Investment Rating - Investment Rating: Buy (Maintain) [2] Core Views - Q2 performance met expectations with a significant increase in profitability and sales volume [5][6] - The company aims for an annual sales target of 13 million units, representing a year-on-year growth of 20% [7] - Revenue and net profit forecasts for 2025-2027 show strong growth potential [7] Revenue Analysis - Q2 sales volume reached approximately 3.3 million units, a year-on-year increase of about 17% [5] - Average Selling Price (ASP) was approximately 2058 yuan, up 3% year-on-year but down 2% quarter-on-quarter [5] - Net profit per unit was approximately 184 yuan, an increase of 18 yuan year-on-year but a decrease of 20 yuan quarter-on-quarter [5] Profitability Analysis - Q2 net profit margin was 8.9%, an increase of 0.7 percentage points year-on-year [6] - Gross margin was 18.9%, up 1.3 percentage points year-on-year [6] - Structural improvements and cost reduction efforts are expected to significantly enhance profitability [6] Financial Performance - Q2 revenue was 6.798 billion yuan, a year-on-year increase of 20.6% [9] - Q2 net profit attributable to the parent company was 608 million yuan, a year-on-year increase of 30.1% [9] - The company plans to distribute a mid-term dividend of 6.28 yuan per 10 shares, corresponding to a dividend payout ratio of 45% [9] Financial Forecasts - Expected revenues for 2025-2027 are 26.671 billion yuan, 31.049 billion yuan, and 35.384 billion yuan, representing year-on-year growth rates of 23.4%, 16.4%, and 14% respectively [10] - Net profit attributable to the parent company is projected to be 2.571 billion yuan, 3.002 billion yuan, and 3.467 billion yuan for the same years, with growth rates of 29.3%, 16.8%, and 15.5% respectively [10] - The company is expected to maintain a P/E ratio of 13, 11, and 10 for the years 2025, 2026, and 2027, indicating further upside potential [7][10]

Core Viewpoint - Multiple A-share companies announced mid-term cash dividends, reflecting a trend of increased shareholder returns in response to regulatory encouragement [1][8]. Group 1: Companies Announcing Dividends - A total of 61 A-share companies disclosed their mid-term profit distribution plans on August 22, 2025 [4]. - Notable companies such as China CRRC, Hengli Petrochemical, and Changan Automobile declared mid-term dividends for the first time, with the highest dividend amount exceeding 3 billion yuan [2][7]. - Ping An Bank plans to distribute a cash dividend of 2.36 yuan per 10 shares, totaling approximately 4.58 billion yuan, which represents 18.42% of its net profit [4]. Group 2: Specific Dividend Plans - Aima Technology intends to distribute a cash dividend of 6.28 yuan per 10 shares, amounting to about 546 million yuan, which is 45.01% of its net profit [4]. - Yangyuan Beverage, known for its generous dividends, plans to distribute 5.00 yuan per 10 shares, totaling 630 million yuan, which is 84.71% of its net profit for the first half of 2025 [5][6]. - China CRRC will distribute 1.1 yuan per 10 shares, totaling approximately 3.16 billion yuan, which is 43.57% of its net profit [8]. - Hengli Petrochemical plans to distribute 0.8 yuan per 10 shares, totaling about 563 million yuan, representing 18.46% of its net profit [8]. - Changan Automobile will distribute 0.5 yuan per 10 shares, amounting to approximately 496 million yuan, which is 21.65% of its net profit [8]. Group 3: Regulatory Context and Market Trends - The China Securities Regulatory Commission has been advocating for companies to return value to shareholders through cash dividends, emphasizing an investor-centric financing philosophy [8]. - The recent announcements of mid-term dividends by leading companies are seen as a positive response to regulatory guidance aimed at enhancing shareholder returns [8]. - Experts anticipate that more companies will adopt mid-term dividends or increase their dividend payouts, contributing to a more mature value investment system and shareholder return mechanism in the A-share market [8].

Core Viewpoint - Multiple leading companies in the A-share market have announced interim dividends for the first time, with the highest dividend amount exceeding 3 billion yuan [2][6]. Group 1: Interim Dividend Announcements - A total of 61 A-share companies announced their 2025 interim profit distribution plans on August 22, with Ping An Bank proposing a cash dividend of 2.36 yuan per 10 shares, totaling approximately 4.58 billion yuan, which accounts for 18.42% of its net profit [4]. - Aima Technology plans to distribute a cash dividend of 6.28 yuan per 10 shares, totaling around 546 million yuan, representing 45.01% of its net profit for the period [4]. - Yangyuan Beverage, known for its generous dividends, plans to distribute 5.00 yuan per 10 shares, totaling 630 million yuan, which is 84.71% of its net profit for the first half of 2025 [4][5]. Group 2: Notable Companies and Their Dividends - China CRRC intends to distribute a cash dividend of 1.1 yuan per 10 shares, totaling approximately 3.16 billion yuan, which is 43.57% of its net profit for the first half of 2025 [7]. - Hengli Petrochemical plans to distribute 0.8 yuan per 10 shares, totaling about 563 million yuan, accounting for 18.46% of its net profit [7]. - Changan Automobile proposes a cash dividend of 0.5 yuan per 10 shares, totaling around 496 million yuan, which is 21.65% of its net profit [7]. Group 3: Regulatory Environment and Future Expectations - The China Securities Regulatory Commission has been advocating for listed companies to reward shareholders through cash dividends, emphasizing an "investor-centric" financing philosophy [7]. - Experts believe that with the continuous improvement of the dividend system and regulatory guidance, more listed companies are expected to join the ranks of those offering interim dividends, leading to a more mature value investment system and shareholder return mechanism in the A-share market [7].

Group 1 - Aima Technology (603529.SH) reported its semi-annual results for 2025, with 56 institutional investors holding a total of 83.81 million shares, representing 9.73% of the total share capital [1] - The top ten institutional investors collectively hold 8.32% of Aima Technology's shares, with an increase of 0.58 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 19 funds increased their holdings, accounting for 0.53% of the total, while 9 funds decreased their holdings, representing a reduction of 0.42% [2] - A total of 23 new public funds disclosed their holdings this period, while 81 funds did not disclose their holdings compared to the previous quarter [2] Group 3 - One social security fund, the National Social Security Fund 110 Portfolio, did not disclose its holdings this period [3]

证券代码：603529 证券简称：爱玛科技 公告编号：2025-063 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 2021 年限制性股票激励计划预留授予部分第三个解除限 售期解除限售条件成就暨上市的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ?本次股票上市类型为 股权激励股份；股票认购方式为 网下，上市股数为 ?本次股票上市流通总数为151,200股。 ?本次股票上市流通日期为2025 年 8 月 28 日。 一、本次激励计划批准及实施情况 （一）本次激励计划批准情况 《关于公司<2021 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司 <2021 年限制性股票激励计划实施考核管理办法>的议案》以及《关于提请股东大 会授权董事会办理股权激励相关事宜的议案》等议案，公司独立董事就本激励计 划相关议案发表了同意的独立意见。 同日，公司召开第四届监事会第十一次会议，审议通过了《关于公司<2021 年 限制性股票激励计划（草案）>及其摘要的议案》《关于公司<20 ...

Core Viewpoint - The Supervisory Board of Aima Technology Group Co., Ltd. held its 28th meeting and approved several key resolutions regarding the company's 2025 semi-annual report, fundraising usage, profit distribution plan, and changes to the company's governance structure [1][2][3][4][5]. Group 1: 2025 Semi-Annual Report - The Supervisory Board confirmed that the preparation and review procedures of the 2025 semi-annual report comply with relevant laws, regulations, and the company's articles of association [1]. - The content and format of the report meet the requirements set by the China Securities Regulatory Commission and the Shanghai Stock Exchange, accurately reflecting the company's operational and financial status during the reporting period [1]. Group 2: Fundraising Usage - The Supervisory Board approved the special report on the storage and actual usage of the fundraising for the first half of 2025, confirming that the company adhered to relevant regulations and did not misuse the raised funds [2]. Group 3: Profit Distribution Plan - The profit distribution plan for the first half of 2025 was approved, taking into account the company's profitability, cash flow, and funding needs, ensuring a balance between sustainable development and reasonable shareholder returns [3]. Group 4: Governance Changes - The Supervisory Board agreed to propose the cancellation of the Supervisory Board, changes to registered capital, and a comprehensive revision of the company's articles of association, pending approval from the shareholders' meeting [4][5]. Group 5: Stock Incentive Plan - The Supervisory Board approved the conditions for the third release of restrictions on the stock incentive plan from 2021, allowing 14 eligible participants to unlock a total of 151,200 shares [5].

Group 1 - The company, Aima Technology Group Co., Ltd., is convening its second extraordinary general meeting of shareholders in 2025 on September 9, 2025, at 14:30 in Tianjin [1][3] - The voting method for the meeting will combine on-site voting and online voting through the Shanghai Stock Exchange's network voting system [1][2] - The network voting will be available from 9:15 to 15:00 on the day of the meeting, with specific time slots for trading system voting [1][2] Group 2 - The meeting will review proposals that have already been approved by the company's board and supervisory committee [2] - There are no related shareholders that need to abstain from voting on the proposals [2] - Shareholders must complete voting for all proposals before submission [5] Group 3 - The company will utilize a reminder service to ensure that small and medium-sized investors can participate and vote [3][4] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts [4][5] - Invalid votes will occur if shareholders exceed their voting rights or vote for more candidates than available positions [5][6] Group 4 - The meeting is open to shareholders registered by the close of trading on the equity registration date of September 3, 2025 [6] - Legal representatives of corporate shareholders and other designated individuals can attend the meeting [6] - Registration for attendance can be done via email or mail by September 5, 2025 [6]

Core Viewpoint - Aima Technology Group Co., Ltd. reported significant growth in revenue and profit for the first half of 2025, driven by its focus on electric two-wheeled vehicles and a diversified product range [1][3]. Financial Performance - Revenue for the first half of 2025 reached approximately 13.03 billion RMB, a 23.04% increase compared to the same period in 2024 [3]. - Total profit amounted to approximately 1.43 billion RMB, reflecting a 27.37% increase year-on-year [3]. - Net profit attributable to shareholders was approximately 1.21 billion RMB, up 27.56% from the previous year [3]. - The company proposed a cash dividend of 0.628 RMB per share, totaling approximately 545.76 million RMB, which represents 45.01% of the net profit for the first half of 2025 [1]. Business Overview - Aima Technology has been focused on the research and manufacturing of electric two-wheeled vehicles since 2004, establishing itself as a leading player in the industry [3][4]. - The company's product offerings include electric bicycles, light motorcycles, and electric motorcycles, catering to various transportation needs [4][5]. - Aima operates multiple production bases across China and has expanded its international presence with factories in Indonesia and Vietnam [4][5]. Industry Context - The electric two-wheeled vehicle industry is experiencing rapid growth, driven by increasing demand for sustainable transportation solutions and regulatory support [7][8]. - The market is becoming more concentrated as smaller players exit, leading to higher market share for established companies like Aima [7][8]. - The industry is transitioning towards high-quality, intelligent, and diversified products, with a focus on user-centric service models [7][8]. Product Development and Innovation - Aima emphasizes technological innovation, focusing on core components such as motors, controllers, and batteries to enhance product performance [11][12]. - The company has developed a modular product architecture to streamline development processes and reduce costs [9][10]. - Aima is also investing in smart technology integration, enhancing user experience through features like smart control and interactive systems [12][13]. Sales and Marketing Strategy - Aima is enhancing its sales and service integration, focusing on channel capability upgrades and user value [14][15]. - The company employs a grid-based market management approach to improve service quality and responsiveness to consumer trends [14][15]. - Aima is actively expanding its brand presence through various marketing initiatives, targeting younger demographics and enhancing its international footprint [18][20].

Core Points - The company plans to distribute a cash dividend of 0.628 yuan per share, totaling approximately 545.76 million yuan, which represents 45.01% of the net profit attributable to shareholders for the first half of 2025 [1][2] - The total assets of the company at the end of the reporting period amounted to approximately 25.26 billion yuan, reflecting an increase of 8.31% compared to the previous year [3] - The net profit attributable to shareholders for the first half of 2025 was approximately 1.21 billion yuan, marking a year-on-year increase of 27.56% [3] - The company reported a significant increase in operating cash flow, which reached approximately 2.59 billion yuan, up 123.03% from the previous year [3] - The weighted average return on equity increased by 1.06 percentage points to 12.71% [3] Company Overview - The company is listed on the Shanghai Stock Exchange under the stock code 603529, with the stock name "爱玛科技" [3] - The total number of shareholders at the end of the reporting period was 23,748 [3] Shareholder Information - The largest shareholder, Zhang Jian, holds 68.80% of the shares, amounting to approximately 592.87 million shares [4] - Other notable shareholders include 陵水鼎爱创业投资合伙企业 with 3.13% and 香港中央结算有限公司 with 2.08% [4]

Core Viewpoint - The company has announced a cash dividend distribution of RMB 0.628 per share for the first half of 2025, based on the total share capital registered on the equity distribution date [1][2]. Profit Distribution Plan - The profit distribution plan is based on the net profit attributable to shareholders of RMB 1,212,609,479.82 for the first half of 2025, with retained earnings of RMB 2,140,720,287.42 as of June 30, 2025 [1][2]. - The distribution will be adjusted if there are changes in total share capital due to convertible bonds, share buybacks, or other corporate actions, while maintaining the per-share distribution ratio [2][3]. Decision-Making Process - The board of directors approved the profit distribution plan during the 34th meeting of the fifth board on August 22, 2025, ensuring compliance with the company's profit distribution policy and shareholder return plan [2][3]. - The supervisory board supports the distribution plan, stating it considers the company's profitability, cash flow, and funding needs, and adheres to the decision-making procedures outlined in the company's articles of association [2][3]. Shareholder Authorization - The shareholders' meeting authorized the board to formulate the mid-term dividend plan, provided the company has positive current profits and retained earnings, and sufficient cash flow for normal operations and sustainable development [3].