金吾财讯 | 中信建投表示，2026H1电动两轮车内销2825.2万辆，同比-12.6%。受前期国补需求透支、新国标落地抬升成本、国补退潮三重因素拖累行业走弱。Q1为调整底部，Q2降幅收窄，7-9月旺季叠加低基数是重要验证窗口，行业系统性修复需等待2027年新国标适应期结束。该机构指，竞争格局显著分化，新势力抢夺份额，电摩成为核心增长赛道。CR3维持58.1%高位，尾部品牌加速出清。二线品牌普遍收缩。传统头部采取量缩价升策略，新势力以价换量；产品 “自转摩” 趋势明确，电摩高速增长；新势力快速拓店，但单店产出被稀释。盈利整体承压，Q2出现修复拐点，企业盈利质量分化明显。六家上市公司净利全部下滑，Q1是盈利底部，Q2修复斜率呈现新势力＞头部＞二线。单车盈利分化为新势力毛利受损、企业费用刚性摊薄、成本传导能力强弱三类。行业现金流普遍恶化；多数企业累库，部分企业应收账款抬升。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.