赵永升表示，此次马克龙访华有三大议题，经贸合作仍是核心。 时隔两年，法国总统马克龙于今日（3日）展开对中国为期三天的国事访问。这是马克龙第四次对中国进行国事访问。 根据法方公布的行程，马克龙将先访问北京，之后前往成都。法国总统办公室表示，马克龙将倡导在经济和贸易领域开展合作，以实现"可持续、稳健增 长，惠及所有人"的平衡。 对外经济贸易大学法国经济研究中心主任、巴黎索邦大学博士生导师赵永升对第一财经记者表示，此次马克龙访华有三大议题，首先经贸合作仍是核心， 除了传统的航空领域合作外，还会继续推进农产品对华贸易；其次，中法人文交流，其中可能涉及"熊猫外交"；第三，法国将于2026年担任七国集团 （G7）主席国，此次中法也会谈到国际合作以及全球治理等议题。 赵永升对第一财经记者表示，此次马克龙将率领庞大企业家代表团随行。首先，预计中法之间在传统的航天航空领域或有进一步合作。他说，2023年，马 克龙上一次访华期间，中法达成160架空客飞机采购协议，合同价值200亿美元。 同时，"作为欧洲农业大国的法国，法国也会希望为其农副产品进一步寻找在中国市场上的合作。"赵永升说，此前法方还推出了"从法国农场到中国餐 桌"的倡 ...

Core Viewpoint - Zhejiang Taotao Vehicle Co., Ltd. has submitted an application for H-share listing on the Hong Kong Stock Exchange, aiming to strengthen its position in the global electric mobility sector after its A-share debut in March 2023 [2] Group 1: Business Overview - Taotao Vehicle focuses on two main segments: smart electric low-speed vehicles and specialty vehicles, with the "Old Head Happy" electric low-speed vehicle being the primary product, generating nearly 3 billion yuan in annual revenue [3][12] - The company has adopted an "outbound first" strategy since its establishment in 2015, avoiding fierce competition in the domestic new energy vehicle market and expanding its presence in over 70 countries, with 99% of its revenue coming from overseas [3] - In 2024, Taotao Vehicle's revenue is projected to exceed 2.977 billion yuan, with 2.29 billion yuan coming from the U.S. market alone, accounting for 79.6% of total revenue in the first seven months of 2025 [3][14] Group 2: Financial Performance - From 2022 to 2024, Taotao Vehicle's revenue grew from 1.766 billion yuan to 2.977 billion yuan, with a compound annual growth rate (CAGR) of 29.8%, while net profit increased from 206 million yuan to 431 million yuan, with a CAGR of 44.7% [14][15] - The company reported a net profit margin of 23.72% in the first seven months of 2025, significantly higher than the industry average [15] Group 3: Market Position and Challenges - Taotao Vehicle claims to be the second-largest player in the global electric low-speed vehicle market with an 8.4% market share, but there are concerns regarding the accuracy of this claim due to discrepancies in competitive data [15][17] - The company's R&D expenditure is lower than industry peers, with R&D expense ratios of 3.64%, 4.09%, and 4.22% from 2022 to 2024, while sales expense ratios were significantly higher [17] - The necessity of the new fundraising is questioned, as the company had already raised 2.008 billion yuan in its A-share listing and had 1.718 billion yuan in cash as of the third quarter of 2025 [17] Group 4: Future Prospects - The company aims to use the Hong Kong listing to attract international long-term capital and support its expansion into markets outside North America, as well as to fund R&D in advanced fields like humanoid robots and autonomous driving [19] - However, there are concerns about whether the company can convert its low R&D investment into competitive products in emerging technologies [19][22]

Core Viewpoint - The company TaoTao Automotive is seeking to list on the Hong Kong Stock Exchange to establish an "A+H" dual capital platform, aiming to leverage Hong Kong's financial advantages to attract international investors and optimize its capital structure for future growth and technological advancements [1] Business Overview - TaoTao Automotive holds the second position in the global low-speed electric vehicle market, capturing approximately 8.4% of the market share as of 2024 [2] - The company focuses on high-value overseas markets, with over 99% of its revenue generated from international sales, particularly in North America [1][2] - The business is centered around two key segments: electric mobility products and outdoor specialty vehicles, avoiding intense domestic competition [1] Financial Performance - The company has demonstrated robust revenue growth, with projected revenues of approximately RMB 17.66 billion, RMB 21.44 billion, and RMB 29.77 billion for 2022, 2023, and 2024 respectively, marking a year-on-year increase of 38.82% in 2024 [2] - For the first seven months of 2025, revenue reached approximately RMB 20.68 billion, continuing the strong growth trend [3] - The net profit for 2024 is estimated at around RMB 4.31 billion, reflecting a year-on-year growth of over 50% [2] Competitive Advantages - The company has established a multi-layered sales network and diversified distribution strategies, partnering with major retailers like Walmart and Amazon to enhance market penetration [2] - TaoTao Automotive's competitive edge lies in its flexible supply chain and rapid product iteration capabilities, allowing it to meet changing consumer demands effectively [2] - The company has a strong gross margin, which improved from 35.2% in 2022 to 40.2% in the first seven months of 2025, attributed to its integrated supply, production, and sales system [3] Strategic Initiatives - The upcoming H-share issuance is aimed at enhancing production capacity and R&D, with a significant portion of the funds allocated to upgrading existing facilities and establishing new ones overseas [6] - The company plans to expand its product offerings in the electric low-speed vehicle sector and explore advanced technologies, including artificial intelligence and automation [6][7] - Strategic partnerships have been formed to enter the humanoid robotics sector, indicating a commitment to innovation and long-term growth [7] Governance and Compliance - The dual listing structure will require the company to adhere to stricter regulatory standards in both markets, enhancing corporate governance and compliance [7] - The company has maintained a consistent cash dividend policy, distributing approximately RMB 3.82 billion in dividends from 2022 to 2024, which represents about 41.6% of its net profit during that period [7]

Group 1: Trade Relations - China is the fourth largest trading partner of France globally, with 2,800 French companies established in the Chinese market [1][3] - In 2024, Chinese enterprises are expected to launch 27 new projects in France, focusing on green transition sectors such as electric mobility [1][5] - The trade imbalance is significant, with France's trade deficit with China reaching nearly 47 billion euros in 2024, marking a historical high [7] Group 2: Investment Plans - The "France 2030" investment plan aims to promote re-industrialization in France, with a total investment of 54 billion euros over five years, half of which will be allocated to green economy transition [4][5] - Since its launch in 2021, the "France 2030" plan has invested 40 billion euros, supporting 7,500 projects and creating 155,000 jobs [4] Group 3: Economic Policies - France has implemented structural reforms to enhance its attractiveness to international investors, including reducing corporate tax rates from 33% in 2017 to 25% in 2022 [6] - The government is currently reviewing a new bill aimed at reducing administrative burdens on businesses [6] Group 4: AI Collaboration - France boasts a strong AI ecosystem with over 600 startups and a focus on large language models, positioning itself as a leader in AI development [9] - There are ongoing discussions and collaborations between France and China in the AI sector, highlighting mutual interests and opportunities for cooperation [9]

Core Viewpoint - TaoTao Automotive has submitted an application for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for capacity expansion, digital and intelligent upgrades, product diversification, exploration of humanoid robotics technology, and global sales network expansion [2][3]. Group 1: Company Overview - Established in 2015, TaoTao Automotive focuses on "new energy intelligent travel," specializing in smart electric low-speed vehicles and specialty vehicles [2]. - The company initially concentrated on the research, production, and sales of all-terrain vehicles and motorcycles, later expanding its product line to include electric scooters, balance bikes, and electric bicycles in 2017 [2]. - In 2022, TaoTao Automotive launched electric low-speed vehicles, marking the initiation of its second growth engine and entering higher-value market segments [2]. Group 2: Financial Performance - For the first nine months of 2025, TaoTao Automotive reported a revenue of 2.773 billion yuan, a year-on-year increase of 24.89%, and a net profit of 607 million yuan, up 101.27% [3]. - In the third quarter, the company achieved a revenue of 1.060 billion yuan, reflecting a year-on-year growth of 27.73%, and a net profit of 264 million yuan, which is a 121.44% increase [3]. Group 3: Future Outlook - Starting in 2025, TaoTao Automotive plans to expand into cutting-edge fields such as humanoid robotics while enhancing its core business [3]. - The company aims to create a cross-product technology platform to integrate research outcomes into existing product lines, thereby improving product intelligence [3]. - The fourth quarter is expected to see increased sales due to the holiday shopping season in Europe and North America, with the company expressing confidence in achieving strong performance [3].

Core Insights - The company is a global leader in providing outdoor leisure and electric mobility solutions, ranking second in the global electric low-speed vehicle (LSEV) industry with a market share of approximately 8.4% in 2024 [3][4]. Business Overview - The company's operations are divided into two main segments: electric mobility products, which include electric low-speed vehicles and electric two-wheelers, and outdoor specialty vehicles, such as all-terrain vehicles and off-road motorcycles [3]. - The company has a strong focus on innovation and is actively expanding into cutting-edge fields like humanoid robotics to create new long-term growth opportunities [3]. Market Position - The company is recognized as a leading player in the "going global" strategy of China's electric mobility industry, with over 99% of its revenue coming from overseas markets, primarily the United States [4]. - The company has successfully positioned its electric low-speed vehicle products in the market, achieving rapid growth since their launch in 2022, with significant market penetration [4]. Financial Performance - The company's revenue for the years ending December 31 for 2022, 2023, and 2024 was RMB 1,765.7 million, RMB 2,144.2 million, and RMB 2,976.6 million, respectively [5][6]. - The gross profit margins for these years were 35.2%, 37.3%, and 34.7%, indicating a strong financial performance despite fluctuations [6]. - The company reported a net profit of RMB 206.1 million in 2022, RMB 280.5 million in 2023, and projected RMB 431.3 million for 2024, reflecting a consistent upward trend in profitability [8]. Global Reach - The company sells its products in over 70 countries and has established production bases in China, Southeast Asia, and North America [5]. - The company has a comprehensive sales network, including over 6,600 large retail stores and 1,900 specialized stores, enhancing its market presence [5].

Core Viewpoint - The company, Taotao Vehicle (301345.SZ), has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1]. Company Overview - Taotao Vehicle is a global leader in providing outdoor leisure and electric mobility solutions, ranking second in the global electric low-speed vehicle industry with a market share of approximately 8.4% in 2024 [3]. - The company offers a diversified product portfolio that includes electric mobility products and outdoor specialty vehicles, catering to various applications such as community commuting, recreational activities, and specialized operations [3][4]. Market Position - The company is recognized as a leading player in the "going global" strategy of China's electric mobility industry, with over 99% of its revenue generated from overseas markets, primarily the United States [4]. - The strategic framework focuses on expanding the product matrix, deepening channel ecosystems, and driving brand value through innovation [4]. Financial Performance - The company's revenue for the years ending December 31 for 2022, 2023, and 2024 was RMB 1,765.7 million, RMB 2,144.2 million, and RMB 2,976.6 million, respectively [5][6]. - The gross profit margins for these years were 35.2%, 37.3%, and 34.7%, indicating a strong financial performance despite fluctuations in gross margin [6]. - The company has shown a compound annual growth rate (CAGR) in revenue of 29.8% over the past three years [5]. Product and Sales Strategy - The company has successfully positioned its electric low-speed vehicle products in the market, achieving significant sales growth since their launch in 2022 [4]. - The sales network includes over 6,600 large chain supermarkets and 1,900 specialized retail stores, with a strong presence in more than 70 countries [5]. Future Growth Prospects - The company is actively exploring advanced fields such as humanoid robotics, aiming to create new long-term growth avenues [3]. - The introduction of electric low-speed vehicles has led to a rapid increase in sales volume, projected to reach over 20,000 units by the end of 2024, representing a ninefold increase compared to 2023 [5].