来源丨 雷达财经（ID：leidacj） 作者丨孟帅 编辑丨深海 图源丨爱玛科技官网 靠着卖出的9000万辆"小电驴"，爱玛科技的掌舵者张剑、张格格父女成功 坐上 天津首富（以公司总 部所在地为基准）宝座。 以下文章来源于雷达Finance ，作者X编辑 雷达Finance . 遨游广袤的财富世界。 在最新出炉的《2025新财富500创富榜》中，张剑、张格格二人的身家高达247.1亿元，相较上年增 长近百亿。凭借较高的持股比例，仅去年一年，爱玛科技7.96亿元的丰厚分红中就有约5.54亿元流入 张剑父女的"口袋"。 回看张剑的创业征程，早年于商丘五交化公司任职的他，不甘于体制内的平淡毅然投身商海。他从自行 车销售起步，后将业务拓展至产业链上游的生产端。借着"禁摩令"带来的时代机遇，他精准踩中风 口，大力发展电动两轮车业务。 在明星代言与强势营销的双重助力下，爱玛成功跻身两轮电动车行业的头部阵营。2021年6月，在历 经多次波折后，爱玛科技终于如愿登陆资本市场。 值得注意的是，去年下半年以来，爱玛科技遭多位股东和高管减持。今年4月以来，资本市场对爱玛科 技的热情骤减，短短数月，公司市值蒸发约90亿元。尽管去年公 ...

雷达财经出品 文|孟帅 编|深海 靠着卖出的9000万辆"小电驴"，爱玛科技的掌舵者张剑、张格格父女成功坐上天津首富（以公司总部所在地为基准）宝座。 在最新出炉的《2025新财富500创富榜》中，张剑、张格格二人的身家高达247.1亿元，相较上年增长近百亿。凭借较高的持股比例，仅去年一年，爱玛科 技7.96亿元的丰厚分红中就有约5.54亿元流入张剑父女的"口袋"。 回看张剑的创业征程，早年于商丘五交化公司任职的他，不甘于体制内的平淡毅然投身商海。他从自行车销售起步，后将业务拓展至产业链上游的生产 端。借着"禁摩令"带来的时代机遇，他精准踩中风口，大力发展电动两轮车业务。 在明星代言与强势营销的双重助力下，爱玛成功跻身两轮电动车行业的头部阵营。2021年6月，在历经多次波折后，爱玛科技终于如愿登陆资本市场。 值得注意的是，去年下半年以来，爱玛科技遭多位股东和高管减持。今年4月以来，资本市场对爱玛科技的热情骤减，短短数月，公司市值蒸发约90亿 元。尽管去年公司营收与净利润实现双增长，但与2022年的高速增长相比增速明显放缓。 爱玛身后"父女档"，问鼎天津首富之位 6月24日，备受瞩目的《2025新财富500创富榜 ...

Industry Outlook - The industry is expected to return to rapid growth due to the old-for-new policy and the implementation of new national standards, with projected sales of 56 million and 61.75 million units in 2025 and 2026, respectively, representing year-on-year growth of 12% and 10% [1] - The old-for-new policy has shown significant effects, with 3.341 million electric bicycles sold for old-for-new exchanges nationwide as of April 8, 2025, and an average subsidy of 688 yuan per unit [1] - The new national standards set to be implemented in September 2024 will raise industry entry barriers, which is expected to maintain strong demand for older models in Q2 and Q3 [1] Market Structure - Leading companies like Yadea and Aima have significant advantages in product pricing and distribution channels, with projected sales of 13.02 million and 10.7 million units in 2024, corresponding to market shares of 26% and 21%, respectively, totaling 47% [1] - The commuting segment, which accounts for about 50% of the market, is driven by essential needs, while the entertainment segment (30%) focuses on brand appeal and design [2] - New brands like Ninebot have a first-mover advantage in the entertainment segment, but traditional companies are quickly adapting to close the gap [2] Company Performance - The company is expected to recover quickly in terms of sales and profitability following a period of aggressive expansion and deep adjustments in 2024 [2] - The company anticipates a healthy recovery in terminal channels starting from 2025, aided by the new national standards and the old-for-new policy [2] - The subsidiary Huayu Battery is expected to see rapid sales growth due to strong external demand for its "24-month true replacement" technology [2] Profit Forecast and Valuation - The company’s projected net profits for 2025, 2026, and 2027 are 2.93 billion, 3.55 billion, and 4.11 billion yuan, respectively, with corresponding price-to-earnings ratios of 12.1, 10.0, and 8.6 [3]