| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-003 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科技集团股份有限公司 关于高级管理人员减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 高级管理人员持股的基本情况 本次减持计划实施前，爱玛科技集团股份有限公司（以下简称"公司"）副 总经理罗庆一持有公司股份 1,960,000 股，占公司总股本的 0.2275%；副总经理、 财务总监郑慧持有公司股份 1,340,000 股，占公司总股本的 0.1555%。 减持计划的实施结果情况 2024 年 9 月 28 日，公司披露了《爱玛科技高级管理人员减持股份计划公告》 （公告编号：2024-086），因自身资金需求，罗庆一拟通过集中竞价方式或大宗 交易方式合计减持公司股份不超过 673,750 股，减持数量不超过公司总股本的 0.0782%；郑慧拟通过集中竞价方式或大宗交易方式合计减持公司股份不超过 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its future performance [10]. Core Insights - The company, as a leader in the electric two-wheeler industry, has established strong brand, channel, and cost advantages. With the imminent implementation of the new national standards and the support of trade-in policies, the company is expected to achieve scale expansion and increase market share. Additionally, the product structure may improve, opening up upward potential for profitability. The company has also intensified its electric three-wheeler business and overseas market expansion, which is anticipated to contribute to new growth momentum [2][4]. Summary by Sections Company Overview - The company, originally founded in 1999, entered the electric two-wheeler manufacturing industry in 2004. Its product range includes electric bicycles, electric motorcycles, and electric three-wheelers. In the first half of 2024, the company achieved revenue of 10.591 billion yuan, a year-on-year increase of 3.7%, with profitability on an upward trajectory [4][22]. Core Advantages - The company possesses three core advantages: 1. **Brand**: It has leveraged celebrity endorsements to break through in a highly homogeneous market, focusing on female consumers to enhance brand influence [5][37]. 2. **Channel**: The company has a significant number of offline outlets, employing dynamic management of dealers, which contributes to a stable and efficient distribution system [5][45]. 3. **Cost**: By establishing upstream supply chain capabilities, the company has demonstrated a strong cost advantage, enhancing the overall value proposition of its products [5][52]. Fundamental Business - The electric two-wheeler market is experiencing consolidation, with major players gaining market share. The new national standards and trade-in policies are expected to optimize supply and drive further market share gains for the company. The demand structure is shifting towards higher-end and smarter products, which may allow for price increases and improved profitability [6][9]. Incremental Business - The electric three-wheeler segment is witnessing steady growth, driven by urbanization and the demand for green transportation. The company has strengthened its position in this market and is expected to continue expanding its market share [7][9]. Potential Business - The overseas market for electric two-wheelers is projected to grow significantly, with a CAGR of 19.4% from 2023 to 2027, primarily driven by demand in India, Southeast Asia, and Europe. The company is actively exploring overseas channels and product offerings, which could enhance long-term growth prospects [8][9]. Investment Recommendation - The report suggests capitalizing on the dual resonance of alpha and beta factors for this quality leader. The company is expected to maintain steady growth in revenue and profitability, with projected net profits of 1.953 billion, 2.370 billion, and 2.844 billion yuan for 2024-2026, corresponding to P/E ratios of 18.5, 15.2, and 12.7 times [9][10].

Investment Rating - The report assigns a rating of "Buy" for the company [3]. Core Views - Aima Technology is a leader in the electric two-wheeler industry, with annual production and sales exceeding 10 million units. The company has a robust growth trajectory, with a revenue CAGR of 17.2% from 2015 to 2023 and a net profit CAGR of 22.3% during the same period. In the first half of 2024, the company achieved a revenue of 10.59 billion yuan, representing a year-on-year growth of 3.7%, and a net profit of 0.95 billion yuan, up 6.2% year-on-year [9][19]. - The company is expected to benefit from new regulations and subsidies in the short term, while long-term demand in the domestic market remains promising. The upcoming revisions to the national standards and the inclusion of electric two-wheelers in the trade-in subsidy program are anticipated to accelerate the replacement of old vehicles and enhance industry concentration [9][37][44]. - Aima's product matrix is diverse, with a focus on electric bicycles, which accounted for 61% of revenue in 2023. The company is positioned in the mid-to-high-end market, with a competitive pricing strategy compared to peers [22][27]. Summary by Sections Financial Forecast - Revenue is projected to grow from 21.04 billion yuan in 2023 to 29.93 billion yuan in 2026, with a CAGR of 12.2% [2]. - Net profit is expected to increase from 1.88 billion yuan in 2023 to 2.82 billion yuan in 2026, with a CAGR of 15% [2]. - The company's EBITDA is forecasted to rise from 2.21 billion yuan in 2023 to 3.65 billion yuan in 2026 [2]. Company Overview - Aima Technology was established in 1999 and has been a key player in the electric two-wheeler market since 2004. The company operates seven manufacturing bases, primarily in Tianjin and Jiangsu, and has over 30,000 retail outlets [19][20]. - The company has a concentrated ownership structure, with the chairman holding 68.8% of the shares, indicating strong control and commitment to the company's future [20][21]. Industry Outlook - The electric two-wheeler industry is expected to experience a new wave of growth driven by regulatory changes and subsidies. The introduction of stricter safety standards is likely to phase out smaller manufacturers, leading to increased market concentration [37][44]. - The domestic market shows potential for growth, with increasing demand from both consumer and business sectors. The overseas market, particularly in Southeast Asia, is also seen as a significant growth area, with projections indicating a potential sales volume of 53.9 million units by 2027 [54][60].

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-001 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科技集团股份有限公司 关于"爱玛转债"转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 累计转股情况："爱玛转债"自 2023 年 9 月 1 日起可转换为公司股份， 截至 2024 年 12 月 31 日，"爱玛转债"累计转股金额为 493,000 元，累计因转 股形成的股份数量为 12,446 股，占可转债转股前公司已发行股份总额的 0.001444%。 未转股可转债情况：截至 2024 年 12 月 31 日，尚未转股的"爱玛转债" 金额为 1,999,507,000 元，占"爱玛转债"发行总额的 99.9754%。 本季度转股情况：2024 年 10 月 1 日至 2024 年 12 月 31 日期间，"爱玛转 债"转股金额为 38,000 元，因转股形成的股份数量为 977 股。 一、可转债 ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2024-096 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科技集团股份有限公司 关于公司及子公司 2025 年度日常关联交易预计的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 爱玛科技集团股份有限公司（以下简称"公司"）第五届董事会第二十八次 会议，审议通过了《关于公司及子公司 2025 年度日常关联交易预计的议案》。 关联董事张剑、段华、张格格回避表决，非关联董事以同意 6 票、反对 0 票、弃 权 0 票表决通过该议案。该议案无需提交股东大会审议。 上述事项已在提交公司董事会审议前经独立董事专门会议审议通过。独立董 事认为：公司对 2025 年日常关联交易的预计遵循了公开、公平、公正原则，符 合公司正常生产经营需要，不会因此类交易而对关联方形成依赖，相关交易事项 不会影响公司的独立性，不会损害公司、股东、特别 ...

爱玛科技集团股份有限公司第五届董事会第二十八次会议，审议通过了《关 于公司及子公司 2025 年度日常关联交易预计的议案》。关联董事张剑、段华、张 格格回避表决，非关联董事以同意 6 票、反对 0 票、弃权 0 票表决通过该议案。 该议案无需提交股东大会审议。 上述事项已在提交公司董事会审议前经独立董事专门会议审议通过。独立董 事认为：公司对 2025 年日常关联交易的预计遵循了公开、公平、公正原则，符 合公司正常生产经营需要，不会因此类交易而对关联方形成依赖，相关交易事项 不会影响公司的独立性，不会损害公司、股东、特别是中小股东的利益。因此， 独立董事对公司 2025 年度日常关联交易预计事项发表同意意见，并同意提交公 司董事会审议。 监事会对该议案发表同意意见：本次关联交易事项，公司及子公司能充分利 用关联方拥有的资源和优势为公司及子公司生产经营服务，实现优势互补和资源 合理配置，获取更好效益。本次关联交易定价公允，不存在损害公司及其他股东 华泰联合证券有限责任公司 关于爱玛科技集团股份有限公司及子公司 2025 年度日常关联交易预计的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合"或"保荐机构" ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2024-097 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科技集团股份有限公司 2024 年 12 月 27 日，公司副董事长、副总经理段华女士，董事、副总经理、 董事会秘书王春彦先生，副总经理、财务总监郑慧女士，独立董事马军生先生出席 了本次说明会。参会人员就公司经营成果及财务状况与投资者进行了沟通和交流。 二、投资者提出的主要问题及公司的回答情况 公司对投资者在本次业绩说明会上提出的问题给予了回复，现将主要问题及 回复整理如下： 问题 1：（1）公司三季报业绩同比去年，收入利润变动不大，管理、销售、研 发和财务费用率均有所攀升，净资产收益率下滑，毛利率为何不降反升，同时筹资 和投资性现金流均为负，能否分析一下原因？（2）公司发行 20 亿元可转债尚未 开始转股，公司会在推动转股上采取哪些举措？ 答：（1）根据公司发展战略，在市场开拓以及产品研发等方面加大了投入，带 动相关费用率有所上升。毛利率变动是由成本控制、产品结构、渠道政策等因素综 合影响形成的。同时筹资活动净现金流主 ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2024-095 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科技集团股份有限公司 关于股东减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 股东持股的基本情况 本次减持计划实施前，盐城鼎爱创业投资合伙企业（有限合伙）（以下简称 "盐城鼎爱"，现已更名为陵水鼎爱创业投资合伙企业（有限合伙））持有爱玛 科技集团股份有限公司（以下简称"公司"或"爱玛科技"）股份 35,559,300 股，占公司总股本的 4.1266%。 近日，公司收到股东盐城鼎爱发来的《关于股份减持计划结果的告知函》。 截至 2024 年 12 月 23 日，盐城鼎爱通过集中竞价方式减持公司股份 8,609,300 股，占公司总股本的 0.9991%，持股比例由 4.1266%变更为 3.1275%。本次减持 计划时间区间届满，现将减持结果情况公告如下: 注：其他方式取得系通过公司 2021 ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2024-094 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科技集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2024 年 12 月 27 日(星期五) 上午 10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 （二）会议召开地点：上海证券交易所上证路演中心 （三）会议召开方式：上证路演中心网络互动 三、参加人员 副董事长、副总经理：段华女士 董事、副总经理、董事会秘书：王春彦先生 副总经理、财务总监：郑慧女士 投资者可于 2024 年 12 月 20 日(星期五) 至 12 月 26 日(星期四)16:00 前 登录上证路演中心网站首页 ...

Key Points Industry Overview - **New National Standard Implementation**: The new national standard for electric two-wheelers is expected to be fully implemented by September 30, 2023. This will include the cessation of production and sales of old standard vehicles. - **Market Growth**: The industry is expected to grow by 5-10% due to consumer demand and an additional 10-15 million units from the replacement policy. The total market size could reach 65 million units in 2024. - **Replacement Policy**: The replacement policy is expected to peak in the first half of 2024, with 10-15 million units being replaced. This policy aims to promote the replacement of old, unsafe vehicles with new, safer ones. Company Overview - **New Product Development**: The company is focusing on developing new products that comply with the new national standard. These products are expected to be launched before the end of June 2023. - **Channel Structure**: The company is prioritizing the development of new products and channel structure reform over expanding the number of stores. The focus is on improving the quality of existing stores rather than increasing the number of stores. - **Capacity Expansion**: The company plans to increase its production capacity to 15 million units by the end of 2024. The capital expenditure for 2023 and 2024 is expected to be announced later. - **International Expansion**: The company has established bases in Vietnam and Indonesia and has opened stores in North America. The company is currently in the incubation stage in these markets and expects significant growth in the future. Financial Outlook - **ASP Growth**: The company expects the ASP for electronic vehicles to increase by 10% in 2024. The ASP for electric paint film is expected to remain stable or slightly increase. - **Profitability**: The company expects to achieve higher profitability through the launch of new products, product upgrades, and cost control measures. Other Key Points - **Battery Technology**: The company is confident that its battery technology can meet the requirements of the new national standard, including the weight and range specifications. - **Regulatory Changes**: The company is closely monitoring regulatory changes and adapting its products and strategies accordingly. - **Competitive Landscape**: The company expects increased competition in the market, particularly in the second half of 2024, as new products are launched and the market expands.