内容概要：两轮电动自行车以其便捷、快速、性价比高的特点，成为了普通市民短途出行的重要交通工 具，拥有庞大的消费群。发展至今，中国已成为全球最大的电动自行车生产和消费国。2025年国内累计 生产电动自行车4708.4万辆。在政策规范化、消费需求升级、产品技术迭代等因素的推动下，国内电动 自行车产量有望维持稳步增长趋势，到2026年我国电动自行车产量或将增长至4965.5万辆。 上市企业：雅迪控股[01585]、爱玛科技[603529]、新日股份[603787] 相关企业：台铃科技股份有限公司、小刀科技股份有限公司、小牛电动车、北京牛电科技有限责任公 司、立马车业集团有限公司、浙江绿佳车业有限公司 关键词：两轮电动自行车行业发展历程、两轮电动自行车行业相关政策、两轮电动自行车行业产业链、 两轮电动自行车行业产量、两轮电动自行车市场竞争格局、两轮电动自行车行业发展趋势 一、两轮电动自行车行业定义及生产基地分布 电动自行车（Electricbicycle），是指以蓄电池作为辅助能源，在普通自行车的基础上安装了电机、控制 器、蓄电池、转把、闸把等操纵部件和显示仪表系统的交通工具。两轮电动自行车（新国标）是具备脚 踏骑行 ...

作为静海区民营轻工龙头企业，爱玛集团此次建设的总部大楼总建筑面积约5.8万平方米，未来将集总 部办公、研发创新、员工培训等功能于一体，预计可辐射带动就业超1500人，成为巩固企业产业优势、 激活区域产业链的重要载体。该项目自2024年2月正式开工以来，在各方协同发力下快速稳步推进，跑 出了建设"加速度"。 为保障项目高效推进，天津市建设工程安全质量监督总站协同区住建和监督机构等相关部门主动靠前、 精准发力，提前介入项目全流程，优化审批环节、简化办事流程，全程指导建设单位高效完备10余套申 报资料，同时严格核查参建单位资质及关键岗位人员持证情况，筑牢项目建设质量与安全防线。在精准 监督与优质服务加持下，该项目从土地盘活到取得施工许可仅用时105天，较常规周期缩短42%，为早 日开工抢出宝贵时间。通过采用"分段验收+资料预审"模式，该项目高效完成8次分部验收，为高标准、 高质量全面投运提供了坚实保障。 （来源：天津日报） 转自：天津日报 本报讯（记者 陈璠）昨日，位于静海高新产业园的爱玛总部大楼项目顺利通过竣工验收。该项目是静 海区重点产业项目，也是区域优化营商环境的标杆工程，建成后将助力爱玛集团继续扎根天津、布 ...

如Ta何bl看e_待Su行m业m需ar求y2趋] 势和公司相对竞争优势？ 行业需求侧由存量替换与结构化升级共同驱动。国内电动两轮车保有量已处于高位，市场正进入以更新 换代需求为主导的稳定发展阶段，替换需求已成为当前消费的主要来源。与此同时，产品智能化升级与 消费分层正创造新的增长点，年轻消费者对智能化功能的偏好日益明显，中高端价格带持续扩容。竞争 层面，行业呈现明显的头部集中趋势，"双寡头"格局稳固，2024版新国标通过提升技术、生产与合规门 槛，预计将进一步加速尾部品牌出清，为头部企业释放市场份额。具体到公司竞争力，爱玛凭借在大众 主流价格带的精准定位、深厚品牌积淀与超过3 万家的广泛渠道网络，构建了坚实的竞争护城河，并与 九号等新势力品牌形成错位竞争，在核心市场中保持主导地位。综合来看，公司有望依托稳健的基本 盘、清晰的品牌策略与持续的渠道渗透，在行业集中度提升与结构升级的双重趋势中进一步巩固其龙头 地位。 如何看待公司未来增长潜力？ 公司在稳固主业的同时，积极培育电动三轮车与海外市场两大增长曲线。国内电动三轮车市场格局相对 分散且增长较快，公司凭借既有优势有望提升份额。海外方面，东南亚市场电动两轮车渗透 ...

Investment Rating - The report maintains a "Buy" rating for the company [13] Core Viewpoints - Aima Technology, as a leader in the electric two-wheeler industry, has a solid foundation and a clear growth path. The industry is in a mature stage dominated by replacement demand, with increasing market concentration due to new national standards raising compliance and technical barriers [4][11] - The company is actively cultivating two new growth curves: electric tricycles and overseas markets, leveraging its brand and channel advantages to increase market share [4][9] Industry Demand Trends and Competitive Advantages - The demand side is driven by replacement and structural upgrades. The domestic electric two-wheeler ownership is at a high level, with replacement demand becoming the main source of consumption. The market is entering a stable development phase [8][29] - The competitive landscape shows a clear trend towards concentration, with the "dual oligopoly" structure solidifying. The new national standards are expected to accelerate the exit of tail brands, releasing market share for leading companies [8][39] Future Growth Potential - The company is focusing on the electric tricycle market, which has high growth and profitability potential. The domestic market is fragmented, and Aima is expected to continue increasing its share [9][10] - In overseas markets, particularly Southeast Asia, there is significant growth potential due to low electric penetration rates and supportive policies [9][10] Asset Quality and Shareholder Returns - The company has a healthy asset structure with high cash reserves and low interest-bearing debt. As of Q3 2025, cash assets accounted for a significant portion of total assets, and the company has a low interest-bearing debt ratio of 6.87% [10][22] - The company has increased its cash dividend payout ratio to 45% in the first half of 2025, indicating a commitment to shareholder returns [10][22] Investment Recommendations - The company's main business is solid, and it is expected to strengthen its leading position in the industry. The report forecasts net profits of 2.294 billion, 2.568 billion, and 2.921 billion yuan for 2025-2027, with corresponding P/E ratios of 11.44, 10.22, and 8.99 times, respectively [11]

Investment Rating - The report maintains a "Buy" rating for the durable consumer goods industry [1] Core Insights - The durable consumer goods industry is experiencing growth driven by various segments, including trendy toys, new tobacco products, home furnishings, and AI technologies [1][2][3] - The report highlights the expansion of brands like Bubble Mart and the collaboration with Takara Tomy to enhance IP development in the trendy toy sector [1][8] - The new tobacco segment shows long-term growth potential, with companies like Philip Morris International reporting significant revenue increases [2][14] - The home furnishings market is showing signs of recovery, particularly in the second-hand housing market, while new housing remains under pressure [15][16] - The report emphasizes the importance of adapting to regulatory changes in the personal care and AI glasses sectors, which are expected to reshape marketing and distribution strategies [19][23] Summary by Relevant Sections Trendy Toys - Bubble Mart is expanding into the Japanese market and collaborating with Takara Tomy to enhance its IP development [1][8] - The company reported that it aims to sell over 400 million products across all IP categories in 2025, with significant growth in registered members and store numbers [9] New Tobacco - Philip Morris International's revenue reached $40.6 billion in 2025, with a 7.3% year-on-year increase, driven by a 15% increase in new tobacco product sales [14] - The market for heated tobacco products is expected to accelerate, despite potential regulatory challenges in various countries [2][13] Home Furnishings - The report notes a significant increase in transaction volumes in the second-hand housing market, with a 754.6% year-on-year increase in certain cities [15] - Export figures for furniture show a decline, but there is potential for recovery driven by policy support and improved consumer sentiment [16] AI and Personal Care - New regulations are set to transform marketing strategies in the personal care sector, emphasizing compliance and professional channels [19][21] - The AI glasses market is witnessing innovation, with companies like Oakley and Meta launching new products, indicating a growing trend towards smart technology integration [23] 3D Printing - The report highlights advancements in 3D printing technology, particularly in multi-color printing solutions, which are expected to enhance efficiency and usability in consumer applications [35] Two-Wheeled Vehicles - The electric bicycle market is facing challenges due to policy changes and high base effects, while the motorcycle sector is showing positive trends due to regulatory relaxations [36][37]

Core Viewpoint - The announcement details the interest payment schedule and terms for the company's convertible bonds, "Aima Convertible Bonds," which will begin interest payments in 2026, following the issuance of 20 billion RMB worth of bonds in 2023 [2][4]. Group 1: Bond Issuance and Terms - The company issued 20 million convertible bonds on February 23, 2023, with a face value of 100 RMB each, totaling 20 billion RMB, and a maturity of 6 years [2][3]. - The coupon rates for the bonds are structured to increase over the years, starting at 0.30% in the first year and reaching 2.00% in the sixth year [2][3]. Group 2: Interest Payment Details - The interest payment will be made annually, with the first payment scheduled for February 24, 2026, covering the period from February 23, 2025, to February 22, 2026 [4][8]. - The interest amount for each bond will be 1.00 RMB (including tax) for the third year [8]. Group 3: Conversion Price Adjustments - The initial conversion price for the bonds was set at 61.29 RMB per share, which has been adjusted multiple times due to various corporate actions, with the latest adjustment bringing it to 39.64 RMB per share as of September 22, 2023 [3]. Group 4: Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net interest payment of 0.80 RMB per bond after tax [11]. - Non-resident enterprises will be exempt from corporate income tax on bond interest income from January 1, 2026, to December 31, 2027 [11]. Group 5: Contact Information - The company is located in Tianjin, and the contact number is 022-59596888, while the lead underwriter is Huatai United Securities [12].

证券日报网讯 2月5日，爱玛科技发布公告称，华泰联合证券为公司公开发行可转换公司债券项目的持 续督导机构，持续督导期已于2024年12月31日结束。由于公司公开发行可转换公司债券项目募集资金尚 未使用完毕，华泰联合证券需要对公司剩余募集资金的使用和管理继续履行督导义务。原持续督导保荐 代表人赵乃骥先生因工作变动原因，不再继续担任持续督导期的保荐代表人。根据相关法律法规及监管 规定的要求，为保证持续督导工作的有序进行，华泰联合证券决定更换该保荐代表人，由华泰联合证券 保荐代表人吴思航先生接替赵乃骥先生履行公司公开发行可转换公司债券的持续督导职责。本次变更 后，公司公开发行可转换公司债券的持续督导保荐代表人为吴思航先生和杨阳女士。 （编辑 王雪儿） ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 爱玛科技集团股份有限公司（以下简称"公司"或"本公司"）于 2023 年 2 月 23 日发行的可转换公司债券（以下简称"可转债"或"爱玛转债"）将于 2026 年 2 月 24 日开始支付自 2025 年 2 月 23 日至 2026 年 2 月 22 日期间的利息。根 据公司《可转债募集说明书》有关条款的规定，现将有关事项公告如下： 一、可转债发行上市情况 | 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2026-002 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科技集团股份有限公司 关于"爱玛转债"2026 年付息公告 年利息指可转债持有人按持有的可转债票面总金额自可转债发行首日起每 满一年可享受的当期利息。年利息的计算公式为： I＝B×i 其中，I 为年利息额；B 为本次发行的可转债持有人在计息年度（以下简称 "当年"或"每年"）付息债权登记日持有的可转债票面总金额；i 为 ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2026-003 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科技集团股份有限公司 关于更换持续督导保荐代表人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 爱玛科技集团股份有限公司（以下简称"公司"）于近日收到华泰联合证券 有限责任公司（以下简称"华泰联合证券"）出具的《关于更换爱玛科技集团股 份有限公司公开发行可转换公司债券持续督导保荐代表人的函》。 华泰联合证券为公司公开发行可转换公司债券项目的持续督导机构，持续督 导期已于 2024 年 12 月 31 日结束。由于公司公开发行可转换公司债券项目募集 资金尚未使用完毕，华泰联合证券需要对公司剩余募集资金的使用和管理继续履 行督导义务。 原持续督导保荐代表人赵乃骥先生因工作变动原因，不再继续担任持续督导 期的保荐代表人。根据相关法律法规及监管规定的要求，为保证持续督导工作的 有序进行，华泰联合证券决定更换该保荐代表人，由华泰联合证券保荐 ...

Group 1 - The core point of the article is that Aima Technology (603529.SH) announced the issuance of convertible bonds, which will start paying interest from February 23, 2025, to February 22, 2026 [1] Group 2 - The convertible bonds, referred to as "Aima Convertible Bonds," were issued on February 23, 2023 [1] - Interest payments for the bonds will commence on February 24, 2026 [1]