Electric two-wheeler industry research

The number of stores controlled by Yadi is highly correlated with sales volume. In 2021, the average sales volume of Yadi Holdings single store is 495 units/year (there is a small proportion of orders to b, which will be actually low), and more stores mean more opportunities to reach users and more order opportunities.

The products are concentrated in the middle and high-end, and the price band of more than 3,000 yuan is firmly established, and the proportion of high-end models can rise to 40%

SKU is simplified, and the models are concentrated in the middle and high-end. Since 2018, Yadi Holdings has gradually streamlined SKUs, reduced channel models, and gradually introduced new independently developed models. The number of SKUs decreased significantly from 194 in 2018 to 173 in 2020 and 125 in 2021. At present, the company's new models are concentrated in the middle and high-end models of Guaneng and Guanzhi. Each train type is independently developed by the company, such as the VFLY series equipped with the company's self-developed TTFAR carbon fiber lithium battery, the Guan series equipped with the self-developed TTFAR range extension system, the replacement series using the world's advanced Gogoro Network battery exchange technology and intelligent technology.

The middle and high-end crown series quickly became the main model. In August 2020, the Guaneng series launched by Yadi Holdings sold about 700,000 units in 2020, and the sales volume reached 3.9 million units in 2021, and the product was very popular, and the sales volume increased rapidly. The starting price of Guaneng series sales is in the middle and high-end price (3499 to 6999 yuan), which means that Yadi has a firm foothold in the middle and high-end models. The sales volume of Guaneng series in 2021 has been close to 30% (28.1%) of the total sales volume of Yadi products, and the proportion of 2022H1 structure has increased to 40%.

Yadi Holdings retail products are priced between 3000-5000 yuan. Gradually gain a firm foothold in the high-end price, customers also gradually recognize the price of Yadi high-end products.

Third, industry development trend: competition pattern improvement + sea + battery upgrade

Industry competition pattern: 2021 sales CR2 reached 45% and continued to increase, and the sales gap between dragon and dragon narrowed

Yadi Holdings benefit from the implementation of new national standards. From the sales point of view, the industry's two leading are Yadi Holding and Emma Technology, Yadi Holding since 2017 sales exceeded Emma technology for the first time, maintained the industry first for five consecutive years, and gradually opened the gap with Emma Technology. From slightly leading Emma Technology by 100,000 vehicles in 2017 to far exceeding Emma Technology by 5.51 million vehicles in 2021, Yadi Holding's electric two-wheeled vehicle sales are 1.64 times that of Emma Technology, achieving a leap from counterattack to leader.

Sales significantly opened up in 2020 and 2021 after the implementation of the new national standard. The demand side of the industry has achieved rapid expansion after the epidemic and the implementation of the new national standard, while the supply side has raised the threshold of the new national standard on the production side, and a large number of small and medium-sized manufacturers are out, leaving a large market space. Yadi Holdings actively attacked, expanded channels, production capacity, brand output, seized the opportunity of industry change, and rapidly increased market share. Xinri Shares and Calf Electric also achieved higher sales in 2020-2021.

Taiwan's electric motorcycle penetration rate of 10-20%, relying on policy support at this stage, the target new car 100% electric motorcycle

Taiwan is a large province of locomotives (oil motorcycle + electric motorcycle), with a total of 61.9 vehicles, and the total number still maintains a growing trend.

The annual sales structure of electric motorcycle accounts for 10-20%. Annual sales of locomotives in Taiwan range from 800,000 to 1 million. In terms of structure, electric motorcycle sales accounted for 18.7% in 2019, and in 2020, the "Environmental Protection Bureau of the Executive Yuan" of Taiwan Province of China will incorporate the seven-phase fuel base into subsidies and cancel electric locomotive (electric motorcycle) subsidies, and the proportion of electric locomotives quickly fell to 9.6%.

With reference to the development law of electric bicycles in Taiwan, China, the promotion of electric bicycles guided by policies at this stage is the key. Taiwan has put forward an "electric locomotive industrial Policy Recommendation", setting a goal of 100% of new vehicles accounted for by electric locomotives in 2040. At present, supporting policies are still insufficient, and policy support needs to be encouraged (tax incentives, car purchase subsidies and government procurement, etc.).

Supply chain integration: Manufacturers acquire upstream battery core parts companies to strengthen self-supply + export

The electric two-wheeler industry is consolidating upstream supply chains. Since the development of the industry, the duopoly pattern has emerged, the discourse power of leading manufacturers has been strengthened, and the upstream key parts manufacturers have been gradually integrated to ensure the supply of core parts, and the future external supply has generated revenue and profits.