Group 1 - The core viewpoint of the article is that Aima Technology (603529.SH) is rated as a buy due to favorable industry conditions and company performance [2] Group 2 - Industry analysis indicates that domestic sales policies and the recovery of exports create a promising outlook for the two-wheeler industry [2] - Company analysis highlights Aima's focus on deepening its two-wheeler product line while expanding into three-wheeler business, along with continuous breakthroughs in production and distribution channels [2]

Core Insights - Aima Technology's stock price closed at 34.66 yuan on July 31, 2025, down by 0.99 yuan, a decrease of 2.78% from the previous trading day [1] - The company reported a revenue of 6.232 billion yuan in Q1 2025, representing a year-on-year growth of 25.82%, and a net profit of 593 million yuan, up by 31.57% year-on-year [1] - Aima Technology's main business includes the research, production, and sales of electric two-wheeled vehicles, including electric bicycles and electric motorcycles, within the transportation equipment industry [1] Business Performance - The trading volume on the day was 75,537 hands, with a transaction amount of 264 million yuan [1] - The company's performance growth is driven by product structure and channel optimization [1] - A new safety technical specification for electric bicycles will be implemented starting September 1, which may impact the industry [1]

Group 1 - The core viewpoint of the report is that Aima Technology (603529.SH) is rated as a "buy" with a target price of 56.64 yuan, reflecting a positive outlook on the company's growth potential [2] - The report highlights that advancements in three-electric technology and smart features are driving an increase in average selling price (ASP), with clear growth logic in product and channel optimization [2] - The second growth curve for the company includes international expansion and the electric tricycle segment, which opens up new growth opportunities [2] Group 2 - The report mentions potential risks such as weak stimulus for terminal replacement through trade-in programs, intense competition leading to price wars, significant fluctuations in raw material prices, risks associated with share unlocks, and the risk of convertible bonds trading above the current stock price [2]

证券之星消息，7月31日摩托车及其他板块较上一交易日下跌1.6%，爱玛科技领跌。当日上证指数报收 于3573.21，下跌1.18%。深证成指报收于11009.77，下跌1.73%。摩托车及其他板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 301322 | 绿植科技 | 28.72 | 2.10% | | 4.36万 | 1.24亿 | | 003033 | 征和工业 | 43.98 | 0.59% | | 3.65万 | 1.62亿 | | 002105 | 信隆健康 | 7.55 | 0.27% | | 9.62万 | 7249.99万 | | 601777 | 千里科技 | 8.22 | -0.96% | | - 31.62万 | 2.60亿 | | 6000689 | 九号公司 | 60.52 | -1.05% | | 15.17万 | 9.36亿 | | 603766 | 隆鑫通用 | 12.05 | -1.07% | | 17.15万 | 2.0 ...

Core Viewpoint - Aima Technology (爱玛科技) is positioned for growth driven by product and channel optimization, with a target price of 56.64 yuan and a "buy" rating from Guojin Securities [1] Group 1: Product and Channel Optimization - The average selling price (ASP) is expected to rise due to advancements in three-electric technology and increased smart features in products [2] - The company is expanding its product line to attract a broader consumer base, particularly targeting male customers [2] - There is potential for channel growth with over 30,000 stores, focusing on improving store efficiency and upgrading locations in first and second-tier cities [2] Group 2: Industry Dynamics - The electric two-wheeler industry is anticipated to benefit from new national standards, product launches, and trade-in policies, enhancing market conditions [2] - In the first half of 2025, domestic sales of electric two-wheelers are projected to reach 32.32 million units, a year-on-year increase of 29.5%, with Aima's sales growing by 39.2% [2] Group 3: New Growth Areas - The electric three-wheeler segment is expected to generate 1.95 billion yuan in revenue in 2024, with a gross margin of 22.4% and sales of 550,000 units, reflecting a year-on-year growth of 29% [3] - Aima is expanding its brand internationally, with over 100 stores in Southeast Asia and plans to enter the European and American markets through e-bikes [3] Group 4: Financial Projections and Valuation - Forecasted net profits for 2025, 2026, and 2027 are 2.46 billion, 2.92 billion, and 3.32 billion yuan, respectively, representing year-on-year growth of 23.8%, 18.8%, and 17.1% [4] - The company is valued at a 20x P/E ratio for 2025, aligning with its industry leadership and channel advantages [4]

Core Viewpoint - The electric bicycle market in Southeast Asia is experiencing rapid growth, driven by government incentives and increasing market demand, presenting opportunities for Chinese brands like Yadea, Aima, and Tailg to expand their presence in the region [2][3]. Market Overview - China has over 350 million electric two-wheelers, indicating limited future growth domestically, while Southeast Asia has a motorcycle household penetration rate of 75%, significantly higher than the global average of 29% [3]. - The ASEAN electric two-wheeler market is projected to reach USD 1.0778 billion in 2024 and grow to USD 2.232 billion by 2030, with a compound annual growth rate (CAGR) of 12.90% from 2025 to 2030 [3]. Government Policies - Southeast Asian governments are implementing favorable policies to encourage the transition from fuel to electric vehicles, such as zero tariffs on electric motorcycle imports in the Philippines and a target for 25% of two-wheel sales to be electric in Vietnam by 2030 [6]. - Vietnam plans to establish 10,000 public charging points to support the adoption of electric motorcycles, although the lack of standardized charging infrastructure may hinder penetration rates [6]. Competitive Landscape - Traditional fuel motorcycle manufacturers like Honda, Yamaha, and Suzuki dominate the market but are slow to transition to electric, creating opportunities for Chinese electric two-wheeler manufacturers to enter Southeast Asia [9][10]. - Chinese brands are investing in local production facilities in countries like Indonesia, Vietnam, and Thailand, with Yadea already operating over 400 stores in Vietnam [10]. Consumer Preferences - Southeast Asian consumers prioritize economic practicality, reliable range, and affordable pricing when choosing electric two-wheelers, which aligns with the strengths of Chinese manufacturers in cost control and supply chain integration [12]. - The demand for electric motorcycles with a range of over 100 kilometers and low maintenance costs is significant, especially in regions with challenging climates and infrastructure [14]. Industry Trends - The development of battery swapping models is seen as a key trend in the electric motorcycle market, similar to the initial growth path of electric vehicles in China [12]. - The focus on practical and economical solutions in Southeast Asia contrasts with the emphasis on lightweight and high energy density in the European and American markets [13].

Core Points - Recent reports indicate that a single key can unlock multiple Aima electric vehicles, raising concerns about security and design flaws [1][3][5] - Users have shared their experiences on social media, highlighting instances where they mistakenly used someone else's vehicle due to key compatibility issues [3][5] - Aima's customer service has not received formal complaints regarding this issue, but they suggest users verify their vehicles at local stores [1][5] Group 1 - A user reported that their key opened several Aima electric vehicles, which was corroborated by multiple similar experiences shared online [1][3] - One incident involved a user finding their vehicle being used by another person, who had mistakenly taken it due to the similarity in appearance and key functionality [3] - Aima's public relations team has not provided a response to inquiries about the key compatibility issue, despite attempts to reach them [1][5] Group 2 - Aima's customer service indicated a lack of awareness regarding the key compatibility issue and recommended contacting the purchase store for resolution [5] - Previous media reports suggested that while keys are not designed to be universal, the similarity in lock cylinders could lead to compatibility issues [5] - Industry experts noted that the probability of mechanical lock compatibility may arise from cost-cutting measures by suppliers, resulting in higher key duplication rates [5]

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-053 | | --- | --- | --- | | 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 2025 年限制性股票激励计划首次授予结果公告 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： 首次授予限制性股票登记日：2025 年 7 月 25 日 首次授予限制性股票登记数量：11,968,524 股，其中股票来源为公司从 二级市场回购的公司股票 750,524 股，股票来源为公司向激励对象定向发行的公 司股票 11,218,000 股。 根据中国证监会《上市公司股权激励管理办法》、上海证券交易所、中国证 券登记结算有限责任公司上海分公司有关规定，爱玛科技集团股份有限公司（以 下简称"公司"）已于 2025 年 7 月 25 日在中国证券登记结算有限责任公司上海 分公司办理完成公司 2025 年限制性股票激励计划（以下简称"本次激励计划"） 首次授予部分的登记工作，现将相关事项公告如下 ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-054 | | --- | --- | --- | | 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 2025 年限制性股票激励计划首次授予登记完成调整"爱 玛转债"转股价格的公告 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： 证券停复牌情况：适用 因限制性股票首次授予登记需调整"爱玛转债"转股价格,本公司的相关证 券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113666 | 爱玛转债 | 可转债转股停牌 | 2025/7/29 | 全天 | 2025/7/29 | 2025/7/30 | 爱玛科技集团股份有限公司（以下简称"公司"）于 2023 年 2 月 23 日公开发 行 2,000 万张可转换公司债券，每张面值 1 ...

Investment Rating - The report provides a positive outlook on various sectors, indicating a stable recovery in the home furnishing and paper packaging sectors, while new tobacco and packaging sectors show robust growth [3][4]. Core Insights - The home furnishing sector is expected to see marginal improvement in domestic demand due to government support for consumption upgrades, with a focus on companies with high dividend yields and growth certainty for 2025 [5][10]. - The new tobacco sector is experiencing growth, particularly in heated tobacco products (HTP), with significant sales increases reported in Europe and a growing user base for IQOS [11]. - The paper packaging sector is facing a gradual recovery in pulp prices, with a focus on companies that maintain strong market positions and high dividends [12]. - The light consumer goods and pet food sectors are under pressure, but there are opportunities in innovative product launches and channel expansion [15]. - The two-wheeler sector is poised for a rebound with government subsidies and new standards expected to drive demand [16][17]. Summary by Sections Home Furnishing - Domestic sales are expected to improve due to government initiatives, with a focus on companies with strong growth prospects and high dividends [5][10]. - Export figures show a slight increase in June, but a cumulative decline for the first half of the year [10]. New Tobacco - HNB sales increased by 10.5% year-on-year, with a growing user base for IQOS [11]. - The regulatory environment in the U.S. is tightening, which may benefit compliant market players [11]. Paper Packaging - Pulp prices have shown slight increases, but overall market conditions remain challenging [12]. - Companies with strong market positions and dividend policies are recommended for investment [12]. Light Consumer Goods & Pet Food - The sector is facing challenges, but there are opportunities in new product launches and expanding distribution channels [15]. - Online sales data indicates mixed performance across different product categories [23]. Two-Wheeler - The sector is expected to benefit from government subsidies and new regulations, with a focus on companies that can leverage these changes for growth [16][17]. - Recent data shows a significant number of electric bikes being replaced under the subsidy program [26][27].