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 ...

Summary of Conference Call Records Industry Overview - The electric two-wheeler market is significantly influenced by national subsidy policies, with sales expected to grow in Q2 2025. Brands like Ninebot and Niu are benefiting notably, but the sustainability of subsidy policies remains a key uncertainty for future market performance [1][4][29]. - The implementation of new national standards is anticipated to impact the electric two-wheeler market, with brands actively developing models that comply with these standards, expected to launch new products in the second half of 2025 [1][9]. - Traditional electric vehicle brands such as Yadea and Aima face competitive pressure from emerging brands in terms of smart features and price transparency, despite efforts to catch up in smart technology [1][15]. Key Points on Sales and Market Dynamics - As of June 2025, single-store sales are approximately 130 to 140 units, with national standard vehicles accounting for 80% and electric motorcycles for 20% of sales [2]. - Overall sales in Q2 2025 doubled compared to the same period last year, with sales structure remaining consistent [3]. - The primary driver for sales growth in Q2 2025 is the national subsidy policy rather than promotional activities [4]. - Current inventory levels are at 500 to 600 units, significantly higher than usual, to prepare for the upcoming sales peak [5]. - The national subsidy policy has increased significantly compared to the previous year, with a commitment from the business bureau to maintain the policy throughout the year [6]. Profitability and Competitive Landscape - Dealer profits are under pressure, with electric motorcycle profit margins stabilizing around 10%, while electric bicycle margins are lower [12]. - The most popular price segment for electric motorcycles is between 4,000 to 5,000 yuan, accounting for about 60% of total sales [12]. - Traditional brands are struggling to compete with electric two-wheeler brands in terms of price transparency and sales strategies, leading to a significant difference in consumer perception and purchasing behavior [14]. Future Outlook - The market performance in Q3 2025 is expected to remain stable, but a potential halt in national subsidies could lead to a significant downturn in consumer purchasing willingness [14]. - The transition to electric motorcycles is seen as beneficial for dealers, potentially reducing regulatory issues and improving market operations [11]. - The introduction of new models that comply with the 2024 national standards is still in the development phase, with expected launches around July 2025 [34]. Additional Insights - The impact of promotional activities, such as the 618 shopping festival, has been mixed, with some brands experiencing significant sales boosts while others see minimal effects [26][30]. - The competitive landscape is evolving, with brands like Spring Wind benefiting from improved international brand image and proactive market strategies, leading to increased sales [21]. - The overall sentiment among dealers is cautiously optimistic for Q3, with expectations of increased sales driven by new model launches and seasonal demand [80]. This summary encapsulates the key insights from the conference call records, highlighting the dynamics of the electric two-wheeler market, sales performance, profitability challenges, and future outlook.

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Group 1: Market and Performance Review - The light industry and textile apparel sectors have outperformed the CSI 300 index, with textile apparel rising by 2.05% and light industry by 2.43% as of June 24, 2025 [21][22] - In Q1 2025, the light industry saw a revenue decline of 0.78% year-on-year, while the textile apparel sector experienced a 13.33% decline in revenue [25][29] - The light industry’s net profit decreased by 18.85% year-on-year in Q1 2025, while the textile apparel sector's net profit fell by 5.56% [25][29] Group 2: Home and Electric Two-Wheeler Industries - The home and electric two-wheeler sectors are expected to benefit from the deepening of the old-for-new policy, which is anticipated to improve demand and sales [37][44] - In the first five months of 2025, the retail sales of furniture increased by 21.40% year-on-year, significantly boosted by the old-for-new policy [43][44] - The electric two-wheeler industry faced challenges, with a projected 10.55% decline in sales for 2024, but the old-for-new policy is expected to support sales recovery [59][65] Group 3: New Consumption Trends - The "谷子" economy, driven by Z generation consumers who value emotional and self-satisfying purchases, is projected to reach a market size of 1,689 billion yuan in 2024, growing by 40.63% year-on-year [7][79] - The pet food market is expected to grow to 3,002 billion yuan by 2024, with a significant increase in consumer preference for domestic brands [97][105] - The sanitary products market is also evolving, with non-leading domestic brands showing potential for growth due to the rise of e-commerce and consumer preferences for single products [7][105]

Event Overview - The 2025 Fifth Start Two-Wheeled Vehicle Battery Swap Conference and Lightweight Power Battery Technology Summit will be held on July 10-11, 2025, in Shenzhen, focusing on the theme "Swap City, Smart Two-Wheelers" [1][2] - The event will feature over 300 key enterprises in the two-wheeled vehicle battery swap and battery sectors, with more than 600 high-level executives expected to attend [2][3] Key Highlights - The conference will include the release of the "2025 China Two-Wheeled Vehicle Battery Swap and Battery TOP Rankings and Industry White Paper," along with the presentation of the "Luban Awards" for leadership in battery swap operations, lithium batteries, sodium batteries, and related technologies [2] - The event aims to address the rapid growth of the two-wheeled vehicle battery swap market, driven by policy support, demand for instant delivery, and technological upgrades [2] Technical Discussions - The summit will feature in-depth discussions on cutting-edge technologies such as high-rate, ultra-fast charging, new materials, and new processes in the two-wheeled vehicle and battery swap industry [2] - Specialized forums will cover topics including the safety of electric two-wheeled vehicle batteries, the application of large cylindrical batteries, and the development trends of electric two-wheeled vehicles and battery technologies [5][6] Participating Companies - Notable sponsors and participants include Yadi Technology Group, Tailing Group, New Day Co., Cainaio Group, and various battery technology firms such as BAK Battery, Penghui Energy, and EVE Energy [1][2] - The event will also see participation from companies involved in battery management systems (BMS), sodium batteries, and IoT communication modules [6][7] Registration and Fees - Two registration packages are available: Package A for 2888 RMB per person, including one-day hotel accommodation and a copy of the industry white paper, and Package B for 2288 RMB, which includes lunch and a simplified version of the white paper [8][9]

据介绍，今年推出的"1+4+N"系列活动，包括1场综合活动、4场专题活动、一系列对接活动。综合 活动以开幕式为主体，设置主题推介、签约仪式等环节，1400多名国内外嘉宾将集中出席。专题活动聚 焦4个特色优势产业开展：南宁正加快建设中国—东盟人工智能创新合作中心，将承办人工智能和新一 代信息技术专题活动；柳州装备制造业优势突出，将承办高端装备制造专题活动；百色是我国重要的生 态铝产业基地，产业基础扎实，将承办新材料专题活动；贵港已建成电动两轮车、绿色家居等国家中小 企业特色产业集群，防城港正加快建设国际医学开放试验区，两地将联合承办特色轻工专题活动。活动 前期将开展20多场精准招商对接，活动结束后将进一步组织实地考察、商业洽谈，延伸活动成果。目 前，已开展招商对接活动16场，300多个项目有意向签约。 近年来，广西编制应用工业树产业林布局全景图，"按图索骥"布局产业、"有的放矢"招引企业，引 进比亚迪、华友等龙头企业200多家，培育有色金属等3000亿级产业3个，机械等2000亿级产业4个，千 亿级产业达到10个，为高质量承接产业转移夯实基础；在加强承载平台建设上，每年投入300亿元专项 债支持园区基础设施建设 ...

[Table_Title] 研究报告 Research Report 24 Jun 2025 东南亚可选消费必需消费 Southeast Asia Discretionary Staples 东南亚见闻之越南：消费出海正当时 Vietnam Tracking：Consumer Expansion to Vietnam is Timely 经济高速增长。当前越南政府将经济发展放在中心位置；加之，越南具有丰富资源、人口红利以及地理优势等， 越南经济进入高速发展阶段。外资和外贸的发展推动了越南经济的不断抬升，尤其是 2018 年中美贸易摩擦后，越 南得到进一步发展。 制造机遇在升级。中资制造在越南的布局，经历了纺织服装、太阳能光伏、家电、消费电子、新能源汽车等的出 海历程。当前越南制造业正处于不断升级的发展阶段，而中资制造的综合优势依然较为显著未来的发展前景依然 可观。 rebecca.jl.hu@htisec.com q.song@htisec.com liting.wang@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please ...

Group 1 - The article discusses the upcoming 2025 Fifth Electric Two-Wheeler Battery Swap Conference and Lightweight Power Battery Technology Summit, scheduled for July 10-11 in Shenzhen [5][8] - Key speakers include representatives from Yadea Technology Group, Youdan Technology, Chuangming New Energy, and Times Rui Xiang, each presenting on various topics related to battery swap trends, safety, and applications in the two-wheeler sector [8] - The event aims to highlight new trends in the electric two-wheeler industry and promote discussions on battery technology advancements [4][8] Group 2 - The conference will feature discussions on the industrialization of lithium iron phosphate and the application of large cylindrical batteries in niche markets [8] - The event serves as a platform for industry leaders to share insights and innovations, fostering collaboration and development within the electric two-wheeler market [8]

Core Viewpoint - The article discusses the transformation of the consumer landscape in China, highlighting the shift from traditional brands to domestic brands driven by the new generation of consumers, particularly the Z generation, who prioritize practicality and value over brand prestige [3][4]. Group 1: Key Trends in New Consumption - The new consumption trend is characterized by a collective disillusionment with foreign brands, as consumers increasingly favor domestic products that offer better value for money [6][7]. - The rise of domestic brands is not driven by nationalism but by a rationalist approach to consumption, leading to a K-shaped differentiation among domestic brands, where innovative brands thrive while traditional ones decline [12][13]. - The automotive industry is witnessing a significant shift towards domestic electric vehicles, with domestic brands capturing over 60% of the market share by 2024, driven by advancements in technology and consumer preferences [9][10]. Group 2: Changes in Consumer Behavior - New consumers are increasingly focused on self-satisfaction, leading to a redefinition of social interactions and consumption patterns, where personal happiness takes precedence over societal expectations [28][32]. - The tourism industry is experiencing a boom, with record-high participation rates, reflecting the desire for personal experiences despite economic constraints [30][32]. - The rise of the "single economy" and "宅经济" (home economy) is reshaping consumer demands, with a preference for personalized, convenient products and services [34][35]. Group 3: Channel Dynamics - Traditional retail channels are rapidly declining as new consumption models emerge, exemplified by the success of snack wholesale stores that offer lower prices and a wider variety of products [20][23]. - The shift towards instant retail is gaining momentum, with projections indicating that the market will exceed 1 trillion yuan by 2025, highlighting a significant change in consumer purchasing behavior [36][37]. - The article emphasizes the need for brands to adapt to the changing landscape, as traditional strategies become less effective in the face of evolving consumer preferences [27].