Zhejiang Taotao Vehicles (SZ:301345) Chang Jiang Shang Bao·2025-08-26 23:32Core Viewpoint - Taotao Industry (301345.SZ), a leading all-terrain vehicle manufacturer, continues to show growth in its performance, with significant increases in revenue and net profit in the first half of 2025 [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.713 billion yuan, a year-on-year increase of 23.19%, and a net profit of 342 million yuan, up 88.04% [1][2]. - The company's net profit excluding non-recurring items reached 339 million yuan, reflecting a growth of 89.65% [1][2]. - The sales revenue from smart electric low-speed vehicles was 1.152 billion yuan, increasing by 30.65%, while special vehicle sales reached 490 million yuan, up 8.22% [2]. Research and Development - Taotao Industry has consistently increased its R&D investment, with expenditures rising from 62.9 million yuan in 2021 to 125 million yuan in 2024, representing a growing percentage of total revenue [2]. - In the first half of 2025, R&D investment was 54.17 million yuan, with a cumulative total of 394 million yuan over the past four and a half years [2]. - The company holds 506 patents as of the first half of 2025 [2]. Market Expansion - Taotao Industry has focused on expanding its overseas market presence, particularly in the U.S., where sales revenue reached 1.338 billion yuan in the first half of 2025, accounting for 78.11% of total revenue [1][3]. - The company has established stable partnerships with major U.S. retailers such as Amazon, Walmart, and TARGET, enhancing its market position [3]. - The revenue from the U.S. market has shown a consistent upward trend, with figures of 1.082 billion yuan in 2022, 1.529 billion yuan in 2023, and 2.292 billion yuan in 2024, with respective market shares of 61.30%, 71.32%, and 77% [3]. Strategic Initiatives - The company is also pursuing strategic initiatives in advanced fields such as humanoid robots and autonomous driving technology, aiming for smart upgrades across its product lines [5]. - In the first half of 2025, Taotao Industry formed strategic partnerships with companies like K-Scale Labs and Kepler Robotics to enhance sales expansion and product development [5]. - The company is accelerating local manufacturing in North America, with its U.S. factory focusing on the assembly of electric golf carts [4].