AIMA TECHNOLOGY GROUP CO.(SH:603529) Jing Ji Guan Cha Wang·2026-01-11 10:07Core Viewpoint - Aima Technology (603529.SH) is undergoing layoffs across multiple departments, including its international and high-end brand divisions, despite reporting strong revenue growth in recent quarters [1][2]. Group 1: Layoffs and Company Response - Aima has initiated layoffs affecting various departments, with reports indicating that the international and high-end brand divisions have seen reductions exceeding 50% [1]. - Aima's investor hotline stated that personnel adjustments are normal during corporate development, denying any significant workforce reduction and asserting that the international and high-end departments are still operational [1]. Group 2: Financial Performance - In the first three quarters of 2025, Aima achieved a revenue of 21.09 billion yuan, a year-on-year increase of 20.78%, and a net profit of 1.907 billion yuan, up 22.78%, marking the best performance in its history for this period [2]. - Despite stable growth, Aima faces increasing competition from industry leaders like Yadea and emerging players, which are growing at a faster pace [2][3]. Group 3: Competitive Landscape - Yadea reported a revenue of 19.19 billion yuan in the first half of 2025, with a year-on-year growth of 33.11%, while its net profit increased by 59.50% [3]. - New entrants like Ninebot have shown even more rapid growth, with a revenue of 18.39 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 68.63% [3]. Group 4: International Expansion and Challenges - Aima has been pursuing international expansion since 2015, with significant investments in Southeast Asia, including operational factories in Vietnam and Indonesia [4][5]. - However, Aima's international business remains underwhelming, with revenue from international operations accounting for only 0.69% of total revenue in the first half of 2025, down from around 1% previously [4][5]. Group 5: High-End Market Strategy - Aima launched a new high-end electric motorcycle brand, Zeroji, targeting urban youth, with plans to open experience centers in major cities by mid-2026 [6]. - The company faces challenges in penetrating the high-end market, requiring significant investment in understanding consumer preferences and developing new technologies [6]. Group 6: Regulatory Pressures - Aima must comply with new national standards for electric bicycles effective December 1, 2025, which impose stricter requirements on speed limits, materials, and safety features, necessitating investment in production line upgrades [7].