Core Viewpoint - Aima Technology is experiencing a mixed performance with ongoing challenges in international expansion and increased competition in the electric two-wheeler market, while also undergoing internal adjustments such as layoffs in certain departments [3][9][10]. Financing and Market Activity - On January 15, Aima Technology's stock rose by 0.33% with a trading volume of 152 million yuan. The financing data shows a net buying amount of 4.9491 million yuan for that day [1][2]. - As of January 15, the total financing and margin trading balance for Aima Technology reached 409 million yuan [2]. Business Operations and Layoffs - Aima Technology has confirmed that it is not undergoing significant layoffs exceeding 50%, but is optimizing its workforce to align with business needs. Departments affected include the international division and the high-end brand "Zero" [3][9]. - The company’s international business has not shown significant growth, with revenue from international operations remaining around 1% of total revenue from 2022 to 2024 [3][10]. Financial Performance - For the first half of 2025, Aima reported revenue of 13.031 billion yuan, a year-on-year increase of 23.04%, and a net profit of 1.212 billion yuan, up 26.14% [9][10]. - However, Aima's growth is lagging behind competitors like Yadea and Ninebot, which reported higher revenue and profit growth rates during the same period [9][10]. Market Competition - Aima faces intense competition from leading brands like Yadea and emerging players in the electric two-wheeler market. The company’s revenue heavily relies on electric two-wheeler sales, which account for over 95% of total revenue [10][11]. - The introduction of new national standards for electric bicycles is expected to increase production costs and potentially suppress market demand, further intensifying competition [11][14]. Product Development - Aima launched its high-end electric motorcycle brand "Zero" in July 2025, with plans to release its first model in the first quarter of 2026 [4][5][7]. - The "Zero" brand aims to create a new growth trajectory for Aima, although it faces stiff competition in the high-end market segment [7][9].

Core Insights - The electric motorcycle market in China is experiencing a significant decline, with sales dropping by 8.51% year-on-year in the first three quarters of 2025, totaling 2.4456 million units, while fuel motorcycle sales increased by 13.2% [2][3] - The market is undergoing a transformation from quantity to quality, with consumers seeking higher quality and more personalized riding experiences [2][8] - The high-end electric motorcycle segment is witnessing substantial growth, with sales of models priced above 4,000 yuan increasing by 87% year-on-year [3][8] Market Dynamics - The traditional electric motorcycle market is becoming saturated, leading to an overall decline in sales, while the high-end market is thriving [3][4] - Yadea leads the market with sales of 757,300 units, more than double that of the second-place competitor [3] - The implementation of new national standards has accelerated the elimination of unqualified small enterprises, shifting the industry focus from price competition to enhancing brand and product value [3][4] Strategic Adjustments - Traditional electric motorcycle companies are adjusting their strategies to target the high-end market, with Yadea launching the "VFLY" brand in collaboration with Porsche Design [4] - Internet companies like Hello and Ninebot are also entering the electric motorcycle market, intensifying competition [4][5] - Aima's new high-end brand "SCOOX" aims to redefine the riding experience, emphasizing smart technology and lifestyle integration [6][8] Product Innovations - The launch of the "SCOOX Zero" brand and its first model "X7" reflects a focus on intelligent features and a unique riding experience [6][7] - The "Zebra" intelligent system developed by SCOOX integrates various smart functionalities, enhancing user interaction and safety [6][7] - The product lineup includes diverse series targeting different market segments, indicating a comprehensive long-term strategy [7] Future Outlook - Analysts believe that the entry of high-end brands like SCOOX will create new growth trajectories for the electric motorcycle market [8] - The market still has potential for growth, particularly in central and coastal regions, driven by quality upgrades and export opportunities [8] - The competition is shifting from scale and functionality to value and experience, indicating a fundamental change in the industry's competitive landscape [8]

Core Viewpoint - The launch of the high-end electric two-wheeler brand "SCOOX Zero" in Beijing introduces its first model, the "Land Airship" X7, aimed at providing an exceptional riding experience for young users [1][3]. Group 1: Brand Philosophy and Vision - The brand's core value proposition is "Limitless Zero, Cool Without Boundaries," focusing on creating electric vehicles that exceed user expectations [1]. - The brand logo is inspired by zebra crossings, symbolizing a breakthrough attitude in urban order and the untamed spirit of freedom [3]. - The company encourages users to rediscover themselves through riding, promoting a sense of courage to live life on their own terms [3]. Group 2: Technological Innovations - The "Zebra Zero Smart Travel" system aims to create a true two-wheeled intelligent life form, featuring a comprehensive architecture for smart decision-making and user interaction [3]. - Key components of the system include Zebra mind for intelligent decision-making, Zebra link for facial recognition and social interaction, Zebra sense for safety features, and Zebra cloud for real-time data evolution [3]. - The technology is built on the Zebra bone chassis platform and Zebra ride control platform, ensuring a seamless integration of technology and riding freedom [3]. Group 3: Product Strategy and Offerings - SCOOX Zero has outlined three product series: "X" for urban trendy play, "S" for performance-oriented designs, and "C" for practical and stylish commuting solutions [5]. - The X7 model is designed with inspiration from a cheetah and futuristic vehicles, showcasing a blend of elegance and wildness [5]. - A nationwide test drive event is scheduled to start in December 2025, with official sales and deliveries expected in the first quarter of 2026 [5]. Group 4: Market Engagement and Sales Strategy - The company has initiated a nationwide pre-sale campaign, allowing consumers to reserve the X7 with a deposit of 199 yuan, which includes various exclusive benefits [7]. - Plans are in place to establish delivery experience centers in 50 major cities across China by mid-2026, creating spaces for user interaction and community building [7].