证券代码：603529 证券简称：爱玛科技 上海荣正企业咨询服务（集团）股份有限公司 关于 爱玛科技集团股份有限公司 2023 年股票期权激励计划第一个行权期行权条件未 成就及注销部分股票期权相关事项 之 独立财务顾问报告 2024 年 4 月 | | | 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 | 指 | 爱玛科技集团股份有限公司（含子公司） | | --- | --- | --- | | 技 | | | | 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）股份有限公司关于爱 玛科技集团股份有限公司 2023 年股票期权激励计划第一 | | 独立财务顾问报告 | 指 | | | | | 个行权期行权条件未成就及注销部分股票期权相关事项 | | | | 之独立财务顾问报告》 | | 股权激励计划、本激励计 | | 爱玛科技集团股份有限公司 2023 年股票期权激励计划 | | 划 | 指 | （草案） | | | | 根据本激励计划，公司授予激励对象在未来一定期限内 | | 股票期权 | ...

Financial Performance - In 2023, Aima Technology achieved a total revenue of 21.036 billion yuan, representing a year-on-year growth of 1.12%[5]. - The net profit attributable to shareholders was 1.881 billion yuan, with a year-on-year increase of 0.41%[5]. - The company's operating revenue for 2023 was approximately CNY 21.04 billion, representing a year-on-year increase of 1.12% compared to CNY 20.80 billion in 2022[25]. - The net profit attributable to shareholders for 2023 was approximately CNY 1.88 billion, a slight increase of 0.41% from CNY 1.87 billion in 2022[25]. - The net cash flow from operating activities decreased significantly by 63.09% to approximately CNY 1.86 billion, down from CNY 5.05 billion in 2022[25]. - The total assets at the end of 2023 were approximately CNY 19.89 billion, reflecting a year-on-year increase of 7.70% from CNY 18.47 billion in 2022[25]. - The net assets attributable to shareholders increased by 14.74% to approximately CNY 7.71 billion, compared to CNY 6.72 billion at the end of 2022[25]. - Basic earnings per share for 2023 were CNY 2.20, a decrease of 33.53% from CNY 3.31 in 2022[26]. - The weighted average return on equity for 2023 was 25.40%, down 5.75 percentage points from 31.15% in 2022[26]. Dividend and Profit Distribution - Aima Technology proposed a cash dividend of 5.34 yuan per 10 shares for the 2023 fiscal year, pending approval at the annual shareholders' meeting[9]. - The proposed cash dividend distribution is ¥5.34 per 10 shares (tax included), amounting to a total cash dividend of ¥452,722,253.92 (tax included) based on the adjusted share count of 847,794,483 shares[11]. - The cash dividend payout ratio for the year is 40.01%, including ¥299,949,780.29 distributed in the first half of 2023[11]. - The total cash dividends distributed in 2023, including the first half, amount to 1,152,592,835.08 RMB, representing 61.27% of the net profit attributable to ordinary shareholders[127]. Market Trends and Consumer Behavior - The company noted a K-shaped consumption trend in the electric two-wheeler market, with high-end, differentiated products gaining higher margins and consumer preference[5]. - The demand for electric two-wheelers is driven by the growing consensus on low-carbon green travel and the increasing severity of urban traffic congestion[80]. - The rise of new consumption scenarios, such as delivery services, has expanded the usage of electric two-wheelers, aligning with the growth of the "Internet+" service model[81]. - The electric two-wheeler industry is expected to enter a new phase of rapid development post the transition period of the new national standard, driven by consumer demand and technological advancements[39]. Research and Development - Aima Technology emphasized the importance of AIGC technology, which is expected to bring significant changes across various applications, including regulatory and consumer sectors[6]. - R&D expenses increased by 16.34% year-on-year to CNY 58,946.72 million, reflecting the company's commitment to enhancing product performance and competitiveness[35]. - The company is focusing on enhancing product development processes by upgrading from APDS to IPD, aiming to improve product planning accuracy and success rates[33]. - The company is actively developing sodium battery technology and has made significant progress in this area during the reporting period[36]. Corporate Governance and Transparency - The company maintains a commitment to transparency, with all board members ensuring the authenticity and completeness of the annual report[12]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[12]. - The company emphasizes the importance of understanding the risks associated with forward-looking statements regarding future plans and strategies[12]. - The company has established a comprehensive internal control management system, maintaining effective financial reporting controls without significant deficiencies[132]. Strategic Initiatives and Future Plans - The company plans to transform from a single vehicle seller to a comprehensive mobility solution provider, aiming for international brand recognition and technological advancement[7]. - The company plans to continue investing in new product development and market expansion strategies to drive future growth[25]. - The company is actively expanding its production bases, including projects in Guigang, Lishui, and Taizhou, to enhance manufacturing capacity[25]. - The company is committed to international market expansion through localized strategies and collaboration with OEM clients[93]. Environmental and Social Responsibility - The company has invested 18.2 million yuan in environmental protection during the reporting period[134]. - The company has established a comprehensive environmental management system, with several subsidiaries certified for environmental management[143]. - The company has committed to long-term promises regarding share restrictions and related party transactions, ensuring compliance and transparency[151]. - The company actively engages in social responsibility, with total donations amounting to 612.11 million yuan for charitable and educational projects[146]. Risks and Challenges - The company faces risks from intensified industry competition and the need for continuous product innovation to meet evolving consumer demands[94][95]. - The establishment of new production bases may lead to increased fixed asset depreciation, potentially impacting short-term performance[99]. - The company is enhancing its supply chain system to mitigate risks from raw material price fluctuations, including establishing a Supplier Quality Engineer (SQE) team and investing in key component suppliers[98]. Employee and Management Compensation - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to CNY 22.6954 million[112]. - The total pre-tax remuneration for the chairman and general manager was reported at 321.37 million yuan for the reporting period[108]. - The company has established a performance-based assessment mechanism and a competitive compensation policy to enhance employee value distribution[122]. Shareholder Commitments and Related Party Transactions - The controlling shareholders, Zhang Jian and Zhang Gegge, committed to not transferring or entrusting the management of their shares for 36 months post-IPO[153]. - The company will ensure that any unavoidable related transactions are conducted fairly and do not harm the interests of Aima Technology and its shareholders[163]. - The commitments made by Zhang Jian are irrevocable during the period of his control over Aima Technology, ensuring ongoing compliance with legal and regulatory changes[162].

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 39.50 CNY, based on a comparison with peer valuations [6][19][20]. Core Insights - The company is a leading brand in the domestic two-wheeler industry, with expected EPS of 2.18, 2.67, and 3.32 CNY for 2023-2025, respectively [2][6]. - The industry landscape is continuously optimizing, with consumer demand insights being a core asset for the company. The two-wheeler industry has undergone three phases of development: early electricization, mid-term new national standards, and a long-term trend towards intelligence [2][21]. - The company has a strong brand presence and is focusing on high-end products, streamlining SKUs, and promoting popular models to drive ASP (Average Selling Price) increases [2][21]. Financial Summary - Revenue is projected to grow from 20,802 million CNY in 2022 to 31,112 million CNY in 2025, with a CAGR of approximately 21% [1][12]. - Operating profit (EBIT) is expected to increase from 1,869 million CNY in 2022 to 3,278 million CNY in 2025, reflecting a significant growth trajectory [1][12]. - Net profit attributable to shareholders is forecasted to rise from 1,873 million CNY in 2022 to 2,859 million CNY in 2025, indicating robust profitability [1][12]. Profitability and Valuation Metrics - The operating profit margin is expected to improve from 9.0% in 2022 to 10.5% in 2025, showcasing enhanced operational efficiency [1][12]. - The company’s PE ratio is projected to decrease from 14.63 in 2022 to 9.58 in 2025, indicating a potentially attractive valuation as earnings grow [1][12]. - The dividend yield is expected to increase from 2.7% in 2022 to 3.7% in 2025, reflecting a commitment to returning value to shareholders [1][12]. Industry Dynamics - The two-wheeler industry is characterized by a dual oligopoly, with market share increasingly concentrating among leading players [2][21]. - The industry is transitioning towards high-quality internal growth driven by both volume and price increases, with new national standards creating replacement demand [2][47]. - The company is actively enhancing its supply chain and pursuing high-end product strategies to capture growth opportunities in the evolving market landscape [2][75].

关于债券持有人持有可转债比例变动达到 10%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。 经中国证券监督管理委员会《关于核准爱玛科技集团股份有限公司公开发行 可转换公司债券的批复》（证监许可[2022]3038 号）核准，公司于 2023 年 2 月 23 日公开发行了 2,000 万张可转换公司债券（以下简称"爱玛转债"或"可转 债"），每张面值为人民币 100 元，发行总额为人民币 20 亿元，期限 6 年。经 上海证券交易所自律监管决定书[2023]41 号文同意，公司本次发行的 20 亿元可 转债于 2023 年 3 月 20 日在上海证券交易所挂牌交易，债券简称"爱玛转债"， 债券代码"113666"。公司控股股东、实际控制人张剑先生配售"爱玛转债" 13,754,480 张，占可转债发行总量的 68.77%。 2023 年 9 月 4 日至 10 月 13 日期间，公司控股股东、实际控制人张剑先生 以大宗交易方式合计转让"爱玛转债"2,000,000 张，占可转债发行总量的 10.00%。转让后，张剑先生 ...

重要内容提示： 累计转股情况："爱玛转债"自 2023 年 9 月 1 日起可转换为公司股份， 截至 2024 年 3 月 31 日，"爱玛转债"累计转股金额为 44,000 元，因转股形成 的股份数量为 1,101 股，占可转债转股前公司已发行股份总额的 0.000128%。 | 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2024-021 | | --- | --- | --- | | 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"爱玛转债"转股结果暨股份变动公告 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。 未转股可转债情况：截至 2024 年 3 月 31 日，尚未转股的"爱玛转债"金 额为 1,999,956,000 元，占"爱玛转债"发行总额的 99.9978%。 本季度转股情况：2024 年 1 月 1 日至 2024 年 3 月 31 日期间，"爱玛转债" 转股金额为 4,000 元，因转股形成的股份数量为 100 股。 一、可转债发行上市概况 经中 ...

深圳价值在线咨询顾问有限公司 关于 爱玛科技集团股份有限公司 2024 年限制性股票激励计划 调整及授予相关事项 之 独立财务顾问报告 二〇二四年三月 | | | 深圳价值在线咨询顾问有限公司 独立财务顾问报告 第一章 释 义 在本报告中，如无特殊说明，下列简称具有如下含义： | 释义项 | | 释义内容 | | --- | --- | --- | | 公司、本公司、上市公司或 | 指 | 爱玛科技集团股份有限公司 | | 爱玛科技 | | | | 激励计划、本激励计划、本 | 指 | 爱玛科技集团股份有限公司 2024 年限制性股票激励计划 | | 次激励计划、本计划 | | | | 《激励计划》 | 指 | 《爱玛科技集团股份有限公司 2024 年限制性股票激励计 | | | | 划（草案）》 | | 本报告、本独立财务顾问报 | | 《深圳价值在线咨询顾问有限公司关于爱玛科技集团股份 | | 告 | 指 | 有限公司 2024 年限制性股票激励计划调整及授予相关事 | | | | 项之独立财务顾问报告》 | | 独立财务顾问、价值在线 | 指 | 深圳价值在线咨询顾问有限公司 | | | | 公司根据本 ...

| | | 爱玛科技集团股份有限公司 第五届董事会第十九次会议决议公告 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"）第五届董事会第十九次会议 于 2024 年 3 月 13 日以通讯方式召开，会议通知已于 2024 年 3 月 5 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、审议通过了《关于调整 2024 年限制性股票激励计划相关事项的议案》 二、审议通过了《关于向 2024 年限制性股票激励计划激励对象授予限制性 股票的议案》 根据《上市公司股权激励管理办法》《公司 2024 年限制性股票激励计划（草 案）》的有关规定，经公司 2024 年第一次临时股东大会授权，董事会审议核查后 认为，公司和激励对象符合本次激励计划授予条件的规定，本次激励计划授予条 件已经成就。同意确定本次激励计划的授予日为 2024 年 3 月 13 日，并以 12.61 元/ ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2024-018 | | --- | --- | --- | | 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 关于向 2024 年限制性股票激励计划激励对象 授予限制性股票的公告 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： 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 《公司 2024 年限制性股票激励计划（草案）》（以下简称"《激励计划》"、 "本激励计划"）的相关规定以及公司 2024 年第一次临时股东大会授权，爱玛 科技集团股份有限公司（以下简称"爱玛科技"或"公司"）董事会认为本激 励计划规定的限制性股票的授予条件已经成就，公司于 2024 年 3 月 13 日召开 的第五届董事会第十九次会议、第五届监事会第十五次会议审议通过了《关于 向 2024 年限制性股票激励计划激励对象授予限制性股票的议案》，确定公司本 激励计划的授予日为 2024 年 3 月 13 日，向符合授予条件的 ...

| 证券代码：603529 | 证券简称：爱玛科技 公告编号：2024-017 | | --- | --- | | 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 关于调整 2024 年限制性股票激励计划相关事项的公告 除上述调整内容外，本次实施的激励计划其他内容与公司 2024 年第一次临 时股东大会审议通过的激励计划一致。 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"爱玛科技"或"公司"）于 2024 年 3 月 13 日召开的第五届董事会第十九次会议、第五届监事会第十五次会议审 议通过了《关于调整 2024 年限制性股票激励计划相关事项的议案》，现将相关 事项说明如下： 一、本次股权激励计划已履行的相关审批程序 （一）2024 年 1 月 29 日，公司召开的第五届董事会第十七次会议，审议通 过了《关于<公司 2024 年限制性股票激励计划（草案）>及其摘要的议案》《关 于<公司 2024 年限制性股票激励计划实施考核管理办法>的议案》及《关于提请 股 ...

（3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政处 罚或者采取市场禁入措施； 爱玛科技集团股份有限公司监事会 关于公司 2024 年限制性股票激励计划激励对象名单的核查 意见（截至授予日） 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股权 激励管理办法》（以下简称"《管理办法》"）以及《公司章程》等有关法律法 规及规范性文件的规定，爱玛科技集团股份有限公司（以下简称"公司"）监事 会对公司 2024 年限制性股票激励计划（以下简称"本次激励计划"）激励对象 名单（截至授予日）进行了核查。现发表核查意见如下： 1、本次激励计划的激励对象具备《公司法》等法律、法规及规范性文件和 《公司章程》规定的任职资格，符合《管理办法》规定的激励对象条件，符合《公 司 2024 年限制性股票激励计划（草案）》规定的激励对象范围，其作为公司本 次激励计划激励对象的主体资格合法、有效。 2、本次激励计划的激励对象均不存在《管理办法》第八条规定的不得成为 激励对象的情形： （1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； ...