东吴证券则表示，折叠车具有收纳方便、可以带上部分公共交通工具等优点，更适合城市上班族和骑行 爱好者使用，也更匹配我国较为完善的城市化水平和较好的城市基建的骑行环境，从而实现需求高增。 建议关注新消费兴起带来的投资机会：新消费的成因包括新消费习惯的形成和新品牌的破圈。骑行作为 一个较为有趣的运动方式逐渐兴起，渗透率提升+客单价提升，是值得关注的新消费趋势。 大行科工(02543)午后拉升转涨，现涨超6%，截至发稿，涨6.24%，报62.15港元，成交额1967.47万港 元。 消息面上，中泰证券（600918）指出，公司为国内最大折叠自行车公司。公司专注于各类折叠自行车产 品，包括五大系列覆盖各类消费群体。产品定位方面，24年公司产品中定价在2500-3000元的中端产品 占比近七成，中端产品占比逐步提升。渠道方面以经销渠道为主，占比接近70%。制造端来看，随着销 量增长产能瓶颈显现，2024年OEM代工比例超过50%。2023-2025M1-4月，公司营收同比增长18.1%、 50.2%、46.9%；净利润同比增长10.9%、50.1%、69.1%，保持快速增长。 ...

东吴证券则表示，折叠车具有收纳方便、可以带上部分公共交通工具等优点，更适合城市上班族和骑行 爱好者使用，也更匹配我国较为完善的城市化水平和较好的城市基建的骑行环境，从而实现需求高增。 建议关注新消费兴起带来的投资机会：新消费的成因包括新消费习惯的形成和新品牌的破圈。骑行作为 一个较为有趣的运动方式逐渐兴起，渗透率提升+客单价提升，是值得关注的新消费趋势。 智通财经APP获悉，大行科工(02543)午后拉升转涨，现涨超6%，截至发稿，涨6.24%，报62.15港元， 成交额1967.47万港元。 消息面上，中泰证券指出，公司为国内最大折叠自行车公司。公司专注于各类折叠自行车产品，包括五 大系列覆盖各类消费群体。产品定位方面，24年公司产品中定价在2500-3000元的中端产品占比近七 成，中端产品占比逐步提升。渠道方面以经销渠道为主，占比接近70%。制造端来看，随着销量增长产 能瓶颈显现，2024年OEM代工比例超过50%。2023-2025M1-4月，公司营收同比增长18.1%、50.2%、 46.9%；净利润同比增长10.9%、50.1%、69.1%，保持快速增长。 ...

DAHON TECH (SHENZHEN) CO., LTD. 大行科工（ 深 圳 ）股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) Yours faithfully, By order of the Board DAHON TECH (SHENZHEN) CO., LTD. Dr. Hon Ta-Wei （於中華人民共和國註冊成立的股份有限公司） (Stock Code 股份代號: 2543) 22 September 2025 Dear Non-registered Holder(s), Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (th ...

Dear Registered Shareholder(s), DAHON TECH (SHENZHEN) CO., LTD. 大行科工（ 深 圳 ）股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） (Stock Code 股份代號: 2543) 22 September 2025 Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic diss ...

Core Viewpoint - The listing of Dahang Kegong, a leading manufacturer of folding bicycles, on the Hong Kong Stock Exchange was marked by a record oversubscription of 7558 times, but the company faces significant challenges including reliance on OEM production, shrinking overseas markets, and an aging management team [1][2]. Group 1: Company Performance - Dahang Kegong achieved a revenue of 451 million RMB in 2024, with a profit of 52.3 million RMB, showing stable growth in both revenue and profit [2]. - The sales volume of bicycles has been increasing, with notable growth rates, including a 46.5% increase in sales volume in the first four months of 2024 compared to the same period in 2023 [2]. Group 2: Product Diversification - The company is diversifying its product offerings beyond folding bicycles to include road bikes, mountain bikes, children's bikes, and electric assist bicycles, with the latter combining folding features and electric assistance [3]. - Despite diversification efforts, folding bicycles still accounted for 96.6%, 97.7%, and 97.4% of the company's sales revenue from 2022 to 2024 [3]. Group 3: Market Share and Distribution - According to data from Zhi Shi Consulting, Dahang Kegong holds a 26.3% market share in terms of retail volume and a 36.5% market share in terms of retail value in the folding bicycle market in mainland China [5]. - The company has established a comprehensive sales network, with 69.5% of revenue coming from distribution channels, and plans to open 50 direct stores, 80 shop-in-shops, and 70 dealerships by 2025 [5]. Group 4: Production and Capacity Issues - Dahang Kegong's production capacity is under scrutiny, with its Huizhou factory showing high utilization rates, reaching 114.1% in the first four months of 2025 [6]. - The proportion of bicycles produced by OEM suppliers has been increasing, with over 60% of products coming from OEM production in the first four months of 2025 [7][8]. Group 5: Management Concerns - The management team is aging, with the chairman and CEO being 83 years old, raising concerns about the company's strategic continuity and innovation capabilities [8].

Investment Rating - The report assigns a positive investment rating to the company, highlighting its strong market position and growth potential in the folding bicycle segment [2]. Core Viewpoints - The company is the largest folding bicycle manufacturer in China, focusing on various folding bicycle products that cater to different consumer groups. The mid-range products priced between 2500-3000 RMB account for nearly 70% of sales in 2024, indicating a shift towards higher-value offerings [2][9]. - The folding bicycle market is experiencing rapid growth, with a compound annual growth rate (CAGR) of 20.8% over the past five years. The market size is projected to reach 231 billion RMB by 2024, with significant room for growth as the current penetration rate is only 5.3% [2][55]. - The company has a robust distribution network, with nearly 70% of sales coming from dealer channels. The company is also enhancing its brand image through the improvement of direct sales channels [2][103]. Company Overview - The company is recognized as the largest folding bicycle company in mainland China, leading in both retail volume and revenue as of 2024. The brand has been established since 1982 and has a strong reputation in the industry [9][12]. - The product lineup includes five main series: urban commuting, fashionable personality, outdoor exploration, superior racing, and practical utility, with a focus on continuous product iteration and innovation [2][89]. Industry Overview - The folding bicycle segment is identified as an ideal solution for urban commuting, particularly for the last mile of travel. The increasing urbanization and space constraints in cities are driving demand for folding bicycles [77][79]. - The global folding bicycle market is projected to grow significantly, with a CAGR of 12.0% expected from 2024 to 2029. The average price of folding bicycles is significantly higher than that of regular bicycles, indicating a premium market opportunity [55][68]. Financial Performance - The company has demonstrated strong financial growth, with revenues increasing by 18.1%, 50.2%, and 46.9% year-on-year from 2023 to the first four months of 2025. Net profits also saw substantial growth, with increases of 10.9%, 50.1%, and 69.1% during the same period [2][34]. - The gross margin is expected to remain stable at around 33% in 2024, with potential for improvement as the proportion of self-manufactured products increases [34][41]. Competitive Landscape - The company holds a leading position in the folding bicycle market, ranking first in both China and globally by sales volume. The market share in mainland China is 26.3%, while the global share is 6.2% [81][82].

Group 1 - The core point of the article highlights the recent stock transfer activities of Daheng Technology (02543), indicating a significant movement of shares among major shareholders [1] - On September 18, a shareholder transferred shares worth HKD 28.6347 million from China International Capital Hong Kong Securities to DBS Bank, representing 5.98% of the total shares [1] - The company has experienced frequent stock transfer activities, with transfers occurring on September 16 and 17, amounting to HKD 29.8703 million and HKD 573.359 billion respectively [1]

资料显示，大行科工近期频繁发生转仓行为。公司股东连续在9月16日、9月17日，进行了转仓操作，转 仓市值分别为2987.03万港元、5733.59亿港元。 智通财经APP获悉，香港联交所最新资料显示，9月18日，大行科工(02543)股东将股票由中国国际金融 香港证券转入星展银行，转仓市值2863.47万港元，占比5.98%。 ...

Group 1 - Allianz SE increased its stake in China National Offshore Oil Corporation (02543) by 43,800 shares at a price of HKD 58.9485 per share, totaling approximately HKD 2.5819 million [1] - Following the increase, Allianz SE's total shareholding in the company reached 873,300 shares, representing an ownership percentage of 11.03% [1]

公开资料显示，大行科工是中国内地最大的折叠自行车公司，按2024年折叠自行车零售量及零售额计均 位居首位。根据灼识咨询的资料，按2024年零售量计，该公司于中国内地折叠自行车行业排名第一，市 场份额达26.3%，按2024年零售额计，公司亦位居中国内地折叠自行车行业首位，市场份额为36.5%。 截至2025年4月30日，该公司提供超过70款自行车车型。 香港联交所最新资料显示，9月17日，大行科工(02543)股东将股票由香港上海汇丰银行转入中国国际金 融香港证券，转仓市值5733.59万港元，占比11.25%。 ...