| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-085 | | --- | --- | --- | | 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 关于与专业投资机构共同投资基金的进展公告 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： | 投资标的名称 | 共青城倚樟望潮创业投资合伙企业（有限合伙） | | --- | --- | | | （以下简称"合伙企业"） | | 投资金额（万元） | 3,240 | | 投资进展阶段 | 完成 终止 交易要素变更 √进展 | | | 募集失败 | | | 未能完成备案登记 | | | 提前终止 | | | 发生重大变更 | | 特别风险提示 | √其他：截至本公告披露日，合伙企业尚未完成中国证券投资基金业 | | | 协会备案，实施过程存在不确定性。公司本次对外投资将面临较长的 | | | 投资回收期，投资过程可能面临宏观经济、行业周期、市场竞争、政 | | | 策环境、拟投资项目经营管 ...

Core Viewpoint - Industry giants are returning to the market, investing to seize opportunities in the next technological transformation [2][3] Group 1: Investment Activities - Aima Technology announced its investment of 32.4 million RMB in a venture capital fund, becoming a limited partner (LP) with a 29.9861% stake [6][8] - The fund will focus on equity investments, particularly in low-altitude economy sectors, indicating Aima's strategic positioning in short-distance electric mobility [6][8] - Aima's previous LP involvement in 2022 with Chen Dao Capital also targeted sectors like new energy and semiconductors, showcasing a consistent investment strategy [8] Group 2: Market Trends - The primary market is experiencing a revival, with LP investment activity reaching a peak in September, showing a 40.3% month-on-month increase and a 38.3% year-on-year increase [11] - In Q3, LP investment activity grew by 9.9% quarter-on-quarter and 11.9% year-on-year, indicating structural improvements driven by policy support [11][12] - The number of newly registered private equity and venture capital funds in September surged by 51.4% month-on-month and 84.4% year-on-year, reflecting a significant recovery in market activity [11] Group 3: Strategic Shifts - Major tech companies like Tencent, Alibaba, and JD.com are increasing their investment pace in the primary market, signaling a consensus on market recovery [12] - Companies in the technology sector, including CATL and Kanglong Chemical, are actively investing in funds that focus on robotics and artificial intelligence, highlighting a shift towards hard technology sectors [12][13] - The urgency in investment stems from a deep-seated industry anxiety, with companies aiming to secure positions in critical technological areas to mitigate supply chain risks and seize strategic opportunities [13] Group 4: Future Outlook - The industry is entering a phase of "quality improvement and quantity reduction," with a more rational approach to investments following recent market cycles [13] - The dual drivers of industrial capital and policy benefits suggest that 2025 could be a pivotal year for the venture capital industry, marking a transition to high-quality development [13][15] - Despite ongoing challenges, the consensus among industry players is that the wave of technological innovation is bringing positive market signals [15][16]

Market Overview - On October 29, the motorcycle and other sectors rose by 0.55% compared to the previous trading day, with Xinri Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - Xinri Co., Ltd. (603787) closed at 14.00, with a gain of 2.94% and a trading volume of 202,800 shares, amounting to a transaction value of 282 million yuan [1] - Other notable performers included Huayang Racing (920058) with a 2.21% increase, Qianli Technology (601777) up by 2.10%, and Jiangui General (603766) rising by 1.91% [1] - Conversely, companies like Zhenghe Industrial (003033) and Taotao Vehicle (301345) experienced declines of 6.59% and 4.96%, respectively [2] Capital Flow Analysis - The motorcycle and other sectors saw a net outflow of 1.2144 million yuan from institutional investors, while retail investors contributed a net inflow of 1.36 billion yuan [2] - The capital flow data indicates that retail investors were more active in purchasing shares compared to institutional and speculative investors [2] Individual Stock Capital Flow - Spring Power (603129) experienced a significant net outflow from institutional investors of 48.8487 million yuan, while retail investors had a net inflow of 34.6531 million yuan [3] - Taotao Vehicle (301345) had a net inflow of 35.9585 million yuan from institutional investors, but a net outflow from speculative investors of 40.4043 million yuan [3] - Qianli Technology (601777) saw a net inflow of 24.3377 million yuan from institutional investors, while retail investors contributed a smaller net inflow of 698.17 thousand yuan [3]

Group 1 - The company reported a revenue of 21.09 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 20.8%, with a net profit attributable to shareholders of 1.91 billion yuan, up 22.8% year-on-year [1] - In Q3 2025 alone, the company achieved a revenue of 8.06 billion yuan, a year-on-year increase of 17.3%, and a net profit attributable to shareholders of 690 million yuan, up 15.2% year-on-year [1] - The company's gross margin for Q1-Q3 2025 was 18.8%, an increase of 1.4 percentage points year-on-year, while the net profit margin was 9.0%, a slight increase of 0.1 percentage points year-on-year [1] Group 2 - The high-end electric motorcycle brand SCOOX is set to launch, aiming to meet a broader range of user needs, with a global brand launch event scheduled for October 28, 2025, in Beijing [2] - The introduction of high-end electric motorcycle products is expected to expand the customer base and drive continuous growth in the company's two-wheeler business [2] - The company is projected to achieve net profits attributable to shareholders of 2.37 billion yuan, 2.75 billion yuan, and 3.18 billion yuan for the years 2025 to 2027, maintaining a "strong buy" rating [2]

| | | 爱玛科技集团股份有限公司 关于与专业投资机构共同投资基金的公告 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： 投资标的名称：共青城倚樟望潮创业投资合伙企业（有限合伙）（以下简 称"合伙企业"或"基金"）。 出资金额：爱玛科技集团股份有限公司（以下简称"公司"）拟以自有资 金认购基金份额 3,240 万元人民币，占比 29.9861%，担任有限合伙人。 本次交易不构成关联交易 本次交易未构成重大资产重组 交易实施尚需履行的审批及其他相关程序 本次交易未达到董事会及股东会审议标准，无需提交董事会或股东会审议。 其它需要提醒投资者重点关注的风险事项 合伙企业尚未完成工商变更登记及中国证券投资基金业协会备案，实施过程 存在不确定性。合伙企业投资方向为单一投资标的，存在单一投资标的风险且具 有投资周期长、流动性低等特点。 | 投资类型 | □与私募基金共同设立基金 认购私募基金发起设立的基金份额 | | --- | --- | | | □与私募基金签订业务咨询、财务顾问或市值管理服务等合作协议 | | 私 ...

Core Viewpoint - Aima Technology's stock has experienced a decline of 18.32% year-to-date, with recent trading activity showing a slight recovery in the last five days, but a continued downward trend over the past 20 and 60 days [1][2] Financial Performance - For the period from January to September 2025, Aima Technology reported a revenue of 21.093 billion yuan, representing a year-on-year growth of 20.78%. The net profit attributable to shareholders was 1.907 billion yuan, reflecting a year-on-year increase of 22.78% [2] Stock Market Activity - As of October 27, Aima Technology's stock price was 32.51 yuan per share, with a market capitalization of 28.255 billion yuan. The stock saw a trading volume of 256 million yuan and a turnover rate of 0.92% [1] - The stock has been on the "龙虎榜" (a list of stocks with significant trading activity) once this year, with the last appearance on February 6, where it recorded a net buy of 944,700 yuan [1] Shareholder Information - As of September 30, 2025, Aima Technology had 31,700 shareholders, an increase of 33.58% from the previous period. The average number of circulating shares per shareholder decreased by 25.19% to 26,718 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 1.7094 million shares, and Southern CSI 500 ETF, which reduced its holdings by 74,000 shares [3] Dividend Distribution - Aima Technology has distributed a total of 3.056 billion yuan in dividends since its A-share listing, with 2.851 billion yuan distributed over the past three years [3] Business Overview - Aima Technology, established on September 27, 1999, and listed on June 15, 2021, specializes in the research, production, and sales of electric bicycles. The main revenue sources are electric two-wheelers, electric three-wheelers, bicycles, and accessories, accounting for 98.87% of total revenue [1]

Summary of Aima Technology's Conference Call Company Overview - **Company**: Aima Technology - **Industry**: Electric Two-Wheelers and Three-Wheelers Key Financial Metrics - **Q3 Revenue**: 8.062 billion CNY, up 17.3% YoY [2][3] - **Net Profit**: 650 million CNY, up 17.64% YoY [2][3] - **Sales Volume**: 3.82 million units, up 11% YoY [2][3] - **Average Selling Price**: 2,110 CNY per unit, up 6.24% YoY [2][3] - **Net Profit per Unit**: 181.9 CNY, up 4% YoY [2][3] - **Year-to-Date Revenue**: 21.093 billion CNY, up 20.78% YoY [3] - **Year-to-Date Net Profit**: 1.907 billion CNY, up 22.78% YoY [3] - **Sales Volume Year-to-Date**: 10.08 million units, up 15.5% YoY [3] Business Segments Electric Two-Wheelers - Focus on compliant products and a layered product matrix [2][6] - Emphasis on lightweight design, aesthetics, and smart features to differentiate from competitors [6] - Sales volume of electric two-wheelers: 3.62 million units, up 11% YoY [3] Electric Three-Wheelers - Strategy includes enhancing capacity, product design, and retail service capabilities [7] - Sales volume of electric three-wheelers: 204,000 units, up 6.47% YoY [3] Market Trends and Strategies Domestic Market - New national standards (New National Standard) have shifted focus to compliant products [4][6] - Anticipated industry growth of 5-10% next year due to compliance and market demand [4][12] High-End Brand Development - Launch of high-end sub-brand "Zero Season" focusing on performance, quality, and user experience [8] - Upcoming product launch event on October 28 to reveal brand positioning and core product specifications [8] Overseas Market - Differentiated competition strategy in key markets like Vietnam and Indonesia, leveraging local channels for rapid expansion [9] - Focus on potential markets like Brazil and Africa, and high-end markets like Europe and North America [9] Challenges and Responses Regulatory Changes - Transition to new standards has created short-term sales pressure due to inventory clearance [10][12] - Compliance with new standards is expected to enhance product quality and user experience [12][13] Competitive Landscape - Increased industry concentration with smaller brands exiting the market due to regulatory pressures [14] - Aima Technology aims to capture market share from exiting brands by enhancing service and product offerings [14] Future Outlook - Plans to expand into commercial vehicle markets with tailored products for specific use cases [15][18] - Anticipated growth in electric three-wheeler demand, with production capacity expansion underway [21] - Continued focus on digital support and compliance to enhance operational efficiency and reduce costs [17] Conclusion - Aima Technology is well-positioned to leverage regulatory changes and market dynamics to enhance its competitive edge in the electric vehicle sector, with a strong focus on compliance, product differentiation, and market expansion strategies.

Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Insights - The company has shown robust performance with a year-on-year revenue growth of 17.30% and a net profit growth of 15.24% in Q3 2025, indicating a strong growth trajectory [1][6] - The upcoming implementation of new national standards is expected to enhance industry concentration, benefiting the company as a market leader [1][6] - The launch of the high-end sub-brand "Zero" is anticipated to further solidify the company's position in the mid-to-high-end market segment [1][6] Financial Performance Summary - For Q3 2025, the company achieved a total revenue of 8.062 billion and a net profit of 0.695 billion, with a year-to-date revenue of 21.093 billion and a net profit of 1.907 billion, reflecting a year-on-year increase of 20.78% [6][8] - The gross margin for Q3 2025 was reported at 18.00%, an increase of 1.21 percentage points year-on-year, driven by product mix optimization [6][8] - The company’s operating profit for 2023 is projected at 2.194 billion, with a slight decrease of 2% year-on-year, but expected to grow by 17% in 2025 [2][9] Future Projections - Revenue projections for 2025-2027 are estimated at 24.860 billion, 27.648 billion, and 32.802 billion respectively, with corresponding net profit estimates of 2.311 billion, 2.545 billion, and 3.046 billion [2][8] - The company’s PE ratio is expected to decrease from 15.3 in 2023 to 9.5 by 2027, indicating an attractive valuation over the forecast period [2][9] Market Position and Strategy - The company is positioned as an industry leader and is expected to benefit significantly from the new national standards, which will likely lead to the exit of mid-tier brands and improve overall supply conditions in the industry [1][6] - The report emphasizes the importance of monitoring the transition to new standards and its impact on market dynamics [1][6]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company reported a revenue of 21.093 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 20.78%. The net profit attributable to the parent company was 1.907 billion yuan, up 22.78% year-on-year, while the net profit excluding non-recurring items reached 1.834 billion yuan, growing by 26.78% year-on-year. In Q3 2025, the company achieved a revenue of 8.062 billion yuan, a 17.30% increase year-on-year, and a net profit of 695 million yuan, up 15.24% year-on-year [2][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company's gross margin was 18.77%, an increase of 1.35 percentage points year-on-year. In Q3 2025, the gross margin was 18.00%, up 1.21 percentage points year-on-year. The company’s operating profit for the first three quarters was 1.967 billion yuan, a 40.31% increase year-on-year, with an operating profit margin of 9.33%, up 1.30 percentage points year-on-year [10][10]. Market Dynamics - The revenue growth was driven by seasonal demand and inventory buildup by dealers in response to the transition period of new national standards. The company has strengthened its core technology capabilities in electric motors, controls, and batteries, creating a competitive edge. The introduction of the AIMA OS smart platform enhances product intelligence and risk management [10][10]. Future Outlook - The new national standards set to be implemented in 2024 are expected to optimize the industry landscape, benefiting leading manufacturers. The continuation of the "old-for-new" policy in 2025 is anticipated to boost domestic demand. The company has established strong brand and cost advantages over its 20 years in the industry and is positioned in the high-end market, which is expected to drive sustained profit growth [10][10]. Earnings Forecast - The projected net profits for the company from 2025 to 2027 are 2.372 billion yuan, 2.840 billion yuan, and 3.213 billion yuan, respectively, with corresponding price-to-earnings ratios of 11.94, 9.97, and 8.81 [10][10].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 21.093 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 20.78%. The net profit attributable to shareholders was 1.907 billion yuan, up 22.78% year-on-year [2] - The new national standards implemented from September 1, 2025, are expected to drive industry upgrades and enhance product competitiveness, leading to a positive outlook for the company's market share [3] - The company's gross margin improved to 18.00%, an increase of 1.21 percentage points, attributed to the optimization of product structure during peak season [4] - The company is projected to achieve revenues of 25.7 billion, 30.31 billion, and 35.213 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.462 billion, 2.926 billion, and 3.445 billion yuan [5] Summary by Sections Financial Performance - For Q2 2025, the company achieved a revenue of 8.062 billion yuan, a year-on-year increase of 17.30%, and a net profit of 695 million yuan, up 15.24% year-on-year [2] - The operating cash flow for the first three quarters of 2025 was 5.569 billion yuan, showing significant improvement [2] Industry Analysis - The transition to new national standards is expected to standardize the industry, enhancing quality and safety, which will benefit leading companies [3] - The sales dynamics are anticipated to slow down as the market clears out old standard vehicles, but the overall outlook remains positive due to the new regulations [3] Profitability Metrics - The company maintained a relatively stable net profit margin of 8.81%, despite a slight decrease of 0.09 percentage points [4] - The company focuses on core technology research and development, particularly in electric motors and control systems, which supports its competitive edge [4] Future Projections - The earnings per share (EPS) are expected to be 2.83, 3.37, and 3.96 yuan for 2025, 2026, and 2027 respectively, with a corresponding price-to-earnings (PE) ratio of 12, 10, and 8 times [5]