Luyuan
Luyuan is a Chinese electric two-wheeler manufacturer founded in 1997, producing electric motorcycles, bicycles, and e-bikes through four manufacturing bases and 14,000+ retail stores. Listed on HKEX (02451.HK), it serves individual, commercial, and government customers across 30+ Chinese provinces and 80+ countries.
- Company typePublic
- Founded1997
- HeadquartersJinhua, China
- Headcount1–10
- GTM typeB2B and B2C
- OfferingHardware or Manufacturing
What Luyuan does
Luyuan (绿源) is a Chinese electric two-wheeler manufacturer founded in 1997 and headquartered in Jinhua, Zhejiang. The company designs, manufactures, and sells electric motorcycles, electric bicycles, e-bikes, leisure three-wheelers, and related accessories, with a product portfolio spanning entry-level to premium segments (including the LYVA sub-brand). Its core technology stack centers on proprietary liquid-cooled motor systems (12 national patents, 92% efficiency, Guinness World Record 50,000km zero loss), digital battery management (smart temperature control, 700+ cycle life, 3-year warranty), solid-state electrical systems, and ceramic brake systems. The company is publicly listed on the Hong Kong Stock Exchange (02451.HK) since October 2023 and operates four intelligent manufacturing bases in Zhejiang, Shandong, Guangxi, and Chongqing with combined planned capacity exceeding 10 million units annually.
Luyuan monetizes through direct hardware sales via owned experience centers, 14,000+ franchise stores across 324 cities and 30 Chinese provinces, and flagship stores on Tmall, JD.com, Pinduoduo, and Douyin. Recurring revenue comes from the 源行者 (Yuan Xingzhe) rent-to-own and battery-swap platform, 4G connectivity subscriptions, extended warranty programs, and after-sales service. The customer base spans individual urban consumers, commercial delivery fleets (Meituan, 100+ enterprise partners), sharing economy operators, government/police agencies, and international markets across 80+ countries served through regional distribution partners and global innovation centers in Munich, Lagos, and other locations. FY2023 revenue was RMB 5.083 billion (approximately USD 700M) with gross margin of 13.4%.
The company is in a strategic transition from a single-brand Chinese manufacturer to a multi-brand global light-mobility platform. Recent moves include BMW Group licensing of two micromobility concepts (Dynamic Cargo, Clever Commute), partnerships with KOVE MOTO (Dakar Rally off-road technology), DOBOT and Aloft Robotics (embodied AI with a 100,000-set order), Baowu Magnesium (die-cast magnesium alloy), and China East Communication (ASEAN market entry). It holds 1,100+ patents, has all three listed manufacturing bases on the MIIT whitelist, and has participated in national electric bicycle standard-setting. Strategic leadership remains founder-controlled, with co-founders 倪捷 (Nie Jie, Chairman) and 胡继红 (Hu Jihong, CEO) providing continuity since the company's inception.
Luyuan firmographics
Firmographics- Name
- Luyuan
- Legal name
- 浙江绿源电动车有限公司
- Website
- https://luyuan.cn
- Company type
- Public
- Founded year
- 1997
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Luyuan is a Chinese electric two-wheeler manufacturer founded in 1997, producing electric motorcycles, bicycles, and e-bikes through four manufacturing bases and 14,000+ retail stores. Listed on HKEX (02451.HK), it serves individual, commercial, and government customers across 30+ Chinese provinces and 80+ countries.
- Ownership category
- akta.pro rank
Luyuan industry classification
Industry- Product category
- Electric Two-Wheelers
- NAICS
- Motorcycle, Bicycle, and Parts Manufacturing (336991)
- SIC
- Motorcycles, Bicycles & Parts (3751)
- akta.pro primary industry
- Electric Motorcycles & Electric Scooters Manufacturing (IMACAEAB)
- akta.pro secondary industries
- E-scooters & E-mopeds Manufacturing (IMACAOAB), E-bikes & E-cargo Bikes Manufacturing (IMACAOAA), Micro-Mobility & Two-/Three-Wheeler Fleet Leasing/Subscription (E-bikes, E-scooters, E-motorcycles) (TLABAHAI), E-Bikes & Electric Bicycles (CRACASAA)
Keywords
Where Luyuan is headquartered
LocationHeadquarters
- HQ city
- Jinhua
- HQ country
- China
- HQ region
- Asia
Offices7 records
Markets served
Luyuan business model
Business model- GTM type
- B2B and B2C
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Operations, Technology or R&D, Marketing or Sales, Personnel, Infrastructure
Revenue model
- Electric Two-Wheeler Product Sales: Primary revenue stream from manufacturing and selling electric motorcycles, electric bicycles, e-bikes, and leisure three-wheelers. Products sold through direct retail, franchise stores, e-commerce platforms, and B2B commercial/fleet channels. Revenue of 5.083 billion RMB in 2023 with gross margin of 6.81 billion RMB (21.4% YoY increase).
- 源行者 Rent-to-Own and Battery Swap Services: Yuan Xingzhe platform provides 4G smart electric vehicles with rental, battery swap, sales, and value-added services. Revenue from rental fees and battery swap service usage charges.
- Aftersales Service and Spare Parts: Warranty services, spare parts replacement, and maintenance services through service network. 24-hour road rescue and 20 free services offered.
- Franchise and Partnership Fees: Revenue from franchise partner recruitment and store setup support under the nine-system empowerment model for franchisees.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Standard warranty coverage with extended premium options |
| Subscription | Multi-year contract | Battery warranty tiers by chemistry type |
| Subscription | Monthly | 4G connectivity subscription for smart features |
| Unit Pricing | Pay-as-you-go | Product pricing through official channels |
Go-to-market motion1 record
Distribution channels7 records
Marketing channels10 records
Luyuan product offering
Product offeringCore offering
Luyuan develops, manufactures, and sells electric two-wheeled vehicles including electric motorcycles, electric bicycles, e-bikes (pedal-assist), and leisure three-wheelers. The company operates proprietary liquid-cooled motor and digital battery management technologies, and sells through 14,000+ franchise stores, owned experience centers, e-commerce platforms, and a dedicated B2B commercial sales channel covering delivery fleets, sharing economy operators, and government customers. The company also operates the Yuan Xingzhe (源行者) rent-to-own and battery-swap subscription platform.
Differentiator
Problem solved
Functional benefit
Brands
- LYVA: High-end light mobility brand for international markets; features premium products including E-MTB and electric motorcycles.
Products and services
- S95 Electric Motorcycle Flagship S-series electric motorcycle featuring liquid-cooled motor technology, intelligent remote connectivity, multiple unlock methods (NFC/Bluetooth/app), and multi-functional buttons. Target consumer is urban riders seeking premium performance.
- S70-PRO Electric Motorcycle S70-PRO flagship electric motorcycle with liquid-cooled motor, 4.9 second 0-50 km/h acceleration, EVCU integrated central control, CBS aviation brake linkage, and up to 160 km maximum range. Targeted at all-terrain performance riders.
- S86GT-Max/Ultra Electric Motorcycle
Quantifiable outcome
- Motor efficiency exceeds 92%, enabling same battery capacity to travel farther
- +7 more outcomes
Companies that use Luyuan
Customer profileNamed customers6 records
Segments6 records
Ideal customer profiles6 records
Luyuan technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration6 records
AI capability14 records
Feature13 records
Luyuan partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered key, core and supporting.
- Jinhua Rainsun International Trade Co., Ltd. (金华雨润祥国际贸易有限公司)keyNigerian local partner operating Luyuan's West Africa Market Development Center. Brings 20+ years of local market expertise and nationwide distribution network covering all Nigerian states. Provides after-sales service, technical training, and parts warehousing. Adapts Luyuan products to local conditions including extreme heat, dust, and rough roads.
- EPP EngineeringkeyGerman engineering firm operating Luyuan's European R&D and Innovation Center in Munich. Collaboration with BMW on product development, engineering validation, and EU regulatory certification. Combines Chinese R&D and supply chain strengths with German engineering discipline.
- KOVE MOTOcoreGlobal strategic partnership with Dakar Rally champion KOVE MOTO. Co-developed EMX250 off-road electric motorcycle unveiled at Shanghai Fair 2026. Partnership brings Dakar Rally proven technology to consumer electric motorcycles. Part of Luyuan's 'New Lifestyles' product strategy pillar.
- DOBOT & Aloft RoboticskeyCo-development of S86 electric motorcycle with DOBOT robotics technology, featuring AI dual-core intelligence. Luyuan's liquid-cooled motor technology combined with robotics AI capabilities. Part of 'New Intelligence' strategy pillar. Luyuan also partnered with 越疆机器人 for robotic guide dog development.
- China East Communication / 中国东信 (中国—东盟信息港股份有限公司)coreStrategic partnership for ASEAN smart mobility market expansion. China East Communication is the market entity for China-ASEAN Information Hub 'Digital Silk Road' construction. Provides market access, channel expansion, and digital platform support for Luyuan. Four cooperation directions: new energy mobility, smart mobility ecosystem, embodied AI operations, and technology collaboration.
- 有鹿机器人 / Aloft RoboticskeyStrategic cooperation for embodied AI applications in two-wheel mobility. First batch order of 100,000 robotic control systems signed December 2025. Luyuan received 'Ecosystem Partner Award' from Aloft Robotics. Jointly developed guide robot dog showcased at Shanghai Fair 2026.
- 越疆机器人 / Yuejiang RoboticskeyJoint exploration of embodied AI 'last mile' commercial applications. Partnership for scaling commercial deployment of robotics technology in mobility scenarios.
- BMW GroupcoreBMW Group officially granted licenses to Luyuan for two micromobility concepts: 'Dynamic Cargo' and 'Clever Commute'. Licensing ceremony held in Hangzhou, China on November 26, 2025. Designworks (BMW's innovation studio) partners on product design. Faissner Petermeier Fahrzeugtechnik AG engaged for European market compliance. Luyuan intends to develop light mobility vehicles for global markets under its own brands.
- Baoyu Tech (青阳精密, 宝武镁业集团)keyStrategic partnership with Baoyu Tech, a subsidiary of Baowu Magnesium Group. Focus on magnesium alloy applications in electric vehicles. Die-cast magnesium alloy E-MTB LYVA M05 is first result of this partnership.
- Faissner Petermeier Fahrzeugtechnik AGsupportingEuropean market compliance partner for BMW-licensed micromobility concepts. Ensures products meet European regulatory standards.
- Qingyang Precision (青阳精密)keyPart of Baowu Magnesium Group. Strategic collaboration on magnesium alloy material applications for electric vehicles. Enables Luyuan's die-cast magnesium alloy manufacturing capabilities.
- China National Table Tennis Team / 中国国家乒乓球队keyOfficial partner signed in 2023. National team partnership for brand building and marketing activities.
Scale indicators10 records
Recent moves12 records
Expansion highlights8 records
Luyuan competitors and assessment
Company assessmentDirect peers
- Niu Technologies: Niu (NIU.US) is a Nasdaq-listed Chinese maker of premium electric scooters and e-bikes with strong international distribution. Comparable to Luyuan's higher-end INNO/S-series electric motorcycles and LYVA premium e-bike positioning, with a similar connected-vehicle and battery-swap strategy.
- Rad Power Bikes: Rad Power Bikes is a leading US-based direct-to-consumer e-bike brand. Comparable to Luyuan's premium/premium-mass consumer e-bike positioning and DTC-plus-retail go-to-market approach, particularly relevant as Luyuan expands LYVA into Western markets.
- Aima Technology: Aima is one of the top four Chinese electric two-wheeler brands, mass-producing e-bikes and electric motorcycles through a nationwide franchise network. Directly comparable to Luyuan in distribution model, product mix, and pricing bands.
- Gogoro: Gogoro (Taiwan) is an electric scooter specialist with a battery-swap ecosystem analogous to Luyuan's Yuan Xingzhe platform. Comparable as a connected electric two-wheeler OEM with subscription-style energy services.
- Tailing (Tailg) Electric Vehicle: Tailg is a major Chinese e-bike and electric motorcycle brand with a nationwide distribution network, competing directly with Luyuan in entry- and mid-tier electric two-wheeler segments.
- Jiangsu Xinri E-Vehicle: Xinri is a leading Chinese electric two-wheeler OEM/brand covering e-bicycles, e-mopeds, and electric motorcycles with a broad domestic distribution footprint. Overlaps significantly with Luyuan's product and channel strategy in tier-2/3 Chinese cities.
- Vmoto Soco: Vmoto (ASX:VMT) is an Australian-listed electric scooter and e-motorcycle manufacturer with a focus on European and Asian markets. Comparable to Luyuan's premium electric motorcycle (S series) and international OEM/export ambitions.
- Yadea Group: Yadea is the largest electric two-wheeler manufacturer in China and Hong Kong-listed (1585.HK), selling e-bikes, e-mopeds, and e-motorcycles across similar retail channels and end markets. Direct competitor to Luyuan across every product category from entry-level commuter e-bikes to high-power electric motorcycles.
Broad incumbents
- Specialized Bicycle Components: Specialized is a global premium bicycle brand with an established e-bike sub-line (Turbo series). Comparable to Luyuan's premium LYVA e-bike sub-brand in terms of performance positioning and global dealer presence, though Specialized is far broader in product scope.
- Giant Manufacturing: Giant is the world's largest bicycle manufacturer and a major e-bike player globally. Comparable to Luyuan in the e-bike category and as a manufacturing-scale OEM, though Giant operates across a much wider product portfolio including non-electric bicycles.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
Luyuan social profiles
Digital presenceLuyuan financial estimates
Financial estimateRevenue estimate
Valuation estimate
Luyuan leadership team
Management profileNumber of profiles
Profiles5 records
Luyuan subsidiaries and ownership
Company hierarchySubsidiaries1 record
Luyuan funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Luyuan M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Luyuan
What does Luyuan do?
Luyuan develops, manufactures, and sells electric two-wheeled vehicles including electric motorcycles, electric bicycles, e-bikes (pedal-assist), and leisure three-wheelers. The company operates proprietary liquid-cooled motor and digital battery management technologies, and sells through 14,000+ franchise stores, owned experience centers, e-commerce platforms, and a dedicated B2B commercial sales channel covering delivery fleets, sharing economy operators, and government customers. The company also operates the Yuan Xingzhe (源行者) rent-to-own and battery-swap subscription platform.
Is Luyuan a public or private company?
Luyuan is a public company. It is classified as public and is currently operating.
When was Luyuan founded?
Luyuan was founded in 1997. It employs 1 to 10 people.
Where is Luyuan based?
Luyuan is headquartered in Jinhua, China, in the Asia region.
How does Luyuan make money?
Four revenue lines are on record. Electric Two-Wheeler Product Sales are the primary driver. The others are 源行者 Rent-to-Own and Battery Swap Services, aftersales Service and Spare Parts and franchise and Partnership Fees.
Who are Luyuan's main competitors?
Direct peers on record are Niu Technologies, Rad Power Bikes, Aima Technology, Gogoro, Tailing (Tailg) Electric Vehicle, Jiangsu Xinri E-Vehicle, Vmoto Soco and Yadea Group. Broad incumbents are Specialized Bicycle Components and Giant Manufacturing.
Does Luyuan have an API?
No public API is recorded for Luyuan.
What industry is Luyuan in?
Luyuan's product category is Electric Two-Wheelers. Its primary akta.pro industry code is IMACAEAB, Electric Motorcycles & Electric Scooters Manufacturing, with a secondary code of IMACAOAB, E-scooters & E-mopeds Manufacturing. Its NAICS code is 336991 and its SIC code is 3751.