Summary of the Conference Call on the Two-Wheeled Vehicle Industry Industry Overview - The two-wheeled vehicle industry is experiencing significant growth, with an overall market growth rate of approximately 30% in May 2025. Specific companies are seeing varied growth rates due to factors such as channel expansion and new product launches [2][3]. Company Performance Yadea - In Q1 2025, Yadea's sales were approximately 4.006 to 4.007 million units, with April sales around 1.388 million units [2][3]. - Yadea's average selling price (ASP) for 2024 is expected to be around 2,200 RMB, with a projected increase of 3% to 5% in 2025 [10][11]. - Yadea's inventory levels are normal, approximately 1.5 to 1.6 months [7]. Aima - Aima's total sales for 2024 are projected to exceed 10.9 million units, with approximately 10.29 million units being two-wheeled vehicles. Quarterly sales are estimated at 2.5 million, 3.1 million, 3.4 million, and 1.8 million units respectively [5]. - Aima is facing structural shortages in inventory, particularly in first and second-tier cities, with inventory levels around 1.2 to 1.3 months [8]. - Aima's ASP for 2024 is expected to be around 2,100 RMB, with a similar increase projected for 2025 [10]. Tailg - Tailg's total sales for 2024 are estimated to be between 7.2 million and 7.3 million units, with quarterly sales of approximately 1.8 million, slightly over 2 million, 2.4 to 2.5 million, and 0.7 to 0.8 million units respectively [6]. - Tailg's sales for 2023 were between 7.8 million and 8 million units [6]. Ninebot - Ninebot's sales in April 2025 were approximately 480,000 to 490,000 units, showing a year-on-year growth of nearly 80% [3]. - Ninebot's ASP for 2024 is projected to be between 2,900 and 3,000 RMB, with a slight increase expected in 2025 [12]. Market Dynamics - The market for products priced above 4,000 RMB is expanding, with approximately 4.5 million units sold in 2024. Ninebot leads this segment with 1.8 to 1.9 million units sold [18]. - The industry is shifting towards higher-end models, driven by subsidies for trade-ins and the introduction of new products [18]. Pricing Strategies - Yadea is adjusting its product pricing strategy, focusing on the 3,300 to 3,600 RMB range while reducing the proportion of models priced below 2,500 RMB [14][15]. - The average selling price for high-end models is expected to be between 3,500 and 3,900 RMB [14]. Inventory and Supply Chain - Yadea's inventory is reported to be at a normal level, while Aima is experiencing structural shortages due to production capacity issues [7][8]. - Ninebot maintains a moderate inventory level, relying on normal retail sales and import/export volumes [9]. R&D and Innovation - Yadea is focusing on integrating smart features into its mid-to-high-end products but has not reached the level of smart development seen in competitors like Ninebot [21]. - The company has established a structured product development cycle of 10 to 12 months for new products and 6 to 8 months for iterations [22][23]. Financial Metrics - Ninebot has a higher average gross margin of 25-26%, while Yadea and Aima have an average gross margin of around 18% [33]. - The gross margin for electric motorcycles varies by model, with high-end models achieving margins over 22% [34]. After-Sales Service - Yadea has approximately 800 to 900 dedicated after-sales service centers, with plans to exceed 1,000 centers this year [42]. - Aima operates 500 to 600 after-sales service centers, while Ninebot has around 150 to 180 [42]. Conclusion - The two-wheeled vehicle industry is poised for growth, with key players adjusting strategies to meet market demands and enhance profitability. The focus on higher-end products and smart features is expected to drive future sales and market share.