Core Viewpoint - The article highlights the significant wealth increase of Zhang Jian and his daughter Zhang Gege, who have become the richest individuals in Tianjin due to their ownership of Aima Technology, which has sold 90 million electric scooters. Their wealth surged to 24.71 billion yuan, marking a nearly 100 billion yuan increase from the previous year, driven by the company's performance and dividends [3][4][6]. Company Overview - Aima Technology's revenue for 2024 reached 21.606 billion yuan, a 2.71% increase from 21.036 billion yuan in 2023, while net profit grew by 5.68% to 1.988 billion yuan [18]. - The company has established seven production bases across China and has over 1,900 dealers, with more than 30,000 retail stores, creating a vast sales network [16]. Financial Performance - Despite the revenue and profit growth in 2024, Aima Technology's growth rates have significantly slowed compared to previous years, with revenue growth dropping from 35.09% in 2022 to just 1.12% in 2023 [19]. - The sales expenses for Aima Technology increased by 21.33% to 778 million yuan, which outpaced the revenue growth, indicating higher marketing and channel consulting costs [20]. Shareholder Actions - Since April 2024, Aima Technology's stock price has declined over 20%, resulting in a market value loss of approximately 9 billion yuan, raising concerns among investors about potential undisclosed negative news [21][22]. - Frequent share reductions by major shareholders and executives have been noted, with significant decreases in their holdings reported in late 2023 and early 2024 [21][22].

Core Insights - The core point of the article highlights the significant wealth increase of Zhang Jian and his daughter Zhang Gege, who have become the richest individuals in Tianjin due to their ownership of Aima Technology, which has sold over 90 million electric scooters [2][4][12]. Group 1: Wealth and Ownership - Zhang Jian and Zhang Gege's combined wealth reached 24.71 billion yuan, marking an increase of nearly 10 billion yuan from the previous year, representing a growth rate of 63% [4][5]. - They control approximately 69.65% of Aima Technology, with Zhang Jian holding 68.8% and Zhang Gege 3.13% [6]. - Aima Technology has distributed a total of 7.96 billion yuan in cash dividends for 2024, with an estimated 5.54 billion yuan going to Zhang Jian and Zhang Gege based on their ownership stake [7]. Group 2: Company Performance - Aima Technology reported a revenue of 21.606 billion yuan for 2024, a 2.71% increase from 21.036 billion yuan in 2023, while net profit grew by 5.68% to 1.988 billion yuan [13][14]. - The growth rates for both revenue and net profit have significantly slowed compared to previous years, with revenue growth dropping from 35.09% in 2022 to just 1.12% in 2023 [13][14]. - The electric bicycle segment remains the primary revenue driver, contributing 13.037 billion yuan, which accounts for 60.34% of total revenue [14][15]. Group 3: Market Challenges - Despite the wealth increase of its major shareholders, Aima Technology's stock price has faced a decline, with a market value loss of approximately 9 billion yuan since April 2024 [3][16]. - The company has experienced frequent share reductions by shareholders and executives, raising concerns among investors about potential undisclosed negative news [16][17]. - Aima Technology's sales expenses rose by 21.33% to 778 million yuan, outpacing revenue growth, indicating increased marketing and channel consulting expenditures [15][16].

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]