出海缩影 。 作者/周佳丽 报道/投资界PEdaily 一个出海I PO来了。 投资界获悉，Ra d v a n c e Ca yma n Limi t e d（简称：TENWAYS）已向港交所主板递交上市申请，冲刺香港"E-Bi k e第一股"。 起家于深圳南山，TENWAYS背后是一位8 5后创始人——梁霄凌。他于2 0 2 1年创办了深圳市十方运动科技有限公司（简称：深圳十 方），短短五年时间，将TENWAYS打造成欧洲电动自行车爆款，还集结了高瓴、腾讯、路威凯腾等一众知名投资方。 TENWAYS的故事，只是中国出海大时代的一缕缩影。目之所及，中国企业正遍布全球，缔造了一个个意想不到的超级I PO。 他把自行车卖到欧洲 要IPO了 从TENWAYS创始人说起。 招股书显示，目前TENWAYS产品涵盖综合品类的电助力自行车系列，包括城市型、混合型与运载型车款，是欧洲少数具备全系列产 品线的品牌之一，满足了欧洲各地广泛的应用场景，包括城市通勤、越野探险、家庭运输及载货。其售价在1 7 9 9欧元与4 9 9 9欧元之 间不等，即 一辆售价区间大约1 4 5 0 0 - 4 0 0 0 0元人民币 。 动辄高 ...

Core Insights - Shenzhen is emerging as a global leader in the consumer electronics sector, particularly in innovative products like robotic vacuum cleaners and AR glasses, driven by technological advancements and a robust industrial ecosystem [5][9][10]. Group 1: Market Performance and Growth - In the first three quarters of 2025, global shipments of robotic vacuum cleaners reached 17.424 million units, marking an 18.7% year-on-year increase, with Chinese brands dominating the top five positions [6]. - Shenzhen's exports of robotic vacuum cleaners reached 11.12 billion yuan in the first eleven months of 2025, reflecting a significant 71.8% year-on-year growth, with exports to the EU increasing by 121% [7]. - The strategic partnership between Shenzhen's Yunji Technology and European Cyber Group resulted in over 600 million yuan in new overseas orders, indicating strong international demand [6]. Group 2: Industrial Ecosystem and Innovation - Shenzhen has established a comprehensive industrial system that supports rapid product development and market entry, allowing for quick iterations and innovations in technology [11][12]. - The city is home to a vast number of market entities and a complete supply chain, which are crucial for producing high-quality products that gain market recognition [9]. - Shenzhen's strategic focus on 20 emerging industrial clusters has led to a GDP contribution of 43% from these sectors, showcasing the city's commitment to advancing its technological capabilities [10]. Group 3: Entrepreneurial Environment - The entrepreneurial ecosystem in Shenzhen is characterized by a high degree of collaboration between technology companies and educational institutions, facilitating rapid product development and market readiness [13]. - Shenzhen's R&D investment intensity stands at 6.67%, the highest among Chinese cities, with 93% of this funding coming from enterprises, enhancing its competitive edge [12]. - The city has seen a significant increase in specialized and innovative small and medium-sized enterprises, with 347 new "little giant" companies established in 2025, leading the nation [12].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Insights - The company is a leading player in the global folding bicycle market, holding a market share of 6.2% globally and 26.3% in mainland China as of 2024 [1][13] - The company's revenue and net profit have shown significant growth, with a year-on-year increase of 42.57% and 52.32% respectively in the first half of 2025 [1][27] - The folding bicycle market is still in a low penetration stage, with a global market size of 231 billion RMB in 2024, representing only 5.3% of the total bicycle market [32][39] - The company has a strong competitive advantage due to its technological patents, optimized production capacity, and robust distribution network [2][3] Company Breakdown - The company has over 40 years of technical experience and a comprehensive product matrix, which has led to sustained high growth in revenue and profitability [1][13] - The main business focuses on the development, design, manufacturing, and marketing of folding bicycles and related accessories, with over 70 models available as of April 2025 [22] - The "Shared 360" project, initiated in 2019, has become a new growth engine by granting patent licenses to other brands [22] Industry Analysis - The folding bicycle market is characterized by a high-end product trend, with an average price increase of 6.77% globally from 2019 to 2024, and 11.03% in China [42] - The market is expected to grow significantly, with a projected CAGR of 12.0% from 2024 to 2029, reaching a market size of 407 billion RMB [32] - The demand for folding bicycles is driven by diverse usage scenarios, including leisure, fitness, and family activities, expanding the user base beyond traditional cycling enthusiasts [50][51] Financial Projections - The company is expected to achieve revenues of 654 million RMB and a net profit of 77 million RMB in 2025, with year-on-year growth rates of 45.0% and 47.8% respectively [4] - The earnings per share (EPS) is projected to increase from 1.06 RMB in 2023 to 2.36 RMB in 2025 [4] - The company's return on equity (ROE) is forecasted to remain strong, with rates of 38.1% in 2025 and 36.4% in 2026 [4]

Group 1 - Guangdong government aims to promote "Guangdong manufacturing" and enhance the market image through the "Guangdong goods go global" initiative [1] - Local officials, including mayors, are actively promoting regional products, such as electric hair dryers and high-tech gadgets, to boost local economies [1][3] - The "Guangdong goods go global" campaign includes various promotional events, such as the "Bay Area Shopping Carnival," showcasing over 400 consumer electronics from 50 companies [3] Group 2 - Guangzhou's mayor highlighted the city's significant contributions to the cosmetics and jewelry industries, with cosmetics accounting for nearly 55% of national output and jewelry processing representing 30% of the global market [5] - The city plans to leverage international exhibitions and cross-border e-commerce to further promote local products globally [5] - Guangzhou is preparing over 2,000 cultural and tourism activities for the upcoming Spring Festival, inviting both domestic and international tourists to experience local traditions [5]

Core Insights - Shenzhen's high-tech products, referred to as "local specialties," are gaining global recognition, showcasing advanced technology and meeting market demands [2][7] - The city is promoting its innovative products, including electric vehicles, consumer drones, AI glasses, and foldable phones, highlighting their international appeal [1][2] - Shenzhen's participation in global exhibitions, such as CES 2026, underscores its technological prowess and market competitiveness [3][4] Industry Performance - Shenzhen's high-tech product exports have increased by 10.1%, with significant growth in electric vehicles (23.2%), 12-inch integrated circuit wafers (25.4%), industrial robots (43.1%), and consumer drones (40.1%) [2][8] - The city's strategic emerging industries, including semiconductors, smart connected vehicles, and artificial intelligence, have seen double-digit growth, contributing to 43% of GDP [8] Market Dynamics - The "Huaqiangbei" market has become a central hub for global procurement of Shenzhen's high-tech products, attracting over 100,000 additional visitors and generating sales exceeding 2.5 million yuan during promotional events [4][6] - AI-enabled products are particularly popular among international buyers, with significant interest in AI glasses and translation devices, reflecting consumer demand for innovative technology [5][6] Innovation Ecosystem - Shenzhen's success in producing high-tech products is attributed to its robust innovation ecosystem, efficient industrial chain, and high R&D investment, which reached 245.31 billion yuan in 2024, marking a 9.7% increase [7][8] - The city boasts a high R&D intensity of 6.67%, leading the nation, with over 70% of industrial enterprises having R&D institutions [7][8] Global Strategy - Shenzhen's high-tech products are positioned to meet international consumer needs, balancing quality and cost-effectiveness, which enhances their global market presence [7][8] - The ongoing "Guanghuo Xing Tianxia" initiative is facilitating the international expansion of Shenzhen's products, reinforcing China's manufacturing capabilities on a global scale [8]

Core Insights - The 2026 China (Nansha) Happiness Industry Innovation Development Conference was held with the theme "Integrating Innovation, Empowering the Future," focusing on the transformation and ecological co-construction of the happiness industry in the new era [1] Group 1: Conference Highlights - The conference gathered representatives from various cultural and social organizations, industry leaders, and experts to discuss the high-quality development of the happiness industry [1] - Two sub-forums were established, with the cultural tourism integration forum being a highlight, showcasing local marriage and tourism resources [4] Group 2: Resource Promotion - The event featured the introduction of various local marriage and tourism resources, including Nansha Waterbird World Ecological Park and Puzhou Garden, highlighting Nansha's advantages in the happiness industry [4] - A promotional brochure titled "Nansha Happiness Journey" was distributed, outlining key marriage venues and scenic spots, creating a "Nansha Love Map" that connects various cultural and ecological experiences [4] Group 3: Strategic Collaborations - Multiple strategic cooperation agreements were signed, including a partnership between Nansha's cultural and tourism bureau and Hangzhou All-Around Cycling Cultural Tourism Company to develop marriage-themed cycling routes [5] - The conference marked a significant step towards cross-regional and cross-sector collaboration in the happiness industry [5] Group 4: Ongoing Projects - The Lavelo Go cycling project has a history of collaboration with Nansha, demonstrating effective implementation and contributing to the high-quality development of the local cultural tourism industry [8] - The cycling project aims to connect various scenic spots along Nansha's coastline, enhancing the integration of sports and tourism [9] Group 5: Future Directions - The conference emphasized the importance of cultural integrity, innovation, and collaboration in driving the happiness industry forward [11] - Participants agreed that open collaboration and value sharing are essential for transforming the happiness industry into a significant force for consumer upgrade and cultural confidence [11]

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. (referred to as "Jihong Co.") has demonstrated resilience and achieved counter-cyclical growth, as evidenced by its impressive performance forecast for 2025, amidst a sluggish global economic recovery and increasing industry competition [1][2]. Financial Performance - Jihong Co. anticipates a net profit attributable to shareholders of nearly 300 million yuan for 2025, exceeding market expectations [3]. - The company's stock price reacted positively, with a 1.59% increase in A-shares and a peak of 4% in Hong Kong shares, leading to a market capitalization surpassing 9 billion yuan [3]. - The expected net profit for 2025 is projected to be between 273 million and 291 million yuan, representing a year-on-year growth of 50% to 60% [5]. - The net profit after deducting non-recurring gains is forecasted to be between 240 million and 258 million yuan, with a growth rate of 49.98% to 61.35% [5]. Business Model and Strategy - Jihong Co. has successfully transitioned to a dual-driven model, combining cross-border social e-commerce and traditional packaging services [10][11]. - The company has established a strong presence in the cross-border e-commerce sector, ranking second among B2C export e-commerce companies in China with a market share of 1.3% as of 2022 [11]. - The packaging business, as a traditional core, has shown a stable cash flow, contributing 2.099 billion yuan in revenue, with a gross profit margin recovery to 21.5% [13]. Growth Drivers - The growth in 2025 is attributed to the robust recovery of the packaging business and the rapid expansion of cross-border social e-commerce [11]. - Jihong Co. has adopted an "AI-driven cross-border e-commerce business + own brand development + packaging business overseas" long-term strategy, successfully launching several brands [15]. - The company has achieved significant growth in the Southeast Asian market, with a gross merchandise volume (GMV) exceeding 3.8 billion yuan in 2025, marking a 46% year-on-year increase [17]. Future Outlook - The cross-border e-commerce business is expected to continue its strong growth, leveraging early advantages in the Southeast Asian market and comprehensive AI capabilities [20]. - The packaging business is evolving towards smart solutions, creating new profit opportunities [20]. - Jihong Co. faces challenges such as fluctuations in the global trade environment and intense competition in overseas e-commerce, which will test its adaptability [20].

Core Viewpoint - The global electric assist bicycle market is rapidly growing due to government subsidies and policies aimed at reducing carbon emissions and promoting green transportation, with a projected market size of $32.95 billion in 2024, reflecting a 0.6% year-on-year growth [2]. Overview - Electric assist bicycles, also known as e-bikes, are a new type of transportation that primarily relies on human power, supplemented by electric motors and batteries [2]. - According to the National Bureau of Statistics, electric assist bicycles fall under the category of "C manufacturing" [2]. Market Policy - China has integrated electric assist bicycles into its "dual carbon" and green transportation frameworks, issuing various policies to support and regulate the industry, creating a favorable environment for development [13]. - Key policies include the "14th Five-Year Plan for National Economic and Social Development" and the "Guidance on the Development of the Electric Bicycle Industry during the 14th Five-Year Plan" [13][14]. Industry Entry Barriers - The electric assist bicycle industry has high entry barriers due to the need for comprehensive supply chain management capabilities, which require long-term operational experience to develop [8]. - Established manufacturers can efficiently integrate product design, material procurement, production, quality control, logistics, and after-sales service, making it difficult for new entrants to compete [8]. Industry Chain - The upstream of the electric assist bicycle industry includes suppliers of raw materials like steel, aluminum, and carbon fiber, as well as energy system suppliers such as lithium batteries and core components like motors and controllers [15]. - The midstream consists of electric assist bicycle manufacturers, while the downstream includes retail stores, distributors, e-commerce platforms, and end consumers [15].

Core Insights - The Chinese inbound tourism market is experiencing unprecedented growth, with international visitors increasingly drawn to diverse cultural and experiential offerings across the country [1][6] Group 1: Policy Changes and Visitor Growth - The extension of the visa-free transit policy to 240 hours and its expansion to 55 countries by June 2025 has significantly increased the number of foreign visitors, with 292,000 entering under this policy during the New Year holiday, marking a 35.8% year-on-year increase [1] - The shift from merely inviting tourists to facilitating their entry reflects a deeper confidence in China's openness to the world [1] Group 2: Enhanced Visitor Experience - The integration of multilingual services at airports, AI translation in taxis, and the international version of Alipay connecting to 40 global e-wallets creates a seamless and welcoming experience for visitors [2] - Over 60% of inbound tourists are opting for multi-city deep travel experiences, indicating a shift from passive observation to active participation in cultural activities [2] Group 3: Shopping Trends - The appeal of shopping in China has evolved, with foreign tourists now seeking a wide range of products, from traditional items to high-tech gadgets and customized goods, reflecting a broader recognition of Chinese manufacturing quality and cultural aesthetics [3] - The convenience of payment and tax refund processes, with 12,000 tax refund stores and over 7,000 offering immediate refund services, has further stimulated consumer spending [4][5] Group 4: Cultural and Economic Impact - The ongoing boom in inbound tourism is a reflection of China's enhanced soft power, showcasing its cultural influence, industrial competitiveness, and welcoming national image [5] - To transition from a surge in visitor numbers to high-quality development, there is a need for refined services, unique local experiences, and a cohesive ecosystem that integrates travel, accommodation, and commerce [5]

Core Viewpoint - Tianjin Fushida Bicycle Industry Co., Ltd. has applied for listing on the Shanghai Stock Exchange, aiming to raise 777.3 million yuan, with the review status changed to "inquired" [1] Company Overview - Fushida primarily engages in the research, design, production, and sales of bicycles, electric bicycles, shared bicycles, and their key components, exporting to nearly 100 countries and regions worldwide [1] - The company has an annual production capacity of approximately 7 million bicycles as of June 2025, with production bases located in Tianjin, Changzhou (Jiangsu), Vietnam, and Cambodia [1] - Fushida serves renowned global brands such as Specialized, Lectric, Pon, Decathlon, and domestic shared bicycle operators like Hello, Qingju, and Meituan [1] Industry Position - According to the China Bicycle Association, Fushida ranks among the top three in sales revenue within the mainland bicycle industry from 2022 to 2024 [2] - The company holds significant positions in industry associations, being the vice-chairman unit of the China Bicycle Industry Association and the chairman unit of the Tianjin Bicycle and Electric Vehicle Industry Association [2] - Fushida has been recognized as one of the top ten enterprises in the bicycle industry by the China Light Industry Federation in 2024 [2] Technological Capabilities - Fushida is one of the few companies in the industry certified by the CNAS National Laboratory, possessing comprehensive testing capabilities for bicycles and key components [2] - The company has developed core technologies including high-precision intelligent pipe forming technology and environmentally friendly low VOCs coating technology [2] Fundraising and Investment Plans - The net proceeds from the fundraising will be allocated to several projects, including: - Electric assist bicycles and high-end bicycle intelligent manufacturing project: 478.4546 million yuan - R&D center construction project: 211.4024 million yuan - Brand and marketing network construction project: 82.9745 million yuan [3] Financial Performance - Fushida's revenue for the years 2022 to 2025 (first half) is as follows: - 2022: 4.371 billion yuan - 2023: 3.621 billion yuan - 2024: 4.88 billion yuan - 2025 (first half): 2.592 billion yuan [4] - Net profit figures for the same periods are: - 2022: 345 million yuan - 2023: 281 million yuan - 2024: 418 million yuan - 2025 (first half): 199 million yuan [4] Key Financial Metrics - Total assets as of June 30, 2025: 4.777 billion yuan - Equity attributable to shareholders: 2.609 billion yuan - Debt-to-asset ratio: 31.87% [4] - Basic earnings per share for 2025: 0.53 yuan [5] - R&D investment as a percentage of revenue: 0.78% for 2022 and 2023 [5]