Core Insights - Aima officially launched its commercial sub-brand "Aima Mahe" at a product release event, focusing on four core scenarios: instant delivery, life services, travel rentals, and government-enterprise customization [1] - The commercial two-wheeler market is entering a golden period of scale expansion, despite facing multiple challenges [1][2] - Aima Mahe aims to address the lack of customization and standards in the commercial two-wheeler market by creating products that meet the core demands of efficient travel and emotional recognition for commercial users [1] Group 1 - Aima has established a solid production and market foundation through 26 years of experience and nationwide base construction [1] - The company emphasizes a commitment to quality and technology in the development of Aima Mahe's commercial product line [1] - Aima Mahe's mission is to pave the way for efficient business operations, focusing on professional performance and practical value [1] Group 2 - The commercial vehicle market is experiencing unprecedented policy benefits and market opportunities, with Aima Mahe leveraging an integrated approach through IPMS [2] - Aima Mahe is committed to a rider-centric philosophy, aiming to create a brand that satisfies riders, benefits partners, and gains industry recognition [2] - The company has developed a rental and sales platform along with "Mahe Rider Home" stores to address operational pain points for commercial users [2]

Core Viewpoint - Aima Technology's stock experienced a slight decline of 0.15% on November 14, with a trading volume of 232 million yuan, indicating a mixed sentiment among investors [1] Financing Summary - On November 14, Aima Technology had a financing buy-in amount of 18.62 million yuan and a financing repayment of 26.87 million yuan, resulting in a net financing outflow of 8.25 million yuan [1] - The total financing and securities balance for Aima Technology as of November 14 is 371 million yuan, with the current financing balance at 367 million yuan, accounting for 1.32% of the circulating market value, which is above the 90th percentile of the past year [1] - In terms of securities lending, Aima Technology had no shares repaid on November 14, with 10,200 shares sold short, amounting to 334,700 yuan at the closing price, and a securities lending balance of 3.55 million yuan, which is below the 50th percentile of the past year [1] Business Performance Summary - As of September 30, Aima Technology had 31,700 shareholders, an increase of 33.58% from the previous period, with an average of 26,718 circulating shares per person, a decrease of 25.19% [2] - For the period from January to September 2025, Aima Technology reported a revenue of 21.09 billion yuan, representing a year-on-year growth of 20.78%, and a net profit attributable to shareholders of 1.91 billion yuan, up 22.78% year-on-year [2] - Since its A-share listing, Aima Technology has distributed a total of 3.06 billion yuan in dividends, with 2.85 billion yuan distributed over the past three years [2] Shareholding Structure Summary - As of September 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder of Aima Technology, holding 19.64 million shares, an increase of 1.71 million shares from the previous period [2] - The Southern CSI 500 ETF is the seventh-largest circulating shareholder, holding 3.75 million shares, a decrease of 74,000 shares from the previous period [2] - Guangfa Ruiyi Leading Mixed A has entered the top ten circulating shareholders with a holding of 2.73 million shares, while Guangfa Value Leading Mixed A has exited the list [2]

Group 1 - The company will hold a Q3 2025 earnings presentation on November 24, 2025, from 10:00 to 11:00 AM [2][5] - The presentation will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][3] - Investors can submit questions from November 17 to November 21, 2025, through the Roadshow Center website or via the company's email [2][4] Group 2 - The presentation aims to provide a comprehensive understanding of the company's Q3 2025 operational results and financial status [2][3] - Key company representatives, including the Chairman and General Manager, will participate in the presentation [4] - After the presentation, investors can access the main content and details of the event on the Roadshow Center website [6]

Core Viewpoint - The motorcycle and related sectors experienced a decline of 0.32% on November 14, with TaoTao Automotive leading the drop. The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1]. Group 1: Market Performance - The motorcycle sector saw a mixed performance among individual stocks, with notable gainers including Zhonglu Co., which rose by 6.98% to close at 11.49, and Linhai Co., which increased by 1.99% to 11.30 [1]. - TaoTao Automotive led the decline in the sector, falling by 2.38% to a closing price of 208.51 [2]. - Overall, the motorcycle and related sectors experienced a net outflow of 156.77 million yuan from main funds, while retail investors saw a net outflow of 1946.85 million yuan [2]. Group 2: Fund Flow Analysis - Main funds showed a net inflow into Zhonglu Co. of 61.62 million yuan, while retail investors had a net outflow of 50.86 million yuan [3]. - TaoTao Automotive had a net outflow of 330.62 million yuan from retail investors, indicating a significant withdrawal of interest [3]. - The overall fund flow indicates a trend where main funds are selectively investing in certain stocks while retail investors are pulling back from the sector [2][3].

Group 1 - Volant Aviation has completed a B+ round financing of several hundred million yuan, with investments from multiple listed companies including Jinding Capital, Bertley, Hailide, Aima Technology, Jingzhuan Technology, and Bojun Technology [1] - The financing will be used for the airworthiness certification and mass production preparation of the Volant VE25 eVTOL, further accelerating its commercialization process [1] - Huaxing Capital acted as the exclusive financial advisor for this financing round [1] Group 2 - Volant Aviation focuses on the research and manufacturing of high-grade electric vertical take-off and landing aircraft (eVTOL) [4] - The company's first composite wing product, VE25-100 "Tianxing," is designed with a market-oriented approach, targeting the commercial passenger transport sector and covering all application scenarios in the low-altitude economy [4] - Since the successful first unprotected flight of the prototype AC101 on September 1, the Volant team is working towards completing rotor test flight subjects and preparing for manned flight tests [4]

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-087 | | --- | --- | --- | | 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 年第三季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： 爱玛科技集团股份有限公司（以下简称"公司"）已于 2025 年 10 月 24 日发 布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 24 日（星期一） 10:00-11:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 11 ...

Core Insights - Volant Aviation has completed a multi-billion B+ round financing, with investments from several listed companies, aimed at accelerating the certification and mass production of its VE25 eVTOL model [1][2] - The low-altitude economy is recognized as a strategic emerging industry in China, with eVTOLs being a key component of its commercialization [2] Financing and Investment - The financing round involved investments from five listed companies, including Jinding Capital, Bertley, Hailide, Aima Technology, and Jingzhuan Technology, which have extensive experience in intelligent manufacturing, new materials, and precision processing [1] - The funds will be used for the airworthiness certification and preparation for mass production of the VE25 eVTOL, accelerating its commercialization process [1] Market Potential and Industry Outlook - The founder and CEO of Volant Aviation, Dong Ming, emphasized that China has a solid foundation and significant market potential for the eVTOL industry, which could develop into a globally competitive new pillar industry similar to electric vehicles [2] - The low-altitude economy is entering a critical period of policy benefits, with eVTOLs representing the core vehicle for its commercialization, aligning with the "dual carbon" strategy and urban transportation upgrades [2]

Core Insights - Volant has completed a B+ round financing amounting to several hundred million yuan, aimed at accelerating the certification and mass production of its VE25 eVTOL model, thereby speeding up its commercialization process [1][2] - The financing round was led by Jinding Capital in collaboration with five listed companies, indicating strong industry support and confidence in Volant's capabilities [1] - The founder and CEO of Volant, Dong Ming, emphasized China's solid foundation and immense market potential for the eVTOL industry, suggesting it could evolve into a globally competitive new pillar industry similar to electric vehicles [2] Financing Details - The B+ round financing will be utilized for the airworthiness certification and preparation for mass production of the VE25 eVTOL [1] - Jinding Capital's founding partner highlighted the low-altitude economy as a strategic emerging industry, integrating high-end manufacturing, aerospace, artificial intelligence, new materials, and new energy [1] Market Position and Future Outlook - Volant has achieved significant milestones, including the rollout of its engineering aircraft and successful manned flights, demonstrating its leading position in product development and commercial capabilities [1] - The company aims to collaborate with industry partners to develop safe, reliable, and practical commercial passenger eVTOLs, positioning itself to participate deeply in the global aviation industry's transformation and competition [2]

Core Insights - VOLANT has completed a B+ round financing of several hundred million yuan, with investments from five listed companies [1] - The funds will be used for the airworthiness certification and mass production preparation of the VOLANT VE25 eVTOL, accelerating its commercialization process [1] - Huaxing Capital acted as the exclusive financial advisor for this financing round [1] Financing Details - The financing amount is in the range of several hundred million yuan [1] - Investors include Jinding Capital, Berteli (603596), Hailide (002206), Aima Technology (603529), Jingzhuan Technology (300258), and Bojun Technology (300926) [1] Purpose of Funds - The primary use of the funds is for the airworthiness certification of the VOLANT VE25 eVTOL [1] - The financing will also support preparations for mass production [1] - This investment is aimed at further accelerating the commercialization of the eVTOL [1]

Core Viewpoint - The electric two-wheeler industry is approaching a high prosperity turning point due to policy support and market structure optimization, with companies like Aima Technology expected to benefit from improved profit margins and enhanced product and channel strategies [2]. Financial Performance - Aima Technology achieved revenue of 21.09 billion yuan in Q1-Q3 2025, a year-on-year increase of 20.8%, and a net profit of 1.91 billion yuan, up 22.8% year-on-year. In Q3 2025, revenue reached 8.06 billion yuan, growing 17.3% year-on-year and 18.6% quarter-on-quarter, while net profit was 700 million yuan, up 15.2% year-on-year and 14.3% quarter-on-quarter [3][12]. - The company's gross margin for Q1-Q3 2025 was 18.8%, an increase of 1.4 percentage points year-on-year, while the net margin was 9.2%, up 0.2 percentage points year-on-year. However, in Q3 2025, gross margin decreased to 18.0%, down 0.9 percentage points quarter-on-quarter, and net margin fell to 8.8%, down 0.3 percentage points quarter-on-quarter, primarily due to reduced subsidies from the old-for-new policy and the impact of new national standards [5][13]. Market Dynamics - The price war in the industry has eased, and the old-for-new policy has stimulated demand, contributing to improved profitability [4][13]. - Aima Technology's electric three-wheeler business is expected to become a new growth point, with sales projected to reach 550,000 units in 2024, representing a year-on-year increase of 28.9% [9][24]. Product and Channel Strategy - The company has launched various product lines, including those targeting women, technology, commercial vehicles, and high-end three-wheelers, to meet diverse consumer needs. Notable products include the Aima Metaverse and Aima Q5 for women, and the A7Plus for technology enthusiasts [7][18]. - Aima Technology is actively expanding its terminal store network, increasing from 20,000 stores in 2021 to over 30,000 in 2023, a growth of 50%. This expansion aims to enhance sales efficiency and market reach [22]. High-End Brand Development - The launch of the high-end brand "Zero" on October 28, 2025, marks Aima's entry into the high-end electric motorcycle market, with the first product, X7, set to debut in December 2025. This brand aims to attract younger consumers and those seeking high performance [20].