证券之星消息，根据市场公开信息整理，爱玛科技(603529)于8月28日将有15.12万股限售股份解禁，为 公司股权激励限售股份，占公司总股本0.02%。(本次数据根据历史公告整理得出,实际情况以上市公司 最新公告为准)最近一年内，该股累计解禁550.62万股，占总股本的0.63%。本次解禁后，公司还有 2148.75万股限售股份，占总股本2.47%。具体如下图所示： 爱玛科技(603529)主营业务：电动自行车、电动轻便摩托车、电动摩托车等的研发、生产及销售。 本次解禁涉及股东明细见下表： | 股东名称 | 解禁数量(股) | | 解禁市值（元） | 锁定期 (月) | 限售类型 | | --- | --- | --- | --- | --- | --- | | 中高层管理人员、核心 技术(业务)人员 | | 15.12万 | 573.65万 | 39 | 股权激励限售股份 | 爱玛科技2025年中报显示，公司主营收入130.31亿元，同比上升23.04%；归母净利润12.13亿元，同比 上升27.56%；扣非净利润11.83亿元，同比上升32.44%；其中2025年第二季度，公司单季度主营收入 67.98 ...

Group 1 - The latest stock price of Xinri Co., Ltd. is 13.03 yuan, an increase of 1.56% compared to the previous trading day, with an intraday high of 13.19 yuan and a low of 12.85 yuan, and a trading volume of 0.75 billion yuan [1] - Xinri Co., Ltd. specializes in the research, production, and sales of electric bicycles, electric lightweight motorcycles, and electric motorcycles, with products ranging from basic models to luxury versions, lithium battery models, and special vehicles [1] - The company recently announced the completion of business registration changes and has obtained a new business license from the Wuxi Data Bureau, with the changes primarily involving adjustments to its business scope [1] Group 2 - On the day of the announcement, the net outflow of main funds for Xinri Co., Ltd. was 3.8012 million yuan, with a cumulative net outflow of 11.2134 million yuan over the past five days [1]

Investment Rating - The report maintains a "Buy" rating for the industry, specifically recommending companies such as Yadea Holdings, Aima Technology, and Ninebot [11]. Core Insights - The Chinese electric two-wheeler industry is entering a mature development phase characterized by "stock replacement dominance and structural incremental support." The domestic market is seeing high ownership levels, and the implementation of new national standards is accelerating industry consolidation, with both cost and supply pressures squeezing smaller brands [3][6]. - Incremental growth is focused on B-end commercial scenarios (instant delivery/shared mobility) and C-end smart upgrades. The expansion of the old-for-new subsidy program in 2025 is expected to stimulate replacement demand [3][6]. - The overseas market, particularly in Europe and North America, is centered around electric bicycles (E-bikes), benefiting from environmental policies and low consumer price sensitivity. The Southeast Asian market shows long-term potential for electric motorcycles, although performance limitations and inadequate infrastructure hinder short-term replacement [3][8]. Summary by Sections Scale: Dominated by Stock Demand, Driven by Smartization and Policy - The electric two-wheeler market includes electric bicycles, electric light motorcycles, and electric motorcycles. The current market ownership is at a high level, with the average penetration rate reaching maturity. Although demand in high-tier cities and motorcycle replacement in lower-tier markets will support steady growth, the growth rate is expected to slow down [6][30]. - Incremental space is concentrated in two areas: B-end instant delivery and shared mobility, benefiting from the economic and flexible nature of electric two-wheelers, and C-end smart upgrades that drive consumer segmentation and product price increases [6][30]. Structure: New National Standards Implementation Optimizes the Landscape - The past changes in industry structure show that policy regulations (like new national standards) and market competition (price wars, channel expansion) create a dual selection mechanism. Leading companies can leverage scale effects to reduce costs and enhance R&D and distribution networks, while weaker brands face exit pressures due to compliance costs and low margins [7][9]. - The new national standards are expected to increase costs by 10%-15%, putting significant pressure on financially weak brands while allowing leading companies to expand market share [7][9]. Incremental Growth: Southeast Asia Policy Drives Potential, E-bike Opportunities in Europe and America - With the domestic market stabilizing, overseas markets are becoming core growth areas. The North American and European markets are primarily driven by mid-to-high-end E-bikes, with a favorable growth trend supported by consumer interest in sustainable transportation and government support [8][9]. - The Southeast Asian market focuses on high-cost-performance electric motorcycles, driven by commuting needs and "oil-to-electric" policies. However, performance gaps and infrastructure issues limit short-term penetration, with fuel vehicles remaining dominant [8][9]. Investment Recommendations: Domestic and International Synergy, Positive Demand Outlook - The domestic market is seeing accelerated concentration due to the new national standards, which pressure smaller brands while allowing leading companies to strengthen their market share through scale effects and technological differentiation [9]. - The overseas market presents opportunities, particularly in the E-bike sector in Europe and North America, where the fragmented competitive landscape offers entry points for Chinese brands [9].

两轮车研究系列 车中旭霞 行业深度： 《 电动两轮车行业深度：政策发力叠加格局优化，行业高景气拐点渐近 》—— 202 41224 相关个股： 《春风动力-中国全地形车及中大排摩托车龙头，出海、高端化引领新成长》——20240924 核心观点 2019年新国标：部分核心省份过渡期延期执行 2019年新国标刚推出时促进非国标车替换，对行业销量拉动最为明显，过渡期到期时部分电动两轮车核心省份如河 南、江苏等对过渡期延期，山东省过渡期截止后提出暂不禁止超标车上路，导致后期整体替换力度减弱，此外行业出 现解限速、违规安装大功率电池等行为，截止目前行业中仍存在超标车。 新国标+以旧换新发力，行业有望迎来销量拐点 2024年南京"2.23"火灾凸显行业规范化问题，新国标修订版、白名单及以旧换新政策陆续出台。新国标有望从生产端 对企业提出更高要求，小企业违规可能性被降低，促进份额向头部集中；以旧换新补贴力度较高，有望给消费者带来 明显感知，拉动需求提升。 根据销量测算，不考虑政策影响下，预计行业未来有望保持5%-10%销量复合增速，两轮 车替换需求是核心贡献。假设新国标出清比例范围20%-45%，对应出清销量范围165-3 ...