The Chinese market, and market leader Yadea, are on a path of recovery. After a dismal 2024, where revenues had declined by 18.75% and profits had slumped 52%, we are seeing a strong recovery in H1 2025.
For the first half of the year (ending June 2025), Yadea’s revenues increased by 33.1% from RMB 14.41 billion (USD 2.02 billion) to RMB 19.19 billion (USD 2.7 billion) for the same period in 2024.
In the same period, sales volumes increased from 6.38 million units to 8.79 million units. This includes both electric scooters and e-bikes. Yadea has not provided a breakup. As a reference, Yadea sold 3.93 million scooters and 9.07 million bicycles in 2024.
This sharp improvement in fortunes is riding on a recovery in the Chinese market. Yadea had a bad 2024 with a double-digit decline in both sales and profits.
Yadea has a disappointing 2024
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The improved sales in H1 2025 were on the back of improved gross margin from 18.0% in H1 2024 to 19.6% in H1 2025. Note that in Yadea’s accounting practices, employee costs and depreciation on plant and machinery are items above the gross margin, so it would not be a fair comparison with India-listed players like Ather Energy and Ola, who count the gross margin simply as the difference between sales and material costs.
For H1 2025, the company reported a net profit of RMB 1.65 billion (USD 231.6 million), a 59.6% jump over H1 2024 net profit of RMB 1.034 billion (USD 145.1 million).
In The Pursuit of Profits
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International Expansion to Fuel Future Growth
Yadea’s fortunes are strongly tied to the Chinese market. While Vmoto and Niu also have a strong dependence on China, Yadea has maximum exposure thanks to its size. The brand has been focusing on international expansion and has now set up assembly plants in Mexico, Brazil, and Vietnam.
Yadea Commits Heavy to Vietnam
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