Group 1 - The core viewpoint of the report indicates that Yadea Holdings has restored its shipment pace in the first half of the year, with a gradual recovery in the two-wheeled electric vehicle business [1] - Sales of electric bicycles and electric scooters reached 6.666 million and 2.128 million units, respectively [1] - The improvement in product mix has led to an increase in Yadea's gross margin by 1.6 percentage points to 19.6%, marking a historical high [1] Group 2 - The report anticipates further potential for gross margin improvement and maintains a "Buy" rating for Yadea Holdings [1] - The new national standard is expected to be officially implemented on September 1 this year, signaling the start of a new development cycle for the industry [1] - The positive outlook for overseas business has prompted the company to raise its revenue forecasts for 2025 to 2027 by 2% to 4% and net profit forecasts by 1% to 2% [1] - The target price for Yadea Holdings has been increased from HKD 19.84 to HKD 22.63 [1]