格隆汇8月25日｜生产折叠单车Dahon的大行科工通过联交所上市聆讯，中信建投国际为独家保荐人。 大行科工今年首4月收入为1.84亿元，同比增长46.9%；利润2152.8万元，上升69.1%。韩德玮持有大行 科工约88.6%股权，其余为员工持股平台等股东。 大行科工于1982年由台湾企业家韩德玮创立，2024年内地折叠自行车市场中，按零售量和零售额均排名 第一，分别占有26.3%和36.5%的市占率。据灼识谘询，公司在2023-2024年间，在内地五大折叠自行车 企业中，销量及收入增速最快。 来源：格隆汇APP 大行科工产品线涵盖城市通勤、时尚个性、户外探索、超卓竞速及实用内涵5大系列，旗下产品包括公 路、山地、儿童及电助力单车，至2025年4月底产品型号超过70款。其中经典畅销车型P8，累计销量超 过15万辆，售价约为3500元，而P8在香港的售价就介乎3680-4500港元，视乎单车配置。 ...

| [编纂]的[编纂]數目 : [编纂]股H股(視乎 编纂]行使與否而定) | | --- | | 编纂 數目 . 编纂 股H股(可于编纂]) | | 编纂 敦目 .. [编纂]股H股(視乎 编纂]行使與否而定及可 | | 壬陽纂I) | | 最高 编纂] : 每股[编纂] 编纂 港元,另加1.0%經紀佣金、 | | 0.0027%設監會交易徵費、0.00015%會財局 | | 交易徵費及0.00565%聯交所交易費(須於申 | | 請時以港元繳足,多繳款項可予退還) | | 面值 ... 每股H股人民幣1.00元 | | 编纂 : 编纂 | 近日，港交所披露信息显示，大行科工(深圳)股份有限公司（以下简称"大行科工"）成功通过上市聆讯，即将登陆港股市场，其独家保荐人 为中信建投国际。这一消息由智通财经APP率先获悉。 大行科工在招股书中透露，公司是中国内地折叠自行车市场的领军企业。根据灼识咨询的数据，以2024年的零售量计算，大行科工在中国内 地折叠自行车行业中排名第一，占据了26.3%的市场份额；若以零售额计算，公司同样位居首位，市场份额高达36.5%。折叠自行车以其小巧 便携的特点，深受消费者喜爱，大行 ...

招股书链接：无（文中未提供） 来源：新浪港股-好仓工作室 近日，大行科工（深圳）股份有限公司（简称"大行科工"）递交聆讯后资料集，或很快在香港上市。中 信建投（國際）融资有限公司担任独家保荐人。 根据招股书披露，本次港股上市募集资金将用于以下用途： 1. 用于生产系统现代化及扩大运营规模， 以提升制造能力； 2. 用于强化经销网络及策略性品牌发展，以巩固市场地位及加快全球扩张； 3. 用于 加强研发能力，以提升技术； 4. 用作运营资金及其他一般企业用途。 公司介绍：大行科工的大行品牌由韩德玮博士于1982年创立。历经40余载深耕，在技术实力、创新精 神、匠心工艺、对卓越性能和产品质量的追求方面享负盛名。公司以P8等畅销车型为基石，打造出全 方位自行车产品阵容，涵盖公路自行车、山地自行车、儿童自行车和电助力自行车等。公司持续投资研 发，推进折叠自行车技术发展，拥有众多专利。同时，公司建立了全面高效的销售和经销网络，产品覆 盖中国内地线上线下渠道，并远销海外。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图 ...

大行科工以P8等久经考验的畅销车型为基石，再加上新开发的车型，打造出一个全方位的自行车产品 阵容，能够满足城市上班族、探险爱好者乃至竞赛骑手等不同类型消费者的各种需要。纵观公司的历 史，公司的产品阵容已从折叠自行车发展到其他自行车类型，包括公路自行车、山地自行车、儿童自行 车和电助力自行车，反映出公司对创新的不懈追求及对市场需求的敏锐响应。截至2025年4月30日，公 司提供超过70款自行车车型。 智通财经获悉，据港交所8月24日披露，大行科工(深圳)股份有限公司(简称：大行科工)通过港交所上市 聆讯，中信建投国际为独家保荐人。 招股书显示，大行科工是中国内地最大的折叠自行车公司，根据灼识谘询的资料，按2024年零售量计， 公司于中国内地折叠自行车行业排名第一，市场份额达26.3%，按2024年零售额计，公司亦位居中国内 地折叠自行车行业首位，市场份额为36.5%。折叠自行车为一种小巧便携的自行车，其设有可折叠成较 小尺寸的机能，便于收纳及携带。 财务方面，于2022年度、2023年度、2024年度、2024年及2025年截至4月30日止四个月，大行科工实现 收入分别约为2.54亿元、3亿元、4.51亿元、1 ...

Group 1 - The core point of the article is that Dahon Technology (Shenzhen) Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to become the first publicly listed folding bicycle company in China [1][2] - Dahon Technology, led by 83-year-old Dr. Han Dewei, holds a significant market share in the folding bicycle industry, with 26.3% in retail volume and 36.5% in retail value in mainland China as of 2024 [2][4] - The company has shown positive growth in revenue and profit from 2022 to 2024, with projected revenues of 2.54 billion yuan, 3.00 billion yuan, and 4.51 billion yuan, and net profits of 31.43 million yuan, 34.85 million yuan, and 52.30 million yuan respectively [5][6] Group 2 - Dahon Technology's sales volume is expected to increase significantly, with projections of 149,000 units, 156,900 units, and 229,500 units from 2022 to 2024, reflecting a growing demand for folding bicycles [5][6] - The company plans to expand its product range and enhance its R&D capabilities to strengthen its position in the global folding bicycle market [3][11] - Dahon Technology has already established a presence in 28 countries and regions, with plans to further expand its operations in Southeast Asia and Europe [7] Group 3 - The folding bicycle market is projected to grow, with a compound annual growth rate of 7.3% from 2024 to 2029, reaching a market size of 5.2 million units by 2029 [6] - The company is also venturing into the electric assist bicycle segment, launching the lightweight K-ONE model, which features advanced technology for enhanced performance [10][11] - Dahon Technology's production capacity is currently constrained, with plans to build a new facility in Huizhou to meet increasing demand, aiming for an initial capacity of 200,000 units [11]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6]. Core Views - The electric two-wheeler industry is entering a high-quality development phase, with the company positioned as a leading player benefiting from policy support and market recovery [7][37]. - The company has demonstrated strong revenue growth, with a projected compound annual growth rate (CAGR) of 20.8% from 2020 to 2024, and a net profit CAGR of 30.5% during the same period [6][18]. - The company is expected to continue expanding its market share and profitability through innovation, product diversification, and strategic channel development [8][41]. Summary by Sections Company Overview - The company is a leading manufacturer in the electric two-wheeler sector, having participated in the formulation of national standards since its inception in 1997 [16]. - The company has established a comprehensive production base across four regions in China, enhancing its manufacturing capabilities [16]. Industry Analysis - The electric two-wheeler industry is projected to recover to stable growth, driven by policies encouraging replacement and new market demands such as instant delivery and shared riding [7][29]. - The industry has seen a compound annual growth rate of 10.6% from 2019 to 2023, with sales reaching 55 million units in 2023 [29]. Financial Performance - The company's revenue increased from 2.38 billion yuan in 2020 to 5.07 billion yuan in 2024, with a net profit rising from 40 million yuan to 117 million yuan during the same period [6][18]. - The report forecasts net profits of 184 million yuan, 267 million yuan, and 347 million yuan for 2025, 2026, and 2027, respectively [6][56]. Product and R&D Strategy - The company is focusing on five core systems in R&D, including liquid-cooled motors and smart battery maintenance systems, with R&D investment reaching 231 million yuan in 2024 [8][41]. - A diversified product matrix has been established, covering various market segments from economy to luxury models, with a strategic focus on high-end markets [8][41]. Market Opportunities - The global electric assist bicycle market is expected to grow from 35 billion USD in 2024 to 62 billion USD by 2030, with a CAGR of 10% [8][52]. - The company is actively expanding its presence in overseas markets and has launched a high-end brand, LIVA, to tap into the electric assist bicycle segment [8][53].

Core Viewpoint - The article discusses the upcoming IPO of Dahong Technology, a leading manufacturer of folding bicycles, led by 84-year-old physicist Han Dewei, who is recognized as the "father of modern folding bicycles" [2][5]. Company Overview - Dahong Technology plans to list on the Hong Kong Stock Exchange, having recently received IPO approval from the China Securities Regulatory Commission [2]. - The company has achieved annual sales exceeding 200,000 units, with a product lineup that includes over 70 models of folding bicycles and related accessories [6][7]. Historical Background - Han Dewei, the founder, was born in 1941 and moved to Hong Kong at a young age. He later earned a PhD in physics and worked on tactical laser development before founding Dahong in 1982 [4][5]. - The first prototype of the folding bicycle was developed after seven years of research, leading to the establishment of the Dahong brand in California [5]. Financial Performance - Dahong's sales figures from 2022 to 2024 show a compound annual growth rate (CAGR) of 24.1%, with projected sales of 149,000 units in 2022, 156,900 units in 2023, and 229,500 units in 2024 [7][8]. - Revenue for the same period is expected to grow from 254.2 million RMB in 2022 to 450.7 million RMB in 2024, with net profit increasing from 31.4 million RMB to 52.3 million RMB [8]. Market Position - Dahong holds a significant market share in the folding bicycle industry in mainland China, with 26.3% of retail volume and 36.5% of retail revenue projected for 2024 [8]. - The company has a strong patent portfolio, being the brand with the most patents in the folding bicycle sector in China [8]. Sales Channels - Over 90% of Dahong's revenue comes from bicycle sales, with a significant portion generated through offline distribution channels, which account for nearly 70% of total sales [9]. - The company's online direct sales have seen substantial growth, increasing from 14.1 million RMB in 2022 to 100 million RMB in 2024, reflecting a CAGR of 166.1% [10]. Industry Context - The bicycle industry in China is characterized by a high concentration of production for export, with domestic consumption primarily focused on lower-end markets [12]. - The industry faces challenges such as low profit margins and intense competition, particularly from international brands dominating the high-end market [12]. - The rise of electric bicycles (E-bikes) has attracted investment, but the market has also seen significant volatility, with some companies facing financial difficulties [14].

Core Viewpoint - The company, Daxing Kegong, a leader in the folding bicycle industry, has submitted its IPO application to the Hong Kong Stock Exchange, facing challenges in its listing journey, including a previous expired application and potential plans for a 2024 listing on the Beijing Stock Exchange [1][3]. Company Overview - Daxing Kegong was founded in 1982 by Dr. David T. Hon, known as the "father of modern folding bicycles," and has established its headquarters in Shenzhen with a production facility in Huizhou, achieving an annual production capacity of 90,000 bicycles [3][4]. - The company has not received external investments since its inception, with a concentrated shareholding structure where Dr. Hon controls 90.16% of the shares [4]. Financial Performance - The company reported revenues of 254 million yuan, 300 million yuan, 451 million yuan, and 185 million yuan for the years 2022, 2023, 2024, and the first four months of 2025, respectively, with net profits of approximately 31.43 million yuan, 34.85 million yuan, 52.30 million yuan, and 21.53 million yuan [6]. - Online direct sales revenue surged from 14.10 million yuan in 2022 to 100 million yuan in 2024, marking a growth of 609% with a compound annual growth rate of 166.6% [7]. Market Position - Daxing Kegong holds a 26.3% market share in the folding bicycle industry in mainland China by retail volume and a leading position with a 36.5% market share by retail value [5]. - The company primarily focuses on mid-to-high-end folding bicycles, with average selling prices of approximately 3,900 yuan for high-end models and over 2,100 yuan for mid-range models [8]. Product Range - The company offers a comprehensive range of bicycles and accessories, with over 70 models available as of April 30, 2025, expanding from folding bicycles to include road bikes, mountain bikes, children's bikes, and electric assist bikes [5][8].

Core Viewpoint - The article discusses the IPO journey of Daxing Kegong, a leading company in the folding bicycle industry, highlighting its market position, financial performance, and the challenges it faces in the listing process [1][3]. Company Overview - Daxing Kegong was founded in 1982 by Dr. David T. Hon in California, USA, and later moved its headquarters to Shenzhen, China, with a production facility in Huizhou, achieving an annual production capacity of 90,000 bicycles [3][4]. - The company has not received external investments since its inception, resulting in a highly concentrated shareholding structure, with Dr. Hon controlling 90.16% of the shares prior to the IPO [4]. Financial Performance - Daxing Kegong's revenue for 2022, 2023, 2024, and the first four months of 2025 were approximately 254 million, 300 million, 451 million, and 185 million yuan, respectively, with net profits of about 31.43 million, 34.85 million, 52.30 million, and 21.53 million yuan [6]. - The company experienced significant growth in online direct sales, increasing from 14.10 million yuan in 2022 to 100 million yuan in 2024, representing a growth rate of 609% [6]. Market Position - Daxing Kegong holds a 26.3% market share in the folding bicycle industry in mainland China by retail volume and a leading position with a 36.5% market share by retail value as of 2024 [5]. - The company primarily targets the mid-to-high-end folding bicycle market, with average selling prices of approximately 3,900 yuan for high-end models and around 2,100 yuan for mid-range models [7]. Product Range - The company offers a comprehensive range of bicycles, including over 70 models, expanding from folding bicycles to road bikes, mountain bikes, children's bikes, and electric assist bikes [5][6]. - Daxing Kegong's best-selling products include the P8 model and other newly developed bicycle types, contributing to its diverse product portfolio [5].

Core Viewpoint - The rise in global health awareness and environmental consciousness is driving a new wave of consumption and investment in cycling, particularly in folding bicycles, which are favored by urban commuters and outdoor enthusiasts. Dahon Technology (Shenzhen) Co., Ltd. is accelerating its IPO process in Hong Kong, aiming to capitalize on this trend [1]. Market Position - Dahon Technology holds a significant position in the folding bicycle market in mainland China, with a market share of 26.3% in retail volume and 36.5% in retail value as of 2024 [1]. - The company sold 156,877 units in 2023, up from 148,956 units in 2022, and is projected to sell 229,525 units in 2024, reflecting a compound annual growth rate (CAGR) of 24.1% [2]. Financial Performance - Revenue for Dahon Technology was approximately RMB 254.2 million in 2022, RMB 300.2 million in 2023, and is expected to reach RMB 450.7 million in 2024. The profit for the same periods was RMB 31.4 million, RMB 34.9 million, and RMB 52.3 million respectively [3][2]. - The company’s revenue from domestic sales reached RMB 3.29 billion in the first nine months of 2024, accounting for 93.4% of total revenue, a significant increase from 77.9% in 2022 [10]. Production and Supply Chain - Dahon Technology's production capacity is limited, with its factory in Huizhou having an annual capacity of only 90,000 units. The company relies heavily on OEM production, with 56.8% of its 2024 sales depending on outsourcing [4]. - The cost of outsourced production accounts for 47.1% of the total sales cost, indicating a potential vulnerability in its supply chain [4]. Market Challenges - The company faces challenges in expanding its overseas market, with international sales dropping from 22.1% in 2022 to 5.6% in the first four months of 2025 [4]. - The folding bicycle segment is relatively small, representing only 5.3% of the global bicycle market, with the Chinese market size at RMB 1.4 billion in 2023 [4][11]. IPO and Future Plans - The IPO proceeds are intended for capacity expansion (adding 200,000 units by 2027), strengthening the distribution network, and enhancing R&D. However, there are concerns regarding the company's cash position, which decreased from RMB 108 million at the end of 2024 to RMB 59 million by April 2025 [5]. - The company is shifting towards high-end products, increasing the proportion of high-end bicycles from 44.9% in 2022 to 60.9% in 2023, in response to consumer trends [11][14]. Competitive Landscape - Dahon Technology is the leading player in the folding bicycle market, with a market share of 21.1% in 2023, significantly ahead of its closest competitor [16]. - Despite its strong domestic position, the company faces competition in international markets, where it lacks a significant advantage compared to other leading brands [16][17].