The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Zhejiang Taotao Vehicles Co., Ltd. 浙江濤濤車業股份有限公司 (a joint stock company incorporated in the People's Republic of Chi ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準 確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 Zhejiang Taotao Vehicles Co., Ltd. 浙江濤濤車業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、其獨家保薦人、保薦人兼整體協調人、整體協調人、顧問 或包銷團成員表示同意： 本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》呈交香港公司註冊處處長登 記前，本公司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或 邀請，準投資者務請僅依據呈交香港公司註冊處註冊的本公司招股章程作出投資決定；有關文 本將於發售期內向公眾刊發。 (a) 本文件僅為向香港公眾 ...

Group 1 - The company announced the resignation of former Vice President and Secretary of the Board, Xie Lihong, and Vice President Huang Bangde, with Wang Yian appointed as the new Vice President and authorized to act as President and Secretary of the Board [1] - Yan Minxia has been appointed as the Chief Financial Officer, with her term aligned with the current Board of Directors [1] - As of the report, the company's market capitalization stands at 18.8 billion yuan [1] Group 2 - For the first half of 2025, the company's revenue composition is as follows: 55.19% from the transportation equipment manufacturing sector and 44.81% from the metal furniture manufacturing sector [1]

Group 1 - The core point of the article is that Zotye Automobile held its first board meeting of the ninth session on October 29, 2025, where it discussed the election of the chairman of the board [1] - For the first half of 2025, Zotye Automobile's revenue composition was 55.19% from the transportation equipment manufacturing industry and 44.81% from the metal furniture manufacturing industry [1] - As of the report date, Zotye Automobile's market capitalization was 18.8 billion yuan [1]

Company Performance - In the first three quarters of 2025, the company achieved revenue of 2.773 billion yuan (+24.89%) and a net profit attributable to shareholders of 607 million yuan (+101.27%) [1] - For Q3 2025, the company reported revenue of 1.059 billion yuan (+27.73%) and a net profit attributable to shareholders of 264 million yuan (+121.44%) [1] - The company expects strong demand for electric golf carts and anticipates positive sales performance during the Q4 holiday season in Europe and North America [1] Profitability and Financial Metrics - The gross margin for Q3 2025 was 46.05% (+9.06 percentage points), attributed to price increases of main products, a higher proportion of high-value products, and supply chain optimization [2] - The net profit margin for Q3 2025 was 24.95% (+10.56 percentage points), indicating effective cost control [2] - The financial expense ratio decreased due to reduced exchange losses, with sales, management, R&D, and financial expense ratios at 7.30%, 4.68%, 2.57%, and 1.07% respectively [2] Industry Outlook - The demand for electric golf carts is expected to rise due to commercial and recreational needs, with Europe and North America leading the growth in the electric bicycle market [2] - The company is expanding its product categories, including smart electric low-speed vehicles and electric bicycles, and has formed strategic partnerships with companies like Kepler and Yushu Technology [2] - Forecasted net profits for the company from 2025 to 2027 are 789 million yuan, 1.047 billion yuan, and 1.364 billion yuan, with corresponding EPS of 7.23 yuan, 9.60 yuan, and 12.51 yuan [2]

每经AI快讯，跃岭股份（SZ 002725，收盘价：16.26元）10月29日晚间发布公告称，公司第五届第二十 一次董事会会议于2025年10月29日在公司会议室召开。会议审议了《2025年第三季度报告》等文件。 每经头条（nbdtoutiao）——A股突破4000点！十年沉寂终迎爆发，科技主线重塑市场，"慢牛"新格局开 启！ （记者 张明双） 2025年1至6月份，跃岭股份的营业收入构成为：交通运输设备制造业占比99.75%，其他业务占比 0.25%。 截至发稿，跃岭股份市值为42亿元。 ...

Core Viewpoint - TaoTao Automotive has seen a stock price increase of 2.4% on October 28, reaching 252.20 CNY per share, with a total market capitalization of 27.502 billion CNY, reflecting a cumulative increase of 8.46% over three consecutive days [1] Company Overview - Zhejiang TaoTao Automotive Co., Ltd. was established on September 24, 2015, and went public on March 21, 2023. The company specializes in the research, production, and sales of electric vehicles and their accessories, focusing on outdoor leisure and short-distance transportation [1] - The revenue composition of the company includes 67.23% from smart electric low-speed vehicles, 28.59% from special vehicles, and 4.17% from other sources [1] Shareholder Insights - Among the top ten circulating shareholders, a fund under Bank of China, specifically the Bank of China Intelligent Manufacturing Stock A (001476), has entered the list, holding 390,900 shares, which is 1.35% of the circulating shares. The fund has gained approximately 2.3061 million CNY in floating profit today and 7.6883 million CNY over the three-day increase [2] - The Bank of China Intelligent Manufacturing Stock A was established on June 19, 2015, with a current scale of 1.029 billion CNY. It has achieved a year-to-date return of 49.51%, ranking 768 out of 4,218 in its category [2] Fund Performance - The fund manager for Bank of China Intelligent Manufacturing Stock A is Zhou Bin, who has been in the position for 3 years and 214 days, overseeing assets totaling 1.749 billion CNY. The best return during his tenure is 88.99%, while the worst is 0.21% [3] - Another fund, Bank of China Growth Preferred Stock A (009379), holds 14,300 shares of TaoTao Automotive, representing 1.93% of the fund's net value. It has gained approximately 84,400 CNY in floating profit today and 281,300 CNY over the three-day increase [4] - Bank of China Growth Preferred Stock A was established on March 23, 2021, with a current scale of 78.8254 million CNY. It has a year-to-date return of 47.03%, ranking 918 out of 4,218 in its category [4]

Core Insights - TaoTao Automotive has seen a stock price increase of 2.4% on October 28, reaching 252.20 CNY per share, with a total market capitalization of 27.502 billion CNY [1] - The company has experienced a cumulative increase of 8.46% over the past three days [1] Company Overview - Zhejiang TaoTao Automotive Co., Ltd. was established on September 24, 2015, and went public on March 21, 2023 [1] - The company specializes in the research, production, and sales of electric vehicles and their accessories, focusing on outdoor leisure and short-distance transportation [1] - Revenue composition includes: 67.23% from smart electric low-speed vehicles, 28.59% from special vehicles, and 4.17% from other sources [1] Fund Holdings - HuaBao Fund has a significant holding in TaoTao Automotive, with its HuaBao Specialized and Innovative Mixed Fund A (016380) holding 6,100 shares, representing 3.13% of the fund's net value [2] - The fund has realized a floating profit of approximately 36,000 CNY today and 120,000 CNY during the three-day price increase [2] - The HuaBao Specialized and Innovative Mixed Fund A was established on September 27, 2022, with a current size of 10.5798 million CNY and has achieved a year-to-date return of 62.89% [2]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - In Q3 2025, the company's net profit attributable to shareholders increased by 45.86% year-on-year, with strong growth trends continuing in electric two-wheelers and electric scooters [2] - For the first three quarters of 2025, the company achieved revenue of 18.39 billion yuan, a year-on-year increase of 68.63%, and a net profit of 1.787 billion yuan, up 84.31% year-on-year [2] - The company is expected to continue its revenue growth trajectory due to expanding channels and strong demand for new products [2] Financial Performance - The company's total revenue for 2023 is projected at 10.222 billion yuan, with a year-on-year growth of 0.97%, and is expected to reach 33.612 billion yuan by 2027, with a growth rate of 23.85% [1] - The net profit attributable to shareholders is forecasted to be 597.99 million yuan in 2023, increasing to 3.285 billion yuan by 2027, reflecting a growth rate of 26.41% [1] - The latest diluted EPS is projected to be 8.34 yuan in 2023, rising to 45.79 yuan by 2027 [1] Profitability and Cost Control - The company's gross profit margin for the first three quarters of 2025 was 29.89%, an increase of 0.21 percentage points year-on-year [3] - The selling, general, and administrative expense ratio decreased by 2.43 percentage points year-on-year to 16.59% for the first three quarters of 2025, indicating strong cost control [3] Business Growth Drivers - The electric two-wheeler market is expected to benefit from the old-for-new policy starting in 2024, which will stimulate replacement demand [4] - The company is positioned in the mid-to-high-end market with leading smart technology, which is anticipated to enhance brand competitiveness and drive revenue growth [4] - New business segments, such as the Navimow smart lawn mower, are expected to contribute significantly to revenue growth, with a target of reaching 100,000 households in Europe by 2024 [4]

Company and Industry Summary Company Overview - **Company**: Ninebot Company - **Date of Report**: October 24, 2025 Key Financial Metrics - **Q3 Revenue**: 6.648 billion CNY, up 56.82% YoY [2][4] - **Net Profit**: 546 million CNY, up 45.86% YoY [2][4] - **Electric Two-Wheelers Sold**: 1.4867 million units, revenue of 4.454 billion CNY, up 71.82% YoY, with an ASP of 2,996 CNY [2][5] - **Retail Scooter Sales**: 418,300 units, revenue of 957 million CNY, up 38.14% YoY [2][5] - **Cash Flow from Operations**: 4.840 billion CNY, up 44.51% YoY [4] Business Performance and Strategy - **Market Share Goal**: Aim to achieve 20% market share in electric two-wheelers by 2026, with plans to open approximately 2,000 new stores [2][6] - **Sales Target**: Original target of 5 million units by 2027 may be achieved a year early [2][6] - **Seasonality Impact**: Q3 is a low season, significantly affecting profits, especially in the lawn mower and To B electric scooter segments [2][7] - **New Product Matrix**: Recently launched a new lawn mower product matrix with enhanced features and higher price points, indicating optimism in market expansion [2][8] Market Dynamics - **Competition**: Anticipated increase in competition in 2026, leading to higher expenditure on marketing and product development [3][8] - **Sales Structure Change**: Shift towards higher ASP products, particularly electric motorcycles, contributing to revenue growth [4][22] - **International Expansion**: Plans to establish a presence in Southeast Asia to explore market opportunities and partnerships [2][6][11] Product and R&D Insights - **R&D Investment**: Increased R&D expenses due to a 20-30% rise in personnel focused on electric two-wheelers and foundational R&D [4][15] - **Product Line Expansion**: A complete product line for lawn mowers will be launched in 2026, covering high and mid-price segments [3][8] - **eBike Development**: eBike sales are expected to remain unprofitable in the near term but are projected to grow as the market expands [18] Profitability and Margin Analysis - **EBIT Margin Stability**: Electric two-wheelers and retail scooters maintained stable EBIT margins despite seasonal fluctuations [2][7][16] - **Lawn Mower Growth**: Lawn mower sales have more than doubled, with plans for SKU expansion and channel diversification [23][25] Inventory and Supply Chain Management - **Healthy Inventory Levels**: The company monitors inventory closely and is ramping up production to meet demand without engaging in price competition [25] - **Production Strategy**: Most scooters are produced in Vietnam to avoid tariffs, with plans to shift eBike production to Southeast Asia [28] Future Outlook - **Q4 Strategy**: Focus on depleting existing inventory in preparation for new product launches in 2026 [4][9][10] - **Sales Growth Projections**: Electric scooter revenue growth is expected to reach 15% in 2026, supported by a strong market presence [12][24] This summary encapsulates the key points from the conference call, highlighting the company's financial performance, strategic initiatives, market dynamics, and future outlook.