两轮车新国标的影响如何？20251207 摘要 新国标车市场接受度不高，实际销售车型数量远低于工信部公布数据， 经销商对 12 月销售额的担忧程度较低，部分经销商通过代牌等方式囤 积车辆以规避政策限制，但受到严格监管。 新国标车在通勤便利性方面未能完全满足消费者需求，预计未来地方政 府或检测部门可能在标准执行上有所放松，或允许企业通过后市场改装 等方式满足市场需求，类似上一轮政策实施时的做法。 修改现行国家标准的可能性较小，但地方政府可能在执行过程中适当放 宽规定，以维护政府形象和考虑民生问题。舆论压力和经济环境可能促 使上级部门采取更灵活的措施。 行业标准旨在促进行业健康发展，但部分政策制定可能过于"一刀切"。 小型企业受洗牌影响较大，大型品牌如 9 号市场地位稳固。通过 3C 认 证的企业约 40 至 50 家，但实际车型与市场需求存在错配。 经销商通过"0 公里二手车"形式加价出售旧车库存，预计能持续到春 节前后。不同品牌和地区库存水平存在差异，国标市场已基本停止进货， 简易电动车和电摩仍占市场主导。 Q&A 目前电动车市场的情况如何？ 当前电动车市场处于政策刚开始实施的阶段，各地政府和市场检验机构对新 ...

Core Viewpoint - 移为通信 is focusing on expanding its market presence and enhancing its product offerings, particularly in the IoT sector, while maintaining a strong financial position and investing in R&D to drive future growth [2][4]. Group 1: Company Overview and Performance - 移为通信 was established in 2009 and listed on the Shenzhen Stock Exchange in 2017, recognized as a national-level "little giant" enterprise specializing in IoT terminal products and solutions [2]. - In the first three quarters of 2025, 移为通信 achieved revenue of 582.31 million yuan, showing a decline year-on-year, but with growth in the Oceania and domestic markets [2]. - The company has a global sales network covering over 140 countries and regions, with significant revenue growth in Brazil and Turkey, and new customer development in Algeria [2]. Group 2: Emerging Business Growth - 移为通信's emerging business segments are experiencing rapid growth, with a comprehensive gross margin of 40.65% in the first three quarters of 2025 [3]. - Revenue from video vehicle networking products reached 36.66 million yuan, up 90.44% year-on-year [3]. - Industrial router products saw a revenue increase of 77.54% year-on-year, while animal traceability management products grew by 20.60% year-on-year, with successful operations of an exclusive e-commerce platform in North America and Australia [3]. Group 3: Financial Health and Supply Chain Resilience - 移为通信 reported a debt-to-asset ratio of 10.71%, a net profit margin of 10.56%, and a cash ratio of 2.40, indicating a healthy financial status and sufficient cash flow [4]. - The company has implemented a strict credit assessment for customer accounts, resulting in a low probability of bad debts [4]. - To mitigate tariff impacts, 移为通信 has established a collaborative production network in Southeast Asia, with stable operations in Vietnam and gradually releasing new capacity in Indonesia [4]. Group 4: Technological Development and Market Opportunities - 移为通信 is actively applying AI technology in commercial vehicle safety systems and has initiated the industrialization of self-developed AI core engines in the toy sector, with the global AI toy market projected to grow from $18.1 billion in 2024 to $60 billion by 2033 [5]. - The new national standard for electric two-wheelers in China, effective from December 1, 2025, presents growth opportunities for 移为通信, which has already collaborated with major manufacturers to ensure compliance [5]. - 移为通信's ECALL emergency signal products have obtained certification for entry into the Spanish and EU markets, enhancing its market access [6].