Core Viewpoint - The cycling industry, particularly the folding bicycle segment, is experiencing significant growth driven by increasing consumer interest and market trends, as evidenced by the recent IPO of Dahon Technology (Shenzhen) Co., Ltd. [1][2] Group 1: Company Overview - Dahon brand was founded in 1982 by David Hon in California, and the company has expanded its operations in China since 2001 [2] - Dahon Technology reported a revenue of 254 million yuan in 2022, with projections to double to 451 million yuan by 2024, driven by the expanding mid-to-high-end folding bicycle market in China [2] - The company has transitioned from a focus on low-end models to a significant increase in mid-range and high-end bicycle sales, with high-end models contributing approximately 10% of revenue [6] Group 2: Market Trends - The global folding bicycle market is projected to recover to 3.7 million units in 2024, surpassing the peak of 3.1 million units in 2021 [2] - In China, folding bicycles account for 22% of the global market, with urban commuters being the primary target demographic for Dahon [3] - The average selling price of Dahon's folding bicycles has increased from 1,593 yuan in 2022 to 1,927 yuan in 2024, reflecting a shift in consumer preference towards higher-end products [6] Group 3: Consumer Behavior - Consumers are increasingly willing to spend more on cycling, with mid-range bicycles (2,500 to 5,000 yuan) rising from 50.6% of revenue in 2022 to 69.5% in 2024 [6] - The company is targeting not only urban commuters but also recreational cyclists, as evidenced by the introduction of new models designed for speed and versatility [5] Group 4: Sales Channels - Dahon has significantly increased its online sales, with direct online sales revenue growing from 14.1 million yuan in 2022 to approximately 100 million yuan in 2024, representing a compound annual growth rate of over 166% [8] - Online sales accounted for 35.4% of total revenue in 2024, up from 2% in 2022, indicating a shift in consumer purchasing behavior [8]

Core Insights - The total number of bicycles and electric bicycles in China is approximately 580 million, with over 200 million bicycles and about 380 million electric bicycles in circulation [1] - Daily carbon emissions reduced by "two-wheeled travel" in the country is around 10,000 tons, equivalent to saving approximately 6.6 million liters of gasoline based on an 8-liter fuel consumption per 100 kilometers [1] - About 30 out of every 100 trips made by urban residents are completed using "two-wheeled travel" [1] Group 1 - Bicycles are becoming a preferred mode of transportation for short urban commutes due to their flexibility and efficiency, contributing significantly to energy consumption reduction and air quality improvement [1] - The number of cycling enthusiasts in the country exceeds 18 million, with over 100 million people cycling regularly [1] - Electric-assisted bicycles are leading a new wave in the global cycling market, recognized for their advantages of being more labor-saving, having longer range, and being smarter [1] Group 2 - The development of cycling has evolved from merely a mode of transportation to a healthier, greener, and lower-carbon lifestyle, supported by improved infrastructure and heightened environmental awareness [1]

Core Insights - The total number of bicycles in China has exceeded 200 million, while the number of electric bicycles is approximately 380 million [2] - Daily carbon emissions reduced due to "two-wheel travel" amount to about 10,000 tons, equivalent to saving approximately 6.6 million liters of gasoline based on an 8-liter fuel consumption per 100 kilometers [2] - Approximately 30 out of every 100 trips made by urban residents are completed using "two-wheel travel" [2] Industry Trends - Bicycles are becoming a preferred mode of transportation for short-distance commuting in urban areas due to their flexibility and efficiency [2] - The rise of cycling as a social trend is evident, with over 18 million cycling enthusiasts and more than 100 million people cycling regularly in China [2] - Electric-assisted bicycles are leading a new wave in the global cycling market, recognized for their advantages in ease of use, longer range, and smarter features [2] Environmental Impact - Cycling contributes significantly to reducing energy consumption and improving air quality, aligning with the growing emphasis on low-carbon lifestyles [2] - The development of cycling has evolved from merely a transportation method to a healthier, greener, and more sustainable way of life [2]

Group 1 - The core point of the article highlights that on September 16, major shareholder of Daheng Kegong (02543) transferred shares from Goldman Sachs (Asia) Securities to Yongfeng Jin Securities (Asia), with a transfer value of 29.87 million HKD, accounting for 6.02% of the total [1] - Daheng Kegong officially listed on the Hong Kong Stock Exchange on September 9 and is recognized as the largest folding bicycle company in mainland China, leading in both retail volume and retail value for folding bicycles in 2024 [1] - The company’s shareholders executed two additional transfer operations on September 11 and September 12, with transfer values of 52.35 million HKD and 183 million HKD respectively [1]

香港联交所最新资料显示，9月16日，大行科工(02543)股东将股票由高盛(亚洲)证券转入永丰金证券(亚 洲)，转仓市值2987.03万港元，占比6.02%。 大行科工于9月9日正式于港交所挂牌交易，是中国内地最大的折叠自行车公司，按2024年折叠自行车零 售量及零售额计均位居首位。公司股东在9月11日、9月12日，进行了两次转仓操作，转仓市值分别为 5234.76万港元、1.83亿港元。 ...

公开资料显示，大行科工是中国内地最大的折叠自行车公司，按2024年折叠自行车零售量及零售额计均 位居首位。根据灼识咨询的资料，按2024年零售量计，该公司于中国内地折叠自行车行业排名第一，市 场份额达26.3%，按2024年零售额计，公司亦位居中国内地折叠自行车行业首位，市场份额为36.5%。 截至2025年4月30日，该公司提供超过70款自行车车型。 大行科工(02543)上市后一度破发，今日盘中高见63港元，较招股价49.5港元涨超27%。截至发稿，涨 13.36%，报62.35港元，成交额1.43亿港元。 根据灼识咨询的资料，该公司是中国折叠自行车行业拥有最多专利的品牌，截至2025年4月30日在中国 内地拥有113项有效专利。截至同日，公司也在美国、欧洲及日本拥有22项有效专利。国元国际此前点 评称，公司是自行车行业细分领域龙头，处于增长阶段，本次IPO发行总市值为15.67亿港元，招股价对 应静态PE约27.4倍，高于行业平均估值的22倍。 ...

Summary of Key Points Core Viewpoint - Jiuqi Co., Ltd. (久祺股份) has shown a positive trend in financing activities, with a net financing purchase of 1.02 million yuan on September 11, 2025, and a cumulative net purchase of 6.48 million yuan over the last three trading days [1]. Financing Activities - On September 11, 2025, Jiuqi Co., Ltd. had a financing buy of 11.73 million yuan and a financing repayment of 10.71 million yuan, resulting in a net financing purchase of 1.02 million yuan [1]. - The financing balance reached 117 million yuan, with a 0.88% increase from the previous day [3]. - Over the last 20 trading days, there were 11 days with net financing purchases, indicating sustained investor interest [1]. Trading Data - The financing balance on September 11, 2025, was 117 million yuan, which accounted for 5.24% of the circulating market value [2]. - The financing balance has shown a consistent upward trend, with previous days recording net purchases of 1.48 million yuan on September 10 and 3.99 million yuan on September 9 [2]. - The overall margin trading balance was 117 million yuan, reflecting a 0.88% increase compared to the previous day [3]. Margin Trading Knowledge - Individual investors must meet two conditions to participate in margin trading: at least six months of trading experience and an average account asset of 500,000 yuan over the last 20 trading days [4]. - The number of margin trading stocks on the Shanghai Stock Exchange will increase from 800 to 1,000, while the Shenzhen Stock Exchange will expand from 800 to 1,200 for stocks outside the registration system [4].

Group 1 - The cycling craze in Guangzong County is significantly increasing the number of participants, with a notable rise in young adults aged 25 to 35 [1] - The local cycling club "Breaking Wind" has over 200 members and regularly organizes events that attract 40 to 50 participants each time, indicating a growing community [1] - Guangzong County has hosted over 10 cycling events this year, drawing thousands of cycling enthusiasts from across the country, showcasing the increasing scale and participation [1] Group 2 - The cycling trend is enhancing the local economy, with visitors traveling to Guangzong County for its agricultural products, such as sweet grapes [2] - Guangzong County has developed multiple cycling routes that connect natural landscapes and local attractions, creating a rich experience for tourists and cycling enthusiasts [2] - The local bicycle industry is experiencing growth, with companies like Wanyi Bicycle Guangzong Co., Ltd. ramping up production to meet high demand, having a backlog of orders for several months [2] - Guangzong County has established a complete industrial chain with 310 complete vehicle manufacturers and over 2,200 supporting enterprises, facilitating rapid local supply of bicycle components [2]

Group 1 - The cycling trend is significantly increasing the number of participants, with a notable rise in young adults aged 25 to 35, transforming cycling from a professional sport to a popular lifestyle choice [1][2] - The establishment of cycling clubs and events in Guangzong County has led to increased community engagement, with over 200 members in the "Breaking Wind" cycling club and an average of 40-50 participants in each activity [1] - Guangzong County has hosted over 10 cycling events this year, attracting thousands of cycling enthusiasts from across the country, indicating a growing interest in cycling as a recreational activity [1][2] Group 2 - The cycling boom is enhancing the local economy by promoting tourism, as visitors are drawn to Guangzong County for its agricultural products, such as sweet grapes, and cycling routes that connect natural landscapes [2] - Guangzong County has developed multiple cycling routes, including the Zhanghe Circuit and the Welcome Lake Loop, creating a rich experience for tourists and cycling enthusiasts [2] - The local bicycle industry is experiencing growth, with companies like Wanyi Bicycle Guangzong Co., Ltd. ramping up production to meet the rising demand, having a complete industrial chain of 310 complete vehicle enterprises and over 2,200 supporting enterprises [2]

Company Overview - Dahan Technology (Shenzhen) Co., Ltd. officially listed on the Hong Kong Stock Exchange under the stock code 02543.HK [1] - Founded by Dr. Han Dewei in 1982, the company has established a product matrix of over 70 models, including folding bikes and electric assist bikes, since settling in Shenzhen in the 1990s [3] Market Position - In 2024, Dahan Technology holds a 26.3% retail volume market share and a 36.5% retail value market share in mainland China, making it the industry leader in the folding bicycle sector [3] IPO Details - The company raised HKD 392 million through its IPO, which will be used for capacity enhancement, equipment upgrades, and innovative product research and development [3] Policy Impact - The successful listing of Dahan Technology reflects the ongoing optimization of Shenzhen's policies towards Taiwanese enterprises, facilitating their development and access to capital markets over the past decade [3]