Core Viewpoint - The electric two-wheeler industry is experiencing a recovery in revenue and profit in the first half of 2025, driven by the "old-for-new" policy promoting sales growth [2][10]. Group 1: Financial Performance - In the first half of 2025, the company's operating revenue reached 19.19 billion yuan, a year-on-year increase of 33.0%, while net profit was 1.65 billion yuan, up 59.5% year-on-year [3][11]. - The gross margin for the first half of 2025 was 19.6%, an increase of 1.6 percentage points year-on-year, and the net margin was 8.6%, up 1.4 percentage points year-on-year, marking the highest gross margin since 2017 and a record high for net margin [5][11]. - The comprehensive expense ratio slightly decreased to 10.4%, down 0.3 percentage points year-on-year, with sales, management, R&D, and financial expense ratios showing minor fluctuations [4][16]. Group 2: Product and Market Strategy - The company is focusing on new product development and expanding its store network, with the launch of new models aimed at different consumer segments, including the "Morden" series targeting female users [6][19]. - The company held a global retail summit in December 2024 to outline its development plans for 2025, expecting a positive transformation in sales and profits [6][7]. - The company is actively expanding into the Southeast Asian market, with production bases established in Vietnam and Indonesia, aiming to enhance production capacity and sales networks [8][28]. Group 3: Sales and Distribution - The company has significantly increased its distribution channels, with 40,000 sales points and 4,000 distributors by 2023, which is expected to further improve under the "old-for-new" policy in 2025 [27]. - The company plans to continue enhancing its channel coverage to better reach end consumers, which is anticipated to support ongoing sales and profit recovery [27][18].

Core Insights - The company reported a revenue of 19.186 billion yuan for the first half of 2025, representing a year-on-year growth of 33.1% [1] - The net profit attributable to shareholders reached 1.649 billion yuan, marking a year-on-year increase of 59.5% [1] Financial Performance - Gross margin improved to 19.6%, an increase of 1.6 percentage points year-on-year, attributed to the expansion and optimization of the product mix [1] - Selling expense ratio was 4.3%, up by 0.1 percentage points year-on-year; management expense ratio was 2.8%, down by 0.1 percentage points; R&D expense ratio was 3.3%, down by 0.2 percentage points [1] Sales and Market Position - The company sold 8.7935 million electric scooters and bicycles in the first half of 2025, a significant year-on-year increase of 37.8% [1] - The company continues to innovate and expand its product offerings, including the launch of the "Modern Series" for female users and the "Crown T35" model for younger consumers [1] Investment Outlook - The company is projected to achieve net profits attributable to shareholders of 3.057 billion, 3.535 billion, and 3.844 billion yuan for 2025-2027, with corresponding PE ratios of 12.76, 11.03, and 10.15 times [1] - The investment rating is maintained at "Buy" [1]

Investment Rating - The report maintains an "Outperform the Market" rating for Yadea Holdings [5][29][30] Core Viewpoints - Yadea Holdings has shown a rapid recovery in revenue and profit in the first half of 2025, with revenue reaching 19.19 billion yuan, a year-on-year increase of 33.0%, and net profit of 1.65 billion yuan, up 59.5% [1][7] - The company is actively launching new products and expanding its retail network, which is expected to drive sales and profit recovery in 2025 [2][29] - The company is focusing on the Southeast Asian market for growth, with plans to enhance production capacity and sales networks in the region [2][27] Summary by Sections Financial Performance - In the first half of 2025, Yadea's gross margin was 19.6%, an increase of 1.6 percentage points year-on-year, and net margin was 8.6%, up 1.4 percentage points, marking the highest levels since 2017 [1][13] - The company’s total revenue for 2025 is projected to be 37.554 billion yuan, with net profit expected to reach 2.939 billion yuan, reflecting a significant recovery from 2024 [4][29] Product Development and Market Strategy - Yadea launched several new models in 2025, including the "Morden" series aimed at female consumers and the upgraded "Crown S" series, which features advanced battery systems and smart functionalities [2][18][22] - The company has expanded its distribution network to 40,000 sales points and 4,000 distributors, enhancing its market reach [2][25] Growth Prospects - The company is strategically positioning itself in the Southeast Asian market, with production facilities in Vietnam and Indonesia, aiming for a total annual production capacity of 3 million units by 2025 [2][27][28] - The report anticipates that Yadea's international expansion and product innovation will contribute to sustained growth in revenue and profitability [29][30]

晨会纪要（2025/09/03） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.09.03） 宏观及策略研究 全 A 净利边际回落，新动能领域相对占优——A 股市场 2025 年二季报业绩综 述 A 股流动性的增量与平衡——A 股市场专题策略报告 固定收益研究 高等级长债凸显配置价值，但需把握好节奏——信用债 9 月投资策略展望 基金研究 证 双创板块成交火热，大盘成长风格表现突出——公募基金 9 月月报 沪市 ETF 规模超 3.7 万亿元，主动权益基金仓位上升——公募基金周报 券 行业研究 津医卫药名远扬，守正创新起征程——天津市中医药专题报告 研 究 电动自行车新国标实施，看好包装纸价格继续上行——轻工制造&纺织服饰 行业 9 月投资策略展望 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 9 宋亦威（证券分析师，SAC NO：S1150514080001） 严佩佩（证券分析师，SAC NO：S1150520110001） 靳沛芃（研究助理， ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 19.186 billion yuan in the first half of 2025, representing a year-on-year growth of 33.1%, and a net profit attributable to shareholders of 1.649 billion yuan, up 59.5% year-on-year [7] - The gross margin improved to 19.6%, an increase of 1.6 percentage points year-on-year, attributed to the expansion and optimization of the product mix [7] - The company achieved significant sales growth, with electric scooter and bicycle sales reaching 8.7935 million units, a 37.8% increase year-on-year, supported by continuous product development and an optimized distribution network [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 3.057 billion, 3.535 billion, and 3.844 billion yuan respectively, with corresponding PE ratios of 12.76, 11.03, and 10.15 [7] Financial Performance Summary - Revenue projections for the company are as follows: 34.763 billion yuan in 2023, 28.236 billion yuan in 2024, 36.865 billion yuan in 2025, 43.694 billion yuan in 2026, and 48.321 billion yuan in 2027, with a revenue growth rate of 11.92% in 2023, -18.77% in 2024, and 30.56% in 2025 [6] - The net profit attributable to shareholders is projected to be 2.640 billion yuan in 2023, 1.272 billion yuan in 2024, 3.057 billion yuan in 2025, 3.535 billion yuan in 2026, and 3.844 billion yuan in 2027, with a net profit growth rate of 22.17% in 2023, -51.81% in 2024, and 140.25% in 2025 [6] - The company’s earnings per share (EPS) are expected to be 0.89 yuan in 2023, 0.42 yuan in 2024, 0.98 yuan in 2025, 1.14 yuan in 2026, and 1.23 yuan in 2027 [6]

Core Viewpoint - The electric two-wheeler industry is approaching a high prosperity turning point due to policy support and market optimization, with Aima Technology expected to benefit from improved profit margins and enhanced product and channel strategies [2][3]. Financial Performance - In H1 2025, Aima Technology achieved revenue of 13.03 billion, a year-on-year increase of 23.0%, and a net profit of 1.21 billion, up 27.6% year-on-year. Q2 2025 revenue was 6.80 billion, a 20.6% year-on-year increase and a 9.1% quarter-on-quarter increase, with net profit at 610 million, up 30.1% year-on-year [9][8]. - The company's gross margin in H1 2025 was 19.2%, an increase of 1.4 percentage points year-on-year, while the net margin was 9.5%, up 0.4 percentage points year-on-year. In Q2 2025, the gross margin was 18.9%, a year-on-year increase of 1.3 percentage points, but a slight decline of 0.7 percentage points quarter-on-quarter [15][18]. Product and Channel Development - Aima launched various product lines in February 2025, including female, technology, commercial vehicles, and three-wheeled products, aiming to meet diverse user needs and enhance market share [3][20]. - The company plans to expand its terminal store count from 30,000 in 2023, which is a 50% increase from 20,000 in 2021, to further boost sales and market penetration [25][28]. Electric Three-Wheeler Business - Aima's electric three-wheeler sales reached 550,000 units in 2024, a year-on-year increase of 28.9%. The company is introducing high-end models to strengthen its product lineup and capture growth opportunities in this segment [5][28].

Investment Rating - The report maintains a "Positive" investment rating for the electric two-wheeler industry [10]. Core Insights - The electric two-wheeler market is experiencing a high-end upgrade, with companies like Niu, Ninebot, and Jike leveraging technology and user needs to capture market share. Niu focuses on urban user demands for convenience, security, and safety, while Ninebot capitalizes on the 3C certification transition to enhance its market position. Jike emphasizes product reliability through extreme testing and community engagement [4][8][41]. Summary by Sections Review of the High-End Electric Two-Wheeler Journey - Niu Electric has effectively identified and addressed three key pain points: charging convenience, theft prevention, and safety. By utilizing Panasonic lithium batteries, Niu has reduced weight and improved performance, leading to significant revenue growth from 769 million yuan in 2017 to 3.288 billion yuan in 2024, with a CAGR of 23.07% [19][33]. Niu: Redefining High-End Electric Two-Wheelers - Niu's strategy includes using high-quality components like Bosch motors and advanced battery management systems to enhance performance and safety. The company has also implemented a user-friendly app for remote vehicle control, contributing to its brand recognition and market penetration [20][27]. Current Competitive Landscape of High-End Two-Wheelers - The competitive landscape features new brands like Jike, Ninebot, and Niu, which focus on community engagement and product reliability. Traditional brands like Yadi and Aima are improving core technologies but lag in smart features compared to new entrants [7][70]. Ninebot: Differentiated Positioning in the Mid-High-End Market - Ninebot has rapidly grown its revenue, reaching 14.196 billion yuan in 2024, with a 38.87% year-on-year increase. The company has successfully transitioned to a major player in the electric two-wheeler market, with a focus on smart technology and user engagement [44][41]. Investment Recommendations: New Force Brands Stand Out - The report recommends focusing on new force leaders like Ninebot and Chuncheng Power, which have demonstrated significant advantages in technology and market positioning. These companies are well-positioned to capture the growing demand for high-end electric two-wheelers [8][11].

Core Viewpoint - The company achieved significant revenue growth in H1 2025, driven by domestic quality improvement and overseas expansion, maintaining a "buy" rating [1] Group 1: Financial Performance - In H1 2025, the company reported revenue of 19.186 billion yuan, an increase of 33.11%, and a net profit of 1.649 billion yuan, up 59.5% [1] - The company adjusted its profit forecast for 2025-2027, expecting net profits of 3.009 billion, 3.501 billion, and 4.093 billion yuan respectively, with corresponding EPS of 1.0, 1.1, and 1.3 yuan [1] - The total sales volume in H1 2025 increased significantly, with a notable rise in single-vehicle profit [1] Group 2: Product Breakdown - Electric two-wheelers generated revenue of 13.106 billion yuan (excluding batteries), a year-on-year increase of 33.93%, accounting for 68.3% of total revenue [1] - The sales volume for electric bicycles reached 6.6655 million units, up 48.69%, while electric scooters saw revenue of 3.808 billion yuan, with a sales volume of 2.128 million units [1] - Other product lines, including batteries and chargers, generated revenue of 5.713 billion yuan, an increase of 40.52% [1] Group 3: Profitability - The company's gross margin improved significantly, with a gross margin of 19.61%, up 1.6 percentage points year-on-year [2] - The sales net profit margin reached 8.6%, reflecting a 1.4 percentage point increase due to revenue scale expansion and cost control [2] Group 4: Industry Outlook - The introduction of new national standards is expected to accelerate industry consolidation, with double-digit growth in overall shipment volumes anticipated [2] - The company plans to leverage its advantages in product development and compliance to achieve excess growth in the recovering market [2] - The company is also focusing on expanding its presence in overseas markets such as Indonesia and Thailand, with increased investment in battery technology and production capacity [2]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by strategic initiatives and market demand recovery in the electric two-wheeler industry [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 19.186 billion, a year-on-year increase of 33.1% [1] - The net profit attributable to shareholders reached 1.649 billion, reflecting a year-on-year growth of 59.5% [1] - The gross margin improved to 19.6%, up by 1.6 percentage points compared to the previous year [1] Group 2: Strategic Initiatives - The management implemented various strategies to enhance core business and market position, including prioritizing new product development and optimizing distribution networks [1] - The upcoming new national standards and the "old-for-new" policy are expected to accelerate demand for electric two-wheelers, benefiting the company's operations [1] Group 3: Product and Marketing Innovation - The company is focusing on optimizing its product structure and enhancing brand appeal through innovative designs and technology [2] - New product lines, such as the retro-modern series for female consumers and the performance-oriented Guan Neng series, have gained market recognition [2] - Marketing strategies have been adjusted to target younger consumers, including collaborations with popular IPs and leveraging digital platforms for brand engagement [2] Group 4: Profit Forecast and Valuation - The profit forecasts for 2025-2026 have been adjusted downward due to the marginal impact of the "old-for-new" policy, with expected net profits of 3 billion, 3.4 billion, and 3.7 billion for 2025, 2026, and 2027 respectively [3] - The current stock price corresponds to a PE ratio of 12, 11, and 10 for 2025-2027 [3] - Despite the adjustments, the company is expected to maintain its market share and industry leadership, leading to a "buy" rating [3]

Core Viewpoint - The company achieved significant growth in H1 2025, with revenue reaching 3.096 billion yuan (up 22.17% year-on-year) and net profit of 110 million yuan (up 66.87%), driven by product upgrades, innovative retail models, and expansion of store numbers [1] Group 1: Financial Performance - In H1 2025, the company reported a total revenue of 3.096 billion yuan, with a net profit of 110 million yuan, reflecting strong growth in both metrics [1] - The company maintains profit forecasts for 2025-2027, expecting net profits of 184 million yuan, 267 million yuan, and 347 million yuan, with corresponding EPS of 0.4, 0.6, and 0.8 yuan [1] - The gross margin is projected to rise to 13.56% in H1 2025, an increase of 1.60 percentage points, benefiting from a higher proportion of high-end products and cost reductions from scaled production [2] Group 2: Revenue Breakdown - Revenue from electric two-wheelers totaled 2.351 billion yuan (up 24.34%), accounting for 92.78% of total revenue, with electric bicycles contributing 1.997 billion yuan (up 29.19%) [1] - Battery revenue reached 597 million yuan (up 16.50%), while electric two-wheeler components generated 130 million yuan (up 18.73%) [1] Group 3: Industry Outlook - The industry is expected to see double-digit growth in overall shipments in 2025, driven by government initiatives such as trade-in programs [3] - The company is well-positioned to benefit from industry consolidation, leveraging its technological reserves and differentiated positioning [3] - The company is focusing on developing its high-end brand "LYVA" and expanding into the Asia-Pacific and European markets, promoting a smart and low-carbon brand image [3]