| | | 爱玛科技集团股份有限公司 2025年半年度权益分派实施公告 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/9/10 | － | 2025/9/11 | 2025/9/11 | 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 爱玛科技集团股份有限公司（以下简称"公司"）于 2025 年 8 月 22 日召开第 五届董事会第三十四次会议，审议通过了《2025 年半年度利润分配方案》。根据公 司2025年5月6日的2024年年度股东大会对公司2025年中期分红事宜的相关授权， 本次利润分配方案无需提交股东大会审议。 二、分配方案 1.发放年度：2025年半年度 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： 每股分配比例 A 股每股现金红利0.628元 相关日期 2.自行发放对象 公司股东张剑、陵水鼎爱创业投资合伙企业（有限合伙）的现金红利由公司根 据相关法律法规自 ...

Core Points - The new national standard for electric bicycles (GB 17761—2024) was officially implemented on September 1, 2024, introducing stricter technical requirements in areas such as fire resistance, plastic composition, anti-tampering, and braking performance [1] - The transition period allows for the sale of old standard vehicles until November 30, 2024, after which only new standard electric bicycles will be permitted for sale [1] - Many stores in Beijing are still selling old standard bicycles, as new standard models have not yet arrived [1] - Companies are preparing to recycle unsold old standard vehicles after the transition period to ensure a smooth switch to new models [3] Market Dynamics - The production cost of electric bicycles is expected to increase by 600 to 900 yuan due to the new technical requirements, which may lead to higher retail prices [7] - Consumers are concerned about the potential price increase of new standard electric bicycles [7] - The new standard emphasizes battery safety, prompting companies to accelerate technological advancements in battery management systems and overall product performance [9] Consumer Policies - The "old-for-new" policy will be implemented to encourage consumers to upgrade their old electric bicycles, with specific subsidy schemes announced in various regions [3][5] - In Shenzhen, consumers can receive a subsidy of 500 yuan when trading in an old electric bicycle for a new one priced at 1500 yuan or more, valid from January 1, 2025, to December 31, 2025 [6]

Group 1 - The electric bicycle industry is undergoing significant restructuring following the implementation of the new national standard (GB 17761—2024) on September 1, which includes critical upgrades in safety requirements [1][2] - Major manufacturers like Aima Technology and New Day Co. have successfully completed flexible production line modifications and product matrix optimization in anticipation of the new standard, while some smaller companies are facing operational challenges and have halted production [1] - The transition to the new standard is creating upward pressure on the supply chain, as suppliers of core components such as flame-retardant materials, lithium battery systems, and intelligent electronic controls are required to upgrade their products [2] Group 2 - The new standard restricts the use of plastic and mandates anti-tampering designs for key components like battery packs, controllers, and speed limiters, which will impact production processes across the industry [1] - The inventory of old standard products is nearly depleted in some companies, leading to temporary production halts as they await certification for compliance with the new standard [1] - The overall industry chain is experiencing profound changes as the traditional supply chain structure is being disrupted by the new requirements [2]

Core Viewpoint - The Chongqing Municipal Government has officially issued the "Chongqing Smart Connected Electric Vehicle Industry Development Action Plan (2025-2027)", aiming to establish a global industrial base for smart connected electric vehicles with a focus on high-end, green, digital, and intelligent development [1][2]. Group 1: Industry Development Goals - The action plan targets the domestic electric motorcycle market and aims to expand into overseas markets in Southeast Asia, Africa, and Latin America, with a goal to produce over 15 million electric vehicles annually by 2027, of which electric motorcycles will account for over 80% [2][3]. - By 2024, the total electric vehicle production in Chongqing is expected to reach 3 million units, with a local supply rate exceeding 60% for components such as motors, controllers, and frames [1][2]. Group 2: Key Platforms and Infrastructure - The plan includes the establishment of several key platforms, such as a smart connected electric vehicle industry brain, a national-level manufacturing pilot platform, and a data service system for digital lifecycle management of vehicles [2][4]. - The initiative aims to create a globally influential smart connected electric vehicle manufacturing base, promoting the development of new energy, new materials, and new electronics industries [2][4]. Group 3: Enhancing Manufacturing Capabilities - The action plan emphasizes improving product market competitiveness, smart manufacturing capabilities, global service capabilities, and collaborative development within the industry [3][4]. - Support will be provided for vehicle manufacturers to enhance their smart connectivity through autonomous information technologies and to accelerate digital transformation and upgrades [3][4]. Group 4: Service System Development - The plan focuses on strengthening standardization to drive industry upgrades and establishing a quality service brand for smart connected electric vehicles [4][5]. - It encourages technological innovation and the establishment of innovation platforms to enhance the capabilities across the entire value chain of the electric vehicle industry [4][5].

Market Overview - On September 3, the motorcycle and other sectors fell by 0.9%, with Jiuyi Co. leading the decline [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Notable stock performances included: - Zhenghe Industrial: Closed at 46.80, up 1.83% with a trading volume of 31,600 shares and a turnover of 148 million yuan [1] - Taotao Vehicle: Closed at 187.20, up 1.07% with a trading volume of 15,800 shares [1] - Qianjiang Motorcycle: Closed at 16.89, up 0.84% with a trading volume of 154,700 shares and a turnover of 264 million yuan [1] - Jiuyi Co.: Closed at 69.83, up 0.47% with a trading volume of 185,800 shares and a turnover of 1.311 billion yuan [1] - Chuncheng Power: Closed at 262.50, down 0.89% with a trading volume of 11,000 shares [1] - Jiuyi Co. (Jiuyi Co. in another context): Closed at 18.92, down 6.57% with a trading volume of 121,700 shares and a turnover of 237 million yuan [2] Capital Flow - The motorcycle and other sectors saw a net inflow of 95.96 million yuan from main funds, while retail funds experienced a net outflow of 56.75 million yuan [2] - The capital flow for specific stocks included: - Jiuyi Co.: Main funds net inflow of 98.78 million yuan, retail funds net outflow of 51.21 million yuan [3] - Qianjiang Motorcycle: Main funds net inflow of 17.53 million yuan, retail funds net outflow of 32.57 million yuan [3] - Zhenghe Industrial: Main funds net inflow of 12.27 million yuan, retail funds net outflow of 10.68 million yuan [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a total revenue of 13.03 billion yuan for the first half of 2025, representing a year-on-year growth of 23.04%, and a net profit attributable to shareholders of 1.21 billion yuan, up 27.56% year-on-year [7] - The gross margin improved year-on-year, while the expense ratio decreased: the gross margin for the first half of 2025 was 19.25%, an increase of 1.42 percentage points [7] - The company is driving product upgrades through technological innovation and enhancing global supply capabilities, with ongoing development in electric motors, controllers, and battery technologies [7] - The company is expected to achieve net profits of 2.63 billion, 3.13 billion, and 3.43 billion yuan for 2025-2027, corresponding to PE ratios of 11.7, 9.8, and 9.0 times, respectively, maintaining the "Accumulate" rating [7] Financial Performance Summary - Revenue forecast (in million yuan): 21,036 in 2023, 21,606 in 2024, 26,019 in 2025, 31,260 in 2026, and 37,425 in 2027, with growth rates of 1.1%, 2.7%, 20.4%, 20.1%, and 19.7% respectively [6] - Net profit forecast (in million yuan): 1,881 in 2023, 1,988 in 2024, 2,628 in 2025, 3,126 in 2026, and 3,427 in 2027, with growth rates of 0.4%, 5.7%, 32.2%, 19.0%, and 9.6% respectively [6] - EPS forecast: 2.20 in 2023, 2.37 in 2024, 3.02 in 2025, 3.60 in 2026, and 3.94 in 2027 [6] - ROE forecast: 24.4% in 2023, 22.0% in 2024, 24.8% in 2025, 23.9% in 2026, and 21.7% in 2027 [6]

Core Viewpoint - The implementation of the new national standard for electric bicycles (GB 17761—2024) aims to enhance safety and address key issues such as fire hazards and illegal modifications, thereby promoting industry standardization and technological upgrades [1][2][3]. Group 1: Safety Enhancements - The new standard introduces stricter safety requirements, particularly focusing on fire risks and traffic accidents associated with electric bicycles [3][4]. - Fire incidents involving electric bicycles have been significant, with 7,048 cases reported in the first half of 2025, following a total of 21,000 cases in 2023 [3]. - The new regulations include enhanced flame-retardant requirements for non-metal materials and limit the plastic content of the entire vehicle to no more than 5.5% [3]. Group 2: Traffic Regulations - The new standard enforces a speed limit of 25 km/h, with automatic power cut-off for exceeding this speed, addressing the issue of illegal modifications and speeding, particularly among delivery riders [2][4]. - Electric bicycles are involved in approximately 10% of urban traffic accidents, highlighting the need for stricter regulations [4]. Group 3: Market Dynamics - The electric bicycle market in China is substantial, with a total of 380 million bicycles, equating to one for every four people [1]. - In the first half of 2025, domestic sales of electric two-wheelers reached 32.325 million units, a year-on-year increase of 29.5% [6]. - Major brands like Yadea, Aima, and Tailg dominate the market, holding over 50% of the domestic sales volume, while emerging brands are rapidly gaining market share [6][7]. Group 4: Industry Upgrades - The new standard is expected to increase production costs by 600-900 yuan per unit, potentially raising retail prices [7]. - The implementation of the new standard may accelerate the industry reshuffle, leading to higher market concentration as smaller companies struggle to meet the new requirements [8]. - The new regulations also allow for a transition period, permitting the sale of vehicles produced under the old standard until November 30, 2025 [8]. Group 5: Consumer Preferences - Consumer preference for electric bicycles is shifting towards longer battery life, with 60 km being the ideal range for a single charge [9]. - The new standard aims to enhance the practicality and usability of electric bicycles, which may drive market demand [8][9].

Macro and Strategy - The report discusses the internal tension between investment and consumption in China's economy, highlighting that the concentration of capital income among high-income groups leads to a low marginal propensity to consume, which is a primary source of investment [10][11] - It emphasizes that the imbalance between capital income and consumption demand has resulted in a continuous rise in China's capital-output ratio and a decline in capital return rates, making investment-driven growth unsustainable [10][11] Industry and Company - The automotive industry saw a 12% year-on-year increase in wholesale sales of passenger vehicles from August 1 to 24, 2025, with the collaboration between Huawei and SAIC for the H5 model opening for pre-orders [14][15] - The media and internet sector reported a 2.99% increase in industry performance, with OpenAI launching the GPT-Realtime voice model and the summer box office surpassing 11.8 billion yuan [18][21] - The public utility and environmental protection sector is focusing on the ongoing construction of a national carbon market, which is expected to drive urban green and low-carbon transformation [22][23] - The fluorochemical industry is experiencing a price increase in mainstream refrigerants, with R32 and R134a expected to see stable price growth due to limited supply and strong demand [25][29] - Yili Group reported a 5.9% year-on-year increase in revenue for Q2 2025, with improvements in profitability driven by a decrease in raw milk prices and better cost management [31][33] - Huadian International's revenue decreased by 8.98% in H1 2025 due to lower electricity prices and generation, but net profit increased by 13.15% due to reduced fuel costs [34]

Group 1: Technology Developments - Baidu's response to user complaints about the hidden ad close button in its map app, stating that a visible close button is available and user experience is a priority [2] - Tencent's Hunyuan-MT-7B translation model wins first place in 30 languages at the WMT2025 competition, supporting translation across 33 languages [4] - Tesla's CEO Elon Musk emphasizes the potential of the Optimus robot, predicting it will contribute 80% of Tesla's future value [6] Group 2: Market Trends and Regulations - The implementation of the new national standard for electric bicycles in Beijing, with a meeting held for 10 major companies to ensure smooth transition [7] - TSMC plans to increase prices for high-end process technology by 5%-10% in 2026 to offset cost pressures, while also advancing the construction of a new 1.4nm facility [8] - The global wafer foundry revenue reached a record high of $41.7 billion in Q2 2025, with TSMC maintaining a 70.2% market share [9] Group 3: Corporate Actions and Investments - G42, an AI company in the UAE, seeks to diversify its chip supply sources beyond Nvidia, negotiating with major tech firms [5] - JD Group announces a voluntary public acquisition offer for European consumer electronics retailer CECONOMY at €4.6 per share [13] - China Fusion Energy Company increases its registered capital from approximately 3.531 billion RMB to 15 billion RMB, introducing new shareholders [14] Group 4: Innovations and Product Launches - Chengdu Huamei announces the launch of a 4-channel 12-bit 40G high-precision RF direct sampling ADC chip, achieving international leading standards [10] - Baidu launches an AI learning tool for the new school season, providing personalized services and covering approximately 9,600 knowledge points [16] - Yushu Technology reveals a patent for robot motion control based on digital twins, aimed at enhancing stage performance capabilities [17]

Group 1 - The core viewpoint of the report is that Guosen Securities maintains an "outperform" rating for Aima Technology (603529.SH) based on several positive factors [1] - The company is expected to benefit from policies such as trade-in programs, leading to rapid growth in revenue and profit in the first half of 2025 [1] - The combination of trade-in policies and alleviation of price wars in 2025 is anticipated to improve profitability [1] Group 2 - Aima Technology is developing segmented product lines to better meet diverse customer needs [1] - The company is actively expanding the number of terminal channels [1] - There are ongoing optimizations and upgrades to terminal stores, which are expected to continuously enhance store efficiency [1] Group 3 - The electric tricycle market in China presents significant growth potential, which could become a new growth point for the company [1]