Luyuan Group Holding (Cayman) (2451) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 22.2% YoY to RMB3,095.7m; net profit increased 66.9% to RMB110.1m, supported by product upgrades and higher sales volume.

• Excluding RMB31.1m of share-based payment expenses, period profit was RMB141.2m, up 114.0% YoY.

• Growth priorities include premium electric-assisted bicycles, battery swapping, shared mobility and after-sales services.

Financial highlights

• Revenue rose 22.2% to RMB3,095.7m; gross profit increased 38.5% to RMB419.7m and gross margin reached 13.6%, up 1.6 percentage points.

• Operating profit was RMB118.1m versus RMB54.4m; profit before tax was RMB117.2m versus RMB66.7m.

• Net profit was RMB110.1m versus RMB66.0m; basic EPS was RMB0.29 and diluted EPS RMB0.28, versus RMB0.16 for each in H1 2024.

• Operating cash flow was RMB815.5m versus RMB43.6m; cash and cash equivalents rose 91.2% from RMB554.5m at Dec. 31, 2024 to RMB1,060.2m at June 30, 2025.

• Selling and marketing costs rose 20.7% to RMB182.0m; R&D costs rose 13.3% to RMB104.2m and administrative expenses increased 8.2% to RMB56.6m.

Outlook and guidance

• 2025 priorities include LYVA premium electric-assisted bicycles, battery swapping, shared mobility and after-sales services; no earnings guidance was stated.

• Chongqing plant capacity is expected to ramp gradually to 2.0m units annually by 2026.

• Manufacturing transformation plans include automation, industrial internet connectivity, digital twins and AI; smart-factory national recognition is targeted by 2026.

• Remaining HKD16.7m of IPO proceeds was expected to be used by end-2025, subject to operating and market conditions.