Core Viewpoint - The credit rating agency has maintained a stable credit rating for Aima Technology Group Co., Ltd, reflecting its strong market position and operational performance in the electric two-wheeler industry, despite challenges from new regulations and market competition [3][4][8]. Financial Performance - Aima's total assets increased to 242.60 billion yuan in 2024 from 233.19 billion yuan in 2023, while total debt decreased to 74.43 billion yuan from 80.41 billion yuan [4][6]. - The company's operating revenue for 2024 was 216.06 billion yuan, a 2.71% increase from 210.36 billion yuan in 2023, with a net profit of 20.13 billion yuan, up from 18.96 billion yuan [6][15]. - The EBITDA for 2024 was reported at 31.66 billion yuan, indicating strong cash generation capabilities [6][7]. Market Position - Aima ranks second in the electric two-wheeler industry, with its market share narrowing the gap with the industry leader, Yadea Group [4][8]. - The company has effectively responded to the implementation of the new national standards, improving its operational efficiency metrics compared to competitors [7][23]. Production and Capacity - Aima's production capacity increased by 19.28% to 12.64 million units in 2024, although the capacity utilization rate fell to 85.44% due to rapid capacity expansion [7][21]. - The company has ongoing investments in new production bases, with significant capital expenditures planned for 2024 and beyond, totaling an estimated 80.45 billion yuan for various projects [18][19]. Industry Environment - The electric two-wheeler industry is experiencing increased concentration due to new regulations and the implementation of a vehicle replacement policy, which is expected to stimulate demand in 2025 [11][12]. - The new national standards, effective from September 2025, will require companies to enhance product quality and performance, potentially leading to further industry consolidation [13][14]. Research and Development - Aima has increased its R&D investment, with 2024 R&D expenditure amounting to 65.87 million yuan, representing 3.05% of its operating revenue, ranking second among major competitors [21][22]. - The company continues to innovate and adapt to market demands, launching new models that align with consumer preferences and regulatory requirements [21].