Core Viewpoint - The electric two-wheeler industry is approaching a high prosperity turning point due to policy support and market optimization, with Aima Technology expected to benefit from improved profit margins and enhanced product and channel strategies [2][3]. Financial Performance - In H1 2025, Aima Technology achieved revenue of 13.03 billion, a year-on-year increase of 23.0%, and a net profit of 1.21 billion, up 27.6% year-on-year. Q2 2025 revenue was 6.80 billion, a 20.6% year-on-year increase and a 9.1% quarter-on-quarter increase, with net profit at 610 million, up 30.1% year-on-year [9][8]. - The company's gross margin in H1 2025 was 19.2%, an increase of 1.4 percentage points year-on-year, while the net margin was 9.5%, up 0.4 percentage points year-on-year. In Q2 2025, the gross margin was 18.9%, a year-on-year increase of 1.3 percentage points, but a slight decline of 0.7 percentage points quarter-on-quarter [15][18]. Product and Channel Development - Aima launched various product lines in February 2025, including female, technology, commercial vehicles, and three-wheeled products, aiming to meet diverse user needs and enhance market share [3][20]. - The company plans to expand its terminal store count from 30,000 in 2023, which is a 50% increase from 20,000 in 2021, to further boost sales and market penetration [25][28]. Electric Three-Wheeler Business - Aima's electric three-wheeler sales reached 550,000 units in 2024, a year-on-year increase of 28.9%. The company is introducing high-end models to strengthen its product lineup and capture growth opportunities in this segment [5][28].

Core Viewpoint - The electric two-wheeler industry is approaching a high prosperity turning point due to policy support and market structure optimization, with slight growth in revenue and profit expected in 2024 [1] Financial Performance - In 2024, the company achieved revenue of 21.61 billion yuan, a year-on-year increase of 2.7%, and a net profit of 1.99 billion yuan, up 5.7% year-on-year [2][8] - In Q4 2024, revenue reached 4.14 billion yuan, a 15.7% increase year-on-year but a 39.7% decrease quarter-on-quarter; net profit was 430 million yuan, up 34.2% year-on-year but down 28.0% quarter-on-quarter [2][8] - The company sold 7.536 million electric bicycles in 2024, a decrease of 0.9% year-on-year, while electric motorcycle sales fell by 11.8% to 2.369 million units; however, electric tricycle sales increased by 28.9% to 550,000 units [2][8] Profitability Improvement - The company's gross margin for 2024 was 17.8%, an increase of 1.3 percentage points year-on-year, and the net margin was 9.3%, up 0.3 percentage points year-on-year [2][14] - In Q4 2024, the gross margin was 19.5%, down 0.4 percentage points year-on-year but up 2.7 percentage points quarter-on-quarter; the net margin was 10.6%, up 1.3 percentage points year-on-year and 1.7 percentage points quarter-on-quarter [2][14] Product and Channel Development - The company is expanding its product lines, including women's products, technology products, commercial vehicles, and high-end tricycles, to meet diverse consumer needs [4][20][22] - The company plans to increase the number of its terminal stores from 30,000 in 2023, aiming to enhance sales efficiency and market reach [26][20] - The electric tricycle segment is expected to become a new growth point, with sales projected to grow significantly due to strong market demand [5][28] Market Outlook - The electric tricycle market in China has significant growth potential, with sales reaching 13.95 million units in 2022 and a compound annual growth rate of 6.25% from 2017 to 2022 [28] - The company aims to strengthen its position in the electric tricycle market by enhancing product offerings and leveraging its extensive distribution network [28]