Zhejiang Taotao Vehicles (SZ:301345) Da Zhong Ri Bao·2025-10-20 02:57Core Viewpoint - Taotao Vehicle is advancing its capital market strategy by planning an H-share issuance and listing on the Hong Kong Stock Exchange, aiming to enhance its global strategy and market positioning [1][5]. Revenue and Profit Growth - In the first half of 2025, Taotao Vehicle achieved a revenue of 1.713 billion yuan, representing a year-on-year growth of 23.19%, and a net profit of 342 million yuan, up 88.04% year-on-year [3][4]. - The sales revenue from smart electric low-speed vehicles reached 1.152 billion yuan, growing by 30.65%, while specialty vehicle sales amounted to 490 million yuan, increasing by 8.22% [3]. International Market Focus - The company's overseas revenue accounted for 96.5% of total revenue in the first half of 2025, with domestic revenue contributing only 60 million yuan, or 3.5% [4]. - The U.S. market is the primary revenue source, with projected sales of 1.338 billion yuan in the first half of 2025, representing 78.11% of total sales [4]. Production and Supply Chain - Taotao Vehicle is enhancing its production capabilities with local manufacturing in the U.S. and a fully autonomous production line in Vietnam, while a new production base in Thailand is expected to be completed by February 2026 [4]. - The company employs a "warehouse-style" sales model through overseas subsidiaries and warehouses, focusing on brands GOTRAX and DENAGO for different market segments [4]. Inventory Management - The company reported significant inventory levels, with values of 1.206 billion yuan and 1.164 billion yuan at the end of 2024 and June 30, 2025, respectively, constituting 26.57% and 23.60% of total assets [5][6]. - Taotao Vehicle relies heavily on a few major clients, with the top five customers accounting for 48.89% of total sales in 2024 [6]. Strategic Expansion into Robotics - Taotao Vehicle is entering the robotics sector, focusing on humanoid robots and autonomous driving technologies, aiming to integrate advanced technologies into its core products [7]. - The company has formed strategic partnerships with Yushu Technology and Shanghai Kepler Robotics for collaborative development and market expansion in the robotics field [7]. Research and Development Investment - The company has consistently increased its R&D investment, reaching 125 million yuan in 2024, which is 4.22% of total revenue [8].