本报（chinatimes.net.cn）记者刘凯 北京报道 中国摩托车商会最新数据显示，2025年1—9月电动摩托车销量为244.56万辆，比去年同期下降了 8.51%。与此同时，燃油摩托车销量却增长了13.2%。在这一市场背景下，10月28日，全新高端两轮纯 电品牌"SCOOX零际"推出首款车型"陆地飞艇"X7，预计2026年第一季度正式交付。 在业内看来，这一市场现象揭示了电动两轮车行业正经历从"量"到"质"的深刻变革。电动摩托车销量下 滑与燃油摩托车增长并存的局面，恰恰反映了市场正在重新洗牌。消费者不再满足于基本的代步功能， 而是追求更具个性、更高品质的骑行体验。 电动两轮车行业的下滑与分化 号公司甚至在今年上半年实现了高达30.39%的综合毛利率，成为两轮电动车企中盈利能力的佼佼者。 然而，打造成功的高端两轮电动车品牌并非易事。出行领域资深分析师张弛对《华夏时报》记者表示， 中国两轮电动车行业正经历从"规模扩张"到"质量跃升"的阵痛期。企业必须通过扎实的技术研发、深度 的供应链合作和清晰的品牌价值塑造，才能在下一轮竞争中占据主动。 2025年前三季度，电动摩托车市场出现明显下滑。从原因来看，市场分化 ...

强势增长的电动两轮车业务成为本季度财报的"压舱石"。这一季度，九号公司电动两轮车销售达 148.67万台，实现营收44.54亿元，同比增长约72个百分点。 在此期间，九号电动两轮车中国市场累计出货量突破900万台，继续刷新行业增长速度。 不仅如此，这一季度，九号公司重磅推出的M5系列智能电动摩托车实现了"一炮而红"。 这款产品用极具冲击力的销售数据，刷新了行业新品上市纪录：首发4小时全网销售额破亿，售出 11292 台;上市仅20天，销量便突破3万台，销售额达3.51亿元，迅速登顶多个电商平台电摩销量榜，成 为"油换电"浪潮中现象级的爆款产品。 从财报数据到生态布局，九号公司在这一季度清晰展现了发展逻辑：以成熟业务巩固基本盘，用技 术创新开拓新蓝海。 在高端智能电摩正成为市场新主流的大背景下，M5系列的成功或许只是一个开始，九号公司有望 在电摩从"功能型代步"向"高阶智能出行"的跃迁中牢牢占据引领者位置。 破局"油换电"浪潮中卡点 【天极网IT新闻频道】九号公司延续强势表现，再度交出一份亮眼的季度成绩单。 10月24日晚间，九号公司发布第三季度财务报告。数据显示，第三季度九号公司营收66.5亿元，同 比增长5 ...

根据披露的机构调研信息2025年10月24日，泉果基金对上市公司九号公司进行了调研。 基金市场数据显示，泉果基金成立于2022年2月8日。截至目前，其管理资产规模为237.87亿元，管理基 金数6个，旗下基金经理共5位。旗下最近一年表现最佳的基金产品为泉果旭源三年持有期混合A （016709），近一年收益录得38.25%。 截至2025年10月27日，泉果基金近1年回报前9非货币基金业绩表现如下所示： 基金代码基金简称近一年收益成立时间基金经理016709泉果旭源三年持有期混合A38.252022年10月18日 赵诣 016710泉果旭源三年持有期混合C37.722022年10月18日赵诣 018329泉果思源三年持有期混合 A32.562023年6月2日刚登峰 018330泉果思源三年持有期混合C32.022023年6月2日刚登峰 022223泉果消 费机遇混合发起式A31.872024年9月27日孙伟 019624泉果嘉源三年持有期混合A24.662023年12月5日钱 思佳 019625泉果嘉源三年持有期混合C24.172023年12月5日钱思佳 020855泉果泰然30天持有期债券 A3.392024 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 21.093 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 20.78%. The net profit attributable to shareholders was 1.907 billion yuan, up 22.78% year-on-year [2] - The new national standards implemented from September 1, 2025, are expected to drive industry upgrades and enhance product competitiveness, leading to a positive outlook for the company's market share [3] - The company's gross margin improved to 18.00%, an increase of 1.21 percentage points, attributed to the optimization of product structure during peak season [4] - The company is projected to achieve revenues of 25.7 billion, 30.31 billion, and 35.213 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.462 billion, 2.926 billion, and 3.445 billion yuan [5] Summary by Sections Financial Performance - For Q2 2025, the company achieved a revenue of 8.062 billion yuan, a year-on-year increase of 17.30%, and a net profit of 695 million yuan, up 15.24% year-on-year [2] - The operating cash flow for the first three quarters of 2025 was 5.569 billion yuan, showing significant improvement [2] Industry Analysis - The transition to new national standards is expected to standardize the industry, enhancing quality and safety, which will benefit leading companies [3] - The sales dynamics are anticipated to slow down as the market clears out old standard vehicles, but the overall outlook remains positive due to the new regulations [3] Profitability Metrics - The company maintained a relatively stable net profit margin of 8.81%, despite a slight decrease of 0.09 percentage points [4] - The company focuses on core technology research and development, particularly in electric motors and control systems, which supports its competitive edge [4] Future Projections - The earnings per share (EPS) are expected to be 2.83, 3.37, and 3.96 yuan for 2025, 2026, and 2027 respectively, with a corresponding price-to-earnings (PE) ratio of 12, 10, and 8 times [5]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The two-wheeler industry is experiencing a favorable peak season, with manageable inventory levels and a positive impact from new national standards, although a critical test is expected in Q1 2026 [14] - Xiaomi's 17 series smartphones achieved over 1 million units sold within five days of launch, with the Pro Max model accounting for over 50% of sales, but rising memory prices could pressure profit margins [15][16] - The pet industry is seeing mixed performance, with a successful pet products exhibition highlighting growth opportunities, particularly in premium and health-focused products [17][19] - The silver economy is supported by new government subsidies for elderly care services, with significant funding allocated to assist those with moderate to severe disabilities [20] - AI-driven innovations in 3D printing and mattress technology are emerging, with new products enhancing user experience and market penetration [21] - The insulated cup market shows stable demand, with Stanley leading in sales across various regions [26] Segment Summaries 1. Two-Wheeler Industry - The two-wheeler sector is benefiting from a strong peak season, with positive inventory levels and manageable fluctuations due to new regulations [14] - New models from major brands like Yadi and Aima are being introduced, aligning with updated national standards [11][12] 2. Xiaomi Group - The Xiaomi 17 series smartphones launched successfully, breaking sales records shortly after release, but rising LPDDR4X memory prices pose a risk to profit margins [15][16] 3. Pet Food Industry - The recent pet products exhibition showcased over 4,000 brands, indicating a robust market with opportunities in premium and health-oriented products [17][19] - Pet food sales in September reached 2.3 billion yuan, with a year-on-year growth of 3% [51] 4. Silver Economy - A nationwide subsidy program for elderly care services has been initiated, with 1.16 billion yuan allocated to support the elderly with disabilities [20] 5. AI and 3D Printing - New 3D printers from companies like拓竹科技 are enhancing user experience and market penetration, indicating growth in the consumer-grade 3D printing market [21] 6. Insulated Cup Market - Stanley continues to lead in sales across various Amazon platforms, with a notable increase in the UK market [26]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a positive outlook on its future performance [4]. Core Insights - The electric two-wheeler market in China is characterized by steady sales growth and high ownership rates, with a projected CAGR of 6.32% from 2019 to 2024. Despite a 9.09% decline in 2024 due to weak consumer demand and industry adjustments, sales are expected to rebound, reaching approximately 52 million units by 2025 [2][36]. - The company has established a strong presence in the high-end electric bicycle market through its LYVA brand, which focuses on premium electric-assisted bicycles and has expanded into 46 countries since its registration in 2022 [3][46]. - The company has a diversified product matrix covering various market segments, supported by a robust manufacturing base across multiple regions in China [3][49]. Company Overview - The company has undergone a strategic transformation from a technology pioneer to an ecosystem leader, with significant milestones achieved since its inception in 1996 [11][12]. - The ownership structure is highly concentrated, with the actual controllers holding over 65% of the shares, ensuring stable management [15]. - The core management team possesses extensive experience in the electric two-wheeler industry, driving innovation and international expansion [19]. Financial Performance - The company's revenue grew from 2.378 billion CNY in 2020 to 5.083 billion CNY in 2023, with a net profit increase from 40 million CNY to 146 million CNY during the same period [21]. - Despite a slight revenue decline in 2024 to 5.072 billion CNY, the company maintains a resilient profit margin, with a gross margin of 13.11% and a net margin of 2.30% [24][27]. - The electric bicycle segment remains the primary revenue driver, contributing over 40% of total income, with a projected revenue of 3.017 billion CNY in 2024 [27]. Market Dynamics - The domestic electric two-wheeler market is experiencing a dual structure, with traditional electric vehicles consolidating while the electric-assisted bicycle market remains fragmented and competitive [40]. - The company has seen a significant increase in export performance, with export revenue reaching 41.388 billion CNY in 2024, marking a 29.11% year-on-year growth [43]. Strategic Initiatives - The company is focused on enhancing its core competencies through technological advancements, including liquid cooling systems and digital battery management, which are expected to drive product durability and performance [56]. - A comprehensive online and offline sales strategy has been implemented, with a significant presence in both e-commerce and traditional retail channels, contributing to robust sales growth [52].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 绿源集团控股(2451.HK) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 公司立足技术研发布局 E-Bike 市场，前景广阔。我们认为高端电助力自行 车对追求日常便利与健康价值的城市消费者的吸引力有望持续提升，公司已 推出 LYVA 品牌进行布局，并在杭州西湖开设售价自营门店。此次公司推出 高端新品 G02-Sport 碳纤维智能电助力公路车首发价 15999 元起，看点包 括 8 毫秒智能变速、TFT 智能仪表、3 类 8 大传感器、轻量化碳纤维、4 种 助力模式，公司深度参与核心部件研发，彰显深厚技术底蕴。 电动两轮车主业稳健成长，三大核心技术支撑产品力优势。根据公司 2025 年中报，25H1 公司电动自行车/电动踏板车/电池/电动两轮车部件分别实现 营收 19.97/3.54/5.97/1.07 亿元，分别同比+29.2%/+2.6%/+16.5% ...

Company Overview - Xingxing Technology (SZ 300256) announced on October 10 that its fifth board meeting will be held on October 10, 2025, to discuss the proposal for changing the accounting firm [1] - As of the report, Xingxing Technology has a market capitalization of 9.5 billion yuan [1] Revenue Composition - For the year 2024, the revenue composition of Xingxing Technology is as follows: the electronic device industry accounts for 52.54%, while the electric two-wheeler industry accounts for 47.46% [1]

Core Insights - The electric two-wheeler market in China is experiencing significant growth, driven by new national standards and increasing urbanization, with sales reaching 47 million units in 2019, a 20% year-on-year increase [2] - Major battery manufacturers, BYD and CATL, are entering the electric two-wheeler battery market, indicating a shift in industry dynamics and competition [3][6] - The introduction of stringent national standards for electric bicycles is expected to lead to a major industry reshuffle, pushing companies to adopt higher-density lithium batteries [7] Market Dynamics - The electric two-wheeler market in China is projected to reach 52 million units in 2025, with an estimated market size of 156 billion yuan, potentially growing to 200 billion yuan as consumer demands increase [5] - The entry of BYD and CATL is seen as a game-changer, with BYD planning to launch 32 specialized battery products before the new standards take effect [6] - CATL has established a joint venture focused on medium-sized batteries, positioning itself strongly in the electric two-wheeler battery market [6] Technological Advancements - The new national standards impose weight limits on electric bicycles, necessitating the use of higher energy density lithium batteries, which will drive technological innovation [7] - The competition is shifting from price wars to a focus on technology, safety, and ecosystem development, with batteries needing to be customized for specific vehicle requirements [7][10] - The collaboration between battery manufacturers and vehicle producers is crucial for developing high-performance, safe, and cost-effective electric two-wheelers [10][11] Export Potential - China's electric two-wheeler exports are expected to grow significantly, with 4.67 million units projected for 2024, and a market size forecasted to increase from $10.58 billion in 2025 to $23.87 billion by 2032 [12] - The focus of exports is shifting from high-priced markets to emerging markets in Southeast Asia, Latin America, and Africa, emphasizing high cost-performance ratios [12][14] - The involvement of major battery manufacturers is anticipated to bolster the export capabilities of Chinese electric two-wheelers, providing a solid technical foundation for international expansion [13][14]

上半年，爱玛科技实现营业收入130.31亿元，同比增长23.04%；归母净利润12.13亿元，同比增长27.56% 。这一成绩的取得，部分得益于"以旧换新"政策 的推动及行业集中度的提升 。然而，随着行业竞争的升级，爱玛科技能否维持这一增长势头，成为投资者和市场关注的焦点。 作为电动两轮车行业传统龙头，爱玛近年来受到九号公司和小牛电动（NIU）等"新势力"品牌的挑战。尤其是九号公司，其凭借智能化、高端化产品快速 抢占市场。2025年半年报显示，九号公司营业收入达117.42亿元，归母净利润12.42亿元，增幅均大大高于爱玛科技；电动两轮车业务毛利率达25.21%， 显示出强大的盈利能力和品牌溢价。 10月1日，爱玛科技集团股份有限公司（证券代码：603529，简称"爱玛科技"）公告，全资子公司广东爱玛车业科技有限公司（以下简称"广东车业"）因 公司经营策略调整，将实施停产，并将产能转移至广西爱玛车业有限公司（以下简称"广西车业"）和重庆爱玛车业科技有限公司（以下简称"重庆车 业"）。停产后，广东车业的部分生产设备将转移至广西车业和重庆车业，剩余资产将对外出售。 公告显示，广东车业成立于2011年8月29日，注 ...