Core Insights - The brand "Jixun" is transforming the perception of electric tricycles by integrating AI technology, enhancing their functionality and appeal [1][22] - Jixun aims to launch at least 35 models of smart electric tricycles by 2026, catering to various price points and consumer preferences [11][12] Product Features - The electric tricycle features a compact design, advanced driving experience similar to smart cars, and includes adaptive cruise control functions such as automatic following, lane change assistance, emergency braking, lane departure warning, and blind spot monitoring [1] - The smart cockpit offers interactive entertainment, health monitoring, and environmental control, allowing seamless integration with mobile devices for navigation, music, and video calls [2] - A high-sensitivity biometric sensor embedded in the steering wheel analyzes the driver's heart rate and grip status, providing safety alerts in case of abnormalities [3] Market Research and Development - Jixun conducted nearly nine months of user feedback collection across over 20 cities in China, utilizing both online and offline methods to identify essential features [5] - The brand's president, Zhang Zhansheng, emphasizes that the added functionalities are based on user research and identified needs [4] Strategic Positioning - Jixun's competitive advantage lies in capturing the blue ocean market and leveraging seven innovative technologies to create an automotive-grade intelligent network system for tricycles [7] - The smart experience is managed by a "central brain" that integrates multimodal data from various sources, enabling real-time decision-making and optimization of services based on historical data and user behavior [8] Future Plans - Jixun plans to introduce two new models in February 2026, featuring basic smart connectivity functions, followed by models equipped with advanced smart driving and cockpit features later that year [11][12] - The company is also exploring commercial applications, intending to launch specialized models for logistics and freight services [13] Market Potential - The electric tricycle market in China grew from 25.724 billion yuan in 2017 to 39.827 billion yuan in 2022, indicating significant growth potential [17] - The target demographic is expanding beyond elderly users to include younger consumers who value aesthetics and craftsmanship [18] International Expansion - Jixun is looking to expand internationally, offering customized services to meet the needs of overseas customers, such as converting tricycles to fuel-powered models for specific markets [20][21]

Industry Analysis - The two-wheeler industry in China is expected to benefit from favorable domestic policies and a recovery in exports, with the introduction of new standards accelerating the exit of low-quality products and promoting demand for upgrades. The sales volume of electric two-wheelers in China is projected to reach 52 million units by 2025 [3][27] - The "old-for-new" policy and the new strong standards are expected to drive the demand for electric bicycles, leading to market expansion. The sales volume of electric two-wheelers in China increased from 32.2 million units in 2018 to 55 million units in 2023, with a compound annual growth rate (CAGR) of 11.3% [27][30] - Southeast Asia is anticipated to provide additional growth opportunities for electric two-wheeler exports, particularly due to policies promoting the transition from gasoline to electric vehicles. The export volume of electric two-wheelers reached 22.13 million units in 2024, with a year-on-year increase of 47.1% [38][42] Company Analysis - The company has established a comprehensive product matrix covering electric bicycles, electric motorcycles, and electric tricycles, with a focus on high-end, intelligent, and differentiated products. The electric bicycle and motorcycle products cover a price range from 1,000 to over 5,000 yuan [4][44] - The company has a strong distribution network, with over 1,900 dealers and more than 30,000 stores globally. The online and offline integration strategy has effectively promoted sales conversion [4][44] - The company has made significant investments in production capacity, with eight completed and four under construction production bases in China, and ongoing expansion in Indonesia and Vietnam. The use of digitalization is expected to enhance cost efficiency [4][44] Financial Performance - The company's revenue is projected to grow significantly, with expected revenues of 21.606 billion yuan in 2024, increasing to 37.535 billion yuan by 2027. The net profit is also expected to rise from 1.988 billion yuan in 2024 to 3.692 billion yuan in 2027 [6][14] - The gross profit margin has improved from 11.72% in 2021 to 19.63% in Q1 2025, driven by the expansion of high-end product sales and the implementation of new standards [18][20] - The company's net profit is expected to reach 6.05 billion yuan in Q1 2025, reflecting a year-on-year increase of 25.12%, indicating strong financial performance supported by policy-driven demand [20][14]

Group 1 - The core viewpoint of the article is that Aima Technology (603529.SH) is rated as a buy due to favorable industry conditions and company performance [2] Group 2 - Industry analysis indicates that domestic sales policies and the recovery of exports create a promising outlook for the two-wheeler industry [2] - Company analysis highlights Aima's focus on deepening its two-wheeler product line while expanding into three-wheeler business, along with continuous breakthroughs in production and distribution channels [2]

Company Insights - BYD's subsidiary, Fudi Battery, is launching a full range of electric batteries for two-wheeled and three-wheeled vehicles, promoting the slogan "Lead-acid exit, Lithium Iron Phosphate new start" [1] - Fudi Battery has already established partnerships with several electric vehicle brands, including LIMA and Tailg, to develop customized lithium batteries with higher energy density [2] - The company aims to leverage its research and development from passenger vehicles to enhance the safety and performance of batteries for two-wheeled vehicles [1][2] Industry Trends - The market for lead-acid batteries in two-wheeled vehicles is mature, but there is an opportunity for lithium battery market growth due to the lack of significant market leaders [2] - The cost of lithium batteries is higher than lead-acid batteries, with replacement costs for lead-acid batteries ranging from 300 to 400 yuan, while lithium batteries can exceed 800 yuan [3] - The competition between lead-acid and lithium batteries is ongoing, with lead-acid batteries currently favored for their safety and lower cost, despite lithium batteries offering better longevity and performance [2][6] Market Dynamics - China's production of lead-acid batteries accounts for over 40% of global output, with production figures reaching 7.843 million tons in 2023, slightly declining to approximately 7.451 million tons in 2024 [5] - The electric two-wheeler market in China has over 400 million units, with nearly 100 million new batteries sold annually, indicating significant growth potential [5] - The export of electric three-wheeled vehicles reached 650,000 units in 2024, with a total export value of nearly 5.5 billion USD, reflecting a growth of about 10% [5]