格隆汇8月25日｜生产折叠单车Dahon的大行科工通过联交所上市聆讯，中信建投国际为独家保荐人。 大行科工今年首4月收入为1.84亿元，同比增长46.9%；利润2152.8万元，上升69.1%。韩德玮持有大行 科工约88.6%股权，其余为员工持股平台等股东。 大行科工于1982年由台湾企业家韩德玮创立，2024年内地折叠自行车市场中，按零售量和零售额均排名 第一，分别占有26.3%和36.5%的市占率。据灼识谘询，公司在2023-2024年间，在内地五大折叠自行车 企业中，销量及收入增速最快。 来源：格隆汇APP 大行科工产品线涵盖城市通勤、时尚个性、户外探索、超卓竞速及实用内涵5大系列，旗下产品包括公 路、山地、儿童及电助力单车，至2025年4月底产品型号超过70款。其中经典畅销车型P8，累计销量超 过15万辆，售价约为3500元，而P8在香港的售价就介乎3680-4500港元，视乎单车配置。 ...

盛夏清晨，晨曦初露。团泊湖畔，骑行爱好者们时而悠然前行，时而你追我赶；厂房林立处，挂着全国 各地牌照的大货车进进出出，从空车到满载，将一箱箱自行车、电动车运抵全国乃至世界各地……这一 动一静的画面，勾勒出天津静海"两轮"产业的蓬勃生态。 这里缘何能成为"中国自行车电动自行车之都"？循着天津市子牙经济技术开发区高新产业园的发展轨 迹，答案逐渐清晰。 "十多年前，这里还是一片空地。如今，园区内已聚集自行车、电动自行车及零部件生产企业58家。"回 溯发展历程，天津市子牙经济技术开发区高新产业园企业服务部部长张宝祺打开了"话匣子"。在他看 来，园区能扛起"中国自行车电动自行车之都"的大旗，产业链配套与政策支持是两大核心引擎。 早在2008年，静海便建立了自行车（电动车）产业园（即天津子牙经济技术开发区高新产业园的前 身）。彼时，政府将土地、基础配套、优惠政策向自行车、电动车项目倾斜，凭借规划的引导力和环境 的吸引力，推动一批龙头企业、配套厂家落地生根，产业集聚效应初步显现。 正是这关键的一步布局，为后续产业的爆发式增长埋下了伏笔。 此后10年，该区接连获批"中国自行车电动自行车产业基地""中国自行车电动自行车之都"称 ...

| [编纂]的[编纂]數目 : [编纂]股H股(視乎 编纂]行使與否而定) | | --- | | 编纂 數目 . 编纂 股H股(可于编纂]) | | 编纂 敦目 .. [编纂]股H股(視乎 编纂]行使與否而定及可 | | 壬陽纂I) | | 最高 编纂] : 每股[编纂] 编纂 港元,另加1.0%經紀佣金、 | | 0.0027%設監會交易徵費、0.00015%會財局 | | 交易徵費及0.00565%聯交所交易費(須於申 | | 請時以港元繳足,多繳款項可予退還) | | 面值 ... 每股H股人民幣1.00元 | | 编纂 : 编纂 | 近日，港交所披露信息显示，大行科工(深圳)股份有限公司（以下简称"大行科工"）成功通过上市聆讯，即将登陆港股市场，其独家保荐人 为中信建投国际。这一消息由智通财经APP率先获悉。 大行科工在招股书中透露，公司是中国内地折叠自行车市场的领军企业。根据灼识咨询的数据，以2024年的零售量计算，大行科工在中国内 地折叠自行车行业中排名第一，占据了26.3%的市场份额；若以零售额计算，公司同样位居首位，市场份额高达36.5%。折叠自行车以其小巧 便携的特点，深受消费者喜爱，大行 ...

招股书链接：无（文中未提供） 来源：新浪港股-好仓工作室 近日，大行科工（深圳）股份有限公司（简称"大行科工"）递交聆讯后资料集，或很快在香港上市。中 信建投（國際）融资有限公司担任独家保荐人。 根据招股书披露，本次港股上市募集资金将用于以下用途： 1. 用于生产系统现代化及扩大运营规模， 以提升制造能力； 2. 用于强化经销网络及策略性品牌发展，以巩固市场地位及加快全球扩张； 3. 用于 加强研发能力，以提升技术； 4. 用作运营资金及其他一般企业用途。 公司介绍：大行科工的大行品牌由韩德玮博士于1982年创立。历经40余载深耕，在技术实力、创新精 神、匠心工艺、对卓越性能和产品质量的追求方面享负盛名。公司以P8等畅销车型为基石，打造出全 方位自行车产品阵容，涵盖公路自行车、山地自行车、儿童自行车和电助力自行车等。公司持续投资研 发，推进折叠自行车技术发展，拥有众多专利。同时，公司建立了全面高效的销售和经销网络，产品覆 盖中国内地线上线下渠道，并远销海外。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图 ...

大行科工以P8等久经考验的畅销车型为基石，再加上新开发的车型，打造出一个全方位的自行车产品 阵容，能够满足城市上班族、探险爱好者乃至竞赛骑手等不同类型消费者的各种需要。纵观公司的历 史，公司的产品阵容已从折叠自行车发展到其他自行车类型，包括公路自行车、山地自行车、儿童自行 车和电助力自行车，反映出公司对创新的不懈追求及对市场需求的敏锐响应。截至2025年4月30日，公 司提供超过70款自行车车型。 智通财经获悉，据港交所8月24日披露，大行科工(深圳)股份有限公司(简称：大行科工)通过港交所上市 聆讯，中信建投国际为独家保荐人。 招股书显示，大行科工是中国内地最大的折叠自行车公司，根据灼识谘询的资料，按2024年零售量计， 公司于中国内地折叠自行车行业排名第一，市场份额达26.3%，按2024年零售额计，公司亦位居中国内 地折叠自行车行业首位，市场份额为36.5%。折叠自行车为一种小巧便携的自行车，其设有可折叠成较 小尺寸的机能，便于收纳及携带。 财务方面，于2022年度、2023年度、2024年度、2024年及2025年截至4月30日止四个月，大行科工实现 收入分别约为2.54亿元、3亿元、4.51亿元、1 ...

Core Viewpoint - The article discusses the upcoming IPO of Dahong Technology, a leading manufacturer of folding bicycles, led by 84-year-old physicist Han Dewei, who is recognized as the "father of modern folding bicycles" [2][5]. Company Overview - Dahong Technology plans to list on the Hong Kong Stock Exchange, having recently received IPO approval from the China Securities Regulatory Commission [2]. - The company has achieved annual sales exceeding 200,000 units, with a product lineup that includes over 70 models of folding bicycles and related accessories [6][7]. Historical Background - Han Dewei, the founder, was born in 1941 and moved to Hong Kong at a young age. He later earned a PhD in physics and worked on tactical laser development before founding Dahong in 1982 [4][5]. - The first prototype of the folding bicycle was developed after seven years of research, leading to the establishment of the Dahong brand in California [5]. Financial Performance - Dahong's sales figures from 2022 to 2024 show a compound annual growth rate (CAGR) of 24.1%, with projected sales of 149,000 units in 2022, 156,900 units in 2023, and 229,500 units in 2024 [7][8]. - Revenue for the same period is expected to grow from 254.2 million RMB in 2022 to 450.7 million RMB in 2024, with net profit increasing from 31.4 million RMB to 52.3 million RMB [8]. Market Position - Dahong holds a significant market share in the folding bicycle industry in mainland China, with 26.3% of retail volume and 36.5% of retail revenue projected for 2024 [8]. - The company has a strong patent portfolio, being the brand with the most patents in the folding bicycle sector in China [8]. Sales Channels - Over 90% of Dahong's revenue comes from bicycle sales, with a significant portion generated through offline distribution channels, which account for nearly 70% of total sales [9]. - The company's online direct sales have seen substantial growth, increasing from 14.1 million RMB in 2022 to 100 million RMB in 2024, reflecting a CAGR of 166.1% [10]. Industry Context - The bicycle industry in China is characterized by a high concentration of production for export, with domestic consumption primarily focused on lower-end markets [12]. - The industry faces challenges such as low profit margins and intense competition, particularly from international brands dominating the high-end market [12]. - The rise of electric bicycles (E-bikes) has attracted investment, but the market has also seen significant volatility, with some companies facing financial difficulties [14].

Core Viewpoint - The company, Daxing Kegong, a leader in the folding bicycle industry, has submitted its IPO application to the Hong Kong Stock Exchange, facing challenges in its listing journey, including a previous expired application and potential plans for a 2024 listing on the Beijing Stock Exchange [1][3]. Company Overview - Daxing Kegong was founded in 1982 by Dr. David T. Hon, known as the "father of modern folding bicycles," and has established its headquarters in Shenzhen with a production facility in Huizhou, achieving an annual production capacity of 90,000 bicycles [3][4]. - The company has not received external investments since its inception, with a concentrated shareholding structure where Dr. Hon controls 90.16% of the shares [4]. Financial Performance - The company reported revenues of 254 million yuan, 300 million yuan, 451 million yuan, and 185 million yuan for the years 2022, 2023, 2024, and the first four months of 2025, respectively, with net profits of approximately 31.43 million yuan, 34.85 million yuan, 52.30 million yuan, and 21.53 million yuan [6]. - Online direct sales revenue surged from 14.10 million yuan in 2022 to 100 million yuan in 2024, marking a growth of 609% with a compound annual growth rate of 166.6% [7]. Market Position - Daxing Kegong holds a 26.3% market share in the folding bicycle industry in mainland China by retail volume and a leading position with a 36.5% market share by retail value [5]. - The company primarily focuses on mid-to-high-end folding bicycles, with average selling prices of approximately 3,900 yuan for high-end models and over 2,100 yuan for mid-range models [8]. Product Range - The company offers a comprehensive range of bicycles and accessories, with over 70 models available as of April 30, 2025, expanding from folding bicycles to include road bikes, mountain bikes, children's bikes, and electric assist bikes [5][8].

Group 1: Global Trade Dynamics - The ongoing trade war, primarily driven by the U.S. under President Trump, is creating significant global economic implications, with the EU seeking to navigate its interests amidst U.S.-China tensions [1] - Trump's tiered tariff strategy, which includes a baseline 15% tariff, disproportionately impacts specific industries, such as a potential €26 billion loss for the German automotive sector and pressures on French brandy producers from Chinese anti-dumping investigations [3] - The EU's recent negotiations with China faced strong resistance, particularly regarding requests to lift rare earth export controls and halt energy trade with Russia, highlighting the complexities of international trade relations [4] Group 2: Economic Cooperation Amidst Tensions - Despite the political tensions, there are signs of pragmatic economic cooperation, such as the resumption of negotiations on electric vehicle anti-subsidy agreements and commitments from China to facilitate compliance applications for rare earth exports [6] - The logistics sector is feeling the strain from tariffs, with UPS announcing a workforce reduction of 20,000 and shipping costs rising by 20%, indicating the broader impact of trade policies on operational costs [8] - The deep interconnections in the global economy are evident, with significant trade flows continuing between the EU and China, including a notable increase in Chinese investments in the Eurozone despite rising tensions [8]

Core Viewpoint - The article discusses the IPO journey of Daxing Kegong, a leading company in the folding bicycle industry, highlighting its market position, financial performance, and the challenges it faces in the listing process [1][3]. Company Overview - Daxing Kegong was founded in 1982 by Dr. David T. Hon in California, USA, and later moved its headquarters to Shenzhen, China, with a production facility in Huizhou, achieving an annual production capacity of 90,000 bicycles [3][4]. - The company has not received external investments since its inception, resulting in a highly concentrated shareholding structure, with Dr. Hon controlling 90.16% of the shares prior to the IPO [4]. Financial Performance - Daxing Kegong's revenue for 2022, 2023, 2024, and the first four months of 2025 were approximately 254 million, 300 million, 451 million, and 185 million yuan, respectively, with net profits of about 31.43 million, 34.85 million, 52.30 million, and 21.53 million yuan [6]. - The company experienced significant growth in online direct sales, increasing from 14.10 million yuan in 2022 to 100 million yuan in 2024, representing a growth rate of 609% [6]. Market Position - Daxing Kegong holds a 26.3% market share in the folding bicycle industry in mainland China by retail volume and a leading position with a 36.5% market share by retail value as of 2024 [5]. - The company primarily targets the mid-to-high-end folding bicycle market, with average selling prices of approximately 3,900 yuan for high-end models and around 2,100 yuan for mid-range models [7]. Product Range - The company offers a comprehensive range of bicycles, including over 70 models, expanding from folding bicycles to road bikes, mountain bikes, children's bikes, and electric assist bikes [5][6]. - Daxing Kegong's best-selling products include the P8 model and other newly developed bicycle types, contributing to its diverse product portfolio [5].

Core Viewpoint - 大行科工 has refiled its IPO application with the Hong Kong Stock Exchange after its previous submission expired, aiming to raise funds for modernization, operational expansion, and brand development [1] Group 1: Company Overview - 大行科工, founded in 1982 by Dr. Han Dewei, specializes in folding bicycles and has expanded its product range to include road bikes, mountain bikes, children's bikes, and electric bikes, offering over 70 models as of April 30, 2025 [2] - The company holds a market share of 26.3% in retail volume and 36.5% in retail value within the folding bicycle industry in mainland China for 2024 [2] - The majority of revenue comes from the 大行 bicycle line, with revenue contributions of 93.4%, 96.1%, 98.1%, and 98.3% over the past three years and the first four months of 2025 [2] Group 2: Financial Performance - Revenue figures for 大行科工 from 2022 to the first four months of 2025 are approximately CNY 254 million, CNY 300 million, CNY 451 million, and CNY 185 million, respectively [4] - The company’s profit and total comprehensive income for the same periods were CNY 31.43 million, CNY 34.85 million, CNY 52.30 million, and CNY 21.52 million [4] - Sales through domestic distributors accounted for 61.3%, 70.5%, 68.2%, and 69.5% of total revenue from 2022 to the first four months of 2025, indicating a heavy reliance on this channel despite its lower gross margin [4] Group 3: Production and Supply Chain - 大行科工 relies significantly on third-party OEM suppliers, with the number of bicycles produced by these suppliers increasing from 29.5% in 2022 to 65.5% in the first four months of 2025 [6] - Outsourced production costs accounted for nearly 50% of sales costs in recent periods, impacting profit margins [6] - The company’s procurement from its top five suppliers has increased, with the largest supplier's share rising from 15.6% in 2022 to 17.6% in the first four months of 2025 [7] Group 4: Market and Governance Issues - 大行科工 has been expanding into international markets, selling products in 25 countries, but its overseas sales have declined from 22.1% in 2022 to 5.6% in the first four months of 2025 [8] - The founder, Han Dewei, holds 88.56% of the shares directly and controls a total of 90.16% through an employee platform, raising concerns about governance due to the age of board members [8] - The company has a complex history of shareholding arrangements that have drawn regulatory scrutiny, particularly regarding the legality and potential disputes related to these arrangements [9]