Core Viewpoint - As of September 19, a total of 137 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the longest consecutive net buying days is Tianpu Co., which has seen net buying for 14 consecutive trading days [1] - Other notable stocks with significant net buying days include Jiankangyuan, Shandong Publishing, Aima Technology, Mosi Co., Botuo Biotechnology, Zhuojin Co., Aolaide, and New Light Optoelectronics [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in performance, with a focus on shareholder returns. The revenue for H1 2025 reached 13.03 billion yuan, representing a year-on-year increase of 23%, while the net profit attributable to shareholders was 1.21 billion yuan, up 27.6% year-on-year [6][5] - The company plans to distribute a dividend of 0.628 yuan per share, totaling approximately 546 million yuan, with a dividend payout ratio of 45% [6] - The company is enhancing its product portfolio with differentiated offerings targeting various consumer segments, which strengthens its market position [6] - The upcoming demand season in Q3 is expected to drive revenue growth, alongside the establishment of overseas factories to support export business [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 21.606 billion yuan - 2025: 26.740 billion yuan (23.8% growth) - 2026: 31.175 billion yuan (16.6% growth) - 2027: 35.650 billion yuan (14.4% growth) [5][7] - Net profit forecasts are: - 2024: 1.988 billion yuan - 2025: 2.540 billion yuan (27.8% growth) - 2026: 3.064 billion yuan (20.7% growth) - 2027: 3.515 billion yuan (14.7% growth) [5][7] - The company’s gross margin for H1 2025 was 19.2%, an increase of 1.4 percentage points year-on-year, with a net profit margin of 9.5% [6]

Core Viewpoint - The new national standard for electric bicycles (GB 17761-2024) will be implemented starting September 1, 2024, introducing significant changes aimed at enhancing safety and performance in the industry [1][2]. Group 1: New National Standard Details - The maximum design speed for electric bicycles is set to not exceed 25 km/h, with power output ceasing if this limit is surpassed [1]. - The weight limit for lead-acid versions has been increased from 55 kg to 63 kg to improve overall safety and range [1]. - The use of plastic components in the bicycle's body is restricted to a maximum of 5.5% of the total weight, and fire resistance requirements for non-metal materials have been heightened [1]. - Modifications to the bicycles are prohibited, with new anti-tampering design requirements introduced [1]. - Chargers are not allowed to be designed for onboard use, addressing potential safety hazards [1]. - Electric bicycles used for commercial activities must be equipped with a Beidou positioning system [1]. Group 2: Industry Impact and Company Performance - Starting September 1, 2025, all newly produced electric bicycles must comply with the new standards, while a three-month sales transition period is granted for vehicles produced under the old standards [2]. - Major brands like Yadea, Aima, and Ninebot are initiating extensive inventory clearance actions, including trade-in subsidies for older models [2]. - As of mid-2025, Aima Technology reported a significant inventory increase, with a year-on-year growth of 54% in inventory scale [2]. - Ninebot has the highest inventory-to-total-assets ratio at 9.72% as of mid-2025, indicating a relatively high level of inventory compared to its total assets [2]. - Ninebot also recorded the lowest inventory turnover efficiency, with an average turnover period of 41.26 days, the longest among the selected companies [2]. - Aima Technology's inventory includes 500 million yuan in raw materials and 448 million yuan in finished goods, raising concerns about potential unsold products, particularly those adhering to the old standards [2].

出品：新浪财经上市公司研究院 作者：木 9月1日起，电动自行车新国标《电动自行车安全技术规范》（GB 17761—2024）正式实施。电动自行 车新国标GB17761-2024主要修改的内容包括： （1）最高设计车速不得超过25km/h，超过25km/h时停止动力输出； （2） 车身使用的塑料件，不能超过总重的5.5%，整车非金属材料的阻燃性要求提高； 其次，从存货占比角度看，2025年上半年，电动自行车行业存货占全部资产的比重相对较为适中，其中 九号公司存货占总资产的比重最高，2025年H1存货占总资产比重为9.72%。动态来看，仅爱玛科技一家 存货占比有所提升，由2024年H1的2.87%提升至2025年H1的3.75%。 （4） 明确禁止预留改装接口，并新增多项防篡改设计要求，杜绝非法改装行为； （5） 明确规定充电器不得设计为车载形式，有效规避车载充电引发的潜在安全隐患； | | 存货占总资产的比重及同比变动 | | | --- | --- | --- | | | 2024年H1 | 2025年H1 | | 九号公司-WD | 10.88% | 9.72% | | 爱玛科技 ◎ | 2.87% | 3 ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-077 | | --- | --- | --- | | 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 关于召开 2025 年半年度业绩说明会的公告 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： 会议召开时间：2025 年 09 月 29 日（星期一）10:00-11:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 09 月 22 日（星期一）至 09 月 26 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 amkj@aimatech.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 爱玛科技集团股份有限公司（以下简称"公司"）已于 2025 年 08 月 ...

Core Viewpoint - As of September 18, a total of 149 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the highest number of consecutive days of net buying is Tianpu Co., which has seen net buying for 13 consecutive trading days [1] - Other notable stocks with significant net buying days include Jiankangyuan, Shandong Publishing, Aima Technology, Mosi Co., Hunan Haili, Xiamen Guomao, Zhuojin Co., and Botuo Biotechnology [1]

Market Overview - On September 18, the motorcycle and other sectors experienced a decline of 0.13%, with Chunjin Power leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable stock performances included: - Taotao Industry (301345) rose by 9.44% to close at 242.51 with a trading volume of 30,900 lots and a turnover of 749 million [1] - Qianli Technology (601777) increased by 7.49% to 12.77 with a trading volume of 1,353,100 lots and a turnover of 172.6 million [1] - Chunjin Power (603129) fell by 4.22% to 278.07 with a trading volume of 40,400 lots and a turnover of 1.161 billion [2] Capital Flow - The motorcycle and other sectors saw a net outflow of 246 million from main funds, while retail investors contributed a net inflow of 136 million [2] - The capital flow for specific stocks showed: - Qianli Technology had a main fund net inflow of 101 million, while retail saw a net outflow of 43.32 million [3] - Aima Technology (603529) experienced a main fund net inflow of 15.46 million, with retail investors contributing a net inflow of 171.18 million [3]

Core Insights - As of September 17, a total of 98 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stock with the longest streak of net buying is Haotaitai, which has seen net purchases for 15 consecutive trading days [1] - Other notable stocks with significant net buying days include Tianpu Co., Health元, Shandong Publishing, Mousse Co., Aima Technology, Hunan Haili, Baida Group, and Huadian New Energy [1]

Core Viewpoint - The motorcycle and other sectors experienced a significant increase of 3.19% on September 17, with Longxin General leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3876.34, up by 0.37% [1] - The Shenzhen Component Index closed at 13215.46, up by 1.16% [1] Group 2: Individual Stock Performance - Longxin General (603766) closed at 12.99, with a rise of 6.74% and a trading volume of 628,400 shares, amounting to a transaction value of 799 million yuan [1] - Taotao Industry (301345) closed at 221.60, up by 6.27% with a trading volume of 21,900 shares, totaling 479 million yuan [1] - Ninebot Company (6000689) closed at 70.32, increasing by 4.89% with a trading volume of 244,000 shares, resulting in a transaction value of 1.704 billion yuan [1] - Chunfeng Power (603129) closed at 290.32, up by 4.52% with a trading volume of 19,800 shares, totaling 564 million yuan [1] - Yong'an Xing (603776) closed at 22.66, increasing by 3.85% with a trading volume of 127,400 shares, amounting to 289 million yuan [1] - Huayang Saiche (834058) closed at 41.01, up by 3.30% with a trading volume of 23,900 shares, totaling 9.529 million yuan [1] - Lvtong Technology (301322) closed at 34.45, increasing by 3.17% with a trading volume of 56,300 shares, amounting to 193 million yuan [1] - Qianli Technology (601777) closed at 11.88, up by 2.59% with a trading volume of 565,700 shares, totaling 663 million yuan [1] - Jiuqi Co., Ltd. (300994) closed at 19.41, increasing by 2.10% with a trading volume of 86,800 shares, amounting to 170 million yuan [1] - Yuanma Technology (603529) closed at 34.87, up by 1.13% with a trading volume of 67,600 shares [1] Group 3: Capital Flow - The motorcycle and other sectors saw a net inflow of 254 million yuan from main funds, while retail funds experienced a net outflow of 129 million yuan and 125 million yuan respectively [1]

Core Viewpoint - The report highlights significant target price increases for several companies from September 8 to September 14, indicating strong bullish sentiment from brokers towards these stocks [1][2]. Group 1: Target Price Increases - Aima Technology, Boss Electric, and Dong'e Ejiao saw target price increases of 90.44%, 78.46%, and 71.84% respectively, ranking them at the top of the list [1][2]. - Other notable companies with significant target price increases include Taiji Co. (65.65%), Aikodi (63.53%), and Kebo Da (62.59%) [2]. Group 2: Broker Recommendations - A total of 840 listed companies received broker recommendations during the same period, with Tongkun Co. receiving the highest number of recommendations at 8 [3]. - Other companies with multiple recommendations include Saisir (6 recommendations) and Senqilin (5 recommendations) [3]. Group 3: Rating Adjustments - During the period, 21 companies had their ratings upgraded, including Chipuan Co. from "Hold" to "Buy" by Guotou Securities [4]. - Other upgrades include Zaiseng Technology and Zhongmu Co., both raised to "Buy" from "Hold" by their respective brokers [4]. Group 4: Rating Downgrades - A total of 19 companies experienced rating downgrades, with Shanghai Hanxun's rating lowered from "Buy" to "Hold" by Shanxi Securities [5]. - Other notable downgrades include Huali Group and Shengke Communication, both downgraded from "Buy" to "Hold" [5]. Group 5: First Coverage - Brokers issued 109 instances of first coverage, with Ice Wheel Environment and Lingxiao Pump Industry receiving "Hold" ratings from their respective brokers [6]. - Other companies like Guomai Culture and Mindray Medical received "Buy" ratings, indicating positive initial outlooks [6].