01 从修理工到年入120亿 2003年，深圳"禁摩令"落地，摩托车修理行业瞬间坠入冰点。 在广东陆丰，以修车为生的孙家三兄弟（孙木钳、孙木钗、孙木楚）从中嗅到了商机，摩托车被禁，但一种"不用上牌、无需驾照"的两轮交通工具，或许 能填补空白。 近期市场消息显示，年营收超120亿元的电动两轮车头部企业台铃，已正式启动上市辅导，计划于2026年赴港上市。 若此举成功，台铃将成为继雅迪、爱玛之后，第三家登陆资本市场的行业巨头，标志着第一梯队"三强"正式在资本市场完成集结。 然而，台铃的上市征程，恰逢一个前所未有的行业变局时刻。 一方面是2025年9月1日起正式实施的《电动自行车安全技术规范》（GB 17761-2024，俗称"新国标"）带来的全面合规挑战与市场适应性阵痛；另一方 面，是行业增长逻辑正从"量的扩张"向以智能化、高端化为核心的"价值提升"深刻转变。 大量消费者反映，部分车型实际里程仅为宣传数据的60%左右，且车辆使用不到一年就出现电池性能急剧衰退，而官方客服与线下门店往往互相推诿。 他们当即北上深圳龙岗，在一个几十平方米的作坊里，亲手焊车架、装电机，敲打出第一辆台铃电动车。创业初期，这更像一个放大的家庭 ...

近期市场消息显示，年营收超120亿元的电动两轮车头部企业台铃，已正式启动上市辅导，计划于2026年赴港上市。 2003年，深圳"禁摩令"落地，摩托车修理行业瞬间坠入冰点。 在广东陆丰，以修车为生的孙家三兄弟（孙木钳、孙木钗、孙木楚）从中嗅到了商机，摩托车被禁，但一种"不用上牌、无需驾照"的两轮交通工具，或许 能填补空白。 他们当即北上深圳龙岗，在一个几十平方米的作坊里，亲手焊车架、装电机，敲打出第一辆台铃电动车。创业初期，这更像一个放大的家庭修车铺——人 力流水线、简易工棚，一切因陋就简。 若此举成功，台铃将成为继雅迪、爱玛之后，第三家登陆资本市场的行业巨头，标志着第一梯队"三强"正式在资本市场完成集结。 然而，台铃的上市征程，恰逢一个前所未有的行业变局时刻。 一方面是2025年9月1日起正式实施的《电动自行车安全技术规范》（GB 17761-2024，俗称"新国标"）带来的全面合规挑战与市场适应性阵痛；另一方面， 是行业增长逻辑正从"量的扩张"向以智能化、高端化为核心的"价值提升"深刻转变。 01 从修理工到年入120亿 二十二年后，昔日的作坊已蜕变为行业巨头。如今的台铃坐拥十大研发制造基地，年产能突破15 ...

以下文章来源于智趣财经 ，作者小趣姐 智趣财经 . 雅迪为何"自爆"？ 半年赚16亿，却选择最省事的方案 "毛豆"之名本意可爱，实车却让人大跌眼镜。多位车主实测发现，这款所谓的新国标车型几乎砍掉了所有日常通勤所需的实用功能：储物空间被彻 底取消，座桶封死或直接移除；座垫短小，无法安装儿童安全座椅，更别说搭载成人；座椅采用廉价薄垫，避震系统形同虚设，有用户形容"骑十 分钟，腰疼半小时"。 这些设计被广泛批评为"反人性"——不是技术做不到，而是企业选择不做。当一辆交通工具只剩下"移动"这一项功能，它便失去了作为"生活伙 伴"的价值。 舆情发酵后，不少网友将矛头指向"新国标"，认为是政策逼企业做出如此简陋的产品。但事实恰恰相反。 12月4日，中国自行车协会和工信部消费品工业司接连发声澄清：新国标（GB 17761—2024）的核心目标是提升安全性，包括防火阻燃、防篡 改、限速、整车重量（含电池不超过55公斤）等，并从未禁止设计舒适的座椅、合理的储物空间或合规的载人结构。 有趣有料的商业故事和商业人物 导语： 从"高端标杆"到"全网群嘲"，雅迪"毛豆"如何透支行业信任？ 一场看似寻常的产品迭代，却让中国电动两轮车龙头 ...

Group 1 - Moore Threads officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, becoming the first fully functional GPU company in China to go public, with an IPO price of 114.28 yuan per share and raising 8 billion yuan, resulting in a market capitalization exceeding 300 billion yuan at opening [2] - JD, Meituan, and Taobao Flash Delivery announced voluntary compliance with the national standard for food delivery platform service management, aiming to enhance service quality and protect the rights of merchants, delivery personnel, and consumers [2] - Three major electric vehicle brands, Niu Technologies, Yadea, and Tailg, responded to recent controversies regarding new national standard models, clarifying that misunderstandings about regulations were prevalent and emphasizing their commitment to safety and comfort in their designs [2][6] Group 2 - Some banks, including Hangzhou Bank, have raised deposit interest rates, with new funds for a three-year term now at 1.9%, reflecting a 10 basis point increase, indicating a trend among banks to attract deposits [3] - Major airlines, including Air China, China Eastern Airlines, and China Southern Airlines, extended their free ticket change and refund policy for flights to and from Japan until March 28, 2026, previously set to expire on December 31, 2025 [3] - The market regulator released new national standards for food delivery services, limiting delivery personnel's working hours and requiring breaks to ensure their rights and safety [4][5] Group 3 - BYD's domestic sales have declined, attributed to a decrease in technological leadership and increasing industry homogenization, as stated by Chairman Wang Chuanfu, who emphasized the need for technological breakthroughs to address user pain points [5] - Tasting responded to media reports about store openings and closures, clarifying that the data was inaccurate and providing updated figures on their operational status [6] - The beverage group Hongsheng, led by Zong Fuli, is facing a labor dispute, with a court hearing scheduled for December 11, 2023 [6] Group 4 - Logitech's CEO announced a turnaround in the company's market share in China, achieving over 20% business growth for three consecutive quarters, and plans to integrate AI technology into existing products rather than launching standalone AI hardware [8] - iRobot is facing severe liquidity issues and owes over 2.5 billion yuan to a Chinese contract manufacturer, with a total debt exceeding 3.5 billion yuan, raising concerns about its financial stability [10][11] - Netflix announced a deal to acquire Warner Bros. Discovery's film and streaming business for approximately $827 billion, with the transaction expected to close in the third quarter of 2026 [11]

2025.12. 05 本文字数：830，阅读时长大约2分钟 新国标全面实施以来，我们密切关注到网络上关于新国标车型的讨论，也收到了许多热心用户的反馈 与建议。在此，我们真诚向大家作出说明。 为积极响应国家政策，切实满足多元化、精细化的用户需求，雅迪依据新国标要求，携手产业链伙伴 持续推进产品研发与升级。目前， 我们已累计推出68款符合新国标并获得3C认证的产品，并正加快 推动量产，努力满足广大用户的出行需求。 近期，网民密切关注我司"毛豆"新国标车型的问题，如"不能带小孩"、"缺乏储物空间"等，甚至引 发对新国标和管理政策的质疑，其实这些都不是新国标的规定，而是对执行要求的理解不准确。我们 这款车型有不同版本，旨在面向不同使用场景与人群提供精准出行方案。目前已上市的为"单人通勤 版"，主要服务于日常单人通勤群体，侧重解决基础出行需求。此外，同系列产品还包括"时尚 版"与"亲子宝妈版"，分别在造型设计、骑行体验以及安全性、实用性等方面进行针对性优化，以覆 盖更多用户群体，后续也将陆续上市。 但之前在不同版本上市节奏上缺乏有效衔接，在车型设计上 也有一些考虑不周的地方，给一直期待不同需求的消费者带来了不便与困扰 ...

新国标实施前夜，电动自行车销售经历了最后冲刺。11月30日，买家赵女士走进台铃门店时，已经仅剩 五六辆电动自行车。"要买就尽快，5点之前还能上牌。过了这个时间，车就拉回厂家了。"销售人员催 促声中，赵女士并没有选择的空间，自己看上的一款车仅剩一辆，售价3399元。 【#新国标电动自行车涨价千元#，新国标电动车多品牌断货】 12月1日，贝壳财经记者在朝阳区华威桥附近走访看到，爱玛、九号、小牛等品牌均无车可卖，爱玛门 店大门紧闭。雅迪门店3款新国标产品售卖，门店商户表示，12月10日前后能实现规模上新。 据贝壳财经报道，12月1日，"小电驴"旧国标产品全面停售。记者走访了解到，本周开始，新国标产品 将陆续实现规模上新。此次新国标在防火安全、整车质量、智能配置等方面提出更高要求，新国标产品 相较旧国标产品售价上涨500元-1000元。 2025年以来，政策落地叠加国补力度加大，电动自行车行业迎来增长契机。今年前三季度，爱玛科技、 九号公司、新日股份等企业营收和净利润均实现两位数增长。新国标实施提高了行业技术门槛以及市场 集中度，行业竞争焦点已从价格战转向以技术、安全、智能为核心的价值战。#新国标电动车多品牌断 货# ...

Core Viewpoint - The article discusses the strategic positioning of New Energy An in the electric two-wheeler market, particularly in light of the upcoming phase-out of old national standards for electric vehicles, and highlights the company's focus on different market segments and battery innovations to meet evolving consumer demands [1][3][19]. Market Transition and Strategy - After December 1, the old national standard for electric vehicles will be completely phased out, prompting brands like Ninebot, Yadea, Aima, and Niu to expedite the registration of old standard electric vehicle owners [2]. - In the past three months, leading two-wheeler brands have been clearing old standard vehicle inventories while shifting focus to the new national standard electric vehicles and the electric motorcycle market, which is expected to see a significant user shift due to new regulations [3][19]. - Users are expected to split into two main groups: those prioritizing safety for urban commuting and short-distance travel, who will favor new standard electric vehicles, and those requiring higher power, who will transition to light electric motorcycles and electric motorcycles [3][19]. Battery Innovations - New Energy An has developed the Snow Leopard battery specifically for the new national standard, utilizing magnesium alloy materials to reduce plastic use while maintaining lightweight and high strength, with the 48V 24Ah model weighing only 8.3 kg [5][10]. - The Snow Leopard battery meets the increasing commuting distance demands, with an average one-way commuting distance in major cities rising to 80-100 km, and can achieve a peak discharge of 70A and a range of over 100 km [7][8]. - The battery's low-temperature performance allows for fast charging at -15°C and maintains over 95% capacity at -20°C, addressing winter charging concerns for northern users [9]. Safety and Compliance - The Snow Leopard battery has passed various safety tests, including puncture and drop tests, ensuring it does not catch fire or explode, thus enhancing user safety [10][13]. - The battery has already achieved compliance with GB43854 standards and supports manufacturers in meeting GB17761 and CCC certification requirements, with mass production and delivery of tens of thousands of units before the new standards take effect [13]. Market Opportunities - The new national standard is expected to eliminate non-compliant high-power models, creating opportunities for compliant light and medium-speed electric motorcycles to meet specific market needs [14][19]. - New Energy An is preparing for the electric motorcycle market with a 72V 90Ah battery that offers a range of 195 km and fast charging capabilities, significantly enhancing performance compared to traditional gasoline motorcycles [16]. - The battery's design allows for compatibility with various electric motorcycle scenarios, providing a flexible product matrix to meet diverse user needs [16]. Battery Swapping and Shared Market - The battery swapping market for electric bicycles is projected to exceed 32.85 billion yuan by 2025, with a penetration rate expected to surpass 50% by 2026 [17]. - New Energy An is developing safer and more durable batteries for the swapping market, featuring protective designs and long cycle life, which are crucial for operators focused on battery safety and maintenance [18].

Core Viewpoint - The company expresses confidence in the continued growth of its electric two-wheeler business, citing the impact of new national standards as an opportunity rather than a hindrance [1] Group 1: Sales Performance - In the first three quarters of this year, the sales of electric motorcycles slightly exceeded those of electric bicycles, indicating a strong performance in the motorcycle segment [1] - The electric motorcycle segment is not affected by the new national standards, providing stable performance support for the company [1] Group 2: Product Development - The company has proactively prepared multiple new electric bicycle models that comply with the new national standards [1] - These new products will feature significant differentiation in industrial design and smart experience, enhancing their market appeal [1] - The company plans to gradually launch these new products into the market, aligning with the new regulations [1]

Group 1: Company Overview - The company held its Q3 2025 earnings presentation on November 24, 2025, with key executives in attendance to discuss operational results and financial status with investors [1][2]. Group 2: Investor Returns - The company emphasizes the importance of investor returns and has established a stable dividend mechanism, having distributed a total of 546 million RMB in mid-2025 dividends, which represents 45% of the net profit attributable to shareholders for the first half of 2025, showing a significant increase compared to the previous year [3]. Group 3: Investment Strategy - The company is investing in the low-altitude economy, focusing on "short-distance electric transportation tools" and has signed a partnership agreement for a fund with a total scale of 108.05 million RMB, with the company contributing 32.4 million RMB, representing a 29.9861% stake [4]. Group 4: Market Impact of New Standards - The new national standards are expected to benefit leading companies with systematic manufacturing and quality control capabilities, leading to market share concentration among top brands and promoting the deep application of intelligent technology in the industry [5]. Group 5: Market Growth Potential - Domestic market growth is driven by increasing short-distance travel demand, policy-driven vehicle upgrades, and the replacement of old vehicles, while the global shift towards electric transportation presents significant opportunities for Chinese companies [6]. Group 6: Product Development - The company offers a range of electric tricycles tailored for various uses, including leisure, cargo transport, and community mobility, focusing on user needs and market demands [7]. Group 7: Financial Management - The company reported a decrease in cash flow year-on-year, primarily due to the strategic use of idle funds for low-risk investments, while maintaining good cash flow and operational safety [8].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The main contract 2601 of Shanghai lead is expected to maintain a weak and volatile trend, with the attention range of 16,900 - 17,300 [4]. 3. Summary by Relevant Catalogs 3.1 Week - on - Week Summary - **Market Review**: As of November 20, the Shanghai lead futures showed a high - level decline this week. The Shanghai lead 2601 contract fell 1.91%. The weak US economic data and the gradual decline in market demand led to the high - level decline [4]. - **Market Outlook**: On the supply side, primary lead smelters are expected to fluctuate within a narrow range before the improvement of raw material supply. Secondary lead smelters' output is increasing. On the demand side, the lead - acid battery market has changed. The new national standard has opened up the market space for large - capacity lead - acid batteries, but it is difficult to maintain the improvement. From a macro perspective, the recent hawkish remarks of Fed officials have dampened market sentiment. It is expected that the Shanghai lead price will continue to fluctuate within a wide range next week [4]. 3.2 Futures and Spot Market - **Price and Ratio**: This week, the domestic and foreign futures prices of Shanghai lead declined, and the ratio weakened. As of November 20, 2025, the LME 3 - month lead futures price was $2,010.5 per ton, and the active contract of Shanghai lead was 17,220 yuan per ton. The Shanghai - London ratio was 8.57 [6][10]. - **Premium and Discount**: The domestic futures premium and foreign premium strengthened. As of November 20, 2025, the Chinese futures premium was - 75 yuan per ton, and the LME lead premium (0 - 3) was - $28.91 per ton [12][14]. - **Inventory and Warehouse Receipts**: Foreign lead inventories increased, domestic inventories decreased, warehouse receipt numbers increased, and overall lead inventories increased. As of November 20, 2025, the total lead inventory was 3.64 tons, a decrease of 0.45 million tons; the LME lead inventory was 264,650 tons, an increase of 42,175 tons. The number of Shanghai lead warehouse receipts was 30,556 tons, an increase of 4,732 tons [31][35]. 3.3 Industry Situation - **Supply Side** - **Production**: The operating rate of primary lead enterprises increased, and production rose. As of November 13, 2025, the average operating rate of primary lead in major producing areas was 71.37%, an increase of 1.82% from the previous week, and the weekly output was 38,700 tons, an increase of 400 tons from the previous week. The capacity utilization rate of secondary lead enterprises remained unchanged, and production increased. As of November 13, 2025, the domestic production of secondary lead in major producing areas was 27,000 tons, a month - on - month increase of 10,000 tons; the average capacity utilization rate was 55.99%, a month - on - month decrease of 0% [20][29]. - **Import and Export**: In September 2025, refined lead exports decreased significantly, and refined lead imports declined. The export volume of refined lead was 1,795 tons, a month - on - month decline of 43.62% and a year - on - year increase of 408.31%. The import volume of refined lead was 1,507.92 tons, a month - on - month decrease of 17.17% and a year - on - year decrease of 94.69% [37][39]. - **Demand Side** - **Processing Fees**: The domestic lead concentrate processing fees and imported ore processing fees remained flat. Currently, the shortage of lead ore is obvious, affecting production. As of November 13, 2025, the national average processing price of lead concentrate was 340 yuan per ton, and the average processing fee of imported lead concentrate (Pb60) was - $90 per thousand tons [41][43]. - **Automobile Sales**: In October 2025, the overall automobile sales increased. The sales volume of new energy vehicles increased significantly, and the lithium - for - lead process accelerated, leading to a decline in lead demand [45][48]. - **Recycling and Prices**: The recycling price of waste batteries was stable, the price of lead - antimony alloy decreased, the domestic demand gradually weakened, and lead recycling did not change much. As of November 20, 2025, the average price of waste lead (48V/20AH) in Zhejiang was 394 yuan per group, and the price of lead - antimony alloy in Shanghai was 19,330 yuan per ton [50][52].