本土化服务加强，欧洲布局深化：公司坚持"产品+服务"双轮驱动的发展模式，2025 年7 月公司在荷兰 投资建设的欧洲总部基地正式投入使用，本土化服务网络覆盖8 个欧洲国家，凭借快速响应优势不断挖 掘欧洲市场的更多潜力；公司与英国服务供应商EMCB 签订代理协议，进一步拓展英国市场，强 化"Bafang"品牌影响力。公司前瞻性布局彰显产品认证实力，多款电池产品顺利通过欧盟EN 50604-1 新 规认证，自建实验中心通过"CNAS"认证，助力供应链合规性与可持续发展。 盈利预测、估值与评级：我们维持原盈利预测，预计25-27 年实现归母净利润1.1/1.42/1.79 亿元，当前 股价对应25-27 年PE 为57/44/35 倍。海外市场电踏车渗透率提升趋势不改，维持"增持"评级。 风险提示：市场竞争加剧风险，欧美需求不及预期风险，美国关税政策变动风险 事件：八方股份发布2025 年半年度报告：2025H1 公司实现营业收入6.43 亿元，同比下降5.68%；归母 净利润0.32 亿元，同比下降36.44%；扣非归母净利润0.23 亿元，同比下降49.72%。其中，2025Q2 公司 实现营业收入3.43 亿 ...

Core Viewpoint - The new regulations implemented by the National Certification and Accreditation Administration on August 15 require all power banks and lithium-ion batteries to obtain 3C certification, significantly impacting the entire industry chain from manufacturing to sales [1][2]. Industry Impact - The new standards are expected to accelerate industry consolidation, with predictions that 40% of small and medium-sized enterprises may be eliminated, while leading companies could increase product prices and overall profit margins, enhancing industry concentration [1]. - The implementation of the new regulations is anticipated to improve product quality and safety, reduce safety incidents, and promote market health by eliminating substandard products and small workshops [2][4]. Sales and Compliance - Following the new regulations, there has been a significant increase in the sales of compliant products, with many retailers actively ensuring that their inventory meets the 3C certification requirements [1]. - Online platforms like JD and Taobao are prominently displaying 3C certification on power bank products, with top-selling models selling over one million units in the past 30 days [2]. Corporate Responses - Several listed companies have confirmed that their power bank products comply with the new regulations and have obtained necessary certifications, reflecting their proactive approach to market changes [3][4]. - Companies such as Xinwanda and Aohai Technology have emphasized their compliance with 3C certification and the use of high-quality battery cells from leading brands [3]. Market Dynamics - The new regulations are expected to drive technological upgrades and product transformations within the industry, enhancing competitiveness and consumer trust [2][4]. - The integration and optimization of the power bank industry chain are likely to be facilitated through mergers and acquisitions, allowing for improved quality control and brand capabilities across the supply chain [4].