外资宠物专家交流 20251107 摘要 普瑞纳去年（2024 年）的整体销量和线上线下销售占比如何？ 去年（2024 年），普瑞纳整体销量达到 10.3 亿元，其中线上部分占 80%， 线下占 20%。犬粮和猫粮的销售比例分别为 45%和 55%。 公司不以利润或销量为考核重点，关注新客户增加、门店覆盖和线下业 务增长，优化渠道结构，为未来发展奠定基础，经销商利润较低，但品 牌知名度高。 2026 年增长预期为 13%-15%，将调整价值链，回归实体生意，而非 一味追求高增长，线上投放费用将持续收缩，但幅度不确定。 各个品牌的具体体量如何？ 冠能系列品牌贡献了约 8 亿元，占据了主要份额。剩余约 2 亿元来自于康多乐、 普瑞纳以及其他品牌如妙多乐、喜悦等湿粮产品。 未来几年的发展思路及收入目标是什么？ 未来几年，我们将继续保持现有几条主线不变，并在功能类型粮食和处方粮上 持续投入。预计明年（2026 年）会引进更多新品类功能粮，将现有 4 个 SKU 增加到 8 个 SKU。此外，还计划推出新的犬罐头产品，并逐步上线更多非处方 类功能粮，更加细化产品分类。在处方粮方面也会加大投入。 普瑞纳 2024 年整体 ...

Group 1 - The company reported a revenue of 19.17 billion yuan for the first half of 2025, representing a year-on-year increase of 33.0%, driven by national subsidy policies that boosted industry demand [1] - The net profit attributable to shareholders reached 1.65 billion yuan, up 59.5% year-on-year, exceeding previous forecasts due to continuous product structure optimization and an increase in the proportion of mid-to-high-end products [2] - The company achieved a gross profit margin of 19.6%, an increase of 1.6 percentage points year-on-year, with a significant improvement in single-unit profitability, reflecting effective sales and brand investment strategies [2] Group 2 - The company is expected to benefit from the transition to new national standards, having prepared multiple new standard products and aiming to expand its product price range [2] - The company has established a leading position in the industry, with successful integration of the upstream four-electric system supply chain and expansion into the Southeast Asian market [3] - The earnings per share (EPS) forecasts for 2025 and 2026 have been adjusted to 0.96 yuan and 1.11 yuan respectively, with a new forecast for 2027 set at 1.23 yuan, indicating strong long-term growth potential [3]

Investment Rating - The investment rating for Yadea Holdings (1585.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and growth projections [1]. Core Insights - Yadea Holdings reported a strong performance for the first half of 2025, achieving revenue of 19.186 billion yuan, a year-on-year increase of 33.1%, and a net profit of 1.649 billion yuan, up 59.5% [1][2]. - The company's electric two-wheeler segment saw significant growth, with electric bicycles achieving sales of 6.6655 million units, a 48.7% increase year-on-year, and an average selling price (ASP) of approximately 1,395 yuan [2]. - The overall gross margin improved to 19.6%, up 1.6 percentage points from the previous year, indicating enhanced profitability driven by product mix optimization and scale effects [3]. Financial Performance Summary - For the first half of 2025, Yadea Holdings' revenue from electric bicycles, electric scooters, batteries and chargers, and components was 9.298 billion, 3.809 billion, 5.712 billion, and 367 million yuan respectively, reflecting year-on-year growth rates of 49.0%, 7.4%, 40.5%, and a decline of 34.8% [2]. - The company’s net profit margin increased to 8.6%, up 1.4 percentage points, with operational cash flow reaching 4.727 billion yuan [3]. - The forecast for net profit for 2025-2027 is projected at 3.01 billion, 3.47 billion, and 3.94 billion yuan, with corresponding price-to-earnings (PE) ratios of 12.1X, 10.5X, and 9.3X [3]. Operational Efficiency - Inventory turnover days decreased to approximately 15 days, down 5 days year-on-year, indicating improved operational efficiency [3]. - The company is actively enhancing its brand image through product innovation and marketing strategies, including the introduction of flagship series targeting younger consumers [3]. Financial Projections - The projected revenue for 2025 is 37.278 billion yuan, representing a 32% increase from 2024, with net profit expected to rise by 136% to 3.009 billion yuan [5][7]. - The earnings per share (EPS) is forecasted to increase from 0.42 yuan in 2024 to 0.97 yuan in 2025, reflecting strong growth potential [5][7].

Summary of the Conference Call on the Two-Wheeled Vehicle Industry Industry Overview - The two-wheeled vehicle industry is experiencing significant growth, with an overall market growth rate of approximately 30% in May 2025. Specific companies are seeing varied growth rates due to factors such as channel expansion and new product launches [2][3]. Company Performance Yadea - In Q1 2025, Yadea's sales were approximately 4.006 to 4.007 million units, with April sales around 1.388 million units [2][3]. - Yadea's average selling price (ASP) for 2024 is expected to be around 2,200 RMB, with a projected increase of 3% to 5% in 2025 [10][11]. - Yadea's inventory levels are normal, approximately 1.5 to 1.6 months [7]. Aima - Aima's total sales for 2024 are projected to exceed 10.9 million units, with approximately 10.29 million units being two-wheeled vehicles. Quarterly sales are estimated at 2.5 million, 3.1 million, 3.4 million, and 1.8 million units respectively [5]. - Aima is facing structural shortages in inventory, particularly in first and second-tier cities, with inventory levels around 1.2 to 1.3 months [8]. - Aima's ASP for 2024 is expected to be around 2,100 RMB, with a similar increase projected for 2025 [10]. Tailg - Tailg's total sales for 2024 are estimated to be between 7.2 million and 7.3 million units, with quarterly sales of approximately 1.8 million, slightly over 2 million, 2.4 to 2.5 million, and 0.7 to 0.8 million units respectively [6]. - Tailg's sales for 2023 were between 7.8 million and 8 million units [6]. Ninebot - Ninebot's sales in April 2025 were approximately 480,000 to 490,000 units, showing a year-on-year growth of nearly 80% [3]. - Ninebot's ASP for 2024 is projected to be between 2,900 and 3,000 RMB, with a slight increase expected in 2025 [12]. Market Dynamics - The market for products priced above 4,000 RMB is expanding, with approximately 4.5 million units sold in 2024. Ninebot leads this segment with 1.8 to 1.9 million units sold [18]. - The industry is shifting towards higher-end models, driven by subsidies for trade-ins and the introduction of new products [18]. Pricing Strategies - Yadea is adjusting its product pricing strategy, focusing on the 3,300 to 3,600 RMB range while reducing the proportion of models priced below 2,500 RMB [14][15]. - The average selling price for high-end models is expected to be between 3,500 and 3,900 RMB [14]. Inventory and Supply Chain - Yadea's inventory is reported to be at a normal level, while Aima is experiencing structural shortages due to production capacity issues [7][8]. - Ninebot maintains a moderate inventory level, relying on normal retail sales and import/export volumes [9]. R&D and Innovation - Yadea is focusing on integrating smart features into its mid-to-high-end products but has not reached the level of smart development seen in competitors like Ninebot [21]. - The company has established a structured product development cycle of 10 to 12 months for new products and 6 to 8 months for iterations [22][23]. Financial Metrics - Ninebot has a higher average gross margin of 25-26%, while Yadea and Aima have an average gross margin of around 18% [33]. - The gross margin for electric motorcycles varies by model, with high-end models achieving margins over 22% [34]. After-Sales Service - Yadea has approximately 800 to 900 dedicated after-sales service centers, with plans to exceed 1,000 centers this year [42]. - Aima operates 500 to 600 after-sales service centers, while Ninebot has around 150 to 180 [42]. Conclusion - The two-wheeled vehicle industry is poised for growth, with key players adjusting strategies to meet market demands and enhance profitability. The focus on higher-end products and smart features is expected to drive future sales and market share.

Core Insights - Yadea Technology Group achieved over 4 million electric two-wheeler sales in Q1 2025, marking a nearly 100% year-on-year growth, solidifying its position as the global sales leader in this sector [1] Technology Barriers - Yadea's innovative "Modern Series" has gained consumer recognition due to its aesthetic appeal and ten safety features, leading to significant demand and full truckloads for delivery [1] - The flagship "Champion Series" focuses on long battery life and smart configurations, showcasing Yadea's commitment to meeting diverse consumer needs through a comprehensive product matrix supported by substantial technological reserves [3] - Since its listing in 2016, Yadea has invested over 5.927 billion yuan in R&D, holding more than 2,000 patents, which has resulted in a technology iteration speed that surpasses the industry average [5] User-Centric Approach - A significant portion of new vehicle buyers in Q1 2025 were young consumers, prompting Yadea to engage with this demographic through collaborations with popular figures, product customization, and community operations [6] - Yadea's Net Promoter Score (NPS) stands at 48, significantly higher than the industry average of 32, indicating strong consumer loyalty and satisfaction driven by quality and service [9] Dual-Driven Strategy - Yadea has established eight smart production and research bases globally, including locations in Vietnam and Indonesia, enhancing supply chain efficiency and responsiveness to regional market demands [13] - The company boasts a robust after-sales service network with over 40,000 stores worldwide, providing timely support for battery replacements, repairs, and maintenance, which has contributed to its industry-leading service certification [15] Market Outlook - Yadea's strong performance in Q1 2025 reflects its deep understanding of consumer needs, ongoing investment in technology, and adaptability to global market changes, with analysts projecting a price-to-earnings ratio of 15-16 times and a 16% increase in sales expectations for 2025 [11][15]

Market Size - The electric two-wheeler industry is expected to experience double-digit growth in sales in 2025, with an average price increase of approximately 3% due to national subsidies [1] - Historical trends show rapid growth from 2005 to 2013, a decline from 2014 to 2019, and a recovery from 2019 to 2023, driven by increasing ownership and the introduction of the new national standard in 2019 [1] - The 2025 national subsidy policy for trade-ins is anticipated to further stimulate demand, especially in provinces with room for increased subsidy levels compared to Zhejiang, Jiangsu, and Hubei [1] Competitive Landscape - The industry is becoming increasingly concentrated, with leading brands benefiting from product definition and technological innovation [2] - Yadea has significantly increased its market share by correctly identifying consumer demand for mid-to-high-end products and expanding its sales network [2] - The first tier of brands includes Jike, Niu, and Ninebot, while the second tier includes Aima and Yadea, and the third tier includes Luyuan and New Day [2] Profitability - The industry is expected to raise prices and improve profit margins in response to the new national standard and new models, benefiting all companies [3] - Yadea and Aima, with high market shares, are likely to see greater performance improvements from enhancing profitability rather than merely increasing market size [3] - The industry is focusing on product upgrades to boost gross margins in the short term, while long-term profitability will be enhanced through channel reforms [3]