Dahon Tech (Shenzhen) (2543) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 42.3% YoY to RMB641.5m; net profit increased 16.9% to RMB61.1m, while adjusted net profit grew 45.6% to RMB76.2m.

• Hong Kong listing on September 9, 2025 raised gross proceeds of RMB407.9m and marked a major step in global expansion.

• Ranked first in China folding bicycles by two 2024 retail measures, with reported shares of 26.3% and 36.5%; domestic reach included 856 outlets across 30 provincial-level regions.

Financial highlights

• Revenue was RMB641.5m versus RMB450.7m in 2024; gross profit rose 44.0% to RMB214.3m.

• Gross margin improved 0.4 percentage points to 33.4%; profit before tax was RMB73.0m versus RMB61.7m.

• Net profit was RMB61.1m versus RMB52.3m; profit attributable to owners was RMB63.5m, with RMB2.4m loss attributable to non-controlling interests.

• Adjusted net profit, excluding share-based payment and listing expenses, rose 45.6% to RMB76.2m from RMB52.4m.

• Selling and distribution costs rose 59.8% to RMB75.8m; administrative expenses increased 65.0% to RMB38.4m, reflecting online promotion, staffing and listing compliance costs.

Outlook and guidance

• CIC forecasts global folding bicycle retail sales to rise from RMB23.1bn in 2024 to RMB40.7bn in 2029, a projected CAGR of 12.0%.

• Priorities include defending folding-bike leadership, developing e-bikes as a second growth driver, and expanding the Sharing 360 partner ecosystem.

• Plans include launching mass-market BICECO, accelerating tri-fold and larger-wheel products, and advancing lightweighting and smart-riding R&D.

• Huizhou intelligent-base development is progressing as planned; automation, warehouse systems and industrial internet tools are intended to improve efficiency, consistency and traceability.

• International growth will target the US, Europe and Southeast Asia through localized teams, deeper distributor cooperation and online-offline integration.