YADEA(HK:01585) Ge Long Hui·2025-09-04 04:16Core Insights - The company reported a revenue of 19.186 billion yuan for the first half of 2025, representing a year-on-year growth of 33.1% [1] - The net profit attributable to shareholders reached 1.649 billion yuan, marking a year-on-year increase of 59.5% [1] Financial Performance - Gross margin improved to 19.6%, an increase of 1.6 percentage points year-on-year, attributed to the expansion and optimization of the product mix [1] - Selling expense ratio was 4.3%, up by 0.1 percentage points year-on-year; management expense ratio was 2.8%, down by 0.1 percentage points; R&D expense ratio was 3.3%, down by 0.2 percentage points [1] Sales and Market Position - The company sold 8.7935 million electric scooters and bicycles in the first half of 2025, a significant year-on-year increase of 37.8% [1] - The company continues to innovate and expand its product offerings, including the launch of the "Modern Series" for female users and the "Crown T35" model for younger consumers [1] Investment Outlook - The company is projected to achieve net profits attributable to shareholders of 3.057 billion, 3.535 billion, and 3.844 billion yuan for 2025-2027, with corresponding PE ratios of 12.76, 11.03, and 10.15 times [1] - The investment rating is maintained at "Buy" [1]