YADEA Group Holding Limited (01585) delivered a high-quality performance report for 2025, adhering to a user-centric operational focus and concentrating on diversified product innovation and the implementation of cutting-edge technologies. The financial report reveals that YADEA achieved operating revenue of 37.008 billion RMB, a year-on-year increase of 31.1%. Net profit attributable to owners of the parent company was 2.912 billion RMB, surging 128.8% compared to the previous year. Basic earnings per share were approximately 0.96 RMB, marking a 127.0% increase. This impressive performance prompted a positive reaction in the capital markets, with the company's share price reaching an intraday high of HKD 13.4 on March 31, its highest point for the year, and recording a maximum monthly gain of 17.4% during March.
Against the backdrop of increasing industry concentration, the profitability advantages of leading companies continue to expand. The implementation of new national standards for electric two-wheelers has driven profound optimization of the industry landscape, with compliance and technological upgrades becoming key themes. Small and medium-sized brands are facing accelerated attrition due to high compliance costs and insufficient R&D capabilities, leading to a significant "siphoning effect" in the competitive environment. The financial report shows that YADEA's sales of electric bicycles reached 11.4535 million units in 2025, up 26% year-on-year, while sales of electric scooters reached 4.8157 million units, a 22.5% increase. Total sales volume hit 16.2692 million units, securing the company's position as the global leader for the ninth consecutive year.
Benefiting from economies of scale, the company's profit structure continued to optimize. The gross profit margin improved from 15.2% in 2024 to 19.1% in 2025. This enhancement stems from both the cost-control efficiencies gained through large-scale procurement and the differentiated value created by a diverse product portfolio, which has been key to transcending industry price wars. The synergistic growth in scale and profitability has driven improvements in operational quality and financial health. Net cash flow from operating activities for YADEA in 2025 amounted to 5.99 billion RMB, a significant improvement from 299 million RMB in 2024, reflecting the benefits of refined management in areas like supply chain collections and inventory turnover under economies of scale. Inventory turnover efficiency continued to improve, with the average inventory turnover days decreasing from 17.03 days in 2024 to 16.5 days in 2025. The faster inventory turnover further reduces the occupation of working capital and enhances overall asset operational efficiency.
As of the end of 2025, the company's cash and cash equivalents stood at approximately 5.99 billion RMB. This ample cash reserve provides a solid financial foundation for R&D investment, global production capacity layout, and market channel expansion. In 2025, YADEA invested approximately 1.405 billion RMB in R&D expenses, a 22.5% year-on-year increase. R&D resources were primarily allocated to intelligent platforms and connectivity technologies, core "three-electric" systems, and other areas, focusing on the industry's trend toward intelligent upgrades. By the end of 2025, the company held over 2,000 patents cumulatively and had established a self-controlled technological system in key areas such as intelligent operating systems, core "three-electric" components, and Ark safety technology. The construction of this technological barrier has enhanced the core competitiveness of the company's products, serving as a fundamental support for achieving product differentiation and promoting the widespread adoption of intelligent features.
If scale growth has solidified YADEA's development foundation, then the intelligent iteration of its products has become the core driver for unlocking long-term growth potential. Unlike other brands that confine smart features to high-end models, YADEA, at its March 2026 CANNONDALE Intelligent Technology Carnival, promoted the concept of "nationwide intelligence" centered around its self-developed YADEA OS operating system. This approach aims to shift smart technology from a niche novelty to a universally accessible feature, creating a unique product differentiation advantage and restructuring the value logic of the two-wheel出行 industry through product intelligence iteration.
The three flagship new products launched at the carnival—the YADEA CANNONDALE White Shark II, the YADEA CANNONDALE Starship II, and the YADEA CANNONDALE i7—are all built on this system, forming a product ladder with "intelligence from entry-level, more comprehensive mid-range, and leading high-end" configurations, truly returning the initiative for智能化 to the real needs of users. Among them, the YADEA CANNONDALE White Shark II, a core achievement of the intelligent transformation and a benchmark product for智能普惠, scored 925 points in the Master Lu intelligent electric vehicle comprehensive evaluation, earning the top ranking for "intelligent electric motorcycle models under 10,000 RMB." Bolstered by endorsement from tech influencer "Film Storm" Tim, it quickly became a hit product in the smart出行 market after its launch. The White Shark II emphasizes "intelligent evolution and leapfrog high-end configuration," featuring bionic shark mecha aesthetics, a 6-inch Smart screen, and the iRide convenient control core configuration, combined with Ark safety technology, Aurora sodium battery, and TTFAR all-round motor, balancing safety, performance, and range. A 30L large under-seat bucket better suits daily commuting needs.
The YADEA CANNONDALE Starship II is positioned as an "AI intelligent high-end super run," equipped with a 7-inch upgraded Smart screen, a Falcon liquid-cooled controller, and support for multi-mode power switching. Its high-performance semi-solid-state lithium battery coupled with 20A super-fast charging enables long range and quick replenishment. Automotive-grade dual-channel valve ABS and a high-performance chassis system deliver极致操控. The YADEA CANNONDALE i7 focuses on "high-energy players, intelligent control of the field," featuring a personalized appearance based on mechanical design aesthetics. Its 6-inch Smart screen supports screen projection navigation and an AI virtual assistant, while the iRide convenient usage and Ark safety technology provide dual guarantees, offering a personalized, interactive, and fun smart出行 experience.
These three products, with their three distinct定位, precisely respond to three types of users, reflecting YADEA's systematic thinking about智能化. Importantly, YADEA's product智能迭代 is not merely a stacking of features but is based on precise iteration and scenario-based design informed by hundreds of millions of user riding data points. From safety pain points in urban commuting to riding needs on complex road conditions, from detailed experiences in daily use to endurance guarantees for long-distance travel, all intelligent configurations and performance upgrades revolve around users' real出行 scenarios. Features like the safety-assist blue light and the all-scenario slope control system make smart technology genuinely serve travel safety, while functions like screen projection navigation and the AI travel assistant better align with the smart interaction habits of younger users. YADEA's product iteration model of "technology下沉 + value enhancement" has successfully promoted the reshaping of value standards in the two-wheel出行 industry, making智能化 an accessible出行 experience for more users.
Driven by both policy compliance and consumption upgrades, the two-wheel出行 industry is shifting from price and scale competition to value and intelligence competition. Leveraging its leading advantages, YADEA is driving the overall upgrade of the industry, making the widespread adoption of smart technology a core direction for the industry's transformation and upgrading. Supported by robust performance and forward-looking strategic planning, the company continues to advance technology accessibility and product innovation with a user-centric approach, leading the two-wheel出行 industry towards high-quality and sustainable development, and consolidating its position as a global leader in smart出行.
In this transformation process, YADEA's practice of "nationwide intelligence" has broken the industry's固有认知 of智能化. By achieving self-control of underlying smart technologies through its self-developed YADEA OS system and leveraging advantages in scale production and full industry chain integration to reduce the cost of smart hardware, YADEA enables models under 10,000 RMB to be equipped with high-end intelligent configurations. This shifts the industry from price competition to value competition centered on user value.
For the capital markets, YADEA's value restructuring presents a clear and solid valuation logic. From a valuation perspective, the company's current trailing twelve months (TTM) P/E ratio is approximately 12.8x (based on the closing price of HKD 13.25 on March 31), significantly lower than the industry average. Combined with the proposed final dividend of HKD 0.53 per share for the 2025 fiscal year, the dividend yield calculated based on the closing price is approximately 4.0%, indicating support from stable cash returns. Coupled with multiple positive factors including high earnings growth, accelerated intelligent transformation, and optimized industry structure, the potential for valuation repair is clearly visible. Guotai Haitong Securities, based on the company's earnings growth trend, has assigned a 2026 P/E valuation of 15x, corresponding to a target price of HKD 17.49. This implies a potential upside of approximately 32.0% from the March 31 closing price of HKD 13.25. The firm maintains an "Add" rating, fully recognizing the company's long-term growth potential.
In conclusion, YADEA's high performance growth in 2025 is the combined result of product upgrades and R&D investments, as well as the inevitable outcome of its commitment to a user-preference-oriented operational focus and dedication to product innovation and technology implementation. Against the backdrop of deep integration between the intelligent economy and green出行, YADEA, based on steady performance growth, centered on product智能迭代, and fundamentally guided by genuine user needs, continues to drive technology implementation and industry upgrading. Looking ahead, with the continuous iteration of smart technologies and the enrichment of its intelligent vehicle matrix, YADEA is poised to achieve simultaneous growth in scale and value, continuing to lead the high-quality development of the two-wheel出行 industry. Its approach of promoting industry value restructuring through technology普惠 also provides a practical and feasible reference for the transformation of Chinese manufacturing from scale advantage to value advantage.
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