Core Viewpoint - Aima Technology's stock has experienced a decline of 18.32% year-to-date, with recent trading activity showing a slight recovery in the last five days, but a continued downward trend over the past 20 and 60 days [1][2] Financial Performance - For the period from January to September 2025, Aima Technology reported a revenue of 21.093 billion yuan, representing a year-on-year growth of 20.78%. The net profit attributable to shareholders was 1.907 billion yuan, reflecting a year-on-year increase of 22.78% [2] Stock Market Activity - As of October 27, Aima Technology's stock price was 32.51 yuan per share, with a market capitalization of 28.255 billion yuan. The stock saw a trading volume of 256 million yuan and a turnover rate of 0.92% [1] - The stock has been on the "龙虎榜" (a list of stocks with significant trading activity) once this year, with the last appearance on February 6, where it recorded a net buy of 944,700 yuan [1] Shareholder Information - As of September 30, 2025, Aima Technology had 31,700 shareholders, an increase of 33.58% from the previous period. The average number of circulating shares per shareholder decreased by 25.19% to 26,718 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 1.7094 million shares, and Southern CSI 500 ETF, which reduced its holdings by 74,000 shares [3] Dividend Distribution - Aima Technology has distributed a total of 3.056 billion yuan in dividends since its A-share listing, with 2.851 billion yuan distributed over the past three years [3] Business Overview - Aima Technology, established on September 27, 1999, and listed on June 15, 2021, specializes in the research, production, and sales of electric bicycles. The main revenue sources are electric two-wheelers, electric three-wheelers, bicycles, and accessories, accounting for 98.87% of total revenue [1]

Market Overview - On October 24, the motorcycle and other sectors rose by 1.86%, with Zhenghe Industrial leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - Zhenghe Industrial (003033) closed at 71.51, up 3.65% with a trading volume of 26,200 shares and a turnover of 186 million [1] - Ninebot (60006899) closed at 65.47, up 3.61% with a trading volume of 156,800 shares and a turnover of 1.013 billion [1] - Jiangxi General (603766) closed at 13.46, up 2.36% with a trading volume of 206,500 shares and a turnover of 27.7 million [1] - Taotao Industry (301345) closed at 237.80, up 2.27% with a trading volume of 15,700 shares and a turnover of 36.9 million [1] - Other notable stocks include Yong'anxing (603776) at 19.47, up 2.15%, and Aima Technology (603529) at 33.18, up 1.84% [1] Capital Flow - The motorcycle and other sectors saw a net inflow of 92.5351 million in main funds, while retail funds experienced a net outflow of 44.7828 million [2] - The main funds' net inflow and outflow for key stocks include: - Ninebot: 14.44% net inflow from main funds, with a net outflow of 29.7736 million from retail funds [3] - Aima Technology: 8.85% net inflow from main funds, with a net outflow of 2.82074 million from retail funds [3] - Zhenghe Industrial: 10.47% net inflow from main funds, with a net outflow of 1.62597 million from retail funds [3]

Investment Rating - The report maintains an "Outperform" rating for the company [7][5][38] Core Insights - The company achieved revenue of 14.1 billion yuan in Q1-Q3 2025, a year-on-year increase of 30.9%, driven by the motorcycle and all-terrain vehicle (ATV) segments, although profit growth has slowed due to tariff impacts [1][10] - The company is set to launch several new products in 2024, including high-performance models in the ATV and motorcycle segments, which are expected to enhance competitiveness and drive growth [3][24][27] - The electric two-wheeler segment, represented by the brand "Jike," is emerging as a new growth curve, with significant sales increases anticipated [35][36] Financial Performance - For Q1-Q3 2025, the company reported a gross margin of 27.6%, down 3.9 percentage points year-on-year, and a net margin of 10.0%, up 0.1 percentage points year-on-year [2][18] - The company forecasts net profits of 18.49 billion, 23.86 billion, and 28.61 billion yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share of 12.12, 15.64, and 18.75 yuan [5][38] Product Development - The company is actively expanding its motorcycle lineup with new models set to launch in 2024 and 2025, enhancing its market presence and competitiveness [4][27][29] - The introduction of the U10 PRO and U10 XL PRO models in the ATV segment is expected to significantly boost the company's market position in high-end products [24][25] Market Expansion - The company is focusing on expanding its export business, particularly in North America and Europe, leveraging its competitive pricing and product offerings [31][32] - The electric two-wheeler market is being targeted with a comprehensive product matrix aimed at various consumer segments, indicating a strategic shift towards electric mobility [35][36]

Investment Rating - The report maintains an "Outperform" rating for the company [7][5]. Core Insights - The company achieved revenue of 14.1 billion yuan in Q1-Q3 2025, a year-on-year increase of 30.9%, driven by the motorcycle and all-terrain vehicle (ATV) businesses, although profit growth has slowed due to tariff impacts [1][10]. - The gross margin for Q1-Q3 2025 was 27.6%, down 3.9 percentage points year-on-year, while the net margin was 10.0%, up 0.1 percentage points year-on-year [2][18]. - The company is set to launch several new products in 2024, including the U10 PRO and U10 XL PRO, which are expected to drive significant growth in the ATV segment [3][24]. Financial Performance - For Q3 2025, the company reported revenue of 50.4 billion yuan, a year-on-year increase of 28.6%, but a quarter-on-quarter decline of 10.1% [1][10]. - The net profit for Q3 2025 was 4.1 billion yuan, reflecting a year-on-year growth of 11.0% but a quarter-on-quarter decline of 29.5% [1][10]. - The company forecasts net profits of 18.49 billion yuan, 23.86 billion yuan, and 28.61 billion yuan for 2025, 2026, and 2027, respectively [5][38]. Product Development - The company is actively expanding its motorcycle lineup with new models such as the 150SC, 450MT, and 500SR VOOM, aiming to enhance competitiveness and market share [4][27]. - The electric motorcycle brand, Jike, is expected to become a significant growth driver, with plans to establish a production base in Zhejiang Province [35][36]. Market Expansion - The company is focusing on both domestic and international markets, with a renewed emphasis on exporting motorcycles, particularly to North America and Europe [31][32]. - The competitive pricing of its products, such as the 450SS, positions the company favorably against established competitors in overseas markets [32][34].

Market Overview - The motorcycle and other sectors increased by 0.41% on October 23, with Shanghai Phoenix leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Shanghai Phoenix (600679) closed at 13.46, up 5.73% with a trading volume of 322,700 shares and a turnover of 440 million yuan [1] - Other notable performers include: - Zhonglu Co., Ltd. (600818) at 10.48, up 2.24% [1] - Qianjiang Motorcycle (000913) at 16.79, up 1.70% [1] - New Day Co., Ltd. (603787) at 12.68, up 1.52% [1] Capital Flow - The motorcycle and other sectors saw a net inflow of 5.91 million yuan from main funds, while retail investors experienced a net outflow of 51.65 million yuan [2] - The main funds' net inflow for Shanghai Phoenix was 51.16 million yuan, indicating strong institutional interest [3] Individual Stock Capital Flow - Key stocks and their capital flow include: - Shanghai Phoenix: Main funds net inflow of 51.16 million yuan, retail net outflow of 50.88 million yuan [3] - Longxin General (603766): Main funds net inflow of 27.58 million yuan, retail net outflow of 38.43 million yuan [3] - Ninebot Company (689009): Main funds net inflow of 8.41 million yuan, retail net outflow of 19.88 million yuan [3]

证券研究报告 | 公司点评 | 摩托车及其他 涛涛车业(301345) 报告日期：2025 年 10 月 22 日 单三季度业绩同比增长 121%，北美休闲车龙头有望强者恒强 ——涛涛车业点评报告 投资要点 ❑ 事件：公司发布 2025 年三季报，单三季度利润增长提速（归母净利润同比增长 121%） 1）2025 年前三季度，公司实现营业收入 27.7 亿元，同比增长 25%；实现归母净利润 6.1 亿元，同比增长 101%。前三季度加权 ROE 为 18.1%，同比提升 8.0pct；销售净利率为 21.9%，同比提升 8.0pct；销售毛利率为 42.3%，同比提升 6.0pct。 2）单三季度，公司实现营业收入 10.6 亿元，同比增长 28%；实现归母净利润 2.6 亿元， 同比增长 121%。单三季度 ROE 为 7.9%，同比提升 3.9pct；销售净利率为 25.0%，同比提 升 10.6pct；销售毛利率为 46.1%，同比提升 9.1pct。 ❑ 9 月 20 日公司发布公告称拟发行 H 股 公司拟首次公开发行 H 股股票并在香港联交所主板上市，以推动公司全球化战略布局、 提升国际品牌影响力 ...

10月21日，九号公司盘中上涨2.03%，截至14:04，报65.31元/股，成交3.64亿元，换手率1.02%，总市值 468.45亿元。 资金流向方面，主力资金净流入2113.90万元，特大单买入2554.51万元，占比7.01%，卖出1115.88万 元，占比3.06%；大单买入1.06亿元，占比29.16%，卖出9952.67万元，占比27.31%。 九号公司今年以来股价涨40.80%，近5个交易日涨3.65%，近20日跌1.24%，近60日涨12.60%。 资料显示，九号有限公司位于北京市海淀区西小口路66号中关村东升科技园A4号楼，成立日期2014年 12月10日，上市日期2020年10月29日，公司主营业务涉及各类智能短程移动设备的设计、研发、生产、 销售及服务。主营业务收入构成为：电动两轮车58.10%，电动平衡车&电动滑板车18.57%，其他产品 12.17%，配件收入6.57%，全地形车4.58%。 九号公司所属申万行业为：汽车-摩托车及其他-其他运输设备。所属概念板块包括：融资融券、机器人 概念、小米概念、智能交通、破净股等。 截至6月30日，九号公司股东户数2.04万，较上期增加22. ...

Core Viewpoint - Linhai Co., Ltd. has shown a mixed performance in stock price movements, with a year-to-date increase of 23.72% but a recent decline over the past 20 and 60 days, indicating potential volatility in the market [2]. Financial Performance - For the first half of 2025, Linhai Co., Ltd. achieved a revenue of 578 million yuan, representing a year-on-year growth of 33.41%. The net profit attributable to shareholders was 11.65 million yuan, reflecting a 36.10% increase compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 86.26 million yuan, with 17.97 million yuan distributed over the past three years [3]. Stock Market Activity - On October 21, Linhai's stock price rose by 2.07%, reaching 10.85 yuan per share, with a trading volume of 12.97 million yuan and a turnover rate of 0.55%. The total market capitalization stands at 2.377 billion yuan [1]. - The net outflow of main funds was 398,600 yuan, with large orders buying 292,900 yuan (2.26% of total) and selling 691,500 yuan (5.33% of total) [1]. Business Overview - Linhai Co., Ltd. specializes in the manufacturing and sales of special vehicles (all-terrain vehicles), agricultural machinery, fire-fighting machinery, motorcycles, and related components. The revenue composition is as follows: special vehicles 39.10%, agricultural machinery 26.35%, fire-fighting machinery 22.50%, motorcycles 11.37%, and others 0.68% [2]. - The company is categorized under the automotive industry, specifically in motorcycles and other transportation equipment, and is associated with concepts such as national machinery group, micro-disc stocks, rural revitalization, small-cap stocks, and agricultural machinery [2].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a year-on-year increase of 11% in net profit attributable to shareholders for Q3 2025, driven by strong demand for all-terrain vehicles [7] - The company is a leader in the domestic all-terrain vehicle and motorcycle markets, with three major business segments experiencing high growth [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 1.87 billion, 2.47 billion, and 2.74 billion RMB respectively, with corresponding P/E ratios of 19.0, 14.4, and 13.0 [7] Financial Performance Summary - For Q3 2025, the company achieved total revenue of 5.04 billion RMB, with a year-on-year increase of 11% in net profit attributable to shareholders [7] - The all-terrain vehicle segment saw sales of 49,000 units, with an average selling price (ASP) of 48,000 RMB, reflecting a year-on-year increase of 22.2% [7] - The motorcycle segment experienced a decline in domestic sales, with 66,000 units sold, a year-on-year decrease of 13.9% [7] - The extreme core segment reported a remarkable growth of 349% in sales, reaching 193,000 units [7] - The overall gross margin for Q3 2025 was 26.1%, a decrease attributed to the impact of tariffs and a higher proportion of lower-margin products [7] Earnings Forecast and Valuation - The company’s total revenue is projected to grow from 15.04 billion RMB in 2024 to 29.31 billion RMB in 2027, with a compound annual growth rate (CAGR) of 24.18% [8] - The net profit attributable to shareholders is expected to increase from 1.47 billion RMB in 2024 to 2.74 billion RMB in 2027, with a CAGR of 26.99% [8] - The earnings per share (EPS) is forecasted to rise from 9.65 RMB in 2024 to 17.94 RMB in 2027 [8]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Insights - The company, Ninebot, is a leading global player in the smart short-distance transportation and service robotics sectors, with a mission to simplify the movement of people and goods [5]. - In 2024, the company is projected to achieve a revenue of 14.2 billion yuan, representing a year-on-year growth of 38.9%, and a net profit of 1.1 billion yuan, reflecting a significant increase of 81.3% [8]. - The company has a strong competitive advantage due to its technological capabilities and established overseas brand presence, particularly after acquiring Segway in 2015 [6]. Financial Performance - For the first half of 2025, Ninebot reported a revenue of 11.7 billion yuan, a year-on-year increase of 76.1%, and a net profit of 1.3 billion yuan, up 125.3% [5]. - The company's electric two-wheeled vehicles generated a revenue of 6.8 billion yuan in the first half of 2025, marking a 101.7% increase and accounting for 58.1% of total revenue [6]. - The revenue from the company's new business segments, including all-terrain vehicles and robotic lawn mowers, is expected to grow significantly, with the lawn mower segment projected to reach 860 million yuan in 2024, a staggering increase of 284% [7]. Growth Projections - The company anticipates a compound annual growth rate (CAGR) of 24.0% for revenue and 113.6% for net profit from 2020 to 2024 [5]. - The forecasted net profits for 2025, 2026, and 2027 are 2.0 billion yuan, 2.6 billion yuan, and 3.6 billion yuan, respectively, with corresponding growth rates of 85.8%, 30.5%, and 36.9% [7]. Valuation Metrics - As of October 17, 2025, the price-to-earnings (P/E) ratios are projected to be 22, 17, and 13 for the years 2025, 2026, and 2027, respectively [7]. - The report highlights the company's strong market position and growth potential compared to peers such as Stone Technology and Aima Technology [7].