在消费复苏与产业升级并行的当下，电动两轮车行业正加速迈入规范发展新阶段。 电动两轮出行行业头部企业爱玛科技（603529）披露2025年三季报。前三季度，爱玛科技营收210.93亿 元、净利润19.46亿元，毛利率较去年同期稳步提升，高端化与智能化布局成效初显。 同时，新版电动自行车安全技术规范全面落地带来行业洗牌机遇，叠加公司持续稳定的分红政策，爱玛 科技以扎实的经营表现，展现出在行业变革中的发展韧性。 核心数据表现稳健 面对行业竞争加剧、原材料价格波动等挑战，爱玛科技2025年三季度依然交出了一份亮眼的经营答卷。 报告显示，公司前三季度实现营业收入210.93亿元，较上年同期增长20.78%；实现净利润19.46亿元， 较上年同期增长23.50%，盈利增速略高于营收增速，展现出良好的增长质量。 单季度来看，第三季度作为电动两轮车销售旺季，爱玛科技精准把握市场节奏，实现营业收入80.62亿 元，同比增长17.30%；归母净利润6.95亿元，同比增长15.24%，市场份额进一步巩固。 业绩增长的背后，离不开公司全产业链布局的支撑。半年报显示，爱玛科技在国内拥有天津、河南、广 西、江苏、重庆、浙江、山东等数个生 ...

当行业在价格内卷与产品同质的红海中艰难跋涉时，一场指向未来格局的深刻变革，正以战略级姿态浮 出水面。 本次大会，极核正式发布了以"开物造极"为内核的"三年跃迁"战略蓝图。这不仅是极核的品牌哲学，它 更精准切中了行业当前转型的深层次痛点：如何从依赖配置堆砌和营销噱头的浅层创新，迈向基于核心 技术、工业标准与用户体验本质的深层重构。 "开物"，意味着回归出行工具的本质，依托春风动力三十余年摩托车工业体系，对电动两轮车进行从骨 骼到神经的彻底革新。"造极"，则代表着在通达用户的每一个触点——购车、骑行、服务、社群等环 节，追求极致的体验峰值。 极核以此为新一轮竞争标准，目标直指从"性能发烧友的秘密"蜕变为"大众市场首选的高端一线品牌"。 这背后彰显的是，极核意图重新定义何为高端电动两轮车，并为行业树立从制造到服务的全新标杆。 02 12月25日，极核全国经销商大会隆重启幕！这场非常规的年终动员，实则是极核综合体系能力的全面展 示，同时也是一份以"开物造极"为内核、以"三年跃迁"为路径的决战宣言！这标志着行业的竞争范式已 从单一维度厮杀，彻底转向涵盖品牌、产品、渠道、服务的全维度、系统化的体系角逐。 01 "开物造极 ...

Core Insights - The core theme of the news is the strategic direction of Ninebot Company, focusing on becoming a global disruptor in the two-wheeler industry through innovation and smart technology [2][5]. Group 1: Strategic Focus - Ninebot's future strategy is centered on three pillars: smart technology, electrification, and globalization [2][5]. - The company aims to lead the electric vehicle industry and innovate the motorcycle sector by leveraging a dual-brand strategy with "Ninebot" and "Segway" to cater to diverse global user preferences [2][5]. Group 2: Technological Advancements - In 2026, all new Ninebot products will feature a smart driving system and the proprietary Nimble OS operating system [2][5]. - The company emphasizes that the transition from gasoline to electric vehicles is an irreversible trend, addressing user concerns about range anxiety through advancements in battery technology and a rapidly developing 30-minute fast-charging network [2][5]. Group 3: Market Expansion - Ninebot is targeting markets in Europe, North America, Southeast Asia, Japan, South Korea, and Latin America, indicating a strong focus on global market penetration [2][5]. - The company plans to enhance its production capacity significantly by operating dual bases in East and South China in 2026 [2][5]. Group 4: User Experience and Service - Ninebot's electric vehicle division aims to democratize advanced technology, ensuring that it is accessible to a broader audience [6]. - The company will launch the "Oasis Campaign" to improve user experience, transitioning from a focus on user needs to user satisfaction, and standardizing management across sales and service [6].

[Table_Main] 产业经济周报 证券研究报告 | 产业经济周报 2025 年 12 月 17 日 证券分析师 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 陈梦洁 资格编号：S0120524030002 邮箱：chenmj3＠tebon.com.cn 周天昊 资格编号： S0120525040002 邮箱：zhouth＠tebon.com.cn 徐宇博 资格编号：S0120525090001 邮箱：xuyb5＠tebon.com.cn 徐梓煜 相关研究 关注挖掘机销售超预期和流感持续爆 发后的产业链机会 [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 本周观点：本周（12/8-12/12）市场高位盘整。全周上证指数下跌 0.34%，深证成 指上涨 0.84%，创业板指上涨 2.74%，沪深 300 下跌 0.08%。本周市场日均成交 额 1.95 万亿，较上周交易量有所提升（上周 1.70 万亿）。美联储如期降息，A 股 市场延续震荡。 大消费观点：拉美电商崛起但尚未饱和，拉美目前互联网渗透率近 75%，电商渗 ...

Group 1 - The core investment direction for the automotive sector in 2026 focuses on exports and mid-to-high-end products, with a particular emphasis on humanoid robot business entry by automotive companies [1] - The report indicates that the competition in the automotive market will intensify due to the potential decrease in vehicle replacement subsidies and the reduction of new energy vehicle purchase tax subsidies from 10% to 5% [2] - Despite the competitive landscape, the report remains optimistic about the continued increase in new energy vehicle penetration rates, particularly in the price segment below 150,000, which is expected to see rapid growth [2] Group 2 - The heavy truck segment is anticipated to enter an upward recovery cycle starting in 2023, with stable sales expected to reach 1.1 million units by 2026, driven by economic recovery and increasing demand for engineering and freight transport [3] - The domestic bus market is expected to recover gradually to pre-pandemic levels due to natural replacement cycles and tourism demand, with export sales also projected to grow [3] - The electric two-wheeler market is expected to see a decline in total sales to approximately 57 million units in 2026, a year-on-year decrease of 8%, following the implementation of new national standards [3] Group 3 - The motorcycle industry is expected to maintain strong export momentum due to improved product competitiveness and the growing domestic enthusiast market for high-displacement leisure motorcycles [4] - The automotive aftermarket is entering a new cycle characterized by "stock competition and structural reshaping," with structural opportunities arising from increasing vehicle ownership and age [4]

截至目前，雅迪全球累计用户逾 1 亿，终端门店数量高达 40000 多家，渠道覆盖率居行业首 位，是全球两轮电动车行业第一品牌。今年以来，公司继续展现出强劲的增长势头：上半年， 雅迪控股（ 1585.HK ） 营收达 191.86 亿元，同比增长 33.1% ；股东应占利润 16.49 亿 元，同比大幅增长 59.5% 。更关键的是，毛利率从去年同期的 18.0% 提升至 19.6% ，反 映出产品结构优化与经营效率的改善。 业内分析认为，随着摩登和冠能系列等 "爆款"产品占比提升，预计雅迪毛利率仍有提升空 间。新国标落地加速行业洗牌，雅迪正在完成从"规模之王"到实现"全面领先"的蜕变，电动 出行的资本叙事正在被重构。 合规先行+爆品破界：新国标下全场景矩阵构建增长确定性 新国标的全面实施，正将中国两轮电动车行业推入深度转型期，新国标不再是纸面条文，而是 重塑产业格局的刚性约束。它划出安全底线，也倒逼技术创新；它清退落后产能，也为优质供 给打开空间。据公开数据显示，全国电动自行车市场保有量已达 4 亿辆，其中大量车辆正处 于过渡期尾声，亟待合规替换。 在此背景下，雅迪 2026 年全球「新」新零售与「新」消费 ...

Investment Rating - The report maintains a positive outlook on the consumer sector, emphasizing the importance of domestic demand and consumption recovery [1]. Core Insights - The consumer sector experienced a decline across various segments, with notable drops in retail, social services, food and beverage, beauty care, home appliances, and textiles [3]. - High-end liquor, particularly Moutai, is showing signs of bottoming out despite a significant price drop, indicating potential recovery as demand stabilizes [3]. - The central economic work conference highlighted the commitment to boosting domestic consumption, with policies aimed at increasing residents' income and optimizing supply of quality goods and services [3]. - The report suggests focusing on service consumption sectors, which have room for growth compared to developed countries [3]. Summary by Sections Market Weekly Review - The consumer sector saw a broad decline, with specific weekly performance metrics indicating negative trends across various sub-sectors [3][5]. - Notable stock performances included significant gains for certain companies, while others faced substantial losses [3][13][14]. Industry News and Key Company Announcements - Recent regulatory approvals and policy initiatives are expected to impact various sectors, including tourism and electric vehicles, with a focus on enhancing consumer experiences and market growth [15][16][19]. - Companies like Tim Hortons and others reported positive financial results, indicating resilience in the consumer market despite broader sector challenges [19][20].

Core Viewpoint - The electric two-wheeler company Tailg has officially initiated its listing guidance, aiming for a Hong Kong IPO in 2026, which would make it the third major player in the industry to go public after Yadea and Aima, marking the complete assembly of the top three in the capital market [1][2]. Group 1: Company Overview - Tailg, founded by the Sun brothers, has transformed from a small repair shop into an industry giant with annual revenue exceeding 12 billion yuan and an annual production capacity of over 15 million units [3][5]. - The company has a global network of over 30,000 stores and exports to more than 90 countries, with estimated annual sales between 5 million and 7 million units, securing its position as the third-largest player in the market [3][5]. Group 2: Market Challenges - The implementation of the new national standard for electric bicycles (GB 17761-2024) starting September 1, 2025, poses significant compliance challenges and market adaptation issues for Tailg [2][10]. - The industry is shifting from a focus on volume expansion to value enhancement centered on smart and high-end products, which presents a challenge for Tailg, as its current offerings may not meet the expectations of younger consumers who prioritize technology and smart features [5][9]. Group 3: User Experience and Brand Reputation - Tailg faces significant user complaints, with over 2,000 valid complaints reported, primarily concerning after-sales service and battery performance, which could impact brand reputation and user loyalty [5][9]. - The company's smart features, while present, have not penetrated the market effectively compared to competitors, raising concerns about its ability to attract tech-savvy consumers [5][9]. Group 4: Regulatory and Compliance Issues - The new national standard introduces stringent safety requirements, and any compliance failures could lead to product recalls, fines, or regional sales bans, directly affecting revenue and the IPO process [10][12]. - Past regulatory cases have highlighted compliance gaps in Tailg's channel management, indicating potential vulnerabilities as the company prepares for its IPO [12]. Group 5: Governance and Ownership Structure - Tailg's ownership is highly concentrated among the founding Sun brothers and their partners, which has facilitated efficient decision-making but may hinder the company's ability to innovate and adapt in a rapidly changing market [13][15]. - The current ownership structure poses challenges for meeting public market requirements, as the company must significantly dilute ownership to comply with public holding regulations, potentially raising concerns about stock liquidity [15].

Core Viewpoint - The electric two-wheeler company Tailling, with annual revenue exceeding 12 billion yuan, has officially initiated its listing guidance, planning to go public in Hong Kong by 2026, potentially becoming the third major player in the industry to enter the capital market after Yadi and Aima [1] Group 1: Company Overview - Tailling has transformed from a small workshop into an industry giant, boasting ten R&D and manufacturing bases, an annual production capacity exceeding 15 million units, and a global store network of over 30,000, with products sold in more than 90 countries [2][4] - The company is projected to achieve approximately 12 billion yuan in revenue for 2024, with estimated annual sales between 5 million and 7 million units, maintaining its position as the third-largest player in the industry [4] Group 2: Market Challenges - The implementation of the new national standard for electric bicycles (GB 17761-2024) starting September 1, 2025, poses significant compliance challenges and market adaptation pains for Tailling [1][9] - The shift in industry growth logic from "quantity expansion" to "value enhancement" centered on smart and high-end products presents a profound transformation challenge for Tailling [1] Group 3: User Experience and Brand Reputation - Tailling's reliance on the "downstream market" has led to a focus on price-sensitive consumers, such as delivery riders and rural commuters, which has resulted in a practical product image but has hindered its appeal to younger consumers who prioritize technology and smart features [4] - User complaints regarding after-sales service and battery performance have emerged, with over 2,000 complaints reported, highlighting issues such as battery life being only 60% of advertised figures [4][8] Group 4: Regulatory Compliance - The new national standard introduces stringent requirements aimed at addressing long-standing safety issues in the industry, which could significantly impact Tailling's operations if compliance is not met [9] - Previous regulatory cases have revealed compliance management vulnerabilities within Tailling's distribution channels, raising concerns about the company's ability to enforce the new standards across its extensive network [9] Group 5: Governance and Ownership Structure - Tailling's ownership is highly concentrated among the founding brothers and their partners, which has facilitated efficient decision-making during the company's rapid growth but may pose challenges as the company transitions to a publicly traded entity [10][12] - The current ownership structure may limit Tailling's ability to offer attractive equity incentives to attract talent, potentially putting it at a disadvantage compared to competitors with more balanced governance structures [12]

Core Viewpoint - The article discusses the upcoming IPO of Tai Ling, a leading electric two-wheeler company in China, which plans to go public in Hong Kong by 2026, marking a significant moment for the industry as it joins other major players like Yadea and Aima in the capital market [1][2]. Group 1: Company Overview - Tai Ling has transformed from a small repair shop into a major industry player, achieving annual revenues exceeding 12 billion yuan (approximately 1.2 billion) and an annual production capacity of over 15 million units [4][6]. - The company has established a global network of over 30,000 stores and exports products to more than 90 countries, positioning itself as the third-largest player in the industry with estimated annual sales between 5 million and 7 million units [4][6]. Group 2: Market Challenges - The upcoming implementation of the new national standard for electric bicycles (GB 17761-2024) poses significant compliance challenges for Tai Ling, as it requires strict adherence to safety regulations and could impact the company's operations [3][11]. - The shift in industry growth from quantity expansion to value enhancement through smart and high-end products presents a challenge for Tai Ling, which has primarily focused on cost-sensitive consumers such as delivery riders and rural commuters [7][10]. Group 3: Governance and Ownership Structure - Tai Ling's ownership is highly concentrated among the founding brothers and their partners, which has facilitated efficient decision-making during the company's growth phase [18][21]. - However, this concentrated ownership structure may hinder the company's ability to attract talent and innovate as it transitions to a publicly traded company, where a more balanced governance structure is often required [21][22]. - The current ownership structure, with 100% held by founders, poses a challenge for meeting public shareholding requirements for the IPO, potentially leading to concerns about stock liquidity [23][24].