Core Viewpoint - Yadea Holdings (01585.HK) is facing significant challenges, including regulatory penalties and declining financial performance, amidst increasing competition in the electric two-wheeler market [1][6][11]. Regulatory Issues - Yadea Industrial Co., Ltd., a subsidiary of Yadea Holdings, received an administrative penalty of RMB 30,000 from the Tianjin Emergency Management Bureau for product quality issues [2][3]. - In June 2024, Yadea was listed among brands with non-compliant electric bicycle products, highlighting ongoing quality control challenges [2][5]. Financial Performance - For the year 2024, Yadea reported revenues of RMB 28.236 billion, a decrease of 18.8% year-on-year, and a net profit of RMB 1.272 billion, down 51.8% [6][9]. - The decline in performance is attributed to heightened public concern over battery safety following a fire incident in Nanjing, which reduced demand for electric two-wheelers [8][10]. Market Competition - Yadea's market position is under pressure from competitors like Ninebot and Aima Technology, which have reported significant revenue and profit growth [11]. - Aima Technology surpassed Yadea in net profit for the first time, indicating a shift in market leadership [11]. Product Strategy and Market Trends - Yadea has attempted to diversify its product offerings, including high-end brands and models targeting female consumers, but has not seen a corresponding increase in average selling prices [12][14]. - In 2024, the average price of Yadea's electric two-wheelers remained relatively stable at approximately RMB 1,487, with total sales volume decreasing by 21.2% to 13 million units [14][16]. Future Outlook - Yadea plans to innovate and adapt to new national standards for electric two-wheelers, aiming to stabilize the market and regain growth [16]. - The company is focusing on a dual strategy of "sodium batteries + battery swapping" to enhance its competitive edge in the evolving electric mobility landscape [16].

（原标题：利润腰斩 销量骤降 雅迪正在被市场"洗牌"） 中国电动两轮车行业龙头企业雅迪控股（01585.HK）近日发布的2024年财报显示，其遭遇上市以来最严重的业绩滑坡：全年营收282.36亿元，同 比下滑18.8%；归母净利润12.72亿元，同比暴跌51.8%，创近五年新低。 这一数据折射出行业增长红利消退背景下，雅迪长期依赖的"低价+渠道"模式正面临严峻挑战。 利润腰斩与销量下滑 2024年，雅迪电动两轮车总销量从2023年的1650万台骤降至1302万台，同比减少21.18%，远超行业11.6%的降幅。销量锐减导致营收减少约65亿 元，叠加降价清库存策略，毛利率从16.9%降至15.2%，创七年新低。 其中，南京电动自行车锂电池自燃事件引发的安全信任危机，以及新国标《电动自行车安全技术规范》的强制实施，迫使雅迪对旧款车型降价 30%清仓，进一步压缩利润空间。 更深层的问题在于其战略惯性。雅迪长期以"多门店+低价"模式扩张，截至2023年拥有超4万家销售点，但行业转向存量竞争后，密集渠道反而成 为负担——2024年存货金额攀升至16.53亿元，同比增长33.9%，经销商库存周转率下降导致信心不足。 高端 ...