Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by strategic initiatives and market demand recovery in the electric two-wheeler industry [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 19.186 billion, a year-on-year increase of 33.1% [1] - The net profit attributable to shareholders reached 1.649 billion, reflecting a year-on-year growth of 59.5% [1] - The gross margin improved to 19.6%, up by 1.6 percentage points compared to the previous year [1] Group 2: Strategic Initiatives - The management implemented various strategies to enhance core business and market position, including prioritizing new product development and optimizing distribution networks [1] - The upcoming new national standards and the "old-for-new" policy are expected to accelerate demand for electric two-wheelers, benefiting the company's operations [1] Group 3: Product and Marketing Innovation - The company is focusing on optimizing its product structure and enhancing brand appeal through innovative designs and technology [2] - New product lines, such as the retro-modern series for female consumers and the performance-oriented Guan Neng series, have gained market recognition [2] - Marketing strategies have been adjusted to target younger consumers, including collaborations with popular IPs and leveraging digital platforms for brand engagement [2] Group 4: Profit Forecast and Valuation - The profit forecasts for 2025-2026 have been adjusted downward due to the marginal impact of the "old-for-new" policy, with expected net profits of 3 billion, 3.4 billion, and 3.7 billion for 2025, 2026, and 2027 respectively [3] - The current stock price corresponds to a PE ratio of 12, 11, and 10 for 2025-2027 [3] - Despite the adjustments, the company is expected to maintain its market share and industry leadership, leading to a "buy" rating [3]

公司研究 2025 年 8 月 29 日 风险提示：新产品推广和销量不及预期风险；市场竞争加剧风险；原材料成本上 涨较多的风险。 多举措促量质齐升，高端化布局持续推进 ——雅迪控股（1585.HK）2025 年中期业绩公告点评 要点 事件：公司发布 2025 年中期业绩公告，公司 2025 年上半年实现营业收入 191.86 亿元，同比增长 33.1%，归母净利润 16.49 亿元，同比增长 59.5%。 点评： 多举措促量质齐升，营收、净利润同比大幅增长。2025 年 H1 公司实现主营业 务收入 191.86 亿元，同比增长 33.1%。实现归母净利润 16.49 亿元，同比增长 59.5%，毛利率 19.6%，同比提升 1.6pct。2024 年电动两轮车行业整体短期承 压，2024 年底起市场需求逐步回升，管理层采取一系列战略及营运措施，包括 优先开发新产品、优化国内外分销网络、加强对生产的成本控制并提升效率，旨 在加强核心业务、巩固市场地位及推动可持续增长。2025H1 随着新国标落地临 近，部分中小厂商退出，叠加"以旧换新"政策的实施，两轮电动车换购需求加 速释放，进一步助力公司经营改善。 产品结 ...