截至目前，雅迪全球累计用户逾 1 亿，终端门店数量高达 40000 多家，渠道覆盖率居行业首 位，是全球两轮电动车行业第一品牌。今年以来，公司继续展现出强劲的增长势头：上半年， 雅迪控股（ 1585.HK ） 营收达 191.86 亿元，同比增长 33.1% ；股东应占利润 16.49 亿 元，同比大幅增长 59.5% 。更关键的是，毛利率从去年同期的 18.0% 提升至 19.6% ，反 映出产品结构优化与经营效率的改善。 业内分析认为，随着摩登和冠能系列等 "爆款"产品占比提升，预计雅迪毛利率仍有提升空 间。新国标落地加速行业洗牌，雅迪正在完成从"规模之王"到实现"全面领先"的蜕变，电动 出行的资本叙事正在被重构。 合规先行+爆品破界：新国标下全场景矩阵构建增长确定性 新国标的全面实施，正将中国两轮电动车行业推入深度转型期，新国标不再是纸面条文，而是 重塑产业格局的刚性约束。它划出安全底线，也倒逼技术创新；它清退落后产能，也为优质供 给打开空间。据公开数据显示，全国电动自行车市场保有量已达 4 亿辆，其中大量车辆正处 于过渡期尾声，亟待合规替换。 在此背景下，雅迪 2026 年全球「新」新零售与「新」消费 ...

Core Insights - The electric two-wheeler industry in China is undergoing a significant transformation following the implementation of the new national standards on December 1, impacting over a billion users and a trillion-yuan market [1] - Yadea's 2026 Global "New" New Retail and "New" Consumption Integration Summit emphasizes a shift from expansive growth to a focus on precision and quality in product offerings, marking the beginning of a "refined era" in electric vehicle competition [3] Policy and Market Dynamics - The new national standards reshape the foundational logic of industry development, making compliance essential for survival and growth, while also necessitating a balance between safety, convenience, and intelligent experiences in products [4] - Two clear market trends are emerging: the segmentation of usage scenarios beyond traditional commuting, and the increasing demand from younger consumers (Generation Z) for products that offer aesthetic design, smart features, and emotional connection [4] Yadea's Strategic Response - Yadea proactively leads the industry transformation with a strategy based on compliance, product focus, and "New" New Retail as a driving force, aiming to create a comprehensive product ecosystem that covers all scenarios and categories [6] - The "three axes" of product evolution are designed to support high-quality growth, focusing on high-performance breakthroughs, resonance with younger consumers, and compliance with new standards [7] Product Innovations - The launch of the "Titan Cool" series targets high-frequency, high-intensity professional use, featuring advanced technology to create a competitive edge in the market [8][10] - The "Crown" and "Modern" flagship series cater to the younger demographic, with the Crown series emphasizing smart technology and long battery life, while the Modern series focuses on aesthetic design and safety features [11][15] Compliance and Technological Advancements - Yadea has established a comprehensive product system compliant with the new national standards, having ceased production of old standard models and launched 71 compliant models [16][18] - The company has implemented innovative technologies to prevent illegal modifications and enhance user experience, ensuring that compliant products maintain high performance and safety [18] Future Outlook - Yadea's growth blueprint includes a focus on compliance, high-performance products, and a youthful product matrix, aiming for a comprehensive ecosystem that supports sustainable growth [19] - The company's commitment to a user-centered approach and product-centric philosophy remains unchanged, positioning it to lead the industry through the transition to high-quality development [21]