YADEA(HK:01585) Chang Jiang Shang Bao·2025-06-18 23:38Core Viewpoint - Yadea Holdings (01585.HK), the leading domestic electric two-wheeler manufacturer, is expected to achieve a turnaround in its operating performance with a projected net profit of no less than 1.6 billion yuan for the first half of the year [2][3]. Financial Performance - For the first half of 2024, Yadea Holdings reported an expected revenue of 14.425 billion yuan, a year-on-year decline of 15.47%, and a net profit attributable to shareholders of 1.034 billion yuan, down 12.95% year-on-year [2][3]. - The company anticipates a significant increase in net profit for the first half of 2025, with an expected growth rate of 54.75%, reaching 1.6 billion yuan, marking a historical high [3]. - Cumulatively, since its listing in 2016, Yadea Holdings has achieved a total profit of 10.956 billion yuan and distributed dividends amounting to 5.521 billion yuan, with an average dividend payout ratio of 50.40% [6]. Sales and Market Position - The increase in net profit is attributed to a rise in electric two-wheeler sales and optimization of product structure [4][5]. - Yadea Holdings has established a global distribution network, selling products in over 100 countries, including Europe and Southeast Asia [8][9]. - The company has maintained its position as the global leader in electric two-wheeler sales for eight consecutive years [9]. Research and Development - Yadea Holdings emphasizes technological innovation as a core strategy, with annual R&D investments exceeding 1.1 billion yuan from 2022 to 2024 [2][8]. - The company has developed over 2,000 patents and operates six R&D centers, one design center, and three CNAS laboratories [8][9]. Production Capacity - Yadea Holdings operates eight self-owned production bases with an annual production capacity of approximately 20 million electric two-wheelers [9]. - The company's financial health is robust, with a debt-to-asset ratio of 64.43% as of the end of 2024, down 2.83 percentage points from the previous year, and cash reserves of 7.869 billion yuan [9].