Yadea's 2025 Profit Surges 128.8%, Focuses International Expansion on Southeast Asia

[Ebrun Exclusive] Yadea Group Holdings (01585) recently released its financial results for the year ending 2025. The company reported revenue of approximately RMB 37.008 billion, a year-on-year increase of 31.1%. Profit attributable to owners of the company soared 128.8% to RMB 2.912 billion, with basic earnings per share rising approximately 127.0% to 95.8 cents, completely reversing the decline in both revenue and profit experienced in 2024. Following the earnings release, the capital market reacted positively, with the stock price rising 5.19% in a single day to HK$12.77, and turnover reaching HK$185 million.

The financial report attributed Yadea's 2025 revenue growth to three main factors: favorable market sentiment and government policies driving increased sales volume; continuous optimization of the Group's product portfolio; and increased investment in R&D, marketing, and brand-building initiatives. The company's gross profit margin increased from about 15.2% in 2024 to approximately 19.1% in 2025, primarily due to optimizing the product mix to meet the needs of different customer segments and a vertically integrated supply chain.

In terms of specific expenses, Yadea's R&D expenditure increased by approximately 22.5% to RMB 1.405 billion in 2025, which the report explained was due to increased employee benefit costs, mold fees, and raw material and consumable costs associated with new products and technologies for smart platforms and connectivity, batteries, and chargers. Selling and distribution expenses grew by about 33.3% to RMB 1.620 billion, mainly due to increases in employee benefit costs, advertising expenses, and promotional activity costs.

Breaking down by product line, revenue from Yadea's electric bicycles reached RMB 16.209 billion in 2025, up 32.4% compared to RMB 12.244 billion in 2024, making it the largest revenue contributor at 43.8% of total revenue. Revenue from electric scooters reached RMB 9.046 billion, a 27.6% increase from RMB 7.091 billion in 2024, accounting for 24.4% of total revenue. Revenue from batteries and chargers was RMB 10.523 billion, up 31.6% from RMB 7.995 billion in 2024, constituting 28.4% of total revenue. Revenue from electric two-wheeler parts was RMB 1.231 billion, a 35.9% increase from RMB 906 million in 2024, representing 3.4% of total revenue.

In terms of sales volume, the total sales of electric scooters and electric bicycles increased from approximately 13 million units in 2024 to about 16.3 million units in 2025. Specifically, electric bicycle sales reached 11.45 million units in 2025, a 26.0% increase from 9.08 million units in 2024. Electric scooter sales were 4.81 million units in 2025, up 22.5% from 3.93 million units in 2024.

Regarding globalization, although Yadea's overseas revenue currently accounts for less than 10% of its total, the company has accelerated its international expansion pace, strategically focusing on Southeast Asia. The financial report did not disclose specific contributions from overseas markets but stated that "revenue from Southeast Asia achieved strong growth." The company holds a positive outlook for the Southeast Asian market. The report indicated that this market is expected to grow at a double-digit rate in the coming years, with countries like Vietnam, Indonesia, and the Philippines gradually becoming key growth engines for the adoption of electric scooters and bicycles.

Furthermore, Yadea is simultaneously advancing localized production overseas in Southeast Asia. In early 2026, it officially commenced operations of a $100 million smart manufacturing facility in Bac Ninh, Vietnam. Reportedly, the facility has an initial annual production capacity of 1 million units and will serve as a key manufacturing hub supporting local demand and exports.

China's electric two-wheeler industry is increasingly transitioning from functional transportation tools to intelligent, design-oriented, and lifestyle-focused mobility products. Younger consumers are gradually becoming the core customer base, driving upgrades in product aesthetics, smart connectivity, and personalized riding experiences. To address this market trend, Yadea adheres to a strategy of technological innovation. During the reporting period, Yadea launched multiple product series targeting different consumer groups.

For example, Yadea's Modern series is specifically designed to meet the needs of female riders, while the Guan Neng series (particularly the White Shark model) appeals to young riders seeking fashionable design and enhanced riding performance.

In the green mobility sector, Yadea launched its first sodium-ion battery-powered electric bicycle, which entered mass production in early January 2025. Compared to traditional lead-acid battery models, sodium-ion batteries are lighter, offer longer range, perform better in cold weather conditions, are more environmentally friendly, and are recyclable.

Additionally, Yadea continues to strengthen its brand positioning and engagement with young consumers. Initiatives include collaborations with global brand ambassador Wang Heidi, partnerships with variety shows like "Keep Running," and sponsoring CCTV's 2025 "Young at the Spring Festival Gala" program, all aimed at consolidating a youthful and dynamic brand image.

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