业绩背景：在2025年12月，招商证券（香港）发布的研报指出，公司受益于高端化转型、自主生产提升 毛利率以及线上渠道高增长等因素，并预计其2026年有四大催化剂集中释放。本次年度业绩将是对公司 2025年经营成果的正式总结，市场关注其是否与机构预期相符。 公司状况 股本结构稳定：根据公司2026年1月5日披露的截至2025年12月底的证券变动月报表，公司的H股与内资 股股本数量在报告期内均无变动，股权结构保持稳定。 目前公开信息中未发现其他将于近期发生的重大事件（如新产品发布、重大合作等）。投资者可密切关 注港交所官方公告以获取业绩详情及可能的最新动态。 以上内容基于公开资料整理，不构成投资建议。 来源：经济观察网 经济观察网 根据公开信息，截至2026年2月21日，大行科工（02543.HK）近期值得关注的事件主要与其 2025年全年业绩发布相关。 近期受关注事件 董事会会议安排：公司已宣布将于2026年3月3日（星期二）召开董事会会议。此次会议的主要议程之一 是审议及批准公司及其附属公司截至2025年12月31日止年度的全年业绩公告，并将考虑派发末期股息事 宜。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Insights - The company is a leading player in the global folding bicycle market, holding a market share of 6.2% globally and 26.3% in mainland China as of 2024 [1][13] - The company's revenue and net profit have shown significant growth, with a year-on-year increase of 42.57% and 52.32% respectively in the first half of 2025 [1][27] - The folding bicycle market is still in a low penetration stage, with a global market size of 231 billion RMB in 2024, representing only 5.3% of the total bicycle market [32][39] - The company has a strong competitive advantage due to its technological patents, optimized production capacity, and robust distribution network [2][3] Company Breakdown - The company has over 40 years of technical experience and a comprehensive product matrix, which has led to sustained high growth in revenue and profitability [1][13] - The main business focuses on the development, design, manufacturing, and marketing of folding bicycles and related accessories, with over 70 models available as of April 2025 [22] - The "Shared 360" project, initiated in 2019, has become a new growth engine by granting patent licenses to other brands [22] Industry Analysis - The folding bicycle market is characterized by a high-end product trend, with an average price increase of 6.77% globally from 2019 to 2024, and 11.03% in China [42] - The market is expected to grow significantly, with a projected CAGR of 12.0% from 2024 to 2029, reaching a market size of 407 billion RMB [32] - The demand for folding bicycles is driven by diverse usage scenarios, including leisure, fitness, and family activities, expanding the user base beyond traditional cycling enthusiasts [50][51] Financial Projections - The company is expected to achieve revenues of 654 million RMB and a net profit of 77 million RMB in 2025, with year-on-year growth rates of 45.0% and 47.8% respectively [4] - The earnings per share (EPS) is projected to increase from 1.06 RMB in 2023 to 2.36 RMB in 2025 [4] - The company's return on equity (ROE) is forecasted to remain strong, with rates of 38.1% in 2025 and 36.4% in 2026 [4]

截至月份: 2026年1月31日 狀態: 新提交 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 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2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. ...

Summary of Dahon's Conference Call Company Overview - Dahon is a leading player in the domestic folding bicycle market, with an estimated revenue of approximately 450 million yuan in 2024 and a compound annual growth rate (CAGR) of 33% from 2022 to 2024. The company holds a significant market share, with retail sales accounting for 36% and a sales volume share of 26% in the domestic market. However, 90% of its revenue is derived from the domestic market, indicating substantial potential for expansion in overseas markets [2][3]. Industry Insights - The global folding bicycle market is projected to exceed 40 billion yuan by 2029, with an annual growth rate of about 15%. The main trends driving this growth include electrification and lightweight materials, particularly in the European market where the penetration rate of electric bicycles has reached 50%. Chinese brands are rapidly emerging in the global market [2][4][5][6]. Key Competitive Advantages - Dahon's core competitive advantage lies in its research and development capabilities, with founder Han Bo recognized as the "Father of Folding Bicycles." The company has a 40-year history and has successfully created popular products through a cost-performance strategy, continuously investing in R&D, branding, and channel development [2][7][12]. Market Demand Catalysts - The demand for folding bicycles globally is driven by changes in urban transportation and leisure activities. New materials and technological advancements have improved product performance, facilitating market penetration, especially in Europe where folding bicycles are becoming ideal for commuting and weekend outings [2][8][9]. Trends in the Folding Bicycle Industry - The industry is characterized by two major trends: electrification and the use of lightweight materials. The electrification trend, particularly in Europe, enhances riding comfort and meets the needs of an aging society. Government subsidies for electric bicycles further support this trend, although the technology barriers, especially in motor technology, remain high [6][10]. Core Technologies - Key technologies in the folding bicycle industry include folding technology, hinge technology, and performance stability. Dahon has developed advanced designs that enhance both aesthetics and performance, ensuring safety and efficiency during rides [11]. R&D and Product Development - Dahon has a strong R&D foundation, with a consistent investment of around 4% of revenue in R&D. The company has launched several successful products, such as the P8 model, which contributes significantly to its revenue [12]. Channel Strategies - Dahon employs a multi-channel strategy, including flagship stores, shop-in-shop models, and dealerships. The number of flagship stores is expected to double from 2023 to 2024, while online sales have increased significantly, accounting for over 20% of total revenue [13]. Overseas Market Expansion - Dahon is focusing on expanding into developed markets in Europe and the U.S., as well as Southeast Asia. The company has re-entered the European market through joint ventures and aims to leverage its supply chain advantages to reduce costs [14][15]. Future Outlook - Dahon anticipates a compound growth rate of over 40% in its distribution channels over the next three years, with online channels expected to grow at a rate of over 60%. The establishment of a joint venture factory is projected to boost overseas revenue significantly by 2026. Overall, the company expects a revenue CAGR of 50% and a faster profit growth rate, although it must navigate risks related to market competition, product development, and tariffs [16].

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]

Core Viewpoint - The report from China Merchants Securities International initiates coverage on Great Wall Technology (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 company is expected to see a CAGR of 50% in sales from 2024 to 2027, with gross margins improving by approximately 100 basis points each year [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] - The shift to online channels is projected to increase its share to about 35% by 2026, with a gross margin of around 50%, significantly higher than the 27-28% margin from offline sales [1] Group 2: Revenue Growth and Market Expansion - Revenue growth is expected to accelerate in the second half of 2025, with a projected 50% increase in the third quarter 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, with favorable regional structures enhancing profit margins due to higher penetration rates in the European and American markets (20-30%) compared to China (less than 5%) [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 established, with three-fold models priced between RMB 5,000 and 7,000, set to launch in Q4 2025 [1] 2) Self-manufacturing is projected to enhance gross margins by 200-300 basis points [1] 3) The online transformation is expected to maintain over 50% growth, with gross margins around 50%, while offline remains at 27-28% [1] 4) Further expansion into international markets is planned [1]