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1. Company Snapshot

1.a. Company Description

Kandi Technologies Group, Inc.designs, develops, manufactures, and commercializes electric vehicle (EV) products and parts, and off-road vehicles in the People's Republic of China and internationally.It offers off-road vehicles, including all-terrain vehicles, utility vehicles, go-karts, electric scooters, and electric self-balancing scooters, as well as related parts; and EV parts comprising battery packs, body parts, EV controllers, air conditioning units, and other auto parts.


The company was formerly known as Kandi Technologies, Corp.and changed its name to Kandi Technologies Group, Inc.in December 2012.


Kandi Technologies Group, Inc.was founded in 2002 and is headquartered in Jinhua, the People's Republic of China.

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1.b. Last Insights on KNDI

Kandi Technologies Group's recent performance was driven by the certification of its Hainan facility as a National Green Factory by China's Ministry of Industry and Information Technology. This prestigious recognition underscores the company's commitment to sustainable manufacturing and carbon neutrality. The government award of RMB 2 million further validates Kandi's efforts in green manufacturing. Additionally, the company's focus on all-electric personal transportation and utility vehicles positions it for growth in the burgeoning electric vehicle market.

1.c. Company Highlights

2. Kandi Technologies' H1 2025 Earnings: Navigating Uncertainty with Strategic Progress

Kandi Technologies reported net revenues of $36.3 million for the first half of 2025, a decrease of 39.3% from $59.8 million in the same period of 2024. Despite the decline in revenues, the company achieved a gross margin of 45.2%, up from 31.7% last year, driven by operational refinements and improved manufacturing efficiency. The net income was $1.7 million, with basic and diluted net income per share of $0.02. Notably, the actual EPS was significantly higher than the estimated loss of $0.28 relative to expectations of -$0.02.

Publication Date: Aug -23

📋 Highlights
  • Gross Margin Improvement: Increased to 45.2% for H1 2025, up 13.5 percentage points from 31.7% in H1 2024.
  • Revenue Decline: Net revenues fell to $36.3M, down 39.3% compared to $59.8M in H1 2024.
  • Strong Liquidity: Held $257M in cash, cash equivalents, and certificates of deposit as of June 30, 2025.
  • Operating Expenses Reduction: Total operating expenses decreased by 21.4% to $18.3M from $23.3M in H1 2024.
  • Net Income Growth: Achieved $1.7M net income with EPS of $0.02, despite challenging macroeconomic conditions.

Operational Highlights and Strategic Initiatives

Feng Chen highlighted that despite the challenging macroeconomic landscape, Kandi Technologies made substantial progress on key initiatives, leveraging core strengths to expand into emerging fields such as embodied intelligence and new energy infrastructure. The company refined its traditional off-road vehicle operations and explored high-margin direct-to-consumer channels and e-commerce platforms. As Feng Chen noted, "We are actively exploring high-margin direct-to-consumer channels, e-commerce platforms, and major distributor networks," which is expected to drive future growth.

Emerging Business Segments and Future Growth

Kandi Technologies is making significant strides in emerging business segments, including a deep collaboration with Deep Robotics to develop intelligent golf equipment and quadruped robots for security inspections. The company is also advancing the adoption of battery swapping technology, positioning itself as an industry pioneer. These initiatives are expected to provide new growth momentum and broaden the product portfolio.

Valuation and Financial Position

As of June 30, 2025, Kandi Technologies held $257 million in cash, cash equivalents, restricted cash, and certificates of deposit, providing ample liquidity to support strategic growth initiatives. The current valuation metrics indicate a P/S Ratio of 1.06 and an EV/EBITDA of -3.14. With a ROE of -12.87% and an ROIC of -14.43%, the company's profitability remains a concern. Analysts estimate revenue growth of 57.3% next year, which may help improve the valuation multiples.

3. NewsRoom

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Kandi Technologies Group (NASDAQ:KNDI) Share Price Crosses Below Two Hundred Day Moving Average – Here’s What Happened

Dec -03

Source: defenseworld.net

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Kandi Unveils Intelligent Delivery Robot Dog Solution, Advancing the Future of Smart Logistics

Nov -04

Source: globenewswire.com

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Head-To-Head Contrast: Kandi Technologies Group (NASDAQ:KNDI) versus Johnson Outdoors (NASDAQ:JOUT)

Oct -30

Source: defenseworld.net

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Head to Head Comparison: Kandi Technologies Group (NASDAQ:KNDI) versus Topgolf Callaway Brands (NYSE:MODG)

Oct -20

Source: defenseworld.net

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Kandi Technologies Financials Continue To Show Extreme Volatility In H1 2025

Aug -23

Source: seekingalpha.com

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Kandi Technologies Group, Inc. (KNDI) Q2 2025 Earnings Call Transcript

Aug -19

Source: seekingalpha.com

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Kandi Technologies Reports First Half of 2025 Unaudited Financial Results

Aug -19

Source: globenewswire.com

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Kandi Secures First CATL Order for Heavy-truck Battery Swap Station Equipment, Advancing ‘Ten Thousand Station Plan'

Aug -18

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.37%)

6. Segments

Off-road Vehicles and Associated Parts

Expected Growth: 12.3%

Growing demand for recreational vehicles, increasing popularity of outdoor activities, and expanding distribution channels are expected to drive the off-road vehicle market growth.

Lithium-ion Cells

Expected Growth: 12.8%

Growing demand for electric vehicles, increasing adoption of lithium-ion batteries in EVs, and Kandi Technologies' high-performance batteries with high energy density and long cycle life drive market growth.

Electronic Vehicle Parts

Expected Growth: 12.4%

Growing demand for electric vehicles, increasing adoption of clean energy, and government incentives drive the growth of Kandi Technologies Group, Inc.'s electronic vehicle parts business.

Electronic Vehicle Products

Expected Growth: 12.4%

Increasing adoption of electric vehicles, government incentives, and growing demand for recreational and utility vehicles drive Kandi Technologies' growth, with a focus on expanding product offerings and geographic presence.

Electric Scooters, Electric Self-balancing Scooters and Associated Parts

Expected Growth: 12.8%

Increasing adoption of eco-friendly transportation, growing demand for convenient and innovative solutions, and government incentives for electric vehicles drive the growth of Kandi Technologies Group, Inc.'s electric scooters and self-balancing scooters.

Battery Exchange Equipment and Battery Exchange Service

Expected Growth: 15.6%

Increasing adoption of electric vehicles, government incentives for EV infrastructure development, and growing demand for convenient charging solutions drive the growth of Kandi's battery exchange equipment and service market.

Commission Income

Expected Growth: 15.4%

Increasing adoption of electric vehicles, expansion of battery swapping services, and growing demand for eco-friendly transportation solutions drive the growth of commission income from Kandi Technologies Group, Inc.

7. Detailed Products

Electric Vehicles (EVs)

Kandi Technologies Group, Inc. offers a range of electric vehicles, including passenger cars, SUVs, and buses, designed for personal and commercial use.

All-Terrain Vehicles (ATVs)

The company manufactures and sells all-terrain vehicles, including off-road motorcycles, ATVs, and utility vehicles, for recreational and utility purposes.

Electric Motorcycles

Kandi Technologies Group, Inc. designs and manufactures electric motorcycles for on-road and off-road use, offering a sustainable alternative to traditional gas-powered motorcycles.

Lithium-Ion Battery Packs

The company produces lithium-ion battery packs for use in electric vehicles, renewable energy systems, and other applications, offering high-performance energy storage solutions.

Electric Vehicle Charging Systems

Kandi Technologies Group, Inc. offers a range of electric vehicle charging systems, including Level 1, Level 2, and DC Fast Charging solutions, for residential, commercial, and public use.

Automotive Parts and Components

The company manufactures and supplies automotive parts and components, including engines, transmissions, and electrical systems, for use in electric and traditional vehicles.

8. Kandi Technologies Group, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Kandi Technologies Group, Inc. faces moderate threat from substitutes due to the presence of established players in the electric vehicle industry.

Bargaining Power Of Customers

Kandi Technologies Group, Inc. has a diverse customer base, which reduces the bargaining power of individual customers.

Bargaining Power Of Suppliers

Kandi Technologies Group, Inc. relies on a few key suppliers for critical components, which gives them some bargaining power.

Threat Of New Entrants

The electric vehicle industry is attractive, and new entrants are likely to be drawn to the market, posing a significant threat to Kandi Technologies Group, Inc.

Intensity Of Rivalry

The electric vehicle industry is highly competitive, with many established players competing for market share, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 9.32%
Debt Cost 6.65%
Equity Weight 90.68%
Equity Cost 10.92%
WACC 10.52%
Leverage 10.28%

11. Quality Control: Kandi Technologies Group, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Kandi Technologies

A-Score: 4.6/10

Value: 8.8

Growth: 2.9

Quality: 5.0

Yield: 0.0

Momentum: 3.5

Volatility: 7.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.95$

Current Price

0.95$

Potential

-0.00%

Expected Cash-Flows