爱玛科技20250429

Summary of Aima Technology Conference Call Industry Overview - The electric two-wheeler industry is experiencing significant growth, with the implementation of new national standards (new national standard) expected to benefit leading brands. Regulatory measures include strict checks on non-compliant vehicles and subsidies for first-time buyers of compliant vehicles, indicating a commitment to industry standardization [2][3][23]. Company Strategy and Performance - Aima Technology has adopted a channel liberalization strategy to ensure dealer profitability, fostering long-term cooperation and aligning interests between dealers and manufacturers to promote market development under the new standards [2][3]. - In Q1 2025, the company faced shortages of popular models due to dealer stockpiling, which was addressed by increasing delivery frequency and managing terminal sales effectively [2][5]. - The company has improved supply chain management by enhancing information sharing between manufacturers and suppliers, increasing inventory levels, and optimizing parts standardization to respond to sudden demand [2][4][5]. - Aima aims to increase its gross margin to 21%-22% over the next 3-5 years, with a long-term market share target of 30%-40% through product structure improvements and ensuring dealer profitability [2][21][22]. Sales and Market Dynamics - The Q1 2025 electric two-wheeler consumption was significantly influenced by the old-for-new subsidy policy, with a multiplier effect of 2.5-3 times, and this incentive is expected to continue into Q2 [2][9]. - The company reported a good sales trend in April, with no adverse effects on terminal sales expected due to previous shortages [9]. - The average selling price of electric two-wheelers has increased by 30-50 yuan compared to the previous year, indicating a potential upward trend in the high-end market segment [14]. Supply Chain and Inventory Management - Current growth levels of 20% are deemed sufficient to meet supply chain demands, with effective management of terminal sales forecasts and delivery frequency being crucial [7][19]. - The company has taken measures to mitigate past supply chain issues, which are now significantly improved, although similar challenges may arise in the future due to market dynamics [5][6]. Regulatory Environment and Future Outlook - The new national standard will impose stricter regulations, eliminating the sale of non-compliant vehicles and requiring manufacturers to adapt to new safety and performance standards [23][24]. - The acceptance of new standard vehicles by consumers will be tested during the transition period, necessitating manufacturers to iterate products based on consumer feedback [24][25]. Competitive Landscape - Aima's current market share is approximately 20%, with expectations of a dual oligopoly forming in the industry. The company aims for a long-term market share of 30%-40% [22]. - The high-end electric two-wheeler market, priced above 6,000 yuan, is dominated by brands like Niu and 9号, representing about 10% of the overall consumer base [15]. Additional Insights - The company is exploring overseas market strategies, focusing on the U.S., Southeast Asia, and countries along the Belt and Road Initiative, while navigating trade tensions [12]. - The overall store performance has improved compared to the previous year, with a total of 32,000 stores as of March 2025, and expansion plans are on track [13]. This summary encapsulates the key points from the conference call, highlighting the company's strategies, market dynamics, and regulatory impacts within the electric two-wheeler industry.