5月27日，新日股份（603787）召开公司2024年年度暨2025年第一季度业绩说明会，公司表示，2025年 以来，随着市场回暖、新国标修订实施、以旧换新政策带动以及公司在细分市场领域研发推出了一些契 合消费者需求的新产品，带动了公司销量增长，驱动一季度业绩提升。2025年第一季度，公司实现营业 收入10.54亿元，同比上升39.47%；归母净利润为2992.49万元，同比上升19.08%。 同时，公司将继续实施渠道下沉策略，加强城市社区和乡镇网点的建设，重点改善经销网点零售运营能 力，加强劣质网络优化力度，侧重于帮助经销商提升零售销量、零售利润，稳固终端渠道，具体通过直 播支持、宣传物料、促销活动、下级渠道开拓等方面加大对终端的帮扶力度，结合产品结构组合、营销 力提升、流量加载、服务保障等方面来综合性提高门店运营效率。 年报显示，2024年公司研发费用率约3.12%，有投资者提问，公司研发投入是否有进一步提升计划？对 此，公司表示，2024年，公司在技术研发与应用领域持续发力，取得以下方面主要成果：一是动力技 术，双芯双动力电机升级至3.0，拥有5项国家专利，通过8项国家认证检测，实现赛道级加速、越野级 ...

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10-11日 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，新一轮增量市场推动电池技术迭代 ...

Investment Rating - The report maintains a "Buy" rating for the industry, specifically recommending companies such as Yadea Holdings, Aima Technology, and Ninebot [11]. Core Insights - The Chinese electric two-wheeler industry is entering a mature development phase characterized by "stock replacement dominance and structural incremental support." The domestic market is seeing high ownership levels, and the implementation of new national standards is accelerating industry consolidation, with both cost and supply pressures squeezing smaller brands [3][6]. - Incremental growth is focused on B-end commercial scenarios (instant delivery/shared mobility) and C-end smart upgrades. The expansion of the old-for-new subsidy program in 2025 is expected to stimulate replacement demand [3][6]. - The overseas market, particularly in Europe and North America, is centered around electric bicycles (E-bikes), benefiting from environmental policies and low consumer price sensitivity. The Southeast Asian market shows long-term potential for electric motorcycles, although performance limitations and inadequate infrastructure hinder short-term replacement [3][8]. Summary by Sections Scale: Dominated by Stock Demand, Driven by Smartization and Policy - The electric two-wheeler market includes electric bicycles, electric light motorcycles, and electric motorcycles. The current market ownership is at a high level, with the average penetration rate reaching maturity. Although demand in high-tier cities and motorcycle replacement in lower-tier markets will support steady growth, the growth rate is expected to slow down [6][30]. - Incremental space is concentrated in two areas: B-end instant delivery and shared mobility, benefiting from the economic and flexible nature of electric two-wheelers, and C-end smart upgrades that drive consumer segmentation and product price increases [6][30]. Structure: New National Standards Implementation Optimizes the Landscape - The past changes in industry structure show that policy regulations (like new national standards) and market competition (price wars, channel expansion) create a dual selection mechanism. Leading companies can leverage scale effects to reduce costs and enhance R&D and distribution networks, while weaker brands face exit pressures due to compliance costs and low margins [7][9]. - The new national standards are expected to increase costs by 10%-15%, putting significant pressure on financially weak brands while allowing leading companies to expand market share [7][9]. Incremental Growth: Southeast Asia Policy Drives Potential, E-bike Opportunities in Europe and America - With the domestic market stabilizing, overseas markets are becoming core growth areas. The North American and European markets are primarily driven by mid-to-high-end E-bikes, with a favorable growth trend supported by consumer interest in sustainable transportation and government support [8][9]. - The Southeast Asian market focuses on high-cost-performance electric motorcycles, driven by commuting needs and "oil-to-electric" policies. However, performance gaps and infrastructure issues limit short-term penetration, with fuel vehicles remaining dominant [8][9]. Investment Recommendations: Domestic and International Synergy, Positive Demand Outlook - The domestic market is seeing accelerated concentration due to the new national standards, which pressure smaller brands while allowing leading companies to strengthen their market share through scale effects and technological differentiation [9]. - The overseas market presents opportunities, particularly in the E-bike sector in Europe and North America, where the fragmented competitive landscape offers entry points for Chinese brands [9].

小牛电动系列 车中旭霞 《 小牛电动(NIU.O)-一季度亏损幅度收窄，产品及渠道变革有望促进底部反转》——20250523 核心观点 一季度收入较快增长，利润亏损幅度收窄 2016-2021年公司收入复合增速59.8%，2021年后碳酸锂涨价，公司主打锂电产品价格持续上涨，导致销量下滑，至 2023年收入下降至26.52亿元。2024年公司首次布局高端铅酸电动两轮车，加强终端渠道开拓及下沉，2024年收入 32.88亿元，同比增长24%，2025年一季度收入6.8亿元，同比增长35.1%，收入持续恢复。锂电成本增加导致公司2022 年净亏损0.49亿元，2023年公司受欧洲代理商资金短缺、运营停滞拖累，净亏损2.72亿元，随着销量及收入恢复， 2025年一季度净亏损0.39亿元，亏损幅度持续收窄。 一季度净利率恢复，费用率下降 公司过往通过涨价等方式传导成本增加，使整体毛利率稳定，2019-2023年毛利率都保持在20%以上，2024年毛利率下 滑部分受到滑板车等加征关税影响，2025年一季度毛利率17.3%，同比下降1.6pct，同样受加征关税影响；净利率方 面，2025年一季度净利率-5.7%，同比增长 ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company has launched a restricted stock incentive plan for 2025, aiming to grant approximately 14.18 million shares to 421 individuals, which is about 1.65% of the total share capital, at a price of 20.6 yuan per share. This plan is expected to motivate the core team and stimulate growth [1] - The incentive plan sets performance targets for revenue and net profit growth from 2024 as a base, requiring growth rates of at least 15%/32.25%/52.09% for the years 2025-2027, indicating a strong emphasis on sustained growth [2] - The company is focusing on product upgrades and has partnered with ByteDance and Midea to enhance its smart strategy, aiming for a transformation towards full-chain intelligence and user operation [3] - The company anticipates steady sales growth in Q2 2025, with supply chain issues previously encountered now resolved, and aims to leverage its strengths to increase market share [3] Financial Summary - The projected total revenue for the company is expected to grow from 21.036 billion yuan in 2023 to 34.158 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 8.3% [6] - The net profit attributable to the parent company is forecasted to increase from 1.881 billion yuan in 2023 to 3.348 billion yuan in 2027, reflecting a CAGR of about 12.7% [6] - The company's gross margin is expected to improve from 16.5% in 2023 to 18.6% in 2027, indicating enhanced profitability [6] - The projected earnings per share (EPS) are expected to rise from 2.18 yuan in 2023 to 3.89 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 17.67 to 9.93 over the same period [4][6]

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，新一轮增量市场推动电池技术迭代革 新； AI技术加速驱动钠电、全极耳等新电池技术与工艺体系的研发优化，推动钠电池和大圆柱在 两轮车换电的领域加速应用； 第五届聚焦两轮车及换电、两轮车锂电、钠 ...

Group 1 - The event focuses on new technologies and expanding new markets in the electric two-wheeler and battery sectors [3][4] - The conference will feature the release of the "2025 China Two-Wheeler Battery and Swap Industry White Paper," which includes rankings of top manufacturers and operators in the industry [3][4] - The global two-wheeler battery swap market is experiencing rapid growth driven by policy support, demand for instant delivery, and technological upgrades [3][4] Group 2 - The event will take place on July 10-11, 2025, in Wuxi, Jiangsu [6] - The agenda includes discussions on electric two-wheeler battery technology trends, challenges in battery safety, and the impact of new national standards on battery development [5][7] - Key participants will include leading electric two-wheeler manufacturers and battery companies, as well as equipment and materials suppliers [9]

Core Viewpoint - The Chinese electric two-wheeler industry is rapidly transitioning to a technology-driven sector, with eBikes emerging as a significant growth engine in the global market. The company, Luyuan Group Holdings, has strategically positioned itself in the high-end market by launching the LYVA brand, which focuses on the diverse needs of urban middle-class consumers and creates an AI-driven smart mobility ecosystem that integrates commuting, sports, and leisure [1][7]. Group 1 - Luyuan Group has been recognized for its technological innovation, winning the China Light Industry Federation Science and Technology Progress Award for its "mid-mounted power system sports fitness electric bicycle," highlighting its leadership in the electric bicycle industry [3][5]. - The company has received the China Light Industry Federation Science and Technology Award five times, reinforcing its growth logic driven by research and development, focusing on core technology rather than superficial design improvements [5]. - Innovations such as liquid-cooled motors and digital battery maintenance technology have been developed to address fundamental technical challenges, providing Luyuan with a significant competitive advantage in a homogenized market [5][6]. Group 2 - The newly awarded "mid-mounted power system sports fitness electric bicycle" addresses several issues associated with traditional mid-mounted motors, such as high-temperature performance degradation and short lifespan, by implementing a dual-chamber independent liquid cooling structure [6]. - The global eBike market is projected to reach $50.14 billion in 2024 and $148.07 billion by 2032, with a compound annual growth rate of 14.6%, indicating a lucrative opportunity for Luyuan's LYVA brand to capture a second growth curve [7]. - Despite facing market demand challenges and intensified competition, Luyuan has achieved steady growth through technological empowerment, product optimization, and supply chain management, positioning itself as a differentiated player in the market [8].

家电 -行业及公司近况交流 20250521 摘要 吉禾通过一级合伙人模式迅速扩张渠道，一季度门店数量增长迅速，预 计年底可达成 2000 家目标。经销商主要来自两轮车行业，包括传统品 牌如雅马哈及二线品牌，他们看好智能电动车发展潜力。 吉禾的渠道策略允许经销商兼营传统和智能化品牌，受益于小牛战略失 误和 9 号的快速发展，经销商意识到智能电动车的潜力，愿意加盟吉禾 以抓住品牌红利。 吉禾在产品策略上，MO 车型市场反馈不佳，A4 升级款中高配接受度较 高但缺货，25 款 A14 上市影响了 24 款 A14 的销售。公司通过不断投 入研发和新建工厂来丰富产品线，预计推出 4-5 款新产品。 吉禾通过与供应商谈判确保供应链稳定，并利用增加的产量作为筹码来 压缩集采成本，以应对阶段性的产品和产能问题。供应商大会主要讨论 了成本控制与供应保障。 吉禾的经销商政策具有竞争力，全额支持装修并提供房租补贴，终端毛 利高于 9 号和小牛。但由于产能不足，二级加盟门店的利润空间不高。 新势力品牌竞争激烈，吉禾、9 号和小牛在产品力、骑行舒适度和性价 比上各有优势。9 号通过升级配置和稳定价格来应对集合带来的竞争。 新国标政 ...