Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Viewpoints - The company, Aima Technology, is a leading player in the electric two-wheeler industry, focusing on high-end and global expansion strategies. In 2024, the company is projected to achieve revenue of 21.606 billion yuan, a year-on-year increase of 2.71%, and a net profit attributable to shareholders of 1.988 billion yuan, up 5.68% year-on-year [1][2]. Summary by Sections Company Overview - Aima Technology is recognized as a leading enterprise in the electric two-wheeler sector, with a rich product matrix and a strong market presence. The company has over 2,000 dealers and more than 30,000 retail outlets, providing a robust distribution network [20][23]. Industry Analysis - The electric two-wheeler market is expected to see significant growth driven by new national standards and policies promoting the replacement of old vehicles. The global e-bike market is projected to maintain a growth rate of over 10% from 2022 to 2030 [2][43]. Financial Performance - The company has shown steady revenue growth, with total revenue reaching 20.802 billion yuan in 2022, a 35.09% increase year-on-year. The revenue from electric bicycles has been increasing, accounting for 60.34% of total revenue by 2024 [34][38]. Profitability Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 3.14, 3.74, and 4.20 yuan, with corresponding price-to-earnings (PE) ratios of 13X, 11X, and 10X [3][5]. Market Trends - The company is actively expanding its international presence, with overseas revenue increasing significantly from 1.0 million yuan in 2020 to an estimated 2.35 million yuan in 2024. The overseas gross margin is also showing signs of recovery [2][3]. R&D Investment - Aima Technology has invested 659 million yuan in research and development in 2024, reflecting an 11.75% increase year-on-year. The company holds over 2,000 patents, indicating a strong focus on innovation [3][40].

Core Viewpoint - The company reported stable performance in 2024 despite market regulatory changes and standard shifts, with revenue growth of 2.71% and profit growth of 5.68%. In Q1 2025, benefiting from the trade-in policy, revenue and profit growth accelerated significantly, with revenue increasing by 25.82% and profit by 25.12% [1][3][4] Revenue Performance - In 2024, the company achieved revenue of 21.606 billion, a year-on-year increase of 2.71%, with a net profit of 1.988 billion, up 5.68%. The Q1 2025 revenue reached 6.232 billion, reflecting a 25.82% year-on-year growth, and net profit was 605 million, up 25.12% [3][4] - The core segment (electric bicycles, electric motorcycles, and electric tricycles) sold 10.457 million units in 2024, a decrease of 2.44%. However, the average price increased by approximately 5% due to a relatively stable competitive environment [4] - The trade-in policy initiated in 2025 is expected to drive a 20% increase in sales volume and a 5% increase in average price, indicating a positive trend in sales growth and product structure improvement [4] Profitability - The gross margin in Q4 2024 was 19.53%, slightly down year-on-year, but the single-unit gross margin is expected to improve. The decline in gross margin is attributed to a higher proportion of lower-margin bicycle business [5] - In Q1 2025, the gross margin improved to 19.63%, up 1.59 percentage points, mainly due to product structure optimization [5] - The overall expense ratio showed a clear downward trend in 2024, with a slight increase in Q1 2025 due to the recognition of stock incentive expenses [5] Industry Outlook - The industry remains in a high-growth phase, supported by favorable policies. The trade-in program for electric bicycles has seen increased subsidies and optimized processes, which are expected to enhance performance in 2025 [6][7] - The market is progressively pricing in the high growth potential of the sector, with significant elasticity in both revenue and profit for leading brands [7] Future Projections - The company is projected to achieve revenues of 27.224 billion, 29.946 billion, and 34.139 billion from 2025 to 2027, representing year-on-year growth rates of 26%, 10%, and 14% respectively. Net profits are expected to be 2.586 billion, 2.701 billion, and 3.074 billion, with growth rates of 30.10%, 4.44%, and 13.81% [8]

Core Viewpoint - The article discusses the rapid expansion of Chinese electric two-wheeler companies into international markets, highlighting their strategies, market adaptations, and the robust supply chain that supports their global operations [10][30][55]. Group 1: Market Dynamics - The Chinese two-wheeler electric vehicle market is highly competitive, with Yadea and Aima holding a combined market share of 43.2% in 2022 [11]. - The domestic market is nearing saturation, with an estimated 400 million electric two-wheelers in use by the end of 2023, leading companies to seek growth opportunities abroad [12][13]. - Yadea achieved a 23% year-on-year increase in overseas sales in 2023, indicating a successful shift towards international markets [14]. Group 2: Regional Strategies - Chinese electric vehicle brands are customizing their products and strategies based on local market conditions, such as climate and consumer preferences [20][22]. - In Southeast Asia, the shift from fuel to electric vehicles is supported by government policies and rising fuel prices, prompting local adaptations in product design [21][22]. - In Europe, the focus is on high-end electric vehicles, with companies like Niu Electric targeting premium segments with advanced features [24][25][27]. Group 3: Supply Chain and Production - China's dominance in lithium battery production is a key factor, with over 82% of global capacity as of 2023, providing a strong foundation for electric vehicle manufacturing [34]. - The integration of local supply chains in overseas markets, such as the establishment of factories and partnerships in Indonesia, enhances operational efficiency and reduces costs [45][49]. - The collaboration between Chinese companies and local partners in Africa and the Middle East is facilitating the development of infrastructure, such as battery swapping stations, to support electric vehicle adoption [50][51]. Group 4: Future Outlook - The article emphasizes that the comprehensive capabilities of Chinese manufacturers, including product, technology, and supply chain integration, will continue to drive their global expansion [52][55]. - As the global shift towards electrification accelerates, Chinese two-wheeler electric vehicles are expected to capture more market share and establish "Chinese standards" in international markets [55][56].

Group 1 - The shared bicycle concept sector rose by 2.86%, ranking 8th among concept sectors, with 11 stocks increasing in value, including Shanghai Phoenix which hit the daily limit, and others like Yong'an Xing and Hemei Group showing significant gains of 4.93%, 3.05%, and 2.87% respectively [1] - The shared bicycle sector saw a net inflow of 347 million yuan from main funds today, with 10 stocks receiving net inflows, and 5 stocks exceeding 10 million yuan in net inflow, led by Shanghai Phoenix with a net inflow of 176 million yuan [2] - In terms of fund inflow ratios, Shanghai Phoenix, Aima Technology, and Yong'an Xing had the highest net inflow rates at 39.58%, 11.13%, and 9.87% respectively [3]

Summary of Electric Two-Wheeler Industry Conference Call Industry Overview - The electric two-wheeler market is expected to grow by 10%-20% in 2025, driven by replacement demand and the implementation of new national standards, with Q2 and Q3 anticipated to be peak seasons, potentially leading to early consumption [1][4][24] - The high-end market remains stable, accounting for about 10% of total sales, and is less affected by consumer downgrading trends [1][21][22] Brand Performance and Growth Expectations - Aima and Niu are expected to grow by approximately 20%, while Ninebot is projected to grow by up to 80% due to product line expansion and channel development [1][6] - Ninebot's strategy of introducing products in the 2000-3000 yuan price range has successfully catered to the trend of consumer downgrading, resulting in significant sales growth [1][16] - In 2024, Ninebot sold 80,000 units, Niu sold 60,000 units, and Aima reached 180,000 units [3] Consumer Preferences and Market Dynamics - Key factors influencing consumer purchasing decisions include range, brand, appearance, and price, with range anxiety being a primary concern [1][11] - The cost of electric vehicles is significantly impacted by battery capacity, with approximately half of the cost attributed to batteries [1][12] - The Shanghai trade-in policy offers a 500 yuan subsidy, but its complexity and limited funding have resulted in low participation from stores [1][17][18] Channel Development and Store Expansion - Aima has around 500 stores, Niu has 160, and Ninebot has 200, totaling approximately 900 stores in Shanghai [2][9] - All three brands are actively expanding their market share and have clear channel development targets for 2025 [8] - Aima's store count is stable, while Niu aims to increase its stores by 30% and Ninebot also plans for a 30% increase [9] Impact of New National Standards - The new national standards are expected to enhance the quality of electric two-wheelers, extending their lifespan from 3-4 years to 5-6 years [1][21][33] - The implementation of these standards has led to improved materials and overall vehicle quality [21] Competitive Landscape and Pricing Strategies - The market is experiencing intensified price wars, with manufacturers lowering prices to clear inventory [28] - The exit of small and medium-sized enterprises from the market is expected to ease price competition, but this may take time [25][29] - Aima's single-vehicle profit margin is around 5%-8%, while Ninebot and Niu achieve margins of 10%-15% [35] Consumer Behavior and Market Trends - Current consumer willingness to purchase electric bicycles remains strong, with existing models meeting commuting needs in terms of aesthetics, price, and practicality [26] - The market is witnessing a clear trend of consumer downgrading, particularly in mid-range products, while high-end segments remain stable [34] Conclusion - The electric two-wheeler industry is poised for growth in 2025, driven by new policies and consumer trends, with significant differences in brand performance and consumer preferences shaping the competitive landscape [1][4][24]

北京海润天睿律师事务所 关于爱玛科技集团股份有限公司 2024 年度股东大会的法律意见书 中国·北京 朝阳区建外大街甲14号广播大厦5层、9层、10层、13层、17层 邮政编码：100022 电话：010-65219696 传真：010-88381869 二〇二五年五月 北京海润天睿律师事务所 关于爱玛科技集团股份有限公司 2024 年度股东大会的法律意见书 1、经本所律师审查，2025 年 4 月 14 日，公司经第五届董事会第三十次会 议作出了召开 2024 年度股东大会的决议，并以公告形式向全体股东发出了召开 股东大会的通知，该通知已于 2025 年 4 月 16 日刊登于《中国证券报》《上海证 券报》《证券时报》并公告于上海证券交易所网站上。 致： 爱玛科技集团股份有限公司 北京海润天睿律师事务所（以下简称"本所"）接受爱玛科技集团股份有 限公司（以下简称"公司"）的委托，指派杨雪律师、王佩琳律师出席公司 2024 年度股东大会，并依据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东大会规则》（以下简称"《股东大会规则》"）等相关法律、法 规、规范性文件及《爱玛科技集团股份有限公司 ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-028 | | --- | --- | --- | | 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 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 6 日 (二)股东大会召开的地点：天津市和平区大沽北路 2 号环球金融中心 22 层 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 207 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 638,341,607 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 74.1425 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，会议采用 ...

Report Summary - The report presents the top ten convertible bonds for May 2025 [1][10] Core Viewpoints - The report provides a detailed analysis of the top ten convertible bonds in May 2025, including their ratings, closing prices at the end of April, conversion premium rates, and P/E ratios of the underlying stocks. It also analyzes the business operations, financial performance, and company highlights of the corresponding issuing companies [10][20][30] Analysis of Each Convertible Bond 1. Zhongte Convertible Bond - Rating: AAA; 4 - month - end closing price: 107.723 yuan; Conversion premium rate: 111.03%; Underlying stock PE - TTM: 11.5 [10] - The company is a globally leading specialized special - steel material manufacturer with an annual production capacity of about 20 million tons. In 2024, its revenue was 109.203 billion yuan (-4.22% y/y), and in Q1 2025, revenue was 26.84 billion yuan (-5.59% y/y) [10] - Company highlights: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specification, with over 20 million tons of annual production capacity. It has a complete industrial chain and is seeking external expansion opportunities [11] 2. Shanlu Convertible Bond - Rating: AAA; 4 - month - end closing price: 109.882 yuan; Conversion premium rate: 53.32%; Underlying stock PE - TTM: 3.7 [20] - The company's main business is road and bridge construction and maintenance. In 2024, its revenue was 71.348 billion yuan (-2.3% y/y), and in Q1 2025, revenue was 9.764 billion yuan (+1.95% y/y) [20] - Company highlights: It has the concept of "China - specific valuations" as its actual controller is the Shandong Provincial State - owned Assets Supervision and Administration Commission. It is expected to benefit from the infrastructure construction plan in Shandong during the 14th Five - Year Plan period [21] 3. Heshun Convertible Bond - Rating: AA -; 4 - month - end closing price: 126.801 yuan; Conversion premium rate: 23.13%; Underlying stock PE - TTM: 11.2 [30] - The company is a high - tech enterprise focusing on the R & D, production, and sales of polyamide 6 slices. In 2024, its revenue was 7.168 billion yuan (+19.11% y/y), and in Q1 2025, revenue was 1.563 billion yuan (-4.63% y/y) [30] - Company highlights: In 2024, the downstream market demand was good. It is promoting multiple new projects and actively expanding into the international market [31] 4. Aima Convertible Bond - Rating: AA; 4 - month - end closing price: 128.524 yuan; Conversion premium rate: 15.7%; Underlying stock PE - TTM: 17.6 [41] - The company is a leading enterprise in the electric two - wheeled vehicle industry. In 2024, its revenue was 21.606 billion yuan (+2.71% y/y), and in Q1 2025, revenue was 6.232 billion yuan (+25.82% y/y) [41] - Company highlights: The subsidy for trading in old vehicles may continue, and the implementation of the new national standard is expected to bring policy dividends and improve the gross profit margin [42] 5. Xingye Convertible Bond - Rating: AAA; 4 - month - end closing price: 116.521 yuan; Conversion premium rate: 24.23%; Underlying stock PE - TTM: 5.7 [51] - The company is one of the first joint - stock commercial banks established with the approval of the State Council and the People's Bank of China. In 2024, its revenue was 212.226 billion yuan (+0.66% y/y), and in Q1 2025, revenue was 55.683 billion yuan (-3.58% y/y) [51] - Company highlights: Its net interest income has grown steadily, asset quality is stable, and the scale has maintained stable growth [52] 6. Yonghe Convertible Bond - Rating: AA -; 4 - month - end closing price: 127.310 yuan; Conversion premium rate: 17.03%; Underlying stock PE - TTM: 32.7 [64] - The company's main business is the R & D, production, and sales of fluorochemical products. In 2024, its revenue was 4.606 billion yuan (+5.42% y/y), and in Q1 2025, revenue was 1.138 billion yuan (+12.36% y/y) [64] - Company highlights: In 2024, the prices of refrigerant products recovered, and the fluorochemical production base project of its subsidiary turned profitable [65] 7. Chongyin Convertible Bond - Rating: AAA; 4 - month - end closing price: 121.159 yuan; Conversion premium rate: 12.33%; Underlying stock PE - TTM: 7.2 [73] - The company is an early local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China. In 2024, its revenue was 13.679 billion yuan (+3.54% y/y), and in Q1 2025, revenue was 3.581 billion yuan (+5.3% y/y) [73] - Company highlights: It is expected to benefit from the Chengdu - Chongqing Twin - City Economic Circle strategy. Its asset scale has grown steadily, and it actively follows national strategies [74] 8. Beigang Convertible Bond - Rating: AAA; 4 - month - end closing price: 127.2 yuan; Conversion premium rate: 12%; Underlying stock PE - TTM: 19.2 [85] - The company is located at an important transportation hub. In 2024, its revenue was 7.003 billion yuan (+0.77% y/y), and in Q1 2025, revenue was 1.643 billion yuan (+6.73% y/y) [85] - Company highlights: Its cargo and container throughput have increased, and it has a complete transportation network and is actively exploring the market [86] 9. Huayuan Convertible Bond - Rating: AA -; 4 - month - end closing price: 127.228 yuan; Conversion premium rate: 12.95%; Underlying stock PE - TTM: 26.2 [96] - The company focuses on building a complete vitamin D3 industry chain. In 2024, its revenue was 1.243 billion yuan (+13.58% y/y), and in Q1 2025, revenue was 0.326 billion yuan (-1.18% y/y) [96] - Company highlights: It is a leading enterprise in NF - grade cholesterol and 25 - hydroxyvitamin D3 products. It is expanding its product portfolio and has achievements in the pharmaceutical manufacturing field [98] 10. Yushui Convertible Bond - Rating: AAA; 4 - month - end closing price: 122.423 yuan; Conversion premium rate: 26.22%; Underlying stock PE - TTM: 27.7 [106] - The company is the largest integrated water supply and drainage enterprise in Chongqing. In 2024, its revenue was 6.999 billion yuan (-3.52% y/y), and in Q1 2025, revenue was 1.652 billion yuan (+8.66% y/y) [106] - Company highlights: It has a high market share in Chongqing's water supply and drainage market, is expanding externally, and has achieved good results in cost control [108]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated resilience in profitability despite industry pressures, with a notable increase in net profit per vehicle [5][6] - The company is expected to continue benefiting from policy incentives and a strong product lineup, leading to sustained growth in revenue and profit [6] Financial Performance Summary - In 2024, the company achieved operating revenue of 21.606 billion yuan (up 2.71% year-on-year) and a net profit attributable to shareholders of 1.988 billion yuan (up 5.68% year-on-year) [5] - For Q1 2025, the company reported revenue of 6.232 billion yuan (up 25.82% year-on-year) and a net profit of 605 million yuan (up 25.12% year-on-year) [5] - The company sold 10.455 million vehicles in 2024 (down 2.66% year-on-year), with an average selling price (ASP) of 2,067 yuan (up 5.5% year-on-year) [5] Product and Market Dynamics - The electric two-wheeler segment generated revenue of 18.25 billion yuan (down 2.1% year-on-year), while the electric three-wheeler segment saw revenue growth of 36.1% to 1.95 billion yuan [5] - The company is focusing on product innovation with trendy models aimed at younger consumers, enhancing its market appeal [5][6] Industry Outlook - The demand side is supported by simplified replacement processes and increased subsidies, with over 4.2 million vehicles replaced since the beginning of 2025 [5] - The introduction of new national standards is expected to enhance industry concentration, benefiting leading companies like the report's subject [5][6] Financial Forecast and Valuation - Revenue projections for 2025-2027 are 28.741 billion yuan, 33.569 billion yuan, and 39.293 billion yuan, representing year-on-year growth rates of 33.0%, 16.8%, and 17.1% respectively [6] - The estimated net profit for the same period is 2.658 billion yuan, 3.196 billion yuan, and 3.828 billion yuan, with corresponding growth rates of 33.7%, 20.3%, and 19.8% [6]

Summary of Aima Technology Conference Call Industry Overview - The electric two-wheeler industry is experiencing significant growth, with the implementation of new national standards (new national standard) expected to benefit leading brands. Regulatory measures include strict checks on non-compliant vehicles and subsidies for first-time buyers of compliant vehicles, indicating a commitment to industry standardization [2][3][23]. Company Strategy and Performance - Aima Technology has adopted a channel liberalization strategy to ensure dealer profitability, fostering long-term cooperation and aligning interests between dealers and manufacturers to promote market development under the new standards [2][3]. - In Q1 2025, the company faced shortages of popular models due to dealer stockpiling, which was addressed by increasing delivery frequency and managing terminal sales effectively [2][5]. - The company has improved supply chain management by enhancing information sharing between manufacturers and suppliers, increasing inventory levels, and optimizing parts standardization to respond to sudden demand [2][4][5]. - Aima aims to increase its gross margin to 21%-22% over the next 3-5 years, with a long-term market share target of 30%-40% through product structure improvements and ensuring dealer profitability [2][21][22]. Sales and Market Dynamics - The Q1 2025 electric two-wheeler consumption was significantly influenced by the old-for-new subsidy policy, with a multiplier effect of 2.5-3 times, and this incentive is expected to continue into Q2 [2][9]. - The company reported a good sales trend in April, with no adverse effects on terminal sales expected due to previous shortages [9]. - The average selling price of electric two-wheelers has increased by 30-50 yuan compared to the previous year, indicating a potential upward trend in the high-end market segment [14]. Supply Chain and Inventory Management - Current growth levels of 20% are deemed sufficient to meet supply chain demands, with effective management of terminal sales forecasts and delivery frequency being crucial [7][19]. - The company has taken measures to mitigate past supply chain issues, which are now significantly improved, although similar challenges may arise in the future due to market dynamics [5][6]. Regulatory Environment and Future Outlook - The new national standard will impose stricter regulations, eliminating the sale of non-compliant vehicles and requiring manufacturers to adapt to new safety and performance standards [23][24]. - The acceptance of new standard vehicles by consumers will be tested during the transition period, necessitating manufacturers to iterate products based on consumer feedback [24][25]. Competitive Landscape - Aima's current market share is approximately 20%, with expectations of a dual oligopoly forming in the industry. The company aims for a long-term market share of 30%-40% [22]. - The high-end electric two-wheeler market, priced above 6,000 yuan, is dominated by brands like Niu and 9号, representing about 10% of the overall consumer base [15]. Additional Insights - The company is exploring overseas market strategies, focusing on the U.S., Southeast Asia, and countries along the Belt and Road Initiative, while navigating trade tensions [12]. - The overall store performance has improved compared to the previous year, with a total of 32,000 stores as of March 2025, and expansion plans are on track [13]. This summary encapsulates the key points from the conference call, highlighting the company's strategies, market dynamics, and regulatory impacts within the electric two-wheeler industry.