Zhejiang Taotao Vehicles (SZ:301345) 经济观察报·2025-09-24 02:32Core Viewpoint - Taotao Automotive, though relatively unknown in the automotive industry, has achieved significant success in overseas markets due to its unique business model, with overseas revenue accounting for 96.5% in the first half of 2023 [3][4]. Group 1: Company Overview - Taotao Automotive was founded by Cao Matao, who established the company in 2015 to focus on new energy smart mobility, moving away from the diversified business of its predecessor, Taotao Group [4]. - The company specializes in smart electric low-speed vehicles and specialty vehicles, targeting overseas markets, particularly the United States, which accounted for 78.11% of its total revenue in the first half of 2025 [4][5]. Group 2: Financial Performance - In the first half of 2025, Taotao Automotive reported a 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% [6]. - The sales revenue from smart electric low-speed vehicles reached 1.152 billion yuan, growing by 30.65%, while specialty vehicle sales were 490 million yuan, increasing by 8.22% [6]. Group 3: Global Strategy and Market Position - The company is planning to apply for an IPO in Hong Kong to enhance its international brand influence and financing capabilities, aiming for a dual financing platform with "A+H" shares [3][6]. - Taotao Automotive has established production bases in the U.S., Vietnam, and Thailand, with a focus on localizing production to strengthen its "North American manufacturing+" strategy [5]. Group 4: Market Risks and Adaptation - The company faces risks due to its high dependency on the U.S. market, which has increased from 61.30% in 2022 to 78% in the first half of 2025 [7][8]. - To mitigate risks from U.S.-China trade tensions, Taotao Automotive is accelerating local production in North America and expanding capacity in Southeast Asia to avoid tariff barriers [7][8]. Group 5: Future Prospects - Taotao Automotive is exploring new business opportunities in AI and robotics, having formed strategic partnerships with companies like Kepler Robotics and Yushu Technology [8].