电动两轮车市场正经历剧烈分化。曾经的行业双巨头雅迪和爱玛在2026年上半年财报中业绩同步走低，而新势力品牌则逆势增长。雅迪上半年营业收入182.36亿元，同比下降5%；归母净利润12.01亿元，同比下滑27.2%1。爱玛的处境更加严峻，营收114.40亿元，同比下降12.21%；归母净利润6.65亿元，同比下跌45.15%1。
产品销量层面的下滑更为明显。雅迪电动自行车销量414.81万台，同比下滑37.8%1；爱玛电动自行车销量同比下滑约47%1。尽管如此，两家企业合计市场份额仍达44.8%1。相比之下，九号、小牛、极核等新势力品牌销量逆势增长。九号销量284.4万辆，同比增长18.87%；小牛销量69.63万辆，同比增长25.82%；极核销量33.8万辆，同比增长34.93%1。仅6月份，三家新势力品牌合计市场份额已达14.3%1。
市场容量趋于饱和是行业调整的背景。国内电动两轮车整体保有量已经突破4.5亿辆1。在此背景下，企业纷纷寻求新的增长动力。从海外布局看，雅迪海外业务占比约为10.00%，而爱玛仅有1.78%1。值得注意的是，小牛电动虽销量增长，但上半年净亏损1.96亿元，同比扩大近5倍1。
China's electric two-wheel vehicle market is undergoing significant segmentation, with longtime industry leaders Yadea and Aima both reporting declining revenues and profits in their first-half 2026 financial results. Yadea's net profit fell 27.2% year-over-year to 1.201 billion yuan on revenues of 18.236 billion yuan, down 5% 1, while Aima experienced steeper losses, with net profit plummeting 45.15% to 665 million yuan on revenues of 11.440 billion yuan, down 12.21% 1. The two companies' combined market share stood at 44.8% 1, yet both faced significant headwinds in their core business.
Sales volumes for the traditional leaders contracted sharply during the period. Yadea's electric bicycle sales dropped 37.8% year-over-year to 4.148 million units 1, while Aima's comparable sales fell approximately 47% 1. In marked contrast, emerging brands captured growing market share through expanding sales. Ninebot sold 2.844 million units, up 18.87% year-over-year, while NIU delivered 696,300 units with 25.82% growth, and Geekwheel achieved 338,000 units with 34.93% growth 1. By June alone, these three emerging competitors had combined to capture 14.3% of the market 1. The domestic market's saturation—with total e-bike fleet size exceeding 450 million units 1—has prompted established players to pursue international expansion, though progress varies significantly. Yadea's overseas business represented approximately 10% of total revenue, while Aima's international sales accounted for just 1.78% 1.
Despite benefiting from rising sales volumes, Ninebot faced profitability challenges, reporting a net loss of 196 million yuan in the first half, nearly quintupling its prior-year loss 1.
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