一辆自行车卖到4万元，98%收入来自欧洲，85后“车二代”冲刺IPO

Core Viewpoint - TENWAYS, an electric bike company, is seeking to become the first E-bike stock listed on the Hong Kong Stock Exchange, with a strong focus on the European market where it has achieved significant sales growth and market presence [2][3]. Company Overview - TENWAYS was founded in 2021 by Liang Xiaoling in Shenzhen, China, and later established its headquarters in the Netherlands to tap into the European E-bike market [2]. - The company has achieved a market share within the top five in the Netherlands, selling 50,000 units in Europe by 2025 [2]. Financial Performance - In 2024, TENWAYS reported revenue of €60.6 million (approximately 486 million yuan), with a gross margin increase from 25.8% in 2023 to 31.8% in the first three quarters of 2025 [3]. - The company achieved a profit of €1.24 million in the first three quarters of 2025 on an adjusted basis [3]. Investment and Shareholding - Major investors include Hillhouse Capital, Tencent, Alibaba, and L Catterton, with Hillhouse being the largest external investor holding 21.17% of shares prior to the IPO [3]. - Liang Xiaoling controls 42.38% of the voting rights through direct shareholding and agreements with other shareholders [3]. Market Strategy - TENWAYS focuses on mid-to-high-end E-bikes, offering three main product lines: urban, hybrid, and cargo bikes, designed to meet various consumer needs in Europe [10][12]. - The company has established a retail network covering 29 European countries with over 1,400 stores, emphasizing the importance of local experience and after-sales service [15]. Product Features - TENWAYS integrates advanced technologies such as torque sensors and belt drives, enhancing the riding experience and reducing maintenance costs compared to traditional chain systems [13]. - The average selling price for urban models is €1,144 (approximately 9,300 yuan), while cargo models can reach up to €2,255 (approximately 18,333 yuan) [13]. Market Trends - The global E-bike market is projected to grow from €11.9 billion in 2020 to €17.9 billion by 2024, with Europe being the largest market, expected to reach €15 billion in sales in 2024 [24]. - The European market is characterized by a high demand for high-end and smart features in E-bikes, with increasing consumer expectations for technology integration [24]. Competitive Landscape - The E-bike industry has seen significant consolidation, with several brands exiting the market, creating opportunities for companies like TENWAYS to capture market share [21]. - Chinese brands, including TENWAYS, benefit from a robust supply chain and competitive pricing, positioning them well against European competitors [22].