Core Viewpoint - Jiangsu's foreign trade has achieved a growth rate of 5.1% in the first eight months of the year, driven primarily by its strong manufacturing sector [1][3]. Group 1: Manufacturing Strength - Jiangsu's total import and export value reached 3.82 trillion yuan, with exports amounting to 2.55 trillion yuan, reflecting a 9% increase [1]. - The province's manufacturing capabilities are highlighted by significant projects such as ultra-high voltage direct current (UHVDC) transmission and high-speed rail, showcasing the strength of Jiangsu enterprises on the global stage [3][5]. - Companies like Bo Rui Electric and Xi Dian Transformer are leading in UHVDC equipment manufacturing, contributing to major international projects [3][4]. Group 2: Technological Advancements - The current wave of international expansion is characterized as a technology-driven upgrade battle, with companies focusing on advanced manufacturing techniques [2]. - Jiangsu's manufacturing sector is increasingly adopting smart manufacturing and digital transformation strategies to enhance global competitiveness [12]. Group 3: Global Market Penetration - Companies such as Yadea and Youao Intelligent Technology are successfully expanding their presence in international markets, with Yadea focusing on Southeast Asia and Youao achieving a 16% global market share in mobile air conditioning [7][9]. - Yadea plans to establish local R&D and production bases to better cater to regional market needs, while Youao is diversifying its market structure and enhancing its e-commerce capabilities [8][10]. Group 4: Future Outlook - Jiangsu's manufacturing sector is set to gain more market competitiveness as it continues to upgrade its smart manufacturing capabilities [13].

Core Insights - The electric two-wheeler market is experiencing a significant transformation driven by the demand for high safety and high value solutions, as highlighted by the launch of a comprehensive solution by New Energy An at the 2025 China Motorcycle Expo [1][6] - The current domestic electric motorcycle market has nearly 400 million units, but faces challenges such as discrepancies between actual and advertised range, battery degradation over time, and performance issues in cold weather [2][5] - Safety is emphasized as a fundamental aspect of development in the two-wheeler industry, with New Energy An aiming to establish safety as the baseline for all products [5][6] Industry Challenges - Users experience "range anxiety" due to significant differences between advertised and actual performance, as well as "power anxiety" when carrying heavy loads [2][5] - The prevalence of substandard battery modifications poses safety risks and undermines the overall user experience [2][5] New Energy An's Solutions - New Energy An's approach includes a comprehensive safety framework that spans the entire product lifecycle, with over 16,000 testing cases to ensure battery safety and reliability [5][6] - The company has introduced the "Snow Leopard" battery for urban commuting, which utilizes aerospace-grade magnesium alloy for lightweight and high strength, enhancing energy density and efficiency [6] - The launch of the 72V90Ah large single-cell lithium battery aims to address range and performance limitations, offering a capacity of 6.5 kWh and a range of 195 kilometers, while maintaining over 100% capacity retention after 300 cycles [6][9] Market Positioning - New Energy An's battery solutions are positioned as essential assets for commercial operators, enhancing efficiency and reliability in operations [7] - The collaboration with Ninebot aims to integrate smart mobility with intelligent energy solutions, focusing on providing users with safer, smarter, and more flexible travel experiences [9]

21世纪经济报道记者孙燕 无锡报道 在全球两轮电动车产业中，中国是最大的生产国、消费国和出口国。其中，三分之一的两轮电动车产量，都来自无锡市锡山 区。 作为"中国电动车之乡"，锡山区的两轮电动车产业自2000年初起步，至2024年集群营业收入规模已达到667.6亿元。 其间，出海扮演了重要的增量角色。2024年，锡山电动车企业全年完成跨境电商进出口6.1亿元，占电动车外贸总出口的七分之 一。 从2020年锡山区两轮电动车整车出口额首次破1亿美元，到2025年上半年锡山区两轮电动车整车出口额达1.9亿美元、同比增长 19.5%，电动两轮车何以从锡山走向世界？ 出海风起 2020年后，中国两轮电动车企业进入快速出海阶段。在锡山区，两轮电动车产业的"链主"企业——雅迪电动车，于2021年正式 启动大规模出海战略。 雅迪科技集团执行董事沈瑜回忆道，两轮电动车行业原来大部分都在国内发展。但最近几年，一方面国内市场逐渐饱和，另一 方面国内电动车监管政策趋严，不少城市限制电动摩托车上牌、上路。因此，两轮电动车企业逐渐将产能向国外转移。 "我们现在从购车、金融、租赁、服务，到充电系统、换电系统以及二手车交易链，都在建立体系， ...

Core Viewpoint - The company reported its semi-annual results, which met market expectations, showing significant growth in revenue and net profit [1] Group 1: Financial Performance - In Q2, the company achieved revenue of 6.8 billion yuan, representing a 21% year-on-year increase, and a net profit of 610 million yuan, up 31% [1] - The average single-unit sales revenue growth was 26% in Q1 and 21% in Q2, while the sales volume growth was 19% in Q1 and 17% in Q2 [2] - The average selling price (ASP) increased by 5% in Q1 and 3% in Q2, with single-unit gross profit at 415 yuan in Q1 and 389 yuan in Q2 [2] Group 2: Market Position and Competitive Advantage - The company has a significant advantage in claiming national subsidies, with over 70% of its stores meeting the qualification requirements [3] - The company is well-positioned to benefit from the increasing concentration in the industry [3] Group 3: Outlook for H2 - The regulatory environment is expected to have a limited impact on terminal sales, particularly in second-tier cities [4] - Strong demand is anticipated in Q3 due to dealers stocking up on older standard vehicles, leading to higher channel inventory [4] - The company has over 10 new models ready for the new national standards, expected to launch in September, with an estimated cost increase of 50-100+ yuan per unit [4] Group 4: Investment Recommendations - The company expects an acceleration in average selling prices in H2, with strong sales performance anticipated in Q3 and limited impact from new standards in lower-tier cities [5] - Revenue forecasts for 2025 and 2026 have been adjusted to 27.4 billion yuan and 30.7 billion yuan, reflecting increases of 27% and 12% respectively [5] - The projected net profit for 2025 and 2026 is 2.6 billion yuan and 3.2 billion yuan, with corresponding growth rates of 32% and 22% [5]

Core Viewpoint - The new national standard for electric bicycles, effective from September 1, 2024, introduces stricter regulations aimed at enhancing safety, including a speed limit of 25 km/h and various technical requirements for manufacturers [1][2][11]. Summary of Key Points New National Standard Regulations - The new standard includes nine major changes, such as the automatic power cut-off when speed exceeds 25 km/h, which was already part of the previous standard [2][3]. - It introduces a "speed cut-off" mechanism to prevent modifications that could increase speed beyond the limit [3]. - The requirement for mandatory pedal installation has been removed, allowing electric bicycles to operate without pedals unless they are in electric assist mode [4]. - The weight limit for electric bicycles using lead-acid batteries has been increased to 63 kg, while other types remain at 55 kg [4]. - The total weight of plastic components used in the bicycles cannot exceed 5.5% of the total vehicle weight [4]. - Electric bicycles used for commercial purposes must now include a Beidou positioning module, while private users can choose whether to include it [6]. - Manufacturers are required to specify the recommended lifespan of electric bicycles on product labels [7]. - The braking distance in wet conditions has been significantly reduced, enhancing safety [8]. - The installation of rearview mirrors and turn signals is encouraged, with specific measurements for vehicle dimensions [9]. Transition Period for Old Standards - The implementation of the new standards will occur in phases, with production under the new standard required from September 1, 2025, and sales of old standard vehicles allowed until November 30, 2025 [8][10]. - Consumers are not obligated to replace their existing electric bicycles, allowing for a transition period where old models can still be sold [10]. Implications of the New Standard - The new regulations are primarily focused on safety, addressing the correlation between speed and accident severity [11][13]. - However, there is concern regarding the impact on delivery workers who rely on speed for their jobs, highlighting a potential conflict between safety regulations and operational needs [13]. - The new standards may lead to increased production costs for manufacturers, potentially resulting in higher prices for consumers [14][15].

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]

Core Viewpoint - Yadea Holdings (01585) has seen a recovery in its shipment pace in the first half of the year, with a gradual revival in its two-wheeled electric vehicle business, leading to significant sales growth in electric bicycles and electric scooters [1] Group 1: Company Performance - Sales of electric bicycles reached 6.666 million units, while electric scooters sold 2.128 million units [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: Future Outlook - There is optimism for further gross margin improvement, with expectations that the new national standard will be implemented on September 1, initiating a new development cycle for the industry [1] - The outlook for overseas business is positive, prompting an upward revision of 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 raised from HKD 19.84 to HKD 22.63 [1]

Group 1 - The core viewpoint of the report is that Yadea Holdings (01585) has seen a recovery in its shipment rhythm in the first half of the year, with gradual recovery in its two-wheeled electric vehicle business [1] - Sales of electric bicycles and electric scooters have increased to 6.666 million and 2.128 million units, respectively [1] - Due to improvements in product structure, Yadea's gross margin has increased by 1.6 percentage points to 19.6%, reaching 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, marking the beginning of a new development cycle for the industry [1] - The outlook for overseas business is positive, leading to an upward revision of the company's revenue forecasts for 2025 to 2027 by 2% to 4% and net profit forecasts by 1% to 2% [1] Group 3 - The target price for Yadea Holdings has been raised from HKD 19.84 to HKD 22.63 [1]

Core Viewpoint - The launch of the self-developed operating system, Lingbo OS, by Ninebot marks a significant transition for the two-wheeled electric vehicle industry from a "mechanical era" to a "smart era" [4][5]. Group 1: Development of Lingbo OS - Ninebot's CTO emphasized the need for a dedicated operating system for two-wheeled electric vehicles to enhance user experience through robotics technology [5]. - The introduction of Lingbo OS aims to unify the software environment across different suppliers, addressing common bugs and enhancing product capabilities [6]. - Lingbo OS is designed to facilitate rapid accumulation and upgrades of product capabilities under a unified technical platform [6]. Group 2: Technical Features of Lingbo OS - The core technology of Lingbo OS includes high collaboration between cloud, edge, and terminal, ensuring safety and real-time operation in extreme scenarios [6]. - The system integrates various vehicle interaction features and supports one-click OTA upgrades, allowing older models to access new functionalities [6][8]. - Lingbo OS is built on a robust architecture that promotes efficient development, adaptability, and security, while also opening a platform for third-party developers [8]. Group 3: User Experience and Ecosystem - The goal is to transform the user experience development model from professional-generated content (PGC) to professional user-generated content (PUGC), encouraging user participation [8]. - Lingbo OS aims to provide a unique riding experience for each user, with features that adapt based on individual preferences and conditions [6][9]. - The system is expected to unlock more intelligent features as it expands to cover all of Ninebot's new and existing models [8].

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, indicating a robust market position and operational efficiency [2][5]. Financial Performance - In H1 2025, the company achieved revenue of 13.03 billion yuan, a year-on-year increase of 23%, and a net profit attributable to shareholders of 1.21 billion yuan, up 27.6% year-on-year [2]. - In Q2 2025, revenue reached 6.80 billion yuan, reflecting a 20.6% year-on-year growth and a 9.1% quarter-on-quarter increase, with net profit of 610 million yuan, up 30.1% year-on-year [2]. Sales and Pricing - In H1 2025, electric two-wheeler sales reached 6.05 million units, a 19.7% increase year-on-year, with an average selling price (ASP) of 1,924 yuan, up 95 yuan year-on-year [3]. - Q2 2025 saw electric two-wheeler sales of 3.19 million units, a 19.3% year-on-year increase, with an ASP of 1,967 yuan [3]. Profitability and Cost Control - The gross margin improved to 19.2% in H1 2025, up 1.4 percentage points year-on-year, with effective control over selling, administrative, and R&D expenses [4]. - In Q2 2025, the overall expense ratio was 8.4%, down 0.35 percentage points year-on-year [4]. Cash Flow and Capital Expenditure - Operating cash flow significantly increased to 2.59 billion yuan in H1 2025, a 123% year-on-year growth, while capital expenditure decreased by 16% to 1.18 billion yuan [5]. - The company plans to continue reducing capital expenditures as new production bases in Indonesia, Vietnam, and other regions are established [5]. Profit Forecast and Investment Rating - The company adjusted its net profit forecasts for 2025 and 2026 to 2.62 billion yuan and 3.01 billion yuan, respectively, while maintaining a "buy" rating due to its strong market position and low valuation [6]. - The company is focusing on technological advancements and channel expansion to enhance product quality and operational efficiency [6].