以下文章来源于定焦One ，作者定焦One团队 定焦One . 深度影响创新。 "非洲版小米"的路子走不通了。 文 ｜ 金玙璠 编辑 ｜ 魏佳 来源｜ 定焦One（dingjiaoone） 封面来源 ｜ 传音控股微博 "非洲手机之王"传音，在股价低迷之际再次闯关资本市场。 12月初，科创板上市公司传音控股向港交所递交招股书。但从当下的基本面看，业绩承压、份额失守、股价低迷，选择此时冲击IPO，时机颇为尴尬。 作为一家年收入近700亿元、年利润56亿元左右的公司，传音正在降速。今年上半年，其收入 （290.8亿元） 同比下滑15.9%，利润 （12.4亿元） 同比缩水 56.6%。 数据来源 / 传音控股招股书 "定焦One"制图 更危险的信号，是其赖以成名的非洲市场正被小米、荣耀等对手"蚕食"。全球扩张计划同样遇冷，亚太、中东、拉美等地区的手机收入在2025年上半年均 下降20%以上。 市场也直接用脚投票，它的股价年内累计跌幅超过25%。 比短期业绩波动更关键的是，传音始终未能跑通商业模式转型。过去六年，外界常将其视为"非洲版小米"，因其明显在尝试复制"硬件引流、生态变现"的 模式——从手机扩展到家电、数码配 ...

定焦One . 深度影响创新。 以下文章来源于定焦One ，作者定焦One团队 来源丨定焦One（ID：dingjiaoone） 作者丨金玙璠 编辑丨魏佳 图源丨Midjourney "非洲手机之王"传音，在股价低迷之际再次闯关资本市场。 12月初，科创板上市公司传音控股向港交所递交招股书。 但从当下的基本面看， 业绩承压、 份额失 守、 股价低迷 ，选择此时冲击 IPO ， 时机颇为尴尬。 作为一家年收入近700亿元、年利润56亿元左右的公司，传音正在降速。今年上半年，其收入 （290.8亿元）同比下滑15.9%，利润（12.4亿元）同比缩水56.6%。 数据来源 / 传音控股招股书 「定焦One」制图 更危险的信号，是 其赖以成名的非洲市场 正被小米、荣耀等对手"蚕食" 。 全球扩张计划同样遇 冷， 亚太、中东、拉美等地区的手机收入在2025年上半年均下降20%以上 。 市场 也 直接用脚投票，它的股价年内累计跌幅 超过25% 。 比短期业绩波动更关键的是，传音始终未能跑通商业模式转型。过去六年，外界常将其视为"非洲版 小米"，因其明显在尝试复制"硬件引流、生态变现"的模式——从手机扩展到家电、数码配件， ...

Core Viewpoint - The article discusses the significant transformation in the two-wheeler electric vehicle market driven by the adoption of lithium batteries, highlighting the impact of new regulations and consumer demand for higher quality and safety standards [4][6][18]. Market Overview - The upcoming implementation of the new national standard GB17761-2024 for electric bicycles is expected to accelerate the elimination of low-quality lithium batteries, solidifying the market position of high-quality lithium batteries [4]. - The demand for lithium batteries in the two-wheeler market is projected to grow, with an estimated shipment of 9.3 GWh in 2024, representing a year-on-year increase of 4.5%, and expected to reach 10.1 GWh in 2025, a growth of 8.6% [6]. Industry Players - Major lithium battery manufacturers are entering the two-wheeler battery market, including: - **EVE Energy**: Launched the OMNI all-purpose battery series for various electric vehicles, emphasizing safety and performance [9]. - **BYD**: Introduced a range of small-capacity lithium batteries for two- and three-wheeled electric vehicles, featuring a five-year warranty and a lifespan of 8-10 years [10]. - **Guoxuan High-Tech**: Plans to launch over a hundred new products by 2025, focusing on the small power battery market [11]. - **New Energy**: Although not directly in the two-wheeler market, it has established a presence through partnerships and product offerings tailored for this segment [14]. Market Dynamics - The two-wheeler market is shifting from scale expansion to competition in existing markets, necessitating technological innovation to capture market share [18]. - Consumer expectations for price and quality are rising, making standardized products less viable, thus pushing for customized battery solutions [20]. - The new national standards are driving technological upgrades and eliminating outdated production capacities, positioning early adopters as future market leaders [20].

Core Viewpoint - The entry of major automotive battery manufacturers into the small power battery market, particularly for electric two-wheelers, is driven by the need to escape the saturated automotive business and leverage excess production capacity [1][3][4]. Group 1: Market Dynamics - Gotion High-Tech's subsidiary signed a cooperation agreement to enter the small power battery market, aiming to establish a vertical industrial chain hub [1]. - The electric two-wheeler market is expected to experience explosive growth in 2025, with a projected domestic sales volume of 32.3 million units in the first half of the year, a year-on-year increase of 29.5% [4]. - The penetration rate of lithium batteries in the electric two-wheeler sector was 22.4% in 2020 but dropped to 4.9% in 2023 due to market policy changes and rising lithium prices [5]. Group 2: Competitive Landscape - Major players like CATL and BYD have already established their presence in the electric two-wheeler battery market, with CATL's battery installation volume reaching 151.72 GWh in the first seven months of 2025, a year-on-year increase of 34.5% [2]. - The battery industry is facing declining gross margins due to intensified competition, with CATL's gross margin dropping to 22.41% in the first half of 2025, down 4.49 percentage points from the previous year [2]. - The market for electric two-wheeler batteries is currently dominated by lead-acid battery manufacturers, with a duopoly formed by Tianneng and Chaowei, holding over 70% of the market share [7]. Group 3: Technological and Policy Influences - New national standards and tightening environmental regulations are creating a significant market for lithium battery replacements for lead-acid batteries, with a projected increase in demand [5]. - The cost of lithium iron phosphate batteries has decreased to below 0.5 yuan/Wh, making them economically viable compared to lead-acid batteries, which presents an opportunity for automotive battery companies [5]. - Sodium batteries are emerging as a potential solution for the electric two-wheeler market due to their cost advantages, with expectations that they could capture 20% to 30% of the market share [6]. Group 4: Future Outlook - By 2027, the expected shipment volume of lithium-powered two-wheelers in China is projected to reach 28 million units, with a penetration rate approaching 40% [5]. - The low-altitude economy is becoming a new market for automotive battery companies, with applications in electric aircraft and other emerging sectors [8][9].

Core Viewpoint - BYD has officially entered the low-speed electric vehicle battery market by launching lithium iron phosphate batteries specifically designed for two-wheeled and three-wheeled vehicles, which is expected to reshape the competitive landscape of the battery sector for electric bicycles and scooters [1][3]. Summary by Sections Product Launch - BYD held a global launch event for its small-capacity power batteries, introducing a range of lithium iron phosphate batteries for two-wheeled and three-wheeled vehicles, with a total of 32 models planned, of which 8 to 9 models are already available [2]. Product Advantages - The new batteries have three core advantages: 1. They are all based on lithium iron phosphate technology, utilizing automotive-grade cells, Battery Management Systems (BMS), and manufacturing processes, making them safer and more durable. 2. They come with a long warranty period, offering 5 years of coverage, including 3 years of replacement and 2 years of repair services. 3. The batteries support 2000 complete charge and discharge cycles, with a lifespan of 8 to 10 years under normal usage conditions [2]. Market Impact - With BYD's entry into the low-speed electric vehicle battery market, it is anticipated that the competition in the battery sector for electric bicycles and scooters will be significantly altered, particularly in comparison to traditional lead-acid batteries, which are less durable and safe [3]. Partnerships - BYD has established partnerships with several two-wheeled and three-wheeled electric vehicle brands, including Xinri, Huaihai (Zongshen), LIMA, Tailin, and Jinpeng, to provide battery solutions [2].