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九号公司(689009):两轮车业务:围绕核心目标人群,提供全生命周期用户体验:——九号公司-WD(689009.SH)动态跟踪报告(一)
EBSCN· 2025-10-10 11:34
2025 年 10 月 10 日 公司研究 风险提示:行业需求不景气、行业竞争加剧、新品销量不及预期 两轮车业务:围绕核心目标人群,提供全生命周期用户体验 ——九号公司-WD(689009.SH)动态跟踪报告(一) 要点 九号公司 2020-2025 年两轮车板块年销量实现大幅跃迁,其中 2024/2025H1 销量是 260/239 万台(同比+77%/+100%),品牌势能强劲。同时,规模效应及产品结构优化 下毛利率持续抬升,2024/2025H1 毛利率分别为 21.1%/23.7%,处于行业领先位置。 公司两轮车业务亮眼的经营数据背后的驱动因素是什么?驱动因素是否仍然存在? 差异化的产品:智能化是两轮车产品差异化的重要来源之一,九号智能化标签突出。消 费者购买两轮车的主要原因是代步或配送,选择产品时考虑的前三要素是耐用性、续 航、智能化。成熟供应链使得符合大众需求的耐用和续航变成标配,智能化作为创新点 成为产品差异化的主要来源之一。九号品牌智能化形象突出,通过全矩阵产品展现智能 化,根据艾瑞咨询数据,2024 年 TOP20 两轮电动车智能化产品中九号占据半数席位。 用户型企业的经营思维:通过在营销和 ...
金固股份与九号公司达成合作 共拓电动交通新材料应用空间
Zheng Quan Shi Bao Wang· 2025-10-10 11:21
10月10日晚间,金固股份(002488)发布公告称,公司与九号公司签订《战略合作框架协议》。双方旨 在共同攻关以轻质高强度材料替代传统结构这一行业关键核心技术,提升在电动交通领域的行业影响力 与竞争力。 根据协议内容,双方的合作将聚焦三大核心方向:其一,九号公司利用其在智能短交通和服务类机器人 领域的产品资源与技术优势,依托丰富的产品线和应用场景,协助金固股份加速推进阿凡达铌微合金等 新材料在产业升级中的创新应用与落地;其二,金固股份将基于在各类新材料应用方面的深厚积累与产 业布局,特别是独家的阿凡达铌微合金材料,积极协同九号公司在电动两轮车、服务机器人等产品中开 展新材料在车身关键零部件的研发与应用拓展,为九号公司提供兼具轻量化、高强度和低成本的零部件 产品;其三,双方将共享市场分析、投资机会等,构建资本与产业链协同机制,并建立长期合作联络机 制,保障合作高效推进。 值得注意的是,该协议为框架性合作文件,有效期为1年,自2025年10月至2026年9月,期满可自动顺 延,且不涉及具体交易金额。金固股份在公告中强调,协议签订短期内对公司经营业务无重大影响,长 期影响存在不确定性,取决于双方合作实施情况以及后 ...
涛涛车业Q3预盈5.8亿元-6.2亿元,同比预增92.46%至105.73%
Ju Chao Zi Xun· 2025-10-10 04:15
资料显示,涛涛车业的主营业务是全地形车、电动高尔夫球车、电动滑板车、电动平衡车、电动自行车及其配件、用品的研 发、生产和销售。 涛涛车业在报告期内加快了海外产能建设,严格把控费用支出,深化品牌营销策略,并不断拓展销售渠道。这些措施有效提高 了公司的经营效率,实现了营业收入和利润的持续增长。 | | | | 项目 | | | 本报告期 | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司股 东的净利润 | | 58, 000 | | 62,000 | 30, 136.06 | | | 比上年同期 期长 | 92. 46% | | 105. 73% | | | 扣除非经常性损益 后的净利润 | | 57,480 | - | 61. 480 | 29, 481. 78 | | | 比上年同期 期长 | 94.97% | | 108. 54% | | 10月9日,浙江涛涛车业股份有限公司(以下简称"涛涛车业")发布了2025年第三季度业绩预告。根据公告,涛涛车业预计在 2025年1月1日至9月30日期间实现归属于上市公司股东的净利润为58,000万元至6 ...
塔吉克斯坦首都出台新规 暂禁电动滑板车等交通工具上路
Zhong Guo Xin Wen Wang· 2025-10-08 03:05
杜尚别市呼吁市民,特别是未成年人的家长,加强对未成年人的监管,避免其使用被禁止上路的交通工 具。 据悉,9月15日至25日,杜尚别市开展道路交通安全专项整治行动,共查处1250起未系安全带违法行为 和60起自行车、电动踏板车违法行为。(完) 中新网阿斯塔纳10月7日电杜尚别消息:据塔吉克斯坦"霍瓦尔"国家通讯社消息,塔吉克斯坦首都杜尚 别于当地时间7日出台新规,自即日起至2030年,禁止电动滑板车、电动踏板车及供单人使用的小型电 动交通工具(依法注册车辆除外)在市区道路和人行道上通行,仅可在指定区域内使用。 杜尚别市政府表示,此举旨在规范电动交通工具管理,减少交通事故,保障道路交通安全。该新规将执 行至该市完善相关基础设施为止。 (文章来源:中国新闻网) ...
涛涛车业拟赴港上市,加速全球化布局与“A+H”双平台战略落地
Quan Jing Wang· 2025-09-27 05:57
Core Viewpoint - Zhejiang Taotao Vehicle Co., Ltd. is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy, international capital operation capabilities, and brand influence for long-term development [1][2]. Group 1: Globalization Strategy - The issuance of H-shares is a strategic move to further connect with international capital markets and establish an "A+H" dual financing platform following the company's listing on the Shenzhen Stock Exchange in March 2023 [2]. - Hong Kong's open capital market and rich international investor resources will provide broader financing channels and flexible capital operation space for the company [2]. - Successful listing on the Hong Kong Stock Exchange will optimize the company's capital structure, reduce financing costs, and enhance risk resistance, supporting overseas capacity expansion, technology research and development, and brand building [2]. Group 2: Performance Highlights - In the first half of the year, the company achieved 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% [3]. - The significant growth is primarily driven by the rapid expansion of the smart electric low-speed vehicle business, which saw a revenue increase of 30.65% year-on-year [3]. - The company has established competitive advantages across products, channels, manufacturing, and branding, with a product matrix that includes smart electric low-speed vehicles and specialty vehicles [3]. Group 3: R&D and Capacity Development - The company emphasizes R&D innovation with a focus on electrification, intelligence, and high-end technology, holding 506 domestic and international patents as of June 30, 2025 [4]. - Ongoing overseas base construction includes localized assembly of electric golf carts in the U.S., self-production capabilities for key components in Vietnam, and a planned factory in Thailand expected to be operational by 2026 [4]. - These developments enhance the company's responsiveness to the North American market and mitigate uncertainties from international trade friction [4]. Group 4: Significance of Hong Kong Listing - The successful issuance of H-shares will strengthen the company's capital base, providing solid financial support for overseas capacity construction, technology R&D, and channel expansion [5]. - The alignment with international market regulatory standards is expected to improve the company's governance transparency and management quality [5]. - The dual market strategy will optimize resource allocation, improve capital efficiency, and enhance overall risk resistance [5]. - The company aims to expand its product line and deepen channel development while exploring cutting-edge fields like humanoid robots and autonomous driving, driving product intelligence upgrades and creating new growth points [5].
在美国卖“老头乐”的涛涛车业,想要港股IPO
经济观察报· 2025-09-24 02:32
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].
涛涛车业拟登陆港股,刚因申报不实被行政处罚!
Shen Zhen Shang Bao· 2025-09-20 01:09
Core Viewpoint - TaoTao Automotive has announced its intention to apply for an initial public offering (IPO) of H-shares and to list on the main board of the Hong Kong Stock Exchange [1] Group 1: Company Overview - TaoTao Automotive is a high-tech enterprise focused on "new energy smart travel" [4] - The company specializes in smart electric low-speed vehicles and special vehicles, including electric golf carts, electric bicycles, electric scooters, and all-terrain vehicles [4] - In the first half of this year, the company achieved revenue of 1.713 billion yuan, a year-on-year increase of 23.19%, and a net profit attributable to shareholders of 342 million yuan, a year-on-year increase of 88.04% [4] Group 2: Regulatory Issues - Recently, TaoTao Automotive faced administrative penalties due to false declarations in export submissions [6] - The company was found to have misdeclared the specifications of all-terrain vehicles, leading to a penalty of 19,800 yuan [7] - The misdeclaration affected the management of national permits, with the total value of the misdeclared goods amounting to approximately 264,798.09 yuan [6]
涛涛车业拟赴港上市推进国际化资本运作
Xin Lang Cai Jing· 2025-09-19 21:13
Core Viewpoint - Taotao Automotive plans to issue H-shares and list on the Hong Kong Stock Exchange as part of its international capital operation strategy [1][2]. Group 1: Company Overview - Taotao Automotive focuses on new energy smart mobility, with products including electric low-speed vehicles and specialty vehicles such as electric golf carts, electric bicycles, electric scooters, and all-terrain vehicles [2]. - The founding team has nearly 20 years of experience in the North American market, establishing a localized operation system covering R&D, manufacturing, sales, and after-sales service [2]. - The company has a production capacity layout in "China + Southeast Asia + North America," with facilities in the United States, Vietnam, and Thailand [2]. Group 2: Financial Performance - In the first half of this 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 reached 342 million yuan, reflecting a significant year-on-year growth of 88.04% [2]. - The overall business development shows a continuous growth trend [2]. Group 3: Strategic Initiatives - Taotao Automotive is actively investing in advanced fields such as humanoid robots and autonomous driving technology, promoting the intelligent upgrade of its entire product line [2]. - The company has formed partnerships with K-Scale Labs in the U.S., Kepler Robotics in Shanghai, and Yushu Technology in Hangzhou to enhance its technological capabilities [2]. - Ongoing investments in R&D are aimed at building a global innovation network, with subsidiaries focusing on smart technology development [2].
涛涛车业拟赴港上市 推进国际化资本运作
Zheng Quan Shi Bao Wang· 2025-09-19 13:57
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]
涛涛车业(301345):高尔夫球车放量 加速布局新兴领域
Xin Lang Cai Jing· 2025-09-14 06:44
Core Viewpoint - The company exceeded revenue expectations in Q2 2025, driven by emerging categories such as electric golf carts, electric bicycles, and large-displacement ATVs, while traditional strong categories like electric scooters and balance bikes maintained steady growth, leading to a stable increase in market share [1] Revenue Analysis - The company achieved a revenue of 1.713 billion in H1 2025, representing a year-over-year increase of 23.19%, with a net profit of 342 million, up 88.04%, and a net profit margin of 19.97%, an increase of 6.89 percentage points [2] - In Q2 2025, revenue reached 1.074 billion, a year-over-year increase of 23.33%, with a net profit of 256 million, up 95.25%, and a net profit margin of 23.84%, an increase of 8.78 percentage points [2] - The smart electric low-speed vehicles generated revenue of 1.152 billion, a 30.65% increase, accounting for 67.23% of total revenue, with electric golf carts contributing significantly [3] - The company expanded its dealer network for electric golf carts, adding 60 high-end dealers, and has entered the North American market with a strong brand presence [3] - Electric bicycles saw strong growth through partnerships with major retailers like Walmart and Amazon, enhancing brand influence and market penetration [3][4] Profitability Analysis - The gross margin for H1 2025 was 39.99%, an increase of 4.08 percentage points, with Q2 gross margin at 41.64%, up 6.65 percentage points, benefiting from high-margin products [7] - The net profit margin for H1 2025 was 19.97%, an increase of 6.89 percentage points, with Q2 net profit margin at 23.84%, up 8.78 percentage points, driven by improved gross margins and reduced expense ratios [8] Regional Performance - The company generated 1.649 billion in foreign markets, a year-over-year increase of 20.61%, with the U.S. contributing 1.338 billion, up 29.09% [6] - Domestic revenue reached 60 million, a significant increase of 184.02%, accounting for 3.48% of total revenue [7]