Core Viewpoint - Yadea Holdings expects a net profit of no less than RMB 2.9 billion for the fiscal year ending December 31, 2025, compared to a net profit of RMB 1.27 billion for the same period in 2024, indicating significant growth driven by increased sales of electric two-wheelers and optimized product structure [1] Group 1 - The anticipated net profit for 2025 is RMB 2.9 billion [1] - The net profit for 2024 was RMB 1.27 billion [1] - The expected profit increase is primarily due to higher sales of electric two-wheelers and product structure optimization [1]

雅迪控股(01585)发布公告，集团预期于截至2025年12月31日止年度录得的纯利不少于人民币29亿元， 而2024年同期录得的纯利则为人民币12.7亿元。预期纯利增加乃主要由于电动两轮车销售增加及优化产 品结构所致。 ...

Event Overview - The 2026 (6th) Qidian Lithium Battery Two-Wheeled Vehicle Battery Swap Conference and the Luban Award Ceremony for Lightweight Power Batteries will be held on April 10, 2026, in Shenzhen [2][4]. - The theme of the event is "Co-creating a New Chapter in Lightweight Power and Leading the Future of Two-Wheeled Battery Swapping" [2]. Agenda Highlights - The conference will feature a forum opening ceremony and the Luban Award ceremony for lightweight power batteries from 09:00 to 09:30 [3]. - A specialized session on battery swapping and technology will take place from 09:30 to 12:00, focusing on topics such as the release of the "2026 China Lightweight Power/Two-Wheeled Vehicle Battery Swap TOP20 Ranking and Industry White Paper" [3][5]. - Afternoon sessions will cover electric motorcycles and bicycles, including discussions on battery safety design, high-performance battery solutions, and the future of battery technology in electric bicycles [5]. Participation Scale - The event is expected to host over 400 companies and 600 guests, including major players in the electric two-wheeled vehicle and battery sectors [4]. - Notable participating companies include Yadea, Aima, and Niu Technologies, among others [6][7]. Registration Details - Various registration options are available, including SVIP for 3188 RMB, VIP for 2188 RMB, and a free option contingent on social media promotion [9]. - The registration deadline is March 31, 2026, and on-site registration will not be accepted [9].

Core Viewpoint - The electric two-wheeler market in China has undergone significant evolution, with various phases of growth and stabilization, influenced by technological advancements, regulatory changes, and market dynamics [3][4][8]. Market Development Stages - The electric two-wheeler industry can be divided into several stages: 1. **Initial Stage (2000-2003)**: Performance improvements led to the replacement of motorcycles, supported by policies limiting motorcycle use, resulting in initial sales growth [3]. 2. **Rapid Growth and Stabilization (2004-2018)**: Legal recognition as a non-motor vehicle in 2004 led to increased consumer acceptance, with sales rising from millions to 30-40 million units, stabilizing around 30 million post-2013 due to intensified competition [4]. 3. **New National Standards Catalyzing Expansion (2019-2023)**: The introduction of new standards in 2019 accelerated the replacement of non-compliant models, with sales reaching 55 million units in 2023, a 49.46% increase from 2019 [4]. 4. **New Standards Revision and Trade-in Policies (2024-Present)**: Anticipated regulatory changes and market challenges are expected to lead to a 9.10% decline in sales in 2024, but recovery is projected with the implementation of revised standards and trade-in incentives in 2025 [4]. Market Players and Competition - Major players in the electric two-wheeler market include Yadea, Aima, New Day, and Tailg, with Yadea and Aima leading in market share and retail revenue. The market has seen increased concentration post-2019, with stronger players gaining significant market share as weaker competitors exit [7][8]. Regulatory Environment - The upcoming revision of national standards and the introduction of trade-in policies are expected to enhance market regulation and promote higher industry standards. The "one vehicle, one ticket" system will enforce stricter quality controls, leading to the elimination of substandard products [8][9]. Trade-in Policies - The implementation of trade-in policies by the Ministry of Commerce and other departments aims to boost sales by providing subsidies for consumers who exchange old electric two-wheelers for new ones. This initiative is set to continue into 2025, with local governments encouraged to align subsidy standards with previous years [9].

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View The report presents the top ten convertible bonds in January 2026, including their credit ratings, closing prices at the end of December, conversion premium rates, and the trailing twelve - month price - to - earnings ratios (PE - TTM) of their underlying stocks. It also details the business profiles, financial performance, and key highlights of the companies corresponding to these convertible bonds [2][4][6]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Company Overview**: A globally leading specialized special - steel material manufacturer with an annual production capacity of about 20 million tons of special - steel materials. It has multiple production and raw - material bases, forming a coastal and riverside industrial chain layout [11]. - **Financial Performance**: In 2024, its operating income was 109.203 billion yuan (YoY - 4.22%), net profit attributable to the parent company was 5.126 billion yuan (YoY - 10.41%). In the first three quarters of 2025, operating income was 81.206 billion yuan (YoY - 2.75%), and net profit attributable to the parent company was 4.33 billion yuan (YoY + 12.88%) [11]. - **Company Highlights**: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specification. It has a complete industrial chain, leading cost - control ability, and is seeking external expansion opportunities [12]. 3.2 Shanlu Convertible Bond - **Company Overview**: Focuses on road and bridge engineering construction and maintenance, and is expanding into other fields. It has a complete business and management system [29]. - **Financial Performance**: In 2024, its operating income was 71.348 billion yuan (YoY - 2.3%), net profit attributable to the parent company was 2.322 billion yuan (YoY + 1.47%). In the first three quarters of 2025, operating income was 41.354 billion yuan (YoY - 3.11%), and net profit attributable to the parent company was 1.41 billion yuan (YoY - 3.27%) [29]. - **Company Highlights**: It has the concept of China - specific valuation, potential for improvement in balance sheet and orders, benefits from regional infrastructure plans, and is exploring overseas markets [30]. 3.3 Hebang Convertible Bond - **Company Overview**: Has advantages in resource supply and has completed a basic layout in the chemical, agricultural, and photovoltaic fields, with four major business segments [44]. - **Financial Performance**: In 2024, its operating income was 8.547 billion yuan (YoY - 3.13%), net profit attributable to the parent company was 31 million yuan (YoY - 97.55%). In the first three quarters of 2025, operating income was 5.927 billion yuan (YoY - 13.02%), and net profit attributable to the parent company was 93 million yuan (YoY - 57.93%) [44]. - **Company Highlights**: Its phosphate mines and salt mines contribute profits, and its liquid methionine production is a major profit - contributor [45]. 3.4 Huayuan Convertible Bond - **Company Overview**: Focuses on building a complete vitamin D3 upstream - downstream industrial chain, with products in the vitamin and chemical - preparation fields [56]. - **Financial Performance**: In 2024, its operating income was 1.243 billion yuan (YoY + 13.58%), net profit attributable to the parent company was 309 million yuan (YoY + 60.76%). In the first three quarters of 2025, operating income was 936 million yuan (YoY - 0.2%), and net profit attributable to the parent company was 234 million yuan (YoY - 3.07%) [56]. - **Company Highlights**: It has leading products in the market, is expanding its product matrix, and has a strong layout in the pharmaceutical manufacturing field [57]. 3.5 Xingye Convertible Bond - **Company Overview**: One of the first joint - stock commercial banks in China, evolving into a modern financial service group with multiple financial licenses [70]. - **Financial Performance**: In 2024, its operating income was 212.226 billion yuan (YoY + 0.66%), net profit attributable to the parent company was 77.205 billion yuan (YoY + 0.12%). In the first three quarters of 2025, operating income was 161.234 billion yuan (YoY - 1.82%), and net profit attributable to the parent company was 63.083 billion yuan (YoY + 0.12%) [70]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of customers [71]. 3.6 Aima Convertible Bond - **Company Overview**: The leading enterprise in the electric two - wheeled vehicle industry, producing and selling electric bicycles, scooters, and motorcycles [80]. - **Financial Performance**: In 2024, its operating income was 21.606 billion yuan (YoY + 2.71%), net profit attributable to the parent company was 1.988 billion yuan (YoY + 5.68%). In the first three quarters of 2025, operating income was 21.093 billion yuan (YoY + 20.78%), and net profit attributable to the parent company was 1.907 billion yuan (YoY + 22.78%) [80]. - **Company Highlights**: It may benefit from government subsidies, new national standards, and has potential for improving gross margins [81]. 3.7 Chongyin Convertible Bond - **Company Overview**: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, listed on the Hong Kong Stock Exchange and included in the "Leading Sheep" plan [90]. - **Financial Performance**: In 2024, its operating income was 13.679 billion yuan (YoY + 3.54%), net profit attributable to the parent company was 5.117 billion yuan (YoY + 3.8%). In the first three quarters of 2025, operating income was 11.74 billion yuan (YoY + 10.4%), and net profit attributable to the parent company was 4.879 billion yuan (YoY + 10.19%) [90]. - **Company Highlights**: It benefits from the regional economic development, has stable asset - scale growth, and actively adjusts its business strategies [91][94]. 3.8 Tianye Convertible Bond - **Company Overview**: The first industrial enterprise of the Xinjiang Production and Construction Corps, a leading enterprise in the chlor - alkali chemical industry with an integrated circular economy industrial chain [103]. - **Financial Performance**: In 2024, its operating income was 11.156 billion yuan (YoY - 2.7%), net profit attributable to the parent company was 68 million yuan (YoY + 108.83%). In the first three quarters of 2025, operating income was 7.97 billion yuan (YoY + 2.2%), and net profit attributable to the parent company was 7 million yuan (YoY - 28.79%) [103]. - **Company Highlights**: It has cost - advantage in caustic soda production and plans to increase dividend frequency and has coal - mine projects in progress [106]. 3.9 Aorui Convertible Bond - **Company Overview**: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in several technical fields [119]. - **Financial Performance**: In 2024, its operating income was 1.476 billion yuan (YoY + 16.89%), net profit attributable to the parent company was 355 million yuan (YoY + 22.59%). In the first three quarters of 2025, operating income was 1.237 billion yuan (YoY + 13.67%), and net profit attributable to the parent company was 354 million yuan (YoY + 24.58%) [119]. - **Company Highlights**: It is optimizing its distribution network, expanding its overseas market for preparations, and has high - quality customer resources [120]. 3.10 Yushui Convertible Bond - **Company Overview**: The largest water supply and drainage integrated enterprise in Chongqing, with a monopoly position in the local market [133]. - **Financial Performance**: In 2024, its operating income was 6.999 billion yuan (YoY - 3.52%), net profit attributable to the parent company was 785 million yuan (YoY - 27.88%). In the first three quarters of 2025, operating income was 5.568 billion yuan (YoY + 7.21%), and net profit attributable to the parent company was 779 million yuan (YoY + 7.1%) [133]. - **Company Highlights**: It has a high market share, is expanding its business regionally, and has achieved cost control through intelligent applications [134].

Event Overview - The 2026 (6th) Qidian Lithium Battery Two-Wheeled Vehicle Battery Swap Conference and the Luban Award Ceremony for Lightweight Power Batteries will be held on April 10, 2026, in Shenzhen [2][4] - The theme of the event is "Co-creating a New Chapter in Lightweight Power and Leading the Future of Two-Wheeled Battery Swapping" [2] Agenda Highlights - The conference will feature a forum opening ceremony and the Luban Award ceremony for lightweight power batteries [3] - Key topics include the release of the "2026 China Lightweight Power/Two-Wheeled Vehicle Battery Swap TOP20 Ranking and Industry White Paper" and discussions on battery technology trends [3][5] - Afternoon sessions will focus on electric motorcycles and bicycles, covering topics such as lithium iron phosphate cylindrical batteries, fast charging, and battery safety design [5] Participation Scale - The event is expected to host over 400 companies and 600 guests, including major players in the electric two-wheeled vehicle and battery swap sectors [4][6] - Notable participating companies include Yadi, Aima, and Niu Technologies, among others [6] Registration Details - Various registration options are available, including SVIP for 3188 RMB, VIP for 2188 RMB, and a free option with promotional requirements [9] - Registration deadline is March 31, 2026, with no on-site registration allowed [9]

Group 1 - The core theme of the "2025 People's Finance Forum" is to explore opportunities and challenges in economic and social development, focusing on the spirit of the 20th Central Committee's Fourth Plenary Session and the "14th Five-Year Plan" [1] - Yadea Technology Group was recognized as the only brand in the electric vehicle sector to be selected as a "2025 People's Craftsmanship Brand," highlighting its continuous innovation and outstanding development [1][3] Group 2 - Yadea has invested over 5.927 billion yuan in R&D since its listing in 2016, holding more than 2,000 patents and establishing multiple national-level laboratories and research centers to support product innovation [5] - The company has developed a comprehensive product matrix that includes electric bicycles, electric motorcycles, electric scooters, and more, catering to diverse market demands [7] - Yadea has maintained its position as the global sales leader for eight consecutive years, with over 100 million users and more than 40,000 retail stores worldwide, reinforcing its leading position in the global electric two-wheeler market [9]

财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 在全球布局与市场表现上，雅迪已实现业务覆盖100个国家和地区，布局全球十大智能产研基地，终端门店超40000家，全球累计用户逾1亿，连续八年蝉联 全球电动两轮车销量第一。2025年推出的摩登系列凭借精准的女性市场定位和"新奢复古美学"设计，全网曝光突破12亿次，创下行业新品传播峰值，成为现 象级单品，进一步印证了其品牌影响力与市场号召力。 未来，雅迪将持续以尖端科技领跑行业，深化全球布局，升级服务体系，以更具竞争力的品牌实力推动绿色科技出行产业发展，为全球用户创造更舒适的出 行体验，助力中国品牌在全球舞台绽放更大光彩。 金融界"金智奖"已连续举办十四届，本次评选紧密契合"十五五"规划建议中"提升上市公司质量"的要求，将企业高质量发展内核拆解为社会责任、实业贡 献、投资回报、成长前景、创新效率、杰出品牌六大核心维度，以企业财务数据和公开信息为基础建立量化分析模型，覆盖A股、港股及中概股超8000家企 业，经过量化评审、网络投票、专家评审等多轮严谨筛选，最终评选出近200家获奖企业，旨在树立行业高质量发展标杆，推动资本要素向优质企业集聚。 雅迪控股此次 ...

Core Viewpoint - The new national standard for electric bicycles (GB 17761-2024) has been implemented, aiming to enhance safety and compliance in the industry, while also revealing existing issues in product design and user experience [1][2]. Group 1: New National Standard Implementation - The new standard is seen as a stricter upgrade from the 2018 version, with enhanced measures to prevent manufacturers from circumventing speed limits, specifically capping the maximum speed at 25 km/h [2]. - The industry has been aware of the impending strict enforcement of standards since 2018, leading to a shift in compliance expectations among manufacturers [2]. Group 2: Industry Response and Adaptation - The introduction of the new standard has prompted some manufacturers to confront their previous complacency regarding compliance, while others, like Ninebot, have proactively prepared by optimizing their product design and manufacturing processes to meet the new requirements [4][5]. - Ninebot's approach focuses on enhancing safety and user experience, ensuring that all products align with the new standards while addressing user demands for a more secure and efficient riding experience [5]. Group 3: Technological Innovations - Ninebot has integrated advanced safety features into its products, such as a smart driving system that enhances user safety and convenience across various riding scenarios, addressing common pain points like slope control and parking difficulties [6][7]. - The company emphasizes a user-centric design philosophy, ensuring that technological advancements are practical and enhance the overall riding experience rather than merely adding features [6][9]. Group 4: Market Transformation - The new standard is driving a significant shift in industry values, with "safe riding" becoming a new consensus among manufacturers, pushing them to innovate beyond basic compliance to enhance user experience [9]. - Ninebot aims to set a benchmark in the industry by integrating smart driving capabilities across its entire product line, redefining the product landscape in the era of the new national standard [9].

Core Viewpoint - The article emphasizes the strong performance of quality stocks since October, particularly those with low price-to-earnings ratios and attractive dividend yields, suggesting that these stocks will continue to attract attention as the year ends and the new year begins [3]. Group 1: Market Trends - Quality stocks have shown robust performance, with the low price-to-earnings index rising over 8% and the performance index for quality stocks increasing over 6% [3]. - The market is expected to focus on quality stocks, especially those with good dividend yields and trading at lower valuations [3]. Group 2: Investment Recommendations - Tianfeng Securities suggests three main investment themes for the upcoming spring market: 1. Technology AI sector led by DeepSeek breakthroughs and open-source initiatives 2. Economic recovery driven by both domestic and international factors, continuing the "stronger gets stronger" trend in the bull market, with opportunities in cyclical sectors 3. The ongoing rise of undervalued dividend stocks [4]. Group 3: Notable Stocks - According to statistics, 12 stocks have a dividend yield exceeding 3% and have retraced more than 30% from their yearly highs, excluding ST stocks [4]. - Notable companies include: - Transsion Holdings, valued at nearly 80 billion, is a leader in the African mobile phone market, benefiting from the transition from feature phones to smartphones [4]. - Huali Group, valued at nearly 60 billion, is a leading sports shoe manufacturer, expected to maintain rapid growth through expansion and new client acquisition [4]. - Aima Technology and Lianmei Holdings have shown significant net profit growth in the first three quarters, with Aima's revenue increasing nearly 21% and net profit up nearly 23% year-on-year [4]. Group 4: Institutional Interest - Certain stocks have gained favor among institutional investors, with Transsion Holdings, Huali Group, and Ganyuan Foods seeing significant holdings valued over 100 million as of the end of Q3 [5]. - Companies like Huali Group, Jinyu Medical, and Aima Technology are highlighted as favorites among institutional investors [5]. Group 5: Dividend Performance - Companies such as Ousheng Electric, Transsion Holdings, and Lianmei Holdings have shown substantial cumulative dividend rates exceeding 190% over the past three years [5]. - Ousheng Electric has maintained a dividend rate above 70% for four consecutive years, while Transsion Holdings and Lianmei Holdings have consistently exceeded 50% annually in the last three years [5].