Electric bicycles are sold for over ten thousand yuan, Yadea still plans to raise prices. Last year, they sold a record 16.27 million units, with net profit increasing by 129%.

Ask AI · How does Yadea achieve double growth in both sales and profits amid a price-hike wave?

Source: Times Finance; Author: Wu Jiamin, Zhou Jiabao

Image source: Pexels

Yadea, which has been selling explosively while raising prices, has posted its best performance in nearly a decade.

Recently, Yadea Group Holdings Limited (01585.HK, hereinafter: Yadea) disclosed its 2025 annual results, showing that for the period, the company generated revenue of 37.008 billion yuan, up 31.07% year over year; net profit was 2.912 billion yuan, up 128.83% year over year, reversing the year-over-year declines in revenue and net profit attributable to shareholders seen in 2024.

In 2025, multiple two-wheeled EV brands saw a surge in their performance. According to disclosures of 2025 results by Aima Technology, as well as related announcements on 2025 performance from Ninebot and Sunra Co., Ltd., all showed guidance for profit increases.

The rise in sales of electric bicycles is related to changes in consumer trends and transportation modes. On the one hand, the smart features of electric bicycles align with today’s consumers’ demands for convenient, lightweight, and good value travel tools. On the other hand, rising oil prices and congestion on subways and other forms of transportation have led more people to switch to electric two-wheel commuting, while upgrades in smartness and aesthetics further attract younger consumers.

On the morning of April 1, Times Finance visited offline stores in Beijing for brands including Yadea, Ninebot, Aima, and Niu, and learned that due to increases in raw material prices, electric bicycle prices are expected to be raised. The expected increase is between 200 yuan and 400 yuan, and some brands will implement the price increases starting from April 1.

A staff member at Yadea’s Beijing Dianmen store said, “I went to a meeting today. The specific amount of the price increase will be determined after the meeting. Prices haven’t gone up yet, but they will for sure after the meeting.”

Staff members at many stores also mentioned that this round of price increases is mainly driven by higher costs for raw materials such as electric bicycle batteries, copper, and aluminum. In previous years, the industry typically adjusted prices 2–3 times a year, but this year’s price hikes are relatively larger.

Yadea sold 16.27 million units; gross profit surged 65%

From the revenue structure, complete-vehicle business remains Yadea’s core business.

In 2025, Yadea sold a total of 11.4535 million electric bicycles, with revenue up 32% year over year to 16.209 billion yuan, reversing the decline in electric bicycle sales in 2024, though still below the historical sales peak of 11.561 million units in 2023; during the same period, it sold 4.8157 million electric pedal scooters, with revenue up 28% year over year to 9.046 billion yuan.

In terms of pricing, the average selling price of Yadea products continues to rise. According to estimates by Cinda Securities, Yadea’s average selling price for electric bicycles in 2025 increased by 5.1% to 1,415 yuan, and the electric pedal scooter ASP increased by 4.1% to 1,878 yuan.

Based on Times Finance’s review of past financial reports, in 2015, the average selling price of Yadea’s electric bicycles was still 1,140.0 yuan, and the average selling price of electric pedal scooters was 1,704.0 yuan.

By leveraging upgrades toward premiumization and smart features to push up prices, in recent years Yadea’s product price ceiling has been repeatedly broken through, and even electric bicycles priced at tens of thousands of yuan have appeared.

On March 31, Times Finance checked the page of Yadea’s official flagship store on Taobao and found that for the CanNeng series aimed at young riders pursuing fashion design and riding performance, the selling price after stacking coupons ranges from 4,699 yuan to 11,999 yuan, and many products show as sold out. For the Modern series targeting female users, the price ranges from 3,399 yuan to 4,999 yuan, including a GuangMing 70 series electric bicycle endorsed by Wang Hedi at 4,399 yuan; the page shows it has already sold 20,000 units.

Yadea electric bicycles under the new national standard. Image by Times Finance

In addition, the lowest-priced electric bicycle series under the new national standard is Yadea C09 at 2,299 yuan, while the most expensive is the i790-G at 6,399 yuan.

On the technology front, Yadea’s first sodium-ion battery–powered electric bicycle is priced between 2,600 yuan and 4,299 yuan. Compared with traditional lead-acid batteries, it offers advantages such as better performance in cold weather, lighter weight, and longer range, while also aligning with consumption trends such as smart connectivity.

Non-complete-vehicle businesses are also maintaining a certain growth momentum. The financial report shows that in 2025, Yadea’s battery and charger business and its electric two-wheel vehicle parts business achieved revenues of 10.523 billion yuan and 1.231 billion yuan, respectively, with year-over-year growth rates of 32% and 36%.

Yadea stated in its financial report that this growth mainly comes from a rebound in market sentiment and policy tailwinds driving demand, continuous optimization of its product mix, and the combined effects resulting from the company’s investment in R&D, marketing, and brand-building.

In 2025, Yadea’s gross profit increased by approximately 64.9% from 4.289 billion yuan in 2024 to 7.071 billion yuan in 2025; gross margin rose from approximately 15.2% in 2024 to approximately 19.1% in 2025. Among them, the gross profit from electric two-wheel vehicle–related accessories increased by more than 70% year over year to 6.45 billion yuan, with a gross margin of 18.19%, up from 13.52% in 2024, becoming the core business driving the surge in overall gross profit.

Gross profit from batteries and electric drive also saw double-digit growth, reaching 621 million yuan, but the gross margin was only 8.32%, down from 11.24% in 2024.

Two-wheel EV performance booms across the board; stores have already kicked off a “price-hike wave”

Entering April, the domestic two-wheel electric vehicle industry saw the first round of collective price increases this year.

Store staff are replacing price-indication boards with the updated pricing. Image by Times Finance

On the morning of April 1, Times Finance visited the Beijing market and learned from offline stores of mainstream two-wheel EV brands including Yadea, Ninebot, Aima, and Niu that the above brands will raise prices for most of their models. Among them, Aima dealers disclosed that the increase in this round is 300–400 yuan; Ninebot raised prices by 100 yuan for most models today (April 1), and whether it will raise prices again later will depend on the company’s subsequent arrangements.

Price increase at a Ninebot offline store in Beijing on April 1. Image by Times Finance

Niu, however, had already raised prices by about 100 yuan around March 28. Store staff said, “There are still plans for further price increases,” but the exact magnitude is unclear. Yadea store staff said that the price increase has not yet been executed, and the final pricing plan awaits internal meeting approval.

Price-indication boards after replacement. Image by Times Finance

A person engaged in research on precious metals and bulk commodities, Xiao Jing (a pseudonym), told Times Finance that rising costs are the main reason for this round of price increases. He said that on the one hand, battery component prices have risen; on the other hand, prices of non-ferrous metals such as aluminum, copper, and silver required for electric vehicle production have also increased, further pushing up manufacturing costs.

Xiao Jing further explained that raw material price increases are affected by macro market conditions. From the demand side, the rapid expansion of the global new energy ecosystem—driven by energy storage, photovoltaics, and more—has continuously boosted demand for copper and aluminum, and in the medium- to long-term, the supply-demand situation for non-ferrous metals is relatively tight. Lithium carbonate prices have benefited from a surge in energy storage demand and an increase in the penetration rate of new energy vehicles, which provides support for the overall price center.

It is also worth noting that in recent years, Yadea has continued to increase investment on the R&D side. In 2025, R&D expenses grew by 22.5% from 11.47 billion yuan in 2024 to 14.05 billion yuan, accounting for 3.8% of revenue. From 2021 to 2022, R&D expenses rose year over year by 39.4% and 31.1% to 8.44 billion yuan and 11.06 billion yuan, respectively, accounting for 3.13% and 3.56% of revenue for the same periods.

In addition, overseas markets have also become a fresh breakthrough for Yadea’s performance growth. In early 2026, Yadea’s $100 million investment in a smart manufacturing plant in Bac Ninh, Vietnam, is officially set into production, with initial annual capacity of 1 million units.

Meanwhile, the implementation of the new national standard has also led to increased R&D investment, which has become another important reason for the price hikes. New electric vehicle products and compliance certifications require substantial investment, meaning companies also need to invest significant R&D costs at the early stage. To maintain market demand at that time, companies would choose to offer moderate concessions. As sales gradually pick up, companies then cover raw material and R&D costs by increasing prices, which has become a common choice in the industry.

Before this wave of price increases arrived, the two-wheel electric vehicle industry collectively saw a performance boom in 2025. Aima, Ninebot, Sunra, and other companies generally posted strong growth in revenue and profits, and Niu Electric also achieved revenue growth while substantially narrowing its losses.

According to company announcements, Aima Technology’s revenue in the first three quarters of 2025 was 21.093 billion yuan, up 20.78% year over year; net profit attributable to shareholders was 1.907 billion yuan, up 22.78% year over year. Ninebot’s full-year revenue was 21.278 billion yuan, up 49.89% year over year; net profit attributable to shareholders was 1.758 billion yuan, up 62.17% year over year.

A pre-increase announcement from Sunra indicates that it expects net profit attributable to shareholders of 46.13 million to 57.66 million yuan in 2025, representing a year-over-year increase of 80%–125%. Niu Electric’s total revenue was 4.3 billion yuan, up 31%; its full-year net loss was 39.40 million yuan, narrowing compared with its net loss in 2024.

Zhang Xiang, a researcher at the Automotive Industry Innovation Research Center of Northern University of Technology, said that in 2025 the industry saw a collective rise in sales, and one key reason was the clearance of old inventory before the implementation of the new national standard. At policy milestones, manufacturers and dealers cleared inventories through promotions to avoid impairment of inventory assets, which objectively stimulated end-consumer demand and allowed consumers to buy vehicles at better prices.

Data from the Ministry of Commerce shows that in 2025, more than 12.5 million electric bicycles were applied for under the “trade-in of old for new” program nationwide, compared with only 1.38 million in the same period of 2024—an increase of about eightfold; the number of old and outdated electric bicycles retired and updated exceeded that of 2024 by more than 9 times.

Under the new national standard, before August 31, 2025, companies can produce electric bicycles using either the new or old standards. Starting September 1, 2025, newly produced electric bicycles must meet the requirements of the new national standard. Meanwhile, models under the old national standard are allowed to be sold as a transition until November 30, 2025; after December 1, 2025, all terminal sales must be implemented according to the new regulations.

“The implementation of the new national standard will not only promote the standardization and development of the electric vehicle industry, but will also accelerate the exit of some smaller brands. Some small brands are already not doing well in terms of profitability. On top of that, they have to develop products that comply with the new national standard and invest in R&D costs, which is like adding insult to injury for them. This will ultimately lead a small number of companies to withdraw from the market,” Zhang Xiang told Times Finance.