Core Insights - The electric motorcycle market in China is experiencing a significant decline, with sales dropping by 8.51% year-on-year in the first three quarters of 2025, totaling 2.4456 million units, while fuel motorcycle sales increased by 13.2% [2][3] - The market is undergoing a transformation from quantity to quality, with consumers seeking higher quality and more personalized riding experiences [2][8] - The high-end electric motorcycle segment is witnessing substantial growth, with sales of models priced above 4,000 yuan increasing by 87% year-on-year [3][8] Market Dynamics - The traditional electric motorcycle market is becoming saturated, leading to an overall decline in sales, while the high-end market is thriving [3][4] - Yadea leads the market with sales of 757,300 units, more than double that of the second-place competitor [3] - The implementation of new national standards has accelerated the elimination of unqualified small enterprises, shifting the industry focus from price competition to enhancing brand and product value [3][4] Strategic Adjustments - Traditional electric motorcycle companies are adjusting their strategies to target the high-end market, with Yadea launching the "VFLY" brand in collaboration with Porsche Design [4] - Internet companies like Hello and Ninebot are also entering the electric motorcycle market, intensifying competition [4][5] - Aima's new high-end brand "SCOOX" aims to redefine the riding experience, emphasizing smart technology and lifestyle integration [6][8] Product Innovations - The launch of the "SCOOX Zero" brand and its first model "X7" reflects a focus on intelligent features and a unique riding experience [6][7] - The "Zebra" intelligent system developed by SCOOX integrates various smart functionalities, enhancing user interaction and safety [6][7] - The product lineup includes diverse series targeting different market segments, indicating a comprehensive long-term strategy [7] Future Outlook - Analysts believe that the entry of high-end brands like SCOOX will create new growth trajectories for the electric motorcycle market [8] - The market still has potential for growth, particularly in central and coastal regions, driven by quality upgrades and export opportunities [8] - The competition is shifting from scale and functionality to value and experience, indicating a fundamental change in the industry's competitive landscape [8]

Market Overview - On October 31, the motorcycle and other sectors rose by 1.5%, with Xinri Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Key Stocks Performance - Xinri Co., Ltd. (603787) closed at 14.37, up 5.27% with a trading volume of 183,300 shares and a turnover of 260 million yuan [1] - Yong'an Xing (603776) closed at 20.05, up 5.14% with a trading volume of 68,200 shares [1] - Aima Technology (603529) closed at 32.67, up 2.93% with a trading volume of 127,200 shares [1] - Qianli Technology (601777) closed at 11.91, up 2.67% with a trading volume of 466,600 shares [1] - Other notable performances include XD Jiuhua (600689) up 1.83% and Huayang Saiche (920058) up 1.65% [1] Capital Flow Analysis - The motorcycle and other sectors saw a net inflow of 80.89 million yuan from main funds, while retail funds experienced a net outflow of 2.73 million yuan [2] - The main funds' net inflow and outflow for key stocks include: - Aima Technology: net outflow of 41.65 million yuan [3] - Qianli Technology: net inflow of 35.02 million yuan [3] - Yong'an Xing: net inflow of 2.15 million yuan [3] - Spring Wind Power (603129): net inflow of 9.48 million yuan [3]

Core Viewpoint - SCOOX, a new electric motorcycle brand, aims to redefine high-end electric motorcycles with its first model, the "陆地飞艇" X7, set to launch in Q1 2026 and currently available for pre-order [2][3] Product Overview - The X7 features a futuristic design and advanced technology, including a Bosch motor with a rated power of 3kW and peak power of 8kW, achieving speeds over 90 km/h and 0-50 km/h acceleration in just 2.4 seconds [2] - The motorcycle is equipped with a range of smart features such as facial recognition, mobile connectivity, navigation, remote location tracking, and OTA upgrades, along with safety features like collision warnings and adjustable seating [2] Company Background - SCOOX is incubated by Aima Technology Group, which aims to leverage its supply chain and R&D foundation to penetrate the high-end electric motorcycle market [3] - Aima Technology, established in 1999 and listed in 2021, faced declining sales and profitability due to market saturation and stricter regulations, leading to a revenue of 21.036 billion yuan in 2023, with a growth rate dropping to 1.12% [3] Market Context - Competitors in the high-end electric motorcycle sector, such as Niu Technologies and Ninebot, have shown better performance, with Niu achieving a sales volume of 920,000 units and revenue of 2.388 billion yuan in 2024, reflecting a 24% year-on-year growth [4] - The industry is shifting towards high-end products, with traditional brands like Aima and Yadea struggling against price wars in the electric bicycle market [4] Strategic Plans - SCOOX plans to establish an independent factory in Chongqing and open delivery experience centers in 50 major cities across China by mid-2026 [6] - The brand also has international expansion plans, utilizing Aima's existing overseas channels to enter markets like Southeast Asia [6]

Core Viewpoint - Aima Technology's stock has experienced a decline of 18.64% year-to-date, with recent trading activity showing a slight increase of 2.02% on October 31, 2023, indicating potential market interest despite overall downward trends [1][2]. Financial Performance - For the period from January to September 2025, Aima Technology reported a revenue of 21.093 billion yuan, reflecting a year-on-year growth of 20.78%. The net profit attributable to shareholders was 1.907 billion yuan, marking a 22.78% increase compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 3.056 billion yuan, with 2.851 billion yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, Aima Technology had 31,700 shareholders, an increase of 33.58% from the previous period. The average number of circulating shares per shareholder decreased by 25.19% to 26,718 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 19.6351 million shares, an increase of 1.7094 million shares from the previous period. Southern CSI 500 ETF reduced its holdings by 74,000 shares, while Guangfa Ruiyi Leading Mixed A entered the top ten as a new shareholder with 2.7276 million shares [3]. Market Activity - On October 31, 2023, Aima Technology's stock price was 32.38 yuan per share, with a trading volume of 1.09 billion yuan and a turnover rate of 0.40%. The total market capitalization stood at 28.142 billion yuan [1]. - The stock has seen significant trading activity, with net inflows of 7.6445 million yuan from main funds and notable buying and selling from large orders [1]. Business Overview - Aima Technology, established on September 27, 1999, and listed on June 15, 2021, specializes in the research, production, and sales of electric bicycles. The main revenue sources include electric two-wheelers, electric three-wheelers, bicycles, and accessories, which account for 98.87% of total revenue [1]. - The company operates within the automotive sector, specifically in the motorcycle and other transportation equipment category, and is associated with concepts such as shared economy and e-commerce [2].

Core Insights - The prices of old national standard electric bicycles are rising as the transition period to the new national standard approaches, with some models increasing by 100 to 300 yuan [1][2][4] - There is a significant scarcity of old national standard models in the market, as manufacturers have ceased production of these models since September 1, 2023, leading to a rush among consumers to purchase remaining stock before the new regulations take effect [2][3][5] - New national standard models are largely absent from the market, with manufacturers possibly controlling the release schedule to avoid impacting sales of existing old standard inventory [4][5] Industry Dynamics - The new national standard, effective December 1, 2025, imposes stricter safety and performance requirements, which presents both challenges and opportunities for manufacturers [6][7] - Companies are required to redesign products, upgrade production lines, and adapt supply chains to meet the new regulations, which may strain their operational capabilities [6] - Some brands, such as Ninebot, Green Source, and Tailin, have already developed models that comply with the new standards, with plans to launch these products starting in December 2023 [7]

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-085 | | --- | --- | --- | | 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 关于与专业投资机构共同投资基金的进展公告 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： | 投资标的名称 | 共青城倚樟望潮创业投资合伙企业（有限合伙） | | --- | --- | | | （以下简称"合伙企业"） | | 投资金额（万元） | 3,240 | | 投资进展阶段 | 完成 终止 交易要素变更 √进展 | | | 募集失败 | | | 未能完成备案登记 | | | 提前终止 | | | 发生重大变更 | | 特别风险提示 | √其他：截至本公告披露日，合伙企业尚未完成中国证券投资基金业 | | | 协会备案，实施过程存在不确定性。公司本次对外投资将面临较长的 | | | 投资回收期，投资过程可能面临宏观经济、行业周期、市场竞争、政 | | | 策环境、拟投资项目经营管 ...

Core Viewpoint - Industry giants are returning to the market, investing to seize opportunities in the next technological transformation [2][3] Group 1: Investment Activities - Aima Technology announced its investment of 32.4 million RMB in a venture capital fund, becoming a limited partner (LP) with a 29.9861% stake [6][8] - The fund will focus on equity investments, particularly in low-altitude economy sectors, indicating Aima's strategic positioning in short-distance electric mobility [6][8] - Aima's previous LP involvement in 2022 with Chen Dao Capital also targeted sectors like new energy and semiconductors, showcasing a consistent investment strategy [8] Group 2: Market Trends - The primary market is experiencing a revival, with LP investment activity reaching a peak in September, showing a 40.3% month-on-month increase and a 38.3% year-on-year increase [11] - In Q3, LP investment activity grew by 9.9% quarter-on-quarter and 11.9% year-on-year, indicating structural improvements driven by policy support [11][12] - The number of newly registered private equity and venture capital funds in September surged by 51.4% month-on-month and 84.4% year-on-year, reflecting a significant recovery in market activity [11] Group 3: Strategic Shifts - Major tech companies like Tencent, Alibaba, and JD.com are increasing their investment pace in the primary market, signaling a consensus on market recovery [12] - Companies in the technology sector, including CATL and Kanglong Chemical, are actively investing in funds that focus on robotics and artificial intelligence, highlighting a shift towards hard technology sectors [12][13] - The urgency in investment stems from a deep-seated industry anxiety, with companies aiming to secure positions in critical technological areas to mitigate supply chain risks and seize strategic opportunities [13] Group 4: Future Outlook - The industry is entering a phase of "quality improvement and quantity reduction," with a more rational approach to investments following recent market cycles [13] - The dual drivers of industrial capital and policy benefits suggest that 2025 could be a pivotal year for the venture capital industry, marking a transition to high-quality development [13][15] - Despite ongoing challenges, the consensus among industry players is that the wave of technological innovation is bringing positive market signals [15][16]

Market Overview - On October 29, the motorcycle and other sectors rose by 0.55% compared to the previous trading day, with Xinri Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - Xinri Co., Ltd. (603787) closed at 14.00, with a gain of 2.94% and a trading volume of 202,800 shares, amounting to a transaction value of 282 million yuan [1] - Other notable performers included Huayang Racing (920058) with a 2.21% increase, Qianli Technology (601777) up by 2.10%, and Jiangui General (603766) rising by 1.91% [1] - Conversely, companies like Zhenghe Industrial (003033) and Taotao Vehicle (301345) experienced declines of 6.59% and 4.96%, respectively [2] Capital Flow Analysis - The motorcycle and other sectors saw a net outflow of 1.2144 million yuan from institutional investors, while retail investors contributed a net inflow of 1.36 billion yuan [2] - The capital flow data indicates that retail investors were more active in purchasing shares compared to institutional and speculative investors [2] Individual Stock Capital Flow - Spring Power (603129) experienced a significant net outflow from institutional investors of 48.8487 million yuan, while retail investors had a net inflow of 34.6531 million yuan [3] - Taotao Vehicle (301345) had a net inflow of 35.9585 million yuan from institutional investors, but a net outflow from speculative investors of 40.4043 million yuan [3] - Qianli Technology (601777) saw a net inflow of 24.3377 million yuan from institutional investors, while retail investors contributed a smaller net inflow of 698.17 thousand yuan [3]

Group 1 - The company reported a revenue of 21.09 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 20.8%, with a net profit attributable to shareholders of 1.91 billion yuan, up 22.8% year-on-year [1] - In Q3 2025 alone, the company achieved a revenue of 8.06 billion yuan, a year-on-year increase of 17.3%, and a net profit attributable to shareholders of 690 million yuan, up 15.2% year-on-year [1] - 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 profit margin was 9.0%, a slight increase of 0.1 percentage points year-on-year [1] Group 2 - The high-end electric motorcycle brand SCOOX is set to launch, aiming to meet a broader range of user needs, with a global brand launch event scheduled for October 28, 2025, in Beijing [2] - The introduction of high-end electric motorcycle products is expected to expand the customer base and drive continuous growth in the company's two-wheeler business [2] - The company is projected to achieve net profits attributable to shareholders of 2.37 billion yuan, 2.75 billion yuan, and 3.18 billion yuan for the years 2025 to 2027, maintaining a "strong buy" rating [2]

| | | 爱玛科技集团股份有限公司 关于与专业投资机构共同投资基金的公告 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： 投资标的名称：共青城倚樟望潮创业投资合伙企业（有限合伙）（以下简 称"合伙企业"或"基金"）。 出资金额：爱玛科技集团股份有限公司（以下简称"公司"）拟以自有资 金认购基金份额 3,240 万元人民币，占比 29.9861%，担任有限合伙人。 本次交易不构成关联交易 本次交易未构成重大资产重组 交易实施尚需履行的审批及其他相关程序 本次交易未达到董事会及股东会审议标准，无需提交董事会或股东会审议。 其它需要提醒投资者重点关注的风险事项 合伙企业尚未完成工商变更登记及中国证券投资基金业协会备案，实施过程 存在不确定性。合伙企业投资方向为单一投资标的，存在单一投资标的风险且具 有投资周期长、流动性低等特点。 | 投资类型 | □与私募基金共同设立基金 认购私募基金发起设立的基金份额 | | --- | --- | | | □与私募基金签订业务咨询、财务顾问或市值管理服务等合作协议 | | 私 ...