爱玛科技的“寒冬裁员”，高端梦碎与增长焦虑

Core Viewpoint - The company is undergoing significant layoffs exceeding 50% across multiple departments, revealing deeper issues of strategic misalignment and growth stagnation [2][3] Group 1: Layoff Details - The layoffs are described as the most severe in recent years, with employees facing low compensation standards and pressure through relocation and outsourcing [2] - The high-end sub-brand "Zero Edge," launched in July 2025, has seen its team size cut from 80 to about 40 within six months due to strategic missteps [3] - The international division, once seen as a second growth curve, is also facing significant cuts, with plans to reduce its workforce from 300-400 to approximately 180 [3] Group 2: Financial Performance - In 2024, the international business generated only 235 million yuan, accounting for about 1% of total revenue, which further declined to 90.37 million yuan in the first half of 2025, representing less than 0.7% [4] - Despite reporting a revenue growth of 20.78% and a net profit increase of 2.78% in Q3 2025, these figures are attributed to base effects and short-term promotions rather than sustainable growth [6] Group 3: Strategic Challenges - The company faces challenges in international expansion due to a lack of localization, weak brand recognition, and delayed channel development [5] - The recent layoffs and cost-cutting measures reflect a desperate need for cost control amid slowing revenue growth and profit pressures [6] - The external environment is changing rapidly with new regulations increasing manufacturing costs, which could impact the company's core market of low to mid-range electric bicycles [7] Group 4: Future Outlook - The year 2026 is critical for the company; reliance on layoffs and cost-cutting may lead to a vicious cycle of weakening performance [7] - To overcome current challenges, the company must focus on technological innovation, brand value, and organizational vitality to transition from being large to strong [7][8]