2025 年 10 月 10 日 公司研究 风险提示：行业需求不景气、行业竞争加剧、新品销量不及预期 两轮车业务：围绕核心目标人群，提供全生命周期用户体验 ——九号公司-WD（689009.SH）动态跟踪报告（一） 要点 九号公司 2020-2025 年两轮车板块年销量实现大幅跃迁，其中 2024/2025H1 销量是 260/239 万台（同比+77%/+100%），品牌势能强劲。同时，规模效应及产品结构优化 下毛利率持续抬升，2024/2025H1 毛利率分别为 21.1%/23.7%，处于行业领先位置。 公司两轮车业务亮眼的经营数据背后的驱动因素是什么？驱动因素是否仍然存在？ 差异化的产品：智能化是两轮车产品差异化的重要来源之一，九号智能化标签突出。消 费者购买两轮车的主要原因是代步或配送，选择产品时考虑的前三要素是耐用性、续 航、智能化。成熟供应链使得符合大众需求的耐用和续航变成标配，智能化作为创新点 成为产品差异化的主要来源之一。九号品牌智能化形象突出，通过全矩阵产品展现智能 化，根据艾瑞咨询数据，2024 年 TOP20 两轮电动车智能化产品中九号占据半数席位。 用户型企业的经营思维：通过在营销和 ...

10月10日晚间，金固股份（002488）发布公告称，公司与九号公司签订《战略合作框架协议》。双方旨 在共同攻关以轻质高强度材料替代传统结构这一行业关键核心技术，提升在电动交通领域的行业影响力 与竞争力。 根据协议内容，双方的合作将聚焦三大核心方向：其一，九号公司利用其在智能短交通和服务类机器人 领域的产品资源与技术优势，依托丰富的产品线和应用场景，协助金固股份加速推进阿凡达铌微合金等 新材料在产业升级中的创新应用与落地；其二，金固股份将基于在各类新材料应用方面的深厚积累与产 业布局，特别是独家的阿凡达铌微合金材料，积极协同九号公司在电动两轮车、服务机器人等产品中开 展新材料在车身关键零部件的研发与应用拓展，为九号公司提供兼具轻量化、高强度和低成本的零部件 产品；其三，双方将共享市场分析、投资机会等，构建资本与产业链协同机制，并建立长期合作联络机 制，保障合作高效推进。 值得注意的是，该协议为框架性合作文件，有效期为1年，自2025年10月至2026年9月，期满可自动顺 延，且不涉及具体交易金额。金固股份在公告中强调，协议签订短期内对公司经营业务无重大影响，长 期影响存在不确定性，取决于双方合作实施情况以及后 ...

每经AI快讯，10月10日，金固股份（002488）(002488.SZ)公告称，公司与九号科技有限公司签订《战 略合作框架协议》，旨在共同攻关以轻质高强度材料替代传统结构这一行业关键核心技术。公司将基于 在各类新材料应用方面的深厚积累与产业布局，特别是独家的阿凡达铌微合金材料，积极协同九号公司 在电动两轮车、服务机器人等产品中开展新材料在车身关键零部件的研发与应用拓展，为九号公司提供 兼具轻量化、高强度和低成本的零部件产品。协议为初步框架协议，确立了双方战略合作关系，具体实 施内容和进度存在不确定性。本协议预计对公司本年度经营业绩不构成重大影响。 ...

智通财经APP讯，金固股份(002488.SZ)发布公告，2025年10月9日，公司与九号科技有限公司(简称"九 号公司")签订《战略合作框架协议》，为积极响应国家《电动自行车安全技术规范》中关于"限塑令"要 求，并顺应电动两轮车轻量化、高性能化的发展趋势，双方致力于共同攻关以轻质高强度材料替代传统 结构这一行业关键核心技术。双方本着平等互利、合作共赢的原则，愿进一步深化战略业务合作，共同 提升在电动交通领域的行业影响力与竞争力。 九号公司利用其在智能短交通和服务类机器人领域的产品资源与技术优势，依托丰富的产品线和应用场 景，协助公司加速推进阿凡达铌微合金等新材料在产业升级中的创新应用与落地。公司将基于在各类新 材料应用方面的深厚积累与产业布局，特别是独家的阿凡达铌微合金材料，积极协同九号公司在电动两 轮车、服务机器人等产品中开展新材料在车身关键零部件的研发与应用拓展，为九号公司提供兼具轻量 化、高强度和低成本的零部件产品。 本次签订的战略合作框架协议是公司基于阿凡达铌微合金等新材料的优势性能的横向应用拓展，有利于 推动公司形成新材料产品矩阵，全面提升公司在高端制造领域的综合竞争力，符合公司发展战略及全体 股 ...

1、九号公司利用其在智能短交通和服务类机器人领域的产品资源与技术优势，依托丰富的产品线和应 用场景，协助公司加速推进阿凡达铌微合金等新材料在产业升级中的创新应用与落地。2、公司将基于 在各类新材料应用方面的深厚积累与产业布局，特别是独家的阿凡达铌微合金材料，积极协同九号公司 在电动两轮车、服务机器人等产品中开展新材料在车身关键零部件的研发与应用拓展，为九号公司提供 兼具轻量化、高强度和低成本的零部件产品。3、双方分享市场分析、投资机会推荐等，形成资本与产 业链的协同效应，推动双方的合作落地。 格隆汇10月10日丨金固股份(002488.SZ)公布，公司与九号科技有限公司（简称"九号公司"）签订《战略 合作框架协议》，为积极响应国家《电动自行车安全技术规范》中关于"限塑令"要求，并顺应电动两轮 车轻量化、高性能化的发展趋势，双方致力于共同攻关以轻质高强度材料替代传统结构这一行业关键核 心技术。双方本着平等互利、合作共赢的原则，愿进一步深化战略业务合作，共同提升在电动交通领域 的行业影响力与竞争力。 ...

资料显示，爱玛科技集团股份有限公司位于天津市静海经济开发区南区爱玛路5号，成立日期1999年9月 27日，上市日期2021年6月15日，公司主营业务涉及电动自行车的研发、生产及销售。主营业务收入构 成为：电动两轮车、电动三轮车、自行车及配件收入98.87%，其他收入0.86%，租赁收入0.27%。 融资方面，爱玛科技当日融资买入2386.60万元。当前融资余额2.73亿元，占流通市值的0.94%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，爱玛科技10月9日融券偿还100.00股，融券卖出300.00股，按当日收盘价计算，卖出金额1.03 万元；融券余量14.39万股，融券余额494.55万元，超过近一年70%分位水平，处于较高位。 截至6月30日，爱玛科技股东户数2.37万，较上期增加113.41%；人均流通股35714股，较上期减少 52.84%。2025年1月-6月，爱玛科技实现营业收入130.31亿元，同比增长23.04%；归母净利润12.13亿 元，同比增长27.56%。 10月9日，爱玛科技跌1.01%，成交额2.79亿元。两融数据显示，当日爱玛科技获融资买入额2386.60万 元， ...

Core Insights - Chinese AI startups are rapidly capturing global market share with innovative products like smart recording devices and AI toys, while also expanding into overseas markets with technologies like Robotaxi [1][4]. Industry Overview - The efficiency of China's manufacturing supply chain, rapid AI iteration, and keen product awareness are driving competitive advantages for domestic companies [2][6]. - The AI hardware sector is experiencing a wave of innovation, with companies like Plaud.AI achieving significant sales milestones and funding rounds for AI toy startups [3][5]. Market Dynamics - The emergence of AI hardware is not just a product innovation race but a transformation of the industrial paradigm, shifting from "cost-effectiveness" to "intelligence" [5][7]. - Chinese companies are leveraging their technological capabilities to redefine standards in new hardware, moving beyond simple manufacturing to creating advanced solutions [4][6]. Technological Advancements - The integration of AI and manufacturing is leading to a new generation of AI hardware products, supported by a robust domestic supply chain that enhances product development speed and market responsiveness [6][7]. - The domestic AI chip industry is witnessing significant growth, with several companies preparing for IPOs and reporting substantial business orders, indicating a shift from experimental products to commercially viable solutions [8][11]. Ecosystem Collaboration - The collaboration among various stakeholders in the AI ecosystem is crucial for overcoming challenges in computing power and establishing a unified architecture for AI applications [14][16]. - Companies are focusing on building open systems and protocols to enhance interoperability and efficiency in AI computing, which is essential for scaling operations [15][16]. Future Outlook - The convergence of capital investment and technological breakthroughs is expected to solidify China's position in the global AI landscape, transitioning from a follower to a leader in AI innovation [17][18].

Report Summary - The report presents the top ten convertible bonds for October 2025, along with an analysis of the issuing companies, including their business profiles, financial performance, and key attractions [13][23][35] Top Ten Convertible Bonds in October 2025 1. Zhongte Convertible Bond - Rating: AAA; 9 - month - end closing price: 112.896 yuan; Conversion premium rate: 85.92%; PE - TTM of the underlying stock: 13.22 [7][13] - Company: A globally leading specialized special - steel material manufacturer with a production capacity of about 20 million tons of special - steel materials per year. It has multiple production and raw - material bases, forming a strategic layout along the coast and rivers [13] - Financials: In 2024, revenue was 109.203 billion yuan (YoY - 4.22%), net profit attributable to shareholders was 5.126 billion yuan (YoY - 10.41%). In H1 2025, revenue was 54.715 billion yuan (YoY - 4.02%), net profit attributable to shareholders was 2.798 billion yuan (YoY + 2.67%) [13] - Key attractions: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specification, with leading cost - control ability and potential for external expansion [14] 2. Shanlu Convertible Bond - Rating: AAA; 9 - month - end closing price: 119.346 yuan; Conversion premium rate: 48.74%; PE - TTM of the underlying stock: 4.08 [7][23] - Company: Mainly engaged in road and bridge construction and maintenance, and also expanding into other fields. It can provide one - stop comprehensive services [23] - Financials: In 2024, revenue was 71.348 billion yuan (YoY - 2.3%), net profit attributable to shareholders was 2.322 billion yuan (YoY + 1.47%). In H1 2025, revenue was 28.575 billion yuan (YoY + 0.26%), net profit attributable to shareholders was 1.029 billion yuan (YoY + 0.89%) [23] - Key attractions: It has the concept of "China - specific valuation", potential for improvement in various aspects under the debt - resolution background, and opportunities from regional infrastructure construction and the Belt and Road Initiative [24] 3. Hebang Convertible Bond - Rating: AA; 9 - month - end closing price: 126.41 yuan; Conversion premium rate: 21.55%; PE - TTM of the underlying stock: - 168.47 [7][35] - Company: With advantages in mineral resources and gas supply, it has completed a basic layout in the chemical, agricultural, and photovoltaic fields [35] - Financials: In 2024, revenue was 8.547 billion yuan (YoY - 3.13%), net profit attributable to shareholders was 31 million yuan (YoY - 97.55%). In H1 2025, revenue was 3.921 billion yuan (YoY - 19.13%), net profit attributable to shareholders was 52 million yuan (YoY - 73.07%) [35] - Key attractions: Its phosphate mines and salt mines have good profit - making potential, and the liquid methionine business is a major profit contributor [36] 4. Aima Convertible Bond - Rating: AA; 9 - month - end closing price: 128.513 yuan; Conversion premium rate: 38.62%; PE - TTM of the underlying stock: 13.41 [7][45] - Company: The leading enterprise in the electric two - wheeled vehicle industry, mainly engaged in R & D, production, and sales of electric two - wheeled vehicles [45] - Financials: In 2024, revenue was 21.606 billion yuan (YoY + 2.71%), net profit attributable to shareholders was 1.988 billion yuan (YoY + 5.68%). In H1 2025, revenue was 13.031 billion yuan (YoY + 23.04%), net profit attributable to shareholders was 1.213 billion yuan (YoY + 27.56%) [45] - Key attractions: It may benefit from government subsidies, new national standards, and potential improvement in gross margin [46] 5. Xingye Convertible Bond - Rating: AAA; 9 - month - end closing price: 120.859 yuan; Conversion premium rate: 29.02%; PE - TTM of the underlying stock: 5.43 [7][54] - Company: One of the first joint - stock commercial banks in China, evolving into a modern financial service group [54] - Financials: In 2024, revenue was 212.226 billion yuan (YoY + 0.66%), net profit attributable to shareholders was 77.205 billion yuan (YoY + 0.12%). In H1 2025, revenue was 110.458 billion yuan (YoY - 2.29%), net profit attributable to shareholders was 43.141 billion yuan (YoY + 0.21%) [54] - Key attractions: It has stable asset quality and scale growth [55] 6. Wentai Convertible Bond - Rating: AA -; 9 - month - end closing price: 128.918 yuan; Conversion premium rate: 20.93%; PE - TTM of the underlying stock: - 23.14 [7][66] - Company: A globally leading semiconductor enterprise adopting the IDM model, providing R & D, manufacturing, and testing services [66] - Financials: In 2024, revenue was 73.598 billion yuan (YoY + 20.23%), net profit attributable to shareholders was - 2.833 billion yuan (YoY - 339.83%). In H1 2025, revenue was 25.341 billion yuan (YoY - 24.56%), net profit attributable to shareholders was 474 million yuan (YoY + 237.36%) [66] - Key attractions: After focusing on the semiconductor business, it benefits from market recovery and has growth potential in the automotive and consumer electronics fields [67] 7. Chongyin Convertible Bond - Rating: AAA; 9 - month - end closing price: 121.778 yuan; Conversion premium rate: 31.87%; PE - TTM of the underlying stock: 5.88 [7][77] - Company: An early local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business scopes [77] - Financials: In 2024, revenue was 13.679 billion yuan (YoY + 3.54%), net profit attributable to shareholders was 5.117 billion yuan (YoY + 3.8%). In H1 2025, revenue was 7.659 billion yuan (YoY + 7%), net profit attributable to shareholders was 3.19 billion yuan (YoY + 5.39%) [77] - Key attractions: It can benefit from the development of the Chengdu - Chongqing economic circle, has stable asset - scale growth, and effective risk - control strategies [78] 8. Tianye Convertible Bond - Rating: AA +; 9 - month - end closing price: 120.562 yuan; Conversion premium rate: 48.06%; PE - TTM of the underlying stock: 146.42 [7][89] - Company: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [89] - Financials: In 2024, revenue was 11.156 billion yuan (YoY - 2.7%), net profit attributable to shareholders was 68 million yuan (YoY + 108.83%). In H1 2025, revenue was 5.16 billion yuan (YoY - 0.98%), net profit attributable to shareholders was - 9 million yuan (YoY - 228.22%) [89] - Key attractions: It may benefit from the price change of caustic soda and has plans for dividend increase and coal - mine projects [90] 9. Aorui Convertible Bond - Rating: AA -; 9 - month - end closing price: 126.412 yuan; Conversion premium rate: 40.56%; PE - TTM of the underlying stock: 22.72 [7][100] - Company: A company focusing on the R & D, production, and sales of complex APIs and preparations, with leading positions in multiple fields [100] - Financials: In 2024, revenue was 1.476 billion yuan (YoY + 16.89%), net profit attributable to shareholders was 355 million yuan (YoY + 22.59%). In H1 2025, revenue was 822 million yuan (YoY + 12.5%), net profit attributable to shareholders was 235 million yuan (YoY + 24.55%) [100] - Key attractions: It has a growing dealer network, expanding preparation products, and high - quality customer resources [101] 10. Yushui Convertible Bond - Rating: AAA; 9 - month - end closing price: 125.081 yuan; Conversion premium rate: 30.74%; PE - TTM of the underlying stock: 26.93 [7][108] - Company: The largest integrated water supply and drainage enterprise in Chongqing, with a stable monopoly position [108] - Financials: In 2024, revenue was 6.999 billion yuan (YoY - 3.52%), net profit attributable to shareholders was 785 million yuan (YoY - 27.88%). In H1 2025, revenue was 3.519 billion yuan (YoY + 7.16%), net profit attributable to shareholders was 458 million yuan (YoY + 10.06%) [108] - Key attractions: It has a high market share, is expanding business externally, and has effective cost - control measures [109]

Core Viewpoint - The company has responded to the Shanghai Stock Exchange's inquiry regarding the necessity of its fundraising projects, previous fundraising usage, and its business and operational conditions [1] Fundraising Projects - The current fundraising project includes the construction of a new production line for 3 million sets of motorcycles, electric vehicles, and core components, along with marketing network and information system upgrades. The company plans to add 200,000 units of fuel motorcycle capacity, 1.7 million units of electric bicycle capacity, and 1.1 million units of electric motorcycle capacity. The projects have not yet obtained land use rights or environmental assessments. The company's latest cash balance is 7.753 billion yuan, and it aims to raise no more than 2.5 billion yuan [2] - The marketing network project has a total investment of 900 million yuan, with 450 million yuan planned to be funded from the raised capital, aiming to establish 4,900 new stores. The information system upgrade project requires an investment of 120 million yuan, primarily for software and hardware procurement, constituting capital expenditure. The company has a funding gap of approximately 2.614 billion yuan, exceeding the planned fundraising scale, indicating the necessity and rationality of this financing [2] Previous Fundraising - The previous fundraising projects included the expansion of power sports equipment and the intelligent transformation of production lines, as well as the upgrade of the R&D center. In April 2023, the company adjusted its internal investment structure and amounts, increasing the civil engineering budget while reducing equipment purchase and installation costs. The adjusted projects are expected to be operational by March 2024, achieving the original goals. The R&D center upgrade has enhanced the company's R&D capabilities, resulting in multiple honors and patent achievements. The total non-capital expenditures from the previous fundraising exceeded the total amount raised by 321.2368 million yuan, which will be deducted from the current fundraising total [3] Business Operations - The company's main business revenue is categorized into all-terrain vehicles, fuel motorcycles, electric two-wheelers, parts, and others. Revenue figures from 2022 to Q1 2025 are 11.378 billion yuan, 12.110 billion yuan, 15.038 billion yuan, and 4.250 billion yuan, with gross margins of 24.45%, 32.73%, 30.06%, and 29.73% respectively. Over 70% of sales are from overseas markets, primarily in North America and Europe [4] - Revenue and gross margin changes for each product are influenced by various factors. For instance, all-terrain vehicles are affected by market demand and exchange rates, while fuel motorcycles benefit from increased recreational demand, and electric two-wheelers see sales growth due to model expansion. Sales in overseas markets have varied, with North America experiencing rapid growth in the first half of 2025, Europe showing steady growth, and the Asian market (excluding mainland China) facing adjustments due to the Turkish market [4] - The company has adjusted its dealer network, with most dealers being independent from the company. Sales expenses align with business area layouts and development strategies, with a higher proportion of sales expenses in overseas markets and an increase in domestic expenses due to the expansion of electric two-wheeler business [4] Financial Metrics - The company has a high accounts receivable turnover rate, a low inventory turnover rate, and a continuously increasing fixed asset scale. Long-term receivables have a high proportion of aging accounts, while overseas assets and business scales are effectively matched and managed. The auditor has confirmed that these situations are reasonable and comply with market logic and accounting standards [5]

九号公司今年以来股价涨48.20%，近5个交易日涨1.00%，近20日涨1.51%，近60日涨11.50%。 9月25日，九号公司盘中上涨2.00%，截至10:50，报68.74元/股，成交4.18亿元，换手率1.12%，总市值 492.51亿元。 资金流向方面，主力资金净流入445.23万元，特大单买入4855.35万元，占比11.63%，卖出4507.64万 元，占比10.80%；大单买入1.10亿元，占比26.33%，卖出1.09亿元，占比26.10%。 分红方面，九号公司A股上市后累计派现10.01亿元。 机构持仓方面，截止2025年6月30日，九号公司十大流通股东中，华夏上证科创板50成份ETF （588000）位居第一大流通股东，持股3089.24万股，相比上期增加2805.31万股。易方达上证科创板 50ETF（588080）位居第三大流通股东，持股2396.88万股，相比上期增加2191.68万股。南方中证 500ETF（510500）位居第八大流通股东，持股853.22万股，为新进股东。景顺长城新能源产业股票A类 （011328）退出十大流通股东之列。 责任编辑：小浪快报 九号公司所属申万行 ...