证券日报网讯1月8日，久祺股份（300994）在互动平台回答投资者提问时表示，关于太阳能助力车，公 司会根据市场需求情况及行业发展情况考虑是否研发设计相关产品。目前，公司在产品研发方面始终坚 持以市场需求为导向，不断加大设计研发投入。公司拥有一支理论知识扎实、实践经验丰富的产品设计 研发团队，能够快速理解客户提出的产品迭代需求，并落实到具体的设计研发工作中。在电动助力车领 域，公司深耕研发的电助力自行车。公司研发主要涉及电动助力车使用过程中的智能板块，包括智能升 级、T-BOX、电动零件(电池)等。公司通过技术创新与产品升级，通过轻量化材料应用、电动助力技 术、智能化管理系统等技术创新来提升产品竞争力。 ...

（记者 王晓波） 中路股份（600818.SH）12月31日在投资者互动平台表示，公司目前业务主要聚焦国内市场，海外销售 占比较低，具体财务数据请参阅公司披露的定期报告。您提及的子公司上海永久进出口有限公司正聚焦 拓展电助力产品海外市场机遇，目前已与欧盟国家的电助力自行车客户建立订单往来，相关业务收入占 公司总营业收入比重较低。 每经AI快讯，有投资者在投资者互动平台提问：通过年报关注到公司旗下"FOREVER BLU"的潮流电助 力产品将锚定海外机遇积极拓展欧洲、北美、东南亚等海外市场，请问该公司有无欧盟国家的业务？ ...

年产700万辆自行车，富士达连续三年自行车销售金额在中国大陆位列前三。 富士达的业绩并不稳定。2022年，公司归母净利润为3.48亿元，2023年下降至2.85亿元，2024年增长至4.08亿元， 2025年上半年为1.95亿元，不及2024年全年的一半。 长江商报消息 ●长江商报记者沈右荣 遍布大街小巷的哈啰、美团单车的供应商正向A股发起冲击，这家公司就是天津富士达自行车工业股份有限公司 （简称"富士达"）。 12月24日，上交所官网显示，富士达递交了上市申请，并进行预披露。 闪电、迪卡侬、哈啰等客户为富士达贡献了超过40%的营业收入，而富士达的收入高达70%来自境外市场，在全 球贸易环境复杂多变的趋势下，潜存风险。 应收账款激增，是富士达必须面对的风险。截至2025年6月末，公司应收账款12.75亿元，占当期营业收入的 49.19%，较年初增长53.99%。 富士达的实际控制人为辛建生、赵丽琴夫妇，二人直接间接持有公司94.96%的股权，持股比偏高，存在内部治理 风险。IPO前，公司分红1.85亿元，辛建生夫妇分走了1.76亿元。 业绩波动应收账款激增 冲击上交所主板市场的富士达盈利能力并不稳定。 根据招 ...

国内共享单车整车制造商富士达闯关IPO。 12月24日，天津富士达自行车工业股份有限公司(简称"富士达")沪市主板IPO获上交所受理，公司拟募资7.73亿元。 力；"品牌及营销网络建设项目"将完善公司营销体系，提高品牌形象。富士达表示，募投项目的实施将全面增强公司的经营实力，提高业务承接能力，使公 司收入和利润实现持续增长，从而进一步提升公司在行业中的地位和影响力。 招股书显示，富士达主要从事自行车、电助力自行车、共享单车等产品及其关键零部件的研发、设计、生产与销售业务，产品远销全球近百个国家和地区。 截至2025年6月末，富士达整车年产能合计约700万辆，主要在中国天津、中国江苏常州、越南及柬埔寨设有生产基地，是我国领先的自行车制造企业，主要 为Specialized(闪电)、Lectric、Pon、Decathlon(迪卡侬)、Samchuly(三千里)、MFC、Scott、Cycleurope、Panasonic(松下)等全球著名品牌运营商，以及哈啰、 青桔、美团等国内共享单车运营商提供整车及关键零部件制造服务。同时，富士达亦发展并打造了自有品牌"BATTLE""邦德.富士达"等，产品面向国内市场 进行 ...

北京商报讯（记者 马换换 李佳雪）12月24日晚间，上交所官网显示，天津富士达自行车工业股份有限 公司（以下简称"富士达"）主板IPO获得受理。 本次冲击上市，富士达拟募集资金约7.73亿元，扣除发行费用后的净额将根据项目的轻重缓急情况投入 电动助力自行车与高端自行车智能制造项目、研发中心建设项目、品牌及营销网络建设项目。 据悉，富士达主要从事自行车、电助力自行车、共享单车等产品及其关键零部件的研发、设计、生产与 销售业务。 ...

公司产品销售以直销模式为主、贸易商模式为辅。报告期内，公司直销模式收入占主营业务收入的比例 分别为93.10%、92.56%、91.99%和91.97%。 客户方面，公司主要为Specialized(闪电)、Lectric、Pon、Decathlon(迪卡侬)、Samchuly(三千里)、 MFC、Scott、Cycleurope、Panasonic(松下)等全球著名自行车品牌运营商，以及哈啰、青桔、美团等国 内共享单车运营商提供整车及关键零部件制造服务。 此次募集资金扣除发行费用后的净额将根据项目的轻重缓急情况投入以下项目： | | | 12月24日，天津富士达自行车工业股份有限公司(简称：富士达)上交所主板IPO已受理。中泰证券 （600918）为其保荐机构，拟募资7.73亿元。 招股书显示，富士达主要从事自行车、电助力自行车、共享单车等产品及其关键零部件的研发、设计、 生产与销售业务，产品远销全球近百个国家和地区。 截至2025年6月末，公司整车年产能合计约700万辆，主要在中国天津、江苏常州、越南及柬埔寨设有生 产基地。根据中国自行车协会证明，2022年至2024年，公司自行车销售金额在中国大陆自行车 ...

Group 1 - The folding bicycle industry is characterized as a small yet high-growth new consumer sector, driven by its lightweight, portable, and urban lifestyle adaptability [1] - Global demand for folding bicycles is expected to grow significantly, with a retail sales compound annual growth rate (CAGR) of 20.7% and a retail volume CAGR of 13.1% from 2019 to 2024, despite a low global penetration rate of only 2.1% [1] - In China, the retail sales of folding bicycles are projected to increase from 400 million to 1.8 billion, with a CAGR of 35.1% from 2019 to 2024, indicating a strong demand driven by lifestyle and social attributes [1] Group 2 - The Chinese folding bicycle market is highly concentrated, with the top five companies holding a combined market share of 73.7% by retail sales in 2024, led by Dahon with a retail volume share of 26.3% and a retail sales share of 36.5% [2] - The competitive landscape includes Brompton as a high-end market leader with a retail sales share of 25.7%, while Decathlon and traditional brands like Phoenix and Forever dominate the mid-range and mass markets [2] - The industry is experiencing a transformation from a mere sports tool to a lifestyle carrier, driven by portability, diverse usage scenarios, and an expanding consumer base that includes younger and female demographics [2] Group 3 - The global folding bicycle market is relatively fragmented, with the top five companies accounting for 19.4% of retail volume and 12.0% of retail sales, with Dahon leading in volume and Brompton in sales [3] - The U.S. online bicycle market shows a different category structure, with electric bicycles being the largest segment, while folding bicycles hold a smaller share [3] - The trend in overseas markets indicates a growing interest in electric bicycles, with the gap in brand popularity between Dahon and Brompton narrowing [3]

2025年12月04日 证券研究报告 | 户外新消费研究：折叠自行车行业专题 高景气新消费赛道，龙头引领扩容与破圈 行业研究 · 行业专题 耐用消费品 投资评级：优于大市（维持） 0755-81981391 0755-81982606 010-88005446 dingshijie@guosen.com.cn chenweiqi@guosen.com.cn liujiaqi@guosen.com.cn lijing29@guosen.com.cn S0980520040004 S0980520110004 S0980523070003 S0980525080003 证券分析师：丁诗洁 证券分析师：陈伟奇 证券分析师：刘佳琪 证券分析师：李晶 请务必阅读正文之后的免责声明及其项下所有内容 报告摘要： 请务必阅读正文之后的免责声明及其项下所有内容 2 Ø 折叠自行车行业：小而美&高增速的新消费赛道。折叠自行车以轻巧+便携+适应城市生活为核心特点，成为城市通勤及休闲运动的新兴工具； 技术工艺迭代路径从追求便携轻巧到兼具专业性能。2019-2024年全球自行车需求整体平稳，折叠自行车渗透率低、增速快，在全球的销量渗 ...

Core Insights - The Chinese renewable energy industry is experiencing robust growth, with foreign companies like Panasonic actively exploring opportunities within the market [1][2] - Panasonic showcased three main product categories at the China International Import Expo, including backup power sources for rail transit, specialized power batteries for small machinery, and electric assist bicycles [1][2] - Panasonic aims to expand its market share in China, focusing on innovations in battery technology and materials, while also leveraging AI to enhance production efficiency [2][3] Product Offerings - Panasonic is a pioneer in nickel-hydride battery development, emphasizing the advantages of these batteries over traditional lead-acid and nickel-cadmium batteries in rail transit applications [1] - The company has developed a 48V lithium-ion battery module specifically for small machinery, designed to maintain performance in harsh conditions [1] - Electric assist bicycles showcased at the expo are popular in Japan, highlighting their dual benefits of exercise and eco-friendly commuting [1] Market Strategy - Panasonic operates 21 global locations, with a significant focus on battery products for consumer and medical sectors in China, which serves as a primary base for these applications [2] - The company plans to enhance collaboration between Japanese and Chinese technologies to meet evolving market demands and ensure continuous product innovation [4][5] - Panasonic's factories in Suzhou and Wuxi have been operational for 25 years, producing over 90% of their batteries for export, indicating a strong international presence [5]

Core Insights - The eighth China International Import Expo (CIIE) showcased 461 new products, technologies, and services, establishing itself as a platform for global innovation and market entry [2] - Major global companies in the medical device and healthcare sectors, including Johnson & Johnson, Roche, and Pfizer, participated, highlighting the expo's role in promoting high-end medical equipment and innovative pharmaceuticals [2][3] - The expo has accelerated the registration and market entry processes for new medical products, exemplified by Medtronic's Micra product, which achieved rapid commercialization following its global debut at the first CIIE [3] Medical Devices and Healthcare - The expo featured significant innovations such as Johnson & Johnson's ETHICON 4000 3D stapler and Siemens Healthineers' ARTIS icono ceiling Xpand, indicating a shift in China's high-end medical device sector from "catching up" to "leading" [2] - Medtronic's focus on AI integration in healthcare was evident with the introduction of seven new products, showcasing the company's commitment to innovation in the medical field [2][3] - The integration of clinical practitioners and entrepreneurs is expected to foster more original innovations in the healthcare sector [2] Consumer Trends - The expo introduced new themes such as the silver economy, ice and snow economy, and sports economy, along with platforms for digital and health consumption, enhancing consumer experiences [3] - Companies like JoShan Health Technology showcased an AI-driven health management ecosystem, reflecting a trend towards personalized and intelligent home fitness solutions [4] Economic Impact - Panasonic highlighted its innovative products aimed at enhancing quality of life, emphasizing the dual focus on user scenarios and AI industry infrastructure development in China [5] - Shanghai has rapidly developed its first-launch economy, hosting over 2,000 first-launch events this year and seeing significant growth in e-commerce transactions, with a 12.7% year-on-year increase [5]