83岁“折叠车之父”带队，大行科工九成股权集中冲刺港股IPO

Core Viewpoint - The leading global folding bicycle brand, Dahang Technology, is preparing for an IPO on the Hong Kong Stock Exchange, having received a registration notice from the China Securities Regulatory Commission, with plans to issue up to 9.1 million shares [1][4]. Group 1: Market Position and Technology - Dahang Technology holds a 21.1% market share in China's folding bicycle market and a 5.6% share globally, making it the industry leader [4][7]. - The company has built a strong technological moat over 40 years, with 108 valid patents in mainland China and 22 patents in markets like the US, Europe, and Japan [5]. - The classic model P8 has sold over 120,000 units, showcasing the brand's enduring popularity [7]. Group 2: Financial Performance - For the first three quarters of 2024, Dahang Technology reported revenue of 352.24 million RMB, a 58.7% increase year-on-year, and a net profit of 45.84 million RMB, up 74.1% [10][11]. - The company's sales volume surged by 51.5% year-on-year, reaching 175,200 units [10]. Group 3: Product and Market Dynamics - Dahang Technology's product range has expanded from a single folding bike to over 70 models, including road bikes, mountain bikes, children's bikes, and electric assist bikes [7]. - The mid-range products (priced between 2,500 and 5,000 RMB) have become the growth engine, with sales in this segment nearly doubling since 2022 [13]. - Online direct sales have increased significantly, with revenue jumping from 14.1 million RMB in 2022 to 58.1 million RMB in 2023, marking a growth rate of 312.1% [13]. Group 4: Challenges and Risks - Despite leading the market, Dahang Technology faces challenges such as concentrated ownership, declining overseas sales, and a low industry ceiling [4][9]. - The company's overseas sales dropped from 56.16 million RMB in 2022 to 23.39 million RMB in 2024, indicating difficulties in expanding in international markets [15][16]. - Quality issues have arisen from the reliance on OEM production, with numerous consumer complaints regarding product defects [17]. Group 5: Governance and Ownership Structure - The founder, Dr. Han Dewei, controls 88.56% of the shares, raising concerns about governance and decision-making continuity [18][20]. - The company has a history of shareholding complexities, with past employee shareholding arrangements that have drawn regulatory scrutiny [20]. Group 6: Future Outlook - Dahang Technology plans to use IPO proceeds to expand production capacity to 200,000 units, despite concerns about dividend distributions prior to the IPO [22]. - The company aims to transition from a niche folding bike manufacturer to a broader bicycle brand, with new product lines and market strategies [22].