| 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.

保荐总结报告书 华泰联合证券有限责任公司 关于爱玛科技集团股份有限公司公开发行可转换公司债券 之保荐总结报告书 | 保荐机构名称 | 华泰联合证券有限责任公司 | | --- | --- | | 保荐机构编号 | Z26774000 | 2021 年 6 月 15 日， 爱玛科技集团股份有限公司（以下简称"爱玛科技" "发行人"或"公司"）首次公开发行股票并上市，根据中国证监会《证券发行 上市保荐业务管理办法》的相关规定，保荐机构需履行对公司的持续督导工作， 中信证券股份有限公司（以下简称"中信证券"）作为公司首次公开发行 A 股股 票的保荐机构，持续督导期限至 2023 年 12 月 31 日。 公司于 2022 年 8 月 5 日召开 2022 年第二次临时股东大会会议审议通过了关 于公司公开发行可转换公司债券的相关议案。由于公开发行可转换公司债券事项 工作需要，公司聘请华泰联合证券有限责任公司（以下简称"华泰联合证券"） 担任公司本次公开发行可转换公司债券项目的保荐机构，并与华泰联合证券签署 了《华泰联合证券有限责任公司与爱玛科技集团股份有限公司关于 2022 年度发 行可转债保荐协议》。据中国证监会《 ...

Core Viewpoint - The company reported strong Q1 2025 results with significant year-on-year growth in revenue and net profit, driven by new product launches and the "old-for-new" subsidy policy [1][2][3] 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% year-on-year [1] - The company's net profit excluding non-recurring items reached 593 million yuan, reflecting a year-on-year growth of 31.57% [1] - The gross profit margin improved to 19.63%, an increase of 1.59 percentage points year-on-year [2] Product and Market Strategy - The company is benefiting from the "old-for-new" subsidy policy, which has stimulated consumer demand for higher-priced products, leading to a reduction in the proportion of low-end vehicles [2] - The company is actively expanding its product matrix and enhancing its intelligent configurations to strengthen its competitive edge in the mid-to-high-end market [2] Future Outlook - The company is expected to benefit significantly from the "old-for-new" policy, with projected net profits of 2.636 billion, 3.109 billion, and 3.597 billion yuan for 2025, 2026, and 2027, respectively, corresponding to price-to-earnings ratios of 13.9, 11.8, and 10.2 times [1][3] - The company maintains a "strong buy" investment rating, anticipating continued growth driven by product advantages and brand effects [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in both volume and price in Q1 2025, with a year-on-year revenue increase of 25.8% to 6.23 billion yuan and a net profit increase of 25.1% to 605 million yuan. The company is expected to benefit from industry beta improvements and maintain strong performance driven by both two-wheeled and three-wheeled products [6][9] - The company’s average selling price (ASP) per unit increased by 4.85% to 2111 yuan, with a total sales volume of 2.95 million units, reflecting a 20% year-on-year growth, primarily driven by trade-in programs [7][9] - The gross margin improved to 19.6%, up 1.6 percentage points year-on-year, while the net profit margin remained stable at 9.8% [8] Financial Summary - For 2025, the company forecasts a net profit of 2.631 billion yuan, with expected earnings per share (EPS) of 3.05 yuan. The price-to-earnings (P/E) ratio is projected to be 13.9 times [10] - The company’s revenue is expected to grow significantly from 21.036 billion yuan in 2023 to 39.923 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 15.7% [10][12] - The return on equity (ROE) is projected to remain strong, averaging around 22.5% over the forecast period [10][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company achieved significant growth in both revenue and profit in Q1 2025, with a year-on-year revenue increase of 25.8% to 6.23 billion yuan and a net profit increase of 25.1% to 605 million yuan [6][9] - The company is expected to benefit from industry beta improvements, with a dual product drive from two-wheeled and three-wheeled vehicles leading to sustained performance growth [6][9] - The company maintains strong competitive advantages in channels, products, and brand, with an upward elasticity in performance anticipated [6][9] Financial Performance - In Q1 2025, the company sold approximately 2.95 million units, a 20% increase year-on-year, with an average selling price (ASP) of 2,111 yuan per unit, reflecting a 4.85% increase [7][8] - The gross margin for Q1 2025 was 19.6%, up 1.6 percentage points year-on-year, while the net profit margin remained stable at 9.8% [8][10] - The company forecasts net profits of 2.63 billion yuan, 3.27 billion yuan, and 3.78 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 3.05 yuan, 3.80 yuan, and 4.38 yuan [6][10] Industry Outlook - The industry is experiencing an upward turning point in sales, driven by effective old-for-new policies, with a 25% year-on-year increase in electric bicycle production in the first quarter of 2025 [9][10] - The new national standards for electric bicycles are expected to lead to stricter regulations, potentially benefiting leading companies like the one under review as smaller competitors face increased pressures [9][10]

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-023 | | --- | --- | --- | | 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 第五届监事会第二十五次会议决议公告 本公司监事会及全体监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"）第五届监事会第二十五次会 议于 2025 年 4 月 25 日以通讯方式召开，会议通知已于 2025 年 4 月 21 日以书面 及电子邮件方式发出。公司监事共 3 人，参会监事 3 人，会议由监事会主席徐鹏 先生主持。会议召开符合《公司法》和《公司章程》的规定。与会监事一致通过 如下决议： 一、审议通过《关于<2025 年第一季度报告>的议案》 （一）公司 2025 年第一季度报告的编制和审议程序符合相关法律、法规、 规范性文件以及《公司章程》和公司有关管理制度的各项规定； （二）公司 2025 年第一季度报告的内容和格式符合中国证监会和上海证券 交易所的各项规定，所包含的信息真实地反映了公 ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-022 | | --- | --- | --- | | 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 第五届董事会第三十一次会议决议公告 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。 爱玛科技集团股份有限公司（以下称"公司"或"本公司"）第五届董事会 第三十一次会议于 2025 年 4 月 25 日以通讯方式召开，会议通知已于 2025 年 4 月 21 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《关于<2025 年第一季度报告>的议案》 公司《2025 年第一季度报告》的编制和审核程序符合法律、法规及规范性 文件的有关规定，报告内容真实、准确、完整地反映了公司 2025 年第一季度的 实际经营情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 根据公司《2021 年限制性股 ...