--- title: "Shenwan Hongyuan: The third batch of the electric two-wheeler white list is announced, and the trade-in program effectively stimulates demand" type: "News" locale: "en" url: "https://longbridge.com/en/news/247446517.md" description: "Shenwan Hongyuan released a research report stating that the third batch of the whitelist for the electric two-wheeler industry has been announced, covering 19 brands and 44 factories. The new national standard requires the replacement of non-compliant vehicles, and the industry is expected to accelerate its development by 2025. The year 2024 will be a policy transition year, while the new national standard and the trade-in policy will effectively stimulate demand in 2025, driving an increase in industry concentration" datetime: "2025-07-07T07:46:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/247446517.md) - [en](https://longbridge.com/en/news/247446517.md) - [zh-HK](https://longbridge.com/zh-HK/news/247446517.md) generator: "portal-rs" --- # Shenwan Hongyuan: The third batch of the electric two-wheeler white list is announced, and the trade-in program effectively stimulates demand According to the Zhitong Finance APP, Shenwan Hongyuan released a research report stating that the third batch of the whitelist for the electric two-wheeler industry has been announced. So far, a total of 19 brands have been listed in the first three batches of the whitelist, corresponding to 44 factories. Yadea and AIMA each have 6 factories on the list, ranking at the top. The new national standard requires the replacement of non-compliant vehicles from a safety perspective, and the enforcement intensity greatly affects the release of demand. The new national standard promotes the concentration of the supply side by requiring product 3C certification and corporate production qualifications. The year 2024 is positioned as a transitional year for policies, and starting in 2025, with the implementation of the new national standard and the trade-in program, the enforcement intensity will be the biggest feature of this policy cycle, with the trade-in program being a pure increment in this policy cycle. It is expected that the two-wheeler industry will accelerate in 2025. ## Shenwan Hongyuan's main viewpoints are as follows: The third batch of the whitelist for the electric two-wheeler industry has been announced. So far, a total of 19 brands have been listed in the first three batches of the whitelist, corresponding to 44 factories. Yadea and AIMA each have 6 factories on the list, ranking at the top. On July 4, 2025, the Ministry of Industry and Information Technology announced the list of 13 enterprises that meet the industry standards for electric bicycles, with Ninebot, Niu, JinJian, JieMa, New Dongzhou-Honda, and Beite being listed for the first time. AIMA, Tailg, New Day, and Xiaodao had already had factories listed in the first two batches of the whitelist. The three batches of the whitelist cover 19 brands and 44 factories, with Yadea and AIMA each having 6 factories on the list, ranking at the top. **The new national standard is the main line of policy for the electric two-wheeler industry, promoting accelerated sales and increased concentration in the industry.** Comparing the impact of the new national standards on the industry: **1) Impact on industry scale:** The new national standard requires the replacement of non-compliant vehicles from a safety perspective, and the enforcement intensity greatly affects the release of demand. In 2019, the enforcement intensity of the new national standard was below expectations, and the actual replacement ratio in provinces and cities that had implemented the new national standard was relatively low, leading to lower-than-expected demand for replacements. The 2024 new national standard focuses on optimizing compliant products and strengthening enforcement, stimulating replacement demand more vigorously and driving industry demand acceleration. For example, the weight limit for electric bicycles has been relaxed from 55 kg to 63 kg to meet consumers' actual range needs, stimulating replacement demand from the root; new requirements for batteries, electronic controls, and speed limiters to prevent tampering highlight the trend of strengthened enforcement, and subsequent industry sales are expected to accelerate. **2) Impact on industry structure:** **The new national standard promotes the concentration of the supply side through requirements for product 3C certification and corporate production qualifications.** The 2019 new national standard added product 3C certification, clearing out tail-end players, with the sales CR2 increasing from 26% in 2017 to 48% in 2023. The 2024 new national standard adds corporate qualification requirements, enhancing the requirements for corporate quality assurance capabilities and product consistency, supplemented by a whitelist system, raising the threshold for the supply side. It is expected that long-tail brands will find it difficult to be listed on the whitelist, thereby promoting increased concentration in the industry. **The trade-in program is a pure increment in this policy cycle, effectively catalyzing demand, and current data continues to validate the logic of industry acceleration.** In 2025, the trade-in program for electric bicycles will continue to optimize methods and simplify processes, with specific subsidy standards determined by each region. Based on the standards from existing provinces, the subsidy for the trade-in program for electric bicycles in 2025 is expected to increase, aiding in the acceleration of the industry In Zhejiang Province, the old-for-new subsidy is 40% of the bicycle price, with a maximum of 1,200 yuan; in Jiangsu Province, the subsidy is 30% of the bicycle price, not exceeding 1,000 yuan. The subsidy amount does not include the old vehicle recycling amount, far exceeding the 2024 subsidy standard of no more than 600 yuan per bicycle. Current data continues to validate the logic of industry acceleration. According to data from the Ministry of Commerce, as of June 30, 2025, a total of 8.465 million old bicycles were sold and replaced with new ones in China, with an average daily replacement volume of nearly 50,000, which is 6.1 times that of 2024. With the arrival of the sales peak season and the distribution of remaining national subsidy funds, the sales of old-for-new bicycles are expected to show a trend of accelerating month by month. **Investment Recommendations** 2024 is positioned as a transitional policy year. In 2025, with the implementation of the new national standards and the old-for-new policy, the strengthening of law enforcement is the biggest feature of this policy cycle. The old-for-new program represents pure incremental growth in this policy cycle, and it is expected that the industry β will accelerate in 2025. We recommend Yadea Technology (01585), which is undergoing internal reforms to improve quality, AIMA Technology (603529.SH), which is actively expanding its channels, and Ninebot (689009.SH), which is accelerating the release of new categories. **Risk Warning** Interruption of old-for-new funding, intensified industry competition, and failure of the commercialization of sodium battery technology routes ### Related Stocks - [689009.CN](https://longbridge.com/en/quote/689009.CN.md) - [603529.CN](https://longbridge.com/en/quote/603529.CN.md) ## Related News & Research - [Sand Grove Capital lifts Irish Continental stake to 4.49% from 3.58%](https://longbridge.com/en/news/296742335.md) - [KINGSOFT Interim Net Profit Up 100.8% YoY to RMB1.639 Billion; No Interim Dividend](https://longbridge.com/en/news/296417569.md) - [Bank of China announces RMB 3.27 dividend for domestic preference shares fourth tranche](https://longbridge.com/en/news/296479628.md) - [REG - CQS Natural Res - Sale of Shares from Treasury](https://longbridge.com/en/news/296512957.md) - [Jiangsu Expressway schedules interim results presentation via telephone video conference](https://longbridge.com/en/news/296498702.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**