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].

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]

Core Viewpoint - The 2025 South China International Electric Vehicle and Parts Exhibition will be held from June 13 to 15 in Guangzhou, showcasing the latest innovations and products from leading companies in the electric vehicle industry, with Aima Technology being a key participant [1][3]. Group 1: Event Overview - The South China Electric Vehicle Exhibition has become a significant platform for the two-wheeler industry, featuring numerous new products and technologies, and attracting a professional audience [3]. - Aima Technology, recognized as a leading brand in the electric two-wheeler sector, will showcase its innovative products, including the Aima Metaverse series and A7 series, at booth 1A03 [1][3]. Group 2: Company Performance - Aima Technology reported a strong performance in Q1 2025, with revenue reaching 6.232 billion yuan, a year-on-year increase of 25.82%, and a net profit attributable to shareholders of 605 million yuan, up 25.12% [7]. - The company's cash flow from operating activities also saw significant growth, amounting to 1.302 billion yuan, reflecting a 91.14% increase [7]. Group 3: Product Innovation and User Focus - Aima Technology emphasizes a user-centric approach, continuously investing in technology to create products that resonate with consumer needs [10]. - The company’s models, such as the Aima Metaverse Play and A7 series, have won prestigious design awards, highlighting their commitment to innovation and market alignment [10]. - Aima's product lineup targets various consumer segments, including young women and families, showcasing a deep understanding of emotional and practical consumer needs [13]. Group 4: Industry Trends and Future Outlook - The upcoming implementation of new national standards on September 1 is expected to reshape the industry’s policy environment and competitive landscape, driving technological innovation and enhancing user experience [13]. - The 2025 South China Electric Vehicle Exhibition will serve as a vital platform for Aima Technology and other leading brands to demonstrate their technological prowess and solidify their market leadership [13].

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]