登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603529 证券简称：爱玛科技 公告编号：2025-088 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2025年第三季度业绩说明会召开情况的公告 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。 爱玛科技集团股份有限公司（以下简称"公司"或"爱玛科技"）于2025年11月24日(星期一)上午10:00- 11:00通过上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/）召开了公司2025年第三 季度业绩说明会，现将有关事项公告如下： 一、业绩说明会召开情况 2025年11月15日，公司在上海证券交易所网站（www.sse.com.cn）及指定信息披露媒体披露了《爱玛科 技关于召开2025年第三季度业绩说明会的公告》。 2025年11月24日，公司董事长、总经理张剑先生，副总经理、财务总监郑慧女士，副总经理、董事会秘 书李新先生，独立董事马军生先生出席了本次说明会。参会人员就公司经营成果及财务状况 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The main contract 2601 of Shanghai lead is expected to maintain a weak and volatile trend, with the attention range of 16,900 - 17,300 [4]. 3. Summary by Relevant Catalogs 3.1 Week - on - Week Summary - **Market Review**: As of November 20, the Shanghai lead futures showed a high - level decline this week. The Shanghai lead 2601 contract fell 1.91%. The weak US economic data and the gradual decline in market demand led to the high - level decline [4]. - **Market Outlook**: On the supply side, primary lead smelters are expected to fluctuate within a narrow range before the improvement of raw material supply. Secondary lead smelters' output is increasing. On the demand side, the lead - acid battery market has changed. The new national standard has opened up the market space for large - capacity lead - acid batteries, but it is difficult to maintain the improvement. From a macro perspective, the recent hawkish remarks of Fed officials have dampened market sentiment. It is expected that the Shanghai lead price will continue to fluctuate within a wide range next week [4]. 3.2 Futures and Spot Market - **Price and Ratio**: This week, the domestic and foreign futures prices of Shanghai lead declined, and the ratio weakened. As of November 20, 2025, the LME 3 - month lead futures price was $2,010.5 per ton, and the active contract of Shanghai lead was 17,220 yuan per ton. The Shanghai - London ratio was 8.57 [6][10]. - **Premium and Discount**: The domestic futures premium and foreign premium strengthened. As of November 20, 2025, the Chinese futures premium was - 75 yuan per ton, and the LME lead premium (0 - 3) was - $28.91 per ton [12][14]. - **Inventory and Warehouse Receipts**: Foreign lead inventories increased, domestic inventories decreased, warehouse receipt numbers increased, and overall lead inventories increased. As of November 20, 2025, the total lead inventory was 3.64 tons, a decrease of 0.45 million tons; the LME lead inventory was 264,650 tons, an increase of 42,175 tons. The number of Shanghai lead warehouse receipts was 30,556 tons, an increase of 4,732 tons [31][35]. 3.3 Industry Situation - **Supply Side** - **Production**: The operating rate of primary lead enterprises increased, and production rose. As of November 13, 2025, the average operating rate of primary lead in major producing areas was 71.37%, an increase of 1.82% from the previous week, and the weekly output was 38,700 tons, an increase of 400 tons from the previous week. The capacity utilization rate of secondary lead enterprises remained unchanged, and production increased. As of November 13, 2025, the domestic production of secondary lead in major producing areas was 27,000 tons, a month - on - month increase of 10,000 tons; the average capacity utilization rate was 55.99%, a month - on - month decrease of 0% [20][29]. - **Import and Export**: In September 2025, refined lead exports decreased significantly, and refined lead imports declined. The export volume of refined lead was 1,795 tons, a month - on - month decline of 43.62% and a year - on - year increase of 408.31%. The import volume of refined lead was 1,507.92 tons, a month - on - month decrease of 17.17% and a year - on - year decrease of 94.69% [37][39]. - **Demand Side** - **Processing Fees**: The domestic lead concentrate processing fees and imported ore processing fees remained flat. Currently, the shortage of lead ore is obvious, affecting production. As of November 13, 2025, the national average processing price of lead concentrate was 340 yuan per ton, and the average processing fee of imported lead concentrate (Pb60) was - $90 per thousand tons [41][43]. - **Automobile Sales**: In October 2025, the overall automobile sales increased. The sales volume of new energy vehicles increased significantly, and the lithium - for - lead process accelerated, leading to a decline in lead demand [45][48]. - **Recycling and Prices**: The recycling price of waste batteries was stable, the price of lead - antimony alloy decreased, the domestic demand gradually weakened, and lead recycling did not change much. As of November 20, 2025, the average price of waste lead (48V/20AH) in Zhejiang was 394 yuan per group, and the price of lead - antimony alloy in Shanghai was 19,330 yuan per ton [50][52].

Core Insights - Dongpeng Holdings has achieved significant success in the e-commerce sector, ranking first in the Tmall home decoration "tile brand sales list" and the JD home decoration "wall and floor material brand list," marking five consecutive years of leading the tile industry in new retail [1] Group 1: Financial Performance - In the first three quarters of the year, Dongpeng Holdings reported a revenue of 4.501 billion yuan, with a year-on-year growth of 8.03% in the tile retail channel [1] - The net profit attributable to shareholders for the first three quarters was 349 million yuan, reflecting a year-on-year increase of 13.09%, with a notable 32.91% growth in the third quarter [1] - The net cash flow from operating activities reached 651 million yuan, up 33.19% year-on-year [1] Group 2: Market Position and Strategy - The architectural ceramics industry is currently in a phase of demand contraction and price wars, yet Dongpeng Holdings has managed to grow its market share rapidly [1][2] - The company has opened 196 new stores and upgraded 224 existing ones in the first three quarters, enhancing its brand display and service capabilities [2] - Dongpeng Holdings has focused on "experiential scene-based" transformations and a "online-to-offline" operational model to stimulate consumer demand [2] Group 3: Product Innovation - Dongpeng Holdings has launched several innovative products, including the "Feather Anti-Slip Shield" technology for anti-slip tiles and a smart toilet that meets the highest 5A grade in sanitary ware [5] - The company has established 38 innovation platforms and holds 2,505 patents, making it the ceramic tile enterprise with the most patents in the industry [4] - The introduction of new product lines, such as the premium stone series and eco-friendly products, has contributed to the company's competitive edge [2] Group 4: Industry Standards and Future Outlook - Dongpeng Holdings is a key player in the formulation of the new national standard for ceramic tiles, which will be implemented on December 1, aiming to enhance product quality across the industry [6][7] - The new standard is expected to drive technological advancements and quality upgrades, benefiting companies like Dongpeng that can meet these stringent requirements [6][7] - The architectural ceramics market is projected to stabilize at around 250 billion yuan over the next five years, with a potential increase in market concentration favoring leading companies [3]

Core Insights - Niu Technologies reported strong financial performance for Q3 2025, with revenue reaching RMB 1.6939 billion, a year-on-year increase of 65.4%, and a net profit of RMB 81.7 million, indicating robust business growth momentum [1][2] Group 1: Sales Performance - In Q3 2025, Niu Technologies achieved total vehicle sales of 465,873 units, a year-on-year increase of 49.1%, with the Chinese market showing exceptional performance, contributing 451,455 units sold, a significant increase of 74.2% [2] - Cumulatively, for the first three quarters of 2025, Niu Technologies sold 1,019,276 vehicles, surpassing the total sales for the entire previous year, highlighting the company's market expansion and brand influence [2] Group 2: Profitability and Margins - The gross margin improved significantly to 21.8%, an increase of 8 percentage points year-on-year, reflecting the company's effective product mix optimization and cost control [2] Group 3: Strategic Outlook - Niu Technologies is well-prepared for the upcoming implementation of the new national standards for electric vehicles on December 1, with a competitive product matrix and an expanding distribution network [3] - The company maintains a steady outlook for Q4 2025, projecting revenue between RMB 737 million and RMB 901 million, supported by validated successful sales strategies and strong cash reserves [3]

Core Insights - Niu Technologies reported strong financial performance for Q3 2025, with revenue reaching RMB 1.6939 billion, a year-on-year increase of 65.4%, and a net profit of RMB 81.7 million, indicating robust business growth momentum [1] Group 1: Sales Performance - In Q3, Niu Technologies achieved total vehicle sales of 465,873 units, a year-on-year growth of 49.1%, with the Chinese market showing exceptional performance, contributing 451,455 units sold, a significant increase of 74.2% [2] - Cumulatively, for the first three quarters of 2025, Niu Technologies sold 1,019,276 vehicles, surpassing the total sales for the entire previous year, highlighting the company's market expansion and brand influence [2] Group 2: Profitability and Margins - The gross margin improved significantly to 21.8%, an increase of 8 percentage points year-on-year, reflecting the company's effective product mix optimization and cost control [2] Group 3: Strategic Outlook - Niu Technologies is well-prepared for the upcoming implementation of the new national standards for electric vehicles on December 1, with a competitive product matrix and an expanding channel network, which contributed to the strong growth in the Chinese market [3] - The company maintains a steady outlook for Q4, projecting revenue between RMB 737 million and RMB 901 million, supported by validated successful strategies and sufficient cash reserves [3]

Core Viewpoint - The implementation of the new national standard for electric bicycles in China has led to significant changes in the market, with a surge in sales of old standard models before their mandatory discontinuation [2][3][4] Group 1: Market Changes - The new national standard for electric bicycles, effective from September 1, mandates that all vehicles sold after November 30, 2025, must comply with the new regulations, leading to the phasing out of old standard models [2] - Sales of old standard electric bicycles are strong, with some stores reporting low inventory levels and high customer interest as consumers rush to purchase before the deadline [3][4] - Some brands have begun selling new standard electric bicycles, but the selection is limited, and many stores are waiting to introduce a wider range until old models are sold out [4] Group 2: Industry Insights - Industry experts note that the current market for new standard electric bicycles is experiencing a temporary slowdown due to limited consumer acceptance and a lack of variety in models [6] - The pricing landscape remains stable, with no significant price increases observed, and some models even seeing slight price reductions during promotional periods [6] - The competitive landscape is shifting from a "price war" to a "value war," with future competition focusing on new designs, diversified production, and enhanced after-sales service [6]

Core Viewpoint - The company, Weimob Communication, is poised to benefit from the new development opportunities in the two-wheeler business, having established partnerships with several major domestic two-wheeler manufacturers [1] Group 1: Business Development - The company has developed its own IoT smart terminal that supports 4G communication and features triple positioning capabilities including Beidou/GPS/LBS [1] - The new national standard for two-wheelers officially took effect on September 1, with a transition period from September to November during which old standard models can still be sold [1] - The company’s two-wheeler products that comply with the new standard have already been shipped in the fourth quarter, indicating readiness for the upcoming regulatory changes [1] Group 2: Market Impact - The policy benefits from the new national standard are expected to drive growth in the company's domestic two-wheeler business as the new standard will be fully enforced by December 1, 2025 [1]

Investment Rating - The report indicates a positive outlook for the electric two-wheeler industry in China, driven by new national standards and technological advancements [2][3]. Core Insights - The electric two-wheeler industry in China is undergoing significant transformation due to the implementation of new national standards, which promote product standardization and brand concentration, shifting competition from price wars to technological innovation and quality enhancement [2][3]. - The market is expected to grow steadily from 51.17 million units in 2025 to 59.32 million units by 2030, with the market size projected to increase from 81.87 billion yuan to 83.05 billion yuan [4][50]. - Key trends include the transition to lithium batteries, the rise of smart technology, and the emergence of high-end products, with leading brands like Yadea and Aima capturing over 40% of the market share [5][50]. Summary by Sections Industry Overview - The electric two-wheeler industry has evolved through five stages, currently entering a new standard period initiated in 2018, which emphasizes speed, weight, and voltage regulations to ensure sustainable development [3][19]. - The market has a total ownership of 425 million units, indicating a shift from incremental expansion to stock renewal driven by policy changes and consumer demand for higher quality [4][50]. Policy Impact - The new national standards, effective from September 2025, will enforce stricter safety and quality requirements, leading to the elimination of weaker players and enhancing the competitive landscape [10][20]. - Policies such as trade-in programs are expected to accelerate market transformation and promote compliance with new standards [18][20]. Technological Trends - The industry is witnessing a shift towards lithium battery technology, with sodium-ion batteries showing long-term potential due to their cost advantages and performance characteristics [27][28]. - The mandatory installation of Beidou positioning modules is projected to create a market worth between 4.3 billion and 12.9 billion yuan, enhancing safety and management capabilities [31][33]. Market Dynamics - The competitive landscape is characterized by a clear differentiation in pricing strategies among brands, with high-end brands like Ninebot gaining market share through smart technology [36][40]. - Consumer preferences are shifting towards products that offer better performance, range, and smart features, driving demand for electric motorcycles [50]. Future Outlook - The report forecasts that the electric two-wheeler market will continue to grow, supported by policy initiatives, technological advancements, and changing consumer expectations [50].

Core Viewpoint - The new national standard for power banks, effective from August 15, 2025, marks a critical transition for the industry from "wild growth" to "high-quality development," creating strategic opportunities for companies with core technology [2][12]. Group 1: New National Standard - The new standard raises requirements for battery quality, circuit safety, heat control, and durability, aligning industry standards with international advanced levels [2]. - The implementation of this policy will eliminate many manufacturers lacking core technology and compliance, fostering a fairer competitive environment for capable chip design companies [2][12]. Group 2: Zhuhai Zhirong Technology's Product Line - Zhuhai Zhirong Technology has developed a comprehensive product matrix for mobile power SoC, addressing various market segments from entry-level to flagship products [3][5]. - The classic model SW6236 supports 22.5W fast charging and complies with new battery standards, ensuring safety and performance [3][4]. - The mid-range model SW6306 supports 30W to 100W and integrates a bidirectional boost and buck controller, catering to mainstream consumer needs [4]. - The high-end model SW6309 and flagship models SW7201/SW7226 offer advanced features like multi-port output and high power levels, targeting high-demand users [5][6]. Group 3: Competitive Advantages - Zhuhai Zhirong Technology's high integration SoC technology simplifies power bank design while meeting new safety and compatibility standards [6]. - The company has evolved its core competitiveness from pure technical advantages to a comprehensive strength combining R&D, market, and ecosystem [6][12]. Group 4: Future Outlook - The company is expanding its market presence into AI hardware, with successful applications of its chips in various AI devices [9]. - Zhuhai Zhirong Technology is also broadening its technology advantages to various applications, including vehicle chargers and outdoor energy storage [10]. - Continuous investment in R&D will enhance the integration, efficiency, and intelligence of SoC chips, positioning the company as a leader in setting industry standards [11][12].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company experienced a revenue decline of 4.6% year-on-year in the first three quarters of 2025, with a net profit drop of 29.0% [7] - The domestic civil and commercial fire safety revenue decreased by 9.9% due to industry demand adjustments and intense price competition, while industrial and sector fire safety revenue increased by 4.6% [7] - The company is expected to see a turnaround in 2026, driven by new national standards and the exit of non-compliant small enterprises from the market, enhancing the market position of leading companies [7] - The introduction of fire-fighting robots is anticipated to contribute to future growth, as automation in inspection and firefighting becomes a trend [7] - The forecasted net profits for 2025-2027 are 4.17 billion, 5.49 billion, and 6.49 billion yuan, with corresponding EPS of 0.48, 0.63, and 0.74 yuan [7] Financial Performance - Revenue for 2023 is projected at 4,972 million yuan, with a growth rate of 0.99% in 2025 and 11.21% in 2026 [6][8] - The net profit for 2023 is estimated at 659 million yuan, with a significant decline of 46.42% expected in 2024 [6][8] - The company's PE ratio is projected to be 24.36x in 2025, decreasing to 15.65x by 2027 [6][8] Market Performance - The company's stock price closed at 11.60 yuan on October 29, 2025 [2] - The company has shown a market performance of -8% over the last 12 months compared to the CSI 300 index [4]