Core Viewpoint - The article discusses the strategic transformation of Luyuan, a leading player in the Chinese two-wheeled electric vehicle market, as it shifts from a traditional manufacturing model to an integrated ecosystem service provider, focusing on "all-scenario light travel" solutions to adapt to new market dynamics and consumer needs [1][3][4]. Group 1: Strategic Transformation - Luyuan is transitioning from a "manufacturer" to an "ecosystem service provider," creating a comprehensive travel solution centered around user needs through a product matrix and service system [4]. - The company aims to construct a pyramid-shaped profit model, opening up growth potential and opportunities for value reassessment [5][15]. - Luyuan's business structure will evolve from a single brand operation to a multi-brand architecture, including Luyuan Electric Vehicles, LYVA (smart sports), and Yuanxing (ecosystem services), which will enhance its profit model [15][26]. Group 2: Market Position and Financial Performance - Luyuan has maintained its market leadership in the two-wheeled electric vehicle sector, with a reported total revenue of approximately 5.1 billion RMB in 2024, remaining stable year-on-year [20]. - The primary revenue source, electric bicycle sales, exceeded 3 billion RMB, reflecting a year-on-year growth of about 12% [20]. - The company is expected to benefit from the upcoming "new national standard" in 2025, which is anticipated to stimulate market demand and facilitate a new round of expansion for leading brands [20][21]. Group 3: Technological Innovation - Luyuan has established itself as a technology leader in the two-wheeled electric vehicle industry, particularly with its innovative liquid cooling technology, which enhances durability and positions the brand favorably in the market [16][21]. - The company has a robust patent portfolio, with 729 patents and 313 new applications, focusing on core technologies such as electric motors and batteries [33]. - Luyuan plans to continue investing in key systems, including liquid cooling motor systems and smart connectivity, to enhance product durability, safety, and battery life [33][34]. Group 4: Market Expansion and Ecosystem Development - Luyuan is targeting the middle-class consumer market with its LYVA brand and is actively exploring international opportunities, having added 66 new international clients and entered seven new countries in 2024 [22][23]. - The "Yuanxing" brand introduces a new model of "rent, exchange, sell, and repair," enhancing its competitive edge in the two-wheeled mobility service market [26][27]. - The company is also focusing on establishing a battery swapping network, which is seen as a critical solution to address charging safety and range anxiety in the electric vehicle sector [26][27].
绿源集团控股(2451.HK)"全场景轻出行"战略升维：一场打破内卷桎梏的产业突围战