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12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 大行科工（深圳）股份有限公司（「本公司」） 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 | 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) | 02543 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 9,041,000 | RMB | | 1 RMB | | 9,041,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 9,041,000 | RMB | | 1 RMB | | 9,041,000 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 ( ...

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 致：香港交易及結算所有限公司 公司名稱: 大行科工（深圳）股份有限公司（「本公司」） 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 | 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) | 02543 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 9,041,000 | RMB | | 1 RMB | | 9,041,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 9,041,000 | RMB | | 1 RMB | | 9,041,000 | FF301 第 2 頁 共 11 頁 v 1.1.1 | 2. ...

大行科工 20251229 摘要 大航科工在国内折叠自行车市场占据领先地位，2024 年收入约 4.5 亿 元，22-24 年复合增速达 33%，市场份额显著，零售额占比 36%，但 90%的收入依赖国内市场，海外市场仍有较大拓展空间。 全球折叠自行车市场规模预计到 2029 年将超过 400 亿元，年复合增速 约 15%，电助力化和轻量化是主要趋势，尤其在欧洲市场电助力自行车 渗透率已达 50%，中国品牌在全球市场快速崛起。 大航科工的核心竞争优势在于研发能力和爆品打造，创始人韩波被誉为 "折叠自行车之父"，公司拥有 40 年历史，通过性价比策略在海内外 市场获得优势，并持续投入研发、品牌和渠道建设。 全球市场对折叠自行车的需求受到城市交通和休闲方式变化的推动，新 材料和技术的进步提升了产品性能，促进了供给端渗透，尤其是在欧洲 市场，折叠自行车成为通勤和周末出行的理想选择。 电助力化显著提升了骑行舒适度，满足了老龄化社会的需求，并受到政 府补贴政策的支持，但电助力自行车技术壁垒较高，电机技术尤为关键， 下游企业需掌握核心技术，实现产业链一体化。 Q&A 请介绍一下大航科工公司的基本情况及其在折叠自行车行业中 ...

Key Points - As of December 19, 38 stocks reached their 52-week highs, with Li Gao Health Life (02370), Ginkgo Education (01851), and Kangqiao Yuelife (02205) leading the high rate at 36.36%, 18.72%, and 8.70% respectively [1] - The top three stocks that achieved new highs are as follows: - Li Gao Health Life (02370) closed at 0.670, with a peak of 0.750, marking a 36.36% increase - Ginkgo Education (01851) closed at 2.430, with a peak of 2.600, marking an 18.72% increase - Kangqiao Yuelife (02205) closed at 1.200, with a peak of 1.250, marking an 8.70% increase [1] - Other notable stocks that reached new highs include Liangqing Holdings (1,000) at 7.14%, Jinxing International Holdings (02307) at 7.04%, and Wuxi Life (08148) at 6.21% [1] 52-Week Low Summary - The 52-week low rankings show that Haowen Holdings (08019) had the largest decline at -16.13%, closing at 0.130 [2] - Other significant declines include NIU Holdings (08619) at -11.86%, closing at 0.156, and Hashkey HLDGS (03887) at -9.59%, with a low of 5.090 [2] - Additional stocks with notable declines include Songdu Service (09608) at -9.09%, closing at 0.068, and Ruike Bio-B (02179) at -5.41%, closing at 5.070 [2]

Group 1 - The folding bicycle industry is characterized as a small yet high-growth new consumer sector, driven by its lightweight, portable, and urban lifestyle adaptability [1] - Global demand for folding bicycles is expected to grow significantly, with a retail sales compound annual growth rate (CAGR) of 20.7% and a retail volume CAGR of 13.1% from 2019 to 2024, despite a low global penetration rate of only 2.1% [1] - In China, the retail sales of folding bicycles are projected to increase from 400 million to 1.8 billion, with a CAGR of 35.1% from 2019 to 2024, indicating a strong demand driven by lifestyle and social attributes [1] Group 2 - The Chinese folding bicycle market is highly concentrated, with the top five companies holding a combined market share of 73.7% by retail sales in 2024, led by Dahon with a retail volume share of 26.3% and a retail sales share of 36.5% [2] - The competitive landscape includes Brompton as a high-end market leader with a retail sales share of 25.7%, while Decathlon and traditional brands like Phoenix and Forever dominate the mid-range and mass markets [2] - The industry is experiencing a transformation from a mere sports tool to a lifestyle carrier, driven by portability, diverse usage scenarios, and an expanding consumer base that includes younger and female demographics [2] Group 3 - The global folding bicycle market is relatively fragmented, with the top five companies accounting for 19.4% of retail volume and 12.0% of retail sales, with Dahon leading in volume and Brompton in sales [3] - The U.S. online bicycle market shows a different category structure, with electric bicycles being the largest segment, while folding bicycles hold a smaller share [3] - The trend in overseas markets indicates a growing interest in electric bicycles, with the gap in brand popularity between Dahon and Brompton narrowing [3]

Core Viewpoint - The report from China Merchants Securities International initiates coverage on Great Wall Motor (02543) with a target price of HKD 56 and a rating of "Buy," forecasting a compound annual growth rate (CAGR) of 50% in sales from 2024 to 2027, driven by new product launches and improved profit margins [1] Group 1: Sales and Profitability - The expected CAGR for sales from 2024 to 2027 is 50% [1] - Gross margin is projected to improve by approximately 100 basis points annually [1] - The introduction of new products, including three-fold and electric assist models, is anticipated to drive an increase in average selling price (ASP) [1] Group 2: Online and International Expansion - The share of online sales is expected to rise to about 35% by 2026, with a gross margin of around 50%, significantly higher than the 27-28% margin from offline sales [1] - Revenue growth is expected to accelerate in the second half of 2025, with a projected 50% increase in Q3 and over 85% year-on-year growth in October [1] - The overseas business aims for revenue of RMB 150 million by 2026 and RMB 300 million by 2027, benefiting from higher profit margins in the European and American markets, where electric assist penetration is 20-30%, compared to less than 5% in China [1] Group 3: Catalysts for Growth - Four major catalysts are expected to be released in 2026: 1) The high-end product line has been officially launched, with three-fold models priced between RMB 5,000 and 7,000, set to debut in Q4 2025 [1] 2) Self-production is projected to enhance gross margins by 200-300 basis points [1] 3) The online transformation is expected to maintain over 50% growth, with a gross margin of about 50% [1] 4) Further expansion into international markets is planned [1]

该行表示，四大催化剂将在2026年集中释放：1)高端产品线已正式落实：三折车型定价5000-7000元人 民币，已于2025年第四季正式推出。2)自主生产提升200-300个基点毛利率，3)线上转型：此渠道维持 50%以上的增长，毛利率约50%，而线下仅27-28%。预计线上收入将在2026年达到35%(相比2024年的约 25%)。4)再进军国际市场。 该行预计2025年下半年营收增长加速，第三季增长约50%，10月线上年增超85%;海外业务目标2026年营 收1.5亿元人民币(下同)，2027年达3亿元，地域结构有利于利润率提升，因欧美市场电助力渗透率达20- 30%，中国仍不足5%。 招商证券国际发布研报称，首予大行科工(02543)目标价56港元，评级"增持"。该行预计2024-2027年销 售额复合年增长率达50%，毛利率每年提升约100个基点，主要驱动因素包括：三折叠及电助力新品推 出带动ASP上升、自主生产修复200-300个基点利润率，以及线上渠道占比在2026年提升至约35%，其毛 利率约50%，其显著高于线下的27-28%。 ...

Core Insights - DAHON, the largest manufacturer of folding bicycles globally, has successfully launched its subsidiary DAHON Tech on the Hong Kong Stock Exchange, achieving a subscription rate of 7,558, marking it as the most oversubscribed listing in Hong Kong history [1] - The successful IPO will provide DAHON with increased capital to further its mission in green mobility innovations, including a strategic alliance with Golden Wheel Group to establish Dagold Technology in Tianjin, China [1] Company Growth Strategy - DAHON aims to optimize stakeholder value through three main growth trajectories: 1. Establishing a global elite team by engaging top international consulting firms to enhance brand presence and digital marketing strategies [3] 2. Improving technology and R&D culture by strengthening partnerships with universities to develop high-level professionals in bicycle manufacturing [3] 3. Expanding the DELTECH technology ecosystem, which significantly enhances bicycle frame rigidity, providing a competitive edge in speed and performance [3] Market Position and Performance - DAHON ranked first in global sales of folding bicycles in 2024 and holds the largest number of folding bicycle patents in China, demonstrating its market leadership [3] - The company has shown resilience with strong performance even in challenging markets, indicating robust operational capabilities [3] - The successful listing in Hong Kong was supported by a solid roster of leading investors and substantial cash flow, confirming the company's capital strength [3]

Summary of Key Points Core Viewpoint - As of November 21, 14 stocks reached their 52-week highs, with Hengfa Optical (01134), Chaowei Holdings (08059), and Cassava Resources (00841) leading the gains at 42.11%, 30.56%, and 22.49% respectively [1]. 52-Week Highs - Hengfa Optical (01134) closed at 0.375, with a peak price of 0.540, marking a 42.11% increase [1]. - Chaowei Holdings (08059) closed at 0.030, reaching a high of 0.047, reflecting a 30.56% rise [1]. - Cassava Resources (00841) closed at 0.200, with a maximum price of 0.207, indicating a 22.49% increase [1]. - Other notable stocks include Sibor Systems (08319) at 15.04%, MOS HOUSE (01653) at 11.46%, and Tianjin Jianfa (02515) at 5.19% [1]. 52-Week Lows - China Pengfei Group (03348) reached a low of 1.100, down 20.09% from its peak [1]. - China Information Technology (08178) closed at 0.285, reflecting a 19.35% decrease [1]. - XL Ernan Strategy - U (09799) saw a decline of 14.27% [1]. - Other significant declines include Hesai - W (02525) at -10.54% and MBC Bitcoin - U (03425) at -9.09% [1]. Additional Notable Stocks - Stocks like MBC Bitcoin (03430) and Tongyuan Kang Pharmaceutical - B (02410) also experienced declines of 6.64% and 6.62% respectively [2]. - The overall trend indicates a mix of significant gains in certain stocks while others are facing substantial losses, reflecting a volatile market environment [1][2].

Group 1 - The company, 大行科工 (02543), announced the resignation of Mr. Li Xiaoyang as the co-secretary and authorized representative [1] - Ms. Huang Yating has been appointed as the co-secretary and authorized representative, effective from November 17, 2025 [1]