Core Viewpoint - The cycling trend in China has rapidly cooled down, leading to significant declines in sales and profits for related companies, as many consumers who initially joined the trend have now exited due to high costs and time commitments [4][20][21]. Market Trends - In the first half of 2024, mid-to-high-end sports bicycle sales saw a significant increase of over 20% year-on-year, driven by the "cycling boom," but demand has noticeably declined since August 2024 [5]. - The number of second-hand bicycles for sale has surged, with many sellers indicating impulsive purchases that led to unused equipment [5][9]. - Major brands like Shimano reported a 60% drop in net profit, primarily due to a 40% decrease in sales in the Chinese market as the cycling craze waned [5][24]. Consumer Behavior - The initial surge in cycling popularity was fueled by a heightened focus on health and outdoor activities post-pandemic, but this interest has shifted as consumers seek new trends [7][15]. - Social media platforms played a significant role in promoting cycling, but the trend has now shifted towards "retreating" from the activity, with many users citing financial and time constraints as reasons for quitting [8][19]. Industry Impact - The rapid expansion of production capacity and investment during the peak of cycling's popularity has led to excess supply, resulting in significant inventory pressures for manufacturers and retailers [21][22]. - Companies like Merida and Giant reported inventory excess rates of approximately 45% and 40%, respectively, as of Q2 2024 [23]. - The high-end bicycle market, which was once thriving, is now facing price reductions of hundreds to thousands of yuan, with some models seeing price cuts of over 30% [13][24]. Future Outlook - Despite the downturn, there remains a core group of dedicated cycling enthusiasts who continue to invest in high-end products, indicating potential for recovery in the market [24][28]. - The industry is encouraged to focus on developing high-quality domestic brands and products to capture a larger share of the market, especially in the mid-to-high-end segments [26][28].

Group 1 - The core point of the article is that Dahon Technology (Shenzhen) Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to become the first publicly listed folding bicycle company in China [1][2] - Dahon Technology, led by 83-year-old Dr. Han Dewei, holds a significant market share in the folding bicycle industry, with 26.3% in retail volume and 36.5% in retail value in mainland China as of 2024 [2][4] - The company has shown positive growth in revenue and profit from 2022 to 2024, with projected revenues of 2.54 billion yuan, 3.00 billion yuan, and 4.51 billion yuan, and net profits of 31.43 million yuan, 34.85 million yuan, and 52.30 million yuan respectively [5][6] Group 2 - Dahon Technology's sales volume is expected to increase significantly, with projections of 149,000 units, 156,900 units, and 229,500 units from 2022 to 2024, reflecting a growing demand for folding bicycles [5][6] - The company plans to expand its product range and enhance its R&D capabilities to strengthen its position in the global folding bicycle market [3][11] - Dahon Technology has already established a presence in 28 countries and regions, with plans to further expand its operations in Southeast Asia and Europe [7] Group 3 - The folding bicycle market is projected to grow, with a compound annual growth rate of 7.3% from 2024 to 2029, reaching a market size of 5.2 million units by 2029 [6] - The company is also venturing into the electric assist bicycle segment, launching the lightweight K-ONE model, which features advanced technology for enhanced performance [10][11] - Dahon Technology's production capacity is currently constrained, with plans to build a new facility in Huizhou to meet increasing demand, aiming for an initial capacity of 200,000 units [11]

Core Viewpoint - Dahon Technology (Shenzhen) Co., Ltd. is set to become the first publicly listed folding bicycle company in China, having submitted its IPO application to the Hong Kong Stock Exchange and received approval from the China Securities Regulatory Commission [2][3]. Company Overview - Dahon, founded by Dr. David Hon in California in 1982, has become a leading player in the folding bicycle market, with a market share of 26.3% in retail volume and 36.5% in retail value in mainland China as of 2024 [2][4]. - The company has achieved significant sales growth, with projected sales volumes of 149,000 units in 2022, 156,900 units in 2023, and 229,500 units in 2024, alongside revenue growth from 254 million RMB in 2022 to 450 million RMB in 2024 [5][6]. Market Position - Dahon holds a 6.2% share of the global folding bicycle market, ranking first with projected sales of 226,400 units in 2024 [4][5]. - The company has expanded its product range to over 70 models, focusing on mid-range bicycles priced between 2,500 and 5,000 RMB, which accounted for 62.83% of total sales in 2024 [7]. Financial Performance - Dahon's revenue for 2022-2024 is expected to grow from 254 million RMB to 450 million RMB, with net profits increasing from 31.4 million RMB to 52.3 million RMB [5][6]. - In the first four months of 2023, the company reported a 46.5% increase in sales volume and a 46.91% increase in revenue compared to the previous year [7]. Industry Trends - The folding bicycle market is projected to grow at a compound annual growth rate (CAGR) of 7.3% from 2024 to 2029, with an expected market size of 5.2 million units by 2029 [8]. - Dahon plans to expand its presence in Southeast Asia, the U.S., and Europe, currently selling products in 28 countries and regions [8]. Competitive Landscape - The folding bicycle market is witnessing increased competition from both domestic and international brands, with companies like Xilinx Health and Jiuzhi Co. entering the market [10]. - Despite challenges faced by high-end international brands, the demand for affordable and technologically advanced domestic brands presents opportunities for growth [9]. Future Outlook - Dahon aims to enhance its R&D capabilities and product offerings, focusing on electric assist bicycles and other categories to meet diverse consumer needs [11]. - The company is addressing production capacity challenges by planning to establish a new facility in Huizhou, which is expected to have an annual capacity of approximately 200,000 units [11].

Group 1 - The cycling trend in China has rapidly cooled down, with a noticeable decline in group cycling activities since last year [2][11][16] - Data from the China Bicycle Association indicates that while mid-to-high-end sports bicycle sales surged over 20% in early 2024, demand has significantly dropped since August of the same year [3][5] - The second-hand market has seen a marked increase in bicycle resales, with many sellers admitting to impulsive purchases that resulted in minimal use [4][21] Group 2 - Companies that entered the market during the cycling boom are now facing inventory buildup and significant drops in performance, exemplified by Shimano's 60% decline in net profit due to reduced sales in China [5][40] - The initial surge in cycling popularity was driven by a collective release of pent-up demand for outdoor activities post-lockdown, but this interest has waned as attention shifted to other trends [22][25] - The cycling industry experienced a rapid expansion during its peak, leading to overproduction and a subsequent market correction as supply outstripped demand [36][37] Group 3 - The high costs associated with cycling, including the need for expensive bicycles and gear, have deterred many participants, leading to a significant dropout rate [26][34] - The market for cycling products is not a mass consumer market, making it difficult to reduce costs through scale, which has pressured manufacturers to focus on high-end products [39][44] - Despite the downturn, there remains a core group of dedicated cycling enthusiasts who continue to invest in high-quality products, indicating potential for future growth in the mid-to-high-end segment [41][47]

Core Viewpoint - The article discusses the decline of the "middle-class sports" trend, particularly in camping, cycling, and skiing, highlighting the shift from high demand to excess inventory and unsold products in the industry [5][6]. Group 1: Industry Trends - The once-popular activities of camping, cycling, and skiing are now facing a significant downturn, with reports of excess inventory and unsold products dominating social media discussions [6][7]. - Inventory levels for major bicycle brands are alarmingly high, with Shimano at approximately 20%, Giant at 40%, and Merida at 45% as of Q2 2024 [13]. - The high-end bicycle market is experiencing a drastic profit decline, with brands like 小布 seeing profit drops exceeding 99% in FY 2024 [13]. Group 2: Company Performance - Despite the overall decline in the cycling market, 大行科工 has achieved remarkable sales, selling 180,000 folding bicycles in nine months, with online sales increasing by 166% over three years [14]. - 大行科工 has positioned itself as the largest folding bicycle company globally, capitalizing on the downturn in the cycling trend to prepare for an IPO [16][31]. - The company's revenue for the first four months of 2025 reached 185 million yuan, a year-on-year increase of 46.8%, with net profit soaring by 69.3% [36]. Group 3: Competitive Strategy - 大行科工 differentiates itself by focusing on affordability and accessibility, with an average bicycle price of 1,966 yuan, appealing to a broader customer base beyond the affluent middle class [44]. - The company avoids "hunger marketing" strategies, ensuring that parts are widely available and maintenance costs are significantly reduced, making their bicycles easier to repair [46][48]. - 大行科工 has leveraged online sales channels effectively, with significant revenue growth from platforms like Douyin, indicating a strong online presence and marketing strategy [58][60]. Group 4: Future Prospects - The company is exploring new product lines, including electric folding bicycles, to expand its market reach and appeal to changing consumer preferences [64]. - Despite current challenges, the company aims to address production capacity issues and improve product quality to enhance its market position [66][67]. - The article emphasizes that in a rational consumption era, brands that create real value for users will succeed, positioning 大行科工 favorably for future growth [68][69].

Core Viewpoint - The article discusses the decline of the cycling and outdoor activities market, highlighting the contrasting success of Dahon, a folding bicycle company, amidst the downturn in consumer interest in high-end cycling products [2][30]. Group 1: Market Trends - The once-popular outdoor activities such as camping, cycling, and skiing have seen a significant decline, with inventory levels for bicycles reaching 20% for Shimano, 40% for Giant, and 45% for Merida as of Q2 2024 [11]. - The high-end bicycle market is experiencing a crash, with prices halved and products remaining unsold, while Dahon has seen a surge in sales, selling 180,000 folding bicycles in nine months [11][30]. Group 2: Dahon's Strategy - Dahon has positioned itself as a cost-effective alternative to high-end brands like Brompton, leveraging its supply chain advantages and a focus on affordability, with an average bicycle price of 1,966 yuan [38]. - The company has adopted a modular production approach, reducing repair costs by 60% and improving supply chain efficiency, allowing for quicker restocking of popular models [43][45]. Group 3: Online Sales and Marketing - Dahon has capitalized on online sales channels, with significant revenue growth from platforms like Douyin, achieving 1 billion yuan in online sales by 2024 [51]. - The brand's marketing strategy includes leveraging social media and influencer partnerships, with its founder actively participating in live-streaming sales events [55]. Group 4: Product Diversification - Dahon is expanding its product line beyond folding bicycles to include electric bikes and other types, aiming to capture a broader market segment [56]. - The company is focusing on electric folding bikes, which are becoming increasingly relevant in urban settings due to regulatory changes [56]. Group 5: Challenges Ahead - Despite its success, Dahon faces challenges such as production capacity constraints and quality control issues, with a significant number of consumer complaints reported [58]. - The company must continue to innovate and provide value to maintain its market position as consumer preferences shift towards more rational purchasing decisions [58].

Group 1 - The core viewpoint of the article highlights the growth in China's bicycle exports, with a quantity of 4.15 million units exported in May 2025, representing a year-on-year increase of 5.6% [1] - The export value for the same period reached 22.5 million USD, showing a year-on-year growth of 1.8% [1] - The data is sourced from China Customs and organized by Zhiyan Consulting, indicating a reliable foundation for the reported figures [3]

今年1月，大行科工首度向港交所递表时，其"大手笔"的分红就曾引发外界关注。不过，此次大行科工 递交的招股书中显示，今年4月，大行科工再度大手笔分红，报告期内已累计达6000万元，其中大部分 流向公司创始人、实控人、持股近90%的控股股东韩德玮。而与此同时，除自有工厂产能始终无法得到 补充外，大行科工还自曝从2022年至今欠缴员工社保660万元。 就上述问题，南都湾财社记者近日多次联系大行科工相关负责人并发送采访函，但截至目前未收到回 复。 业绩数据"突飞猛进" 六成产能靠代工"顽疾"仍在 时隔约半年，大行科工再度向IPO发起冲刺。 近日，港股IPO板块披露了大行科工最新提交的招股书。这已是这家折叠自行车"龙头"年内第二次递 表。根据证监会国际合作司发布的大行科工上市备案通知书，大行科工拟发行不超过910万股境外普通 股。 根据招股书，其旗下的主要产品为折叠自行车。业绩方面，大行科工2022年-2024年及2025年前四个月 的营业收入分别为2.54亿元、3亿元、4.51亿元和1.85亿元，净利润分别约为3143.4万元、3485万元、 5229.9万元和2152.8万元。 由此计算，大行科工近年来业绩增长可谓 ...

出品：新浪财经上市公司研究院 作者：君 7月17日，中国证监会国际合作司发布关于大行科工（深圳）股份有限公司（下称"大行科工"）境外发行上市备案通知书。通知显示，大行科工拟发行不超 过910万股境外上市普通股并在香港联合交易所（下称"联交所"）上市。7月22日，大行科工正式向联交所递交上市申请，独家保荐人为中信建投国际。 据招股书披露，大行科工拟将募集资金用于：（1）生产系统现代化及扩大运营规模；（2）强化经销网络及策略性品牌发展；（3）加强研发能力；（4）营 运资金及其他一般企业用途。 近年来，大行科工业绩亮眼，营收、净利润逐年快速增长。然而，大行科工的业务模式却暗藏隐忧。一方面，大行科工销售高度依赖第三方经销商，造成存 货积压，占总资产的四成以上，减值风险较严峻。另一方面，大行科工仅有一家工厂，且常年超负荷运转，自行车主要靠外包生产，质量问题频发。 此外，现年83岁高龄的创始人韩德玮控制大行科工九成股权，并担任执行董事、董事长兼总经理，负责监督及管理集团的总体战略规划、经营方针及日常营 运。这种"一言堂"架构，引发市场对大行科工治理水平的质疑。大行科工于今年1月首次递交招股书，3个月后即突击清仓式分红20 ...

Core Viewpoint - The article discusses the rise of Dahon Technology Co., Ltd. (大行科工) as a leading player in the global folding bicycle market, highlighting its upcoming IPO and the challenges it faces, including management aging, reliance on distributors, and increasing inventory levels [1][26]. Company Overview - Dahon Technology, founded by 83-year-old Han Dewei, is a prominent manufacturer of folding bicycles, with a significant market share in both China and globally [2][6]. - The company plans to go public after submitting its updated IPO prospectus in July 2023, following an initial submission in January that became invalid [1][6]. Market Position - By 2024, Dahon is projected to hold a 6.2% share of the global folding bicycle market, ranking second after the UK brand BROMPTON, which has a higher average retail price of 18,000 RMB per unit compared to Dahon's 3,000 RMB [6][7]. - In China, Dahon leads the market with a 36.5% share in retail revenue, amounting to approximately 639 million RMB [7][10]. Financial Performance - Dahon's revenue has shown consistent growth, with figures of 254.2 million RMB in 2022, 300.2 million RMB in 2023, and projected 450.7 million RMB in 2024 [12][13]. - Net profits also increased from 31.4 million RMB in 2022 to 52.3 million RMB in 2024 [12][13]. Sales Channels - Over 60% of Dahon's revenue comes from sales to distributors, indicating a heavy reliance on this channel [15][19]. - The company is attempting to increase its direct sales, with online sales growing from 5.6% in 2022 to 22.2% in 2024, while offline direct sales have decreased [19][15]. Production and Supply Chain - Dahon faces challenges with over 60% of its products being produced by OEM suppliers, which has led to rising production costs [21][22]. - The company has seen a significant increase in inventory, with levels rising from 57.7 million RMB in 2022 to 150 million RMB by May 2025, indicating potential production and sales imbalances [24][26]. Management and Governance - The average age of Dahon's management team exceeds 61 years, raising concerns about strategic continuity [10][26]. - The company has distributed substantial dividends in recent years while also facing issues with unpaid employee social security contributions [10][26].