Core Viewpoint - The company, TaoTao Automotive, has submitted an application for the issuance of overseas listed shares (H-shares) and listing on the main board of the Hong Kong Stock Exchange, with a target date of October 31, 2025 [1] Group 1 - The subscription targets for the issuance are qualified investors both domestically and internationally [1] - The issuance and listing are subject to approval, verification, or filing by relevant authorities, indicating potential uncertainties [1] - The company will provide timely updates on the progress of the application [1]

证券代码：301345 证券简称：涛涛车业 公告编号：2025-064 https://www1.hkexnews.hk/app/sehk/2025/107838/documents/sehk25103 102881.pdf 需要特别予以说明的是，本公告仅为境内投资者及时了解本次发行上市的相 关信息而作出。本公告以及公司刊登于香港联交所网站的申请资料不构成也不得 被视作对任何个人或实体收购、购买或认购公司本次发行的境外上市股份（H股） 的要约或要约邀请。 浙江涛涛车业股份有限公司 关于向香港联合交易所有限公司递交 H 股发行上市的申请 并刊发申请资料的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江涛涛车业股份有限公司（以下简称"公司"）已于2025年10月31日向香 港联合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市股份（H 股）并在香港联交所主板挂牌上市（以下简称"本次发行上市"）的申请，并于 同日在香港联交所网站刊登了本次发行上市的申请资料。该申请资料为公司按照 香港证券及期货事务监察委员会（以下简称"香港证监会"）及香港联交所的 ...

Core Viewpoint - The company, TaoTao Automotive, has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1]. Company Overview - TaoTao Automotive 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][4]. - The company offers a diversified product portfolio that includes electric low-speed vehicles and electric two-wheelers, as well as outdoor specialty vehicles like all-terrain vehicles and off-road motorcycles [3]. 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 coming from overseas markets, primarily the United States [4]. - The company has established a clear strategic framework focusing on expanding its 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 margin for 2024 is projected to be 34.7%, with a significant increase in net profit margin to 21.0% for the seven months ending July 31, 2025 [6][8]. Growth Metrics - The company has achieved a compound annual growth rate (CAGR) of 44.7% in revenue over the past three years, indicating strong market penetration and growth potential [5]. - The sales volume of electric low-speed vehicles has positioned the company among the top players globally, showcasing its robust market presence [4].

Core Insights - The company is a global leader in providing outdoor leisure and electric mobility solutions, ranking second in the global electric low-speed vehicle (LSEV) industry with a market share of approximately 8.4% in 2024 [3][4]. Business Overview - The company's operations are divided into two main segments: electric mobility products, which include electric low-speed vehicles and electric two-wheelers, and outdoor specialty vehicles, such as all-terrain vehicles and off-road motorcycles [3]. - The company has a strong focus on innovation and is actively expanding into cutting-edge fields like humanoid robotics to create new long-term growth opportunities [3]. 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 coming from overseas markets, primarily the United States [4]. - The company has successfully positioned its electric low-speed vehicle products in the market, achieving rapid growth since their launch in 2022, with significant market penetration [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 [6]. - The company reported a net profit of RMB 206.1 million in 2022, RMB 280.5 million in 2023, and projected RMB 431.3 million for 2024, reflecting a consistent upward trend in profitability [8]. Global Reach - The company sells its products in over 70 countries and has established production bases in China, Southeast Asia, and North America [5]. - The company has a comprehensive sales network, including over 6,600 large retail stores and 1,900 specialized stores, enhancing its market presence [5].

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]