Group 1 - The event focuses on new technologies and expanding new markets in the electric two-wheeler and battery sectors [4][5] - The conference will feature the release of the "2025 China Two-Wheeler Battery and Exchange TOP Rankings and Industry White Paper," which includes rankings for top manufacturers and operators in the industry [4] - The global two-wheeler battery exchange market is experiencing rapid growth driven by policy support, demand for instant delivery, and technological upgrades [4][6] Group 2 - The event will include discussions on high-safety, high-rate, high-energy density, long-cycle life, and low-cost battery products [4][6] - Emerging applications such as low-altitude flight, mobile electric tools, humanoid robots, smart homes, and intelligent energy storage are driving the growth of the lightweight power and small-scale energy storage markets [4][6] - AI technology is accelerating the development and optimization of new battery technologies such as sodium batteries and full-tab cylindrical batteries for two-wheeler exchanges [4][6] Group 3 - The agenda includes specialized sessions on electric two-wheeler and battery technologies, with topics covering trends in lithium battery development, challenges in battery safety, and the impact of new national standards [6][7] - Notable companies participating in the event include major electric two-wheeler manufacturers and battery producers, indicating a strong industry presence [8] - The registration fee for the event is set at 2888 yuan per person, which includes access to the conference and a copy of the industry white paper [9]

2025第五届起点两轮车换电大会 及轻型动力电池技术高峰论坛 聚焦新技术 拓展新市场 时间： 7月11日 地点： 江苏无锡锡山区 一、活动背景及亮点 二、活动组织架构 活动名称： 2025第五届起点两轮车换电大会及轻型动力电池技术高峰论坛 起点研究院（SPIR）权威发布《2025中国两轮车换电及电池TOP排行榜及行业白皮书》， 覆盖智能电动两轮车出货量TOP10、两轮车换电运营商TOP10、两轮车电池BMS出货量 TOP5，两轮车换电柜出货量TOP5、中国电动两轮车用锂电池出货量TOP10、中国电动两轮 车用钠电池出货量TOP5等细分权威榜单，为行业树立标杆，为投资及采购决策者提供参 考； 政策支持、即时配送需求及技术升级等主要驱动力影响下，全球两轮车换电市场高速增长， 基于产业链整合优势，中国企业将迎来新一轮布局风口，电池安全、下沉市场覆盖及成本优 化等挑战急需解决； 上下游企业加速研发高安全、高倍率、高能量密度、长循环寿命、低成本、高低温等细分性 能优势电池产品； 海内外轻型动力及中小储能市场高速增长，低空飞行、移动电动工具、人形/智能机器人、 智能家居、智慧储能等热门应用场景进入高速发展期，新一轮增量市 ...

Core Viewpoint - The company reported strong financial performance in Q1 2025, driven by the "old-for-new" policy and product optimization, indicating a positive outlook for growth in the electric two-wheeler industry [1][2][4]. Financial Performance - In Q1 2025, the company achieved revenue of 6.232 billion yuan, a year-on-year increase of 25.82%, and a net profit attributable to shareholders of 605 million yuan, up 25.12% [1][2]. - The company's gross profit margin increased by 1.59 percentage points to 19.63%, attributed to consumer preference for higher-priced products due to subsidies [3]. - Operating profit for Q1 2025 was 625 million yuan, reflecting a year-on-year growth of 41.71%, with an operating profit margin of 10.03%, an increase of 1.12 percentage points [3]. Industry Dynamics - The "old-for-new" policy has significantly boosted domestic demand, with 3.341 million electric bicycles sold for replacement from January to April 2025, 2.4 times the total replacement volume from September to December 2024 [2]. - The implementation of the new national standard in 2024 is expected to enhance production qualifications and product consistency, benefiting leading companies in the industry [2][4]. Investment Outlook - The company has established strong brand, channel, and cost advantages over its 20 years in the industry and is now positioned in the high-end market, which is expected to drive profit growth [4]. - Projected net profits for the company from 2025 to 2027 are 2.607 billion, 3.038 billion, and 3.429 billion yuan, with corresponding price-to-earnings ratios of 14.05, 12.06, and 10.69 [4].

报告要点 丨证券研究报告丨 行业研究丨专题报告丨家用电器 [Table_Title] 营收增长提速，盈利呈现弹性—家电行业 2024 年报&2025 年一季报综述 [Table_Summary] 在内销有国补助力，外销新兴市场强劲增长势能延续的背景下，家电行业整体经营趋势加速向 上，其中仅厨电受地产影响仍处于阶段盘整当中。站在当前时点，美国关税政策或有持续反复、 扰动的可能性，我们建议在不确定性中把握确定性，围绕对美净敞口较低以及内销有国补政策 加持，业绩增长确定性较高的细分行业优质龙头进行布局。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 家用电器 cjzqdt11111 [Table_Title 营收增长提速，盈利呈现弹性 2] —家电行业 2024 年报&2025 年一季报综述 [Table_Summary2] 整体：收入增长提速，盈利持续改善 2024A/2024Q4/2025Q1 家电行业样本公司营收分别同比+5.23%/+8.37%/+ ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 6.232 billion yuan in Q1 2025, representing a year-on-year growth of 25.82%. The net profit attributable to the parent company was 605 million yuan, up 25.12% year-on-year, while the net profit excluding non-recurring items reached 593 million yuan, reflecting a growth of 31.57% year-on-year [3][8]. - The growth in revenue is primarily driven by the continuation of the "old-for-new" policy, which has significantly boosted domestic demand. The company has also optimized its product structure, leading to strong market performance [8]. - The gross profit margin increased by 1.59 percentage points to 19.63% in Q1 2025, attributed to consumer preference for higher-priced products due to subsidies [8]. - The company is expected to benefit from the new national standards implemented in 2024, which will enhance production qualifications and product consistency, favoring leading companies in the industry [8]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 62.32 billion yuan, a 25.82% increase year-on-year. The net profit attributable to the parent company was 6.05 billion yuan, up 25.12%, and the net profit excluding non-recurring items was 5.93 billion yuan, reflecting a 31.57% increase [3][8]. - The operating profit for Q1 2025 was 625 million yuan, a year-on-year increase of 41.71%, with an operating profit margin of 10.03%, up 1.12 percentage points [8]. Market Dynamics - The "old-for-new" policy has led to a significant increase in domestic demand, with 3.341 million electric bicycles being replaced from January to April 2025, which is 2.4 times the total replacement volume from September to December 2024 [8]. - The company has launched multiple products across different price ranges, contributing to the optimization of its product structure [8]. Future Outlook - The company is expected to see continued growth in net profit, with projections of 2.607 billion yuan, 3.038 billion yuan, and 3.429 billion yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 14.05, 12.06, and 10.69 [8].

2025第五届起点两轮车换电大会 活动规模： 500+ 及轻型动力电池技术高峰论坛 聚焦新技术 拓展新市场 时间： 7月11日 地点： 江苏无锡锡山区 一、活动背景及亮点 二、活动组织架构 活动名称： 2025第五届起点两轮车换电大会及轻型动力电池技术高峰论坛 起点研究院（SPIR）权威发布《2025中国两轮车换电及电池TOP排行榜及行业白皮书》， 覆盖智能电动两轮车出货量TOP10、两轮车换电运营商TOP10、两轮车电池BMS出货量 TOP5，两轮车换电柜出货量TOP5、中国电动两轮车用锂电池出货量TOP10、中国电动两轮 车用钠电池出货量TOP5等细分权威榜单，为行业树立标杆，为投资及采购决策者提供参 考； 政策支持、即时配送需求及技术升级等主要驱动力影响下，全球两轮车换电市场高速增长， 基于产业链整合优势，中国企业将迎来新一轮布局风口，电池安全、下沉市场覆盖及成本优 化等挑战急需解决； 上下游企业加速研发高安全、高倍率、高能量密度、长循环寿命、低成本、高低温等细分性 能优势电池产品； 海内外轻型动力及中小储能市场高速增长，低空飞行、移动电动工具、人形/智能机器人、 智能家居、智慧储能等热门应用场景进入高 ...

2025第五届起点两轮车换电大会 及轻型动力电池技术高峰论坛 聚焦新技术 拓展新市场 时间： 7月11日 地点： 江苏无锡锡山区 一、活动背景及亮点 二、活动组织架构 电动两轮车及换电企业： 雅迪、新日、爱玛、小牛、九号、绿源、 铁塔能源、智租换电、光宇出 行、美团、滴滴、青桔、这锂换电（宇谷科技）、小哈换电、活绿出行、锂享换电（四川享锂来 科技）等； 活动名称： 2025第五届起点两轮车换电大会及轻型动力电池技术高峰论坛 起点研究院（SPIR）权威发布《2025中国两轮车换电及电池TOP排行榜及行业白皮书》， 覆盖智能电动两轮车出货量TOP10、两轮车换电运营商TOP10、两轮车电池BMS出货量 TOP5，两轮车换电柜出货量TOP5、中国电动两轮车用锂电池出货量TOP10、中国电动两轮 车用钠电池出货量TOP5等细分权威榜单，为行业树立标杆，为投资及采购决策者提供参 考； 政策支持、即时配送需求及技术升级等主要驱动力影响下，全球两轮车换电市场高速增长， 基于产业链整合优势，中国企业将迎来新一轮布局风口，电池安全、下沉市场覆盖及成本优 化等挑战急需解决； 上下游企业加速研发高安全、高倍率、高能量密度、长循环寿 ...

证券研究报告 | 行业深度 gszqdatemark 2025 05 08 年 月 日 家用电器 两轮车系列之一：如何看待两轮车行业格局及未来发展？ 本篇报告聚焦国内电动两轮车市场，拟探讨以下几个问题：1）电动两轮 车行业特点是什么？2）行业格局如何演绎？3）电动两轮车品牌商利润率 能否提升？提升动力和提升幅度分别如何？ ➢ 行业特点：看似矛盾的头部化格局&低盈利现状。 国内电动两轮车呈头部化格局，2024 年 CR3 约 61%。其中龙头雅迪份额 约 26%。但同时，行业呈低盈利现状。雅迪、爱玛、新日、小牛和九号（定 位高端电动两轮车）2024 年实现毛利率 15%/18%/16%/15%/28%，净 利率 5%/9%/1%/-6%/8%，远低于格局集中度高的空调行业。我们认为 原因主要系：1）准入门槛较低：整车偏组装性质，行业竞争充分；2）供 需属性复杂：供给端原材料组成多单位成本高，需求端为代步基础功能溢 价能力偏弱；3）规模效应不强：生产端多 SKU 模式下规模效应较弱，龙 头毛利率和行业无明显差距。 ➢ 寡头竞争：渠道、产能&品牌为核心竞争要素，有望形成双寡头格局。 商业模式来看，我们认为渠道&品牌 ...

Group 1 - The domestic electric two-wheeler market is showing a headquarter concentration pattern, with the CR3 expected to reach approximately 61% by 2024, while simultaneously exhibiting low profitability [1] - Leading companies like Yadea, Aima, New Day, Niu, and Ninebot are projected to have gross margins of 15%, 18%, 16%, 15%, and 28% respectively, with net margins of 5%, 9%, 1%, -6%, and 8% [1] - The low profitability is attributed to low entry barriers, complex supply-demand characteristics, and weak scale effects in production [1] Group 2 - The core competitive elements in the market are channels, production capacity, and brand strength, which are expected to lead to a dual oligopoly structure [2] - Channels and production capacity enhance market share, while brand strength reinforces competitive advantages [2] - The industry is likely to see increased concentration due to stricter production standards and the ongoing exit of small enterprises [2] Group 3 - As of April 2025, the domestic electric two-wheeler ownership is expected to exceed 420 million units, with demand primarily driven by replacements [3] - The industry is projected to reach annual sales of 55 million units in 2023, catalyzed by new national standards [3] - Profitability improvements for brand manufacturers are anticipated to come mainly from market structure benefits, although the extent of improvement is expected to be limited [3]

Summary of Electric Two-Wheeler Industry Conference Call Industry Overview - The electric two-wheeler market is expected to grow by 10%-20% in 2025, driven by replacement demand and the implementation of new national standards, with Q2 and Q3 anticipated to be peak seasons, potentially leading to early consumption [1][4][24] - The high-end market remains stable, accounting for about 10% of total sales, and is less affected by consumer downgrading trends [1][21][22] Brand Performance and Growth Expectations - Aima and Niu are expected to grow by approximately 20%, while Ninebot is projected to grow by up to 80% due to product line expansion and channel development [1][6] - Ninebot's strategy of introducing products in the 2000-3000 yuan price range has successfully catered to the trend of consumer downgrading, resulting in significant sales growth [1][16] - In 2024, Ninebot sold 80,000 units, Niu sold 60,000 units, and Aima reached 180,000 units [3] Consumer Preferences and Market Dynamics - Key factors influencing consumer purchasing decisions include range, brand, appearance, and price, with range anxiety being a primary concern [1][11] - The cost of electric vehicles is significantly impacted by battery capacity, with approximately half of the cost attributed to batteries [1][12] - The Shanghai trade-in policy offers a 500 yuan subsidy, but its complexity and limited funding have resulted in low participation from stores [1][17][18] Channel Development and Store Expansion - Aima has around 500 stores, Niu has 160, and Ninebot has 200, totaling approximately 900 stores in Shanghai [2][9] - All three brands are actively expanding their market share and have clear channel development targets for 2025 [8] - Aima's store count is stable, while Niu aims to increase its stores by 30% and Ninebot also plans for a 30% increase [9] Impact of New National Standards - The new national standards are expected to enhance the quality of electric two-wheelers, extending their lifespan from 3-4 years to 5-6 years [1][21][33] - The implementation of these standards has led to improved materials and overall vehicle quality [21] Competitive Landscape and Pricing Strategies - The market is experiencing intensified price wars, with manufacturers lowering prices to clear inventory [28] - The exit of small and medium-sized enterprises from the market is expected to ease price competition, but this may take time [25][29] - Aima's single-vehicle profit margin is around 5%-8%, while Ninebot and Niu achieve margins of 10%-15% [35] Consumer Behavior and Market Trends - Current consumer willingness to purchase electric bicycles remains strong, with existing models meeting commuting needs in terms of aesthetics, price, and practicality [26] - The market is witnessing a clear trend of consumer downgrading, particularly in mid-range products, while high-end segments remain stable [34] Conclusion - The electric two-wheeler industry is poised for growth in 2025, driven by new policies and consumer trends, with significant differences in brand performance and consumer preferences shaping the competitive landscape [1][4][24]