Analysis Report on R&D Investment and Product Innovation of Yadea Holdings

Based on the information I have collected, I will provide you with an in-depth analysis report on the relationship between R&D investment and product innovation of Yadea Holdings:

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According to the research report of Guosen Securities and the official data disclosed by the company, Yadea Holdings’ R&D investment in recent years has shown a

trend:

Year	R&D Expense (RMB 100 million)	R&D Expense Ratio	YoY Change
2022	11.06	~3.5%	—
2023	11.92	~3.5%	+7.8%
2024	11.47	4.1%	+0.6pct
2025H1	6.24	—	YoY +27%

: The cumulative R&D investment from 2022 to 2024 reached as high as , and the R&D expense ratio in 2024 increased by 0.6 percentage points compared with 2023, indicating that the company has not cut R&D investment but continued to increase it [1][2].

Company	2023 R&D Expense (RMB 100 million)	R&D Expense Ratio	Positioning
Yadea Holdings	11.92	~3.5%	Traditional Industry Leader
Ninebot	—	6.0%	Intelligent New Player
Aima Technology	5.9	~2.8%	Traditional Industry Leader
Sunra Electric	1.1	~2.7%	Second-Tier Traditional Player

: Yadea’s leads traditional competitors such as Aima and Sunra, but its R&D expense ratio is (6.0%), which reflects the fundamental difference in strategic positioning between the two companies [3].

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Yadea’s R&D investment has been converted into a number of substantive technological achievements:

Technology Field	Innovation Outcomes	Market Impact
Battery Technology	Pioneered patented graphene battery technology (Ivy Graphene Lead-Acid Battery)	24-month replacement guarantee, no attenuation after 200 charge-discharge cycles
Long-Range System	TTFAR 6.0 Long-Range System	Driving range exceeds 200km
Intelligence	Smart Mobility System	Integrated functions of unlocking, battery management, and GPS positioning
Safety System	Specialized control systems for bumpy, slippery, steep slope, and night scenarios	Differentiated safety experience

Yadea has established a relatively complete R&D system:

• Patent Reserve
  : Over
  1,900 patents
  [4]
• R&D Platforms
  : 1 national-level industrial design technology center, 2 CNAS-accredited national enterprise laboratories, 6 industry-leading technology R&D centers
• Global Layout
  : 8 production and R&D bases (6 domestic + 2 overseas)
• Independent R&D
  : Achieved breakthroughs in independent R&D of core components such as batteries, motors, and electronic controls [4]

Product Series	Positioning	Market Performance
Crown Series	Long-range, high-end	Cumulative sales exceed 15 million units
Feiyue Series	High-performance, youth-oriented	Key model launched in 2024
Modern Series	Female users, lightweight	Officially launched at the Hainan press conference in February 2025
VFLY Sub-brand	Ultra-high-end market	Exploration of upward brand positioning

: In 2023, the combined sales share of the Crown Series, tricycles, overseas business, and Feiyue Series reached , a significant increase compared to previous periods [3].

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Market criticism of “insufficient R&D investment” mainly stems from the following factors:

Angle of Criticism	Actual Situation
Backward Intelligence Level	In the high-end market priced above RMB 7,000, Yadea’s market share is only 4.1% , far lower than Ninebot (51.7%) and Niu Technologies (43.8%) [5]
Low Unit Product Price	Yadea’s average unit price was RMB 1,487 in 2024, and rose to approximately RMB 2,340-2,380 in 2025, but it is still lower than that of Ninebot and Niu Technologies
Gap in R&D Expense Ratio	Yadea’s ratio is about 3.5-4.1%, while Ninebot’s is as high as 6.0%, showing a clear gap

1. Leading Absolute Scale
   : Among traditional two-wheeled electric vehicle enterprises, Yadea’s R&D investment amount ranks top in the industry
2. Increasing R&D Expense Ratio
   : The R&D expense ratio rose to 4.1% in 2024, an increase of 0.6 percentage points compared with 2023, indicating an increase in R&D intensity [1]
3. Sustained Investment
   : R&D expense in H1 2025 reached RMB 624.2 million, with a YoY growth of 27%, maintaining rapid growth [2]
4. Structural Focus of Investment
   : Yadea’s R&D investment focuses more on
   core technological breakthroughs
   (batteries, motors, electronic controls) rather than intelligent software

Indicator	Yadea	BYD (Reference)
2024 R&D Expense	RMB 1.147 billion	RMB 39.919 billion
2024 Sales Volume	13 million units	3.02 million units
R&D Expense per Unit	RMB 88/unit	Approx. RMB 12,452/unit

: Due to Yadea’s strategy, the net profit per unit is only about RMB 97.8, making it difficult to support high R&D expense per unit. The scale advantage has not been effectively converted into a R&D cost amortization effect [5].

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Dimension	Impact Analysis
Driving Range	Established a significant driving range advantage through the TTFAR long-range system and graphene battery technology, with the Crown Series becoming a market benchmark
Cost Control	Independent R&D of core components (batteries, motors, electronic controls) reduces supply chain costs and improves gross profit margin flexibility
Brand Upgrading	The cumulative sales of 15 million units of the Crown Series proves that technological innovation can support brand upgrading
Overseas Expansion	Technological strength provides support for globalization, with accelerated construction of overseas bases in Indonesia, Vietnam, etc. [4]

Dimension	Impact Analysis
Backward Intelligence	Compared with Ninebot and Niu Technologies, Yadea has a gap in intelligence (APP connectivity, smart unlocking, assisted driving)
Difficulty in Breaking into High-End Market	Market share in the market priced above RMB 7,000 is only 4.1%, and high-end consumers’ perception of Yadea as a “mid-to-low-end” brand is difficult to change in the short term
Meager Profit per Unit	The net profit per unit was about RMB 97.8 in 2024, making it difficult to allocate R&D investment to high-risk, long-cycle intelligent innovation
Channel Burden	The huge system of 40,000 sales outlets brings cost pressure, and channel upgrading and transformation require time and capital [5]

H1 2025 performance shows positive signals:

• Operating revenue of
  RMB 19.19 billion
  , YoY growth of 33.1%
• Net profit of
  RMB 1.649 billion
  , YoY growth of 59.5%
• Both gross profit margin and net profit margin hit record highs
• Sales recovery drives the emergence of scale effects

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• Yadea’s R&D investment leads traditional competitors in
  absolute scale
• The R&D expense ratio continues to rise, reaching 4.1% in 2024
• The investment direction focuses more on
  core technological breakthroughs
  (batteries, driving range) rather than intelligent software

• Achieved remarkable technological results such as graphene batteries and TTFAR long-range system
• The cumulative sales of 15 million units of the Crown Series proves that technological innovation supports brand upgrading
• Supports the company’s rapid performance growth during the industry recovery period

• There is a gap in intelligence level compared with Ninebot and Niu Technologies
• Low market share in the high-end market, and brand perception transformation takes time
• It is necessary to accelerate intelligent layout while maintaining the driving range advantage

• Sustained industry price wars affect profit margin recovery
• Intelligent transformation progress falls short of expectations
• Challenges in increasing high-end market share
• Channel inventory pressure may recur

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[1] Guosen Securities - “Yadea Holdings (01585.HK): 2024 Profit Under Pressure, Expected to Recover in 2025” (https://pdf.dfcfw.com/pdf/H3_AP202504031650825145_1.pdf)

[2] Yadea Holdings - “Interim Results Announcement for the Six Months Ended 30 June 2025” (https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0826/2025082600308_c.pdf)

[3] Guolian Securities - “In-Depth Research on Yadea Holdings (01585) Hong Kong Listed Company” (https://reportify-1252068037.cos.ap-beijing.myqcloud.com/media/production/s_e90d5d7a_e90d5d7a60545424d317d91f286dbf89.pdf)

[4] Jiefang Daily - “Yadea’s Overseas ‘Acceleration’ Relies on New-Quality Productivity” (https://www.jfdaily.com/wx/detail.do?id=753352)

[5] Weikehao - " ‘Bloated’ Yadea: The World’s Largest but Not Strongest" (https://mp.ofweek.com/ce/a256714594537)

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