浙江丽水80后小伙卖“老头乐”：年入30亿，国内第二，港股上市

Core Viewpoint - Zhejiang Taotao Vehicle Co., Ltd. plans to apply for an initial public offering of H-shares and list on the Hong Kong Stock Exchange, focusing on the production of smart electric low-speed vehicles, primarily generating over 90% of its revenue from overseas markets [2][3]. Company Overview - Founded by Cao Matao, Taotao Vehicle specializes in smart electric low-speed vehicles, including electric golf carts, bicycles, scooters, and balance bikes, with significant sales through platforms like Walmart and Amazon [2][3][5]. - The company also produces specialty vehicles such as all-terrain vehicles and off-road motorcycles for recreational and special operations [2]. Business Strategy - Taotao Vehicle's establishment was supported by substantial family resources, including a startup fund of 28.5 million yuan and the transfer of patents and production lines from the family business [6]. - The founder's strategic choice of the electric low-speed vehicle sector was influenced by global environmental trends and the increasing acceptance of electric vehicles in the U.S. and Europe [6][9]. Market Position and Performance - The company has maintained a gross margin above 35%, reaching 41.64% in Q2 2025, due to direct sales to retailers and bypassing middlemen [9]. - In 2020, Taotao Vehicle's revenue surged to 1.386 billion yuan, a year-on-year increase of 84.33%, with net profit rising by 203.62% to 218 million yuan [9]. - By 2025, 96.5% of revenue came from international markets, with the U.S. contributing 78.11%, equating to 1.338 billion yuan [14][20]. Product and Sales Channels - The company has developed a clear brand matrix, with GOTRAX targeting the mid-to-low-end market and DENAGO focusing on high-end consumers, with over 60% of revenue from proprietary brands [12]. - As of August 2025, Taotao Vehicle had over 630 high-end dealers and partnerships with major retailers like Walmart and Target, covering more than 70 countries [13]. Financial Growth - In 2024, Taotao Vehicle's revenue reached 2.977 billion yuan, a year-on-year growth of 38.82%, with net profit increasing by 53.76% to 431 million yuan [20]. - The company’s net profit margin improved from 13.09% in H1 2024 to 19.97% in H1 2025, reflecting a significant increase in profitability [21]. Future Growth Opportunities - Taotao Vehicle is actively exploring a second growth curve in the robotics sector, having signed a strategic cooperation agreement with Yushu Technology to expand into the North American market [22]. - The North American market for electric low-speed vehicles is expected to experience a demand explosion due to changing consumer habits and favorable economic conditions [24][26]. Challenges Ahead - The company faces uncertainties from trade policy changes, particularly the U.S. Department of Commerce's preliminary anti-dumping duties on low-speed vehicles imported from China, which could significantly impact profitability [30]. - Increased competition in the North American electric low-speed vehicle market may lead to a more challenging landscape for market share [30].