[Definitions](index=5&type=section&id=Section%201.%20Definitions) This section defines key terms used throughout the report to ensure accurate comprehension [Common Terms Definitions](index=5&type=section&id=Common%20Terms%20Definitions) This chapter provides definitions for common terms, covering company names, subsidiaries, industry standards, and the reporting period - The reporting period is defined as January 1, 2025, to June 30, 2025, with the prior year period being January 1, 2024, to June 30, 2024[15](index=15&type=chunk) - Electric two-wheelers include "electric bicycles" under the GB17761 standard and "electric mopeds" and "electric motorcycles" under the GB/T5359.1 standard[15](index=15&type=chunk)[16](index=16&type=chunk) Selected Common Terms Definitions | Term | Definition | | :--- | :--- | | AIMA Technology/AIMA/The Company/The Group | AIMA Technology Group Co, Ltd | | "2018 National Standard" | GB17761-2018 "Safety Technical Specification for Electric Bicycles" | | "2024 National Standard" | GB17761-2024 "Safety Technical Specification for Electric Bicycles" | [Company Profile and Key Financial Indicators](index=8&type=section&id=Section%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information, stock profile, and key financial performance indicators for the reporting period [I. Company Information](index=8&type=section&id=I.%20Company%20Information) This section provides basic information about AIMA Technology Group Co, Ltd, including its names and legal representative - The company's Chinese name is 爱玛科技集团股份有限公司, with the short name AIMA Technology[18](index=18&type=chunk) - The company's legal representative is Zhang Jian[18](index=18&type=chunk) [II. Contact Persons and Methods](index=8&type=section&id=II.%20Contact%20Persons%20and%20Methods) This section provides contact information for the company's Board Secretary and Securities Affairs Representatives - The Board Secretary is Wang Chunyan, and the Securities Affairs Representatives are Li Xin and Ma Qunbo[19](index=19&type=chunk) - The company's contact address is 22nd Floor, Global Financial Center, No 2 Dagu North Road, Heping District, Tianjin[19](index=19&type=chunk) [III. Changes in Basic Information](index=8&type=section&id=III.%20Changes%20in%20Basic%20Information) This section presents the company's registered and office addresses, noting no historical changes to the registered address - The company's registered and office address is No 5 Aima Road, South Zone, Jinghai Economic Development Zone, Tianjin[20](index=20&type=chunk) - The company's website is www.aimatech.com[20](index=20&type=chunk) [IV. Changes in Information Disclosure and Report Availability](index=8&type=section&id=IV.%20Changes%20in%20Information%20Disclosure%20and%20Report%20Availability) This section specifies the designated newspapers, website, and location for the company's information disclosure and reports - Designated information disclosure newspapers include Securities Times, Securities Daily, China Securities Journal, and Shanghai Securities News[21](index=21&type=chunk) - The semi-annual report is available on the website www.sse.com.cn[21](index=21&type=chunk) [V. Company Stock Profile](index=8&type=section&id=V.%20Company%20Stock%20Profile) This section provides details on the company's stock type, listing exchange, stock short name, and stock code - The company's stock is A-shares listed on the Shanghai Stock Exchange, with the short name "AIMA Technology" and code "603529"[22](index=22&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=8&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents key financial data for H1 2025, showing significant growth in revenue, net profit, and operating cash flow Key Accounting Data (H1 2025 vs H1 2024) | Indicator | Current Period (H1) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 13,030,776,107.61 | 10,590,926,475.10 | 23.04 | | Total Profit | 1,433,970,423.37 | 1,125,867,088.88 | 27.37 | | Net Profit Attributable to Shareholders | 1,212,609,479.82 | 950,627,860.77 | 27.56 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 1,183,215,801.42 | 893,367,470.95 | 32.44 | | Net Cash Flow from Operating Activities | 2,586,368,659.99 | 1,159,662,667.39 | 123.03 | | Net Assets Attributable to Shareholders | 9,762,215,380.46 | 9,029,849,453.73 | 8.11 | | Total Assets | 25,257,696,665.03 | 23,318,766,613.99 | 8.31 | Key Financial Indicators (H1 2025 vs H1 2024) | Indicator | Current Period (H1) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/Share) | 1.44 | 1.12 | 28.57 | | Diluted Earnings Per Share (CNY/Share) | 1.40 | 1.07 | 30.84 | | Basic EPS (Excluding Non-recurring Items) (CNY/Share) | 1.41 | 1.05 | 34.29 | | Weighted Average Return on Equity (%) | 12.71 | 11.65 | Increased by 1.06 percentage points | | Weighted Average ROE (Excluding Non-recurring Items) (%) | 12.42 | 10.99 | Increased by 1.43 percentage points | [IX. Non-recurring Profit and Loss Items and Amounts](index=9&type=section&id=IX.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) This section details the company's non-recurring profit and loss items for H1 2025, which totaled CNY 29,393,678.40 Non-recurring Profit and Loss Items (H1 2025) | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -9,422,668.89 | | Government Grants Recognized in Current Profit or Loss (Excluding those closely related to normal business) | 9,897,053.94 | | Fair Value Gains/Losses from Financial Assets/Liabilities Held by Non-financial Enterprises | 11,434,672.20 | | Reversal of Impairment Provision for Individually Tested Receivables | 158,071.36 | | Other Non-operating Income and Expenses | -5,680,729.54 | | Other Items Meeting the Definition of Non-recurring Profit or Loss | 32,202,754.80 | | Less: Income Tax Impact | 8,961,049.81 | | Less: Minority Interest Impact (After Tax) | 234,425.66 | | **Total** | **29,393,678.40** | [Management's Discussion and Analysis](index=11&type=section&id=Section%203.%20Management's%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's business operations, core competencies, and financial performance during the reporting period [I. Industry and Main Business Overview during the Reporting Period](index=11&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20during%20the%20Reporting%20Period) This section details AIMA Technology's main business, product categories, operating models, and industry context - The company's main business covers the R&D, production, and sales of electric two-wheelers and electric three-wheelers[30](index=30&type=chunk) - The company offers a comprehensive range of short-to-medium distance mobility solutions for diverse scenarios like urban commuting and leisure[30](index=30&type=chunk) - The company's business model encompasses R&D, production, procurement, sales, logistics, and services, while exploring shared mobility models[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) - The company is classified under the "C377-C3770 Moped Manufacturing" sub-category within the "C37 Transportation Equipment Manufacturing" industry[41](index=41&type=chunk) Industry Development Overview | Stage | Period | Key Developments | Industry Characteristics | | :--- | :--- | :--- | :--- | | Birth & Rapid Growth | 1995 - Pre-"2018 National Standard" | Rapid development from scratch, forming a complete industry chain and broad market base | Low industry concentration, severe product homogenization, fragmented market share | | Transition & Orderly Growth | Post-"2018 National Standard" - Pre-"2024 National Standard" | Improved regulatory system, standardized industry order, expanded user base, replacement demand driven by the 2018 standard | Renewed high-growth phase, increased market capacity; exit of small enterprises, rising market concentration | | High-Quality Development & Transformation | Post-"2024 National Standard" - Future | Upgraded and diversified demand, deep application of intelligent technology, shift to dual domestic and overseas markets, transition to user-based service models | Further increase in concentration; differentiation, intelligence, premiumization, and internationalization become trends; leading brands benefit | [II. Discussion and Analysis of Business Operations](index=12&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Business%20Operations) This section analyzes the company's operational strategies and achievements, focusing on technological innovation, sales, brand value, and supply chain efficiency [(I) Building a Highly Competitive Product System Centered on Technological Innovation](index=12&type=section&id=(I)%20Building%20a%20Highly%20Competitive%20Product%20System%20Centered%20on%20Technological%20Innovation) The company drives product upgrades through technological innovation, achieving significant progress in powertrain systems and intelligent features - The company promotes a market-oriented product development model focusing on a multi-layered portfolio of core best-sellers and scenario-specific products[43](index=43&type=chunk)[44](index=44&type=chunk) - A product technology architecture based on platformization, modularization, and automation enhances multi-model development and supply chain stability[45](index=45&type=chunk) - The company strengthens its independent R&D and system integration capabilities for core components like motors, controllers, and batteries[48](index=48&type=chunk)[49](index=49&type=chunk) - **Intelligent layout** focuses on smart control, interactive experience, and riding safety, building a "human-vehicle-device-helmet-cloud" ecosystem[50](index=50&type=chunk) - The introduction of **DSR (Intelligent Load Sensing System)** and millimeter-wave radar technology enhances intelligent perception and safety[50](index=50&type=chunk) - The "AIMA Mobility APP" integrates an AI large model to launch "Ma Xiao'ai," an AI assistant for voice control and route planning[50](index=50&type=chunk) [(II) Deepening Sales-Service Integration to Build an Efficient Operating System](index=14&type=section&id=(II)%20Deepening%20Sales-Service%20Integration%20to%20Build%20an%20Efficient%20Operating%20System) The company enhances its sales and service system through refined management, digital tools, and online-offline integration - A market grid management mechanism strengthens refined services for dealers and rapid response to end-user needs[51](index=51&type=chunk) - The "one distributor per region" policy is optimized with a tiered management system to enhance dealer capabilities and loyalty[52](index=52&type=chunk) - The company promotes store-centric retail transformation, using digital tools to collect real-time sales data for precise marketing strategies[52](index=52&type=chunk) - A deep presence on platforms like Xiaohongshu, Douyin, Tmall, and JDcom creates a complete online-to-offline sales funnel[52](index=52&type=chunk) - The service system is upgraded through standardization and synergy between offline outlets and online platforms like the "AIMA Vehicle Service" app[53](index=53&type=chunk) - International market expansion focuses on localized strategies, including store construction in Indonesia and participation in global exhibitions like CES[54](index=54&type=chunk) [(III) Solidifying Market Influence through Brand Value Leadership](index=15&type=section&id=(III)%20Solidifying%20Market%20Influence%20through%20Brand%20Value%20Leadership) The company enhances brand equity and user recognition through a multi-faceted communication strategy focused on fashion, technology, and youthfulness - The brand's appeal is enhanced through diverse initiatives in fashion, technology, and youth culture, including product design, IP collaborations, and events[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk) - An AIGC content platform and matrix account system, in collaboration with partners like Volcano Engine, drive digital and user-centric brand communication[56](index=56&type=chunk) - International branding is strengthened through optimized brand manuals, websites, and social media operations on platforms like Facebook and TikTok[57](index=57&type=chunk) - The company received the **"Global Leading Electric Two-Wheeler Brand"** certification from Frost & Sullivan and ranked first in the 2025 C-BPI China electric bicycle industry brand power list[58](index=58&type=chunk) [(IV) Enhancing End-to-End Supply Chain Synergy to Continuously Improve Overall Operational Efficiency](index=16&type=section&id=(IV)%20Enhancing%20End-to-End%20Supply%20Chain%20Synergy%20to%20Continuously%20Improve%20Overall%20Operational%20Efficiency) The company builds a synergistic supply chain system to improve supply assurance, cost control, and delivery responsiveness - A dynamic supplier management mechanism and localized supply chain layout ensure timely and high-quality supply of key components[60](index=60&type=chunk) - **Automated production line upgrades** with intelligent equipment like robotic arms and inspection stations optimize key manufacturing processes[61](index=61&type=chunk) - The integration of MES and SCADA systems enables real-time production monitoring, anomaly alerts, and enhanced quality control[61](index=61&type=chunk) - The "four vertical, four horizontal" trunk logistics network is optimized, and external logistics services are expanded to enhance value[62](index=62&type=chunk)[63](index=63&type=chunk) - The intelligent logistics system is continuously upgraded for full-process visualization, improving transport safety and delivery stability[64](index=64&type=chunk) - New domestic production bases are under construction, while international factories in Indonesia and Vietnam are operational, boosting overall supply capacity[65](index=65&type=chunk) [III. Analysis of Core Competencies during the Reporting Period](index=17&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20during%20the%20Reporting%20Period) The company's core competencies include user-centric innovation, efficient operations, extensive sales channels, leading brand influence, and digital management [(I) User-Centric Product Innovation and Technology R&D Capability](index=17&type=section&id=(I)%20User-Centric%20Product%20Innovation%20and%20Technology%20R&D%20Capability) The company drives product innovation through a user-centric approach, an integrated development system, and a focus on core technologies - An integrated product development system with platform-based and modular approaches improves R&D efficiency and reduces costs[66](index=66&type=chunk) - The company possesses in-house R&D and/or manufacturing capabilities for core components like motors and controllers, leading in battery system integration[67](index=67&type=chunk) - A "human-vehicle-device-helmet-cloud" ecosystem is being built to advance innovations in smart interaction and assisted driving[67](index=67&type=chunk) - As of the reporting period, the company holds **over 2,000 patents**[67](index=67&type=chunk) - The company actively participates in setting national and industry standards, promoting technological standardization[68](index=68&type=chunk) [(II) Integrated Operational Capability of Smart Manufacturing and Efficient Supply Chain Synergy](index=18&type=section&id=(II)%20Integrated%20Operational%20Capability%20of%20Smart%20Manufacturing%20and%20Efficient%20Supply%20Chain%20Synergy) The company leverages smart manufacturing, lean management, and robust quality control to enhance production efficiency and product quality - In-house manufacturing of core components is supported by advanced equipment like CNC bending machines and welding robots, significantly boosting efficiency[69](index=69&type=chunk) - **Industry 4.0 technologies**, including intelligent scheduling and warehousing systems, drive a comprehensive digital upgrade of manufacturing processes[69](index=69&type=chunk) - The company's **inventory turnover rate is at an industry-leading level**, supported by a robust supply chain management system[70](index=70&type=chunk) - An in-house intelligent logistics company handles transportation for major production bases, enabling real-time information sharing and efficient dispatch[70](index=70&type=chunk) - A full-process quality management system ensures consistency and stability from design to after-sales service[71](index=71&type=chunk) - Several production subsidiaries are included in the Ministry of Industry and Information Technology's "white list" for their product quality and strength[72](index=72&type=chunk) [(III) Extensive Sales Channels and High-Standard Service System](index=19&type=section&id=(III)%20Extensive%20Sales%20Channels%20and%20High-Standard%20Service%20System) The company has established a wide-reaching, efficient, and digitally empowered sales and service network - A flattened marketing channel structure at the district/county level forms a nationwide offline sales network enhanced by intelligent management tools[73](index=73&type=chunk) - **Online-offline data linkage** and synergy enable precise user targeting and efficient conversion from online brand exposure to offline sales[73](index=73&type=chunk) - A high-standard, intelligent service network with nationwide outlets and the self-developed "AIMA Vehicle Service" tool facilitates online repairs and tracking[74](index=74&type=chunk) - The company actively participates in setting industry service standards, leading the development of service specifications[74](index=74&type=chunk) [(IV) Industry-Leading Brand Influence](index=19&type=section&id=(IV)%20Industry-Leading%20Brand%20Influence) The company enhances its brand influence through a strategy focused on fashion and technology, supported by diverse marketing and international branding efforts - The "fashion-forward, technology-driven" brand strategy includes collaborations with Pantone and Italian design firm RIZOMA to lead industry trends[75](index=75&type=chunk) - An integrated online-offline marketing matrix with celebrity endorsements, sports marketing, and IP crossovers precisely targets user segments[75](index=75&type=chunk) - The company has ranked **first in the C-BPI electric bicycle category for over ten consecutive years** and was named a "Top 50 Good Brand of the Year" by Forbes China[76](index=76&type=chunk) - The company was certified as a **"Global Leading Electric Two-Wheeler Brand"** by Frost & Sullivan[76](index=76&type=chunk) [(V) Comprehensive and Efficient Digital Management System](index=19&type=section&id=(V)%20Comprehensive%20and%20Efficient%20Digital%20Management%20System) The company's deep digital transformation has created a management system that empowers all business functions and enhances operational efficiency - In R&D, data-driven insights optimize product development and improve market fit[77](index=77&type=chunk) - In production, smart manufacturing upgrades enable flexible production and precise rhythm control[77](index=77&type=chunk) - In supply, a digital supply chain system enhances resilience, optimizes procurement, and strengthens cost control[77](index=77&type=chunk) - In marketing, an intelligent system improves channel efficiency through targeted content and private traffic operations[77](index=77&type=chunk) - In service, an intelligent after-sales system using the "AIMA Vehicle Service" platform improves response efficiency and brand loyalty[77](index=77&type=chunk) [(VI) Scientific and Rational Talent Development Mechanism](index=20&type=section&id=(VI)%20Scientific%20and%20Rational%20Talent%20Development%20Mechanism) The company fosters talent through a people-centric philosophy, a competitive compensation system, and multi-layered equity incentive plans - The talent management philosophy of "respecting, empowering, and fulfilling people" guides the human resources system[79](index=79&type=chunk) - A value-creation-oriented system links performance assessment, compensation, promotion, and training to organizational and individual growth[80](index=80&type=chunk) - A competitive and scientific compensation system, including multi-layered and regular equity incentives, is in place for core talent[80](index=80&type=chunk) - The company has implemented **four equity incentive plans since its IPO**, aligning the interests of shareholders, the company, and employees[80](index=80&type=chunk) [IV. Key Business Operations during the Reporting Period](index=20&type=section&id=IV.%20Key%20Business%20Operations%20during%20the%20Reporting%20Period) This section analyzes the company's main business performance, asset and liability structure, investment activities, and major subsidiaries [(I) Analysis of Main Business Operations](index=20&type=section&id=(I)%20Analysis%20of%20Main%20Business%20Operations) The company's main business showed strong performance in H1 2025, with significant growth in revenue, net profit, and operating cash flow Analysis of Changes in Financial Statement Items (H1 2025 vs H1 2024) | Item | Current Period (CNY) | Prior Year Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 13,030,776,107.61 | 10,590,926,475.10 | 23.04 | | Operating Costs | 10,522,664,332.48 | 8,702,880,854.51 | 20.91 | | Selling Expenses | 501,347,232.55 | 411,649,871.31 | 21.79 | | Administrative Expenses | 323,457,346.75 | 289,064,304.47 | 11.90 | | Finance Costs | -87,135,567.47 | -156,372,712.70 | N/A | | R&D Expenses | 352,085,013.10 | 294,164,146.56 | 19.69 | | Net Cash Flow from Operating Activities | 2,586,368,659.99 | 1,159,662,667.39 | 123.03 | | Net Cash Flow from Investing Activities | -1,425,583,064.29 | -4,609,617,002.20 | N/A | | Net Cash Flow from Financing Activities | -342,265,065.98 | 148,602,598.53 | -330.32 | - **Operating revenue increased** due to strong market demand for core products and continuous product structure optimization[81](index=81&type=chunk) - **Net cash flow from operating activities grew by 123.03%**, primarily due to increased cash receipts from the expanded business scale[81](index=81&type=chunk) - The change in finance costs was mainly due to a year-on-year decrease in interest rates on wealth management products and deposits, leading to lower interest income[81](index=81&type=chunk) [(III) Analysis of Assets and Liabilities](index=21&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets grew during the period, with notable increases in receivables and payables due to business expansion Changes in Assets and Liabilities (Period-end vs Prior Year-end) | Item | Current Period-end (CNY) | % of Total Assets | Prior Year-end (CNY) | % of Total Assets | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 23,697,186.29 | 0.09 | 18,022,005.47 | 0.08 | 31.49 | Increase in bank acceptance bills received by AIMA Logistics | | Accounts Receivable | 799,898,125.13 | 3.17 | 373,171,834.05 | 1.60 | 114.35 | Increase in accounts receivable due to expanded sales scale | | Non-current Assets Due within One Year | 4,033,223,663.86 | 15.97 | 2,132,945,383.57 | 9.15 | 89.09 | Increase in three-year term deposits maturing within one year | | Investment Property | 356,432,201.25 | 1.41 | 205,549,573.65 | 0.88 | 73.40 | Zhejiang Vehicle Industry's original factory was leased out after relocation | | Goodwill | 7,325,514.52 | 0.03 | 14,348,435.03 | 0.06 | -48.95 | Decrease in goodwill due to the sale of equity in Jinri Yangguang | | Other Non-current Assets | 3,689,767,817.36 | 14.61 | 5,519,376,633.00 | 23.67 | -33.15 | Reclassification of three-year term deposits to non-current assets due within one year | | Accounts Payable | 4,910,100,049.66 | 19.44 | 3,193,348,043.78 | 13.69 | 53.76 | Increase in payables for raw materials due to expanded business scale | | Treasury Stock | 347,328,299.07 | 1.38 | 220,543,480.09 | 0.95 | 57.49 | Grant of restricted shares to incentive plan participants at a preferential price | - Overseas assets amounted to **CNY 238,827,227.10**, accounting for 0.95% of total assets[86](index=86&type=chunk) Major Restricted Assets at Period-end | Item | Book Value at Period-end (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 335,296,010.28 | Pledged for issuing bank acceptance bills | | Other Non-current Assets | 2,950,000,000.00 | Three-year term deposits pledged for issuing bank acceptance bills | | Non-current Assets Due within One Year | 3,181,970,833.33 | Term deposits due within one year pledged for issuing bank acceptance bills | | **Total** | **6,467,266,843.61** | / | [(IV) Analysis of Investment Status](index=22&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) The company continued to advance new production base projects and actively managed its financial asset investments to support expansion - As of June 30, 2025, the balance of long-term equity investments was **CNY 144.82 million**, a decrease of 11.68% from the beginning of the period[88](index=88&type=chunk) - The company is constructing several new production bases in Lishui, Chongqing, Xuzhou, and Lanzhou with a total investment of approximately **CNY 7 billion** to optimize its production capacity structure[89](index=89&type=chunk)[90](index=90&type=chunk) Financial Assets at Fair Value (Period-end vs Period-start) | Asset Class | Beginning Balance (CNY 10k) | Fair Value Change (CNY 10k) | Purchases (CNY 10k) | Sales/Redemptions (CNY 10k) | Ending Balance (CNY 10k) | | :--- | :--- | :--- | :--- | :--- | :--- | | Receivables Financing | 1,840.30 | | | -402.10 | 1,438.20 | | Stocks | 5,444.00 | 108.00 | | | 5,552.00 | | Wealth Management Products | 361,574.92 | 1,035.47 | 765,260.00 | -703,244.20 | 424,553.33 | | **Total** | **368,859.22** | **1,143.47** | **765,260.00** | **-703,244.20** | **431,543.53** | - The company completed a strategic placement subscription in Tianneng Battery Group Co, Ltd in January 2021 and has not reduced its holdings as of the reporting period[93](index=93&type=chunk) [(VI) Analysis of Major Holding and Associated Companies](index=23&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Associated%20Companies) This section lists the financial performance of major subsidiaries, with several achieving significant net profits from electric two-wheeler production and sales Financial Data of Major Subsidiaries (H1 2025) | Company Name | Type | Main Business | Registered Capital (CNY 10k) | Total Assets (CNY 10k) | Net Assets (CNY 10k) | Main Business Revenue (CNY 10k) | Operating Profit (CNY 10k) | Net Profit (CNY 10k) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | AIMA Chongqing | Subsidiary | Sales of electric two-wheelers | 1,000 | 770,575.27 | 349,281.38 | 586,951.09 | 132,412.73 | 130,794.80 | | Tianjin Vehicle | Subsidiary | R&D, production, and sales of electric vehicles | 10,000 | 381,626.44 | 114,410.82 | 378,476.12 | 46,578.68 | 41,282.80 | | Guangxi Vehicle | Subsidiary | R&D, production, and sales of electric vehicles | 10,000 | 108,435.35 | 52,578.76 | 123,561.03 | 20,269.05 | 18,389.54 | | Chongqing Vehicle | Subsidiary | R&D, production, and sales of electric vehicles | 10,000 | 171,779.46 | 58,983.74 | 149,025.57 | 18,321.38 | 15,551.68 | | Jiangsu Vehicle | Subsidiary | R&D, production, and sales of electric two-wheelers | 44,000 | 158,517.94 | 29,941.42 | 182,584.16 | 9,054.14 | 7,741.35 | | Taizhou Manufacturing | Subsidiary | R&D, production, and sales of electric two-wheelers | 40,000 | 119,933.20 | 51,688.07 | 152,558.30 | 14,081.88 | 11,191.74 | | AIMA Taizhou | Subsidiary | Sales of electric two-wheelers | 1,000 | 54,367.14 | 5,302.76 | 133,451.74 | 6,872.90 | 5,156.97 | - During the reporting period, the company acquired several subsidiaries and disposed of its equity in Jinri Yangguang, with no significant impact[97](index=97&type=chunk) [V. Other Disclosures](index=24&type=section&id=V.%20Other%20Disclosures) This section discloses potential risks and details the company's progress on its "Quality and Efficiency Improvement for Shareholder Returns" action plan [(I) Potential Risks](index=24&type=section&id=(I)%20Potential%20Risks) The company faces risks from policy changes, market competition, project delays, R&D missteps, and dealer management - **Industry Policy Risk**: Failure to adapt to new mandatory standards could lead to product certification invalidation and market access restrictions[98](index=98&type=chunk) - **Increased Competition Risk**: Competition is shifting among leading enterprises across product performance, technology, and international expansion[99](index=99&type=chunk) - **New Project Risk**: Delays in the construction and commissioning of new production bases could adversely affect project returns[100](index=100&type=chunk) - **Product R&D Risk**: Misjudgment of R&D direction or poor market acceptance of new models could negatively impact performance[101](index=101&type=chunk) - **Dealer Management Risk**: The performance of dealers can significantly impact regional sales and the company's brand image[102](index=102&type=chunk) - **Raw Material Price Fluctuation Risk**: The cost of main business is highly dependent on direct materials, which are subject to price volatility[104](index=104&type=chunk) [(II) Other Disclosures](index=26&type=section&id=(II)%20Other%20Disclosures) The company actively implemented its "Quality and Efficiency Improvement for Shareholder Returns" action plan, achieving steady growth and enhancing investor relations - In H1 2025, the company achieved **operating revenue of CNY 13.031 billion**, a year-on-year increase of 23.04%, and net profit attributable to shareholders of **CNY 1.213 billion**, up 27.56%[105](index=105&type=chunk) - The company enhanced information disclosure quality by publishing its 2024 Annual Report (English) and 2024 ESG Report (Chinese and English)[106](index=106&type=chunk) - Investor communication was strengthened through various channels, with participation in **over 70 online and offline exchange events**[107](index=107&type=chunk) - A **2025 interim dividend of approximately CNY 546 million** is proposed, representing 45.01% of H1 2025 net profit attributable to shareholders[108](index=108&type=chunk) - The company actively implements ESG principles, receiving high ratings such as **MSCI ESG AAA** and SynTao Green Finance ESG AA[109](index=109&type=chunk)[110](index=110&type=chunk) - The company continues to enhance the compliance awareness and performance capabilities of its directors, supervisors, and senior management[111](index=111&type=chunk) [Corporate Governance, Environment, and Society](index=28&type=section&id=Section%204.%20Corporate%20Governance,%20Environment,%20and%20Society) This section covers the company's profit distribution plan, equity incentive programs, and environmental information disclosure [II. Profit Distribution or Capitalization of Capital Reserve Proposal](index=28&type=section&id=II.%20Profit%20Distribution%20or%20Capitalization%20of%20Capital%20Reserve%20Proposal) The Board of Directors approved the 2025 interim profit distribution plan, proposing a cash dividend of CNY 0.628 per share - The company proposes a cash dividend of **CNY 0.628 per share (tax inclusive)** for the first half of 2025[113](index=113&type=chunk) - As of August 21, 2025, the total proposed cash dividend is **CNY 545,762,116.37 (tax inclusive)**[114](index=114&type=chunk) - This distribution represents **45.01% of the net profit** attributable to shareholders for H1 2025[114](index=114&type=chunk) - The proposal does not require shareholder meeting approval, as per the authorization granted at the 2024 Annual General Meeting[114](index=114&type=chunk) [III. Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures and Their Impact](index=28&type=section&id=III.%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) The company implemented and adjusted several equity incentive plans during the period to optimize motivation - The 2025 Restricted Stock Incentive Plan was approved, proposing an initial grant of **13.0955 million shares** to 421 participants at CNY 20.60 per share[115](index=115&type=chunk) - The 2025 plan was subsequently adjusted to grant **12.0537 million shares** at a price of CNY 20.01 per share[115](index=115&type=chunk) - The repurchase price for the 2024 Restricted Stock Incentive Plan was adjusted to CNY 11.15 per share, and **3.861 million shares were repurchased and canceled**[115](index=115&type=chunk) - The exercise price for the 2023 Stock Option Incentive Plan was adjusted to CNY 29.97 per option, and **2.1711 million options were canceled**[115](index=115&type=chunk)[117](index=117&type=chunk) - The repurchase price for the 2021 Restricted Stock Incentive Plan was adjusted, **25,200 shares were repurchased**, and 5.3928 million shares were unlocked[116](index=116&type=chunk) [IV. Environmental Information of Listed Companies and Their Main Subsidiaries Included in the List of Enterprises for Mandatory Environmental Information Disclosure](index=29&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Main%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20for%20Mandatory%20Environmental%20Information%20Disclosure) This section discloses that the company and three of its main subsidiaries are included in the list for mandatory environmental information disclosure - The number of entities included in the list for mandatory environmental information disclosure is **3**[117](index=117&type=chunk) - Tianjin AIMA Vehicle Technology Co, Ltd, Henan AIMA Vehicle Co, Ltd, and Guangdong AIMA Vehicle Technology Co, Ltd are included in the list[117](index=117&type=chunk) [Significant Matters](index=30&type=section&id=Section%205.%20Significant%20Matters) This section details the fulfillment of commitments, integrity status, major related-party transactions, and significant contracts [I. Fulfillment of Commitments](index=30&type=section&id=I.%20Fulfillment%20of%20Commitments) This section details the commitments made by controlling shareholders, directors, and senior management and confirms their strict fulfillment - The commitment by the controlling shareholder not to transfer pre-IPO shares for thirty-six months after listing has been fulfilled[121](index=121&type=chunk) - Controlling shareholders, directors, and senior management have committed that any share reduction within two years after the lock-up period will be at a price not lower than the IPO price[122](index=122&type=chunk) - The controlling shareholder has committed to avoiding competition with the company's business[123](index=123&type=chunk)[124](index=124&type=chunk) - The controlling shareholder has committed to minimizing related-party transactions and ensuring they are conducted on fair market terms[126](index=126&type=chunk)[127](index=127&type=chunk) - Controlling shareholders and senior management have committed not to interfere with company operations or encroach on company interests[128](index=128&type=chunk)[129](index=129&type=chunk) - **All commitments were strictly and timely fulfilled** during the reporting period[120](index=120&type=chunk) [IX. Statement on the Integrity Status of the Company, Its Controlling Shareholder, and Actual Controller during the Reporting Period](index=32&type=section&id=IX.%20Statement%20on%20the%20Integrity%20Status%20of%20the%20Company,%20Its%20Controlling%20Shareholder,%20and%20Actual%20Controller%20during%20the%20Reporting%20Period) The company, its controlling shareholder, and actual controller maintained a good integrity status during the reporting period - During the reporting period, the company and its controlling shareholder and actual controller had a **good integrity status**[131](index=131&type=chunk) - There were no instances of failure to comply with effective court judgments or default on significant debts[131](index=131&type=chunk) [X. Major Related-Party Transactions](index=32&type=section&id=X.%20Major%20Related-Party%20Transactions) This section discloses routine and asset acquisition-related transactions with related parties, all conducted on fair and voluntary terms [(I) Related-Party Transactions Related to Daily Operations](index=32&type=section&id=(I)%20Related-Party%20Transactions%20Related%20to%20Daily%20Operations) The company engaged in routine related-party transactions in H1 2025, with the actual amount not exceeding the approved budget Execution of Routine Related-Party Transactions in H1 2025 | Transaction Entity | Category | Related Party | 2025 Budget (CNY 10k) | H1 2025 Actual Amount (CNY 10k) | | :--- | :--- | :--- | :--- | :--- | | Company & Subsidiaries | Purchase of goods from related party | Tianjin JMA Electric Vehicle Co, Ltd | 1,000.00 | 0 | | | Provision of services to related party | | 360.00 | 0 | | | Leasing of property to related party | | 1,100.00 | 531.90 | | | Sale of goods to related party | | 3,300.00 | 0 | | | Subtotal | | 5,760.00 | 531.90 | | | Leasing of property from related party | Duan Hua | 500.00 | 238.10 | | | Receiving services and goods from related party | Henan Huabang Technology Co, Ltd | 9,900.00 | 3,236.50 | | | **Total** | | **16,160.00** | **4,006.50** | [(II) Related-Party Transactions Involving Asset or Equity Acquisitions and Disposals](index=33&type=section&id=(II)%20Related-Party%20Transactions%20Involving%20Asset%20or%20Equity%20Acquisitions%20and%20Disposals) The company purchased visual identification assets from a related party for CNY 161,400, a transaction conducted on fair terms - The company purchased and installed visual identification assets from Henan Huabang Technology Co, Ltd, a related party, for a transaction price of **CNY 161,400**[133](index=133&type=chunk) - The transaction was conducted on fair, equitable, and voluntary principles and had no significant impact on the company's financial results[133](index=133&type=chunk) [XI. Major Contracts and Their Performance](index=34&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Performance) This section discloses the company's guarantees for its subsidiaries, with a total outstanding balance of CNY 1.23 billion Guarantees for Subsidiaries (H1 2025) | Indicator | Amount (CNY) | | :--- | :--- | | Total Guarantees Provided to Subsidiaries during the Period | 1,230,502,393.37 | | Outstanding Guarantee Balance for Subsidiaries at Period-end (B) | 1,230,502,393.37 | | Total Guarantee Amount (A+B) | 1,230,502,393.37 | | Total Guarantee Amount as a Percentage of Net Assets (%) | 12.60 | | Including: Guarantees for entities with an asset-liability ratio over 70% (D) | 118,656,628.00 | - The guarantee matters were approved at the 2024 Annual General Meeting on May 6, 2025, and are within the approved scope[137](index=137&type=chunk) [Changes in Share Capital and Shareholders](index=40&type=section&id=Section%206.%20Changes%20in%20Share%20Capital%20and%20Shareholders) This section details changes in the company's share capital and provides an overview of its shareholder structure [I. Changes in Share Capital](index=40&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's total share capital changed slightly due to the unlocking of restricted shares and convertible bond conversions Statement of Changes in Share Capital (Before vs After Changes) | Item | Shares Before Change | % | Net Change (+, -) | Shares After Change | % | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Shares with Selling Restrictions | 18,949,200 | 2.20 | -5,392,800 | 13,556,400 | 1.57 | | II. Unrestricted Circulating Shares | 842,766,752 | 97.80 | 5,392,978 | 848,159,730 | 98.43 | | **III. Total Shares** | **861,715,952** | **100** | **178** | **861,716,130** | **100** | - On June 12, 2025, **5,392,800 restricted shares** from the 2021 incentive plan were unlocked and became tradable[150](index=150&type=chunk) - During the reporting period, **178 shares** were issued due to the conversion of "AIMA Convertible Bonds"[150](index=150&type=chunk) - After the reporting period, the total number of shares changed to 869,047,956, with no significant impact on financial indicators like EPS[152](index=152&type=chunk) [II. Shareholders](index=41&type=section&id=II.%20Shareholders) As of the period-end, the company had 23,748 common shareholders, with Zhang Jian being the controlling shareholder - The total number of common shareholders at the end of the reporting period was **23,748**[155](index=155&type=chunk) Top Ten Shareholders (at Period-end) | Shareholder Name | Shares Held (Shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Zhang Jian | 592,865,700 | 68.80 | Domestic Individual | | Lingshui Ding'ai Venture Capital Partnership (LP) | 26,950,000 | 3.13 | Other | | Hong Kong Securities Clearing Company Ltd | 17,925,661 | 2.08 | Other | | Han Jianhua | 6,615,000 | 0.77 | Domestic Individual | | Peng Wei | 6,221,760 | 0.72 | Domestic Individual | | Invesco Great Wall Fund - China Life Insurance - Traditional - Asset Management Plan | 4,405,941 | 0.51 | Other | | Li Shishuang | 4,088,492 | 0.47 | Domestic Individual | | Agricultural Bank of China - CSI 500 ETF | 3,821,973 | 0.44 | Other | | Invesco Great Wall Fund - China Life Insurance - Participating - Asset Management Plan | 3,739,046 | 0.43 | Other | | China Construction Bank - GF Value Leadership Mixed Fund | 3,563,509 | 0.41 | Other | Top Ten Holders of Restricted Shares and Conditions (at Period-end) | No | Shareholder Name | Restricted Shares Held (Shares) | Restriction Condition | | :--- | :--- | :--- | :--- | | 1 | Luo Qingyi | 700,000 | Equity Incentive Lock-up | | 2 | Gao Hui | 700,000 | Equity Incentive Lock-up | | 3 | Ning Huashan | 700,000 | Equity Incentive Lock-up | | 4 | Li Yubao | 500,000 | Equity Incentive Lock-up | | 5 | Zheng Hui | 500,000 | Equity Incentive Lock-up | | 6 | Yang Wanli | 500,000 | Equity Incentive Lock-up | | 7 | Tao Feng | 500,000 | Equity Incentive Lock-up | | 8 | Zhou Sixiu | 400,000 | Equity Incentive Lock-up | | 9 | Wang Chunyan | 400,000 | Equity Incentive Lock-up | | 10 | Yang Junwei | 300,000 | Equity Incentive Lock-up | [III. Directors, Supervisors, and Senior Management](index=43&type=section&id=III.%20Directors,%20Supervisors,%20and%20Senior%20Management) This section details changes in shareholdings of senior management and adjustments to equity incentive plans for directors and executives Shareholding Changes of Current and Former Directors, Supervisors, and Senior Management | Name | Position | Shares at Start of Period | Shares at End of Period | Net Change (Shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Luo Qingyi | Senior Management | 1,645,000 | 1,286,300 | -358,700 | Personal funding needs | | Zheng Hui | Senior Management | 1,130,000 | 885,010 | -244,990 | Personal funding needs | Equity Incentives Granted to Directors, Supervisors, and Senior Management (at Period-end) | Name | Position | Restricted Shares at Start of Period | Unlocked Shares | Unlocked Shares | Restricted Shares at End of Period | | :--- | :--- | :--- | :--- | :--- | :--- | | Gao Hui | Director | 1,708,000 | 1,008,000 | 700,000 | 700,000 | | Wang Chunyan | Director | 400,000 | 0 | 400,000 | 400,000 | | Luo Qingyi | Executive | 1,204,000 | 504,000 | 700,000 | 700,000 | | Li Yubao | Executive | 500,000 | 0 | 500,000 | 500,000 | | Zheng Hui | Executive | 836,000 | 336,000 | 500,000 | 500,000 | | **Total** | / | **4,648,000** | **1,848,000** | **2,800,000** | **2,800,000** | Post-Reporting Period Equity Incentive Changes for Directors and Executives | Name | Position | 2025 Restricted Shares Granted | 2024 Restricted Shares Repurchased | | :--- | :--- | :--- | :--- | | Gao Hui | Director | 300,000 | -210,000 | | Wang Chunyan | Director | 93,000 | -120,000 | | Luo Qingyi | Executive | 300,000 | -210,000 | | Li Yubao | Executive | 300,000 | -150,000 | | Zheng Hui | Executive | 223,000 | -150,000 | | Peng Wei | Director | 43,000 | N/A | [Bond-related Matters](index=45&type=section&id=Section%207.%20Bond-related%20Matters) This section provides details on the company's outstanding convertible corporate bonds [II. Convertible Corporate Bonds](index=45&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company's "AIMA Convertible Bond" has a total issuance of CNY 2 billion, with a high un-converted ratio of 99.9750% - On February 23, 2023, the company publicly issued **20 million convertible corporate bonds** with a total value of **CNY 2 billion**, under the short name "AIMA Convertible Bond" and code "113666"[168](index=168&type=chunk) - As of the end of the reporting period, there were **4,055 bondholders**[169](index=169&type=chunk) Cumulative Conversion of Bonds during the Reporting Period | Indicator | Value | | :--- | :--- | | Converted Amount during the Period (CNY) | 7,000 | | Converted Shares during the Period (Shares) | 178 | | Cumulative Converted Shares (Shares) | 12,624 | | Cumulative Converted Shares as % of Pre-conversion Total Shares | 0.0015 | | Unconverted Amount (CNY) | 1,999,500,000 | | Unconverted Bonds as % of Total Issuance | 99.9750 | Historical Adjustments to Conversion Price (Partial) | Adjustment Date | Adjusted Conversion Price (CNY) | | :--- | :--- | | May 19, 2023 | 39.99 | | September 22, 2023 | 39.64 | | July 12, 2024 | 39.11 | | August 7, 2024 | 39.12 | | October 16, 2024 | 38.79 | | June 6, 2025 | 38.20 | | Latest Conversion Price at Period-end | 38.20 | - The latest conversion price as of the disclosure date of this report is **CNY 38.08 per share**[176](index=176&type=chunk) - The company's corporate credit rating is **"AA"** with a "Stable" outlook, and the "AIMA Convertible Bond" credit rating is **"AA"**, indicating good creditworthiness[175](index=175&type=chunk) [Financial Report](index=48&type=section&id=Section%208.%20Financial%20Report) This section presents the company's audited financial statements, accounting policies, and detailed notes for the reporting period [II. Financial Statements](index=48&type=section&id=II.%20Financial%20Statements) This section provides the consolidated and parent company financial statements for the first half of 2025 - This section includes the Consolidated Balance Sheet, Parent Company Balance Sheet, Consolidated Income Statement, Parent Company Income Statement, Consolidated Cash Flow Statement, Parent Company Cash Flow Statement, Consolidated Statement of Changes in Equity, and Parent Company Statement of Changes in Equity[178](index=178&type=chunk)[181](index=181&type=chunk)[186](index=186&type=chunk)[189](index=189&type=chunk)[192](index=192&type=chunk)[195](index=195&type=chunk)[197](index=197&type=chunk)[202](index=202&type=chunk) [III. Company Basic Information](index=65&type=section&id=III.%20Company%20Basic%20Information) AIMA Technology Group Co, Ltd, established in 1999, is a leading manufacturer of short-to-medium distance transportation vehicles - AIMA Technology Group Co, Ltd was established on September 27, 1999, and entered the electric two-wheeler industry in 2004[206](index=206&type=chunk) - The company's main business is the R&D, production, and sales of electric two-wheelers and electric three-wheelers[206](index=206&type=chunk) - The Group's controlling shareholder is Mr Zhang Jian, a natural person[206](index=206&type=chunk) [IV. Basis of Preparation of Financial Statements](index=65&type=section&id=IV.%20Basis%20of%20Preparation%20of%20Financial%20Statements) The financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance - These financial statements are prepared in accordance with the "Enterprise Accounting Standards - Basic Standard" and other relevant regulations[207](index=207&type=chunk) - These financial statements are presented on a going concern basis[208](index=208&type=chunk) [V. Significant Accounting Policies and Estimates](index=65&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates used in preparing the financial statements - The Group has formulated specific accounting policies and estimates based on its operational characteristics, particularly for receivables, fixed assets, and revenue recognition[209](index=209&type=chunk) - The policies for recognition, classification, measurement, and impairment of financial instruments, including the expected credit loss model, are detailed[223](index=223&type=chunk)[224](index=224&type=chunk)[225](index=225&type=chunk)[226](index=226&type=chunk)[227](index=227&type=chunk)[228](index=228&type=chunk)[229](index=229&type=chunk)[230](index=230&type=chunk) - Inventories are measured at the lower of cost (determined by the weighted average method) and net realizable value[235](index=235&type=chunk)[236](index=236&type=chunk) - Fixed assets are depreciated using the straight-line method over their estimated useful lives[245](index=245&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services[263](index=263&type=chunk)[265](index=265&type=chunk) - Significant accounting judgments and estimates, such as impairment of financial and non-financial assets, are disclosed[275](index=275&type=chunk)[276](index=276&type=chunk)[277](index=277&type=chunk)[278](index=278&type=chunk) [VI. Taxes](index=79&type=section&id=VI.%20Taxes) This section lists the main taxes and tax rates applicable to the company and details preferential tax policies enjoyed by various entities Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Net of output tax over deductible input tax | 13%, 9%, 6%, 11%, 8% | | Urban Maintenance and Construction Tax | VAT paid | 7% | | Corporate Income Tax (CIT) | Taxable income | 25%, 20%, 15%, 22%, 21%, 17%, 16.5% | | Education Surcharge | VAT paid | 3% | | Local Education Surcharge | VAT paid | 2% | - Several subsidiaries enjoy preferential tax policies for small and micro-enterprises, with a CIT rate of **20%**[282](index=282&type=chunk) - Several subsidiaries are recognized as high-tech enterprises and are eligible for a reduced CIT rate of **15%**[283](index=283&type=chunk) - Subsidiaries located in western regions benefit from the Western Development policy, enjoying a reduced CIT rate of **15%** from 2021 to 2030[284](index=284&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=82&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on each item in the consolidated financial statements, explaining their composition and changes - Detailed disclosures are provided for asset items including cash, financial assets, receivables, inventories, long-term investments, fixed assets, and goodwill[286](index=286&type=chunk)[288](index=288&type=chunk)[289](index=289&type=chunk)[291](index=291&type=chunk)[299](index=299&type=chunk)[318](index=318&type=chunk)[330](index=330&type=chunk)[339](index=339&type=chunk)[346](index=346&type=chunk)[350](index=350&type=chunk)[354](index=354&type=chunk)[358](index=358&type=chunk) - Detailed disclosures are provided for liability items including short-term borrowings, payables, contract liabilities, employee benefits payable, and bonds payable[374](index=374&type=chunk)[377](index=377&type=chunk)[378](index=378&type=chunk)[381](index=381&type=chunk)[385](index=385&type=chunk)[386](index=386&type=chunk)[388](index=388&type=chunk)[390](index=390&type=chunk)[392](index=392&type=chunk)[396](index=396&type=chunk)[399](index=399&type=chunk)[400](index=400&type=chunk)[406](index=406&type=chunk)[409](index=409&type=chunk) - Detailed disclosures are provided for equity items including share capital, capital reserve, treasury stock, and retained earnings[411](index=411&type=chunk)[414](index=414&type=chunk)[416](index=416&type=chunk)[419](index=419&type=chunk)[421](index=421&type=chunk)[423](index=423&type=chunk)[425](index=425&type=chunk) - Detailed disclosures are provided for income statement items including revenue, costs, expenses, investment income, and income tax expense[428](index=428&type=chunk)[431](index=431&type=chunk)[435](index=435&type=chunk)[436](index=436&type=chunk)[437](index=437&type=chunk)[438](index=438&type=chunk)[439](index=439&type=chunk)[441](index=441&type=chunk)[443](index=443&type=chunk)[444](index=444&type=chunk)[445](index=445&type=chunk)[447](index=447&type=chunk)[449](index=449&type=chunk)[450](index=450&type=chunk) - Detailed disclosures are provided for cash flow statement items and other financial information[453](index=453&type=chunk)[459](index=459&type=chunk)[461](index=461&type=chunk)[462](index=462&type=chunk)[464](index=464&type=chunk)[466](index=466&type=chunk)[468](index=468&type=chunk)[470](index=470&type=chunk)[472](index=472&type=chunk)[473](index=473&type=chunk)[474](index=474&type=chunk) [VIII. R&D Expenditures](index=129&type=section&id=VIII.%20R&D%20Expenditures) This section details the company's R&D expenditures for the period, which totaled CNY 352.09 million, a 19.69% increase R&D Expenditures by Nature (Current Period vs Prior Period) | Item | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Personnel Costs | 175,099,727.03 | 143,746,338.05 | | Depreciation & Amortization | 104,727,157.25 | 84,797,246.71 | | Professional Service Fees | 40,856,132.62 | 39,360,739.73 | | Others | 31,401,996.20 | 26,259,822.07 | | **Total** | **352,085,013.10** | **294,164,146.56** | | Of which: Expensed R&D | 352,085,013.10 | 294,164,146.56 | [IX. Changes in the Scope of Consolidation](index=129&type=section&id=IX.%20Changes%20in%20the%20Scope%20of%20Consolidation) This section discloses changes in the consolidation scope, including business combinations, disposal of subsidiaries, and establishment of new entities - A business combination not under common control occurred, with the company gaining control of Wuxi Sales and including it in the consolidation scope[478](index=478&type=chunk) - The company disposed of its subsidiary Jinri Yangguang, losing control, for a consideration of **CNY 30,008,000.00**[484](index=484&type=chunk) - New subsidiaries were established, including Tianjin Qingfeng Changqi Mobility Technology Co, Ltd and PT AIMA TECH INDONESIA[485](index=485&type=chunk) [X. Interests in Other Entities](index=133&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in its subsidiaries, joint ventures, and associates - The company's shareholding ratios in dozens of subsidiaries, most of which are wholly-owned or controlled, are listed[486](index=486&type=chunk)[487](index=487&type=chunk) - The company's interests in associates such as Tianjin JMA Electric Vehicle Co, Ltd are disclosed[495](index=495&type=chunk) - In March 2025, the company acquired the remaining 35% stake in Shanghai AIMA Culture Communication Co, Ltd, making it a wholly-owned subsidiary[489](index=489&type=chunk) - Although holding a 50% equity stake in Wuxi Sales, the Group has **51% of the voting rights** and appoints the executive director, thus consolidating it[489](index=489&type=chunk) [XI. Government Grants](index=137&type=section&id=XI.%20Government%20Grants) This section discloses government grants, with a period-end balance of asset-related deferred income of CNY 457.33 million Liability Items Related to Government Grants (at Period-end) | Item | Beginning Balance (CNY) | New Grants (CNY) | Recognized in Non-operating Income (CNY) | Transferred to Other Income (CNY) | Ending Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 461,046,793.98 | 17,892,990.00 | 0 | 21,601,331.22 | 457,327,852.76 | Asset-related | Government Grants Recognized in Current Profit or Loss (Current Period vs Prior Period) | Type | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Asset-related | 21,601,331.22 | 6,781,592.30 | | Income-related | 96,600.00 | 69,372,000.00 | | Other | 1,641,489.42 | 7,370,879.09 | | **Total** | **23,339,420.64** | **83,524,471.39** | [XII. Risks Related to Financial Instruments](index=138&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section describes the company's exposure to credit, liquidity, and market risks and outlines its risk management policies - The Group is exposed to various financial instrument risks, primarily credit risk, liquidity risk, and market risk[498](index=498&type=chunk) - **Credit risk** is managed by transacting with reputable third parties and continuously monitoring receivable balances[498](index=498&type=chunk) - **Liquidity risk** is managed by maintaining a balance between funding continuity and flexibility through various financing instruments[499](index=499&type=chunk) Maturity Analysis of Financial Liabilities by Undiscounted Contractual Cash Flows (June 30, 2025) | Financial Liability | Within 1 Year (CNY) | 1 to 2 Years (CNY) | 2 to 3 Years (CNY) | Over 3 Years (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Payable | 5,629,871,426.91 | 0 | 0 | 0 | 5,629,871,426.91 | | Accounts Payable | 4,910,100,049.66 | 0 | 0 | 0 | 4,910,100,049.66 | | Other Payables | 1,196,341,016.52 | 0 | 0 | 0 | 1,196,341,016.52 | | Lease Liabilities | 1,527,384.66 | 10,279,765.93 | 685,083.31 | 0 | 12,492,233.90 | | Non-current Liabilities Due within One Year | 29,255,865.11 | 0 | 0 | 0 | 29,255,865.11 | | Bonds Payable | 14,163,125.00 | 24,160,625.00 | 32,991,750.00 | 2,257,435,500.00 | 2,328,751,000.00 | | **Total** | **11,781,258,867.86** | **34,440,390.93** | **33,676,833.31** | **2,257,435,500.00** | **14,106,811,592.10** | - **Foreign exchange risk** arises from transactions in currencies other than the functional currency but is not expected to have a material impact[500](index=500&type=chunk) [XIII. Fair Value Disclosures](index=139&type=section&id=XIII.%20Fair%20Value%20Disclosures) This section discloses the fair value of assets and liabilities measured at fair value, totaling CNY 4.32 billion Fair Value of Assets and Liabilities at Period-end | Item | Level 1 Fair Value (CNY) | Level 2 Fair Value (CNY) | Level 3 Fair Value (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | I. Continuous Fair Value Measurement | 4,301,053,286.52 | 14,381,988.27 | 0 | 4,315,435,274.79 | | (I) Trading Financial Assets | 4,301,053,286.52 | 0 | 0 | 4,301,053,286.52 | | 1. Financial assets at FVTPL | 4,301,053,286.52 | 0 | 0 | 4,301,053,286.52 | | (VI) Receivables Financing | 0 | 14,381,988.27 | 0 | 14,381,988.27 | | **Total Assets at Continuous Fair Value** | **4,301,053,286.52** | **14,381,988.27** | **0** | **4,315,435,274.79** | [XIV. Related Parties and Related-Party Transactions](index=140&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This section details the company's related parties and the transactions conducted with them during the reporting period - The company's subsidiaries, joint ventures, associates, and other related parties are disclosed[505](index=505&type=chunk)[506](index=506&type=chunk) Purchases of Goods/Services (Current Period) | Related Party | Transaction Content | Amount (CNY) | | :--- | :--- | :--- | | Henan Huabang Technology Co, Ltd | Purchase of raw materials | 32,364,962.44 | | Tianjin Chuangling Intelligent Technology Co, Ltd | Purchase of raw materials | 35,837,415.63 | | Tianjin Xintai Precision Technology Co, Ltd | Purchase of raw materials | 119,982,905.87 | | Chongqing Tanglong Vehicle Technology Co, Ltd | Purchase of raw materials | 22,568,058.97 | | Chongqing Sanjing Innovation Technology Co, Ltd | Purchase of raw materials | 46,403,315.69 | | **Total** | | **258,883,051.11** | Sales of Goods/Services (Current Period) | Related Party | Transaction Content | Amount (CNY) | | :--- | :--- | :--- | | Tianjin Xintai Precision Technology Co, Ltd | Sales of goods, provision of services | 1,897,888.06 | | Tianjin Chuangling Intelligent Technology Co, Ltd | Sales of goods, provision of services | 606,157.21 | | Tianjin Mofang Mobility Technology Co, Ltd | Sales of goods, provision of services | 1,035,957.52 | | Zhejiang Tanglong Vehicle Co, Ltd | Provision of services | 403,785.18 | | Chongqing Sanjing Innovation Technology Co, Ltd | Provision of services | 27,935.06 | | AIMA Technology (Hangzhou) Co, Ltd | Sales of goods, provision of services | 76,995,913.17 | | **Total** | | **80,967,636.20** | Company as Lessor (Lease Income Recognized in Current Period) | Lessee Name | Leased Asset Type | Lease Income (CNY) | | :--- | :--- | :--- | | Tianjin JMA Electric Vehicle Co, Ltd | Building lease | 5,319,016.74 | | Tianjin Mofang Mobility Technology Co, Ltd | Building lease | 0 | | Tianjin Chuangling Intelligent Technology Co, Ltd | Building lease | 1,132,516.78 | | Tianjin Xintai Precision Technology Co, Ltd | Building lease | 2,394,650.83 | | Chongqing Sanjing Innovation Technology Co, Ltd | Building lease | 519,817.04 | | Zhejiang Tanglong Vehicle Co, Ltd | Building lease | 725,013.03 | | **Total** | | **10,091,014.42** | Related-Party Asset Transfers (Purchase of Fixed Assets) | Related Party | Transaction Content | Amount (CNY) | | :--- | :--- | :--- | | Henan Huabang Technology Co, Ltd | Purchase of fixed assets | 161,362.83 | | Tianjin Xintai Precision Technology Co, Ltd | Purchase of fixed assets | 284,513.27 | | Zhejiang Ersan Si Mould Co, Ltd | Purchase of fixed assets | 10,932,212.39 | | Tianjin Mofang Mobility Technology Co, Ltd | Purchase of fixed assets | 0 | | Chongqing Tanglong Vehicle Technology Co, Ltd | Purchase of fixed assets | 451,327.43 | | Tianjin Chuangling Intelligent Technology Co, Ltd | Purchase of fixed assets | 53,097.35 | | **Total** | | **11,882,513.27** | Key Management Personnel Compensation | Item | Amount (CNY) | | :--- | :--- | | Key Management Personnel Compensation | 8,439,096.13 | Payables to Related Parties (Ending Balance) | Item | Related Party | Ending Balance (CNY) | | :--- | :--- | :--- | | Accounts Payable | Tianjin JMA Electric Vehicle Co, Ltd | 840,550.47 | | Accounts Payable | Henan Huabang Technology Co, Ltd | 19,717,650.87 | | Accounts Payable | Tianjin Chuangling Intelligent Technology Co, Ltd | 11,674,642.01 | | Accounts Payable | Chongqing Sanjing Innovation Technology Co, Ltd | 32,981,963.35 | | Accounts Payable | Chongqing Tanglong Vehicle Technology Co, Ltd | 13,385,824.34 | | Accounts Payable | Tianjin Xintai Precision Technology Co, Ltd | 39,073,303.85 | [XV. Share-Based Payments](index=145&type=section&id=XV.%20Share-Based%20Payments) This section details the company's various equity incentive plans and the total share-based payment expense for the period Details of Equity Instruments (Granted, Unlocked, Lapsed in Current Period) | Plan | Granted (Shares) | Granted Amount (CNY) | Exercised (Shares) | Exercised Amount (CNY) | Unlocked (Shares) | Unlocked Amount (CNY) | Lapsed (Shares) | Lapsed Amount (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2021 Restricted Stock | 0 | 0 | 0 | 0 | 5,392,800 | 36,293,544.00 | 25,200 | 169,596.00 | | 2023 Stock Options | 0 | 0 | 0 | 0 | 0 | 0 | 2,171,100 | 65,067,867.00 | | 2024 Restricted Stock | 0 | 0 | 0 | 0 | 0 | 0 | 3,861,000 | 43,050,150.00 | | 2025 Restricted Stock | 11,968,524 | 239,490,165.24 | 0 | 0 | 0 | 0 | 0 | 0 | | **Total** | **11,968,524** | **239,490,165.24** | **0** | **0** | **5,392,800** | **36,293,544.00** | **6,057,300** | **108,287,613.00** | Share-Based Payment Expense for the Current Period | Item | Amount (CNY) | | :--- | :--- | | Production Staff | 39,213.69 | | Sales Staff | 1,948,963.19 | | Administrative Staff | 4,047,076.52 | | R&D Staff | 1,506,531.66 | | **Total** | **7,541,785.06** | [XVI. Commitments and Contingencies](index=147&type=section&id=XVI.%20Commitments%20and%20Contingen

爱玛科技集团股份有限公司 募集资金专项存储与使用管理制度 第一章 总 则 第一条 为规范爱玛科技集团股份有限公司（以下简称"公司"）募集资金 的使用与管理，提高募集资金使用效益，切实保护投资者的合法权益，依据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司募集资金监管规则》 《上海证券交易所股票上市规则》等法律、法规及规范性文件的要求,以及《爱 玛科技集团股份有限公司章程》（以下简称"《公司章程》"）的规定，特制定 本制度。 第二条 本制度所指募集资金是指公司通过发行股票或者其他具有股权性质 的证券，向投资者募集并用于特定用途的资金，但不包括公司实施股权激励计划 募集的资金。 本制度所称超募资金是指实际募集资金净额超过计划募集资金金额的部分。 第三条 公司应当审慎使用募集资金，按照招股说明书或者其他公开发行募 集文件所列用途使用，不得擅自改变用途。 募集资金投资项目通过公司的子公司或者公司控制的其他企业实施的，公司 应当确保该子公司或者受控制的其他企业遵守本制度的规定。 第四条 公司董事会应当持续关注募集资金存放、管理和使用情况，有效防 范投资风险，提高募集资金使用效益。 公司的董事和高级管理人员 ...

爱玛科技集团股份有限公司 关联交易管理办法 第一章 总 则 第一条 为规范爱玛科技集团股份有限公司（以下简称"本公司"或"公司"） 的关联交易行为，保障公司及中小股东的合法权益，根据《中华人民共和国公司 法》《上海证券交易所股票上市规则》（以下简称"《上市规则》"）等法律、 法规、规范性文件及《爱玛科技集团股份有限公司章程》（以下简称"《公司章 程》"）的有关规定，制定本办法。 第二条 公司应当保证关联交易的合法性、必要性、合理性和公允性，保持 公司的独立性，不得利用关联交易调节财务指标，损害公司利益。交易各方不得 隐瞒关联关系或者采取其他手段，规避公司的关联交易审议程序和信息披露义务。 第二章 关联人 第三条 本办法所称公司关联人包括关联法人（或者其他组织）和关联自然 人。 第四条 具有以下情形之一的法人（或者其他组织），为公司的关联法人（或 者其他组织）： （一）直接或间接控制公司的法人（或者其他组织）； （二）由前项所述法人（或者其他组织）直接或间接控制的除公司、控股 子公司及控制的其他主体以外的法人（或者其他组织）； （三）由本办法第五条所列公司的关联自然人直接或间接控制的、或者担 任董事（不含同为双 ...

爱玛科技集团股份有限公司 独立董事工作制度 第一章 总则 第一条 为进一步完善爱玛科技集团股份有限公司（以下简称"公司"）法 人治理结构建设，为独立董事创造良好的工作环境，促进公司规范运行，根据《中 华人民共和国公司法》《上市公司治理准则》《上市公司独立董事管理办法》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证券交易所股 票上市规则》等法律、法规、规章、规范性文件及《爱玛科技集团股份有限公司 章程》（以下简称"《公司章程》"）的规定，结合公司实际，制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主 要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独 立客观判断关系的董事。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务。独立董事应当按 照相关法律、行政法规、中国证券监督管理委员会（以下简称"中国证监会"） 规定、证券交易所业务规则和《公司章程》的规定，认真履行职责，在董事会中 发挥参与决策、监督制衡、专业咨询作用，维护公司整体利益，保护中小股东合 法权益。 第四条 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人 等单位 ...

爱玛科技集团股份有限公司 董事会议事规则 （六）拟订公司重大收购或者合并、分立、解散及变更公司形式的方案；拟 订本章程第二十五条第一款第（一）项、第（二）项规定情形的收购本公司股票 方案；决定本章程第二十五条第一款第（三）项、第（五）项、第（六）项规定 情形的收购本公司股票方案； （七）在股东会授权范围内，决定公司对外投资、收购出售资产、资产抵押、 1 第一章 总则 第一条 为确保爱玛科技集团股份有限公司（以下简称"公司"）董事会高 效运作和科学决策，规范董事会及内部机构运作程序，发挥董事会的经营决策中 心作用，依据《中华人民共和国公司法》（以下简称"《公司法》"）等法律、 法规、规章、规范性文件和《爱玛科技集团股份有限公司章程》（以下简称"《公 司章程》"）规定，结合公司实际，制定本规则。 第二条 董事会是公司的常设机构，由九名董事组成，其中独立董事三名， 职工代表担任的董事一名。设董事长一名，副董事长一名。 第三条 董事会应确保独立运行，对股东会负责并向其报告工作。 第二章 董事会职权 第四条 董事会对股东会负责，行使下列职权： （一）召集股东会，并向股东会报告工作； （二）执行股东会的决议； （三）决定 ...

爱玛科技集团股份有限公司 对外投资管理办法 第一章 总 则 第一条 为了进一步规范爱玛科技集团股份有限公司（以下简称"公司"） 的投资行为，提高投资效益，降低投资风险，保障公司投资的保值、增值，根据 《中华人民共和国公司法》（以下简称"《公司法》"）、《上海证券交易所股 票上市规则》（以下简称"《上市规则》"）等法律、法规、规范性文件以及《爱 玛科技集团股份有限公司章程》（以下简称"《公司章程》"）等相关规定，并 结合公司的实际情况，制定本办法。 第二条 公司的投资应遵循的基本原则：遵守国家法律、法规，符合国家产 业政策；符合公司发展战略和中长期发展规划，合理配置公司资源，创造良好经 济效益；注重风险防范，保证资金的安全运行。 第三条 本办法适用于公司及其所属的全资子公司、控股子公司（以下统称 "子公司"）的一切对外投资行为。 第四条 本办法所称的对外投资是指公司为获取未来收益而将一定数量的 货币资金、股权或者经评估后的实物或无形资产作价出资，对外进行各种形式的 投资活动，具体包括： （一）收购实物资产或无形资产等； （二）股权投资，主要是指以控股、参股等形式向其他企业进行投资，并 依法参与管理； （三）非本 ...

第二章 一般原则 爱玛科技集团股份有限公司 对外担保管理办法 第一章 总 则 第一条 为进一步规范爱玛科技集团股份有限公司(以下简称"公司"或"本 公司")对外担保的管理，保护公司财产安全，控制经营风险，依据《中华人民 共和国公司法》《中华人民共和国证券法》《中华人民共和国民法典》《上海证 券交易所股票上市规则》等法律、法规和规范性文件以及《爱玛科技集团股份有 限公司章程》（以下简称"《公司章程》"）的规定，特制定本办法。 第二条 公司对外担保实行统一管理，非经公司批准、授权，任何人无权以 公司名义签署对外担保的合同、协议或其他类似的法律文件。 第三条 本办法所称"对外担保"，是指公司及控股子公司为他人提供的担 保，包括公司对控股子公司的担保。担保形式包括一般保证、连带责任保证、抵 押、质押等。 第四条 本办法所称"公司及公司控股子公司的对外担保总额"是指包括公 司对控股子公司担保在内的公司对外担保总额与公司控股子公司对外担保总额 之和。 第五条 未经公司董事会或股东会批准，公司不得对外提供担保。 （三）公司全体董事及经营层应当审慎对待对外担保，严格控制对外担保 产生的债务风险，对任何强令公司为他人提供担保的 ...

爱玛科技集团股份有限公司 股东会议事规则 第一章 总则 第一条 为规范公司行为，保证股东会依法行使职权，提高股东会议事效率， 保障股东合法权益，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规 则》《上海证券交易所股票上市规则》等法律、法规、规章、规范性文件及《爱 玛科技集团股份有限公司章程》（以下简称"《公司章程》"）的规定，制定本 规则。 第二条 公司应当严格按照法律、行政法规、本规则及《公司章程》的相关 规定召开股东会,保证股东能够依法行使权利。 公司董事会应当切实履行职责,认真、按时组织股东会。公司全体董事应当 勤勉尽责,确保股东会正常召开和依法行使职权。 第三条 股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第四条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 应当于上一会计年度结束后的六个月内举行。临时股东会不定期召开，有下列情 形之一的，公司在事实发生之日起两个月内召开临时股东会： （一）董事人数不足《公司法》规定人数或公司章程规定的董事人数三分之 二时； （二）公司未弥补的亏损达股本总额 ...

爱玛科技集团股份有限公司 章程 | | | 第一章 总 则 第一条 为维护爱玛科技集团股份有限公司（以下简称"公司"）、股东、 职工和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司 法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》） 和其他有关规定，制定本章程。 第二条 公司系依照《公司法》和其他相关法律、法规成立的股份有限公司。 公司由张剑、乔保刚、余林、刘建欣、韩建华、李世爽、彭伟以发起设立方 式于 2009 年 9 月 15 日设立，公司在天津市市场和质量监督管理委员会登记注册， 取得营业执照，统一社会信用代码为 9112000071821557X4。 第三条 公司于 2021 年 5 月 20 日经中国证券监督管理委员会（以下简称"中 国证监会"）核准，首次向社会公众发行人民币普通股 6,500 万股，于 2021 年 6 月 15 日在上海证券交易所上市。 第四条 公司注册名称： 中文名称：爱玛科技集团股份有限公司。 英文名称：AIMA TECHNOLOGY GROUP CO.,LTD. 第五条 公司住所：天津市静海经济开发区南区爱玛路 5 号。 邮政编码： ...

本制度所称"控股股东"是指具备下列条件之一的股东：持有的股份占公司 股本总额超过 50%的股东；持有股份的比例虽然未超过 50%，但依其持有的股份 所享有的表决权已足以对股东会的决议产生重大影响的股东；有关法律法规和中 国证监会及上海证券交易所认定的其他情形。 本制度所称"实际控制人"是指通过投资关系、协议或者其他安排，能够实 际支配公司行为的自然人、法人或者其他组织。 本制度所称"关联方"是指根据《上海证券交易所股票上市规则》等法律、 法规和规范性文件所界定的关联方，包括关联法人（或其他组织）和关联自然人。 第三条 本制度所称资金占用，包括经营性资金占用和非经营性资金占用两 种情况。 经营性资金占用是指公司的控股股东、实际控制人及其他关联方通过采购、 销售等生产经营环节的关联交易所产生的对公司的资金占用； 非经营性资金占用是指公司为控股股东、实际控制人及其他关联方垫付工资、 爱玛科技集团股份有限公司 规范与关联方资金往来的管理制度 第一条 为规范爱玛科技集团股份有限公司（以下简称"公司"）与控股股 东、实际控制人及其他关联方的资金往来，保护投资者合法权益，根据《中华人 民共和国公司法》《中华人民共和国证券法 ...