YADEA(HK:01585) Zhi Tong Cai Jing·2025-08-28 09:12Group 1 - The core viewpoint of the report is that Yadea Holdings (01585) has seen a recovery in its shipment rhythm in the first half of the year, with gradual recovery in its two-wheeled electric vehicle business [1] - Sales of electric bicycles and electric scooters have increased to 6.666 million and 2.128 million units, respectively [1] - Due to improvements in product structure, Yadea's gross margin has increased by 1.6 percentage points to 19.6%, reaching a historical high [1] Group 2 - The report anticipates further potential for gross margin improvement and maintains a "Buy" rating for Yadea Holdings [1] - The new national standard is expected to be officially implemented on September 1 this year, marking the beginning of a new development cycle for the industry [1] - The outlook for overseas business is positive, leading to an upward revision of the company's revenue forecasts for 2025 to 2027 by 2% to 4% and net profit forecasts by 1% to 2% [1] Group 3 - The target price for Yadea Holdings has been raised from HKD 19.84 to HKD 22.63 [1]