Core Viewpoint - The cycling industry, particularly the folding bicycle segment, is experiencing significant growth driven by increasing consumer interest and market trends, as evidenced by the recent IPO of Dahon Technology (Shenzhen) Co., Ltd. [1][2] Group 1: Company Overview - Dahon brand was founded in 1982 by David Hon in California, and the company has expanded its operations in China since 2001 [2] - Dahon Technology reported a revenue of 254 million yuan in 2022, with projections to double to 451 million yuan by 2024, driven by the expanding mid-to-high-end folding bicycle market in China [2] - The company has transitioned from a focus on low-end models to a significant increase in mid-range and high-end bicycle sales, with high-end models contributing approximately 10% of revenue [6] Group 2: Market Trends - The global folding bicycle market is projected to recover to 3.7 million units in 2024, surpassing the peak of 3.1 million units in 2021 [2] - In China, folding bicycles account for 22% of the global market, with urban commuters being the primary target demographic for Dahon [3] - The average selling price of Dahon's folding bicycles has increased from 1,593 yuan in 2022 to 1,927 yuan in 2024, reflecting a shift in consumer preference towards higher-end products [6] Group 3: Consumer Behavior - Consumers are increasingly willing to spend more on cycling, with mid-range bicycles (2,500 to 5,000 yuan) rising from 50.6% of revenue in 2022 to 69.5% in 2024 [6] - The company is targeting not only urban commuters but also recreational cyclists, as evidenced by the introduction of new models designed for speed and versatility [5] Group 4: Sales Channels - Dahon has significantly increased its online sales, with direct online sales revenue growing from 14.1 million yuan in 2022 to approximately 100 million yuan in 2024, representing a compound annual growth rate of over 166% [8] - Online sales accounted for 35.4% of total revenue in 2024, up from 2% in 2022, indicating a shift in consumer purchasing behavior [8]