Core Insights - The two-wheeler market in Beijing is experiencing a significant increase in customer traffic, driven by national subsidy policies that encourage consumers to trade in old vehicles for new ones, resulting in a net cost of around 1000 yuan for new bikes priced at approximately 2000 yuan [1][2][3] - Major two-wheeler manufacturers are optimistic about the market outlook for the year, with expectations of increased sales and production capacity due to improved supply and demand dynamics [1][5] - The implementation of new national standards has accelerated the elimination of less competitive manufacturers, leading to an overall optimization of supply in the industry [1][8] Market Dynamics - The "Five One" holiday period saw a remarkable increase in sales for companies like Niu Electric, with a 120% year-on-year increase in sales and a nearly 80% increase in customer traffic [2][3] - The most popular models are priced between 1800 to 2200 yuan, with some models already sold out, indicating strong demand [3] - The national subsidy program provides 500 to 650 yuan for new purchases, with additional incentives for trading in old lithium-ion battery bikes, further stimulating consumer interest [3][4] Future Projections - The two-wheeler market is expected to see a double-digit growth in sales by 2025, driven by both new demand from delivery services and the replacement of older models [5][9] - The cumulative number of old bikes traded in and new ones purchased since the launch of the subsidy program has reached 532.3 million, indicating a successful policy impact [5] - Companies are ramping up production capabilities, with Niu Electric expecting to produce between 1.3 million to 1.6 million units this year, reflecting a growth of 40% to 70% [7][8] Supply Chain and Product Development - The new national standards set to be implemented in 2025 will enhance product quality and safety, leading to a more competitive market landscape [8][9] - Companies are focusing on smart features and digital upgrades in their products, aligning with consumer preferences for enhanced functionality [9] - The industry is witnessing a shift towards intelligent and green manufacturing, with companies like Aima and Niu Electric actively expanding their product lines and production bases [6][7][9]

两轮电动车行业丨 研究报告 核心摘要： 2025年中国两轮电动车行业在新国标《电动自行车安全技术规范（GB 17761—2024）》的推动下，正经历技 术升级与市场格局重塑。新国标通过提高产品安全准入门槛（如电池管理系统、唯一性编码等），加速了行 业向智能化、高端化方向发展，北斗定位、通信及动态安全检测等技术逐渐成为标配。 市场现状： 2024年行业销量约5000万台，受新国标全面落地及消费需求变化影响，市场短暂回调。预计2025年随着新国 标政策红利释放及以旧换新补贴推动，销量将回升至5200万台，但增速受消费降级趋势制约。 品牌竞争： 价格区间分化： 4000元以下市场由传统品牌雅迪、爱玛主导；4000元以上高端市场由九号领跑，连续两年销 量第一。 智能化赛道： 九号凭借全系智能化功能（如远程解锁、 APP互联等）稳居智能电动车销量榜首，雅迪、爱玛 紧随其后，小牛、绿源等品牌位列第三梯队。 资本表现：截至 2025年4月，九号以429亿元市值居上市公司首位，雅迪（421.9亿元）紧随其后，行业集中 度进一步提升。 产业链： 电池技术：锂电池因高能量密度快速崛起，逐步替代铅酸电池，钠离子电池技术尚待产业化突 ...

事件描述 公司披露一季报：2025 年第一季度公司实现营业收入62.32 亿元，同比增长25.82%，实现归母净利润 6.05 亿元，同比增长25.12%，实现扣非归母净利润5.93 亿元，同比增长31.57%。 风险提示 1、原材料价格波动风险； 2、新品研发节奏不及预期风险。 以旧换新政策拉动内销需求，营收同比大幅增长。2025 年第一季度，公司实现营业收入62.32 亿元，同 比增长25.82%，或主要受益于以旧换新政策延续，叠加公司产品结构持续优化，产品市场动销良好。 2025 年，电动两轮车行业受益于以旧换新政策进度持续加快，覆盖范围持续扩大，有效拉动终端需 求，2025 年年初至4 月8 日，全国电动自行车售旧、换新各334.1 万辆，相当于2024 年9-12 月置换总量 的2.4 倍，同时，31 个省、自治区、直辖市及新疆生产建设兵团全部开展了实际置换，实现省级工作落 地全覆盖，在地市一级，有421 个地级市区（含直辖市的区）开展了实际置换，地市级工作覆盖率达到 92.3%。此外，即将实施的新国标对企业的生产资质、产品一致性提出了更高要求，有望进一步淘汰落 后产能，利好具备规模和技术优势的龙头 ...

丨证券研究报告丨 [Table_Summary] 2025 年第一季度公司实现营业收入 62.32 亿元，同比增长 25.82%，实现归母净利润 6.05 亿 元，同比增长 25.12%，实现扣非归母净利润 5.93 亿元，同比增长 31.57%。 分析师及联系人 [Table_Author] 陈亮 蔡方羿 高伊楠 SAC：S0490517070017 SAC：S0490516060001 SAC：S0490517060001 SFC：BUW408 SFC：BUV463 SFC：BUW101 联合研究丨公司点评丨爱玛科技（603529.SH） [Table_Title] 产品结构优化，盈利能力稳步提升 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 爱玛科技（603529.SH） cjzqdt11111 [Table_Title2] 产品结构优化，盈利能力稳步提升 [Table_Summary2] 事件描述 公司披露一季报：2025 年第一季度公司实现营业收入 62.32 亿元，同比增长 25.82%，实现归 母净利润 6.05 亿元，同比增长 25. ...

Summary of Electric Two-Wheeler Industry Conference Call Industry Overview - The electric two-wheeler market is expected to grow by 10%-20% in 2025, driven by replacement demand and the implementation of new national standards, with Q2 and Q3 anticipated to be peak seasons, potentially leading to early consumption [1][4][24] - The high-end market remains stable, accounting for about 10% of total sales, and is less affected by consumer downgrading trends [1][21][22] Brand Performance and Growth Expectations - Aima and Niu are expected to grow by approximately 20%, while Ninebot is projected to grow by up to 80% due to product line expansion and channel development [1][6] - Ninebot's strategy of introducing products in the 2000-3000 yuan price range has successfully catered to the trend of consumer downgrading, resulting in significant sales growth [1][16] - In 2024, Ninebot sold 80,000 units, Niu sold 60,000 units, and Aima reached 180,000 units [3] Consumer Preferences and Market Dynamics - Key factors influencing consumer purchasing decisions include range, brand, appearance, and price, with range anxiety being a primary concern [1][11] - The cost of electric vehicles is significantly impacted by battery capacity, with approximately half of the cost attributed to batteries [1][12] - The Shanghai trade-in policy offers a 500 yuan subsidy, but its complexity and limited funding have resulted in low participation from stores [1][17][18] Channel Development and Store Expansion - Aima has around 500 stores, Niu has 160, and Ninebot has 200, totaling approximately 900 stores in Shanghai [2][9] - All three brands are actively expanding their market share and have clear channel development targets for 2025 [8] - Aima's store count is stable, while Niu aims to increase its stores by 30% and Ninebot also plans for a 30% increase [9] Impact of New National Standards - The new national standards are expected to enhance the quality of electric two-wheelers, extending their lifespan from 3-4 years to 5-6 years [1][21][33] - The implementation of these standards has led to improved materials and overall vehicle quality [21] Competitive Landscape and Pricing Strategies - The market is experiencing intensified price wars, with manufacturers lowering prices to clear inventory [28] - The exit of small and medium-sized enterprises from the market is expected to ease price competition, but this may take time [25][29] - Aima's single-vehicle profit margin is around 5%-8%, while Ninebot and Niu achieve margins of 10%-15% [35] Consumer Behavior and Market Trends - Current consumer willingness to purchase electric bicycles remains strong, with existing models meeting commuting needs in terms of aesthetics, price, and practicality [26] - The market is witnessing a clear trend of consumer downgrading, particularly in mid-range products, while high-end segments remain stable [34] Conclusion - The electric two-wheeler industry is poised for growth in 2025, driven by new policies and consumer trends, with significant differences in brand performance and consumer preferences shaping the competitive landscape [1][4][24]

24&25Q1 电动两轮车板块综述：受益供需合力拉动， 25Q1 表现靓丽 证券研究报告 行业研究 [Table_ReportType] 行业事项点评 [Table_StockAndRank] 轻工制造 投资评级 看好 上次评级 看好 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 05 月 06 日 骆峥 新消费行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 24&25Q1 电动两轮车板块综述：受益供需合力 拉动，25Q1 表现靓丽 [Table_ReportDate] 2025 年 05 月 06 日 [Table_S [Table_Summary ummary] ] 25Q ...

作为产业报道的头部媒体，过往我们对产品报道并不多，但产品报道才是对消费者选车、购车，以及车企造车、卖车最有帮助的文字。 于是，我们决定重塑产品观察栏目，分为MAX，PRO两个不同类型： 产品MAX邀请了车企及供应链企业的专业人士，听听他们选车和购车时关注的重点，为消费者提供有效建议； 以下文章来源于36氪汽车 ，作者韩永昌 36氪汽车 . 看懂汽车产业新百年。36氪旗下智能电动车产业报道公号。 产品PRO则邀请了连续购买多辆新能源车的资深车主，为固定品牌和细分市场提供真实意见。 文 ｜ 韩永昌 编辑 ｜ 张博文 来源｜ 36氪汽车（ID：EV36Kr） 封面来源 ｜ IC photo 这是第一期栏目，我们邀请了一位拥有约10年动力电池研发经验的专业人士，他经历了中国新能源车崛起的整个过程，在车企、 电池企业都有工作经历，也亲手开发了多款电池包。 他分享了一些如何选择电池、电车，以及日常生活中如何养护电池的经验。但至今他依然在开油车，他的同事们也开油车居多， 让我们来看看他怎么说 36氪：你去看车的时候，你会特别关注这个电池是谁们家的吗？ 工程师： 如果是三元电池，我就会特别关注。因为在我们自己开发的角度来看， ...

点击" 阅读原文 "报名参会！ 圆柱电池巡访： ☆走进国轩高科 ☆走进利维能 ☆走进诺达智慧 ☆走进中泽科技 ☆走进苏州力神 ☆走进睿恩新能源 ☆走进天鹏电源 ☆走进中比新能 源 ☆走进天能集团 ☆走进新能安 ☆走进浙江锋锂 ☆走进华立源 ☆走进鹏辉能源 ☆走进欣旺达锂威 ☆走进深圳中基 ☆走进博力威 ☆走进恒泰科技 圆柱电池论坛： 行业首届圆柱电池技术论坛定档2025年2月28日，深圳举办！ ...