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。 ...

| [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 ...

Group 1 - Decathlon plans to sell approximately 30% of its Chinese subsidiary, with an estimated valuation between €1 billion and €1.5 billion (RMB 8.4 billion to 12.6 billion) [1] - Decathlon China has been facing performance pressure, with revenue in 2023 reported at €15.6 billion, reflecting a growth rate of only 1.15% [1] - The company has a history in China dating back to 1994, with over 200 stores currently operating despite recent store closures [1] Group 2 - Starting in 2024, Decathlon aims to enter the high-end market, restructuring its business lines and launching four specialized brands [2] - In June 2023, Decathlon China opened three new stores in prime urban locations, with plans to open 20 to 30 additional stores this year [2] - Despite these efforts, the company's revenue for 2024 is projected at €16.2 billion, a growth of only 3.8%, with net profit expected to decline by 15.5% to €787 million [2]

Core Viewpoint - The sports industry has become a significant driver for economic growth and transformation, with an average annual growth rate exceeding 10% over the past five years, and a focus on integrating sports events into tourism and local economies [1][3]. Sports Industry Growth - The added value of the sports industry has grown at an average rate of 11.6% since the 14th Five-Year Plan, reaching 1.15% of GDP in 2023, moving closer to becoming a pillar industry [3]. - The ice and snow industry is projected to grow from 381.1 billion yuan in 2020 to 970 billion yuan by 2024, with an annual growth rate of 26.3% [3]. - Sports consumption in 40 pilot cities has increased by over 100 billion yuan from 2020 to 2023, indicating a continuous release of consumption potential [3]. Event Economy - The "Su Super" and "Village Super" events have gained significant popularity, with the "Su Super" attracting over 60,000 attendees per match and generating 38 billion yuan in consumption across Jiangsu [5][6]. - In the first half of the year, 511 key events across seven regions generated over 16 billion yuan in related consumption, averaging over 30 million yuan per event [6]. - Major events like the Hangzhou Asian Games have led to consumption increases of up to 40% in surrounding areas [6]. Sports Service Industry Transformation - The proportion of the sports service industry in the added value of the sports industry increased from 68.7% in 2020 to 72.7% in 2023, reflecting a shift towards service-oriented growth [9]. - The number of national-level "specialized, refined, distinctive, and innovative" small giant enterprises in the sports sector has more than doubled to 146 by the end of 2024 [9]. - The rise of domestic manufacturing has significantly reduced costs, with carbon fiber prices dropping from 3,000 yuan per kilogram to under 200 yuan [10]. Future Directions - The National Sports Administration plans to develop policies to enhance event economies, improve event supply, and strengthen the coordination between events and industries [7]. - The sports industry is expected to continue evolving, with a focus on deepening reforms and planning for the next Five-Year Plan [11].

Core Viewpoint - The article discusses the decline of the cycling and outdoor activities market, highlighting the contrasting success of Dahon, a folding bicycle company, amidst the downturn in consumer interest in high-end cycling products [2][30]. Group 1: Market Trends - The once-popular outdoor activities such as camping, cycling, and skiing have seen a significant decline, with inventory levels for bicycles reaching 20% for Shimano, 40% for Giant, and 45% for Merida as of Q2 2024 [11]. - The high-end bicycle market is experiencing a crash, with prices halved and products remaining unsold, while Dahon has seen a surge in sales, selling 180,000 folding bicycles in nine months [11][30]. Group 2: Dahon's Strategy - Dahon has positioned itself as a cost-effective alternative to high-end brands like Brompton, leveraging its supply chain advantages and a focus on affordability, with an average bicycle price of 1,966 yuan [38]. - The company has adopted a modular production approach, reducing repair costs by 60% and improving supply chain efficiency, allowing for quicker restocking of popular models [43][45]. Group 3: Online Sales and Marketing - Dahon has capitalized on online sales channels, with significant revenue growth from platforms like Douyin, achieving 1 billion yuan in online sales by 2024 [51]. - The brand's marketing strategy includes leveraging social media and influencer partnerships, with its founder actively participating in live-streaming sales events [55]. Group 4: Product Diversification - Dahon is expanding its product line beyond folding bicycles to include electric bikes and other types, aiming to capture a broader market segment [56]. - The company is focusing on electric folding bikes, which are becoming increasingly relevant in urban settings due to regulatory changes [56]. Group 5: Challenges Ahead - Despite its success, Dahon faces challenges such as production capacity constraints and quality control issues, with a significant number of consumer complaints reported [58]. - The company must continue to innovate and provide value to maintain its market position as consumer preferences shift towards more rational purchasing decisions [58].

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].

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].