大行冲港股IPO，83岁老汉能否带领企业突破重围？

Core Viewpoint - The listing plan of Shenzhen Dahon Technology Co., Ltd. is attracting attention as it aims to become the "first stock of Chinese folding bicycles," but faces challenges such as reliance on OEM production, market contraction, and industry competition [1][4][12]. Group 1: Company Background and Development - Founded by Dr. Han Dewei in 1975, Dahon's first folding bicycle was launched in 1982, achieving sales of 6,000 units in its first year in Taiwan [1][3]. - Dahon has evolved into an industry leader with over 70 models covering all price segments, launching 12 new products annually, with 6 becoming bestsellers [4][12]. - The company has a market share of 36.5% in the domestic folding bicycle retail market, but faces competition from both high-end brands and low-cost e-commerce products [12]. Group 2: Financial Performance - Dahon's revenue compound annual growth rate (CAGR) from 2022 to 2024 is projected at 33.1%, with a 46.8% year-on-year revenue growth in the first four months of 2025 [4]. - The net profit surged by 69.3% during the same period, indicating strong financial performance [4]. - However, the company has seen a significant increase in outsourcing, with the proportion of bicycles produced by OEM rising from 29.5% in 2022 to 65.5% in early 2025, leading to increased costs and quality control issues [7][10]. Group 3: Market Challenges and Strategic Initiatives - Dahon's product structure shows an over-reliance on mid-range products, which account for over 60% of revenue, posing risks if market conditions change [7]. - The company plans to raise approximately HKD 1.5 billion through its IPO to fund electric transformation, overseas factory establishment, and digital upgrades, aiming to increase electric product revenue from 8% to 30% within two years [12]. - The competitive landscape is intensifying, with both domestic and international brands entering the electric bicycle market, raising concerns about Dahon's ability to maintain growth and market share [12][13].