新国标+「新」新零售双轮驱动，雅迪的“后1亿台”增长密码与估值想象

Core Viewpoint - The implementation of the new national standard is driving a deep transformation in China's two-wheeled electric vehicle industry, reshaping the industry landscape and pushing for technological innovation and compliance replacement of outdated products [1][3]. Group 1: Industry Transformation - The new national standard is not just a regulatory requirement but a rigid constraint that sets safety baselines and accelerates industry reshuffling, with a significant number of vehicles needing compliant replacements as the market reaches a total of 400 million units [1]. - Yadea's recent global summit highlighted the transition to a new phase of competition characterized by "system capability confrontation," encompassing strategy, ecosystem, product, technology, and experience [1][3]. Group 2: Company Performance - Yadea has over 100 million cumulative users and more than 40,000 retail stores, leading the global two-wheeled electric vehicle market. In the first half of this year, Yadea's revenue reached 19.186 billion yuan, a year-on-year increase of 33.1%, with a significant profit increase of 59.5% [3]. - The gross margin improved from 18.0% to 19.6% year-on-year, indicating enhanced product structure and operational efficiency [3]. Group 3: Product Innovation - Yadea has launched several new models compliant with the new national standard, enhancing safety features and introducing a "three-in-one anti-tampering" system to ensure vehicle identity and electrical safety [4][6]. - The company’s successful product strategies, such as the "Cannon" and "Modern" series, have led to significant sales, with the Cannon series surpassing 20 million units sold [6][8]. Group 4: Retail and Consumer Experience - Yadea's "new" new retail system aims to transform retail spaces from mere vehicle sales points to experiential centers, enhancing consumer engagement and purchase conversion rates [10][11]. - The company is leveraging digital tools to create user communities and provide tailored services, moving beyond traditional advertising to become a content-driven hub [15]. Group 5: Market Position and Valuation - The new national standard is reshaping the valuation logic of the two-wheeled electric vehicle industry, accelerating market consolidation and increasing barriers to entry for smaller brands [16]. - Yadea's comprehensive product matrix and strong channel network position it to capture market share released by the exit of non-compliant products, enhancing its growth visibility and valuation potential [16][20].