9月9日，大行科工（深圳）股份有限公司正式在香港交易所主板上市。图为该公司董事长兼总经理韩德玮 （右）出席上市仪式。深圳特区报记者 温涛 摄 9月27日，在大行科工公司总部，韩德玮接受了深圳特区报记者专访，虽然已过耄耋之年，他依旧精力充沛、 思维敏捷。"物理博士""车库研发""赴台建厂""深圳创业""香港上市"一个个令人印象深刻的标签跨越整个太平 洋，记录着韩德玮求学及创业的轨迹。 韩德玮的办公室里放着一个透明玻璃展示柜，里面存放着大行品牌的初代折叠自行车"老貂"，银色铝合金车 身铮亮如初。"我用了40多年时间做折叠自行车，希望用轻便好用的技术设计，进一步推动绿色出行与低碳交 通发展。"他有感而发告诉记者。 车库里研发"折叠"技术 从事科研工作、成为一名科学家，曾是韩德玮最初的梦想。早在上世纪60年代，学习成绩优异的韩德玮就从 香港赴美攻读高等教育课程，并于1973年获得美国南加利福尼亚大学授予的物理学博士学位。 毕业后，韩德玮先后加入加利福尼亚州立大学、南加利福尼亚大学，担任物理学教职工作4年时间。后来，他 走出高校，入职美国一家重点科研院所，专门从事高能激光研究。 9月9日，港交所上市大厅传出响亮的开市锣 ...

Core Viewpoint - The rise of cycling culture in China has significantly boosted the market for folding bicycles, particularly for the Dahon brand, which is often referred to as a "Brompton alternative" due to its affordability compared to the high-priced Brompton models [2][3]. Group 1: Market Growth and Trends - The cycling boom has propelled companies like Dahon onto a fast track, with Dahon's revenue projected to double from 254 million yuan in 2022 to 451 million yuan in 2024, driven by the expanding mid-to-high-end folding bicycle market [4]. - The global folding bicycle market is expected to recover to 3.7 million units in 2024, surpassing the peak of 3.1 million units in 2021, after a decline in 2022 and 2023 [4][5]. Group 2: Target Market and Consumer Behavior - Dahon focuses on the niche market of folding bicycles, which accounted for approximately 5.3% of the global bicycle market in 2024, with China representing 22% of the global folding bicycle retail volume [5]. - The primary target demographic for Dahon includes commuting office workers, with plans to expand into leisure cycling and other segments to capture a broader market [5][6]. Group 3: Product Positioning and Pricing Strategy - Dahon has shifted its product offerings from budget to mid-range bicycles, with mid-range models (priced between 2,500 and 5,000 yuan) increasing their revenue contribution from 50.6% in 2022 to 69.5% in 2024 [8]. - The average selling price of Dahon's folding bicycles rose from 1,593 yuan in 2022 to 1,927 yuan in 2024, reflecting a consumer preference for higher-end and innovative products [8]. Group 4: Online Sales Growth - Dahon has significantly increased its online sales, with direct online revenue growing from 14.14 million yuan in 2022 to approximately 100 million yuan in 2024, representing a compound annual growth rate of over 166% [10]. - The proportion of online direct sales in total revenue surged from 2% in 2022 to 35.4% in 2024, indicating a shift in consumer purchasing behavior towards e-commerce platforms [10]. Group 5: Inventory Risks - The cycling industry faces inventory challenges, with several brands experiencing excess stock due to a surge in bicycle shops during the cycling boom, leading to potential financial impacts if inventory is not managed effectively [11].

Core Viewpoint - The cycling industry, particularly the folding bicycle segment, is experiencing significant growth driven by increasing consumer interest and market trends, as evidenced by the recent IPO of Dahon Technology (Shenzhen) Co., Ltd. [1][2] Group 1: Company Overview - Dahon brand was founded in 1982 by David Hon in California, and the company has expanded its operations in China since 2001 [2] - Dahon Technology reported a revenue of 254 million yuan in 2022, with projections to double to 451 million yuan by 2024, driven by the expanding mid-to-high-end folding bicycle market in China [2] - The company has transitioned from a focus on low-end models to a significant increase in mid-range and high-end bicycle sales, with high-end models contributing approximately 10% of revenue [6] Group 2: Market Trends - The global folding bicycle market is projected to recover to 3.7 million units in 2024, surpassing the peak of 3.1 million units in 2021 [2] - In China, folding bicycles account for 22% of the global market, with urban commuters being the primary target demographic for Dahon [3] - The average selling price of Dahon's folding bicycles has increased from 1,593 yuan in 2022 to 1,927 yuan in 2024, reflecting a shift in consumer preference towards higher-end products [6] Group 3: Consumer Behavior - Consumers are increasingly willing to spend more on cycling, with mid-range bicycles (2,500 to 5,000 yuan) rising from 50.6% of revenue in 2022 to 69.5% in 2024 [6] - The company is targeting not only urban commuters but also recreational cyclists, as evidenced by the introduction of new models designed for speed and versatility [5] Group 4: Sales Channels - Dahon has significantly increased its online sales, with direct online sales revenue growing from 14.1 million yuan in 2022 to approximately 100 million yuan in 2024, representing a compound annual growth rate of over 166% [8] - Online sales accounted for 35.4% of total revenue in 2024, up from 2% in 2022, indicating a shift in consumer purchasing behavior [8]

Core Viewpoint - The listing plan of Shenzhen Dahon Technology Co., Ltd. is attracting attention as it aims to become the "first stock of Chinese folding bicycles," but faces challenges such as reliance on OEM production, market contraction, and industry competition [1][4][12]. Group 1: Company Background and Development - Founded by Dr. Han Dewei in 1975, Dahon's first folding bicycle was launched in 1982, achieving sales of 6,000 units in its first year in Taiwan [1][3]. - Dahon has evolved into an industry leader with over 70 models covering all price segments, launching 12 new products annually, with 6 becoming bestsellers [4][12]. - The company has a market share of 36.5% in the domestic folding bicycle retail market, but faces competition from both high-end brands and low-cost e-commerce products [12]. Group 2: Financial Performance - Dahon's revenue compound annual growth rate (CAGR) from 2022 to 2024 is projected at 33.1%, with a 46.8% year-on-year revenue growth in the first four months of 2025 [4]. - The net profit surged by 69.3% during the same period, indicating strong financial performance [4]. - However, the company has seen a significant increase in outsourcing, with the proportion of bicycles produced by OEM rising from 29.5% in 2022 to 65.5% in early 2025, leading to increased costs and quality control issues [7][10]. Group 3: Market Challenges and Strategic Initiatives - Dahon's product structure shows an over-reliance on mid-range products, which account for over 60% of revenue, posing risks if market conditions change [7]. - The company plans to raise approximately HKD 1.5 billion through its IPO to fund electric transformation, overseas factory establishment, and digital upgrades, aiming to increase electric product revenue from 8% to 30% within two years [12]. - The competitive landscape is intensifying, with both domestic and international brands entering the electric bicycle market, raising concerns about Dahon's ability to maintain growth and market share [12][13].

Core Viewpoint - Dahon Technology (Shenzhen) Co., Ltd. is set to become the first publicly listed folding bicycle company in China, having submitted its IPO application to the Hong Kong Stock Exchange and received approval from the China Securities Regulatory Commission [2][3]. Company Overview - Dahon, founded by Dr. David Hon in California in 1982, has become a leading player in the folding bicycle market, with a market share of 26.3% in retail volume and 36.5% in retail value in mainland China as of 2024 [2][4]. - The company has achieved significant sales growth, with projected sales volumes of 149,000 units in 2022, 156,900 units in 2023, and 229,500 units in 2024, alongside revenue growth from 254 million RMB in 2022 to 450 million RMB in 2024 [5][6]. Market Position - Dahon holds a 6.2% share of the global folding bicycle market, ranking first with projected sales of 226,400 units in 2024 [4][5]. - The company has expanded its product range to over 70 models, focusing on mid-range bicycles priced between 2,500 and 5,000 RMB, which accounted for 62.83% of total sales in 2024 [7]. Financial Performance - Dahon's revenue for 2022-2024 is expected to grow from 254 million RMB to 450 million RMB, with net profits increasing from 31.4 million RMB to 52.3 million RMB [5][6]. - In the first four months of 2023, the company reported a 46.5% increase in sales volume and a 46.91% increase in revenue compared to the previous year [7]. Industry Trends - The folding bicycle market is projected to grow at a compound annual growth rate (CAGR) of 7.3% from 2024 to 2029, with an expected market size of 5.2 million units by 2029 [8]. - Dahon plans to expand its presence in Southeast Asia, the U.S., and Europe, currently selling products in 28 countries and regions [8]. Competitive Landscape - The folding bicycle market is witnessing increased competition from both domestic and international brands, with companies like Xilinx Health and Jiuzhi Co. entering the market [10]. - Despite challenges faced by high-end international brands, the demand for affordable and technologically advanced domestic brands presents opportunities for growth [9]. Future Outlook - Dahon aims to enhance its R&D capabilities and product offerings, focusing on electric assist bicycles and other categories to meet diverse consumer needs [11]. - The company is addressing production capacity challenges by planning to establish a new facility in Huizhou, which is expected to have an annual capacity of approximately 200,000 units [11].

Core Viewpoint - The article discusses the rise of Dahon Technology Co., Ltd. (大行科工) as a leading player in the global folding bicycle market, highlighting its upcoming IPO and the challenges it faces, including management aging, reliance on distributors, and increasing inventory levels [1][26]. Company Overview - Dahon Technology, founded by 83-year-old Han Dewei, is a prominent manufacturer of folding bicycles, with a significant market share in both China and globally [2][6]. - The company plans to go public after submitting its updated IPO prospectus in July 2023, following an initial submission in January that became invalid [1][6]. Market Position - By 2024, Dahon is projected to hold a 6.2% share of the global folding bicycle market, ranking second after the UK brand BROMPTON, which has a higher average retail price of 18,000 RMB per unit compared to Dahon's 3,000 RMB [6][7]. - In China, Dahon leads the market with a 36.5% share in retail revenue, amounting to approximately 639 million RMB [7][10]. Financial Performance - Dahon's revenue has shown consistent growth, with figures of 254.2 million RMB in 2022, 300.2 million RMB in 2023, and projected 450.7 million RMB in 2024 [12][13]. - Net profits also increased from 31.4 million RMB in 2022 to 52.3 million RMB in 2024 [12][13]. Sales Channels - Over 60% of Dahon's revenue comes from sales to distributors, indicating a heavy reliance on this channel [15][19]. - The company is attempting to increase its direct sales, with online sales growing from 5.6% in 2022 to 22.2% in 2024, while offline direct sales have decreased [19][15]. Production and Supply Chain - Dahon faces challenges with over 60% of its products being produced by OEM suppliers, which has led to rising production costs [21][22]. - The company has seen a significant increase in inventory, with levels rising from 57.7 million RMB in 2022 to 150 million RMB by May 2025, indicating potential production and sales imbalances [24][26]. Management and Governance - The average age of Dahon's management team exceeds 61 years, raising concerns about strategic continuity [10][26]. - The company has distributed substantial dividends in recent years while also facing issues with unpaid employee social security contributions [10][26].