齐鲁晚报·齐鲁壹点记者于天津市应急管理局官方网站获悉，近日，雅迪控股（01585.HK）旗下的天津雅迪实业有限公司（下称"雅迪实业"）收到罚单。 | | | 对此，天津市应急管理局对其做出如下行政处罚：给予处人民币叁万元罚款的行政处罚。2025年6月4日下达行政处罚决定书。 这不是天津雅迪实业有限公司第一次"榜上有名"，2024年6月21日，甘肃省市场监督管理局通报了15批次电动自行车产品质量不符合标准要求，"雅迪""台 铃""新日"等上榜，不合格项目为标识与警示语、充电器与蓄电池（蓄电池防篡改），生产单位为天津雅迪实业有限公司。 齐鲁晚报·齐鲁壹点 李牧青 | | | | | Hold Electric Library List of Children Company of the Property L. | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 受檢单位 | 生产单位 | 产品名称 | 星牌 | 정号 | 生产日期 | 不合格项目 各注 | | 1 | 影龄关雷力风行电动车销售 | 天津雅迪实业有限公司 | 电动自行车 ...

展望未来，通勤场景（占比约50%）与娱乐场景（30%）构成电动两轮客户的核心基本盘，其中：1） 通勤场景以刚需为主导，对产品性价比、续航能力及渠道便利性高度敏感，我们预计雅迪、爱玛凭借规 模化制造降本、下沉渠道网络及长续航技术构筑护城河，形成绝对主导地位；2）娱乐场景更注重品牌 调性、外观设计及智能化体验，用户愿为个性化支付溢价，新势力品牌例如九号等公司具备先发优势， 而雅迪、爱玛等传统车企亦通过车型、营销手段快速迭代，缩小差距。 公司经历前期激进扩张与2024 年深度调整，销量、盈利能力均有望快速修复。1）渠道侧面，公司2024 年受新国标影响，老车型清仓去库，致使渠道压力较大。2025 年以来，随着新国标落地、以旧换新的 推进，我们预计公司终端渠道已恢复至健康状态，叠加摩登等新产品序列上市，后续销量增长潜力有望 恢复。2）与销量趋势一致，随着行业价格战缓解与公司规模效应的重新体现，单车盈利能力有望快速 修复。3）子公司华宇电池凭借"24 个月真换新"的技术品牌，外供需求旺盛，销量有望快速增长，并进 一步增厚公司业绩。 盈利预测与估值： 预计公司2025-2027 年归母净利润分别为29.3/35.5/41 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 06 10 年 月 日 资料来源：Wind，国盛证券研究所 注：股价为 2025 年 06 月 06 日收盘价 | 买入（首次） | | | --- | --- | | 股票信息 | | | 行业 | 汽车零部件 | | 06 月 06 日收盘价（港元） | 12.36 | | 总市值（百万港元） | 38,472.32 | | 总股本（百万股） | 3,112.65 | | 其中自由流通股（%） | 100.00 | | 30 日日均成交量（百万股） | 9.65 | 雅迪控股（01585.HK） 政策驱动景气度上行，龙头盈利修复可期 以旧换新叠加新国标落地，行业需求有望重回快速增长区间。预计行业 2025/2026 年销量 5600/6175 万辆，同比+12%/+10%，未来行业稳态需 求接近 6500 万辆。主要受益于：1）以旧换新政策补贴力度大，截至 2025 年 4 月 8 日全国电动自行车售旧、换新各 334.1 万辆，平均单车补贴金额 688 元，据中国自行车协会监测，行业一季度产量同比+25%，刺激效果 显著，后续换购需求有 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 06 10 年 月 日 雅迪控股（01585.HK） 政策驱动景气度上行，龙头盈利修复可期 以旧换新叠加新国标落地，行业需求有望重回快速增长区间。预计行业 2025/2026 年销量 5600/6175 万辆，同比+12%/+10%，未来行业稳态需 求接近 6500 万辆。主要受益于：1）以旧换新政策补贴力度大，截至 2025 年 4 月 8 日全国电动自行车售旧、换新各 334.1 万辆，平均单车补贴金额 688 元，据中国自行车协会监测，行业一季度产量同比+25%，刺激效果 显著，后续换购需求有望加速释放。2）2024 版新国标将于今年 9 月实施， 新增防火、防电池篡改的要求，降低铅酸电池重量要求，提高行业准入门 槛，预计行业 Q2-Q3 老国标车型需求有望维持旺盛。 行业格局：头部车企优势明显，未来市场份额有望稳中有升。龙头公司雅 迪/爱玛在产品价格带、渠道方面优势明显，市占率大幅领先同行，2024 年分别销售 1302/1070 万台，对应市占率 26%/21%，合计市占率达 47%。 展望未来，通勤场景（占比约 50%）与娱乐场景 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 20.5 HKD based on a 20x P/E ratio for 2025 [4]. Core Viewpoints - The domestic two-wheeler industry is entering a growth cycle driven by "national subsidies + new national standards," with leading companies like Yadea and Aima expected to gain market share due to their high cost-performance products and supply chain advantages [2][13]. - The company is focusing on product strength and channel efficiency to enhance store performance, with significant efforts in product innovation and market expansion [3][9]. Summary by Sections Investment Logic - The report highlights that the growth of the domestic two-wheeler industry will be supported by improved product capabilities, particularly in battery technology and smart features, which are expected to drive up average selling prices (ASP) [2][13]. - The company is actively expanding its product range to cater to diverse consumer segments, with a notable increase in sales from products priced above 3000 RMB [2][9]. Financial Forecasts - The projected net profits for the company from 2025 to 2027 are 30.14 billion, 34.16 billion, and 39.0 billion RMB, reflecting year-on-year growth rates of 137%, 13%, and 14% respectively [4][7]. - The company’s revenue is expected to rebound significantly in 2025, with a forecasted revenue of 38.296 billion RMB, up from 28.236 billion RMB in 2024 [7]. Product Development and Innovation - The company is focusing on enhancing its three core systems (battery, motor, and control) to improve product performance and safety, with recent advancements in sodium-ion battery technology [27][35]. - The introduction of the sodium-ion battery series is positioned as a key differentiator in the market, with features such as fast charging and high safety standards [27][29]. Market Expansion - The company is actively expanding its international presence, with plans to increase the number of export countries to 100 by 2024, leveraging its strong cash flow to support dividend payments [3][4]. - The report emphasizes the importance of overseas markets as a second growth curve for the company, particularly in Southeast Asia [3][20]. Competitive Landscape - The report notes that the competitive landscape is shifting, with leading companies expected to capture a larger share of the market as smaller players struggle to maintain their positions [2][13]. - The new national standards are anticipated to raise entry barriers, benefiting established players like Yadea [13][28].

Financial Performance - Total revenue for 2024 decreased by 18.8% to RMB 28,236.2 million compared to RMB 34,762.8 million in 2023[20] - Profit attributable to owners of the company for 2024 was RMB 1,272.4 million, down from RMB 2,640.2 million in 2023, representing a decline of 51.8%[20] - The gross profit margin for 2024 was 15.2%, down from 16.9% in 2023, indicating increased cost pressures[20] - The company's gross profit decreased by approximately 27.1% to RMB 4,289.0 million in 2024 from RMB 5,885.2 million in 2023, with a gross margin decline from about 16.9% to approximately 15.2%[41] - Other income and gains decreased by approximately 34.4% from RMB 979.8 million in 2023 to RMB 642.9 million in 2024, primarily due to the absence of one-time government grants in 2024 and increased foreign exchange losses[42] - Profit for the year decreased by approximately 51.8% from RMB 2,640.2 million in 2023 to RMB 1,272.4 million in 2024[48] - Basic earnings per share decreased by approximately 52.3% to RMB 42.2 cents for the year ended December 31, 2024[180] Assets and Liabilities - The total assets as of December 31, 2024, were RMB 24,618.9 million, a decrease from RMB 25,660.1 million in 2023[21] - The total liabilities decreased to RMB 15,860.8 million in 2024 from RMB 17,258.9 million in 2023, reflecting improved financial stability[21] - Cash and cash equivalents as of December 31, 2024, were approximately RMB 7,868.9 million, a decrease of about 0.6% from RMB 7,913.8 million as of December 31, 2023[49] - Inventory increased by approximately 33.9% from RMB 955.4 million as of December 31, 2023, to RMB 1,279.4 million as of December 31, 2024, mainly due to preparations for anticipated demand during the Chinese New Year[53] - Accounts receivable decreased by approximately 16.2% from RMB 545.9 million as of December 31, 2023, to RMB 457.7 million as of December 31, 2024, due to increased collection efforts and a decline in sales[54] - The debt-to-equity ratio increased to 16.4% as of December 31, 2024, compared to 9.9% as of December 31, 2023[58] Sales and Market Performance - The revenue breakdown for 2024 shows electric scooters at 3.2%, batteries and chargers at 25.1%, electric bicycles at 28.3%, and parts at 43.4%[18] - Total sales of electric scooters and bicycles dropped from approximately 16.5 million units in 2023 to about 13.0 million units in 2024, reflecting a significant decline in demand[34] - The sales volume of electric scooters decreased by approximately 20.7% from about 4,960,000 units in 2023 to approximately 3,931,000 units in 2024[37] - The sales volume of electric bicycles fell by approximately 21.4% from about 11,561,000 units in 2023 to approximately 9,089,000 units in 2024[37] Research and Development - The company operates six R&D centers and holds over 2,000 patents, emphasizing its commitment to innovation in electric vehicles[10] - The company continues to invest in R&D for core components such as batteries and electronic control systems, with a focus on launching compliant and market-oriented products[29] - The company is set to launch its first mass-produced sodium-ion battery-powered electric bicycle in January 2025, marking a significant breakthrough in sustainable transportation[29] Marketing and Expansion - The company aims to enhance marketing efforts through digital platforms and social media to connect with younger consumers, appointing a global brand ambassador to rejuvenate its brand image[30] - The company plans to accelerate global expansion, particularly in Southeast Asia, with new factories in Indonesia and Vietnam, and flagship stores in Thailand and Indonesia[29] Corporate Governance - The board consists of eight directors, including three executive directors, one non-executive director, and four independent non-executive directors[73] - The company has fully complied with the corporate governance code during the year ended December 31, 2024[69] - All independent non-executive directors confirmed their independence according to the guidelines set out in the listing rules[75] - The company has established mechanisms to ensure independent judgment from the board, including evaluating the time commitment of independent non-executive directors[86] - The roles of chairman and CEO are clearly defined and separated, with Dong Jinggui as chairman and Qian Jinghong as CEO[87] Risk Management - The company has established a robust risk management and internal control system to safeguard shareholder investments and company assets[117] - The board has identified four risk categories: strategic risk, financial risk, operational risk, and legal risk, and has established a reporting policy to address misconduct or fraud[122] - The company encourages employees and stakeholders to report any concerns regarding misconduct or fraud, ensuring thorough investigations are conducted[122] Social Responsibility and Sustainability - The company is committed to fulfilling its social responsibilities through active implementation of environmental, social, and governance policies during the reporting period[135] - The company is focused on sustainable development and continuously reviews and improves its sustainability efforts during the reporting period[135] Leadership and Management - The company has a strong leadership team with over 23 years of experience in the electric two-wheeler industry, co-founded by the current chairman and CEO[138][140] - The management team has received multiple accolades, indicating a high level of recognition in their respective fields[149] - The strategic appointments aim to strengthen the company's operational efficiency and drive future growth initiatives[146][148][151][152][154] Shareholder Communication - The company emphasizes the importance of transparent communication with shareholders to enhance their understanding of business performance and strategies[121] - The company maintains various formal communication channels to report performance and engage with shareholders, including investor forums and site visits[123]

业绩投资者电话会议请允许我为大家介绍一下自己本次电话会的管理层他们是雅迪集团董事会主席董经贵先生副董事会主席兼行政总裁浅静红女士高级副总裁钟朝阳先生王家中先生周超先生 副总裁兼国内营销公司总经理张静松先生以及财务总监石瑞先生我们将首先邀请公司财务总监石总为大家介绍公司2024年度的业绩情况随后将进入问答环节各位投资者可通过语音指示进行提问我们首先有请石总 非常感谢主持人感谢各位投资人24年虽然说我们有遇到了各种的问题业绩也不及预期我们在去年的12月也发布了业绩引颈然后也跟大家进行了详细的一些介绍所以在今天我就不去做过多的一些推述因为今天我们也请到了我们的三位轮值以及我们的新同事在后边跟大家来重点回复大家的问题 除了南京大火的事故导致了这行业的延长第二个因为延长导致了公司的产品节奏以及营销策略节奏发生了比较大的一些影响所以导致了24年这个节奏上出现了重大的一些问题直接影响到整体销量做到了34%的一个这个缩少21%的一个下滑到了1302万台出入也下滑了18.8%282亿元 在这个三个组合的数据中实际上基本上灌篮系列海外及三文这些毛利率涉嫁较高的产品占比是34%的产品自主车型已经占到了绝对的大头95%都是自主研发的 ...

证券研究报告 | 2025年04月03日 雅迪控股（01585.HK） 优于大市 2024 年利润承压，2025 年有望迎来恢复 2024 年收入及利润下滑受国检、去库存等拖累。雅迪控股 2024 年实现营 业收入 282.4 亿元，同比下降 18.9%，净利润 12.7 亿元，同比下降 51.8%； 2024H1 营业收入 144.3 亿元，同比下降 15.5%，净利润 10.3 亿元，同 比下降 13%，2024H2 营业收入 138.1 亿元，同比下降 22.1%，净利润 2.4 亿元，同比下降 83.6%，收入及利润下滑主要是国检影响经销商出货节 奏，公司促销去库存等综合导致。 2024 年利润率下滑，费用率提升。2024 年公司进行去库存，部分产品打 折促销，影响整体利润率，2024 年毛利率 15.2%，同比下降 1.7pct，净 利率 4.5%，同比下降 3.1pct。公司对销售、管理费用也进行相应控制， 销售、管理费用率保持稳健，同时公司仍然保持了较高的研发投入，研 发费用率提升至 4.1%，较 2023 年提升 0.6pct。整体看公司 2024 年综 合费用率为 11.7%，同比提升 0. ...

证券研究报告 | 公司点评 | 摩托车及其他 投资要点 2024 年业绩一次性扰动出清，龙头底色不改 1） 收入业绩短期承压：2024 年全年公司实现收入 282.36 亿元，同比减少 18.8%；实现利润 12.72 亿元，同比减少 51.8%；实现归母净利率 4.51%，同比减 少 3.09pct。业绩下滑主要系安全事件下需求阶段性真空，以及新旧国标切换过 程中，企业短期适应成本增加，公司为加速清仓旧车型采取了降价策略。其他收 入及收益净额录得 6.43 亿元，同比减少 34.4%，主要系本年度未收取类似政府 补助及汇兑亏损净额增加所致。 2） 销量下滑，重振节奏：销量约 1302.05 万辆，同比减少 21.2%，其中，电动 自行车销量 908.95 万辆，同比减少 21.4%，占比 69.8%；电动踏板车销量 393.10 万辆，同比减少 20.7%。销量下滑主要系 2024 年 H1 受国检扰动，H2 待国标修 订，经销商观望中提货意愿较低，且公司产品推新活动受阻，经营节奏明显放 缓，但 12 月以来经营已正常化，新品拉动和补库带来边际明显改善。 3） 毛利率略有调整，费用端保持稳定：2024 年公 ...

Summary of Yadea Holdings Conference Call Company Overview - **Company**: Yadea Holdings - **Date**: March 29, 2025 Key Points Industry and Market Dynamics - The growth in Q1 2025 was supported by favorable national policies, particularly the delay of new standards until Q4, creating a conducive environment for the industry [3][4] - The company has adjusted its sales and product strategies since October 2024, leading to clearer product positioning and improved performance [3][4] Financial Performance - Q1 performance benefited from policy delays, product strategy adjustments focusing on long-range, lightweight design, and trade-in programs, with an average rebate reduction of over 50 yuan per vehicle, enhancing unit price and gross margin [4] - The average selling price (ASP) is maintained above 2,200 yuan, with expected annual sales of 16.5 to 17 million units and a gross margin of approximately 18% [4][9] Product Strategy - The company has redefined its product lines: - **Crown Series**: Emphasizes long-range and longevity - **Modern Series**: Focuses on lightweight design and aesthetics - **Classic Series**: Enhances cost-performance ratio [4][5] - The introduction of the T35 product has been successful, indicating a shift towards smart vehicle design [7][8] Market Segmentation - The mid-to-high-end market strategy has shown success, with the Crown and Modern series accounting for 44% of sales and products priced above 3,000 yuan making up over 55% of sales [5][9] - The company targets two main consumer groups in the mid-to-high-end market: those valuing individuality and those interested in customization [14][15][16] Trade-in Program - The trade-in program has effectively captured approximately 800,000 units of demand, with 40% of stores participating [4][10][11] - The program is not mandatory for dealers but has seen high voluntary participation due to competitive pressures [12] Battery Technology and Innovations - The company upgraded its lead-acid battery technology, doubling its lifespan without increasing costs, leading to strong demand in both pre-installed and aftermarket segments [17] - Exploration of sodium-ion battery technology is ongoing, with two pathways being developed: one for fast charging and another for cost-effective promotion [19][24] Retail and Distribution Strategy - The company currently operates 41,500 retail outlets, with plans to add 5,000 new or upgraded stores, expecting a net increase of 2,000 to 3,000 [21] - The focus for 2025 is on mid-range products priced between 2,500 to 4,500 yuan, with a cautious approach to marketing expenditures [23] International Expansion - The company is cautious about large-scale capital expenditures for international expansion, focusing instead on addressing product model issues before scaling operations [27] Future Outlook - The company anticipates improved profitability in 2025 compared to 2022, driven by strategic adjustments and market conditions [20][22] Additional Insights - The company is committed to enhancing service quality and market competitiveness through differentiated service strategies [20] - The marketing strategy is evolving towards new retail models, competing with brands like Ninebot and Niu [6] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Yadea Holdings' proactive measures in navigating market challenges and opportunities.