Core Viewpoint - The report from Guotai Junan highlights the strong growth potential of the folding bicycle segment, positioning the company as a prominent player in the two-wheeled transportation market, with a target price of HKD 76.57 and an "Accumulate" rating [1] Group 1: Financial Projections - The company is projected to achieve revenues of 6.76 billion, 8.86 billion, and 11.11 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 0.79 billion, 1.05 billion, and 1.32 billion [1] - Year-on-year growth rates for net profit are forecasted at 50.7%, 32.9%, and 25.8% for the years 2025, 2026, and 2027 respectively [1] - Earnings per share (EPS) are expected to be 2.49, 3.31, and 4.16 for the years 2025, 2026, and 2027 respectively [1] Group 2: Competitive Advantages - The company has a diversified channel layout, with offline distribution accounting for 68.2% of revenue in 2024, showing a year-on-year increase of 45.2%, while online direct sales are growing even faster at 72.5% year-on-year, reaching 1.00 billion [2] - The product matrix is comprehensive, covering five categories: urban commuting, outdoor exploration, fashion, high-performance racing, and practical utility, with a price range that includes high-end (≥5000), mid-range (2500-5000), and budget (<2500) models [2] - The company leads in R&D capabilities, holding 135 domestic and international patents as of April 2025, and has been invited to participate in the formulation of the "National Bicycle Safety Standard" [2]

自1790年诞生以来，自行车不仅是一种代步工具，其衍生出的骑行文化更在全球风靡逾两百年。尤其在 欧洲，那里不仅是骑行爱好者的天堂，更是众多老牌自行车品牌的发源地 。 在一个已经存在了两百多年的行业里，重新打造一款爆款产品，需要经过几步？ 国产E-bike驶向全球 然而，有一家中国企业却在众多老牌企业中突围，让海外消费者爱上"中国造"。在2025上半年中国跨境 电商品牌影响力榜中，总部位于深圳的英格威（ENGWE）位列户外运动品类榜首。 英格威的故事始于10年前。公司于2014年成立，从国内电商领域切入，主攻电动折叠代驾车赛道，初期 采用ODM模式为其他品牌代工。但ODM模式无自有品牌，利润空间受限等问题逐渐显现，加之同类产 品市场日趋饱和，创始团队将目光投向了"出海"。 出海的第一步，是通过超高性价比产品打开海外市场，即"爆款策略"。 从2018年尝试出海，到2021年将核心资源投向外贸，依托国内供应链优势，英格威推出了定价999欧元 的畅销车型，凭借其超高性价比，正式开启全球化"征程"。 出海的第二步，是品牌。"从做ODM时我们就看到了不做自有品牌的后果，因此我们在2021年就果断组 团队做品牌，从目前反馈 ...

Summary of Dahon Industrial Co., Ltd. Conference Call Industry Overview - The global bicycle market is expanding, with a projected compound annual growth rate (CAGR) of 11.8% over the next five years. The folding bicycle segment is experiencing even more significant growth, with a past five-year CAGR of 20.8% and expected continued high growth [2][8]. - China has become a major market for folding bicycles, achieving a five-year CAGR of 31.6%, significantly surpassing the global average. However, there remains substantial growth potential, particularly in the mid-to-high-end product segment [2][9]. Company Positioning - Dahon Industrial Co., Ltd. ranks first in sales volume and revenue in the Chinese mainland folding bicycle market, holding market shares of 26% and 36%, respectively. However, there is room for improvement in global market share [2][10]. - The company offers five product series: Urban Commuting, Fashion & Personality, Outdoor Exploration, Super Speed, and Practical Essence, catering to various applications and price ranges. The Urban Commuting series accounts for the largest sales share, with cumulative sales exceeding 150,000 units [2][5]. Growth Drivers - Dahon's future growth drivers include: 1. Focus on the folding bicycle niche with core technologies such as flat-folding and fast-lane technologies, supported by R&D investments projected at 17 million yuan in 2024 [3][12]. 2. Expansion of the sales network, with over 800 domestic retail stores and rapid growth in online sales [3][13]. 3. Product offerings tailored to younger consumers to broaden the customer base [4][16]. 4. Significant potential in overseas markets, particularly in Europe and North America [4][14]. Sales Channels - Dahon primarily sells through distribution channels, accounting for nearly 70% of sales, with online sales contributing 22% and direct sales about 3%. Overseas revenue currently represents only 6.6% but is expected to increase significantly [6][14]. Market Dynamics - The global bicycle market is projected to reach 432.7 billion yuan by 2024, with a CAGR of 10.2% from 2019 to 2024. The folding bicycle market is expected to grow from approximately 23 billion yuan in 2024 to 40.7 billion yuan by 2029, with an average price of 6,243 yuan, which is over 2.5 times that of regular bicycles [8][9]. - In the Chinese mainland, folding bicycles account for 22% of global demand, with a projected CAGR of around 20% over the next five years. The average price in China is 2,200 yuan, indicating a significant gap compared to the global average [9]. Competitive Landscape - Dahon holds a strong market position, ranking first in sales volume in the Chinese mainland and second globally by revenue. The top five brands in China have a market concentration of 73.7%, while globally it is 12% [10]. Core Advantages - Dahon's core advantages lie in its comprehensive product system and technological innovation, with a focus on folding bicycles. The company has established a dedicated testing center for folding bicycles and has a robust R&D team [12]. Brand Marketing and Future Outlook - Dahon has implemented innovative marketing strategies, including the Shared 360 project, which enhances brand recognition and collaboration with industry partners [15]. - The company is optimistic about its growth potential, driven by the low penetration and high growth of the folding bicycle industry, as well as the expansion of cycling culture in urban settings [16].

Core Viewpoint - The company emphasizes the importance of research and innovation, particularly in the adult bicycle sector, which is popular in the European market [1] Group 1 - The company is focusing on the development of various bicycle products and new materials to enhance its offerings [1] - The company aims to enrich design styles as a key objective in its operations [1] - Collaboration with universities is being strengthened to enhance the integration of industry and academia [1] Group 2 - The company is developing models that meet consumer demands specifically for the European market [1]

Group 1 - The core viewpoint of the news is that Jiuqi Co., Ltd. has shown significant financial performance with a notable increase in revenue and net profit, while also experiencing fluctuations in stock trading activity [1][2][3] Group 2 - As of October 9, Jiuqi's stock price decreased by 0.90%, with a trading volume of 71.58 million yuan. The margin trading data indicates a net buying of 1.018 million yuan on that day [1] - The total margin trading balance for Jiuqi is 122 million yuan, which accounts for 2.96% of its circulating market value, indicating a high level compared to the past year [1] - The company reported a revenue of 1.499 billion yuan for the first half of 2025, representing a year-on-year growth of 39.22%, and a net profit of 87.1 million yuan, up 55.42% year-on-year [2] - Jiuqi has distributed a total of 400 million yuan in dividends since its A-share listing, with 198 million yuan distributed in the last three years [3] - As of June 30, 2025, Jiuqi's top ten circulating shareholders include a new institutional investor, the Fortune Reform Power Mixed Fund, holding 1.841 million shares [3]

Core Insights - The bicycle industry in Dezhou is accelerating towards high-quality development driven by the "dual carbon" strategy and the nationwide fitness trend, focusing on innovation and intelligent manufacturing [3] Group 1: Company Innovations - Taishan Ruibao is the first Chinese independent brand to participate in the Olympics, producing high-quality sports bicycles using aerospace-grade T1100 carbon fiber, achieving a frame weight of only 1150 grams and a total weight of 9.6 kg, making it one of the lightest in its class [5][6] - Kailete, originally a manufacturer of aerial work platforms, has pivoted to carbon fiber bicycles, investing 50 million yuan to establish a production line capable of producing 20,000 sets annually, utilizing advanced molding techniques to achieve a 10% weight reduction and a 15% increase in lateral stiffness [7][8] - Merida Bicycle (Shandong) Co., Ltd. operates a highly automated production line with a maximum daily output of 1,600 bicycles, focusing on three main categories: mountain bikes, road bikes, and urban leisure bikes, with projected sales of 2 billion yuan in 2024 [9][10] Group 2: Market Position and Strategy - Taishan Ruibao has established a sales structure of "deep cultivation in domestic markets + global expansion," increasing its market share in high-end sports bicycles and covering over 50 countries and regions internationally [6] - Kailete's new bicycle project aims to promote the concept of "national fitness," collaborating with local government to provide 1,000 bicycles for public use, enhancing community engagement [8] - Merida maintains a leading position in the domestic market by adhering to high-quality standards and continuously launching new products, supported by a strong technical team [10] Group 3: Industry Trends - The Dezhou bicycle manufacturing sector is benefiting from policy incentives and deep integration of industry, academia, and research, enhancing its global competitiveness and delivering "Dezhou wisdom" to cycling enthusiasts worldwide [11]

Group 1 - The Hebei Provincial Market Supervision Administration held the first station of the "Three Assistance Project" enterprise matchmaking meeting in Xingtai, focusing on industry cluster support [1][3] - The expert team consisted of over 30 experts and scholars from 13 provincial media organizations, aimed at providing professional advice to local enterprises [1][3] - The meeting included representatives from 28 enterprises across three major industry clusters: bicycles, pet food, and food products, addressing their development challenges [3] Group 2 - On September 26, the expert team conducted on-site assistance for specific companies, tailoring brand promotion plans based on media resources [5] - The initiative is part of the city's "Standard Service Improvement Year" activity, which aims to enhance the development of local industry clusters through brand, channel, and intellectual empowerment [7]

Core Viewpoint - The bicycle industry in Dezhou is accelerating high-quality development driven by the "dual carbon" strategy and the national fitness trend, focusing on innovation and intelligent manufacturing [1] Group 1: Company Innovations - Taishan Ruibao has developed the T24 track bike using aerospace-grade T1100 carbon fiber, achieving a frame weight of only 1150 grams and a total weight of 9.6 kg, making it one of the lightest in its class [2][4] - Kailite has transitioned from manufacturing aerial work platforms to carbon fiber bicycles, investing 50 million yuan in a project with an annual production capacity of 20,000 sets [5][7] - Merida Bicycle (Shandong) Co., Ltd. produces nearly 300,000 bicycles annually, with a peak daily output of 1,600 bicycles, showcasing advanced automation in its production processes [9][11] Group 2: Market Position and Strategy - Taishan Ruibao has established a sales structure focusing on both domestic and international markets, with a presence in over 50 countries, enhancing its competitive edge [4] - Kailite's products include over 10 categories of carbon fiber bicycles, with an expected annual sales revenue of over 140 million yuan [7] - Merida aims to maintain its leading market share in China, with projected sales reaching 2 billion yuan by 2024, supported by continuous product innovation [11][12] Group 3: Community Engagement and Promotion - Kailite collaborated with the local government to promote cycling by providing 1,000 bicycles for a subsidy program, making carbon fiber bicycles accessible to the general public [8] - Merida sponsors the "Merida Cup" national cycling competition, enhancing its brand visibility and product testing in competitive environments [12]

Core Viewpoint - The narrative reflects on the personal experiences and memories associated with bicycles, highlighting their significance in childhood and the transition to adulthood, as well as the changing dynamics of transportation over time [1][49]. Group 1: Childhood Memories - The first bicycle memory is tied to the author's father's "二八大杠" bike, which was used for school commutes [5]. - The choice of seating on the bike (front or back) symbolizes control and perspective, with the front seat offering a sense of empowerment despite its discomfort [10][12]. - The author's mother's bike, a blue 24-inch model, was more child-friendly and became a source of motivation for practicing piano [14][17]. Group 2: Growing Independence - The author began riding to school independently in the fourth grade, covering a distance of approximately 2 kilometers, which felt much longer in childhood [19][20]. - The experience of owning a bicycle transformed the perception of freedom and companionship, marking a significant milestone in childhood [21][22]. - The author recalls the joy of riding with friends and the camaraderie that came with it, emphasizing the social aspect of biking during school years [44][47]. Group 3: Transition to Adulthood - In high school, the author acquired a mountain bike, which represented a shift towards personal ownership and independence [49][50]. - The narrative discusses the rise of bicycle theft during college years, contrasting the author's experience of never having their bike stolen due to its size and market demand [58][63]. - After entering the workforce, the author gradually stopped riding bikes, eventually transitioning to car ownership [71][73]. Group 4: Rediscovery of Biking - The author later engaged with shared bicycles, highlighting a return to cycling for short distances, which rekindled fond memories of biking [80][81]. - A moment shared with the author's daughter while riding shared bikes evokes nostalgia, connecting past experiences with present family moments [84][86].

Investment Rating - The report assigns a positive investment rating to the company, highlighting its strong market position and growth potential in the folding bicycle segment [2]. Core Viewpoints - The company is the largest folding bicycle manufacturer in China, focusing on various folding bicycle products that cater to different consumer groups. The mid-range products priced between 2500-3000 RMB account for nearly 70% of sales in 2024, indicating a shift towards higher-value offerings [2][9]. - The folding bicycle market is experiencing rapid growth, with a compound annual growth rate (CAGR) of 20.8% over the past five years. The market size is projected to reach 231 billion RMB by 2024, with significant room for growth as the current penetration rate is only 5.3% [2][55]. - The company has a robust distribution network, with nearly 70% of sales coming from dealer channels. The company is also enhancing its brand image through the improvement of direct sales channels [2][103]. Company Overview - The company is recognized as the largest folding bicycle company in mainland China, leading in both retail volume and revenue as of 2024. The brand has been established since 1982 and has a strong reputation in the industry [9][12]. - The product lineup includes five main series: urban commuting, fashionable personality, outdoor exploration, superior racing, and practical utility, with a focus on continuous product iteration and innovation [2][89]. Industry Overview - The folding bicycle segment is identified as an ideal solution for urban commuting, particularly for the last mile of travel. The increasing urbanization and space constraints in cities are driving demand for folding bicycles [77][79]. - The global folding bicycle market is projected to grow significantly, with a CAGR of 12.0% expected from 2024 to 2029. The average price of folding bicycles is significantly higher than that of regular bicycles, indicating a premium market opportunity [55][68]. Financial Performance - The company has demonstrated strong financial growth, with revenues increasing by 18.1%, 50.2%, and 46.9% year-on-year from 2023 to the first four months of 2025. Net profits also saw substantial growth, with increases of 10.9%, 50.1%, and 69.1% during the same period [2][34]. - The gross margin is expected to remain stable at around 33% in 2024, with potential for improvement as the proportion of self-manufactured products increases [34][41]. Competitive Landscape - The company holds a leading position in the folding bicycle market, ranking first in both China and globally by sales volume. The market share in mainland China is 26.3%, while the global share is 6.2% [81][82].