Research Express | Emma Technology Receives Over 100 Institutions Including Caital Securities; New National Standard Product Strategy and Overseas Expansion Draw Attention

Basic Research Overview

Aima Technology Group Co., Ltd. (Stock abbreviation: Aima Technology, Bond code: 113666) has recently conducted intensive investor communication activities. According to the company’s investor relations activity record (No.: 2026-001), from February 24 to March 13, the company held a total of 22 communication events through analyst meetings, on-site visits, conference calls, and other formats, engaging with over 100 institutional investors including Caitong Securities, Kaiyuan Securities, Shenwan Hongyuan Securities, GF Fund, E Fund, and others.

The company’s reception team included Assistant General Manager Luo Qing, Investor Relations Director Ma Qunbo, and ESG Director Tian Jian, who engaged in in-depth discussions with institutions on core issues such as industry policies, product strategies, competitive landscape, and channel layout.

Categories of Investor Relations Activities

Core Issues and Company Responses

Product Development Strategy Under New National Standards: Combining Old Model Improvements with New Designs

Regarding the product development strategy following the implementation of the new national standards, the company stated that it has established a full-chain integrated product development system, enhancing response efficiency through market research, big data analysis, and platform-based development. Currently, the company adopts a dual-track strategy of “improving old models + new designs,” evaluating market feedback on R&D products monthly, and quickly optimizing designs, materials, and configurations to launch products that meet consumer needs.

On the issue of appearance acceptance of new standard models, the company pointed out that during the initial phase of the 2024 standard implementation, some models had simple appearances due to immature material technologies. Now, with the maturation of alternative materials such as aluminum-magnesium alloys, the pain period has passed. Models like Aima Metaverse, KuMai 25S, and A35Lite have restored fashionable and attractive appearances, with design recognition and aesthetics roughly equivalent to pre-standard implementation, mainly changing in material application.

Industry Competition Landscape: Focusing on Comprehensive Capabilities to Strengthen Leading Position

Regarding industry competition, the company believes that as regulation progresses, small-scale enterprises will exit the market more quickly, shifting competition focus to leading companies’ overall strength in product performance, technological capabilities, channel models, and international expansion. The company will leverage advantages in R&D, intelligent manufacturing, supply chain coordination, channel networks, and brand reputation, through differentiated competition, smart upgrades, and cost reduction to consolidate its leading position.

Channel Strategy: Promoting the “Ten Thousand Stores, Thousand Vehicles” Plan, Deep Integration of Online and Offline

In terms of channel layout, the company is building a broad and efficient sales and service system, implementing the “Ten Thousand Stores, Thousand Vehicles” plan, aiming to significantly increase the number of stores selling over 1,000 units annually in 2026-2027. Offline, the company uses a flat marketing channel to cover the entire country, strengthening integrated value and intelligent store management; online, it enhances data linkage through e-commerce platforms and social media to increase brand exposure and convert offline deliveries, improving overall channel efficiency.

Smart Layout: Scene-Driven, Avoiding Technical Overload

The company stated that since 2024, the new national standards have mandated communication modules in electric bicycles, making smart and inclusive features a basic industry requirement. Its smart layout adheres to a “scene demand-oriented” approach, focusing on practical functions such as map display and real-time data transmission, avoiding gimmicky technologies. By 2026, all electric bicycles and electric motorcycles will be equipped with basic smart features, with mid-to-high-end smart configurations upgraded according to user needs.

Overseas and High-End Brand Deployment: Dual Market Strategy + Independent High-End Stores

For overseas markets, the company adopts two approaches: one is localized manufacturing in markets like Vietnam and Indonesia, leveraging Chinese technology and branding to build localized service systems, aiming for rapid sales growth from 2025; the other is targeting value markets such as the US, expanding new categories like electric all-terrain vehicles, and responding to geopolitical and tariff constraints through North African free trade zones.

The high-end sub-brand “SCOOX Zero”’s first model “Land Zephyr” X7 was launched on March 10, emphasizing technology, intelligence, and trendiness. The company plans to open independent brand stores through existing channels by 2026 to continue advancing high-end business.

Financial Returns and Business Planning: Stable Dividends + High Growth in Three-Wheel Business

Regarding dividends, the company has paid a total cash dividend of 3.056 billion yuan since listing, with a mid-year dividend of 546 million yuan in 2025, accounting for 45.01% of the net profit attributable to the parent in the first half of the year, and is exploring a “multiple times per year” dividend mechanism. The electric three-wheel vehicle business has seen rapid revenue growth in recent years; in April 2024, the company decided to invest about 3 billion yuan to promote related projects, with policy support expected to further release demand.

Core Competitiveness and Profit Outlook

The company’s core competitiveness lies in user demand insights, product innovation and R&D, intelligent manufacturing and supply chain collaboration, channel coverage, and brand reputation. Regarding the 2026 unit price and profit, the company stated that it will optimize product structure, increase the proportion of high-value-added models, and reduce costs and increase efficiency to maintain reasonable profitability.

(Recorder: Qiao Yaxin)

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