本报讯(记者矫月)8月27日，绿源集团控股(开曼)有限公司(以下简称"绿源集团")披露2025年上半年业绩 公告称，公司实现营业收入30.96亿元，同比增长22.2%；实现净利润1.10亿元，同比增长66.9%。毛利 率达到13.6%，同比增长1.6个百分点。公司扎实的基本面使得其在上半年电动自行车市场复杂环境下脱 颖而出。得益于高性价比的产品、领先的研发和定制能力、健康的渠道品牌策略以及稳定的渠道资源， 公司交出了一份亮眼的成绩。 绿源集团"以技术立命、以耐用品为核心"的品牌路径，持续投资研发创新，不断夯实"液冷电机"的领先 地位。同时，针对电池耐用性痛点，公司推出数字化电池管理系统，通过低温加热、高温调控智能技 术，全方位守护电池安全，奠定"一部车骑10年"的耐用性口碑。此外，其刹车系统采用高强度陶瓷刹车 片与精密罗拉结构，寿命较普通鼓刹提升5倍，实现"安全与耐用"双升级，真正做到了跑得远、刹得 住、用得久。除电动两轮车核心系统外，公司正积极布局机器人领域关键零部件的研发。今年7月，公 司作为联合牵头单位，参与成立金华开发区机器人产业联盟。凭借其在电机系统及智能控制技术领域的 深厚技术积累，公司有望在机器 ...

"一主多元"业务组合，全域销售无死角 8月27日，绿源集团控股(2451.HK)披露2025年上半年业绩公告。公司实现营业收入30.96亿元，同比增 长22.2%；实现净利润1.10亿元，同比增长66.9%。毛利率达到13.6%，同比增长1.6个百分点。公司扎实 的基本面使得其在上半年电动自行车市场复杂环境下脱颖而出。得益于高性价比的产品、领先的研发和 定制能力、健康的渠道品牌策略以及稳定的渠道资源，公司交出了一份惊艳的成绩。 核心技术打造品质壁垒，引领行业口碑 绿源集团"以技术立命、以耐用品为核心"的品牌路径，持续投资研发创新，不断夯实 "液冷电机"的领 先地位。同时，针对电池耐用性痛点，公司推出数字化电池管理系统，通过低温加热、高温调控智能技 术，全方位守护电池安全，奠定"一部车骑10年"的耐用性口碑。此外，其刹车系统采用高强度陶瓷刹车 片与精密罗拉结构，寿命较普通鼓刹提升 5 倍，实现 "安全与耐用" 双升级，真正做到了跑得远、刹得 住、用得久。除电动两轮车核心系统外，公司正积极布局机器人领域关键零部件的研发。今年7月，公 司作为联合牵头单位，参与成立金华开发区机器人产业联盟。凭借其在电机系统及智能控制 ...

Core Insights - The core viewpoint of the news is that Green Source Group has been awarded the "Golden Award for ESG Excellence" for its "All-Scenario Light Travel Solution - Source Walker Platform" project, highlighting its significant social and commercial sustainability impact in the ESG sector [1]. Group 1: ESG Excellence and Recognition - Green Source Group received the "Golden Award for ESG Excellence" at the 2025 Mid-term Strategy Conference, recognizing its project for its industry demonstration effect and substantial social benefits [1]. - The award aims to spotlight ESG benchmark projects that drive transformative change, such as clean energy infrastructure and inclusive finance initiatives [1]. Group 2: Technological Innovation and Social Value - The company’s "All-Scenario Light Travel Solution" effectively addresses diverse user travel needs through technological innovation, promoting safety and low-carbon transitions [2]. - Customized product matrices have been developed for various scenarios, including models equipped with liquid-cooled motors and digital batteries to alleviate winter range anxiety [2]. - The high-end LYVA brand integrates AI central control technology, transforming electric vehicles into "smart health terminals" and advocating for a green lifestyle [2]. Group 3: Integrated Service Ecosystem - The "Source Walker Platform" breaks traditional hardware sales models by creating an integrated service ecosystem of "rent, exchange, sell, and repair," aligning commercial and social values [3]. - The platform operates through 13,000 smart stores nationwide, forming a "3-kilometer service circle" that offers battery leasing and on-site repair services, enhancing user engagement and market coverage [3]. - The project targets various market segments, with budget-friendly products solidifying the base and high-end brands exploring higher profit margins, while the "Source Walker" generates additional revenue through data services [3]. Group 4: Global Expansion and Strategic Success - Green Source Group is leading a green travel revolution through scenario-based innovation and ecological services, reconstructing the industry value chain [3]. - The recognition of the "All-Scenario Light Travel Solution - Source Walker Platform" project as an "ESG Excellence Project" serves as strong evidence of the company's successful strategy [3].

Core Viewpoint - The interview with Ni Jie, the founder and chairman of Luyuan Group, highlights the company's journey over 28 years, emphasizing the importance of innovation and product quality in establishing a sustainable competitive advantage in the manufacturing industry [1] Group 1: Precision Innovation - Luyuan's success is attributed to its "precise innovation" approach, addressing industry pain points and user needs, especially as the electric two-wheeler market shifts from growth to competition [2] - The "full-scenario light travel" strategy captures diverse user needs beyond commuting, including child transport, pet travel, instant delivery, and short-distance leisure [2] - Innovations such as liquid-cooled motors with a ten-year warranty and ceramic brakes with a three-year warranty significantly enhance product durability and safety [2][4] Group 2: Quality and Responsibility - Luyuan's commitment to "safety and durability" reflects a belief in quality and a sense of responsibility that transcends commercial interests, even amidst competitive pressures [5] - The ten-year commitment on liquid-cooled motors not only protects consumer rights but also reduces carbon emissions by extending product lifespan, aligning with green development principles [5] - The company's ethical stance and responsibility are seen as foundational to gaining market respect and achieving international recognition for Chinese manufacturing [5] Group 3: Diverse Scene Layout - Luyuan's strategic vision includes a comprehensive coverage of light travel scenarios and a global layout, addressing various user needs through products like electric bicycles and leisure tricycles [6] - The company's proactive approach to "going global" aligns with China's Belt and Road Initiative, focusing on emerging markets in Asia and Africa, and promoting collaborative industrial development [8] Group 4: High-Quality Development - Luyuan's 28-year history exemplifies a long-term perspective that prioritizes sustainable development over short-term profits, advocating for a development path based on technological innovation and user needs [9] - The company's focus on quality, responsibility, and innovation positions it well to navigate industry fluctuations and explore advanced fields like AI robotics and vehicle networking [9] - Luyuan's story serves as a model for high-quality development in Chinese manufacturing, emphasizing the need for determination, wisdom, and a broad perspective to solve real problems and maintain quality [9]

Investment Rating - The report assigns a "Buy" rating to Luyuan Group Holdings (2451.HK) with a target price of HKD 13.41, indicating a potential upside of 61.2% from the current price of HKD 7.99 [2][4]. Core Insights - Luyuan Group is a pioneer in the electric two-wheeler industry, focusing on technological innovation and industry transformation since its establishment in 1997. The company has introduced significant technologies such as liquid-cooled motors and digital battery systems, enhancing product durability and range [4][7]. - The transition to new national standards is expected to stimulate demand for electric two-wheelers, with a projected recovery in sales starting in 2025 due to government incentives for trade-ins [4][25]. - The company is strategically repositioning itself as a leader in "all-scenario light mobility solutions," aiming to transform from a traditional manufacturer to a mobility service provider, with a focus on high-end markets and an integrated service ecosystem [4][12]. Financial Summary - Revenue projections for Luyuan Group are as follows: - 2024: CNY 50.72 billion (YoY -0.22%) - 2025: CNY 60.2 billion (YoY +18.69%) - 2026: CNY 73.2 billion (YoY +21.59%) - 2027: CNY 88.5 billion (YoY +20.90%) - Net profit forecasts are: - 2024: CNY 1.16 billion (YoY -20.29%) - 2025: CNY 1.75 billion (YoY +50.86%) - 2026: CNY 3.23 billion (YoY +84.57%) - 2027: CNY 4.58 billion (YoY +41.80%) - The report indicates a significant improvement in earnings per share (EPS) from CNY 0.29 in 2024 to CNY 1.07 in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 25.72 to 6.68 over the same period [3][4][19]. Industry Overview - The electric two-wheeler market in China is projected to experience a compound annual growth rate (CAGR) of 6.32% from 2019 to 2024, despite a decline in 2024 due to weak consumer demand and industry adjustments [4][25]. - The market is characterized by a shift from price competition to quality competition, with leading brands focusing on technological advancements and differentiated offerings to enhance product value [31][34]. - The introduction of new national standards in 2024 is expected to further elevate product quality and safety, driving the industry towards higher standards and compliance [40][41]. Technological Advancements - Luyuan Group has developed core technologies such as liquid-cooled motors and digital battery systems, which significantly improve product performance and longevity, addressing key industry challenges [47][48]. - The company is also enhancing its smart technology offerings, integrating features like real-time monitoring and AI-driven maintenance to improve user experience and safety [51][52]. Strategic Initiatives - The launch of the LYVA brand marks Luyuan's entry into the high-end market, with a focus on premium electric two-wheelers designed for various high-end scenarios [61]. - The company is expanding its production capacity with new manufacturing bases, aiming to meet future demand and enhance market share [53]. Sales and Distribution - Luyuan has established a comprehensive sales network with over 12,800 retail stores across China, supported by a robust online sales strategy that integrates e-commerce with traditional retail [54][57].

Investment Rating - The report assigns a "Buy" rating to Luyuan Group Holdings (2451.HK) with a target price of HKD 13.41, indicating a potential upside of 61.2% from the current price of HKD 7.99 [2][4]. Core Insights - Luyuan Group is a pioneer in the electric two-wheeler industry, leveraging technological innovation to lead market development. The company has introduced significant advancements such as liquid-cooled motors and digital battery technology, enhancing product durability and range [4][7]. - The transition to new national standards is expected to stimulate demand for electric two-wheelers, with a projected recovery in sales starting in 2025 due to government incentives for trade-ins [4][25]. - The company's strategic shift towards high-end markets and the establishment of a comprehensive mobility ecosystem is anticipated to drive growth and improve profitability [4][61]. Financial Summary - Revenue projections for Luyuan Group are as follows: - 2024: CNY 50.72 billion (YoY -0.22%) - 2025: CNY 60.2 billion (YoY +18.69%) - 2026: CNY 73.2 billion (YoY +21.59%) - 2027: CNY 88.5 billion (YoY +20.90%) [3][4] - Net profit forecasts are: - 2024: CNY 1.16 billion (YoY -20.29%) - 2025: CNY 1.75 billion (YoY +50.86%) - 2026: CNY 3.23 billion (YoY +84.57%) - 2027: CNY 4.58 billion (YoY +41.80%) [3][4]. Industry Overview - The electric two-wheeler market in China is projected to experience a compound annual growth rate (CAGR) of 6.32% from 2019 to 2024, despite a decline in 2024 due to weak consumer demand and industry adjustments [4][25]. - The market is characterized by a significant shift from price competition to quality competition, with leading brands focusing on technological advancements and product differentiation [31][34]. - The introduction of new national standards in 2025 is expected to enhance product quality and safety, further driving the industry's evolution [40][41].

Core Viewpoint - The Chinese electric two-wheeler industry is rapidly transitioning to a technology-driven sector, with eBikes emerging as a significant growth engine in the global market. The company, Luyuan Group Holdings, has strategically positioned itself in the high-end market by launching the LYVA brand, which focuses on the diverse needs of urban middle-class consumers and creates an AI-driven smart mobility ecosystem that integrates commuting, sports, and leisure [1][7]. Group 1 - Luyuan Group has been recognized for its technological innovation, winning the China Light Industry Federation Science and Technology Progress Award for its "mid-mounted power system sports fitness electric bicycle," highlighting its leadership in the electric bicycle industry [3][5]. - The company has received the China Light Industry Federation Science and Technology Award five times, reinforcing its growth logic driven by research and development, focusing on core technology rather than superficial design improvements [5]. - Innovations such as liquid-cooled motors and digital battery maintenance technology have been developed to address fundamental technical challenges, providing Luyuan with a significant competitive advantage in a homogenized market [5][6]. Group 2 - The newly awarded "mid-mounted power system sports fitness electric bicycle" addresses several issues associated with traditional mid-mounted motors, such as high-temperature performance degradation and short lifespan, by implementing a dual-chamber independent liquid cooling structure [6]. - The global eBike market is projected to reach $50.14 billion in 2024 and $148.07 billion by 2032, with a compound annual growth rate of 14.6%, indicating a lucrative opportunity for Luyuan's LYVA brand to capture a second growth curve [7]. - Despite facing market demand challenges and intensified competition, Luyuan has achieved steady growth through technological empowerment, product optimization, and supply chain management, positioning itself as a differentiated player in the market [8].