Your travel freedom has made this couple earn 23.5 billion

There are two centers of the two centers of the Chinese electric two -wheeled car -Wuxi and Tianjin. There are about 190 electric vehicle manufacturing enterprises in Wuxi. In addition to the existence of Yadi, the stars, there are also representative companies such as Xinri and Europe. In Tianjin, the leading enterprise is Emma, ​​as well as well -known brands such as birds, knives, and flying pigeons. For a long time, companies such as Yadi and Emma have been fighting endlessly in low -end markets. The price war is the fate of escaping. The profit margin is very low. It has also successfully attacked Mavericks Electric and No. 9 companies, etc.

Author 丨 Dong Wenshu

Edit 丨 Lei Yanpeng

"Little EDonkey" has become the favorite of "Sky Selected Workers".

Wang Ping, who was about 10 kilometers in Beijing's commuting road, set up a account: "I spent 1,600 yuan to buy an electric car. If I took a taxi, the peak was at least 70 yuan a day. In this way, the new car rides is enough for a month. made money."

Repeated epidemics have allowed many people to pin their "freedom of travel" in electric vehicles. In 2021, the sales volume of Yadi Holdings, the leading company of electric two -wheelers, reached 13.86 million units -an average of 38,000 units per day.

In the past three months, the stock price of Yadi Holdings has risen from less than HK $ 8 to nearly HK $ 16, an increase of more than 100%. As of the close of June 24, the total market value was HK $ 47.9 billion.

In the Hurun Global Rich List in 2022, a total of 63.58%of Yadi Holdings and Qian Jinghong couples were ranked 952th with a wealth of 23.5 billion yuan. At the same time, they are the first richest man in Liu'an in Anhui.

It sold 13.86 million vehicles in 2001, but not very profitable

With the personalization of travel methods, the sales of the new national standards are superimposed, and the sales of electric two -wheeled vehicles have risen.

According to Zhiyan Consultation, in 2020, the cumulative social insurance of China's electric two -wheeled vehicles was 340 million. The "White Paper in China's Two -wheel Electric Vehicle Industry" shows that in 2021, China's two -wheeled vehicle sales were 41 million.

Among them, about 1/3 was sold by Yadi.

In 2021, the sales volume of Yadi electric two -wheeled vehicles increased by 28.3%year -on -year, ranking first in the industry with 13.86 million units. During the same period, Yadi Holdings revenue was 26.968 billion yuan, an increase of 39.3%year -on -year; net profit at home was 1.369 billion yuan, an increase of 43%.

The main products of Yadi Holdings include electric pedal cars, electric bicycles, and supporting batteries and chargers. In 2021, it sold about 6.1 million electric pedal and 7.7 million electric bicycles.

Combined with the "Electric Bicycle Safety Technical Specifications (GB17761-2018)" ("New National Standard") and related industry standards, electric bicycles, electric light motorcycles and electric motorcycles can be attributed to electric two-wheeled vehicles. Among them, electric bicycles are non -motorized and have pedaling. They can ride on foot, while electric light motorcycles and electric motorcycles are motor vehicles.

The electric pedals of Yadi Holdings are based on the prospectus and store staff, which is electric light motorcycles and electric motorcycles.

In 2021, the average price of Yadi Holdings electric pedal car was 1662 yuan, and electric bicycles were 1265 yuan. Therefore, although electric pedal cars were sold less than electric bicycles, the revenue proportion was higher than electric bicycles.

Since the implementation of the new national standard in 2019, the new national standards of different cities have ranged from each other, but most cities plan to complete the new and old transitions within 5 years. In this time window, "Character Change" has created a new growth space.

However, although Yadi electric vehicles have a large sales volume, this business is not so profitable.

More than 90%of the operating costs of electric two -wheeled vehicles come from raw materials, and raw materials mainly include batteries, motors, controllers, frames, tires, chargers and other components. From the perspective of the composition of raw materials, the battery is the largest in a two -wheel wheel.

After more than 20 years of development, the electric two -wheel wheel market has matured, and the prices of various links have become transparent. A veteran who is engaged in the machinery manufacturing industry in Wuxi analyzes the city industry that it is too easy to build an electric car in Wuxi and Changzhou, and it is easy to find a electric car. The supply chain is easy to find.

For vehicle manufacturers, the industry is fiercely competitive, and the price war is the fate that cannot escape.

Even the industry leader, the profit margin is not high.

In 2021, the gross profit margin of Yadi Holdings was 15.21%, and the net interest rate was 5.07%. For a long time, the marketing expenses of Yadi Holdings are comparable to the net profit of returning mother. In 2021, its sales and distribution expenses were 1.283 billion yuan, accounting for nearly 5%of the revenue.

Yadi's gross profit margin is not as good as the gross profit margin of Shanghai Phoenix, Shanghai Phoenix, which has already been in full competition, is 16.1%in 2021. If the Nongfu Mountain Spring with a gross profit margin of nearly 60%and a net interest rate exceeds 24%, Yadi Holdings does not make much money.

"The volume does not take the price" is the general status of the old electric two -wheel car companies represented by Yadi.

02 Nan ​​Yadi, Bei Emma

There are two centers of the two centers of the Chinese electric two -wheeled car -Wuxi and Tianjin.

There are about 190 electric vehicle manufacturing enterprises in Wuxi, of which Yadi is a star -like existence, as well as representative companies such as Xinri and Europe. In Tianjin, the leading enterprise is Emma, ​​as well as well -known brands such as birds, knives, and flying pigeons.

For a long time, Yadi and Emma have been struggling in the electric vehicle industry.

Interestingly, Yadi and Emma have two major things in common: both companies are "couple entrepreneurship" model. Yadi was founded by Anhui couple Dong Jinggui and Qian Jinghong in 2001. Emma is a Henan couple Zhang Jian Duan Hua was founded in 1999; Yadi and Emma have entered the electric two -wheeled car industry since 2004. Prior to 2004, Yadi was engaged in motorcycle assembly and production, and Emma was engaged in bicycle assembly production. At that time, the electric two -wheeled vehicle market developed rapidly due to factors such as the banned decree and SARS. The long -awaited Yadi and Emma have entered the game.

(Jacidi motorcycle production is busy)

In the next ten years, the heroes have increased, and the penetration rate of the electric vehicle market has increased and the technology is rapidly iterating. The South and North School represented by Yadi and Emma also quickly formed their own product styles.

Specifically, Yadi relied on the development of the motorcycle industry. The models seem to be "luxurious", endurance and other performances and higher prices; Emma is developed by the bicycle industry chain. In contrast, the model, the model Simple, low performance, and lower price.

At this stage, players from all walks of life have made their best to seize the market. Emma pays attention to low prices and sinking marketing. In 2009, he also invited Jay Chou to endorse for 30 million yuan in 2009, and quickly became the industry's first. The phrase "act immediately" has also become a generation of memories.

Yadi is naturally unwilling. He has tried strategies such as advertising marketing innovation and focusing on launching new self -developed new products, and has not torn off Emma's defense line.

In 2015, Yadi turned to launch high -end products to improve product configuration and pricing and upgrade stores. It launched a series of electric scooters with more than 4,000 yuan. In 2016, the Z3 electric pedal car priced at 8,588 yuan was also released.

The high -end strategy caters to the consumption psychology of some users under the upgrade of consumption at that time, and Yadi's profitability has also been improved. More importantly, in 2016, Yadi Holdings went to Hong Kong to go public, becoming the first share in the electric two -wheeled car industry.

While establishing a high -end image, Yadi killed a carbine to the low -priced electric vehicle market. Beginning in 2017, Yadi discounted the promotion, while increasing the proportion of "minimalist products" electric bicycles with lower prices, and promoted the rapid growth of sales.

In 2017, the average unit price of Yadi electric pedal car was reduced from 1766 yuan in the previous year to 1675 yuan, and the average unit price of electric bicycles was reduced from 1181 yuan to 1135 yuan. To 25.5%.

This year, Yadi sold 4.06 million electric two -wheeled vehicles, surpassing Emma, ​​and became the industry boss. Emma, ​​who was reduced to the second child in the industry, sold 3.77 million units in the same period.

Yady is also rapidly expanding in production capacity and channels. Its electric two -wheeled vehicle output rose from 8 million vehicles in 2019 to 17 million vehicles in 2021. At the same time, the number of stores also expanded from 12,000 to 28,000.

In contrast, Emma's expansion is more conservative. By 2021, Emma Technology's electric bicycles and electric motorcycles have a total of about 8.45 million.

03 High -end market with Mavericks and No. 9

From 2017 to the present, Yadi has always ranked first in the electric two -wheeled car industry. While reducing SKU to further focus on the mid -to -high -end focus, Yadi spared no effort to shape the brand image of "higher -end electric vehicles".

In 2019, the G5 G5 of Yadi high -end smart electric vehicles was sold globally at a price of 7999 yuan. At the same time, the official announcement of "Speed ​​and Passion" male lead Van Dessel became the Ambassador of Yadi Global Brand.

Earlier, Yadi's spokespersons were Lee Min Ho and Hu Ge.

In the early years, the market's attention to high -end electric vehicles focused on the basic functions such as longer battery life and faster driving speed. In recent years, the high -end electric vehicle market has paid more and more attention to the intelligence of products.

Yadi also focused on creating intelligent products.

In 2020, Yadi launched the intelligent "Guanzhi" series of high -end electric vehicles, which focuses on remote control, anti -theft detection, GPS positioning and other functions, and uses lithium battery cells.

In 2021, Yadi released the new high -end brand "VFLY". VFly claims to be derived from the Porsche design, including 6 sub -series products, and some models provide intelligent functions such as vehicle center control and real -time navigation. 19800 yuan.

However, from the perspective of market performance, Yadi's high -end "human settings" have not been recognized by the market.

In recent years, the average selling price of Yadi Electric two -wheelers has not increased significantly, and even decreased. This can be explained to a certain extent that low -priced products are still the absolute main force, and the high -end process is relatively slow.

In contrast, the average price of new forces brands such as No. 9 and Mavericks is higher. From 2017-2020, the average price of Mavericks electric products has been maintained above 4,000 yuan.

According to the "Master Lu's 2021 Electric Two -wheel Vehicle Industry Report", among the high -end price bands of 6,000 to 7,000 yuan, the sales volume of No. 9 and Mavericks is first and second, and Yadi is the third place, and the sales volume is sold, and the sales volume The gap between the ninth and Mavericks is large.

The two series of Yadi Electric two -wheeled two -wheeled vehicles are four series, VFLY (positioning high -end), and replacement of four series. A Beijing dealer told the city that the products with better sales of Yadi are concentrated in the classic and crown series, and the products with better sales are around 2,000 yuan.

From the perspective of gross profit margin, from 2019 to 2021, the No. 9 company and Mavericks are more than 20%, which is much higher than Yadi Holdings.

Yadi also seemed to realize the reality of the company's intelligent product growth.

In 2022, Wei Shifu, director of the Dynamic Energy Center of Yadi Product Technology Research Institute, revealed in an interview that Yadi's future direction is still in the direction of "durability".

"Although Yadi has also made a lot of deployment in intelligent interaction and trend design in the past two years, we always believe that making a reliable and durable car for consumers is the most important mission."

However, in the mature supply chain, Yadi wants to form a differentiated advantage and product premium by the product quality alone. It will inevitably fall into a homogeneous market competition in the future.

And in a sense, intelligence has become an important direction for the growth of the electric two -wheeled vehicle market.

New power brands such as No. 9 and Mavericks have also entered the low -end product market, launched products of 2,000 to 3,000 yuan, and provided intelligent functions such as mobile app collaboration, induction unlocking, and induction.

In addition, the full series of products from new forces such as No. 9 and Mavericks all collect annual fees from consumers with intelligent services. For manufacturers, software charges are easy to form user stickiness, but also create room for performance.

By 2022, the transition period of the new national standard of most cities has ended, and many research institutions have predicted that the "tide exchange tide" caused by the new national standard will reach a climax in 2023. This also means that this round of growth space is close.

In the new round of stock competition, the inner rolls will only get intense.

(Except for the sources alone, the above pictures are from Visual China)

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