对此，工信部下设机构消费品工业司和中国自行车协会均于近期发布相关内容以作出回应和倡议。中国电子技术标准化研究院安全技术研 究中心副主任何鹏林也对5条相关谣言作出了回应和解读。 自12月1日旧国标电动自行车禁售，电动自行车新国标全面落地后，网络上出现关于新标准的误解和传言。 与此同时，作为国内电动自行车头部企业的各大品牌也于昨日发布了相关声明。其中，雅迪科技集团有限公司（以下简称"雅迪科技"）表 示积极响应、坚决执行中国自行车协会发起的倡议。 雅迪科技表示，对于近期网上出现的一些关于新国标车型的质疑，网传产品仅为个别企业的车型，并非行业主流设计、主流产品，标准中 完全没有这样的规定，雅迪科技的产品也坚决不会有这样的设计。 雅迪科技还表示，目前公司已推出68款符合新国标的车型，契合不同消费者日常出行场景，如优化座椅舒适性与承重设计，满足安全携带 儿童的需求，也安装了后视镜等，能够很好地满足消费者的使用需求。 "下一步，我公司将持续以高标准、严要求推进产品研发与生产，全力推出更多既安全又实用的新国标车辆，为广大消费者提供更优质、 更安全、更便捷、更舒适、更丰富的电动自行车产品。" 爱玛科技集团（以下简称"爱玛科技" ...

Core Points - The company decided not to adjust the conversion price of "Aima Convertible Bonds" despite triggering conditions being met due to stock price performance [2][8] - The board's decision was based on multiple factors including the company's operational status, stock price trends, and market environment [8] Group 1: Convertible Bond Issuance Overview - The company issued 20 million convertible bonds with a total value of 2 billion RMB, each with a face value of 100 RMB, on February 23, 2023 [3] - The bonds have a six-year term and a tiered interest rate starting from 0.30% in the first year to 2.00% in the sixth year, with a redemption price of 110 RMB [3] - The initial conversion price was set at 61.29 RMB per share, which has been adjusted multiple times, currently standing at 37.45 RMB per share [3] Group 2: Conversion Price Adjustment Terms - The conversion price can be adjusted downwards if the stock price closes below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [5][7] - Any proposed adjustment must be approved by at least two-thirds of the voting rights at a shareholders' meeting [5] Group 3: Decision on Price Adjustment - The board meeting on December 4, 2025, resulted in a unanimous decision (9 votes in favor) not to adjust the conversion price, considering the company's long-term potential and shareholder interests [8] - The company will not propose any downward adjustment for the next six months, even if the triggering conditions are met again [8]

Core Viewpoint - Aima Technology announced that its stock price has fallen below 85% of the conversion price for at least 15 out of the last 30 trading days, triggering the downward adjustment clause for its convertible bonds. However, the company decided not to adjust the conversion price and will not propose any downward adjustment in the next six months even if the condition is met again [2]. Group 1 - Aima Technology's stock price has been below 85% of the conversion price for 15 out of the last 30 trading days [2] - The company’s board of directors has approved not to adjust the conversion price of the convertible bonds [2] - The decision includes a commitment not to propose a downward adjustment for the next six months [2]

Group 1 - The new national standard for electric bicycles, GB17761-2024, has been implemented, prohibiting the sale of old models and leading to a limited supply of new models in the market [1][3] - The new standard imposes stricter requirements on speed, fire resistance, and the inclusion of a smart positioning system, with a maximum speed of 25 km/h and mandatory use of fire-resistant materials [2][6] - The transition period has resulted in a significant increase in prices for new standard electric bicycles, with price hikes ranging from 300 to 1000 yuan compared to old models [3][4] Group 2 - The market is experiencing a shift, with electric motorcycles gaining higher sales compared to new standard electric bicycles, indicating a potential change in consumer preferences [6][7] - Companies are responding to the new standard by adjusting their production lines and focusing on high-quality manufacturing and smart features to enhance product competitiveness [7][8] - The overall sentiment in the industry remains optimistic, with expectations of sustained market demand as manufacturers ramp up production of new standard models [6][7]

Core Viewpoint - The implementation of the new national standard for electric bicycles (GB17761-2024) has led to a limited supply of compliant models in the market, resulting in fewer choices and increased prices for consumers [2][6]. Group 1: New National Standard Implementation - The new standard, effective from December 1, 2023, prohibits the sale of old electric bicycles and introduces stricter requirements regarding speed, fire safety, and smart positioning systems [2][4]. - Under the new regulations, electric bicycles must not exceed a speed of 25 km/h, and manufacturers are required to implement anti-tampering mechanisms to prevent speed modifications [5]. - The new standard mandates the use of higher-grade flame-retardant materials for key components and sets specific technical indicators for battery safety, including thermal runaway protection [5]. Group 2: Market Supply and Pricing - The market supply of new standard electric bicycles is still in its early stages, with many stores reporting low inventory levels, often displaying only one model with limited stock [6][8]. - Prices for new standard electric bicycles have increased by 300 to 500 yuan compared to old models, with some high-end models seeing price hikes of up to 1,000 yuan due to upgraded materials and features [6][8]. - Online sales channels reflect a similar trend, with only 1-2 models available from major brands, and many listings showing "out of stock" [7][8]. Group 3: Industry Response and Future Outlook - Companies are adjusting their production lines to comply with the new standard, with some brands like Aima announcing capacity transfers and temporary shutdowns of old production lines [8][11]. - Despite the current supply challenges, industry representatives express optimism about the future, believing that the new standard will enhance safety and drive demand as production ramps up [10][11]. - The market is also witnessing a shift towards electric motorcycles, which are not subject to the new regulations and have shown higher sales volumes compared to new standard electric bicycles [10][11].

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-090 | | --- | --- | --- | | 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 关于不向下修正"爱玛转债"转股价格的公告 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。 重要内容提示： 2025 年 10 月 30 日至 2025 年 12 月 4 日，爱玛科技集团股份有限公司（以 下简称"公司"）股价已出现连续 30 个交易日中至少有 15 个交易日的收盘价低 于转股价 85%的情形，触发"爱玛转债"转股价格向下修正条款。 1、修正权限与修正幅度 经公司第六届董事会第四次会议审议通过，公司董事会决定本次不向下 修正转股价格，且在未来 6 个月内（即 2025 年 12 月 5 日至 2026 年 6 月 4 日）， 公司股价如再次触发"爱玛转债"转股价格向下修正条款，亦不提出向下修正方 案。 一、"爱玛转债"发行上市概况 经中国证券监督管理委员会证监许可[2022]3038 号文核准，公司于 ...

Core Insights - The Aima Smart Mobility Industrial Park in China-ASEAN is a significant production base for electric bicycles, showcasing advanced manufacturing capabilities and high efficiency in production processes [1][3] Group 1: Production Efficiency - The assembly line at the Aima Smart Mobility Industrial Park produces one electric bicycle every 36 seconds, demonstrating high operational efficiency [1] - The implementation of a Manufacturing Execution System (MES) enhances production management and real-time monitoring, bridging the gap between planning and execution [2] - The use of advanced machinery, such as CNC bending machines and laser cutting machines, has reduced the need for manual labor, allowing one worker to perform tasks that previously required three [2] Group 2: Digitalization and Automation - The industrial park covers approximately 400 acres and integrates R&D, production, sales, and service, with over 90% of its equipment being digitalized [3] - Key production processes have achieved automation, with significant reductions in unit product costs by an average of 23.45% and increases in labor productivity by 54.98% from 2022 to 2024 [3] - The park has set ambitious production targets, having produced 1.07 million electric bicycles from January to October this year, with a goal of reaching 1.2 million by year-end [3]

Group 1 - The domestic sales of electric two-wheelers reached 32.325 million units in the first half of 2025, representing a year-on-year growth of 29.5%, driven by the implementation of new national standards which are expected to release replacement demand [1] - The new standards are expected to significantly increase the penetration rate of smart electric bicycles, with a notable shift in product structure anticipated by 2026 [1] - The implementation of the new standards raises technical barriers and capital thresholds in the industry, accelerating the process of industry consolidation [1] Group 2 - Leading companies like Yadea and Aima are benefiting significantly from the new standards, with Yadea achieving a revenue of 19.186 billion yuan in the first half of 2025, a year-on-year increase of 33.1% [2] - Aima has made significant breakthroughs in fire-resistant materials and lightweight technology, with its new magnesium alloy frame reducing weight by 30% and costs by 15%, fully complying with the new standards [2] - New Day Holdings is focusing on the smart connected field, having developed a dedicated positioning chip for electric bicycles in collaboration with Beidou Star, achieving mass production [2] Group 3 - The new standards present challenges such as increased production costs, estimated to rise by 100 to 600 yuan per electric bicycle due to the application of new materials and technologies [3] - Insufficient technical reserves hinder some companies' ability to transition, particularly in the development of the Beidou positioning system which requires expertise across multiple fields [3] - The establishment of a comprehensive recycling system is urgent as the acceleration of old vehicle elimination necessitates improved recycling and utilization frameworks [3]

Core Insights - The transition from old to new national standards for electric bicycles has led to a significant inventory clearance of old models, with new models expected to be launched soon [2][5][6] - The new standards impose stricter requirements on safety, quality, and technology, resulting in price increases of 500 to 1000 yuan for new models compared to old ones [2][10] - Major companies in the industry, such as Aima Technology, Ninebot, and New Day, have reported double-digit revenue and profit growth in the first three quarters of 2025, indicating a positive market response to the new standards [13][14] Industry Transition - The new national standard, GB 17761-2024, was officially implemented on December 1, 2025, with a focus on safety and quality improvements, including speed limits and battery compatibility [4][5] - Companies are facing challenges in adapting their manufacturing systems and supply chains to meet the new standards, but many have already begun production of compliant models [6][12] - The market is shifting from price competition to a value-based competition centered on technology, safety, and intelligence [15] Market Dynamics - The demand for electric bicycles is expected to rise due to increased consumer awareness of safety features and the availability of government subsidies [13][14] - The industry is experiencing a significant transformation, with a focus on smart features and enhanced safety measures, which are becoming key selling points for consumers [12][15] - Companies like Aima and Ninebot are expanding their product lines to include a variety of models that cater to different consumer needs, indicating a strategic response to the new market conditions [7][14]

Market Overview - On December 1, the motorcycle and other sectors rose by 1.36%, with Longxin General leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Stock Performance - Notable gainers in the motorcycle sector included: - Jiangui General (603766) with a closing price of 15.08, up 4.94% on a trading volume of 411,500 shares and a turnover of 611 million yuan [1] - Huayang Racing (920058) closed at 32.97, up 3.65% with a trading volume of 5,863 shares and a turnover of 19.1 million yuan [1] - Ninebot (6000689) closed at 58.91, up 3.51% with a trading volume of 109,400 shares and a turnover of 643 million yuan [1] Capital Flow - The motorcycle and other sectors experienced a net outflow of 37.58 million yuan from main funds, while retail funds saw a net inflow of 106 million yuan [2] - Retail investors had a net outflow of 68.79 million yuan [2] Individual Stock Capital Flow - Ninebot (6006899) had a main fund net outflow of 29.07 million yuan, with retail outflow of 31.55 million yuan [3] - Zhenghe Industrial (003033) saw a main fund net inflow of 6.17 million yuan, while retail investors had a net outflow of 1.57 million yuan [3] - Aima Technology (603529) recorded a main fund net inflow of 4.33 million yuan, with retail outflow of 2.94 million yuan [3]