无锡电动两轮车老板，生意迅猛反弹。 1月6日，雅迪控股发布盈喜公告，预期2025年全年纯利，至少将达29亿元，较上年12.7亿元大幅提升。 "电动两轮车销售增加及优化产品结构所致。"董事长董经贵透露。 他打了一场翻身仗。 2024年，由于销量下滑，存货销价降低，雅迪利润腰斩；过了一年，形势翻转，又创利润高点。 董经贵刚好赶上政策暖风，以旧换新、新国标落地以及"白名单"政策，均给两轮车头部企业带来利好。 单单1-6月，雅迪电动踏板车、电动自行车销量，合计达879.35万台，较上年同期多卖约240万辆，主营 业务收入达到191.86亿元，飙升约33.1%。 董氏顺势采取年轻化策略，起到助推作用。 2025年以来，雅迪推出专为女骑手而设的摩登系列，强调复古及轻奢外观；加推以机械人为灵感的冠能 T35型号，以吸引追求时尚设计及性能导向的年轻骑手。这些均成为畅销品。 2024年底，董经贵还启用王鹤棣为品牌大使，延续至今。官方评价，"在提升品牌知名度及参与度方面 发挥重要作用"。 处在顺风周期，董也刚经历一场风波。其"毛豆"系列的新国标车型，出现"不能带小孩""缺乏储物空 间"等评价。 "不同版本的上市节奏，缺乏有效衔接 ...

财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 在全球布局与市场表现上，雅迪已实现业务覆盖100个国家和地区，布局全球十大智能产研基地，终端门店超40000家，全球累计用户逾1亿，连续八年蝉联 全球电动两轮车销量第一。2025年推出的摩登系列凭借精准的女性市场定位和"新奢复古美学"设计，全网曝光突破12亿次，创下行业新品传播峰值，成为现 象级单品，进一步印证了其品牌影响力与市场号召力。 未来，雅迪将持续以尖端科技领跑行业，深化全球布局，升级服务体系，以更具竞争力的品牌实力推动绿色科技出行产业发展，为全球用户创造更舒适的出 行体验，助力中国品牌在全球舞台绽放更大光彩。 金融界"金智奖"已连续举办十四届，本次评选紧密契合"十五五"规划建议中"提升上市公司质量"的要求，将企业高质量发展内核拆解为社会责任、实业贡 献、投资回报、成长前景、创新效率、杰出品牌六大核心维度，以企业财务数据和公开信息为基础建立量化分析模型，覆盖A股、港股及中概股超8000家企 业，经过量化评审、网络投票、专家评审等多轮严谨筛选，最终评选出近200家获奖企业，旨在树立行业高质量发展标杆，推动资本要素向优质企业集聚。 雅迪控股此次 ...

截至目前，雅迪全球累计用户逾 1 亿，终端门店数量高达 40000 多家，渠道覆盖率居行业首 位，是全球两轮电动车行业第一品牌。今年以来，公司继续展现出强劲的增长势头：上半年， 雅迪控股（ 1585.HK ） 营收达 191.86 亿元，同比增长 33.1% ；股东应占利润 16.49 亿 元，同比大幅增长 59.5% 。更关键的是，毛利率从去年同期的 18.0% 提升至 19.6% ，反 映出产品结构优化与经营效率的改善。 业内分析认为，随着摩登和冠能系列等 "爆款"产品占比提升，预计雅迪毛利率仍有提升空 间。新国标落地加速行业洗牌，雅迪正在完成从"规模之王"到实现"全面领先"的蜕变，电动 出行的资本叙事正在被重构。 合规先行+爆品破界：新国标下全场景矩阵构建增长确定性 新国标的全面实施，正将中国两轮电动车行业推入深度转型期，新国标不再是纸面条文，而是 重塑产业格局的刚性约束。它划出安全底线，也倒逼技术创新；它清退落后产能，也为优质供 给打开空间。据公开数据显示，全国电动自行车市场保有量已达 4 亿辆，其中大量车辆正处 于过渡期尾声，亟待合规替换。 在此背景下，雅迪 2026 年全球「新」新零售与「新」消费 ...

在12月1日新新国标正式落地后，电动两轮车行业随即开始进行标准切换，一场涉及上亿用户、牵动千亿市场的出行变革正悄然展开。 12月10日，无锡国际会议中心，雅迪2026全球「新」新零售与「新」消费融合峰会启幕。这场以"智启新零售•重塑新增长"为主题的行业盛会，汇聚超6000 位全球运营商代表、行业专家与企业高层，共同探讨新时代下的转型路径。但它的真正意义，远不止于一次品牌战略发布——这是一次面向未来十年的产品 哲学宣示：当粗放扩张的时代结束，中国电动车的竞争，已然迈入"精耕时代"。 政策锚定与需求变革：雅迪的产品生态战略抉择 当前，中国电动车行业正经历一场关乎长远发展的深层变革，政策导向与市场需求的双重变化，共同定义了行业的转型方向。 从政策维度看，新新国标的全面落地重塑了行业发展底层逻辑。合规化不再是可选项，而是企业生存与发展的前提。如何在满足政策要求的基础上，兼顾产 品的安全性、便捷性与智能化体验，实现合规与品质的协同升级，成为所有品牌必须回应的时代命题。 针对高频次、高强度的专业用车场景，雅迪在2026全球新新零售峰会推出"钛酷"系列及首款车型锐影Ultra，以极致性能构建差异化竞争优势。该系列以"钛 酷 ...

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]

Core Insights - The company reported a revenue of 19.186 billion yuan for the first half of 2025, representing a year-on-year growth of 33.1% [1] - The net profit attributable to shareholders reached 1.649 billion yuan, marking a year-on-year increase of 59.5% [1] Financial Performance - Gross margin improved to 19.6%, an increase of 1.6 percentage points year-on-year, attributed to the expansion and optimization of the product mix [1] - Selling expense ratio was 4.3%, up by 0.1 percentage points year-on-year; management expense ratio was 2.8%, down by 0.1 percentage points; R&D expense ratio was 3.3%, down by 0.2 percentage points [1] Sales and Market Position - The company sold 8.7935 million electric scooters and bicycles in the first half of 2025, a significant year-on-year increase of 37.8% [1] - The company continues to innovate and expand its product offerings, including the launch of the "Modern Series" for female users and the "Crown T35" model for younger consumers [1] Investment Outlook - The company is projected to achieve net profits attributable to shareholders of 3.057 billion, 3.535 billion, and 3.844 billion yuan for 2025-2027, with corresponding PE ratios of 12.76, 11.03, and 10.15 times [1] - The investment rating is maintained at "Buy" [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 19.186 billion yuan in the first half of 2025, representing a year-on-year growth of 33.1%, and a net profit attributable to shareholders of 1.649 billion yuan, up 59.5% year-on-year [7] - The gross margin improved to 19.6%, an increase of 1.6 percentage points year-on-year, attributed to the expansion and optimization of the product mix [7] - The company achieved significant sales growth, with electric scooter and bicycle sales reaching 8.7935 million units, a 37.8% increase year-on-year, supported by continuous product development and an optimized distribution network [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 3.057 billion, 3.535 billion, and 3.844 billion yuan respectively, with corresponding PE ratios of 12.76, 11.03, and 10.15 [7] Financial Performance Summary - Revenue projections for the company are as follows: 34.763 billion yuan in 2023, 28.236 billion yuan in 2024, 36.865 billion yuan in 2025, 43.694 billion yuan in 2026, and 48.321 billion yuan in 2027, with a revenue growth rate of 11.92% in 2023, -18.77% in 2024, and 30.56% in 2025 [6] - The net profit attributable to shareholders is projected to be 2.640 billion yuan in 2023, 1.272 billion yuan in 2024, 3.057 billion yuan in 2025, 3.535 billion yuan in 2026, and 3.844 billion yuan in 2027, with a net profit growth rate of 22.17% in 2023, -51.81% in 2024, and 140.25% in 2025 [6] - The company’s earnings per share (EPS) are expected to be 0.89 yuan in 2023, 0.42 yuan in 2024, 0.98 yuan in 2025, 1.14 yuan in 2026, and 1.23 yuan in 2027 [6]

Core Viewpoint - The company reported strong performance in 1H25, with significant growth in revenue and net profit, driven by increased sales volume and improved product mix [1][2]. Financial Performance - In 1H25, the company achieved operating revenue of 19.19 billion yuan, a year-on-year increase of 33.1%, and a net profit attributable to shareholders of 1.65 billion yuan, up 59.5% year-on-year [1]. - The gross margin for 1H25 was 19.6%, an increase of 1.6 percentage points year-on-year and 7.4 percentage points quarter-on-quarter, attributed to improved product mix and increased self-supply of batteries [2]. - The net profit margin for 1H25 was 8.6%, up 1.4 percentage points year-on-year, with a single-vehicle net profit of 188 yuan, setting a new high [2]. Sales and Production Trends - The company sold 8.794 million vehicles in 1H25, a year-on-year increase of 37.8%, with electric scooters and bicycles showing strong sales growth [1]. - The company expects to maintain rapid growth in shipments in Q3, driven by strong terminal sales demand from September to November [3]. Product and Market Strategy - The company is focusing on high-quality growth, with plans to enhance its high-end product series and expand into commercial markets [3]. - The company is also working on integrating its supply chain and launching competitive self-developed lead-acid batteries, which could contribute to incremental performance in the aftermarket [3]. Profit Forecast and Valuation - The company has raised its net profit forecasts for 2025 and 2026 by 12% to 3 billion yuan and 3.5 billion yuan, respectively [3]. - The current stock price corresponds to a P/E ratio of 12x for 2025 and 10x for 2026, with a target price of 18 HKD, indicating a potential upside of 40.4% [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].

Core Viewpoint - Company Yadea Holdings (01585) has improved its product structure and implemented cost-reduction measures, leading to an upward revision of net profit forecasts for 2025 and 2026 by 12% to 3 billion and 3.5 billion yuan respectively, with a current stock price corresponding to 12x/10x P/E for 2025/2026 [1] Group 1: Sales Performance - In the first half of 2025, company sales reached 8.794 million units, a year-on-year increase of 37.8%, driven by low base effects and trade-in incentives, with strong market feedback for models like the Modern series, Crown T35, and White Shark series [2] - Electric scooter sales were 2.128 million units, up 12% year-on-year, while electric bicycle sales reached 6.666 million units, up 49% year-on-year [2] - The company sold 9.384 million battery units, reflecting a year-on-year increase of 40%, with an average revenue per vehicle of 2,182 yuan, up 99 yuan sequentially [2] Group 2: Profitability Metrics - The gross margin for the first half of 2025 was 19.6%, an increase of 1.6 percentage points year-on-year and 7.4 percentage points sequentially, attributed to improved product structure and increased self-supply of batteries [3] - The net profit margin was 8.6%, up 1.4 percentage points year-on-year, with a record high net profit per vehicle of 188 yuan, and 150 yuan when excluding other income [3] Group 3: Growth Outlook - The company anticipates strong sales growth in the third quarter, supported by the cessation of production of old national standard models, which will meet terminal sales demand from September to November [4] - The company is focusing on high-quality growth through product innovation and market expansion, with plans to launch high-end brands and enhance its commercial market presence [4] - The company is also expanding its overseas marketing, service, and financial systems, which is expected to open up growth opportunities in the medium to long term [4]