Core Viewpoint - The company, Taotao Vehicle (301345.SZ), has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1]. Company Overview - Taotao Vehicle is a global leader in providing outdoor leisure and electric mobility solutions, ranking second in the global electric low-speed vehicle industry with a market share of approximately 8.4% in 2024 [3]. - The company offers a diversified product portfolio that includes electric mobility products and outdoor specialty vehicles, catering to various applications such as community commuting, recreational activities, and specialized operations [3][4]. Market Position - The company is recognized as a leading player in the "going global" strategy of China's electric mobility industry, with over 99% of its revenue generated from overseas markets, primarily the United States [4]. - The strategic framework focuses on expanding the product matrix, deepening channel ecosystems, and driving brand value through innovation [4]. Financial Performance - The company's revenue for the years ending December 31 for 2022, 2023, and 2024 was RMB 1,765.7 million, RMB 2,144.2 million, and RMB 2,976.6 million, respectively [5][6]. - The gross profit margins for these years were 35.2%, 37.3%, and 34.7%, indicating a strong financial performance despite fluctuations in gross margin [6]. - The company has shown a compound annual growth rate (CAGR) in revenue of 29.8% over the past three years [5]. Product and Sales Strategy - The company has successfully positioned its electric low-speed vehicle products in the market, achieving significant sales growth since their launch in 2022 [4]. - The sales network includes over 6,600 large chain supermarkets and 1,900 specialized retail stores, with a strong presence in more than 70 countries [5]. Future Growth Prospects - The company is actively exploring advanced fields such as humanoid robotics, aiming to create new long-term growth avenues [3]. - The introduction of electric low-speed vehicles has led to a rapid increase in sales volume, projected to reach over 20,000 units by the end of 2024, representing a ninefold increase compared to 2023 [5].

Group 1 - Ningbo Physis Technology Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange on October 31, with CICC as the sole sponsor [1] - Jiangsu Dingtai Pharmaceutical Research (Group) Co., Ltd. also submitted a listing application, with Citigroup and Haitong International as joint sponsors [1] - Zhejiang Taotao Vehicles Co., Ltd. submitted a listing application, with CITIC Securities as the sole sponsor [1]

Core Viewpoint - The company conducted an institutional research call from October 27 to 31, 2025, discussing key topics such as the demand for electric golf carts, the development of its second brand, and progress in large-displacement all-terrain vehicles [1][2]. Group 1: Electric Golf Cart Market Demand - The demand for electric golf carts in the U.S. is driven by three main factors: significant advantages in the Chinese supply chain, price competitiveness due to inflation raising car prices, and a shift in consumer habits towards short-distance travel [2][3]. Group 2: Second Brand TEKO Strategy - The company launched the second brand TEKO to enhance dealer density, which targets a younger demographic with a more stylish design while maintaining similar specifications and pricing to the existing brand DENAGO [3][4]. Group 3: Large-Displacement All-Terrain Vehicle Development - The company is progressing with the development of large-displacement all-terrain vehicles, with the 300CC model in normal production, the 350CC model in testing, and the 500CC model in small batch production [4][5]. Group 4: R&D Investment Strategy - The company focuses on "electrification, intelligence, and high-end" as core R&D directions, planning to increase investment in large-displacement all-terrain vehicle engine and vehicle development, with a new research institute in Chongqing to enhance R&D efficiency [5][6]. Group 5: Performance Growth Outlook - The company anticipates steady sales growth driven by the release of overseas production capacity, enhanced brand influence, and expanded sales channels, with a clear plan for continuous performance improvement through R&D and product optimization [7].

Group 1: Market Demand and Trends - The demand for electric golf carts in the U.S. is strong due to China's complete electric vehicle supply chain and mature electrification technology, making these carts competitive in design, intelligence, and cost-effectiveness [2] - The market for electric golf carts is expanding as they replace or supplement some household and personal vehicle usage, driven by rising car prices and maintenance costs [3] Group 2: Brand Strategy and Product Differentiation - The company launched the second brand TEKO to increase dealer density, with pricing similar to the first brand DENAGO but with distinct design and marketing strategies [3] - TEKO targets a younger demographic with a stylish and dynamic design, while DENAGO focuses on a non-chain dealer network [3] Group 3: Product Development and R&D Investment - The company is progressing with the production of 300CC all-terrain vehicles, testing 350CC models, and has begun small-scale production of 500CC models [4] - Plans to establish a research institute in Chongqing aim to accelerate the development of high-displacement all-terrain vehicle engines [4] - The company will increase R&D investments in electric and intelligent product upgrades, with a focus on high-end strategies [4] Group 4: Future Growth and Performance Outlook - The company expects continued sales growth due to improved overseas capacity, brand influence, and expanded sales channels [4] - A clear development plan includes increased R&D investment across products, channels, and capacity to ensure sustained performance growth in the coming years [4]

Market Overview - On October 31, the motorcycle and other sectors rose by 1.5%, with Xinri Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Key Stocks Performance - Xinri Co., Ltd. (603787) closed at 14.37, up 5.27% with a trading volume of 183,300 shares and a turnover of 260 million yuan [1] - Yong'an Xing (603776) closed at 20.05, up 5.14% with a trading volume of 68,200 shares [1] - Aima Technology (603529) closed at 32.67, up 2.93% with a trading volume of 127,200 shares [1] - Qianli Technology (601777) closed at 11.91, up 2.67% with a trading volume of 466,600 shares [1] - Other notable performances include XD Jiuhua (600689) up 1.83% and Huayang Saiche (920058) up 1.65% [1] Capital Flow Analysis - The motorcycle and other sectors saw a net inflow of 80.89 million yuan from main funds, while retail funds experienced a net outflow of 2.73 million yuan [2] - The main funds' net inflow and outflow for key stocks include: - Aima Technology: net outflow of 41.65 million yuan [3] - Qianli Technology: net inflow of 35.02 million yuan [3] - Yong'an Xing: net inflow of 2.15 million yuan [3] - Spring Wind Power (603129): net inflow of 9.48 million yuan [3]

Core Insights - TaoTao Automotive's stock price increased by 2.19% on October 31, reaching 239.29 CNY per share, with a total market capitalization of 26.094 billion CNY [1] - The company has seen a significant stock price increase of 282.22% year-to-date, with a 10.19% rise over the past 20 days [1] - For the period from January to September 2025, TaoTao Automotive reported a revenue of 2.773 billion CNY, reflecting a year-on-year growth of 24.89%, and a net profit of 607 million CNY, which is a 101.27% increase compared to the previous year [2] Financial Performance - The company has distributed a total of 708 million CNY in dividends since its A-share listing [3] - As of October 20, 2025, the number of shareholders decreased by 10.02% to 8,855, while the average number of circulating shares per person increased by 11.13% to 3,281 shares [2] Shareholder Composition - The top shareholders include new entrants such as Yongying Ruixin Mixed A and Yongying Stable Enhanced Bond A, holding 1.0247 million shares and 744,600 shares respectively [3] - Hong Kong Central Clearing Limited increased its holdings by 186,700 shares, now holding 603,000 shares [3]

Core Viewpoint - TaoTao Automotive, established in 2015 and listed on the Shenzhen Stock Exchange in March 2023, is a leader in the outdoor leisure and short-distance transportation vehicle sector in China, focusing on the R&D, production, and sales of related vehicles and accessories [1] Group 1: Business Performance - In Q3 2025, TaoTao Automotive reported revenue of 2.773 billion yuan, ranking 6th among 9 companies in the industry, significantly lower than the top competitor, Chunfeng Power, at 14.896 billion yuan [2] - The main business revenue composition includes smart electric low-speed vehicles at 1.152 billion yuan (67.23%), special vehicles at 490 million yuan (28.59%), and other businesses at 71.52 million yuan (4.17%) [2] - The net profit for the same period was 607 million yuan, ranking 3rd in the industry, below the top two competitors [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio for TaoTao Automotive was 34.88%, an increase from 32.91% year-on-year, but still below the industry average of 46.70% [3] - The gross profit margin for Q3 2025 was 42.31%, up from 36.32% year-on-year, exceeding the industry average of 20.07% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.50% to 8,342, while the average number of circulating A-shares held per shareholder increased by 10.50% to 3,483.31 [5] - New major shareholders include several funds, while Hong Kong Central Clearing Limited increased its holdings by 186,700 shares [5] Group 4: Management Compensation - The chairman and general manager, Cao Matao, received a salary of 1.4535 million yuan in 2024, an increase of 13,700 yuan from 2023 [4] Group 5: Future Outlook - Pacific Securities noted that in Q3 2025, TaoTao Automotive's revenue reached 1.059 billion yuan, driven by strong demand for electric golf carts and the growth potential of the second brand TEKO [6] - The company is expected to see significant profit growth, with projected net profits of 789 million yuan, 1.047 billion yuan, and 1.364 billion yuan for 2025 to 2027, respectively [6]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準 確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 Zhejiang Taotao Vehicles Co., Ltd. 浙江濤濤車業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、其獨家保薦人、保薦人兼整體協調人、整體協調人、顧問 或包銷團成員表示同意： 本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》呈交香港公司註冊處處長登 記前，本公司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或 邀請，準投資者務請僅依據呈交香港公司註冊處註冊的本公司招股章程作出投資決定；有關文 本將於發售期內向公眾刊發。 (a) 本文件僅為向香港公眾 ...

Company Performance - In the first three quarters of 2025, the company achieved revenue of 2.773 billion yuan (+24.89%) and a net profit attributable to shareholders of 607 million yuan (+101.27%) [1] - For Q3 2025, the company reported revenue of 1.059 billion yuan (+27.73%) and a net profit attributable to shareholders of 264 million yuan (+121.44%) [1] - The company expects strong demand for electric golf carts and anticipates positive sales performance during the Q4 holiday season in Europe and North America [1] Profitability and Financial Metrics - The gross margin for Q3 2025 was 46.05% (+9.06 percentage points), attributed to price increases of main products, a higher proportion of high-value products, and supply chain optimization [2] - The net profit margin for Q3 2025 was 24.95% (+10.56 percentage points), indicating effective cost control [2] - The financial expense ratio decreased due to reduced exchange losses, with sales, management, R&D, and financial expense ratios at 7.30%, 4.68%, 2.57%, and 1.07% respectively [2] Industry Outlook - The demand for electric golf carts is expected to rise due to commercial and recreational needs, with Europe and North America leading the growth in the electric bicycle market [2] - The company is expanding its product categories, including smart electric low-speed vehicles and electric bicycles, and has formed strategic partnerships with companies like Kepler and Yushu Technology [2] - Forecasted net profits for the company from 2025 to 2027 are 789 million yuan, 1.047 billion yuan, and 1.364 billion yuan, with corresponding EPS of 7.23 yuan, 9.60 yuan, and 12.51 yuan [2]

Market Overview - On October 28, the motorcycle and other sectors rose by 0.12%, led by Zhenghe Industrial. The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1]. Stock Performance - Zhenghe Industrial (003033) closed at 86.53, up 10.01% with a trading volume of 51,900 shares and a transaction value of 432 million yuan [1]. - Shanghai Phoenix (600679) closed at 13.53, up 3.28% with a trading volume of 202,500 shares and a transaction value of 275 million yuan [1]. - TaoTao Vehicle (301345) closed at 252.20, up 2.40% with a trading volume of 18,100 shares and a transaction value of 454 million yuan [1]. - Qianli Technology (601777) closed at 11.41, up 1.78% with a trading volume of 421,100 shares and a transaction value of 480 million yuan [1]. - Other notable performances include Xinlong Health (002105) up 1.58% and Chunfeng Power (603129) up 0.52% [1]. Capital Flow - The motorcycle and other sectors experienced a net outflow of 151 million yuan from main funds, while retail funds saw a net inflow of 62.61 million yuan [2]. - The main funds showed a net outflow in several stocks, including Zhenghe Industrial and Qianli Technology, while retail investors contributed positively to stocks like Green通科技 [3]. Detailed Stock Capital Flow - Zhenghe Industrial had a main fund net outflow of 33.16 million yuan, with retail inflow of 21.91 million yuan [3]. - Qianli Technology saw a main fund net inflow of 13.31 million yuan, but retail investors had a net outflow of 15.13 million yuan [3]. - Chunfeng Power had a main fund net inflow of 9.84 million yuan, while retail investors had a slight outflow [3].