Production and Capacity Expansion - The company plans to increase production capacity to approximately 2 million units annually by 2026 with the construction of the Chongqing factory[40] - The company established Chongqing Luyuan Electric Vehicle Co., Ltd. with a registered capital of RMB 200 million to support strategic development in Southwest China[66] - 30% of the net proceeds (HKD 211.9 million) are allocated to strengthen the company's production capacity, with HKD 6.3 million already utilized and HKD 205.7 million remaining, expected to be fully utilized by the end of 2024[69] - 12% of the net proceeds (HKD 84.8 million) are designated for acquiring land use rights and constructing production infrastructure in a city in Southwest China, with the entire amount remaining unused and expected to be utilized by the end of 2024[69] - 9% of the net proceeds (HKD 63.6 million) are allocated for capacity expansion at the company's Shandong plant, with HKD 3.7 million already utilized and HKD 59.9 million remaining, expected to be fully utilized by the end of 2024[69] - 9% of the net proceeds (HKD 63.6 million) are allocated for capacity expansion at the company's Guangxi plant, with HKD 2.6 million already utilized and HKD 61.0 million remaining, expected to be fully utilized by the end of 2024[69] - The company has acquired land use rights in Chongqing for the construction of a production facility, with construction already commenced[74] International Expansion - The company aims to expand its international market presence, focusing on Southeast Asia, Europe, and the United States[41] - The company plans to use HKD 10.6 million for expanding international market sales, expected to be fully utilized by the end of 2024[70] Employee and Shareholder Information - Employee benefits expenses rose to RMB 330,078,000 in 2023, up from RMB 293,055,000 in 2022[17] - The company has 2,906 employees as of December 31, 2023, an increase from 2,470 employees in 2022, with total employee expenses rising by 14.5% to RMB 472.2 million[64] - The company granted 16,736,000 share options under the Pre-IPO Share Option Plan, representing approximately 3.92% of the total issued shares as of December 31, 2023[65] - The company has established a trust for a share purchase plan, with a total cost not exceeding HKD 100 million, to be executed between April 12, 2024, and April 11, 2025[73] - The board of directors as of the announcement date consists of executive directors Ni Jie, Hu Jihong, and Chen Guosheng, and independent non-executive directors Wu Xiaoya, Peng Haitao, Liu Bobin, and Chen Zhifeng[83] Dividends and Financial Reporting - The company decided not to distribute the remaining profits generated by its Chinese subsidiaries as of December 31, 2023[19] - The company did not declare or pay any dividends for the years ended December 31, 2022, and 2023[33] - The company has decided not to recommend a final dividend for the year ended December 31, 2023[78] - The consolidated income statement, comprehensive income statement, consolidated balance sheet, and related notes for the reporting period have been confirmed by PricewaterhouseCoopers to be consistent with the amounts in the company's annual consolidated financial statements[81] - The annual report containing all information required by the listing rules will be sent to shareholders and made available on the Hong Kong Stock Exchange website and the company's website[82] Other Financial Information - Other income in 2023 was RMB 62,720 thousand, a significant increase from RMB 37,750 thousand in 2022[15] - Government subsidies in 2023 amounted to RMB 45,318 thousand, more than double the RMB 20,549 thousand in 2022[15] - Exchange gains in 2023 were RMB 815 thousand, down from RMB 1,121 thousand in 2022[16] - Fair value changes of financial assets at fair value through profit or loss in 2023 were RMB 15,585 thousand, compared to RMB 19,588 thousand in 2022[16] - Net other gains in 2023 were RMB 8,728 thousand, a decrease from RMB 33,567 thousand in 2022[16] - Other income surged by 66.1% from RMB 37.8 million in 2022 to RMB 62.7 million in 2023, mainly due to increased government subsidies[48] - Trade receivables within one year amounted to RMB 4,669 thousand as of December 31, 2023[31] - Construction and equipment prepayments decreased from RMB 29,459 thousand in 2022 to RMB 20,977 thousand in 2023[32] - Trade payables decreased from RMB 588,356 thousand in 2022 to RMB 445,558 thousand in 2023[34] - Total borrowings decreased from RMB 656,586 thousand in 2022 to RMB 643,346 thousand in 2023[37] - The company has no significant contingent liabilities as of December 31, 2023[65] - The company has not hedged its foreign exchange risk but manages it through regular reviews of its net foreign exchange exposure and may enter into forward contracts if necessary[63] - 10% of the net proceeds (HKD 70.6 million) are allocated for working capital and general corporate purposes, with HKD 45.4 million already utilized and HKD 25.2 million remaining, expected to be fully utilized by the end of March 2024[69] - The company will suspend share transfer registration from June 21, 2024, to June 26, 2024, for the Annual General Meeting[79] Market and Customer Information - No single customer accounted for more than 10% of the company's revenue in 2022 or 2023[13] - Over 90% of the company's revenue and operating profit comes from electric vehicle sales in China[13] - Electric bicycle sales revenue increased by 21.0% to RMB 2,699.9 million in 2023, with sales volume rising by 26.4%[44] - Electric scooter sales revenue decreased by 15.7% to RMB 1,021.4 million in 2023, primarily due to a 78.2% drop in sales of electric light motorcycles[44] - Battery sales revenue increased by 3.9% to RMB 1,093.6 million in 2023, with sales volume rising by 7.3%[44] - The company expanded its offline distribution network to 324 cities across 30 provinces in China as of December 31, 2023[38] - The company plans to expand and optimize its retail stores in mainland China, with HKD 127.2 million allocated, of which HKD 29.8 million has been utilized as of December 31, 2023[68]

[Table_MainInfo] 公司研究/造纸轻工 证券研究报告 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 | --- | --- | |-------------------------------------------------------|-----------| | 股票数据 | | | [ Table_StockInfo ] 03 月 05 日收盘价格（港元） | 7.33 | | 52 周股价波动（港元） | 6.93-8.23 | | 总股本 / 流通 A 股（百万股） | 43/12 | | 总市值 / 流通市值（百万港元） | 3110/3110 | 市场表现 [Table_QuoteInfo] -18.00% -16.00% -14.00% -12.00% -10.00% -8.00% -6.00% -4.00% -2.00% 0.00% 2.00% 2023-10 2023-11 2023-11 2023-12 2024-01 2024-01 2024-02 | --- | --- | --- | --- | |--------------------- ...