Core Viewpoint - The article discusses the strategic transformation of Luyuan, a leading player in the Chinese two-wheeled electric vehicle market, as it shifts from a traditional manufacturing model to an integrated ecosystem service provider, focusing on "all-scenario light travel" solutions to adapt to new market dynamics and consumer needs [1][3][4]. Group 1: Strategic Transformation - Luyuan is transitioning from a "manufacturer" to an "ecosystem service provider," creating a comprehensive travel solution centered around user needs through a product matrix and service system [4]. - The company aims to construct a pyramid-shaped profit model, opening up growth potential and opportunities for value reassessment [5][15]. - Luyuan's business structure will evolve from a single brand operation to a multi-brand architecture, including Luyuan Electric Vehicles, LYVA (smart sports), and Yuanxing (ecosystem services), which will enhance its profit model [15][26]. Group 2: Market Position and Financial Performance - Luyuan has maintained its market leadership in the two-wheeled electric vehicle sector, with a reported total revenue of approximately 5.1 billion RMB in 2024, remaining stable year-on-year [20]. - The primary revenue source, electric bicycle sales, exceeded 3 billion RMB, reflecting a year-on-year growth of about 12% [20]. - The company is expected to benefit from the upcoming "new national standard" in 2025, which is anticipated to stimulate market demand and facilitate a new round of expansion for leading brands [20][21]. Group 3: Technological Innovation - Luyuan has established itself as a technology leader in the two-wheeled electric vehicle industry, particularly with its innovative liquid cooling technology, which enhances durability and positions the brand favorably in the market [16][21]. - The company has a robust patent portfolio, with 729 patents and 313 new applications, focusing on core technologies such as electric motors and batteries [33]. - Luyuan plans to continue investing in key systems, including liquid cooling motor systems and smart connectivity, to enhance product durability, safety, and battery life [33][34]. Group 4: Market Expansion and Ecosystem Development - Luyuan is targeting the middle-class consumer market with its LYVA brand and is actively exploring international opportunities, having added 66 new international clients and entered seven new countries in 2024 [22][23]. - The "Yuanxing" brand introduces a new model of "rent, exchange, sell, and repair," enhancing its competitive edge in the two-wheeled mobility service market [26][27]. - The company is also focusing on establishing a battery swapping network, which is seen as a critical solution to address charging safety and range anxiety in the electric vehicle sector [26][27].

Core Viewpoint - The company, Green Source Group Holdings, reported stable revenue in 2024 despite a 10% decline in the overall two-wheeled electric vehicle industry, showcasing its resilience and strategic positioning for future growth [2][3]. Group 1: Financial Performance - In 2024, the company achieved an operating income of 5.072 billion yuan, with net profit slightly declining after excluding share-based payment impacts [2]. - The overall two-wheeled electric vehicle industry faced significant pressure due to macroeconomic fluctuations and industry chain adjustments, leading to a 10% year-on-year decline in sales [2]. Group 2: Strategic Initiatives - The company is entering the high-end market represented by electric assist vehicles and is strategically laying out plans for battery swapping, rental services, and after-sales services to drive high-quality development in the new national standard era [2][3]. - To comply with the new national standards, the company has prepared new models, materials, and processes, and has arranged product transitions in advance according to the "8+3" transition period [3]. Group 3: Market Outlook - The new national standards will enforce stricter requirements on battery safety and production qualifications, likely leading to the exit of non-compliant small and medium enterprises, which may benefit industry leaders like the company by increasing market share [2]. - The company plans to launch its high-end smart mobility brand, LYVA, by the end of 2024, leveraging its 28 years of experience in the two-wheeled electric vehicle sector to drive product innovation [3]. - The year 2025 is anticipated to be a watershed moment for the two-wheeled electric vehicle industry, with the new standards and industry chain adjustments promoting a more regulated market, benefiting compliant leading manufacturers [3].

Core Viewpoint - Green Source Group Holdings has officially launched a new strategy focusing on extending into the mobility service sector while maintaining its manufacturing advantages, aiming to provide a comprehensive "all-scenario light mobility solution" [1] Group 1: Strategic Overview - The "all-scenario light mobility solution" is not merely an extension of product lines but a user-centric approach that integrates "hardware + software + services" to enhance user experience across various scenarios [1] - This strategic release signifies Green Source Group Holdings' proactive response to structural changes in the industry, breaking free from traditional competitive constraints [1] Group 2: Market and Product Development - Green Source Group Holdings has developed multiple products to meet diverse user needs, including the LYVA brand for outdoor health mobility [2] - The company is transitioning from a single brand operation to a "main multi-brand composite structure" [2] - The global market expansion is progressing steadily, with products sold in 80 countries and regions, achieving full-scenario application [2] Group 3: Future Plans and Innovations - By 2025, the company plans to leverage its core technological advantages to implement localization strategies in key overseas markets such as Southeast Asia, South Asia, and Latin America, while also targeting the electric bicycle market in Europe and the U.S. [2] - The "all-scenario light mobility solution" represents both a direction for product innovation and a shift from traditional sales models to user service extensions [2] - The company is focused on product iteration and service system optimization to enhance technical accumulation and model exploration, aiming to continuously adapt to changing user demands [2]

Financial Performance - The annual profit for the year ended December 31, 2024, was RMB 116.1 million, a decrease of approximately 20.3% year-on-year[3]. - The annual profit excluding share-based payment expenses was RMB 154.0 million, down about 5.9% compared to the previous year[3]. - Total revenue for the year was RMB 5,071.96 million, slightly down from RMB 5,082.98 million in 2023[4]. - Gross profit for the year was RMB 665.01 million, compared to RMB 681.24 million in 2023, reflecting a decrease[4]. - Operating profit for the year was RMB 110.17 million, down from RMB 140.39 million in the previous year[4]. - The company’s earnings per share (EPS) decreased to RMB 0.30 from RMB 0.43 in the previous year[4]. - The company reported a total tax expense of RMB 9,363,000 for 2024, compared to RMB 5,533,000 in 2023, indicating an increase of 69.5%[26]. - The company’s total financial costs remained stable at RMB 21,983,000 in 2024, slightly down from RMB 21,984,000 in 2023[25]. - The company’s employee benefits expenses rose to RMB 364,282,000 in 2024 from RMB 330,078,000 in 2023, an increase of 10.4%[24]. - The company’s depreciation of property, plant, and equipment increased to RMB 100,036,000 in 2024 from RMB 85,946,000 in 2023, a rise of 16.4%[24]. Revenue Breakdown - Revenue from product sales was RMB 5,034,752 thousand, while service revenue was RMB 37,204 thousand, indicating a significant drop in service revenue from RMB 65,449 thousand in the previous year[18]. - Over 90% of the company's revenue and operating profit came from electric vehicle sales in China, highlighting the market's significance[21]. - Revenue from electric bicycles increased by approximately 11.7% from RMB 2,699.9 million in 2023 to RMB 3,016.5 million in 2024, driven by higher sales volume and improved product reliability[68]. - Revenue from electric scooters decreased by approximately 30.3% from RMB 1,021.4 million in 2023 to RMB 711.4 million in 2024, primarily due to structural changes in market demand[68]. - Revenue from battery sales decreased by approximately 4.4% from RMB 1,093.6 million in 2023 to RMB 1,045.9 million in 2024, also attributed to market demand changes[68]. Assets and Liabilities - The total assets increased to RMB 4,324.34 million from RMB 3,862.48 million in 2023[10]. - The net cash and cash equivalents decreased to RMB 554.51 million from RMB 994.97 million in 2023[8]. - The company reported a total borrowing of RMB 1,002,333,000 in 2024, compared to RMB 643,346,000 in 2023, reflecting a substantial increase of 55.8%[43]. - The total trade payables rose to RMB 483,294,000 in 2024, up from RMB 445,558,000 in 2023, indicating an increase of 8.5%[41]. - The company’s leverage ratio increased from 42.6% as of December 31, 2023, to 68.1% as of December 31, 2024, mainly due to an increase in discounted notes[92]. Research and Development - Research and development costs increased to RMB 231.17 million from RMB 189.40 million in 2023, indicating a focus on innovation[4]. - R&D expenses increased by approximately 22.1% from RMB 189.4 million in the year ending December 31, 2023, to RMB 231.2 million for the year ending December 31, 2024, with 313 new patent applications filed and 247 new patents granted in 2024[47]. Market and Industry Trends - The electric two-wheeler market experienced a year-on-year decline of 11.6% in 2024 due to regulatory tightening and market adjustments, leading to a deep transformation in the industry[44]. - In 2024, China's GDP exceeded RMB 134 trillion, growing by 5.0% year-on-year, with domestic consumption contributing 44.5% to economic growth, providing significant development momentum for the electric two-wheeler market[44]. - The electric bicycle market is projected to grow from USD 35 billion in 2024 to USD 62 billion by 2030, with a compound annual growth rate (CAGR) of nearly 10%[60]. - The Asia-Pacific region accounts for approximately 63% of the global electric bicycle market, followed by Europe (31.4%) and North America (3.9%)[60]. Strategic Initiatives - The company launched over 30 new models in 2024, including industry-leading products such as the S90, Moda8, and Cola10 series, all featuring smart battery systems and traction control systems[48]. - The group established strategic partnerships with major players in the shared mobility sector, including Hello Bike and Didi Qingju Electric Two-Wheelers, enhancing its position as a key supplier in the electric two-wheeler manufacturing industry[52]. - The group plans to prioritize the development of high-end electric bicycles by 2025 and strategically expand into the electric mobility ecosystem, including battery swapping infrastructure and shared transportation solutions[56]. - The group is planning a strategic transformation towards smart manufacturing, incorporating automation and industrial internet connectivity to enhance production efficiency and reduce costs[59]. Shareholder and Governance - The company proposed a final dividend of HKD 0.15 per share for the year ended December 31, 2024, compared to zero for the previous year[3]. - The board confirmed that the reallocation will not adversely affect existing business operations[119]. - The company has fully complied with the corporate governance code during the reporting period[132]. - The audit committee consists of three independent non-executive directors, ensuring proper oversight of financial reporting and risk management[139]. Share Options and Incentives - A total of 15,321,275 share options remain unexercised under the pre-IPO share plan, accounting for about 3.7% of the total issued shares as of December 31, 2024[101]. - The post-IPO share incentive plan granted 3,212,500 shares, which is approximately 0.8% of the total issued shares (excluding treasury shares) as of the announcement date[102]. - The company aims to align the interests of eligible employees with those of the company and its shareholders through these share incentive plans[100].

[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 维持 | --- | --- | |-----------------------------------------------|----------------------------------------| | 股票数据 | | | 09 [ Table_StockInfo 月 27 日收盘价 ] | 6.30 港元 | | 52 周股价波动 | 5.18~8.05 港元 | | 总股本 / 流通 H 股 | 4.27 亿 /4.27 亿 | | 总市值 / 流通市值 | 27 亿港元 /27 亿港元 | | 相关研究 | | | [Ta ble_ReportInfo] | 《定位液冷电动车，积极扩产迎发展东风》 | | 2024.03.06 | | 市场表现 [Table_QuoteInfo] -30% 绿源集团控股 恒生指数 -25% -20% -15% -10% -5% 0% 5% 2024-05-31 2024-06-30 2024-07-31 2024-08-31 | ...

Financial Performance - Revenue for the first half of 2024 increased by approximately 3.2% to RMB 2,533.9 million from RMB 2,454.9 million in the same period of 2023[20]. - Net profit rose by about 9.6% to RMB 66.0 million in the first half of 2024, compared to RMB 60.2 million in the prior year[20]. - Gross profit increased by approximately 2.5% to RMB 302.9 million for the six months ended June 30, 2024, maintaining a stable gross margin of around 12.0%[33]. - Operating profit decreased to RMB 54,362 thousand from RMB 62,541 thousand, indicating a decline of approximately 13%[95]. - Basic earnings per share decreased to RMB 16.2 from RMB 18.8, while diluted earnings per share remained at RMB 15.9[95]. - The company reported a total comprehensive income of RMB 66,876 thousand for the period, compared to RMB 60,442 thousand in the previous year[96]. Research and Development - R&D expenses increased by approximately 19.0% to RMB 92.0 million in the first half of 2024, up from RMB 77.3 million in the same period of 2023[21]. - The company plans to enhance its R&D capabilities, focusing on digital battery technology, with a breakthrough expected on July 2, 2024, aimed at improving battery performance and safety[26]. - The company has approximately HKD 107.6 million in unutilized funds for R&D purposes, which is expected to be fully utilized by the end of June 2025[60]. Market Expansion - The company aims to expand its international market presence in Indonesia, Thailand, Malaysia, and India, leveraging its core technology to introduce diverse mid-to-high-speed electric motorcycle products[27]. - The company plans to enhance brand awareness through targeted marketing strategies, including collaborations with popular entertainment programs and strategic partnerships with other well-known brands[27]. - The company has entered into strategic partnerships with major players in the shared mobility sector, including Hello Bike and Didi Chuxing[24]. Production and Capacity - The company plans to build a new production facility in Chongqing to expand capacity and meet growing product demand[23]. - The Chongqing factory is expected to gradually reach an annual production capacity of approximately 2 million vehicles by 2026[58]. - The company has production facilities located in the Da Zu High-tech Zone of Chongqing, China[15]. Shareholder Information - The company plans to issue 288 million shares as part of the capitalized issuance approved by shareholders on August 21, 2023[15]. - The total number of shares available for the pre-IPO share plan is 16,736,000, representing approximately 4.06% of the total issued shares as of the report date[65]. - The company does not plan to declare an interim dividend for the six months ending June 30, 2024[62]. Governance and Compliance - The board of directors includes key members such as Mr. Ni Jie (Chairman) and Ms. Hu Jihong[13]. - The audit committee is chaired by Mr. Wu Xiaoya, ensuring financial oversight and governance[14]. - The company has maintained compliance with corporate governance codes throughout the reporting period, ensuring transparency and accountability[90]. Financial Position - Total assets increased to RMB 4,577.9 million as of June 30, 2024, compared to RMB 3,862.5 million as of December 31, 2023[19]. - Total liabilities grew to RMB 3,015,429 thousand, compared to RMB 2,334,916 thousand, an increase of 29.3%[98]. - The company’s total equity attributable to owners reached RMB 1,562,495 thousand, up from RMB 1,527,565 thousand, reflecting a growth of 2.3%[100]. Employee Information - As of June 30, 2024, the group had a total of 2,977 employees, with total employee expenses amounting to RMB 245.1 million, an increase of approximately 10.4% compared to RMB 222.1 million for the six months ended June 30, 2023[55]. - The company regularly reviews its compensation policies and provides training for various operational functions to enhance employee skills[55]. Cash Flow and Financing - The net cash inflow from operating activities was RMB 43,619 thousand for the six months ended June 30, 2024, down from RMB 68,165 thousand in the same period of 2023[101]. - The net cash generated from financing activities for the first half of 2024 was RMB 254,221 thousand, a decrease from RMB 277,917 thousand in the first half of 2023[105]. - Cash and cash equivalents increased to RMB 1,160,155 thousand from RMB 994,968 thousand, reflecting a growth of 16.6%[97]. Inventory and Receivables - Inventory increased by approximately 34.8% from RMB 254 million as of December 31, 2023, to RMB 342 million as of June 30, 2024[43]. - Trade receivables increased by approximately 110.2% from RMB 184 million as of December 31, 2023, to RMB 387 million as of June 30, 2024[44]. Stock Options and Incentive Plans - The company granted 16,736,000 stock options to eligible participants under the pre-IPO share scheme, with an exercise price of RMB 0[138]. - The post-IPO share plan allows for the issuance of rewards in the form of rights to subscribe for shares, with the nature and amount of rewards determined by the board or plan administrator[73]. - The company has not reported any stock options exercised during the reporting period, thus no details on the exercise price or market price prior to the grant date are available[70].

交银国际研究 | --- | --- | --- | --- | --- | |----------|--------------------------------------------|----------------------|----------------|-----------------------------| | 公司更新 | | | | | | | | | | | | 汽车 | 收盘价 港元 6.50 | 目标价 港元 6.24 | 潜在涨幅 -4.0% | 2024 年 9 月 3 日 | | 绿源集团 | (2451 HK) | | | | | | 企业和机构客户拓展顺利，上半年收入逆势增长 | | | | 上半年收入逆势增长，盈利能力稳定。2024 上半年公司收入 25.3 亿元（ 人民币，下同），同比增 3.2%，其中电动自行车收入同比增 25.1%至 15.5 亿元，ASP 和销量分别同比-5.4%/+32.2%。公司严控费用，上半年营 销费用率/管理费用率/研发费用率分别为 6.0%/2.1%/3.6%，整体费用率同 比降 0.4 个百分点至 11.6%。净利润同比增 9. ...

Financial Performance - Revenue for the six months ended June 30, 2024, was approximately RMB 2,533.9 million, representing a year-on-year increase of about 3.2%[2] - Gross profit for the same period was approximately RMB 302.9 million, reflecting a year-on-year growth of approximately 2.5%[2] - Profit for the period was approximately RMB 66.0 million, which is a year-on-year increase of approximately 9.6%[2] - Operating profit decreased to RMB 54.4 million from RMB 62.5 million in the previous period[3] - The total comprehensive income for the period was RMB 66.9 million, compared to RMB 60.4 million in the same period last year[4] - Total revenue for the six months ended June 30, 2024, was RMB 2,533,904 thousand, compared to RMB 2,454,910 thousand for the same period in 2023, reflecting an increase of 3.2%[14] - The company's profit attributable to equity holders for the six months ended June 30, 2024, was RMB 65,988,000, compared to RMB 60,204,000 for the same period in 2023, representing an increase of approximately 12.8%[22] - The basic earnings per share for the period was RMB 16.2, down from RMB 18.8 in the previous period[3] - The diluted earnings per share for the six months ended June 30, 2024, was RMB 15.9, compared to RMB 18.8 in 2023, reflecting a decline of approximately 15.4%[24] - Net profit rose by about 9.6% from RMB 60.2 million for the six months ended June 30, 2023, to RMB 66.0 million for the same period in 2024[38] Revenue Breakdown - Revenue from product sales for the six months ended June 30, 2024, was RMB 2,512,539 thousand, an increase of 3.6% compared to RMB 2,424,664 thousand for the same period in 2023[14] - Revenue from services decreased to RMB 21,365 thousand, down 29.3% from RMB 30,246 thousand in the previous year[14] - Electric bicycles contributed RMB 1,545.7 million, accounting for 61.0% of total revenue, up from RMB 1,235.6 million (50.3%) in the previous year[47] - Revenue from electric bicycle sales increased by approximately 25.1% from RMB 1,235.6 million for the six months ended June 30, 2023, to RMB 1,545.7 million for the same period in 2024, driven by a 32.2% increase in sales volume[49] - Revenue from electric scooter sales decreased by approximately 39.6% from RMB 571.4 million for the six months ended June 30, 2023, to RMB 345.0 million for the same period in 2024, due to a decline in consumer demand[49] Costs and Expenses - Research and development costs increased to RMB 91.9 million from RMB 77.3 million year-on-year[3] - Employee benefit expenses rose to RMB 179,455 thousand, an increase of 24.4% from RMB 144,319 thousand in the previous year[19] - The cost of materials and consumables used increased to RMB 2,067,992 thousand, up from RMB 2,000,316 thousand, representing a rise of 3.4%[19] - The cost of goods sold for the six months ended June 30, 2024, was approximately RMB 2,067,992,000, compared to RMB 2,000,316,000 in 2023, representing an increase of about 3.4%[25] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 4,577.9 million, compared to RMB 3,862.5 million as of December 31, 2023[5] - Total liabilities rose to RMB 3,015.4 million from RMB 2,334.9 million at the end of 2023[7] - Trade receivables as of June 30, 2024, amounted to RMB 424,993,000, compared to RMB 209,516,000 as of December 31, 2023, indicating an increase of about 102.6%[26] - Inventory as of June 30, 2024, totaled RMB 342,307,000, an increase from RMB 254,028,000 as of December 31, 2023, representing a growth of approximately 34.7%[25] - Trade payables increased from RMB 445,558 thousand as of December 31, 2023, to RMB 588,861 thousand as of June 30, 2024[32] - Total borrowings increased from RMB 643,346 thousand as of December 31, 2023, to RMB 962,019 thousand as of June 30, 2024[37] Strategic Initiatives - The company plans to strategically build a new production facility in Chongqing to expand capacity and meet growing product demand[41] - The company aims to increase brand awareness through targeted marketing strategies, including collaborations with popular entertainment programs and campus promotions[45] - The company plans to enhance its production capacity at the Chongqing factory, aiming to reach an annual capacity of approximately 2 million units by 2026[44] - The company established strategic partnerships with major players in the shared mobility sector, including Hello Bike and Didi Qingju, positioning itself as a key supplier in the electric two-wheeler market[42] - The company entered 16 new countries and added 37 international clients during the reporting period, focusing on Southeast Asia and exploring potential expansion in Europe and the US[42] Research and Development - The company is committed to enhancing its R&D capabilities, particularly in digital battery technology, with breakthroughs announced on July 2, 2024[44] - The company holds a total of 623 patents as of June 30, 2024, leading the industry in invention patents[39] - The company launched over 20 new products during the reporting period, including industry-leading models such as S90, Moda8, and Cola10[40] Financial Management - The company has not adopted any new accounting standards that would have a significant impact on its financial position or performance for the reporting period[12] - The company has not hedged against foreign exchange risks but regularly reviews its foreign exchange exposure and may enter into forward contracts if necessary[73] - The company has not made any significant investments or acquisitions during the reporting period[81] - The board believes that the reallocation of funds will not have any significant adverse impact on the company's existing business and operations[83] Future Outlook - The company plans to enhance R&D capabilities with a budget of HKD 211.9 million, aiming to maintain technological advantages by the end of 2025[84] - A total of HKD 169.5 million is allocated for developing new and upgraded products and technologies, with expected completion by June 2025[84] - The company intends to recruit additional R&D personnel with a budget of HKD 21.2 million, expected to be completed by the end of 2024[84] - Strengthening sales and distribution channels is budgeted at HKD 211.9 million, with a target completion by the end of 2024[84] - The expansion and optimization of retail stores in mainland China is budgeted at HKD 127.2 million, also targeted for completion by the end of 2024[84]

Investment Rating - The report initiates coverage on Luyuan Group with a "Buy" rating, based on a valuation range of 17.6-21.5x PE for 2024, implying a market cap range of 3.17-3.88 billion RMB [3][4] Core Views - Luyuan Group, a pioneer in China's electric two-wheeler industry, is poised for accelerated growth driven by market expansion and industry optimization [1] - The company's focus on intelligent products and liquid-cooled motor technology positions it for a second wave of growth [1] - The electric two-wheeler industry is experiencing high growth due to policy support, demand recovery, and supply-side improvements [2] Industry Analysis Policy Drivers - New national standards for electric two-wheelers have catalyzed demand and accelerated industry consolidation [2][23] - The standards have led to a replacement cycle for non-compliant vehicles, benefiting leading companies [28] Demand Drivers - Post-pandemic economic recovery has boosted personal mobility consumption, benefiting electric two-wheelers [2][31] - The rise of instant delivery and shared mobility services has created new demand for electric two-wheelers [34][40] Supply Drivers - The industry is shifting from price competition to quality competition, with brands focusing on intelligent and self-designed products [2][45] - Falling raw material prices have improved industry profitability [2][52] Company Strengths R&D and Product Advantages - Luyuan has over 20 years of R&D experience and has developed a comprehensive core technology matrix, including the industry-first liquid-cooled motor technology [3][55] - The company offers a diverse product portfolio covering low, mid, and high-end segments, with a focus on the mid-to-high-end market [3][59] Production Capacity Expansion - Luyuan plans to upgrade existing production facilities and expand capacity to 9.5 million units by 2026, a threefold increase in three years [3][60] Channel Advantages - The company has established a multi-dimensional channel matrix combining online and offline, B2C and B2B sales [3][62] - Luyuan has over 11,400 retail stores and 1,314 distributors in China as of April 2023 [62] Intelligent Transformation - Luyuan is accelerating its penetration into the intelligent market through partnerships with shared mobility platforms like Didi's Qingju [3][65] - The company has launched 16 intelligent models, accounting for 23.5% of its total product lineup as of April 2023 [64]

港股公司报告 | 首次覆盖报告 绿源集团控股（02451） 证券研究报告 2024年06月 06日 投资评级 市场多点扩容+格局持续优化，电动两轮车业务有望迎发展提速！ 行业 非必需性消费/汽车 6个月评级 买入（首次评级） 当前价格 6.6港元 绿源集团：电动两轮车创始品牌，智能化开启二次增长 目标价格 港元 绿源集团控股（开曼）有限公司起家于 2009 年，是中国电动两轮车行业 基本数据 的领军企业。公司致力于引领电动车核心技术发展，产品覆盖电动自行车、 港股总股本(百万股) 426.67 电动轻便摩托车、电动摩托车三大品类；其中，公司的液冷电动车系列搭 载独有液冷电机，拥有九大核心技术加持，续航逾百公里，品质保10 年， 港股总市值(百万港元) 2,816.00 推动电动两轮车向耐用品方向发展。基于广覆盖、高效率的销售网络，公 每股净资产(港元) 3.95 资产负债率(%) 60.45 司产品成功销往泰国、印尼、菲律宾等37 个国家。2023 年，公司实现营 业收入50.83亿元，同比+6.27%，实现净利润1.46亿元，同比+23.36%。 一 年内最高/最低(港元) 8.05/6.20 市场扩容+格 ...