近日，来自浙江丽水市缙云县的浙江涛涛车业股份有限公司（简称：涛涛车业）公告，拟申请首次公开发行H股股票并在香港联合交易所有限 公司主板上市事项的相关议案。 作者 | 铅笔道 阿欣 涛涛车业专注于生产智能电动低速车，即俗称的"老头乐"，超过九成的收入来自海外，核心产品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，在沃尔玛、亚马逊有售。 除了智能电动低速车，涛涛车业还生产特种车，包括全地形车和越野摩托车等燃油类产品，主要用于休闲运动、特种作业等领域。 一个靠卖"老头乐"的中国公司，如何站稳海外市场的？这个赛道还有哪些新机会 01 涛涛车业创始人叫曹马涛，1984年生，是"厂三代"。 曹马涛的祖父曹桂成自20世纪70年代开始经商，通过家禽贸易、戏装及炉具加工销售积累了财富。 父亲曹跃进则在2004年创立了涛涛集团，主要聚焦安全门领域，同时还涉足汽摩配等多个领域。 但曹马涛并没有继承父辈生意，他认为涛涛集团"业务繁杂，不符合未来发展定位"，决定自立门户闯出新路。 他在浙江创立了涛涛车业，专注新能源智能出行领域，以跨境出口为主要销售路径，开始经营智能电动低速车生意。 虽然是自立门户，但作为家族企业的第三代 ...

格隆汇10月11日｜信达证券研报指出，涛涛车业25年前三季度预计实现归母净利润5.80-6.20亿元（同比 增长92.5%-105.7%），扣非归母净利润5.75-6.15亿元（同比增长95.0%-108.5%）。取区间中值估算，对 应25Q3预计实现归母净利润2.58亿元（同比增长116%），扣非归母净利润2.56亿元（同比增长 120%），表现靓丽。电动低速车（电动高尔夫球车等）有望贡献核心增长动力。预计公司25Q3高增长 主要由电动低速车产品（电动高尔夫球车等）驱动，销量方面在北美消费趋势带动下有望快速增长，价 格方面，预计公司电动高尔夫球车产品或有小幅提价以应对外部关税政策变化。公司于9月1日正式推出 全新品牌TEKO，锚定北美，已拓展50+高端经销商，与全美TOP1电动高尔夫球车连锁经销商达成战略 合作，覆盖美国15个州的核心市场，开出12+品牌专属旗舰店，未来潜力可观。另外，公司持续打造机 器人新曲线，与宇树达成合作。 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 涛涛车业(301345) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 骆峥 新消费行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com [Table_OtherReport] 涛涛车业：电动高尔夫持续放量，规 模效应凸显 涛涛车业：电动高尔夫球车持续放量， 海外供应链布局领先 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 持续打造机器人新曲线，与宇树达成合作。公司于 7 月与杭州宇树科技股份 有限公司签署战略合作协议。双方深度协同核心资源，融合涛涛车业全渠道 优势与宇树科技先进机器人技术，在机器人北美等海外市场开拓、C 端场景 探索与产品二次开发销售、商业化落地等领域开展深度战略合作，共同探索 机器人行业发展新机 ...

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 ...

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].

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 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 Automotive, founded by Cao Matao, is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international presence and capital strength [1][7]. Group 1: Company Background - Cao Matao, born into a wealthy family, established TaoTao Automotive in 2015, focusing on the smart electric vehicle sector after recognizing the need for transformation in the automotive industry due to environmental regulations [2][3]. - The company has a registered capital of 30 million yuan and has received significant financial support from family members, allowing it to adopt a heavy asset model from the start [3]. Group 2: Financial Performance - In the first half of 2025, TaoTao Automotive reported revenues 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 company achieved a remarkable revenue of 1.386 billion yuan in 2020, reflecting an 84.33% increase compared to the previous year, and a net profit growth of 203.62% [4]. Group 3: Market Strategy and Expansion - The company has strategically reduced its reliance on the U.S. market, which previously accounted for over 60% of its revenue, by expanding into Southeast Asia and Europe [3]. - TaoTao Automotive is also investing in new product lines, including electric golf carts, and has established a factory in the U.S. for local assembly and future localization of core components [6]. Group 4: Stock Market Performance - Since its listing on the Shenzhen Stock Exchange in 2023, the company's stock price has surged from 64.11 yuan per share at the beginning of the year to 218.94 yuan by September 19, 2025, marking a 241.51% increase [6][7]. - The current market capitalization of TaoTao Automotive stands at 23.88 billion yuan, with Cao Matao's shareholding value estimated at 16.2 billion yuan [7].

Group 1 - The company plans to issue H shares and list on the Hong Kong Stock Exchange to enhance its global strategy, brand influence, and international financing capabilities [1] - The North American electric low-speed vehicle (LSV) industry is expected to see a decline in inventory, allowing the company to increase its market share [2] - The Federal Reserve's recent interest rate cut is anticipated to boost consumer demand in North America [3] Group 2 - The company has made progress in expanding its presence in the North American market, with two small-scale entries into sports venues by June 2025 [5] - The company is ramping up production at its facilities in Vietnam and the U.S., with the Thailand factory expected to be completed by February 2026 [6] - The launch of the new panoramic camping vehicle CITY priced at $15,500 and the introduction of the second brand TEKO in North America are expected to enhance product offerings and distribution channels [6] Group 3 - In the first half of 2025, the company achieved revenue of 1.71 billion yuan, a year-on-year increase of 23%, and a net profit attributable to shareholders of 340 million yuan, up 88% [7] - The company is advancing its smart technology initiatives through strategic partnerships with firms like Yushu and Kepler, with plans to develop autonomous vehicles [7] - Revenue projections for 2025-2027 are 4.2 billion, 5.6 billion, and 7.5 billion yuan, with net profits of 770 million, 1.03 billion, and 1.35 billion yuan, reflecting significant growth rates [7]

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]