来源：智通财经 智通财经记者 | 张蕊 三个多月前，大行科工（2543.HK）以"折叠自行车龙头"之姿登陆港交所时，创下了港股市场7558.4倍 的超购纪录。然而数月以来，市场热情迅速冷却，股价从上市之初的高点一路滑落，至今已较上市时的 高点跌去近半，近乎腰斩。这段陡峭的下跌曲线，不仅划过了价格的轨迹，也清晰地记录了市场情绪从 狂热期待到冷静审视的迅速转向。 市场关注焦点，落在了公司的产能与生产模式上。大行科工的自有工厂惠州工厂，产能利用率持续饱 和。2022、2023、2024全年及2025前4个月的产量分别为10.5万辆、9.29万辆、10.38万辆及3.47万辆，产 能利用率分别为105.5%、93%、103.9%及114.1%。 这在一定程度上可以解读为产品需求旺盛、订单饱满的积极信号。市场份额方面，灼识咨询数据显示， 按2024年折叠自行车零售量计算，大行科工在中国内地折叠自行车行业的市场份额达26.3%；按零售额 计算，大行科工的市场份额为36.5%。然而，公司自有工厂的绝对产量，在2023年与2024年并未随着高 涨的利用率而同步显著攀升，反而是在2023年出现了回调。 与此同时，由外部OEM供 ...

Core Insights - The article highlights the success of Dahan Technology (Shenzhen) Co., Ltd., which has become the largest folding bike brand in China, driven by a growing cycling trend and significant revenue growth [1][4]. Company Overview - Dahan Technology has 326 employees and sold 229,500 bicycles in 2024, generating revenue of 450 million yuan [1]. - The company has experienced a compound annual growth rate (CAGR) of 24% in revenue over the past three years [1][8]. - The average net profit per bicycle sold is 228 yuan, with a total net profit of 52.3 million yuan in 2024 [1]. Product Pricing and Market Position - 70% of Dahan's folding bikes are priced between 2,500 and 5,000 yuan, while 10% are priced above 5,000 yuan [1]. - Dahan holds a 36.5% market share in the folding bike industry in mainland China as of 2024 [8]. Production and Supply Chain - The proportion of bicycles produced by OEM suppliers increased from 29.5% in 2022 to 65.5% in the first four months of 2025 [9]. - The internal production gross margin is 34.9%, compared to 27.3% for OEM-produced bikes, leading to an average gross margin of 32.1% [10]. Sales and Distribution - Dahan collaborates with 38 distributors covering 680 retail points, with 70% of sales coming from these distributors [13]. - The company has also started selling customized folding bikes through Sam's Club [13]. Future Growth and Revenue Streams - Dahan plans to establish new production facilities in Huizhou and invest in existing facilities in Tianjin and Jiangsu to increase capacity [11]. - The company has begun exploring additional revenue streams through brand and patent technology licensing, which currently accounts for about 1.2% of total revenue [14].

Group 1 - The event "Shenzhen New Consumption Season Innovation Competition" and the first "Baoan Quality Products and Enterprises" list were launched in Baoan District, focusing on new consumption experiences and innovations [1][2] - The competition encourages shopping centers, chain brands, and platform enterprises to innovate in consumption practices, resulting in 18 outstanding cases being selected [1] - Notable selected cases include "Relax Life Festival" and "Limited Bread Community 5.0" from Baoan, as well as "Dream Island Forest" from Qianhai One Square [1] Group 2 - The first "Baoan Quality Products and Enterprises" list revealed 25 outstanding companies across five sectors: consumer goods, life services, commercial channels, wholesale and supply chain, and catering [2] - The list features global leaders like "Baoan Manufacturing" products, including folding bikes and ergonomic chairs, as well as well-known companies like SF Express and local brands like Jasmine Milk Tea [2]