Yadea Group Holdings (Yadea) reported interim results for the six months ended 30 June 2026, reflecting softer domestic demand for electric bicycles and a continued pivot toward electric scooters.

Revenue and Profitability • Revenue fell 5.0% year on year to RMB 18.24 billion, driven by lower electric-bicycle and battery sales. • Gross profit declined 14.0% to RMB 3.24 billion; gross margin narrowed to 17.7% from 19.6% a year earlier, reflecting a less favourable product mix and lower margin contribution from the batteries and electric-drive segment. • Profit attributable to owners slid 27.2% to RMB 1.20 billion. Basic earnings per share fell 27.4% to RMB 0.394.

Operating Performance • Electric-scooter volume surged 63.7% to 3.48 million units, offsetting a 37.8% drop in electric-bicycle sales to 4.15 million units. • Segment revenue: – Electric two-wheeled vehicles & accessories: RMB 17.25 billion (-7.5% YoY) – Batteries & electric drive: RMB 3.94 billion (+5.2% YoY) • Segment gross profit totalled RMB 3.24 billion, with scooters partially mitigating the decline from bicycles.

Cash Flow and Balance Sheet • Operating cash inflow contracted to RMB 1.63 billion (H1 2025: RMB 4.73 billion) amid lower earnings and higher working-capital needs. • Cash and cash equivalents rose 18.9% since year-end to RMB 7.12 billion, supported by reduced investment outflows and lower borrowings. • Borrowings stood at RMB 0.80 billion; gearing ratio eased to 10.4% (31 Dec 2025: 17.4%). • Net current liabilities widened to RMB 2.50 billion, reflecting reclassification of RMB-denominated term and pledged deposits with maturities beyond one year into non-current assets. • Financial assets at fair value through profit or loss totalled RMB 4.47 billion, mainly in low-risk bank wealth-management and structured deposits.

Capital Expenditure and Commitments • Capex for property, plant and equipment reached RMB 0.34 billion in the period. • Outstanding capital commitments amounted to RMB 0.28 billion at 30 June 2026.

Dividends and Share Buy-backs • No interim dividend was declared. • Under its share-award scheme, 2.78 million shares were repurchased on-market for approximately HKD 30.17 million during the period.

Management Outlook Yadea expects a progressive recovery in China’s electric two-wheeler demand as consumers adapt to new national standards, while overseas markets—especially in Southeast Asia—remain a key growth driver supported by rising electric-mobility adoption. The company plans to continue product innovation, optimise its portfolio toward higher-margin models, and expand overseas manufacturing and distribution capabilities.

No material post-period events, acquisitions or disposals were reported.