Aima Technology Group Co., LTD. 2024 Annual Report 1 / 303 Aima Technology Group Co., LTD. 2024 Annual Report Stock Code: 603529 Abbreviation: Aima Technology AIMA TECHNOLOGY GROUP CO., LTD. 2024 Annual Report 2 / 303 Aima Technology Group Co., LTD. 2024 Annual Report Letter to Shareholders Dear Shareholders, In 2024, the Company achieved an annual revenue of RMB 21.606 billion, representing a year-on-year increase of 2.71%, and a net profit attributable to shareholders of the listed company of RMB 1.988 bi ...

爱玛科技集团股份有限公司 2025 年第一次临时股东大会 会议材料 爱玛科技集团股份有限公司 2025 年第一次临时股东大会会议材料 2025 年 6 月 20 日 爱玛科技 603529 目 录 | 2025 | 年第一次临时股东大会会议须知 | 3 | | --- | --- | --- | | 2025 | 年第一次临时股东大会会议议程 | 5 | | | 议案一：关于《公司 2025 年限制性股票激励计划（草案）》及其摘要的议案 | 7 | | | 议案二：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 | 8 | | | 议案三：关于提请股东大会授权董事会办理股权激励相关事宜的议案 | 9 | 1 爱玛科技集团股份有限公司 2025 年第一次临时股东大会 会议材料 2 爱玛科技集团股份有限公司 2025 年第一次临时股东大会 会议材料 爱玛科技集团股份有限公司 2025 年第一次临时股东大会会议须知 为了维护爱玛科技集团股份有限公司（以下简称"爱玛科技"或"公司"）全 体股东的合法权益，确保股东大会的正常秩序和议事效率，保证大会的顺利进行， 根据中国证监会《上市公司股东大会规则》 ...

Core Viewpoint - The company participated in the 2024 Shanghai Stock Exchange Low Carbon New Energy Collective Performance Briefing, discussing its operational results, financial status, and ESG performance for 2024 and Q1 2025 [1][2]. Group 1: Performance Briefing Overview - The performance briefing was held on May 28, 2025, with key executives present to engage with investors [2]. - The company disclosed its participation in the briefing on May 21, 2025, through the Shanghai Stock Exchange website [1]. Group 2: Key Issues Raised by Investors - Investors inquired about the impact of the new national standards for electric bicycles and the progress of the trade-in subsidy policy [3]. - The company responded that the 2024 national standard includes significant optimizations in safety, smart features, and quality assurance, which will drive technological advancements in the industry [3][4][8]. Group 3: Industry Impact of New Standards - The new standards set a maximum speed of 25 km/h for electric bicycles and include anti-tampering requirements to enhance safety [4][6]. - Fire safety measures have been strengthened, limiting the use of plastic materials in electric bicycles to reduce fire hazards [7]. - The standards also require manufacturers to ensure production consistency and quality assurance, raising the entry barriers for the industry [8]. Group 4: Trade-in Subsidy Policy - The trade-in subsidy policy for electric bicycles has been officially implemented, with significant subsidies available in various regions, reducing the cost for consumers [15]. - The policy aims to stimulate consumer demand and promote the replacement of old electric bicycles with compliant new models [15]. Group 5: Capital Expenditure Plans - The company plans to maintain significant capital expenditures in 2025-2026 for the construction of new production bases and facilities [15]. Group 6: ESG Disclosure and Compliance - The company intends to integrate the new sustainable disclosure guidelines into its overall strategy and improve ESG reporting based on governance, strategy, risk management, and indicators [16]. Group 7: Financial Management Strategies - In response to declining financial interest income, the company is adjusting its fund structure to focus on low-risk financial products [17][18]. Group 8: International Market Expansion - The company has established branches in Vietnam, Indonesia, and the United States, with plans for localized supply capabilities and channel development [19]. - A tiered strategy for international expansion is being implemented, focusing on different market characteristics and regulatory environments [20]. Group 9: Product Upgrade Strategy - The company is advancing product upgrades through technological innovation, aesthetic design, and platform-based manufacturing [21][22]. - Emphasis is placed on creating a smart ecosystem for electric bicycles, enhancing user experience and product performance [21]. Group 10: Dividend Policy - The company plans to distribute a cash dividend of 0.592 yuan per share for the 2024 fiscal year, with a total payout of approximately 510 million yuan [23]. - The management is authorized to consider mid-term dividends based on financial conditions and future plans [23]. Group 11: Q1 2025 Performance Drivers - The growth in Q1 2025 is attributed to the ongoing trade-in policy and the company's strategic efforts in channel development, product innovation, and operational efficiency [24].

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-035 | | --- | --- | --- | | 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召 开情况的公告 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。 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 5 月 28 日(星期三)14:00-17:00 以视频直播结合网络文字互动形式参加了 2024 年 度沪市主板低碳新能专题集体业绩说明会，就公司 2024 年度及 2025 年第一季度 的经营成果、财务状况及 2024 年度 ESG 表现等具体情况与投资者进行了互动交流 和沟通。现将有关事项公告如下： 一、业绩说明会召开情况 2025 年 5 月 21 日，公司在上海证券交易所网站（www.sse.com.cn）及指定信 息披露媒体披露了《爱玛科技关于参加 2024 年度沪市主板低碳新能专题集体业绩 说明会的公告》。 ...

股权激励锚定稳健增长，基本面强劲延续 爱玛科技(603529) —爱玛科技公司公告点评 耐用消费品[Table_Industry] /可选消费品 [Table_Invest] 评级： 增持 | [table_Authors] 刘佳昆(分析师) | 毛宇翔(分析师) | [Table_Target] 目标价格： | 55.47 | | --- | --- | --- | --- | | 021-38676666 | 021-38676666 | | | | 登记编号 S0880524040004 | S0880524080013 | | | 本报告导读： 公司发布员工持股计划，激励彰显长期发展信心，强化业务团队凝聚力。 投资要点： 请务必阅读正文之后的免责条款部分 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 21,036 | 21,606 | 28,112 | 33,197 | 38,276 | | (+/-)% | 1.1 ...

Investment Rating - The report maintains a "Buy" rating for the industry, specifically recommending companies such as Yadea Holdings, Aima Technology, and Ninebot [11]. Core Insights - The Chinese electric two-wheeler industry is entering a mature development phase characterized by "stock replacement dominance and structural incremental support." The domestic market is seeing high ownership levels, and the implementation of new national standards is accelerating industry consolidation, with both cost and supply pressures squeezing smaller brands [3][6]. - Incremental growth is focused on B-end commercial scenarios (instant delivery/shared mobility) and C-end smart upgrades. The expansion of the old-for-new subsidy program in 2025 is expected to stimulate replacement demand [3][6]. - The overseas market, particularly in Europe and North America, is centered around electric bicycles (E-bikes), benefiting from environmental policies and low consumer price sensitivity. The Southeast Asian market shows long-term potential for electric motorcycles, although performance limitations and inadequate infrastructure hinder short-term replacement [3][8]. Summary by Sections Scale: Dominated by Stock Demand, Driven by Smartization and Policy - The electric two-wheeler market includes electric bicycles, electric light motorcycles, and electric motorcycles. The current market ownership is at a high level, with the average penetration rate reaching maturity. Although demand in high-tier cities and motorcycle replacement in lower-tier markets will support steady growth, the growth rate is expected to slow down [6][30]. - Incremental space is concentrated in two areas: B-end instant delivery and shared mobility, benefiting from the economic and flexible nature of electric two-wheelers, and C-end smart upgrades that drive consumer segmentation and product price increases [6][30]. Structure: New National Standards Implementation Optimizes the Landscape - The past changes in industry structure show that policy regulations (like new national standards) and market competition (price wars, channel expansion) create a dual selection mechanism. Leading companies can leverage scale effects to reduce costs and enhance R&D and distribution networks, while weaker brands face exit pressures due to compliance costs and low margins [7][9]. - The new national standards are expected to increase costs by 10%-15%, putting significant pressure on financially weak brands while allowing leading companies to expand market share [7][9]. Incremental Growth: Southeast Asia Policy Drives Potential, E-bike Opportunities in Europe and America - With the domestic market stabilizing, overseas markets are becoming core growth areas. The North American and European markets are primarily driven by mid-to-high-end E-bikes, with a favorable growth trend supported by consumer interest in sustainable transportation and government support [8][9]. - The Southeast Asian market focuses on high-cost-performance electric motorcycles, driven by commuting needs and "oil-to-electric" policies. However, performance gaps and infrastructure issues limit short-term penetration, with fuel vehicles remaining dominant [8][9]. Investment Recommendations: Domestic and International Synergy, Positive Demand Outlook - The domestic market is seeing accelerated concentration due to the new national standards, which pressure smaller brands while allowing leading companies to strengthen their market share through scale effects and technological differentiation [9]. - The overseas market presents opportunities, particularly in the E-bike sector in Europe and North America, where the fragmented competitive landscape offers entry points for Chinese brands [9].

Investment Rating - The report maintains a positive outlook on the pet supplies sector, AI glasses, and the home improvement market, highlighting potential acquisition opportunities and new product launches [2][6][27]. Core Insights - The report emphasizes the resilience of essential consumer goods in the personal care sector, with a notable trend towards domestic brands, particularly during promotional events like the 618 sales [6][14]. - The pet supplies market is experiencing consolidation opportunities, with companies like Tianyuan Pet and Yiyi Co. being recommended for their strong market positions and growth potential [6][7]. - The AI glasses segment is expected to see significant product launches in the latter half of 2025, driven by collaborations between major tech companies [12][20]. - The report highlights the positive impact of government policies on the real estate market, which is anticipated to stabilize and boost related sectors, including home improvement [27][28]. Summary by Sections New Consumer Trends - The report identifies the pet supplies sector as a key area for mergers and acquisitions, recommending companies such as Tianyuan Pet and Yiyi Co. for their strong market presence and growth prospects [6][7]. - AI glasses are positioned for growth with new product launches expected from major players like Google and XREAL, indicating a robust market expansion [12][20]. Personal Care Sector - The personal care market shows resilience, with domestic brands gaining traction, particularly during promotional periods [14]. - Recommended companies in this sector include Baiya Co., Haoyue Care, and Dengkang Oral Care, which are expected to benefit from the ongoing consumer trends [14][15]. Home Improvement and Real Estate - The report notes that government initiatives are likely to support the real estate market, leading to improved conditions for the home improvement sector [27][28]. - Companies like Sophia and Oppein Home are highlighted for their potential to benefit from the anticipated recovery in the housing market [23][27]. Paper Industry - The report mentions a price increase in the paper sector, with expectations for price stabilization due to supply adjustments [25]. - Recommended companies in this space include Sun Paper, which is noted for its integrated operations and cost advantages [25]. Export and Trade - The report discusses the impact of tariff changes on exports, particularly in the light industrial sector, with a focus on companies that have a strong competitive edge [6][20].

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company has launched a restricted stock incentive plan for 2025, aiming to grant approximately 14.18 million shares to 421 individuals, which is about 1.65% of the total share capital, at a price of 20.6 yuan per share. This plan is expected to motivate the core team and stimulate growth [1] - The incentive plan sets performance targets for revenue and net profit growth from 2024 as a base, requiring growth rates of at least 15%/32.25%/52.09% for the years 2025-2027, indicating a strong emphasis on sustained growth [2] - The company is focusing on product upgrades and has partnered with ByteDance and Midea to enhance its smart strategy, aiming for a transformation towards full-chain intelligence and user operation [3] - The company anticipates steady sales growth in Q2 2025, with supply chain issues previously encountered now resolved, and aims to leverage its strengths to increase market share [3] Financial Summary - The projected total revenue for the company is expected to grow from 21.036 billion yuan in 2023 to 34.158 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 8.3% [6] - The net profit attributable to the parent company is forecasted to increase from 1.881 billion yuan in 2023 to 3.348 billion yuan in 2027, reflecting a CAGR of about 12.7% [6] - The company's gross margin is expected to improve from 16.5% in 2023 to 18.6% in 2027, indicating enhanced profitability [6] - The projected earnings per share (EPS) are expected to rise from 2.18 yuan in 2023 to 3.89 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 17.67 to 9.93 over the same period [4][6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has announced a 2025 restricted stock incentive plan, proposing to grant 14.1755 million shares, accounting for approximately 1.6450% of the total share capital. The initial grant will be 13.0955 million shares to 421 individuals, with a grant price of 20.60 CNY per share [3][4]. - The incentive plan aims to enhance the motivation of management and key personnel, ensuring the achievement of the company's long-term development strategy and operational goals [9]. - The company is expected to maintain a good growth trend in 2025, driven by the "old-for-new" policy and the introduction of new products. The market response to new models has been positive, and the company anticipates rapid sales growth starting from Q1 2025 [9]. - The company has established a strong brand, channel, and cost advantages over its 20 years of operation, positioning itself well in the high-end market segment, which is expected to enhance profitability [9]. Summary by Sections Incentive Plan - The 2025 restricted stock incentive plan includes a total of 14.1755 million shares, with 13.0955 million shares for initial grants to 421 individuals, including 6 directors and senior executives [3][9]. - The performance targets for the release of restricted shares are set for the years 2025 to 2027, with annual revenue or net profit growth rates of at least 15%, 32.25%, and 52.09% respectively [9]. Market Outlook - The company is expected to benefit from the 2024 new national standards, which will optimize the industry landscape and favor leading manufacturers [9]. - The "old-for-new" policy is anticipated to stimulate domestic demand, contributing to the company's growth [9]. Financial Projections - The projected net profits for the company from 2025 to 2027 are 2.607 billion, 3.038 billion, and 3.429 billion CNY respectively, with corresponding price-to-earnings ratios of 12.75, 10.94, and 9.69 [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company has announced a 2025 restricted stock incentive plan, proposing to grant 14.1755 million shares, accounting for approximately 1.6450% of the total share capital. The initial grant will be 13.0955 million shares to 421 individuals at a price of 20.60 CNY per share [2][5]. - The incentive plan aims to enhance the motivation of management and key personnel, ensuring the achievement of the company's long-term development goals [11]. - The company is expected to continue its growth trajectory in 2025, driven by strong sales and the introduction of new products, alongside the "old-for-new" policy that is anticipated to boost domestic demand [11]. - The company has established a strong brand and cost advantages over its 20 years of operation, positioning itself well in the high-end market segment, which is expected to enhance profitability [11]. Summary by Sections Company Overview - The current stock price is 38.57 CNY, with a total share capital of 861.72 million shares and a net asset value per share of 10.68 CNY [8]. Financial Projections - The projected net profits for the company from 2025 to 2027 are 2.607 billion, 3.038 billion, and 3.429 billion CNY, respectively, with corresponding price-to-earnings ratios of 12.75, 10.94, and 9.69 [11]. Market Trends - The implementation of the new national standard in 2024 is expected to optimize the industry landscape, benefiting leading manufacturers. The continuation of the "old-for-new" policy in 2025 is likely to stimulate domestic demand [11].