According to a research report from Guotai Haitong, data from MotorcyclesData indicates that total motorcycle sales across nine ASEAN nations are projected to reach approximately 15 million units in 2025, while the penetration rate of electric motorcycles remains low. Against a backdrop of accelerating oil price increases and cost pressures, electric motorcycles and e-bikes in Southeast Asia are expected to rapidly replace traditional gasoline-powered models. Domestic manufacturers with early-mover advantages in establishing factories, distribution channels, and brands are poised to benefit. Recommended stocks include AIMA Technology (603529.SH) and YADEA (01585). AIMA Technology has already commenced production at its factories in Indonesia and Vietnam. YADEA is constructing a new plant in Indonesia, scheduled for completion in 2026, with an annual production capacity of 3 million units. The main viewpoints of Guotai Haitong are as follows: The Southeast Asian motorcycle market is large, electric motorcycle penetration is low, offering considerable growth potential. According to CG Consulting, Vietnam's electric motorcycle penetration rate was 10% in 2023, while rates in Indonesia, Thailand, Malaysia, and the Philippines were all in the low single digits. Future advancements in motorcycle bans, improved subsidy policies across Southeast Asian markets, coupled with cost pressures driven by high oil prices, are expected to significantly boost electric motorcycle adoption. Domestic manufacturers with forward-looking investments in factories, brands, and channels stand to gain.

AIMA Technology: Regarding overseas production, the company's manufacturing plants in Indonesia and Vietnam are already operational. Furthermore, the company possesses research, development, and manufacturing capabilities in several key component areas and leads the industry in battery system integration and compatibility. For brand communication, AIMA conducts social media operations on major overseas platforms like Facebook, TikTok, and Instagram, coupled with targeted marketing campaigns during peak consumption periods such as Eid al-Fitr in Indonesia. In the first half of 2025, the company completed product certifications for multiple models tailored to local consumer preferences, regulatory standards, and road conditions in the Indonesian market, achieving mass production and delivery through its localized production and sales network. Domestically, the company is set to launch the new national standard e-bike A30 PLUSAir in 2026, featuring urban minimalist design and a safe, comfortable riding experience, creating a lightweight vehicle suited for daily needs. Additionally, responding to new consumption trends, the company launched the new metaverse PONY series in March, emphasizing meta-powered control, meta-powered fun, and meta-powered protection, agilely addressing the emotional consumption and personalized expression demands of the new generation.

YADEA: For its Vietnam operations, the first phase of the company's smart manufacturing factory in Bac Ninh Province was officially completed and began operations on March 1, 2026. The initial phase involved an investment of over $100 million with a designed annual capacity of 1 million units. During the inauguration ceremony, the company launched its flagship electric motorcycle for the Vietnamese market, the YADEA Osta, and also signed a strategic cooperation agreement with Grab Vietnam to promote the adoption of electric motorcycles in the ride-hailing sector. Regarding its Indonesia plant, construction of a new $150 million factory began in May 2024, planned for completion in 2026, which will boost annual capacity by 3 million units. Domestically, the company held the "Ultimate Smart Partner" YADEA冠能 Smart Technology Carnival in Shenzhen on March 21-22, 2026, officially launching three new flagship models: the 冠能白鲨Ⅱ, 冠能星舰Ⅱ, and 冠能i7, designed to precisely cover the diverse travel scenarios of young users. The new products are equipped with intelligent features such as the Yadea OS smart system, iRide convenient control, and Ark safety technology, significantly enhancing the user experience. Risks include intensifying industry competition, changes in policy direction, and sustained declines in oil prices.