10月9日晚，涛涛车业发布三季度业绩预告，预计今年前三季度归母净利润为5.8亿元-6.2亿元，同比实 现大幅增长。 加快全球化战略布局 根据涛涛车业半年报，今年上半年，公司超九成的营收来自海外市场。公司聚焦"中国+东南亚+北 美"三地产能布局，通过区域协同与供应链垂直整合，构建全球化制造体系。 对于业绩的变动，涛涛车业表示："报告期内，公司加快海外产能建设，严格把控费用支出，深化品牌 营销策略，不断拓展销售渠道，进一步提高经营效率，实现了营业收入和利润的持续增长。" 根据2025年半年报，涛涛车业是一家专注于"新能源智能出行"的高新技术企业，立足国际视野，致力于 为全球消费者提供"无限户外驾乘体验"，产品聚焦智能电动低速车和特种车。 其中，智能电动低速车以道路用车为主，包括电动高尔夫球车、电动自行车、电动滑板车和电动平衡车 等新能源智能系列产品；特种车以非道路用车为主，涵盖全地形车和越野摩托车等燃油类产品。公司产 品主要用于休闲运动、智能出行、特种作业等方面，适合各年龄段和多场景使用，满足单人、双人、多 人及整个家庭等需求，应用范围十分广泛。 今年上半年，涛涛车业实现营业收入17.13亿元，同比增长23.19 ...

● 本报记者李嫒嫒 其中，智能电动低速车以道路用车为主，包括电动高尔夫球车、电动自行车、电动滑板车和电动平衡车 等新能源智能系列产品；特种车以非道路用车为主，涵盖全地形车和越野摩托车等燃油类产品。公司产 品主要用于休闲运动、智能出行、特种作业等方面，适合各年龄段和多场景使用，满足单人、双人、多 人及整个家庭等需求，应用范围十分广泛。 今年上半年，涛涛车业实现营业收入17.13亿元，同比增长23.19%。其中，智能电动低速车销售收入为 11.52亿元，同比增长30.65%；特种车销售收入为4.90亿元，同比增长8.22%，整体业务发展呈持续增长 的态势。 中国证券报记者从涛涛车业获悉，公司在持续做好主业，保持智能电动低速车和特种车核心业务持续发 展的同时，积极拥抱智能化浪潮，战略布局人形机器人、无人驾驶技术等前沿领域，将新兴领域研发成 果系统性融入核心产品，反哺主营业务发展，推动全线产品智能化升级，不断培育新的业务增长点。 加快全球化战略布局 根据涛涛车业半年报，今年上半年，公司超九成的营收来自海外市场。公司聚焦"中国+东南亚+北 美"三地产能布局，通过区域协同与供应链垂直整合，构建全球化制造体系。 10月9日 ...

根据2025年半年报，涛涛车业是一家专注于"新能源智能出行"的高新技术企业，立足国际视野，致力于 为全球消费者提供"无限户外驾乘体验"，产品聚焦智能电动低速车和特种车。 经营数据向好 涛涛车业公告显示，预计今年前三季度归母净利润为5.8亿元-6.2亿元，同比增长92.46%-105.73%；扣非 后净利润为5.75亿元-6.15亿元，同比增长94.97%-108.54%。 对于业绩的变动，涛涛车业表示："报告期内，公司加快海外产能建设，严格把控费用支出，深化品牌 营销策略，不断拓展销售渠道，进一步提高经营效率，实现了营业收入和利润的持续增长。" ● 本报记者 李嫒嫒 10月9日晚，涛涛车业发布三季度业绩预告，预计今年前三季度归母净利润为5.8亿元-6.2亿元，同比实 现大幅增长。 与此同时，为进一步扩大公司全球化战略布局、提升全球影响力与品牌形象、推动公司业务长期稳健发 展，涛涛车业正筹划发行H股并在香港联交所主板挂牌上市事宜。 同时，涛涛车业的海外产能建设持续提速。北美本土化制造加速落地，今年上半年，美国工厂全力推进 电动高尔夫球车组装生产，通过人员有效组织与工序节拍优化，产线日均产能实现稳步增长，为满足北 ...

Company Overview - TaoTao Automotive Co., Ltd. is located in Lishui City, Zhejiang Province, and was established on September 24, 2015. The company went public on March 21, 2023. Its main business focuses on the research, production, and sales of electric low-speed vehicles and related accessories, catering to outdoor leisure and short-distance transportation needs [1][2]. Financial Performance - For the first half of 2025, TaoTao Automotive achieved a revenue of 1.713 billion yuan, representing a year-on-year growth of 23.19%. The net profit attributable to the parent company was 342 million yuan, showing a significant increase of 88.04% compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 708 million yuan in dividends [3]. Stock Performance - As of September 25, the stock price of TaoTao Automotive was 213.59 yuan per share, with a market capitalization of 23.292 billion yuan. The stock has increased by 241.17% year-to-date, but has seen a decline of 11.38% over the last five trading days [1]. - The stock's trading volume on September 25 was 38.6294 million yuan, with a turnover rate of 0.62% [1]. Shareholder Information - As of September 19, the number of shareholders increased to 9,218, a rise of 20.25%. The average number of circulating shares per person decreased by 16.84% to 3,152 shares [2]. - Among the top ten circulating shareholders as of June 30, 2025, the "Rongtong China Wind No. 1 Flexible Allocation Mixed A/B" fund was the seventh largest shareholder, holding 463,800 shares as a new entrant. The "Hong Kong Central Clearing Limited" was the ninth largest, holding 416,300 shares, a decrease of 292,800 shares from the previous period [3].

Core Viewpoint - Taotao Automotive, though relatively unknown in the automotive industry, has achieved significant success in overseas markets due to its unique business model, with overseas revenue accounting for 96.5% in the first half of 2023 [3][4]. Group 1: Company Overview - Taotao Automotive was founded by Cao Matao, who established the company in 2015 to focus on new energy smart mobility, moving away from the diversified business of its predecessor, Taotao Group [4]. - The company specializes in smart electric low-speed vehicles and specialty vehicles, targeting overseas markets, particularly the United States, which accounted for 78.11% of its total revenue in the first half of 2025 [4][5]. Group 2: Financial Performance - In the first half of 2025, Taotao Automotive reported a revenue of 1.713 billion yuan, a year-on-year increase of 23.19%, and a net profit of 342 million yuan, up 88.04% [6]. - The sales revenue from smart electric low-speed vehicles reached 1.152 billion yuan, growing by 30.65%, while specialty vehicle sales were 490 million yuan, increasing by 8.22% [6]. Group 3: Global Strategy and Market Position - The company is planning to apply for an IPO in Hong Kong to enhance its international brand influence and financing capabilities, aiming for a dual financing platform with "A+H" shares [3][6]. - Taotao Automotive has established production bases in the U.S., Vietnam, and Thailand, with a focus on localizing production to strengthen its "North American manufacturing+" strategy [5]. Group 4: Market Risks and Adaptation - The company faces risks due to its high dependency on the U.S. market, which has increased from 61.30% in 2022 to 78% in the first half of 2025 [7][8]. - To mitigate risks from U.S.-China trade tensions, Taotao Automotive is accelerating local production in North America and expanding capacity in Southeast Asia to avoid tariff barriers [7][8]. Group 5: Future Prospects - Taotao Automotive is exploring new business opportunities in AI and robotics, having formed strategic partnerships with companies like Kepler Robotics and Yushu Technology [8].

Core Insights - TaoTao Automotive's stock price increased by 2.05% on September 24, reaching 222.45 CNY per share, with a market capitalization of 24.258 billion CNY [1] - The company has seen a significant stock price increase of 255.32% year-to-date, with a 75.30% increase over the past 60 days [1] - For the first half of 2025, the company reported a revenue of 1.713 billion CNY, representing a year-on-year growth of 23.19%, and a net profit of 342 million CNY, up 88.04% year-on-year [2] Financial Performance - As of September 19, the number of shareholders increased by 20.25% to 9,218, while the average circulating shares per person decreased by 16.84% to 3,152 shares [2] - Since its A-share listing, the company has distributed a total of 708 million CNY in dividends [3] Shareholder Composition - As of June 30, 2025, the seventh largest circulating shareholder is Rongtong China Wind No. 1 Flexible Allocation Mixed A/B, holding 463,800 shares as a new shareholder [3] - Hong Kong Central Clearing Limited is the ninth largest circulating shareholder, holding 416,300 shares, a decrease of 292,800 shares from the previous period [3]

Core Viewpoint - Taotao Automotive plans to apply for an initial public offering (IPO) of H-shares on the Hong Kong Stock Exchange to enhance its international brand influence and financing capabilities, aiming to improve its overall competitiveness [2][5]. Group 1: Company Overview - Taotao Automotive, founded by Cao Matao, focuses on smart electric low-speed vehicles and specialty vehicles, targeting overseas markets, particularly the U.S. [3][4]. - The company has established production bases in the U.S., Vietnam, and Thailand, with a strategy to achieve localized production in North America [4]. Group 2: Financial Performance - In the first half of 2025, Taotao Automotive reported revenue of 1.713 billion yuan, a year-on-year increase of 23.19%, and a net profit of 342 million yuan, up 88.04% [4]. - The sales revenue from smart electric low-speed vehicles reached 1.152 billion yuan, growing by 30.65%, while specialty vehicle sales amounted to 490 million yuan, increasing by 8.22% [4]. Group 3: Market Strategy - The company aims to leverage the IPO to strengthen its capital base and support overseas capacity construction, channel expansion, and technology research and development [5]. - Taotao Automotive's business model, which relies heavily on overseas markets, is part of a broader trend among Chinese manufacturers seeking to expand internationally [5]. Group 4: Risks and Challenges - The company faces risks associated with high dependence on the U.S. market, with sales to the U.S. projected to account for 78.11% of total revenue in the first half of 2025 [6]. - To mitigate risks from U.S.-China trade tensions, Taotao Automotive is accelerating local production in North America and shifting capacity to Southeast Asia [6]. Group 5: Future Prospects - Taotao Automotive is exploring new business opportunities in AI and robotics, having formed strategic partnerships with companies like Kepler Robotics and Yushu Technology [7].

Core Viewpoint - TaoTao Vehicle (301345.SZ) is advancing its global strategy by planning to issue H shares to enhance international brand influence and improve overseas financing capabilities [1] Group 1: Company Strategy - The company aims to create an international capital operation platform to further enhance its market position [1] - TaoTao Vehicle will consider the interests of existing shareholders and the conditions of domestic and foreign capital markets when deciding on the timing and issuance window for the H share listing [1] Group 2: Company Profile - TaoTao Vehicle is a high-tech enterprise focused on "new energy smart travel," primarily concentrating on smart electric low-speed vehicles and special vehicles [1] - The company’s product range includes electric golf carts, electric bicycles, electric scooters, and electric balance vehicles [1] - As of 2023, TaoTao Vehicle is listed on the Shenzhen Stock Exchange with a market capitalization exceeding 23.8 billion RMB [1]

Core Viewpoint - Taotao Automotive plans to issue H-shares and list on the Hong Kong Stock Exchange to support its international expansion and enhance capital strength [1][2] Group 1: Company Overview - Taotao Automotive focuses on new energy smart mobility, offering products such as electric golf carts, electric bicycles, electric scooters, and all-terrain vehicles [1] - The company has established a localized operation system in North America over the past two decades, covering R&D, manufacturing, sales, and after-sales services [1] - Taotao has a production capacity layout in China, Southeast Asia, and North America, with manufacturing bases in the U.S., Vietnam, and Thailand [1] Group 2: Financial Performance - In the first half of the year, Taotao Automotive achieved revenue of 1.713 billion yuan, a year-on-year increase of 23.19% [2] - The net profit attributable to shareholders was 342 million yuan, reflecting a significant year-on-year growth of 88.04% [2] - Sales revenue from smart electric low-speed vehicles reached 1.152 billion yuan, up 30.65%, while special vehicle sales revenue was 490 million yuan, increasing by 8.22% [2] Group 3: Strategic Initiatives - The company is actively exploring advanced fields such as humanoid robots and autonomous driving technology to drive the smart upgrade of its entire product line [2] - Strategic partnerships have been established with companies like K-Scale Labs and Kepler Robotics to enhance sales expansion and product development [2] - Ongoing investments in R&D aim to build a global innovation network, with domestic subsidiaries focusing on smart technology and large-displacement engines, while an overseas team in the U.S. connects with top international talent [2] Group 4: Future Prospects - The H-share issuance is seen as a crucial step for Taotao to enhance its capital strength and broaden financing channels for overseas capacity building and technology development [1][2] - Listing in Hong Kong is expected to facilitate access to international capital and accelerate the company's brand globalization efforts [1]

Core Viewpoint - The company reported strong revenue and profit growth in the first half of 2025, driven primarily by the performance of electric golf carts and strategic partnerships, indicating a positive outlook for future growth [1][4]. Financial Performance - In H1 2025, the company achieved revenue of 1.71 billion yuan, a year-on-year increase of 23.2%, with Q2 revenue reaching 1.07 billion yuan, also up 23.3% year-on-year [1][2]. - The net profit attributable to shareholders for H1 2025 was 340 million yuan, reflecting an impressive year-on-year growth of 88.0%, with Q2 net profit at 260 million yuan, up 95.3% year-on-year [1][3]. Business Segments - The revenue from smart electric low-speed vehicles in H1 2025 was 1.152 billion yuan, a year-on-year increase of 30.65%, with significant growth in the electric golf cart segment, which expanded into over 230 high-end professional channels in North America [2]. - The special vehicle segment generated revenue of 490 million yuan, a year-on-year increase of 8.2%, with stable sales performance and an expanding dealer network [2]. Profitability and Cost Management - The company’s profitability improved significantly, with a gross margin in Q2 2025 increasing by 6.6 percentage points to 41.6%, and the net profit margin rising by 8.8 percentage points to 23.8% [3]. - The sales, management, R&D, and financial expense ratios for Q2 2025 were 7.0%, 4.0%, 2.4%, and -1.2% respectively, indicating overall operational efficiency improvements [3]. Strategic Initiatives - The company is expanding its dealer network for electric golf carts in the U.S. and has entered a strategic partnership with Yushu Technology to explore new growth avenues in overseas markets [4]. - The collaboration with Yushu Technology aims to enhance the company’s capabilities in the North American market and support the commercialization of new products [4]. Investment Outlook - The company’s electric golf cart segment is entering a growth phase, contributing positively to financial results, and the strategic partnership is expected to open new growth opportunities [4]. - The earnings per share (EPS) forecasts for 2025 and 2026 have been adjusted to 6.56 yuan and 8.72 yuan respectively, with a new forecast for 2027 set at 11.11 yuan, indicating a favorable valuation outlook [4].