3、公司本次激励计划所确定的激励对象不存在下列情形： 爱玛科技集团股份有限公司董事会薪酬与考核委员会 关于公司 2025 年限制性股票激励计划相关事项的核查意见 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股权 激励管理办法》以及《公司章程》等有关法律法规及规范性文件的规定，爱玛科 技集团股份有限公司（以下简称"公司"）董事会薪酬与考核委员会对《爱玛科 技集团股份有限公司 2025 年限制性股票激励计划（草案）》（以下简称"《激 励计划（草案）》"或"本次激励计划"）及其摘要相关事项进行了仔细阅读和 审核。现发表核查意见如下： 1、公司本次激励计划的制定、审议流程和内容符合《中华人民共和国公司 法》《中华人民共和国证券法》《上市公司股权激励管理办法》等有关法律、法 规和规范性文件以及《公司章程》的规定；对各激励对象获授限制性股票的授予 安排、解除限售安排（包括但不限于授予额度、授予日期、授予条件、授予价格、 限售期、解除限售期、解除限售条件等事项）未违反有关法律、法规和规范性文 件的规定，未侵犯公司及全体股东的利益。 2、公司不存在《上市公司股权激励管理办法》等法律、法规规定的禁止实 施股权 ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-031 | | --- | --- | --- | | 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 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。 爱玛科技集团股份有限公司（以下称"公司"）第五届董事会第三十二次会 议于 2025 年 5 月 23 日以通讯方式召开，会议通知已于 2025 年 5 月 19 日以书面 及电子邮件方式发出。公司董事共 9 人，参会董事 9 人，会议由公司董事长张剑 先生主持。会议召开符合《公司法》和《公司章程》的规定。与会董事一致通过 如下决议： 一、审议通过了《关于<公司 2025 年限制性股票激励计划（草案）>及其摘 要的议案》 本议案尚需提交公司 2025 年第一次临时股东大会审议，具体内容详见公司 同日披露于上海证券交易所网站（www.sse.com.cn）及指定信息披露媒体上的相 关公告。 二、审议通过了《关于<公司 2025 年限制性股票激励计划实施考核管理办 法>的议案 ...

Group 1 - The shared bicycle concept sector declined by 1.55%, ranking among the top declines in concept sectors, with major declines seen in companies like Xinlong Health, Zhejiang Wenlian, and Boshi Jie [1] - Among the shared bicycle sector, only four stocks saw price increases, with Keli Yuan, Shanghai Phoenix, and Hemei Group leading the gains at 2.05%, 1.81%, and 0.98% respectively [1] - The shared bicycle sector experienced a net outflow of 383 million yuan from main funds today, with Zhejiang Wenlian seeing the largest outflow of 265 million yuan [2] Group 2 - The top gainers in today's concept sectors included graphite electrodes at 2.57%, recombinant proteins at 2.52%, and gold concepts at 2.06%, while the shared bicycle sector was among the top decliners [2] - The main funds saw significant outflows from several companies in the shared bicycle sector, with Xinlong Health and Zhongbei Communication also experiencing notable outflows of 60.86 million yuan and 38.73 million yuan respectively [2] - The top inflows in the shared bicycle sector were seen in Keli Yuan and Aima Technology, with net inflows of 15.89 million yuan and 4.88 million yuan respectively [2]

Core Viewpoint - The company, Aima Technology Group Co., Ltd., is set to hold a performance briefing on May 28, 2025, to discuss its 2024 annual and 2025 Q1 financial results, as well as its ESG performance [1][2]. Group 1: Event Details - The performance briefing will take place on May 28, 2025, from 14:00 to 17:00 [1][2]. - The event will be held at the Shanghai Stock Exchange's "SSE Roadshow Center" and will be conducted via video live streaming and online interaction [1][2]. - Investors can submit questions from May 21, 2025, to May 27, 2025, before 16:00, through the SSE Roadshow Center website or via the company's email [3][4]. Group 2: Company Representatives - Key personnel attending the briefing include Chairman and General Manager Zhang Jian, Vice General Manager and Board Secretary Wang Chunyan, and Financial Director Zheng Hui [2][3]. - Independent Director Ma Junsheng will also be present, although attendance may vary due to special circumstances [2]. Group 3: Investor Participation - Investors can participate in the live event by accessing the SSE Roadshow Center website or scanning a provided QR code [2][3]. - The company will address commonly asked questions during the performance briefing [3][4]. Group 4: Additional Information - After the briefing, investors can review the event's details and main content on the SSE Roadshow Center [4]. - The company expresses gratitude for the support and interest from investors and encourages active participation [4].

会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 5 月 21 日(星期三)至 5 月 27 日(星期二)16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 amkj@aimatech.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 | 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-029 | | --- | --- | --- | | 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 关于参加 2024 年度沪市主板低碳新能专题集体业绩说明会 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 5 月 28 日(星期三)14:00-17:00 ...

Investment Rating - The report maintains a "Recommendation" rating for the home appliance industry [4] Core Viewpoints - The proportion of actively managed equity funds holding home appliance stocks decreased in Q1 2025, primarily due to a temporary policy gap and consumer concerns leading to preemptive consumption [7][15] - The "old-for-new" policy is expected to expand, alleviating market concerns and boosting domestic demand for home appliances [7][15] - Leading home appliance companies are expanding into emerging markets, which is anticipated to steadily increase export revenues [7][15] - The report highlights the high dividend yield and stable operations of leading companies, indicating strong investment value in home appliance stocks [7][15] Summary by Sections Section 1: Fund Holdings in Home Appliances - The proportion of actively managed equity funds holding home appliance stocks was 5.51% in Q1 2025, down by 0.09 percentage points from the previous quarter [15] - The home appliance sector was over-allocated by 2.99%, a decrease of 0.16 percentage points [15] Section 2: Sector Allocation Changes - Funds increased their allocation to the two-wheeler and black appliance sectors, with increases of 0.39 percentage points and 0.04 percentage points, respectively [20] - Conversely, the white appliance and small appliance sectors saw reductions in allocation, with decreases of 0.53 percentage points and 0.01 percentage points [20] Section 3: Key Stocks in Focus - Funds increased their holdings in Ninebot, Yadea, Chunfeng Power, and Hisense Visual, with increases of 0.26 percentage points, 0.04 percentage points, 0.04 percentage points, and 0.05 percentage points, respectively [67][70] - The report suggests that the "old-for-new" policy will continue to stimulate demand and improve product structure in the two-wheeler sector [70] - In the white appliance sector, the report notes a decline in fund holdings for Midea Group, Gree Electric, and Haier Smart Home, with decreases of 0.30 percentage points, 0.20 percentage points, and 0.04 percentage points, respectively [68][69]

Summary of the Conference Call on the Two-Wheeled Vehicle Industry Industry Overview - The two-wheeled vehicle industry is experiencing significant growth, with an overall market growth rate of approximately 30% in May 2025. Specific companies are seeing varied growth rates due to factors such as channel expansion and new product launches [2][3]. Company Performance Yadea - In Q1 2025, Yadea's sales were approximately 4.006 to 4.007 million units, with April sales around 1.388 million units [2][3]. - Yadea's average selling price (ASP) for 2024 is expected to be around 2,200 RMB, with a projected increase of 3% to 5% in 2025 [10][11]. - Yadea's inventory levels are normal, approximately 1.5 to 1.6 months [7]. Aima - Aima's total sales for 2024 are projected to exceed 10.9 million units, with approximately 10.29 million units being two-wheeled vehicles. Quarterly sales are estimated at 2.5 million, 3.1 million, 3.4 million, and 1.8 million units respectively [5]. - Aima is facing structural shortages in inventory, particularly in first and second-tier cities, with inventory levels around 1.2 to 1.3 months [8]. - Aima's ASP for 2024 is expected to be around 2,100 RMB, with a similar increase projected for 2025 [10]. Tailg - Tailg's total sales for 2024 are estimated to be between 7.2 million and 7.3 million units, with quarterly sales of approximately 1.8 million, slightly over 2 million, 2.4 to 2.5 million, and 0.7 to 0.8 million units respectively [6]. - Tailg's sales for 2023 were between 7.8 million and 8 million units [6]. Ninebot - Ninebot's sales in April 2025 were approximately 480,000 to 490,000 units, showing a year-on-year growth of nearly 80% [3]. - Ninebot's ASP for 2024 is projected to be between 2,900 and 3,000 RMB, with a slight increase expected in 2025 [12]. Market Dynamics - The market for products priced above 4,000 RMB is expanding, with approximately 4.5 million units sold in 2024. Ninebot leads this segment with 1.8 to 1.9 million units sold [18]. - The industry is shifting towards higher-end models, driven by subsidies for trade-ins and the introduction of new products [18]. Pricing Strategies - Yadea is adjusting its product pricing strategy, focusing on the 3,300 to 3,600 RMB range while reducing the proportion of models priced below 2,500 RMB [14][15]. - The average selling price for high-end models is expected to be between 3,500 and 3,900 RMB [14]. Inventory and Supply Chain - Yadea's inventory is reported to be at a normal level, while Aima is experiencing structural shortages due to production capacity issues [7][8]. - Ninebot maintains a moderate inventory level, relying on normal retail sales and import/export volumes [9]. R&D and Innovation - Yadea is focusing on integrating smart features into its mid-to-high-end products but has not reached the level of smart development seen in competitors like Ninebot [21]. - The company has established a structured product development cycle of 10 to 12 months for new products and 6 to 8 months for iterations [22][23]. Financial Metrics - Ninebot has a higher average gross margin of 25-26%, while Yadea and Aima have an average gross margin of around 18% [33]. - The gross margin for electric motorcycles varies by model, with high-end models achieving margins over 22% [34]. After-Sales Service - Yadea has approximately 800 to 900 dedicated after-sales service centers, with plans to exceed 1,000 centers this year [42]. - Aima operates 500 to 600 after-sales service centers, while Ninebot has around 150 to 180 [42]. Conclusion - The two-wheeled vehicle industry is poised for growth, with key players adjusting strategies to meet market demands and enhance profitability. The focus on higher-end products and smart features is expected to drive future sales and market share.

Core Viewpoint - The company reported strong financial performance in Q1 2025, driven by the "old-for-new" policy and product optimization, indicating a positive outlook for growth in the electric two-wheeler industry [1][2][4]. Financial Performance - In Q1 2025, the company achieved revenue of 6.232 billion yuan, a year-on-year increase of 25.82%, and a net profit attributable to shareholders of 605 million yuan, up 25.12% [1][2]. - The company's gross profit margin increased by 1.59 percentage points to 19.63%, attributed to consumer preference for higher-priced products due to subsidies [3]. - Operating profit for Q1 2025 was 625 million yuan, reflecting a year-on-year growth of 41.71%, with an operating profit margin of 10.03%, an increase of 1.12 percentage points [3]. Industry Dynamics - The "old-for-new" policy has significantly boosted domestic demand, with 3.341 million electric bicycles sold for replacement from January to April 2025, 2.4 times the total replacement volume from September to December 2024 [2]. - The implementation of the new national standard in 2024 is expected to enhance production qualifications and product consistency, benefiting leading companies in the industry [2][4]. Investment Outlook - The company has established strong brand, channel, and cost advantages over its 20 years in the industry and is now positioned in the high-end market, which is expected to drive profit growth [4]. - Projected net profits for the company from 2025 to 2027 are 2.607 billion, 3.038 billion, and 3.429 billion yuan, with corresponding price-to-earnings ratios of 14.05, 12.06, and 10.69 [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 6.232 billion yuan in Q1 2025, representing a year-on-year growth of 25.82%. The net profit attributable to the parent company was 605 million yuan, up 25.12% year-on-year, while the net profit excluding non-recurring items reached 593 million yuan, reflecting a growth of 31.57% year-on-year [3][8]. - The growth in revenue is primarily driven by the continuation of the "old-for-new" policy, which has significantly boosted domestic demand. The company has also optimized its product structure, leading to strong market performance [8]. - The gross profit margin increased by 1.59 percentage points to 19.63% in Q1 2025, attributed to consumer preference for higher-priced products due to subsidies [8]. - The company is expected to benefit from the new national standards implemented in 2024, which will enhance production qualifications and product consistency, favoring leading companies in the industry [8]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 62.32 billion yuan, a 25.82% increase year-on-year. The net profit attributable to the parent company was 6.05 billion yuan, up 25.12%, and the net profit excluding non-recurring items was 5.93 billion yuan, reflecting a 31.57% increase [3][8]. - The operating profit for Q1 2025 was 625 million yuan, a year-on-year increase of 41.71%, with an operating profit margin of 10.03%, up 1.12 percentage points [8]. Market Dynamics - The "old-for-new" policy has led to a significant increase in domestic demand, with 3.341 million electric bicycles being replaced from January to April 2025, which is 2.4 times the total replacement volume from September to December 2024 [8]. - The company has launched multiple products across different price ranges, contributing to the optimization of its product structure [8]. Future Outlook - The company is expected to see continued growth in net profit, with projections of 2.607 billion yuan, 3.038 billion yuan, and 3.429 billion yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 14.05, 12.06, and 10.69 [8].

Group 1 - The core event is the second super internal purchase event held by Aima in Guigang City, which attracted significant consumer interest and resulted in the sale of 880 electric vehicles, generating a transaction amount of 2.2 million yuan [1] - The event offered consumers up to 2,000 yuan in subsidies through a combination of government, brand, and manufacturer incentives, making electric vehicles more affordable [1] - Guigang City is a major production area for electric vehicles in China, with a well-established industrial chain that includes over 100 enterprises and an annual production capacity of 5 million two-wheeled electric vehicles [1] Group 2 - The local business bureau has actively promoted the old-for-new subsidy policy, leading to a surge in internal purchase events by major electric vehicle companies, which has stimulated consumer demand [2] - The internal purchase model allows consumers to experience a direct and transparent purchasing process by visiting the factory, which enhances consumer confidence and engagement [2] - As of May 10 this year, Guigang City has recorded 15,700 old-for-new transactions, resulting in 7.65 million yuan in subsidies and driving a total transaction amount of 49.9 million yuan [2] Group 3 - The production of new energy electric vehicles in the Port North District has seen significant growth, with over 1.2 million units produced and a production value exceeding 2 billion yuan from January to April, reflecting year-on-year increases of 48.51% and 56.37% respectively [3]