Hong Kong–listed electric-two-wheeler maker Yadea (01585) reported robust 2025 results, underpinned by strong volume growth, product-mix upgrade and rising overseas sales.
Revenue and Earnings Yadea’s consolidated revenue rose 31.1% to RMB 37.01 billion, up from RMB 28.24 billion in 2024. Profit attributable to owners of the company surged 128.8% to RMB 2.91 billion, while basic earnings per share nearly doubled to RMB 0.96. The board proposed a final dividend of HK 53 cents per share, compared with HK 22 cents a year earlier.
Margin Expansion Cost of sales grew 25.0% to RMB 29.94 billion, below the pace of revenue growth, lifting gross profit 64.9% to RMB 7.07 billion. As a result, the gross margin widened to 19.1% (2024: 15.2%). Management attributed the improvement to an optimized product mix and deeper vertical integration.
Segment Performance • Electric two-wheelers and related accessories generated RMB 35.47 billion in external sales, accounting for 95.0% of total revenue. • Batteries and electric drives contributed RMB 7.47 billion before eliminations. Combined, the two divisions delivered RMB 7.07 billion in gross profit, with electric two-wheelers providing RMB 6.45 billion.
Operational Highlights • Total unit sales of electric scooters and bicycles advanced from 13.02 million to 16.27 million units. – Electric bicycles: 11.45 million units, revenue RMB 16.21 billion. – Electric scooters: 4.82 million units, revenue RMB 9.05 billion. • R&D expenditure increased 22.5% to RMB 1.40 billion, supporting product innovation such as sodium-ion battery models launched in early 2025. • Selling and distribution costs rose 33.3% to RMB 1.62 billion amid intensified marketing targeted at younger consumers.
Cash Flow and Balance Sheet Operating activities generated RMB 5.99 billion in net cash, versus RMB 0.30 billion a year earlier. Investment outflows reached RMB 6.98 billion, reflecting higher term deposits and capital spending; cash and cash equivalents stood at RMB 5.99 billion (-23.9% year-on-year). Reclassification of RMB 3.13 billion term deposits and RMB 1.46 billion pledged deposits as non-current assets contributed to a shift from RMB 0.63 billion net current assets in 2024 to RMB 1.88 billion net current liabilities at year-end 2025.
Total borrowings were RMB 1.46 billion, resulting in a gearing ratio of 17.4% (2024: 16.4%). Capital expenditure lifted property, plant and equipment to RMB 5.28 billion (+7.7%).
Dividend Subject to approval at the 17 June 2026 AGM, the proposed final dividend of HK 53 cents per share equates to an aggregate distribution of approximately RMB 1.45 billion and reflects continued confidence in cash-flow generation.
Outlook Management remains “cautiously optimistic” for 2026, citing sustained demand for smart, environmentally friendly mobility solutions, ongoing R&D investment and an accelerated push into Southeast Asia, including the new US $100 million Vietnam plant slated to support regional growth.
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