| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-027 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 本次解除限售事宜需在有关机构办理相关手续结束后方可解除限售，届 时公司将另行公告，敬请投资者注意。 爱玛科技集团股份有限公司（以下简称"公司"或"爱玛科技"）于 2025 年 4 月 25 日召开的第五届董事会第三十一次会议审议通过了《关于 2021 年限制 性股票激励计划首次授予部分第三个解除限售期解除限售条件成就的议案》，现 将相关事项说明如下： 爱玛科技集团股份有限公司 关于 2021 年限制性股票激励计划首次授予部分第三个解除 限售期解除限售条件成就的公告 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： 一、本次激励计划批准及实施情况 （一）本次激励计划批准情况 1、2021 年 11 月 16 日，公司召开第四届董事会第二十三次会议，审议通过 了《关于公司<2021 年限制性股票激励计划（草案）>及其摘要的议案》《关 ...

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 调整 2021 年限制性股票激励计划回购价格相关事项的 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 二零二五年四月 关于爱玛科技集团股份有限公司 调整 2021 年限制性股票激励计划回购价格相关事项的 法律意见书 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"爱玛科技"或"公司"）的委托，担任公司"2021 年限制性 股票激励计划"（以下简称"本激励计划"）的法律顾问。根据现行有效适用的 《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》"）、《上市公司股权激励管理办法》（以下简称"《管 理办法》"）等有关法律法规的规定，为公司调整 2021 年限制性股票激励计划回 购价格（以下简称"本次调整"）相关事项，出具本法律意见书。 为出具本法律意见书，本所律师审阅了《爱玛科技集团股份有限公司2021 年限制性股票激 ...

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 回购注销 2021 年限制性股票激励计划首次授予部分限制性 股票的 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 二〇二五年四月 北京海润天睿律师事务所 法律意见书 关于爱玛科技集团股份有限公司 回购注销 2021 年限制性股票激励计划首次授予部分限制性股票 的法律意见书 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"爱玛科技"或"公司"）的委托，担任公司"2021 年限制性 股票激励计划"（以下简称"本限制性股票激励计划"）的法律顾问。根据现行 有效适用的《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》"）、《上市公司股权激励管理办法》 （以下简称"《管理办法》"）等有关法律法规的规定，为回购注销 2021 年限 制性股票激励计划首次授予部分限制性股票（以下简称"本次回购注销"）相关 事项，出具本法律意见书。 为出具本 ...

证券代码：603529 证券简称：爱玛科技 爱玛科技集团股份有限公司 2021 年限制性股票激励计划首次授予部分第三个解 除限售期解除限售条件成就事项 之 独立财务顾问报告 2025 年 4 月 | 一、释义 | 2 | | --- | --- | | 二、声明 | 3 | | 三、基本假设 | 4 | | 四、限制性股票激励计划授权与批准 | 5 | | 五、独立财务顾问意见 8 | | | （一）首次授予限制性股票第三个解除限售期解除限售条件成就情况 8 | | | （二）首次授予部分第三个解除限售期解除限售具体情况 | 10 | | 六、备查文件及咨询方式 | 11 | | （一）备查文件 11 | | | （二）咨询方式 11 | | 上海荣正企业咨询服务（集团）股份有限公司 关于 一、释义 本独立财务顾问报告中，除非文义载明，下列简称具有如下含义： | 上市公司、公司、爱玛科技 | 指 | 爱玛科技集团股份有限公司（含分、子公司） | | --- | --- | --- | | 独立财务顾问 | 指 | 上海荣正企业咨询服务（集团）股份有限公司 | | | | 《上海荣正企业咨询服务（集团）股份有限 ...

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 2021 年限制性股票激励计划首次授予部分第三个解除限售 期解除限售条件成就的 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 二〇二五年四月 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 2021 年限制性股票激励计划首次授予部分第三个解除限售期解除限售条件成就 的法律意见书 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"爱玛科技"或"公司"）的委托，担任公司"2021 年限制性 股票激励计划"（以下简称"本限制性股票激励计划"）的法律顾问。根据现行 有效适用的《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》"）、《上市公司股权激励管理办法》 （以下简称"《管理办法》"）等有关法律法规的规定，为 2021 年限制性股票 激励计划首次授予部分第三个解除限售期解除限售条件成就（以下简称"本次解 除限售条件 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥6,232,389,566.35, representing a year-on-year increase of 25.82% compared to ¥4,953,544,553.57 in the same period last year[4] - Net profit attributable to shareholders was ¥604,708,925.32, up 25.12% from ¥483,312,042.34 in the previous year[4] - The net profit after deducting non-recurring gains and losses increased by 31.57%, amounting to ¥592,647,958.55, driven by optimized product structure and improved operational efficiency[7] - Basic earnings per share rose to ¥0.72, a 24.14% increase from ¥0.58 in the same period last year[4] - Operating profit for Q1 2025 was ¥732,057,001.69, up 29.4% from ¥565,841,308.48 in Q1 2024[18] - Net profit for Q1 2025 amounted to ¥613,609,410.07, representing a 25.5% increase compared to ¥489,019,864.36 in Q1 2024[18] Cash Flow - The net cash flow from operating activities surged by 91.14% to ¥1,301,575,012.69, reflecting increased sales scale[4][7] - In Q1 2025, the cash inflow from operating activities was CNY 6,924,271,507.41, an increase of 20.7% compared to CNY 5,740,027,852.28 in Q1 2024[19] - The net cash flow from operating activities for Q1 2025 was CNY 1,301,575,012.69, up from CNY 680,940,563.86 in Q1 2024, representing an increase of 91.1%[19] - The cash inflow from investment activities in Q1 2025 was CNY 2,710,277,091.93, significantly higher than CNY 699,424,203.17 in Q1 2024, marking a growth of 287.5%[20] - The net cash flow from investment activities was negative CNY 978,222,345.66 in Q1 2025, compared to negative CNY 593,380,442.92 in Q1 2024, indicating a worsening of 64.8%[20] - The cash inflow from financing activities was CNY 15,000,000.00 in Q1 2025, compared to CNY 7,350,000.00 in Q1 2024, reflecting an increase of 104.1%[20] - The net cash flow from financing activities was negative CNY 6,572,467.29 in Q1 2025, compared to negative CNY 45,409.96 in Q1 2024, indicating a decline in cash flow[20] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥24,259,605,561.91, a 4.03% increase from ¥23,318,766,613.99 at the end of the previous year[5] - Total liabilities rose to ¥14,502,699,156.75 in 2025, compared to ¥14,178,900,548.22 in 2024, indicating an increase of 2.3%[14] - The company's cash and cash equivalents increased to ¥12,028,163,060.51 in 2025 from ¥10,233,052,319.89 in 2024, a growth of 17.6%[15] - The total cash and cash equivalents at the end of Q1 2025 amounted to CNY 2,129,483,546.19, down from CNY 6,122,106,932.25 at the end of Q1 2024[20] Shareholder Information - Shareholders' equity attributable to the parent company increased by 6.75% to ¥9,639,070,312.87 from ¥9,029,849,453.73[5] - The total number of ordinary shareholders at the end of the reporting period was 11,128[10] - The company's equity attributable to shareholders increased to ¥9,639,070,312.87 in 2025 from ¥9,029,849,453.73 in 2024, a rise of 6.7%[15] Research and Development - Research and development expenses for Q1 2025 were ¥183,327,754.96, up 47.0% from ¥124,526,535.36 in Q1 2024[17] Inventory and Accounting - The company reported a decrease in inventory from ¥810,745,857.62 in 2024 to ¥719,182,883.09 in 2025, a reduction of 11.3%[15] - The company reported no net profit from the merged entity prior to the merger, consistent with the previous period[19] - The company is not applying new accounting standards or interpretations for the first time in 2025[20]

爱玛科技集团股份有限公司 2024 年年度股东大会 会议材料 爱玛科技集团股份有限公司 2024 年年度股东大会会议材料 2025 年 5 月 6 日 爱玛科技 603529 1 爱玛科技集团股份有限公司 2024 年年度股东大会 会议材料 | | | | 2024 | 年年度股东大会会议须知 | | | 3 | | | --- | --- | --- | --- | --- | --- | | 2024 | 年年度股东大会会议议程 | | | 5 | | | 年度董事会工作报告》的议案 | 议案一：关于《2024 | | | 7 | | | 年度监事会工作报告》的议案 | 议案二：关于《2024 | | | 14 | | | 议案三：关于《2024 | 年度财务决算报告》的议案 | | | 17 | | | 议案四：关于《2024 | 年度利润分配方案》的议案 | | | 22 | | | 议案五：关于提请股东大会授权董事会制定 | | 2025 年中期分红方案的议案 | | 23 | | | 议案六：关于《2024 | 年年度报告》及摘要的议案 | | | 24 | | | 议案七：关于拟使用闲置自有资金 ...

Group 1 - The core viewpoint of the report is that Aima Technology is expected to achieve both volume and price growth due to industry recovery and product structure optimization, leading to a "buy" rating [1] - In 2024, Aima Technology is projected to achieve revenue of 21.606 billion yuan, a year-on-year increase of 2.71%, and a net profit of 1.988 billion yuan, a year-on-year increase of 5.68% [1] - The electric two-wheeler industry is under pressure, with total sales expected to decline by 10.55% to 49.2 million units in 2024, influenced by stricter regulations and new national standards [1][2] Group 2 - The new national standards are expected to raise industry entry barriers, benefiting leading companies by increasing market concentration [2] - The government subsidy policies have been adjusted to increase both the amount and scope of subsidies, leading to a significant increase in sales, with 3.341 million electric bicycles sold for replacement as of April 8 [2] - Aima Technology is focusing on high-end products and implementing a "flagship product" strategy to enhance product quality and profitability, with a projected gross margin of 17.82% in 2024 [3] Group 3 - The company is expected to benefit from improved industry conditions and is accelerating its transformation towards smart and differentiated products [3] - Revenue forecasts for Aima Technology from 2025 to 2027 are 26.871 billion yuan, 31.523 billion yuan, and 35.569 billion yuan, respectively, with net profits of 2.500 billion yuan, 2.967 billion yuan, and 3.465 billion yuan [3] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 2.90 yuan, 3.44 yuan, and 4.02 yuan, respectively, with a target price range of 58.00 to 63.80 yuan based on a PE ratio of 20-22 times for 2025 [3]

Core Viewpoint - The company reported a steady revenue growth in 2024, driven by the "old-for-new" policy and product restructuring, despite challenges in certain segments [1][2]. Financial Performance - In 2024, the company achieved a revenue of 21.606 billion, a year-on-year increase of 2.71%, with a net profit attributable to shareholders of 1.988 billion, up 5.68% [1]. - The fourth quarter of 2024 saw a revenue of 4.142 billion, reflecting a 15.69% year-on-year growth, and a net profit of 0.434 billion, which is a 34.24% increase [1]. - The gross profit margin for main products in 2024 was 17.76%, an increase of 1.38 percentage points, attributed to product matrix optimization and cost reduction efforts [2]. Product Segment Performance - Revenue from electric bicycles was 13.037 billion, up 1.50%, while electric two-wheeled motorcycles saw a decline of 10.20% to 5.214 billion [1]. - Electric three-wheeled vehicles experienced a significant growth of 36.07%, generating 1.952 billion, and accessory sales rose by 30.79% to 0.847 billion [1]. Market Strategy - The company focused on international markets, achieving 0.235 billion in overseas revenue, a 3.82% increase, by deepening its global strategy in Southeast Asia [1]. - The company is enhancing its brand presence in the high-end market, which is expected to drive sustained profit growth [3]. Future Outlook - The implementation of the new national standards in 2024 is anticipated to optimize the industry landscape, benefiting leading manufacturers [3]. - The continuation of the "old-for-new" policy in 2025 is expected to stimulate domestic demand [3]. - Projections for net profit attributable to shareholders for 2025-2027 are 2.607 billion, 3.038 billion, and 3.429 billion, respectively, with corresponding PE ratios of 13.8, 11.9, and 10.5 [3].

丨证券研究报告丨 联合研究丨公司点评丨爱玛科技（603529.SH） [Table_Title] 以旧换新叠加产品优化，业绩韧性增长 报告要点 分析师及联系人 [Table_Author] [Table_Summary] 公司 2024 年实现营收 216.06 亿元，同比增长 2.71%；实现归母净利润 19.88 亿元，同比增长 5.68%；实现扣非归母净利润 17.92 亿元，同比增长 1.54%。公司 2024 年第四季度实现营收 41.42 亿元，同比增长 15.69%；实现归母净利润 4.34 亿元，同比增长 34.24%；实现扣非归母 净利润 3.45 亿元，同比增长 8.69%。同时，公司拟向全体股东每股派发现金红利 0.592 元（含 税），对应年末分红率为 25.64%。 陈亮 蔡方羿 高伊楠 SAC：S0490517070017 SAC：S0490516060001 SAC：S0490517060001 SFC：BUW408 SFC：BUV463 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 爱玛科技（603529. ...