Aima Technology Group Co. LTD. 2025 Annual Report
1 / 315Aima Technology Group Co. LTD. 2025 Annual Report
Stock Code: 603529 Abbreviation: Aima Technology
AIMA TECHNOLOGY GROUP CO. LTD.2025 Annual Report
2 / 315Aima Technology Group Co. LTD. 2025 Annual Report
Letter to Shareholders
Dear Shareholders
The year 2025 was an extraordinary year in the development history of Aima Technology. At the
historic juncture of the transition between the old and new national standards and amid an
industry landscape marked by intensifying competition for existing demand we moved forward
through challenges and achieved breakthroughs through transformation. For the full year the
Company recorded revenue of RMB 25.095 billion representing a year-on-year increase of
16.14%; net profit attributable to shareholders of the listed company of RMB 2.035 billion
representing a year-on-year increase of 2.34%; and net cash flows from operating activities of
RMB3.785 billion representing a year-on-year increase of 19.55%.In 2025 we withstood the test of deep industry adjustment. The new national standard for
electric bicycles officially came into effect on September 1 2025. During the policy transition
period the production and sale of models compliant with the previous national standard were
fully discontinued. Facing the short-term pain brought about by the transition between the old
and new national standards the Company responded swiftly and acted proactively. Sales
growth slowed in the fourth quarter mainly because the industry as a whole experienced a brief
adaptation period after the full transition to models compliant with the new national standard.Certain products under the new national standard did not fully meet consumers’ actual usage
needs in terms of configurations such as saddles and rear-view mirrors and the Ministry of
Industry and Information Technology also promptly guided relevant enterprises to accelerate
the optimization of product design plans. We must face the reality that there remains a long
journey from “meeting standards” to “exceeding expectations” which will also be an important
direction for our future product upgrades. At the same time we have gained a profound
understanding that the traditional consumer market has entered a phase of competition for
existing demand and intelligent and high-end products will become a new track for value
growth in the electric two-wheeler industry. Only by taking the initiative to transform and making
forward-looking deployments can we navigate industry cycles and achieve steady and
sustainable development.Globalization is one of Aima’s core strategies for the future. In 2025 we took solid steps forward
on our journey of internationalization. Targeting the core markets in Southeast Asia the
Company’s production plants in Indonesia and Vietnam have both commenced operations.Regional favorable factors such as motorcycle restriction policies in Vietnam and subsidies for
switching from fuel-powered vehicles to electric vehicles in Indonesia are expected to drive
overseas two-wheeler markets into a phase of accelerated growth. In the European and
American markets we unveiled eight new models and several upgraded designs at CES 2025
comprehensively addressing the needs of different local consumer groups with high-end
personalized and intelligent products.In 2025 we took the most imaginative step in our strategic layout - a cross-sector expansion
into the low-altitude economy which was by no means made on impulse. The low-altitude
economy was written into the 2025 Government Work Report becoming an important direction
for cultivating strategic emerging industries and creating new growth drivers. The National
Development and Reform Commission established the Low-Altitude Economy Development
Department to take charge of top-level planning and the official website of the Civil Aviation
Administration of China quoted estimates by professional institutions that the scale of China’s
low-altitude economy is expected to reach RMB2 trillion by 2030. As a company that has been
deeply engaged in electric mobility for more than two decades the Company has built a
relatively solid foundation of capabilities in battery technology motor control intelligent
connectivity supply chain channels and operations. These advantages demonstrate strong
synergy with the low-altitude mobility industry in terms of technology systems scenario-based
operations and infrastructure support. In particular core technologies such as power batteries
and electric drive share the same underlying technological logic with electric two-wheelers. The
Company has identified industries related to low-altitude mobility as a key area of focus and a
medium- to long-term strategic incubation field. Centering on key links such as aircraft platform
3 / 315Aima Technology Group Co. LTD. 2025 Annual Report
development flight control systems and infrastructure operations the Company has continued
to monitor technological evolution and policy developments and has advanced preliminary
work including industry research project screening and investment assessment in an orderlymanner. Our strategic positioning has always been clear: to focus on “short-distance electricmobility products” - from two-wheelers to three-wheelers from ground transportation to
low-altitude mobility and from personal mobility to integrated three-dimensional transportation.The Company’s vision is to build a diversified technology-enabled mobility ecosystem spanning
both ground and low-altitude domains which represents not only a strategic exploration of our
second growth curve but also our in-depth thinking about and proactive practice of the future
of smart urban mobility.Looking ahead after the full implementation of the new national standard the industry will enter
a new stage of standardized development and product mix optimization will drive a steady
increase in vehicle ASP. On the international front with the capacity ramp-up of the Vietnam
and Indonesia plants coupled with favorable regional policies our overseas business is
expected to embrace new opportunities. Intelligent and high-end development will continue to
deepen and the rollout of high-end brands will accelerate. With respect to the low-altitude
economy provided that risks remain controllable and our capabilities are well matched we will
continue to prudently explore the path and pace for participating in the low-altitude mobility
industry chain through industrial investment strategic cooperation and other means and seize
strategic opportunities in the development of the low-altitude economy at the appropriate time.We firmly believe that the seeds sown today will bear fruit in the future.Creating long-term value for shareholders has always been our unwavering original
commitment. The Company will continue to uphold a prudent sustainable dividend policy that
attaches importance to cash returns. While ensuring the investments required for the
Company’s long-term development we will strive to enable shareholders to truly and
continuously share in the fruits of the Company’s growth.Based on the Company’s operating results and overall financial position for 2025 and after fully
considering the Company’s future development needs and reasonable returns to shareholders
the Board of Directors has proposed the 2025 annual profit distribution plan as follows: based
on the total share capital registered on the record date for the implementation of the equity
distribution a cash dividend of RMB5.44 per 10 shares tax inclusive will be distributed to all
shareholders. This matter is still subject to the review and approval of the Company’s 2025
Annual General Meeting of Shareholders.We would like to express our sincere gratitude to all shareholders customers suppliers and
friends from all sectors of society for their trust and companionship along the way. We look
forward to continuing to move forward hand in hand with all shareholders.Standing at the new starting point of 2026 I would like to summarize the Company’s future
strategic direction and action logic in four statements:
First we will strengthen the core foundation of our electric two-wheeler business and pursue
high-quality sustainable growth;
Second we will let users define our products and further deepen and broaden the moat built
around high-end and intelligent development;
Third we will resolutely expand overseas using the certainty of globalization to offset
fluctuations in the domestic market driven by competition for existing demand;
Fourth we will steadily and prudently cultivate the strategic seeds of the low-altitude economy.Anchored in our fundamentals we are moving steadily along new paths.Chairman of the Board:
April 22 2026
4 / 315Aima Technology Group Co. LTD. 2025 Annual Report
Important Notice
I. The Board of Directors Directors and Senior Management of the Company Hereby
Guarantee the Truthfulness Accuracy and Completeness of the Contents of the Annual
Report and Confirm That There Are No False Representations Misleading Statements
or Material Omissions in the Report and They Shall Assume Individual and Joint Legal
Liabilities.II. All Directors of the Company Attended the Meeting of the Board of Directors.III. Ernst & Young Hua Ming LLP Has Issued a Standard Unqualified Audit Report for the
Company.IV. The Company’s Responsible Person Zhang Jian the Person in Charge of Accounting
Work Zheng Hui and the Head of the Accounting Institution (Accounting Officer) Zheng
Hui Hereby Declare That They Guarantee the Truthfulness Accuracy and Completeness
of the Financial Statements in the Annual Report.V. Profit Distribution Plan or Capitalization of Capital Reserve Plan for the Reporting
Period as Approved by the Board of Directors
The 2025 annual profit distribution plan reviewed and approved by the Board of Directors is as
follows:
The Company plans to distribute a cash dividend of RMB 0.544 per share tax inclusive to all
shareholders based on the total share capital registered on the equity record date for
distribution. Calculated based on the Company’s total share capital of 867892982 shares as of
March 31 2026 the total proposed cash dividend distribution amounts to RMB 472133782.21
tax inclusive. The Company’s cash dividends for the year including the cash dividend of RMB
545762116.37 already distributed for the first half of 2025 amounted to RMB
1017895898.58 in total representing 50.03% of the net profit attributable to shareholders of
the listed company in 2025.If the Company’s total share capital changes before the equity record date for distribution due to
the conversion of convertible bonds share repurchase share repurchase and cancellation
upon equity incentive grant or share repurchase and cancellation due to major asset
restructurings the Company intends to maintain the per-share distribution ratio unchanged and
adjust the total distribution amount accordingly. This matter is still subject to consideration by
the General Meeting of Shareholders.Relevant Circumstances of the Parent Company’s Accumulated Uncovered Losses as of
the End of the Reporting Period and Their Impact on the Company’s Dividend
Distribution and Other Matters
□ Applicable √Not applicable
VI. Risk Statement on Forward-looking Statements
√Applicable □ Not applicable
Any forward-looking statements in this report such as future plans and development strategies
do not constitute substantive commitments of the Company to investors. Investors are advised
to be fully aware of the risks and to understand the differences between plans forecasts and
commitments and to pay attention to investment risks.VII. Whether There is Any Non-operating Occupation of Funds by the Controlling
Shareholder or Other Related Parties
No
VIII. Whether There is Any Provision of External Guarantees in Violation of Prescribed
Decision-making Procedures
No
5 / 315Aima Technology Group Co. LTD. 2025 Annual Report
IX. Whether More Than Half of the Directors Are Unable to Guarantee the Truthfulness
Accuracy and Completeness of the Annual Report Disclosed by the Company
No
X. Significant Risk Warnings
During the reporting period there were no major risks that had a substantial impact on the
Company’s production and operation. The Company has elaborated in detail the relevant risksthat may be encountered in the course of its operations. For details please refer to “Section 3 -VI. (IV) Potential risks” of this Report.XI. Others
□ Applicable √Not applicable
6 / 315Aima Technology Group Co. LTD. 2025 Annual Report
Table of Contents
Section 1 Definitions ............................... 8
Section 2 Company Profile and Key Financial Indica.. 13
Section 3 Discussion and Analysis of the Managemen.. 18
Section 4 Corporate Governance Environment and Soc...67
Section 5 Significant Events ........................89
Section 6 Changes in Shares and Information about . 106
Section 7 Bond-related Information .................114
Section 8 Financial Report .........................118
(I) The full text and summary of the Annual Report signed by the current
legal representative and affixed with the Company’s seal
(II) The financial report signed and sealed by the legal representative the
Documents Available for person in charge of accounting and the head of the accounting
Reference department (accounting supervisor)
(III) Originals and drafts of all documents of the Company disclosed in
designated newspapers by the China Securities Regulatory Commission
during the reporting period
7 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Section 1 Definitions
I. Definitions
In this report unless otherwise stated in the context the following terms have the
following meanings:
Glossary of common terms
Aima Technology /
refers
Aima / the Company / Aima Technology Group Co. Ltd.to
the Group
refers Lingshui Dingai Venture Investment Partnership (Limited
Lingshui Dingai
to Partnership)
refers Guangdong Aima Vehicle Technology Co. Ltd. a wholly
Guangdong Vehicle
to owned subsidiary of Aima Technology
refers Jiangsu Aima Vehicle Technology Co. Ltd. a wholly
Jiangsu Vehicle
to owned subsidiary of Aima Technology
refers Tianjin Aima Vehicle Technology Co. Ltd. a wholly
Tianjin Vehicle
to owned subsidiary of Aima Technology
refers Zhejiang Aima Vehicle Technology Co. Ltd. a wholly
Zhejiang Vehicle
to owned subsidiary of Aima Technology
refers Henan Aima Vehicle Co. Ltd. a wholly owned subsidiary
Henan Vehicle
to of Aima Technology
refers Tianjin Aima Sports Goods Co. Ltd. a wholly owned
Tianjin Sports
to subsidiary of Aima Technology
refers Guangxi Aima Vehicle Co. Ltd. a wholly owned
Guangxi Vehicle
to subsidiary of Aima Technology
refers Tianjin Suiwanwan Cultural Communication Co. Ltd. a
Suiwanwan
to wholly owned subsidiary of Aima Technology
refers Xiaopa Electric Technology (Shanghai) Co. Ltd. a wholly
Xiaopa Electric
to owned subsidiary of Aima Technology
refers Tianjin Spozman Technology Co. Ltd. a wholly owned
Spozman
to subsidiary of Aima Technology
refers Chongqing Xiaoma Network Technology Co. Ltd. a
Xiaoma Network
to wholly owned subsidiary of Aima Technology
refers Tianjin Tianli Electric Bicycle Co. Ltd. a wholly owned
Tianjin Tianli
to subsidiary of Aima Technology
refers Aima Technology (Chongqing) Co. Ltd. a wholly owned
Aima Chongqing
to subsidiary of Aima Technology
refers Chongqing Aima Vehicle Technology Co. Ltd. a wholly
Chongqing Vehicle
to owned subsidiary of Aima Technology
refers Aima Technology (Zhejiang) Co. Ltd. a wholly owned
Zhejiang Sales
to subsidiary of Aima Technology
refers Taizhou Aima Motorcycle Manufacturing Co. Ltd. a
Taizhou Manufacturing
to wholly owned subsidiary of Aima Technology
8 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
refers Aima Technology (Taizhou) Co. Ltd. a wholly owned
Aima Taizhou
to subsidiary of Aima Technology
refers Aima Venture Capital (Ningbo) Co. Ltd. a wholly owned
Aima Venture Capital
to subsidiary of Aima Technology
refers Lishui Aima Vehicle Technology Co. Ltd. a wholly
Lishui Vehicle
to owned subsidiary of Aima Technology
refers Suoteng Technology Hong Kong Co. Ltd. a wholly
Suoteng Technology
to owned subsidiary of Aima Technology
refers Geling New Energy Technology (Shandong) Co. Ltd. a
Geling New Energy
to wholly owned subsidiary of Aima Technology
refers Chongqing Xiaoma Intelligent Technology Co. Ltd. a
Xiaoma Intelligent
to wholly owned subsidiary of Aima Technology
refers Tianjin Xiaoma Intelligent Technology Co. Ltd. a wholly
Tianjin Xiaoma
to owned subsidiary of Aima Technology
refers Guangxi Xiaoma Intelligent Technology Co. Ltd. a
Guangxi Xiaoma
to majority-owned subsidiary of Aima Technology
refers Wanning Xiaoma Intelligent Technology Co. Ltd. a
Wanning Xiaoma
to wholly owned subsidiary of Aima Technology
refers Taizhou Xiaoma Intelligent Technology Co. Ltd. a wholly
Taizhou Xiaoma
to owned subsidiary of Aima Technology
refers Yangjiang Xiaoma Intelligent Technology Co. Ltd. a
Yangjiang Xiaoma
to wholly owned subsidiary of Aima Technology
Chongqing refers Chongqing Aima Electromechanical Technology Co.Electromechanical to Ltd. a wholly owned subsidiary of Aima Technology
refers Chongqing Aima Vehicle Service Technology Co. Ltd. a
Aima Vehicle Service
to wholly owned subsidiary of Aima Technology
Tianjin refers Tianjin Aima Electromechanical Technology Co. Ltd. a
Electromechanical to wholly owned subsidiary of Aima Technology
refers Superverse (Chongqing) Vehicle Technology Co. Ltd. a
Superverse
to wholly owned subsidiary of Aima Technology
refers Tianjin Aima Lianxiang Technology Co. Ltd. a
Aima Lianxiang
to majority-owned subsidiary of Aima Technology
refers Tianjin Aima Shengsituo Technology Co. Ltd. a
Aima Shengsituo
to majority-owned subsidiary of Aima Technology
refers AIMA TECHNOLOGY SINGAPORE PTE. LTD. a wholly
Aima Singapore
to owned subsidiary of Aima Technology
refers POWELLDD TECHNOLOGY COMPANY LIMITED a
Aima Vietnam
to wholly owned subsidiary of Aima Technology
refers PT AIMA ELECTRIC VEHICLES INDONESIA a wholly
Aima Indonesia
to owned subsidiary of Aima Technology
refers AIMA EBIKE INC. a majority-owned subsidiary of Aima
Aima USA
to Technology
refers PT AIMA TECH INDONESIA a wholly owned subsidiary
Aima Indonesia Sales
to of Aima Technology
9 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
refers Chongqing Aima Intelligent Logistics Co. Ltd. a
Aima Logistics
to majority-owned subsidiary of Aima Technology
refers Gansu Aima Vehicle Technology Co. Ltd. a wholly
Gansu Vehicle
to owned subsidiary of Aima Technology
refers Jiangsu Aima New Energy Technology Co. Ltd. a wholly
Jiangsu New Energy
to owned subsidiary of Aima Technology
Shanghai Shunfeng Aima Culture Media Co. Ltd. an
refers
Shanghai Culture associate company of Aima Technology formerly known
to
as “Shanghai Aima Cultural Communication Co. Ltd.”
refers Aima Technology (Guangdong) Co. Ltd. a
Guangdong Sales
to majority-owned subsidiary of Aima Technology
refers Aima Technology (Hangzhou) Co. Ltd. an associate
Hangzhou Sales
to company of Aima Technology
refers Aima Technology (Chengdu) Co. Ltd. a majority-owned
Chengdu Sales
to subsidiary of Aima Technology
refers Aima Technology (Wuhan) Co. Ltd. a majority-owned
Wuhan Sales
to subsidiary of Aima Technology
refers Aima Technology (Wuxi) Co. Ltd. a majority-owned
Wuxi Sales
to subsidiary of Aima Technology
refers Chongqing Qingfeng Changqi Mobility Technology Co.Chongqing Qingfeng
to Ltd. a wholly owned subsidiary of Aima Technology
refers Aima Technology (Lishui) Co. Ltd. a wholly owned
Lishui Sales
to subsidiary of Aima Technology
refers Tianjin Qingfeng Changqi Mobility Technology Co. Ltd. a
Tianjin Qingfeng
to wholly owned subsidiary of Aima Technology
refers Lingdong Intelligent Technology (Tianjin) Co. Ltd. a
Lingdong Intelligent
to majority-owned subsidiary of Aima Technology
refers Tianjin Spozman Vehicle Co. Ltd. a wholly owned
Spozman Vehicle
to subsidiary of Aima Technology
Zhejiang refers Zhejiang Aima Electromechanical Technology Co. Ltd. a
Electromechanical to wholly owned subsidiary of Aima Technology
Tianjin Liuan refers Tianjin Liuan Changxing Technology Co. Ltd. a wholly
Changxing to owned subsidiary of Aima Technology
refers Aima (Tianjin) Import and Export Trade Co. Ltd. a wholly
Aima Import and Export
to owned subsidiary of Aima Technology
refers Chongqing Tanglong Vehicle Technology Co. Ltd. an
Chongqing Tanglong
to associate company of Aima Technology
refers Chongqing Sanjing Innovation Technology Co. Ltd. an
Chongqing Sanjing
to associate company of Aima Technology
refers Tianjin Jemma Electric Technology Co. Ltd. an associate
Tianjin Jemma
to company of Aima Technology
refers Zhejiang Today Sunshine New Energy Vehicle Co. Ltd. a
Today Sunshine
to majority-owned subsidiary of Aima Technology
Chongqing Xintai refers Chongqing Xintai Aluminum Co. Ltd. an associate
10 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
to company of Aima Technology
refers Guangxi Ningfu New Energy Technology Co. Ltd. an
Guangxi Ningfu
to associate company of Aima Technology
refers Beijing Zhongzhong Mobility Technology Co. Ltd. an
Beijing Zhongzhong
to associate company of Aima Technology
refers Taizhou Jinfu Venture Capital Partnership (Limited
Taizhou Jinfu
to Partnership) an associate enterprise of Aima Technology
refers Tianjin Chuangling Intelligent Technology Co. Ltd. an
Tianjin Chuangling
to associate company of Aima Technology
refers Zhejiang Xinchuangling Intelligent Technology Co. Ltd.Zhejiang Xinchuangling
to an associate company of Aima Technology
refers Chongqing Chuangling Intelligent Technology Co. Ltd.Chongqing Chuangling
to an associate company of Aima Technology
refers Ningbo Babi Intelligent Technology Co. Ltd. an associate
Ningbo Babi
to company of Aima Technology
refers Zhejiang Aiska Technology Co. Ltd. a wholly owned
Aiska
to subsidiary of Aima Technology
Aima Electric Drive refers Aima Electric Drive Systems Co. Ltd. a wholly owned
Systems to subsidiary of Aima Technology
refers Zhejiang 234 Moulding Co. Ltd. an associate company
234 Moulding
to of Aima Technology
Gongqingcheng Yizhangwangchao Venture Capital
Gongqingcheng refers
Partnership (Limited Partnership) an associate
Yizhangwangchao to
enterprise of Aima Technology
Aima Smart Mobility Industrial Park Project the
Guigang Production refers
production base established by Aima Technology in
Base to
Guigang Guangxi
Aima New Energy Smart Mobility Ecosystem Industrial
refers
Lishui Production Base Park Project a production base under construction by
to
Aima Technology in Lishui Zhejiang
Aima Southwest Manufacturing Base Project a
Chongqing Production refers
production base under construction by Aima Technology
Base to
in Tongliang Chongqing
Aima Fengxian Industrial Park Project a production base
Xuzhou Production refers
under construction by Aima Technology in Xuzhou
Base to
Jiangsu Province
Aima Lanzhou New Area Industrial Park Project a
Lanzhou Production refers
production base under construction by Aima Technology
Base to
in Lanzhou Gansu Province
refers GB17761-2018 "Technical Specification for Safety of
2018 National Standard
to Electric Bicycles"
2024 National Standard
refers GB17761-2024 "Technical Specification for Safety of
/ New National
to Electric Bicycles"
Standard
11 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
refers
CSRC China Securities Regulatory Commission
to
refers
SSE Shanghai Stock Exchange
to
Convertible Bonds / refers publicly issued convertible corporate bonds issued in
CBs to 2023
refers
Company Law Company Law of the People’s Republic of China
to
refers
Securities Law Securities Law of the People’s Republic of China
to
Yuan Ten Thousand refers
RMB Yuan RMB Ten Thousand Yuan
Yuan to
refers Articles of Association of Aima Technology Group Co.Articles of Association
to Ltd.refers
Reporting period January 1 2025 to December 31 2025
to
Same period of last refers
January 1 2024 to December 31 2024
year to
Electric two-wheelers which include “electric bicycles” as
defined in the Technical Specification for Safety of Electricrefers Bicycles (GB17761) as well as two-wheeled “electricElectric two-wheelersto mopeds” and “electric motorcycles” as defined in the
Terms for Motorcycles and Mopeds - Part 1: Types of
Vehicles (GB/T 5359.1)
Two-wheeled “electric mopeds” and “electric motorcycles”
Electric two-wheel refers
as defined in Terms for Motorcycles and Mopeds - Part 1:
motorcycles to
Types of Vehicles (GB/T 5359.1)
Note: Discrepancies between the totals and the sum of individual items in this report may
occur due to rounding adjustments during the calculation process.
12 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Section 2 Company Profile and Key Financial Indicators
I. Company’s Information
Chinese name 爱玛科技集团股份有限公司
Chinese abbreviation 爱玛科技
English name Aima Technology Group Co. Ltd.English abbreviation AIMA
Legal representative Zhang Jian
II. Contact Person and Contact Information
Board Secretary Securities Affairs Representative
Name Li Xin Qiao Yaxin
22nd Floor Global Financial 22nd Floor Global Financial Center
Address Center No. 2 Dagu North Road No. 2 Dagu North Road Heping
Heping District Tianjin District Tianjin
Tel 022-5959 6888 022-5959 6888
Fax 022-5959 9570 022-5959 9570
Email amkj@aimatech.com amkj@aimatech.com
III. Summary of the General Information
Registered address No. 5 Aima Road South Area Jinghai Economic DevelopmentArea Tianjin
Historical changes to
the registered address Not applicable
Company office No. 5 Aima Road South Area Jinghai Economic Development
address Area Tianjin
Postal code of company
office address 301600
Company website www.aimatech.com
Email amkj@aimatech.com
IV. Place for Information Disclosure and Deposit
Newspapers and websites for annual Securities Times Securities Daily China
report disclosure Securities Journal Shanghai Securities News
Website of the stock exchange for
disclosure of annual reports http://www.sse.com.cn
Location for the availability of the annual
report Company Board of Directors Office
V. Company Stock Profile
Stock profile
13 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Stock type Stock exchange Stock Stock Previous stockfor listing abbreviation code abbreviation
A share Shanghai Stock AimaExchange Technology 603529 Not applicable
VI. Other Relevant Information
Name Ernst & Young Hua Ming LLP
Accounting
firm engaged Level 17 Ernst & Young Tower Oriental
by the Office address Plaza No.1 East Changan Ave. Dongcheng
Company District Beijing
(domestic) Name of signing
accountant Guo Jing Zhao Ruiqing
VII. Main Accounting Data and Financial Indicators for the Past Three Years
(I) Main accounting data
Unit: Yuan (RMB)
Change from
Main accounting data 2025 2024 2023
last year (%)
Revenue 25094567853.89 21606294218.19 16.14 21036120862.29
Total profit 2365175354.96 2332545670.25 1.40 2213357953.92
Net profit attributable to
shareholders of the listed 2034500102.37 1987928242.51 2.34 1881115782.35
company
Net profit after deducting
non-recurring gains or
losses attributable to 1950026860.15 1791589294.73 8.84 1764467999.39
shareholders of the listed
company
Net cash flows from
3784884313.193166010877.5219.551864276233.90
operating activities
Change from
2025 end 2024 end end of last 2023 end
year (%)
Net assets attributable to
shareholders of the listed 9991046095.80 9029849453.73 10.64 7712038217.61
company
Total assets 25575026119.54 23318766613.99 9.68 19892813618.33
(II) Main financial indicators
Change from last
Main financial indicators 2025 2024 2023
year (%)
Basic earnings per share (Yuan/share) 2.36 2.37 -0.42 2.20
Diluted earnings per share (Yuan/share) 2.26 2.26 0.00 2.12
Basic earnings per share deducting 2.26 2.13 6.10 2.06
14 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
non-recurring gains or losses (Yuan/share)
Decreased by 2.57
Weighted average return on net assets (%) 21.18 23.75 25.40
percentage points
Weighted average return on net assets after Decreased by 1.67
20.3922.0624.01
deducting non-recurring gains or losses (%) percentage points
Explanation of main accounting data and financial indicators for the last three years as of
the end of the reporting period
□ Applicable √Not applicable
VIII. Difference in Accounting Data under Domestic and International Accounting
Standards
(I) Differences in net profit and net assets attributable to shareholders of listed
company in financial report disclosed in accordance with International Accounting
Standards and China Accounting Standards.□ Applicable √Not applicable
(II)Differences in net profit and net assets attributable to shareholders of the listed
company in financial statements disclosed in accordance with overseas
accounting standards and China Accounting Standards
□ Applicable √Not applicable
(III) Explanation on the difference between the domestic and overseas accounting
standards:
□ Applicable √Not applicable
IX. Main Financial Data for 2025 by Quarter
Unit: Yuan (RMB)
First quarter Second quarter Third quarter Fourth quarter
(Jan. - Mar.) (Apr. - Jun.) (Jul. - Sep.) (Oct. - Dec.)
Revenue 6232389566.35 6798386541.26 8062189104.79 4001602641.49
Net profit
attributable to
shareholders 604708925.32 607900554.50 694819690.47 127070932.08
of the listed
company
Net profit after
deducting
non-recurring
gains or losses
592647958.55590567842.87650581287.95116229770.78
attributable to
shareholders
of the listed
company
Net cash flows
from operating 1301575012.69 1284793647.30 2983111021.62 -1784595368.42
activities
15 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Explanation of differences between quarterly data and previously disclosed periodic report
data
□ Applicable √Not applicable
X. Non-recurring Gains or Losses Items and Amounts
√Applicable □ Not applicable
Unit: Yuan (RMB)
Non-recurring gains or losses 2025 amount 2024 amount 2023 amount
Profit or loss from disposal of non- current assets
including the write-off of provision for asset -31013097.59 17266223.36 -5102906.88
impairment
Government grants recognized in current profit or
loss except for those that are closely related to
the Company’s normal business operations
conform to the requirements of national policies 48893142.79 178268113.47 148273316.15
and regulations granted according to determined
standards and have a sustained impact on the
Company’s profit or loss.Profit or loss arising from changes in fair value of
financial assets and financial liabilities held by
non-financial entities and profit or loss arising
from their disposal of financial assets and financial 21995709.85 28042861.97 -17226650.77
liabilities except for effective hedging activities
related to the Company’s normal business
operations
Write back of the impairment provision for
receivables that have been individually tested for 3439.63
impairment
Gains arising when the investment cost in
acquiring subsidiaries associates and joint
99502.54
ventures was less than the fair value of the
identifiable net assets at the time of investment.One-off expenses incurred by the enterprise due
to the discontinuation of related business -16225052.42
activities such as employee placement expenses.Other non-operating income and expenses apart
4732141.8919511706.5318838780.52
from the above items
Other gain or loss in compliance with the definition
78759396.5019627526.755994200.26
of non-recurring gain or loss
Less: Effect of income tax 21901346.95 65414115.31 34159727.30
Effect of minority interests (after tax) 767651.85 963368.99 72171.19
Total 84473242.22 196338947.78 116647782.96
For any items not listed in the Explanatory Announcement No. 1 on Information Disclosure
by Companies Offering Securities to the Public - Non-recurring Gains or Losses that the
16 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Company recognizes as non-recurring gains or losses and that are material in amount or
any items listed therein that the Company classifies as recurring gains or losses the
Company shall state the reasons.□ Applicable √Not applicable
XI. Companies with Equity Incentives and Employee Shareholding Plans May
Choose to Disclose Net Profit After Deducting the Impact of Share-Based Payments
□ Applicable √Not applicable
XII. Items Measured at Fair Value
√Applicable □ Not applicable
Unit: Yuan (RMB)
Impact on
Beginning Ending Changes in the
Name of item current period
balance balance current period
profit
Financial assets measured at
fair value with changes
recognized in other 18402991.89 29894045.89 11491054.00 Not applicable
comprehensive income -
receivables financing
Financial assets held for 3670189158 3729622709
59433551.62101575106.35
trading .04 .66
36885921493759516755
Total 70924605.62 101575106.35.93.55
XIII. Others
□ Applicable √Not applicable
17 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Section 3 Discussion and Analysis of the Management
I. Business Overview of the Company During the Reporting Period
(I) Principal business of the Company
Aima Technology was established in 1999 and has been dedicated to the R&D and
manufacturing of short-and medium-distance transportation solutions since entering the
electric two-wheeler industry in 2004. As one of the earliest electric two-wheeler
manufacturers in China the Company has remained focused on this field throughout its
development. During the reporting period the Company’s principal business covered the
R&D production and sales of electric two-wheelers (including electric bicycles electric
mopeds and electric motorcycles) as well as electric tricycles. Backed by over two
decades of technological expertise and deep market cultivation the Company has
continuously expanded its product portfolio to serve diverse mobility needs such as urban
commuting rural transportation and leisure riding providing comprehensive short-and
medium-distance mobility solutions to a broad user base. The Company has further
strengthened its core competitiveness and maintained its leading position within the
industry.(II) Major products of the Company
1. Electric two-wheelers
The Company’s electric two-wheeler products cover three major categories namely
electric bicycles electric mopeds and electric motorcycles meeting the travel needs of
different scenarios.Electric two-wheeled motorcycles
Category Electric bicycles Electric
Electric mopeds
motorcycles
Attribute Non-motor vehicles Motor vehicles Motor vehicles
Maximum
≤25 km/h <50 km/h ≥50 km/h
speed
Lead-acid battery
version: not exceeding
Vehicle mass 63 kg No restriction No restriction
Lithium battery version:
not exceeding 55 kg
Battery voltage ≤48 V No restriction No restriction
Communication
Mandatory installation None None
module
Plastic usage Not exceeding 5.5% of
None None
restriction the vehicle mass
Access announcement Access
Production
CCC certification for road motor vehicle announcement for
qualification
manufacturers + CCC road motor vehicle
18 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
certification manufacturers +
CCC certification
CCC certification / CCC certification /
CCC certification / local
Product product access product access
catalogue
qualification catalogue catalogue
announcement
announcement announcement
Riding Driver’s license Driver’s license
None
qualification required required
2. Electric tricycles
The Company’s electric tricycle portfolio includes leisure electric tricycles enclosed
electric tricycles and cargo electric tricycles. Leisure Electric Tricycles: Suitable for
everyday family use senior mobility short-distance community travel and rural leisure
trips. These models feature fashionable designs warm color palettes and a wide variety
of styles to suit different user preferences. They offer comfortable riding easy operation
and strong stability. Enclosed Electric Tricycles: Subdivided into fully enclosed and
semi-enclosed designs these models offer effective protection against weather elements
and a more comfortable ride. Some models are equipped with heating and cooling
air-conditioning systems as well as intelligent central control units to enhance riding
comfort and smart interactivity. Cargo Electric Tricycles: Designed for applications with
considerable cargo-carrying needs such as urban - rural logistics farmers’ markets and
material transportation these models are characterized by high load capacity long range
and strong durability.
3. Other product categories
In addition to its core products (electric two-wheelers and electric tricycles) the Company
also manufactures low-speed electric four-wheelers bicycles and electric-assisted
bicycles. The Company continues to develop new products and explore new business
opportunities centered around the green short-and medium-distance mobility ecosystem.(III) Operating model
1. R&D model
With user needs at the core the Company leverages its IPD system to promote
cross-functional collaboration across R&D manufacturing procurement marketing and
channel management thereby enabling efficient resource integration and precise
alignment with market demand throughout the full product lifecycle from project initiation
to market launch. At the same time the Company’s technology R&D departments focus
on the in-house R&D of core technologies such as motors electronic control systems and
intelligent control driving technological innovation and intelligent upgrades of its products.
2. Production model
The Company primarily relies on in-house production covering the manufacturing of
complete vehicles and certain core components. Leveraging intelligent manufacturing and
19 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
the development of digital-intelligent factories the Company continues to enhance
product quality control process stability and production consistency. Meanwhile through
its multi-base production layout at home and abroad the Company strengthens supply
assurance capabilities regional scheduling flexibility and market responsiveness
providing solid support for product delivery. In terms of complete vehicle manufacturing
the Company has strong comprehensive manufacturing and process design capabilities.In China the Company operates eight major production bases in Tianjin Chongqing
Shangqiu in Henan Guigang in Guangxi Wuxi in Jiangsu Taizhou in Zhejiang Lishui in
Zhejiang and Linyi in Shandong while its production bases in Fengxian Jiangsu and
Lanzhou Gansu are progressing in an orderly manner. Internationally the Company’s
production bases in Indonesia and Vietnam have commenced operations. In addition to
complete vehicle manufacturing the Company has R&D and/or manufacturing capabilities
in key components such as frames painted parts motors electronic control systems
handlebars and front forks and possesses strong capabilities in the integration and
adaptation of motor electronic control and battery systems.
3. Supply chain model
The Company has established an ISC (Integrated Supply Chain) management system
and implements a tiered and classified full-lifecycle management mechanism for suppliers
covering supplier sourcing admission evaluation and classification collaborative
development elimination and exit. The Company maintains close collaboration with core
suppliers and encourages their deep involvement in key processes such as product
development validation quality control and delivery assurance thereby forming strong
supply collaboration capabilities. Meanwhile through measures such as centralized
procurement and promoting the deployment of supporting resources by key suppliers
around its production bases the Company continues to enhance supply assurance for
key components supply chain responsiveness and stable delivery capabilities.
4. Sales model
The Company adheres to the integration of manufacturer-dealer value and primarily
adopts a dealership model. Dealers are not only the Company’s direct customers but
also important windows through which the Company sells products to consumers
provides services and presents its brand image. They are important partners of the
Company. The Company generally adopts a payment-before-delivery model when selling
products to dealers. In recent years the Company has actively explored innovative
management models for dealers and channels. In certain regions the Company has
carried out equity cooperation mechanisms with core dealers to enhance incentive effects
and channel commitment. Meanwhile by expanding multi-tiered online platforms the
Company has strengthened its ability to reach and convert users promoted the deep
integration of online and offline channels and effectively driven sales growth.
5. Logistics model
The Company has developed its own digital-intelligent logistics information scheduling
platform integrated market-based logistics resources and undertaken transportation
20 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
services for the Company’s major production bases and certain components with a focus
on improving delivery efficiency logistics quality and service quality. The self-developed
intelligent logistics system is an important part of the Company’s overall intelligent
operation system. It can improve the efficiency of information collaboration among
logistics manufacturing procurement and sales promote efficient coordination across
key links of the core value chain and optimize transportation routes and warehousing
management thereby enabling end-to-end visualization and precise scheduling from
component transportation to product delivery. In addition Aima Logistics has gradually
expanded its service scope and has undertaken transportation services for certain
external orders thereby promoting the development of its market-oriented logistics
business.
6. Service model
With user lifecycle management at the core the Company has built an end-to-end service
system covering vehicle purchase use maintenance and replacement. Relying on the
“Aima Vehicle Service” and “Aima Member” mini-programs as well as the “AimaSmart Mobility” app the Company provides services such as online repair requests
repair progress inquiries and user feedback management and offers timely solutions to
users through its 24-hour after-sales service hotline. In addition the Company has
established a roadside assistance network and optimized its response mechanism to
ensure that users can access convenient and efficient assistance services.
7. New business exploration model
Based on the capabilities developed from its principal business the Company prudently
advances new business exploration. Centered on its strategic positioning in
short-distance electric mobility products and leveraging its existing capabilities in motor
electronic control and battery system integration complete vehicle development
intelligent control channel services and operational collaboration the Company explores
new business directions that align with its technology foundation and scenario extensions.In recent years the Company has continued to carry out businesses such as shared
electric bicycles. Based on the principle of prudence the Company has also begun to
monitor and develop opportunities related to low-altitude businesses through means such
as industrial investment.Description of the Company’s significant new non-principal business during the reporting
period
□ Applicable √Not applicable
II. Industry Overview of the Company During the Reporting Period
1. Industry classification
According to the Industrial Classification for National Economic Activities the industry in
which the Company operates is “C377-C3770 Moped Manufacture” (Group and Class) of
“C37 Railway Ship Aerospace and Other Transportation Equipment Manufacturing”
(Division).
21 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
2. Industry development
(1) Development stages of the industry
Develop
ment Period Changes in the development stage Industry characteristics
stage
From 1995 to Industry concentration was
Emerge The industry grew from scratch and
before the relatively low product
nce and developed rapidly forming a complete
implementation of homogenization was
rapid industrial chain system and a broad
the 2018 National severe and market shares
growth market foundation
Standard were fragmented
The regulatory system was gradually The industry entered
From the improved industry order became another stage of rapid
Transitio implementation of increasingly standardized the development with market
n and the 2018 National supporting system of the industrial chain capacity further expanding.orderly Standard to before became more regulated and the user A large number of small
develop the implementation base further expanded. The enterprises exited the
ment of the 2024 implementation of the 2018 National competitive market and
National Standard Standard also generated replacement industry concentration
demand increased
Demand continues to upgrade and
Industry concentration is
shows diversified characteristics.expected to further
Intelligent technologies are accelerating
increase and market shares
their penetration and in-depth
are expected to further shift
High-qu application in the industry while
toward enterprises with
ality compliance and safety requirements are
From the capabilities in R&D
develop being comprehensively upgraded.implementation of innovation quality control
ment Industry competition is gradually shifting
the 2024 National large-scale manufacturing
and from scale expansion to competition in
Standard onwards and compliant operations.transfor comprehensive capabilities including
Trends toward
mation products brands channels and
differentiation intelligence
services and is further extending toward
premiumization and
service offerings based on user needs.internationalization are
The importance of overseas markets
becoming more pronounced
continues to increase
(2) Policies implemented during the reporting period that had a significant impact
on the industry
Policy name Main policy content Impact on the industry
The 2024 The standard restricts the speed The standard raises the capability thresholds for
National of electric bicycles improves enterprises in compliant manufacturing quality
Standard requirements on battery safety control product consistency management and
was released and consistency adds electronic and electrical integration which is
in December requirements for the configuration conducive to the further concentration of industry
22 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
2024 and of communication modules limits resources and market shares toward enterprises
officially the proportion of plastic used with systematic manufacturing and quality
implemented strengthens technical assurance capabilities and promotes the
on requirements such as braking development of the industry toward greater
September 1 performance and promotes standardization safety and quality. At the same
2025 further standardization of time requirements such as communication
production sales and other modules anti-tampering and dynamic safety
processes through the monitoring will drive the deeper application of
implementation of the standard intelligent technologies in relevant products and
and supporting regulatory promote vehicle manufacturers to enhance
oversight thereby enhancing intelligent configurations and product differentiation
product safety capabilities
III. Discussion and Analysis on Operating Conditions
In 2025 against the backdrop of upgraded industry standards and an accelerating
concentration of the competitive landscape the Company remained guided by user needs.Centering on short- and medium-distance mobility scenarios the Company continued to
advance product structure optimization technological innovation and the enhancement of
intelligent capabilities while continuously strengthening key capabilities in channel
operations intelligent manufacturing and brand building. These efforts promoted quality
and efficiency improvements across the entire value chain and continuously enhanced the
Company’s overall competitiveness.(I) Continuously enhancing product development and technological innovation
capabilities and promoting the optimization and upgrading of product structure
1. Promoting rapid adaptation to the new national standard and product structure
upgrading while improving the multi-scenario product layout
With the official implementation of the new national standard the industry entered a
transition period between the old and new standards which imposed higher requirements
on complete vehicle mass structural lightweighting intelligent configurations speed
control anti-tampering product consistency and other aspects. In response to the new
requirements brought by the new national standard the Company promoted R&D
adjustments across dimensions such as technical standards product design testing and
validation. Leveraging its platform-based and modular development capabilities and
building on CBB shared modules the Company carried out standardized reconstruction of
core load-bearing components such as frames and chassis and optimized the structural
strength of complete vehicles the layout of key components and the level of lightweighting.In response to requirements such as speed limits and torque at low-speed operation the
Company optimized motor control strategies and transmission system matching taking
into account power performance in scenarios such as hill climbing and starting while
meeting compliance requirements. For compliance requirements such as communicationand dynamic safety monitoring anti-tampering and “one vehicle one battery one chargerone code” the Company advanced the development of capabilities in status monitoring
mutual recognition and binding of core components and traceability thereby enhancing
23 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
product safeguards in areas such as operation monitoring regulatory traceability and
prevention of unauthorized modification. Meanwhile the Company upgraded its dedicated
testing capabilities covering complete vehicles components electrical safety material
flame retardancy and consistency control improving the efficiency of product validation
and adaptation to the new standard requirements and providing quality assurance for the
scaled introduction and stable delivery of products compliant with the new national
standard.In responding to the transition to the new national standard and advancing product
structure upgrades the Company has continued to refine IPD 2.0 its Integrated Product
Development Management System strengthening coordination across key stages such
as market insight demand management product definition design and development
mass production delivery and lifecycle management. Guided by a rolling product pipeline
of “products for current sales products in reserve and products under pre-research” the
Company has further improved its product pipeline development promoting the
coordinated advancement of existing product upgrades the launch of reserve products
and forward-looking pre-research on frontier technologies thereby ensuring effective
alignment between product development and market demand. During the reporting period
the Company continued to optimize its product structure around a wide range of scenarios
including urban commuting family pick-up and drop-off campus mobility senior mobility
instant delivery and township transportation. It built a multi-tiered product matrixcomprising “core best-selling products + high-frequency scenario-based products +region-specific products” and launched products such as Yuanyuzhou Q5 A7 Kuqi
Letao Pro and Mach S1 for different consumer groups and application scenarios. Through
differentiated product strategies the Company continued to enhance product
competitiveness market fit and the market performance of individual products.In terms of international product development the Company continued to advance
product certification product iteration and new category expansion for key markets such
as Southeast Asia and North America taking into account local consumer preferences
regulatory standards and usage scenarios. During the reporting period in Southeast
Asian markets such as Indonesia and Vietnam the Company leveraged its localized
production and sales systems to continuously improve product delivery capabilities. In
markets such as North America and South Korea the Company promoted the upgrade
and iteration of existing products and accelerated the expansion of new categories around
mainstream usage scenarios and the needs of specific user groups. These efforts have
gradually improved the Company’s international product matrix enhanced the adaptability
and completeness of its product offering and provided support for overseas market
expansion.
2.Strengthening the technological foundation of product competitiveness
The Company has been advancing the R&D of core power system components including
motors controllers batteries and chargers while strengthening its capabilities in complete
vehicle system integration. Focusing on key technical areas such as power output energy
efficiency management charging management and complete vehicle control the
24 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Company has continued to iterate its technologies and deepen the coordinated
optimization between core component R&D and complete vehicle development thereby
further strengthening the technological foundation of product competitiveness.For motors the Company has developed capabilities in product development iteration
and large-scale supporting supply across multiple product categories and use scenarios.During the reporting period based on different product positioning and application needs
the Company advanced the development and upgrading of products such as lightweight
and high-efficiency motors for electric bicycles compliant with the new national standard
high-performance motors for high-speed electric motorcycles and high-power motors for
leisure and cargo electric tricycles. Through structural optimization and technological
innovation these efforts further improved complete vehicle power and energy efficiency
performance enhanced lightweighting and strengthened multi-scenario adaptability. For
controllers the Company optimized and upgraded its self-developed Aima Weilan
Intelligent Controller 3.0 and developed high-power controllers suitable for electric
motorcycle scenarios. Around functions such as adaptive driving modes for multiple
scenarios anti-slip control auto hold hill hold and hill descent control the Company
further enhanced its intelligent control capabilities improving power response driving
stability safety and convenience under complex road conditions. For batteries the
Company continued to optimize lead-acid and lithium battery application technologies as
well as complete vehicle matching solutions. By improving technical solutions in areas
such as capacity configuration cycle life low-temperature performance and safety the
Company enhanced the range performance of complete vehicles. For charging
management the Company improved technical solutions in areas such as temperature
control timed charging mutual recognition of charging devices and the matching among
chargers batteries and the complete vehicle electrical system thereby enhancing
charging efficiency safety and system compatibility. At the same time supported by a
technology platform centered on the four core electric systems—motors controllers
batteries and chargers—the Company continued to strengthen the coordinated matching
among core modules and improve the systematic performance of complete vehicles in
areas such as power energy efficiency control and safety.In terms of intelligent technologies against the backdrop of the new national standard
setting higher requirements for areas such as communication dynamic safety monitoring
and traceability management intelligent capabilities have become an important element
supporting product compliance and safety as well as differentiated competition. Focusing
on areas such as connectivity interaction safety assistance and personalized functions
the Company has continued to promote the integration and application of intelligent
complete vehicle technologies. Leveraging software and hardware tools such as smart
central control displays its self-developed Internet of Vehicles platform and the Aima
Mobility App the Company has enabled intelligent functions such as remote vehicle
status checks synchronization of riding data screen-projection navigation and local voice
control thereby enhancing vehicle-cloud connectivity and information interaction
capabilities and improving the smart user experience. In addition through intelligent
connectivity perception sensor applications and safety algorithm optimization the
25 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Company has improved intelligent safety functions such as tire pressure monitoring and
emergency braking hazard lights. These functions enable the detection of abnormal
vehicle conditions vehicle-end display and synchronized software alerts thereby
strengthening the product’s overall performance in riding safety and intelligent assistance.Through interactive carriers such as the Aima Mobility App and smart central control
displays the Company also provides personalized functions including customized themes
fun sound effects and RGB ambient lighting further enriching users’ personalized riding
experience.
3.Enhancing end-to-end quality assurance capabilities
The Company has established a matrix quality management structure under which the
Quality Management Committee provides overall coordination the Quality Center
performs supervision and provides professional support and each business unit assumes
implementation responsibilities. This structure strengthens the Company’s capabilities in
proactive quality risk prevention process control and closed-loop management and
continuously improves its end-to-end quality management system. Centering on the
requirements of the new national standard the Company has optimized and upgraded
R&D review incoming inspection process audit and factory verification in areas such as
material safety electrical safety anti-tampering and product consistency. It has also
advanced traceability management initiatives such as “one vehicle one code” thereby
enhancing end-to-end quality traceability and closed-loop issue resolution capabilities.During the reporting period the Company completed the construction of testing centers at
its Taizhou and Chongqing bases further improving the layout of its testing and inspection
network. Meanwhile the testing center at the Tianjin base obtained CNAS laboratory
accreditation further strengthening the Company’s testing validation and quality
assurance capabilities. In addition relying on its QMS (Quality Management System) and
intelligent quality platform the Company has promoted the unified collection of quality
data abnormality alerts and closed-loop issue handling thereby improving the response
efficiency of quality management and its end-to-end traceability capabilities. In addition to
address the needs of segmented scenarios the Company piloted commercial-use
category stores integrating vehicle sales leasing services repair and maintenance and
energy replenishment services thereby further enriching the layout of retail terminal
formats.(II) Deepening sales-service integration and building an efficient operating system
Focusing on improving the quality of channel operations advancing the transformation of
stores into retail-oriented terminals and strengthening online-offline integrated
collaboration the Company has continued to enhance its channel operating capabilities
and terminal fulfillment capabilities. During the reporting period the Company further
deepened tiered and classified channel management and optimized its store structure.Oriented toward the achievement of operating targets and focusing on key operating
indicators such as sell-through cadence inventory structure and operating quality the
Company leveraged digital-intelligent tools such as Channel Cloud and Retail Link to
strengthen process control operating analysis and dynamic review. At the same time
26 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
taking into account the characteristics of different regional markets and the operating
foundation of individual stores the Company implemented targeted support measures in
areas such as product deployment training and enablement supply coordination and
marketing resource allocation so as to improve the quality of channel operations and the
operating capabilities of retail terminals. In terms of online-offline integrated collaboration
the Company continued to refine its full-chain operating mechanism covering“content-driven consumer engagement - live-streaming conversion - store visitappointments - transaction and delivery - after-sales service”. It focused on platforms such
as Douyin Xiaohongshu Tmall and JD.com and used tools including AIGC to improve
the efficiency of content supply and the effectiveness of user reach. At the same time the
Company identified screened and managed online traffic by segment and distributed
test-ride requests online appointments and order information to nearby stores where
stores undertook test-ride experiences transaction and delivery and after-sales services.This gradually formed an operating closed loop of “omni-channel reach - targeted trafficrouting - store-level fulfillment” improving omni-channel customer acquisition efficiency
and the collaborative fulfillment capabilities of stores thereby continuously promoting the
transformation of stores from traditional sales terminals into core retail units integrating
sales services customer experience and market feedback.In terms of user services the Company continued to optimize after-sales service
processes the detailed rules for the “Three Guarantees” policy and nationwide warranty
management. Relying on online platforms such as the “Aima Vehicle Service” and “AimaMember” mini-programs and the “Aima Smart Mobility” App and in coordination with
offline stores and its 24-hour service hotline the Company provided users with services
such as repair requests repair appointments progress inquiries roadside assistance and
intelligent diagnostics continuously improving service efficiency and user experience.In terms of international channels the Company adhered to a market-specific channel
expansion strategy and continued to strengthen localized operating capabilities. During
the reporting period in key markets such as Indonesia and Vietnam the Company
advanced store development and dealer network deployment continued to improve
business processes covering sales services marketing and other areas and promoted
the standardization of store image display standards and terminal service processes with
a view to gradually building a localized operating system covering major business links.Meanwhile based on the characteristics of different markets and by leveraging the
collaborative mechanism among localized dealer systems offline store networks and
online traffic acquisition the Company improved terminal fulfillment capabilities and user
reach efficiency. In regions such as Europe and the Americas the Company continued to
develop its distribution and agency system promoted the coordinated development of
product adaptation and sales networks and steadily advanced its international channel
layout.(III) Strengthening brand expression and continuously enhancing brand influence
Guided by the brand proposition of “Aima in Style Ride with Ease” the Company has
continued to deepen its brand expression around fashion technology and youthfulness
27 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
and has promoted the coordinated implementation of brand building with product
development terminal presentation content operations and user reach.During the reporting period the Company focused on key products key communities and
key scenarios. For key products such as Yuanyuzhou Q5 A7 Pro and Lexiang CA500
the Company carried out themed launches interactive experiences and scenario-based
communication. By upgrading terminal image developing themed stores and operating
platforms such as Xiaohongshu and Douyin the Company enhanced product recognition
consumers’ aesthetic perception of the brand and emotional connection with users. For
key electric motorcycle products such as A7 Ultra the Company strengthened the
communication of technical features such as intelligent control systems torque
recognition and adaptability under extreme operating conditions through performance test
rides professional reviews and scenario-based content communication thereby further
enhancing consumers’ perception of product performance and technological value. The
Company also held brand activities such as the “Star-Chasing Music Festival” and the
“Shining Zone Campus Singing Contest” covering scenarios with high participation from
young users including campus life and music culture. In collaboration with the pop toy
brand TOP TOY the Company launched the “Yuanyuzhou Play” offline interactive project
to strengthen the social attributes of the brand. Product placements in popular film and
television works such as The Lychee Road and The Karate Kid further expanded brand
visibility and influence. On Xiaohongshu the Company cooperated with trendy IPs such
as “Butter Bear” to launch creative content aligned with the expression styles of young
users. In addition the Company continued to develop its AIGC content platform and
multi-account matrix improving the efficiency of content generation distribution and
terminal-level online reach.In terms of international communication the Company continued to improve its overseas
brand infrastructure including overseas brand manuals international official websites
overseas store image and promotional materials. In key markets such as Indonesia
Vietnam and the United States the Company advanced localized content operations and
brand communication carried out terminal marketing activities around local peak
consumption seasons and enhanced brand exposure and reach in key regions by
participating in exhibitions such as CES in the United States.In addition the Company received coverage from authoritative media outlets such as
CCTV and Xinhua News Agency and won a number of certifications and brand honors
including “Global Leading Electric Two-wheeler Brand” certified by Frost & Sullivan a
globally renowned growth consulting firm; first place in the electric bicycle category of the
China Brand Power Index (C-BPI) released by Chnbrand; and the 2025 Forbes China Top
30 Globalization Flagship Brands. These recognitions further enhanced the Company’s
brand influence and social credibility.(IV) Strengthening supply chain collaboration advancing production capacity
layout and improving end-to-end operating efficiency
With “improving quality enhancing efficiency and increasing revenue” at the core the
Company has established an ISC (Integrated Supply Chain) management system.
28 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Focusing on three key links - supply assurance intelligent manufacturing and logistics
delivery - the Company has continued to strengthen the end-to-end collaboration
capabilities of its supply chain system and optimize its global production capacity layout
so as to improve overall operating efficiency across the entire value chain.In terms of supply assurance the Company has optimized its full-lifecycle supplier
management system. Focusing on supply quality and delivery capabilities the Company
has improved its tiered and dynamic supplier management mechanism while
continuously promoting the deployment of supporting resources by key suppliers around
its production bases thereby strengthening supply assurance for key components and
regional response efficiency. Leveraging IPD 2.0 the supply chain system participates
earlier in the product design and development stage identifies key material and capacity
requirements in advance and conducts feasibility assessments. It also works with core
suppliers to jointly advance the design validation and trial production of key components
and collaborates on special initiatives such as new material substitution structural
optimization and process improvement so as to continuously improve the adaptability of
key components and the conversion efficiency from design to mass production.Meanwhile the Company has advanced the development of supplier digital platforms.Through Aima SRM (Supplier Relationship Management System) the Company has
connected with the systems of core suppliers of key components enabling the automatic
collection of key data such as monthly procurement plans suppliers’ finished goods
inventory semi-finished goods inventory and line-off qualification rates and has built a
supply chain information sharing platform thereby further improving the visibility of key
material assurance and the efficiency of supply collaboration.In terms of intelligent manufacturing the Company has developed process capabilities
covering among others final assembly weld assembly injection molding and paint
finishing and is also capable of manufacturing key components such as motors and
frames. During the reporting period focusing on the upgrading of automated production
lines and the coordination of digital systems the Company strengthened manufacturing
capabilities in key processes and process control capabilities. It added automated
processing lines for key frame tubes flexible AGV final assembly lines for high-speed
electric motorcycles and automatic visual inspection workstations for welding; upgraded
intelligent equipment such as automatic tube bending lines fully automated laser cutting
machines for material preparation and automatic electrostatic dust removal equipment;
and strengthened key production processes such as welding painting inspection and
assembly. These measures improved production efficiency and product consistency
helping to reduce per-unit manufacturing costs. At the same time the Company has
continued to promote the coordinated application of MES (Manufacturing Execution
System) QMS (Quality Management System) and SCADA (Supervisory Control and Data
Acquisition System) across all links of production and manufacturing enabling real-time
monitoring of the production process abnormality alerts takt time control and quality
traceability for key processes so as to improve the efficiency of new product introduction
and mass production conversion enhance manufacturing stability and drive the
manufacturing process toward greater digitalization lean management and efficiency.
29 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
In terms of logistics delivery with a focus on improving operating quality and
strengthening supply chain collaboration the Company has continued to improve its
intelligent logistics system covering complete vehicle delivery components and external
market customers. During the reporting period the Company undertook complete vehicle
transportation services for major production bases optimized trunk transportation
networks and transport capacity allocation improved on-site operations management
and enhanced the efficiency of transport capacity scheduling and shipment coordination.It expanded complete vehicle order transportation services from production bases to the
warehousing end of e-commerce platforms and piloted transportation and distribution
services for commercial-use and group purchase customers thereby continuously
strengthening multi-scenario order fulfillment capabilities. To support supply collaboration
and delivery assurance the Company undertook cross-regional trunk transportation and
inbound logistics services for major component suppliers. It strengthened process
monitoring over key links such as unloading and warehousing clarified responsibility
boundaries across links such as loading carriage and transportation and improved the
stable supply assurance capability for key materials and manufacturing collaboration
efficiency. In addition the Company continued to expand transportation services for
external market orders adding transportation services for customers in sectors such as
fast-moving consumer goods and automotive components further realizing the external
value of its logistics capabilities.In terms of global production capacity layout through the construction of manufacturing
bases and the optimization of capacity structure the Company has strengthened supply
assurance capabilities regional scheduling flexibility and market responsiveness.Domestically the Company has established production bases in Tianjin Chongqing
Shangqiu in Henan Guigang in Guangxi Wuxi in Jiangsu Taizhou in Zhejiang Lishui in
Zhejiang and Linyi in Shandong. Meanwhile the production bases in Xuzhou Jiangsu and
Lanzhou Gansu are under orderly construction. Internationally the Company’s
production plants in Indonesia and Vietnam have both commenced operations.IV. Analysis on Core Competitive Advantages During the Reporting Period
√Applicable □ Not applicable
Over the course of its long-term operating practices the Company has gradually built andimproved a strategic execution system of “one foundation one platform four beams andeight pillars” laying a solid foundation for its high-quality development. Among them the
“one foundation” refers to the compliance and risk management system which serves as
the underlying safeguard for the Company’s steady operations; the “one platform” refers
to trend research and insight into stakeholder needs ensuring that the Company’s
decision-making remains aligned with market development trends; the “four beams”
comprise strategic clarity organizational efficiency culture-driven talent development and
performance excellence which serve as the basic principles of the Company’s operations;
and the “eight pillars” cover eight key operating areas namely human resources financial
management information and intelligentization R&D and development production and
manufacturing supplier management dealer cooperation and user services forming the
core pillars of the Company’s business system.
30 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
This system is a management and operating system developed through the Company’s
years of deep engagement in the industry reflecting its systematic advantages in strategic
execution organizational collaboration and resource allocation. Relying on the efficient
operation and continuous optimization of this system the Company has accumulated the
following core competencies:
(I) Product innovation and technology R&D capabilities based on precise insight
into user needs and continuous investment
1. User needs insight and product innovation
The Company has always placed user needs at the core of its strategy and has built an
integrated product development system featuring in-depth collaboration across the entire
value chain covering market research precise product planning product R&D intelligent
manufacturing and lifecycle management. Through front-loaded design reviews and
cost-profit assessments combined with big data analysis the Company precisely
matches market demand and ensures product competitiveness. At the same time by
introducing platform-based vehicle development and the CBB shared module
development system the Company has improved R&D efficiency reduced costs
optimized the pace of product iteration and responded quickly to market changes. The
Company has consistently led industry trends in fashion design deeply exploring global
fashion trends and integrating artistic aesthetics with ergonomics. Through innovations in
body styling color matching material texture and coating processes the Company
creates products that combine fashion appeal with practicality.
2. In-house R&D of core technologies
The Company has strong technology R&D capabilities and focuses on core technology
areas such as motors electronic control battery applications and intelligent technologies.Through years of technological accumulation the Company has developed in-house R&D
and/or manufacturing capabilities for core components such as motors and electronic
control systems while maintaining an industry-leading position in application technologies
such as battery system integration and energy efficiency control. The Company’s
self-developed Engine power system has continued to be upgraded optimizing power
system integration and significantly improving complete vehicle power performance
range capability and energy efficiency management thereby empowering multiple
flagship products. In the field of intelligent technologies the Company has built an
all-scenario ecosystem of “people-vehicles-devices-helmets-cloud-app” actively
advancing technological innovation in areas such as intelligent interaction intelligent
control and intelligent driving assistance and further deepening its intelligent ecosystem
layout. Leveraging technologies such as intelligent central control systems intelligent
voice interaction and the HarmonyOS smart mobility ecosystem the Company creates a
convenient safe and personalized smart riding experience. As of the end of the reporting
period the Company owned more than 2000 patents.
31 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
3. Promoting industry technology standardization
The Company actively fulfills its industry responsibilities and promotes industry
technology standardization. During the reporting period the Company led or participated
in the formulation of more than 20 published national industry and group standards
including Performance Requirements and Test Methods for Braking of Motorcycles and
Mopeds Symbols for Controls Indicators and Tell-tales of Motorcycles and Mopeds
Lithium-ion Battery Management Systems for Electric Motorcycles and Electric Mopeds
and Reliability Test Methods for Electric Motorcycles and Electric Mopeds.(II) Comprehensive operating capabilities underpinned by intelligent manufacturing
and efficient supply chain collaboration
1. Intelligent manufacturing
The Company has industry-leading production and manufacturing capabilities and
continues to advance the upgrading of intelligent manufacturing. The Company has
in-house manufacturing capabilities for core components such as motors frames and
plastic parts and has developed automated and intelligent manufacturing capabilities
covering key production links including among others frame material preparation tube
processing welding inspection plastic part molding coating and spray painting flexible
final assembly of complete vehicles and intelligent conveying and storage. These
capabilities have significantly improved production efficiency and ensured the stability and
consistency of product quality. The Company has established dust-free coating
workshops that apply advanced electrophoretic coating technology and high-quality raw
materials and are equipped with robotic automatic spraying lines thereby enhancing
products’ aging resistance and corrosion resistance through multi-layer painting
processes while improving their appearance and durability. The Company has also built
highly automated injection molding workshops and introduced automatic feeding and
robotic handling systems thereby improving the automation level and precision of parts
production. The Company currently has three major motor production bases in Tianjin
Chongqing and Zhejiang with large-scale motor manufacturing capabilities and has
cumulatively rolled out motors at the ten-million-unit scale through mass production.Meanwhile the Company continues to promote the coordinated application of digital
systems such as MES (Manufacturing Execution System) QMS (Quality Management
System) and SCADA (Supervisory Control and Data Acquisition) across production
processes enabling real-time monitoring of production processes production takt control
work instructions data collection quality traceability and intelligent scheduling. This
promotes the upgrading of manufacturing processes toward greater digitalization
flexibility and lean operations providing strong support for the Company’s agile response
to market demand and high-quality delivery.
2. Integrated supply chain and efficient operations
Relying on its well-established integrated supply chain management system the
Company maintains an industry-leading level of inventory turnover and demonstrates
significant advantages in overall operating efficiency. In terms of supplier management
32 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
the Company has established a sound mechanism for selecting high-quality suppliers
and has built close stable and long-term partnerships with suppliers through measures
such as in-depth cooperation targeted support and joint development. At the same time
the IPD (Integrated Product Development) process fully implemented by the Company is
deeply embedded across all links of the supply chain with the supply chain function
participating in reviews from the early stage of product R&D clarifying material
requirements and improving procurement efficiency and accuracy through centralized
procurement and material consolidation strategies thereby effectively reducing material
SKUs. In addition relying on its self-developed intelligent procurement system and taking
into account market dynamics historical price trends and its dynamic supplier evaluation
system the Company enhances the foresight and precision of procurement decisions and
strengthens cost control. In terms of supply chain layout the Company actively promotes
the localized deployment of suppliers forming a regional supply network featuring efficient
coordination and mutual complementarity which effectively shortens the supply radius
and improves supply efficiency. In logistics the Company has established an intelligent
connected logistics company that undertakes logistics and transportation services for
complete vehicles and components across its production bases and relying on a
self-developed logistics platform enables real-time information sharing and precise
delivery through end-to-end supply chain collaboration.
3. Full-process quality management and control system
The Company has always regarded product quality as the foundation of its business and
has established a full-process quality management system covering design R&D
procurement manufacturing product delivery and after-sales service thereby ensuring
quality consistency and product stability across all links. The Company has established
testing centers at production bases in Tianjin Taizhou Chongqing and other locations. Its
testing and inspection capabilities cover areas such as materials machinery electronic
and electrical systems power systems intelligent connectivity and complete vehicle
performance forming strong testing validation and quality assurance capabilities. With
solid product quality and comprehensive strength several of the Company’s
manufacturing subsidiaries have been included in the “white list” under the Electric Bicycle
Industry Standard Conditions issued by the Ministry of Industry and Information
Technology. This certification represents strong recognition of the Company’s product
quality production compliance and other capabilities and further consolidates the
Company’s leading position in the industry.(III) Wide-reaching sales channels and a high-standard service system
The Company has built a wide-reaching and highly efficient sales and service system and
has continued to enhance channel operating capabilities terminal competitiveness and
user experience through deep online-offline integration.In terms of sales channels the Company implements a marketing strategy oriented
toward meeting consumer demand and monitors channel sales performance and market
dynamics across the full chain through intelligent management tools ensuring the precise
matching of sales resources with demand and efficient operations. Offline the Company
33 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
adheres to the integration of manufacturer-dealer value and attracts high-quality dealers
to establish long-term strategic partnerships. Through years of accumulation it has built a
flat marketing channel system based on districts and counties forming a nationwide
offline sales network. At the same time the Company strengthens store management
through intelligent tools covering key links such as personnel training inventory
management and display optimization effectively improving store management efficiency
and promoting refined channel operations and precise market penetration. Online the
Company strengthens the development of mechanisms for online-offline data linkage and
collaboration accurately reaching users through channels such as e-commerce platforms
social media and content marketing and enabling efficient connection from online brand
exposure and user reach to purchase conversion and then to offline terminal delivery
thereby continuously improving omni-channel marketing efficiency and brand market
influence.In terms of services the Company has built a high-standard and intelligent service
network. Through its nationwide after-sales service outlets and intelligent service tools
such as the self-developed “Aima Vehicle Service” the Company enables online repair
requests repair progress tracking and closed-loop management of user feedback while
establishing a roadside assistance network and emergency response mechanism to
improve after-sales service efficiency and user experience.(IV) Industry-leading brand influence
By adhering to its brand strategy of “Fashion-led Technology-driven” the Company has
over years of dedicated operation built industry-leading brand influence and strong
market recognition. Centering on its core product matrix the Company develops
differentiated brand IP and through cooperation with Pantone an international color
authority leads industry trends in popular colors. The Company has built an integrated
online-offline marketing system relying on a diversified marketing matrix encompassing
celebrity endorsements sports event marketing variety show cooperation trendy music
festivals campus promotion IP crossovers and other initiatives to accurately reach target
users and deepen brand influence. Through methods such as short videos live-streaming
e-commerce influencer recommendations and community interaction the Company
strengthens brand content marketing; supported by intelligent data analysis the Company
continuously optimizes its marketing strategies and private-domain traffic operations to
enhance user interaction thereby improving user stickiness and brand loyalty. At the
same time by strengthening online-offline data connectivity the Company has built a
marketing closed loop covering brand exposure user purchase and terminal transaction
thereby improving market penetration and continuously driving brand value growth.In terms of international brand building the Company implements differentiated brand and
product strategies around the demand characteristics consumption trends and regulatory
standards of core products in different markets. Through multidimensional measures such
as participation in global exhibitions overseas social media communication and localized
market operations the Company continues to enhance brand awareness and influence in
international markets.
34 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
In addition the Company has received a number of authoritative recognitions in brand
building. It has ranked first in the electric bicycle category of the China Brand Power Index
(C-BPI) released by Chnbrand for 14 consecutive years and has won widely recognizedindustry brand awards such as the “Top 30 Globalization Flagship Brands for OverseasExpansion” released by Forbes China and the “Global Leading Electric Two-wheelerBrand” certified by Frost & Sullivan a globally renowned growth consulting firm
demonstrating the brand’s sustained leadership.(V) A digital-intelligent management system that comprehensively empowers
operations and improves efficiency
The Company has continued to deepen its digital-intelligent transformation and has built a
digital-intelligent management system that is highly aligned with its organizational
structure and business processes providing comprehensive empowerment across all
business areas. On the R&D side relying on the online management of the full process of
product planning and R&D design data sharing and multi-system linkage capabilities the
Company provides in-depth support for the efficient operation of the IPD process thereby
improving collaboration efficiency and response speed in product development. On the
production side it promotes the upgrading of intelligent manufacturing and through
capabilities such as intelligent production scheduling automated dispatching and
intelligent warehousing realizes flexible production and precise production rhythm control
improving production efficiency and resource utilization. On the supply side supported by
its digital-intelligent supply chain management system the Company continues to
enhance supply chain resilience and collaboration efficiency supporting precise
procurement inventory optimization and supply-demand matching while strengthening
cost control capabilities. On the marketing side the Company continues to improve its
intelligent marketing system using intelligent tools such as content placement demand
trend analysis private-domain traffic operations and AI Agents to improve the efficiency of
user demand identification content generation and distribution and marketing conversion.On the channel side the Company continues to improve its digital-intelligent channel
management system and relying on tools such as Channel Cloud Aiyunxiao and Retail
Link strengthens dynamic monitoring business analysis and resource allocation support
for dealers and terminal stores thereby improving channel operating efficiency terminal
fulfillment capabilities and market responsiveness. On the service side the Company has
built an intelligent after-sales service system and supported by intelligent customer
service and the “Aima Vehicle Service” platform optimizes the closed-loop management
of user feedback improving service response efficiency and brand stickiness. Through
digital-intelligent empowerment of operations and management the Company promotes
the integration of business and finance drives decision-making with operating data
achieves cost reduction efficiency improvement and refined operations enhances
operational visibility and intelligence optimizes end-to-end operating efficiency and
further strengthens its overall competitiveness.
35 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(VI) A human resources system that drives value creation through talentThe Company continues to practice its core talent management philosophy of “respectpeople empower people and bring happiness to people”. It adheres to the cultural valuesof “put customers at the center put strivers first; uphold long-term hard work upholdcontinuous self-criticism” and has built a full-dimensional human resources management
system oriented toward talent development and the continuous appreciation of human
capital with a commitment to creating a striver platform where efforts and rewards are
aligned toward common goals.The Company adheres to a talent development system that prioritizes internal cultivation
and empowers growth. It gives priority to selecting cadres from successful practices
establishes a reserve cadre pipeline and job rotation mechanism and continuously
develops a professional and high-quality management team by helping talents
accumulate cross-functional experience through multiple positions. The Company has
opened up dual career paths for management and professional/technical roles providing
clear growth pathways for talent. Through mentorship programs and succession plans it
advances the development of multi-level talent pipelines and relying on internal training
platforms and high-quality external resources has built a tiered and classified systematic
training system to continuously enhance employees’professional capabilities and overall
competencies. The Company also comprehensively optimizes its benefits system and
strengthens full-lifecycle talent management improving employees’ sense of happiness
and belonging.The Company has built a closed-loop compensation incentive and assessment system
centered on “value creation value evaluation and value distribution”. It has established a
strategy-aligned traction-oriented organizational performance assessment system to truly
identify strivers. It has also developed a multi-dimensional reward system comprising“short-term incentives + long-term equity incentives + diversified special incentives +honor-based incentives”. For three categories of key talent namely core management
talent core technical talent and core business talent the Company has built a scientific
standardized and competitive compensation management and long-term incentive
mechanism. Through multi-level regularized and institutionalized equity incentives the
Company deeply aligns the interests of shareholders the Company and employees
ensuring shared interests aligned goals and synchronized development. Since its listing
the Company has steadily implemented multiple phases of equity incentive plans
including the 2021 Restricted Share Incentive Plan the 2023 Share Option Incentive Plan
the 2024 Restricted Share Incentive Plan and the 2025 Restricted Share Incentive Plan.V. Major Operations During the Reporting Period
During the reporting period the Company achieved revenue of RMB25094567853.89
representing a year-on-year increase of 16.14%; net profit attributable to shareholders of
the listed company of RMB2034500102.37 representing a year-on-year increase of
2.34%; and net profit attributable to shareholders of the listed company after deducting
non-recurring gains or losses of RMB1950026860.15 representing a year-on-year
increase of 8.84%.
36 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(I) Analysis on principal business
1. Analysis table of changes in relevant items of the income statement and cash
flow statement
Unit: Yuan (RMB)
Amount for the current Amount for the same Percentage
Items
period period last year change (%)
Revenue 25094567853.89 21606294218.19 16.14
Cost of sales 20504539376.40 17755666618.03 15.48
Selling expenses 1016823755.91 777997159.89 30.70
Administrative expenses 685967286.09 554162611.18 23.78
Financial expenses -166865161.77 -274592734.22 Not applicable
R&D expenses 771090482.94 658739366.49 17.06
Net cash flows from operating activities 3784884313.19 3166010877.52 19.55
Net cash flows from investing activities -3174040320.47 -6783431279.21 Not applicable
Net cash flows from financing activities -940649422.59 -607115308.84 Not applicable
Explanation of changes in revenue: Mainly due to the Company’s focus on its principal
business and continued leverage of its brand advantages which drove steady growth in
sales volume of its major products. Meanwhile the Company continued to optimize its
product structure resulting in steady growth in operating results.Explanation of changes in cost of sales: Mainly due to the increase in revenue with cost
of sales increasing accordingly.Explanation of changes in selling expenses: Mainly due to the increase in the Company’s
online and offline marketing and promotion expenses.Explanation of changes in administrative expenses: Mainly due to: * the increase in
amortization expenses of land use rights and the Group’s information systems during the
reporting period; and * the increase in share-based payment expenses under equity
incentives and labor costs.Explanation of changes in financial expenses: Mainly due to the decline in returns on
wealth management products and deposit interest rates during the reporting period
resulting in a decrease in interest income.Explanation of changes in R&D expenses: Mainly due to the increase in remuneration of
the Company’s R&D personnel and the increase in depreciation and amortization.Explanation of changes in net cash flows from operating activities: Mainly due to the
expansion of the Company’s business scale which led to a corresponding increase in net
cash flows from operating activities.Explanation of changes in net cash flows from investing activities: Mainly due to the
year-on-year decrease in the Company’s net investment in relatively low-risk wealth
management products during the reporting period.
37 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Explanation of changes in net cash flows from financing activities: Mainly due to the
increase in the Company’s dividend payout ratio during the reporting period resulting in
an increase in the amount of cash dividends.Detailed explanation of significant changes in the Company’s business type profit
composition or profit sources during the current period
□ Applicable √Not applicable
2. Analysis of revenue and cost
√Applicable □ Not applicable
During the reporting period revenue from the Company’s principal products amounted to
RMB24748030219.00 representing a year-on-year increase of 15.93%; cost of principal
products amounted to RMB20211502636.85 representing a year-on-year increase of
15.13%. This was mainly because the Company focused on its principal business and
continued to leverage its brand advantages achieving growth in operating results.
(1) Analysis of principal business by industry product region and sales model
Unit: Yuan (RMB)
Principal business by industry
YoY YoY
YoY change in
Cost of Gross profit change in change in
By industry Revenue gross profit
sales margin (%) revenue cost of
margin (%)
(%) sales (%)
Railway Ship
Aerospace and
Increased by
Other 24748030 20211502
18.33 15.93 15.13 0.57 percentage
Transportation 219.00 636.85
points
Equipment
Manufacturing
Principal business by product
YoY YoY
YoY change in
Cost of Gross profit change in change in
By product Revenue gross profit
sales margin (%) revenue cost of
margin (%)
(%) sales (%)
Increased by
1530143412299530
Electric bicycles 19.62 17.37 14.46 2.04 percentage
012.18691.56
points
Electric Increased by
56838274658382
two-wheeled 18.04 9.02 7.94 0.82 percentage
686.52611.08
motorcycles points
Decreased by
23029621900812
Electric tricycles 17.46 17.98 25.54 4.98 percentage
158.75644.17
points
Sales of 1276850 1200052 6.01 50.78 64.01 Decreased by
38 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
accessories 473.94 375.81 7.58 percentage
points
Decreased by
1829558815272431
Others 16.52 -38.46 -38.31 0.19 percentage
7.614.23
points
Principal business by region
YoY YoY
YoY change in
Cost of Gross profit change in change in
By region Revenue gross profit
sales margin (%) revenue cost of
margin (%)
(%) sales (%)
Increased by
4998519139576494
Northeast China 20.82 11.72 9.66 1.48 percentage
7.491.32
points
Increased by
87480477065432
East China 19.23 17.09 15.27 1.27 percentage
561.68459.70
points
Increased by
25938702123322
North China 18.14 10.61 9.47 0.85 percentage
657.62479.29
points
Decreased by
40894573371019
Central China 17.57 13.37 14.52 0.83 percentage
968.33679.32
points
Decreased by
42208293532884
South China 16.3 19.53 19.61 0.05 percentage
627.00413.93
points
Increased by
23981631953528
Southwest China 18.54 21.31 19.62 1.15 percentage
423.17022.14
points
Increased by
17938381431054
Northwest China 20.22 12.31 10.52 1.29 percentage
464.19821.61
points
Decreased by
2161917717896051
Overseas 17.22 -7.89 -4.27 3.13 percentage
2.610.91
points
Decreased by
1877788215953530
Unallocated regions 15.04 37.79 41.31 2.11 percentage
6.918.63
points
Principal business by sales mode
YoY YoY
YoY change in
Cost of Gross profit change in change in
Sales model Revenue gross profit
sales margin (%) revenue cost of
margin (%)
(%) sales (%)
Dealership 24255465 19824391 18.27 17.51 16.75 Increased by
39 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
131.71 143.78 0.53 percentage
points
Increased by
4925650838711149
Direct sales 21.41 -30.2 -32.61 2.81 percentage
7.293.07
points
Explanation of principal business by industry product region and sales model
* Explanation of revenue and cost of principal business by industry: During the reporting
period the Company focused on its principal business and continued to leverage its brand
advantages achieving steady growth in operating results.* Explanation of principal business by product: During the reporting period the product
structure of electric bicycles was optimized with revenue growing steadily. Due to
adjustments in product demand structure brought about by the transition in industry
standards revenue from electric two-wheeled motorcycles achieved relatively rapid
growth after the implementation of the new national standard. Market demand for electric
tricycles continued to expand with revenue growing steadily.* Explanation of principal business by region: The Company actively expanded its
business channels and its major domestic sales regions remained stable.* Explanation of sales model of principal business: The Company primarily adopts a
dealership model and its operating results grew steadily.
(2) Analysis table of production and sales volume
√Applicable □ Not applicable
YoY YoY
YoY change
Major Production Sales Inventory change in change in
Unit in sales
Products volume volume volume production inventory
volume (%)
volume (%) volume (%)
Electric
Units 8144103 8334080 76603 7.27 10.59 -70.84
bicycles
Electric
two-wheeled Units 2679235 2615982 166026 11.29 10.41 63.24
motorcycles
Electric
Units 628032 607091 42424 13.17 10.40 92.87
tricycles
Others Units 83235 82664 9914 -66.21 -66.01 101.96
Total Units 11534605 11639817 294967 6.79 8.80 -24.62
Explanation of production and sales volumes
Sales volume: Demand in the domestic electric short-distance mobility market grew
steadily and the sales volume of the Company’s major products maintained growth.Production volume: The Company maintained stable production levels and flexibly
adjusted capacity allocation among product lines based on market orders.
40 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Inventory volume: Total inventory changed only slightly and the Company dynamically
adjusted inventory among different product categories based on market orders.
(3) Performance of major purchase contracts and major sales contracts
□ Applicable √Not applicable
(4) Cost analysis table
Unit: Yuan (RMB)
By industry
Change in
Proportion
Proportion amount for the
Amount for of total
Amount for of total cost current period
the same cost for the
By industry Cost components the current for the compared with
period last same
period current the same
year period last
period (%) period last year
year (%)
(%)
Railway ship 1909500256 16659885
Direct materials 94.48 94.90 14.62
aerospace 6.43 390.40
and other
Direct labor and
transportation 1116500070 89510192
manufacturing 5.52 5.10 24.73
equipment .42 7.09
expenses
manufacturing
By product
Change in
Proportion
Proportion amount for the
Amount for of total
Amount for of total cost current period
the same cost for the
By product Cost components the current for the compared with
period last same
period current the same
year period last
period (%) period last year
year (%)
(%)
115054274410100967
Direct materials 56.93 57.54 13.90
6.52742.86
Direct labor and
Electric 794103245.0 64494598
manufacturing 3.93 3.67 23.13
bicycles 4 0.70
overhead
122995306910745913
Sub-total 60.85 61.21 14.46
1.56723.56
44867451134196147
Direct materials 22.20 23.90 6.93.99347.36
Electric
Direct labor and
two-wheeled 171637497.0 11960140
manufacturing 0.85 0.68 43.51
motorcycles 9 7.04
overhead
Sub-total 4658382611 23.05 4315748 24.58 7.94
41 / 315Aima Technology Group Co. Ltd. 2025 Annual Report.08754.40
17732421991409138
Direct materials 8.77 8.03 25.84.40118.66
Direct labor and
Electric 127570444.7 10491459
manufacturing 0.63 0.60 21.59
tricycles 7 7.59
overhead
19008126441514052
Sub-total 9.40 8.62 25.54.17716.25
129535430.722193715
Direct materials 0.64 1.26 -41.63
10.49
Direct labor and
25639941
Others manufacturing 23188883.52 0.11 0.15 -9.56.76
overhead
152724314.224757709
Sub-total 0.76 1.41 -38.31
32.25
Sales of 1200052375 73169503
Direct materials 5.94 4.17 64.01
accessories .81 1.03
202115026317554987
Total 100.00 100.00 15.13
6.85317.49
Other explanations on cost analysis:
During the reporting period the cost structure of the Company’s major products remained
generally stable with no significant changes.
(5) Changes in the scope of consolidation due to equity changes in major
subsidiaries during the reporting period
□ Applicable √Not applicable
(6) Relevant information on significant changes or adjustments to the Company’s
business products or services during the reporting period
□ Applicable √Not applicable
(7) Major sales customers and major suppliers
Customers or suppliers under the control of the same controlling party are deemed to be
the same customer or supplier and presented on a consolidated basis except where they
are actually controlled by the same state-owned assets management authority.Explanation of the presentation of the following customer and supplier information on a
consolidated basis under the same-control standard:
The Company has treated customers or suppliers under the control of the same
controlling party as the same customer or supplier and presented them on a consolidated
basis.A. Major sales customers and major suppliers of the Company
√Applicable □ Not applicable
42 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Sales to the top five customers amounted to RMB1577.6508 million accounting for
6.29% of total annual sales; among the sales to the top five customers sales to related
parties amounted to RMB0 accounting for 0% of total annual sales.Purchases from the top five suppliers amounted to RMB7423.9188 million accounting for
39.17% of total annual purchases; among the purchases from the top five suppliers
purchases from related parties amounted to RMB0 accounting for 0% of total annual
purchases.B. Circumstances where sales to a single customer during the reporting period
exceeded 50% of the total new customers were included among the top five
customers or the Company was heavily dependent on a small number of
customers
□ Applicable √Not applicable
Circumstances where purchases from a single supplier during the reporting period
exceeded 50% of the total new suppliers were included among the top five
suppliers or the Company was heavily dependent on a small number of suppliers
□ Applicable √Not applicable
C. The Company’s stock was subject to delisting risk warning or other risk warning
during the reporting period
Top five sales customers
□ Applicable √Not applicable
Top five suppliers
□ Applicable √Not applicable
D. The Company had revenue from trading business during the reporting period
√Applicable □ Not applicable
Unit: Yuan (RMB)
Revenue for the Revenue for the Change in revenue for the currentItem current period previous period period compared with the sameperiod last year (%)
Trading
business 97989.78 111019.88 -11.74
Top five sales customers where trading business accounted for more than 10% of
revenue
□ Applicable √Not applicable
Top five suppliers where trading business revenue accounted for more than 10% of
revenue
□ Applicable √Not applicable
Other explanations
43 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
During the reporting period the Company recognized revenue from trading business of
RMB97989.78 using the net method.
3. Expenses
√Applicable □ Not applicable
Unit: Yuan
Amount for Amount for the Percentag
Expense
the current same period last e change Reasons for changes
item
period year (%)
Mainly due to the increase in the
Selling 101682375
777997159.89 30.70 Company’s online and offline marketing
expenses 5.91
and promotion expenses.Mainly due to: * the increase in
amortization expenses of land use rights
Administra and the Group’s information systems
685967286.
tive 554162611.18 23.78 during the reporting period; and * the
09
expenses increase in share-based payment
expenses under equity incentives and
labor costs.Mainly due to the decline in returns on
Financial -166865161. Not wealth management products and deposit
-274592734.22
expenses 77 applicable interest rates during the reporting period
resulting in a decrease in interest income.Mainly due to the increase in remuneration
R&D 771090482.
658739366.49 17.06 of the Company ’s R&D personnel and the
expenses 94
increase in depreciation and amortization.
4. R&D expenditure
(1) Table of R&D expenditure
√Applicable □ Not applicable
Unit: Yuan (RMB)
Item Amount
Expensed R&D expenditure for the current period 771090482.94
Capitalized R&D expenditure for the current period 0
Total R&D expenditure 771090482.94
Total R&D expenditure as a percentage of revenue (%) 3.07
Proportion of capitalized R&D expenditure (%) 0
(2) Table of R&D personnel
√Applicable □ Not applicable
Number of R&D personnel of the Company 1130
Proportion of R&D personnel to the Company’s total headcount
(%)12.69
44 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Educational structure of R&D personnel
Educational background category Number of personnel
Doctorate 1
Master’s degree 35
Bachelor’s degree 541
Associate degree 354
High school and below 199
Age structure of R&D personnel
Categories of age structure Number of personnel
Under 30 years old (not including 30) 311
30–40 years old (including 30 and not including 40) 525
40–50 years old (including 40 and not including 50) 240
50–60 years old (including 50 and not including 60) 51
60 years old and above 3
(3) Explanation
□ Applicable √Not applicable
(4) Reason for significant change in the composition of R&D personnel and its
impact on the future development of the Company
□ Applicable √Not applicable
5. Cash flows
√Applicable □ Not applicable
Unit: Yuan
Amount for the
Cash flow Amount for the Percentage
same period last Reasons for changes
item current period change (%)
year
Net cash Mainly due to the expansion of the
flows from Company’s business scale which led to
3784884313.193166010877.5219.55
operating a corresponding increase in net cash
activities flows from operating activities.Net cash Mainly due to the year-on-year decrease
flows from Not in the Company’s net investment in
-3174040320.47-6783431279.21
investing applicable relatively low-risk wealth management
activities products during the reporting period.Mainly due to the increase in the
Net cash
Company’s dividend payout ratio during
flows from Not
-940649422.59 -607115308.84 the reporting period resulting in an
financing applicable
increase in the amount of cash
activities
dividends.(II) Explanation for significant changes in profit caused by non-principal
businesses
□ Applicable √Not applicable
45 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(III) Analysis of assets and liabilities
√Applicable □ Not applicable
1. Assets and liabilities
Unit: Yuan (RMB)
Change
Percentage
Percentage in ending
of ending
Ending of ending Ending balance
balance of
balance balance of balance compare
the
Item of the the current of the d with Explanations
previous
current period to previous the
period to
period total assets period previous
total assets
(%) period
(%)
(%)
Mainly due to the increase in
Currency 196971 291410 three-year fixed deposits
7.7012.50-32.41
funds 8150.19 9667.04 purchased with idle funds during
the reporting period
Mainly due to the expansion of
Accounts 505090 373171 the Company’s sales scale
1.971.6035.35
receivable 825.25 834.05 which led to a corresponding
increase in accounts receivable
Notes 323525 180220
0.13 0.08 79.52 Mainly due to the increase in
receivable 95.71 05.47
bank acceptance bills received
Receivables 298940 184029
0.12 0.08 62.44 by Aima Logistics
financing 45.89 91.89
Mainly due to the increase in
Other
327104 238097 input tax to be deducted and
current 1.28 1.02 37.38
614.25 637.92 prepaid income tax compared
assets
with the beginning of the period
Current Mainly due to the increase in
portion of 383622 213294 reclassification of three-year
15.009.1579.86
non-current 0422.59 5383.57 fixed deposits due within one
assets year during the reporting period
Mainly due to Zhejiang Vehicle
relocating its production lines to
Investment 380895 205549 Taizhou Manufacturing during
1.490.8885.31
properties 149.34 573.65 the reporting period with the
original plant area leased out as
a whole.Mainly due to the transfer of
Fixed 530744 367413
20.75 15.76 44.45 certain construction in progress
assets 5534.63 0456.91
at the Chongqing Lishui and
46 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Guigang production bases to
fixed assets during the reporting
period.Mainly due to depreciation and
Right-of-use 225286 428400
0.09 0.18 -47.41 amortization of leased assets
assets 22.14 74.35
during the reporting period.Mainly due to the disposal of all
equity interests in Today
732551143484
Goodwill 0.03 0.06 -48.95 Sunshine during the reporting
4.5235.03
period resulting in a decrease in
the corresponding goodwill.Long-term Mainly due to the increase in
628799406359
prepaid 0.25 0.17 54.74 renovation expenses during the
82.8657.44
expenses reporting period.Mainly due to the decrease in
short-term borrowings
Short-term 309818 742065 recognized as Today Sunshine
0.120.32-58.25
borrowings 37.88 47.06 was no longer included in the
scope of consolidation during the
reporting period.Mainly due to the decrease in
Lease 370416 169534 lease payments payable under
0.010.07-78.15
liabilities 8.18 12.62 lease agreements at the end of
the reporting period.Mainly due to the increase in
Deferred 602451 461046
2.36 1.98 30.67 government grants received
income 092.56 793.98
during the reporting period.Mainly due to the disposal of
Today Sunshine during the
reporting period resulting in a
Deferred tax 136024 210989
0.05 0.09 -35.53 decrease in fair value
liabilities 46.97 68.80
adjustments arising from
business combinations not under
common control.Mainly due to the increase in
Other translation differences of foreign
-22647274645.comprehen -0.01 0.00 -924.60 currency financial statements of
38.9054
sive income overseas subsidiaries at the end
of the reporting period.Mainly due to the grant of
restricted shares by the
Treasury 320717 220543
1.25 0.95 45.42 Company to incentive recipients
stock 810.17 480.09
at a preferential price during the
reporting period.
47 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
2. Overseas assets
√Applicable □ Not applicable
(1) Asset scale
Among them overseas assets amounted to RMB 117181977.37 accounting for 0.46%
of the total assets.
(2) Explanation of high proportion of overseas assets
□ Applicable √ Not Applicable
3. Restrictions on major assets as of the end of the reporting period
√Applicable □ Not applicable
Unit: Yuan
Book value at the end
Item Reasons for restriction
of the reporting period
Pledged for issuance of bank acceptance
Currency funds 473334448.37
bills etc.Certain three-year time deposit certificates
Other non-current
4100000000.00 pledged for issuance of bank acceptance
assets
bills
Certain time deposit certificates due within
Current portion of
2901970833.33 one year pledged for issuance of bank
non-current assets
acceptance bills
Total 7475305281.70 /
4. Other explanations
□ Applicable √Not applicable
(IV) Analysis of industry operating information
□ Applicable √Not applicable
(V) Analysis of investments
Overview of external equity investments
√Applicable □ Not applicable
As of December 31 2025 the closing balance of the Company’s long-term equity
investments was RMB194.1208 million compared with an opening balance of
RMB163.9766 million representing a change of 18.38% during the reporting period.During the reporting period the Company entered into the Partnership Agreement of
Gongqingcheng Yizhang Wangchao Venture Capital Partnership (Limited Partnership)
with the general partner Xiamen Zongheng Jinding Private Fund Management Co. Ltd.and other limited partners. As a limited partner the Company subscribed for a capital
contribution of RMB32.40 million with its own funds holding 29.9861% of the partnership
interests. The Company has paid in a capital contribution of RMB31.80 million. The
48 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
partnership is principally engaged in equity investment and has invested in Shanghai
Volant Aerotech Co. Ltd. For details of changes in long-term equity investments please
refer to “Section 8 VII.17.(1) Long-term equity investments” of this Report.
1. Material equity investments
□ Applicable √Not applicable
2. Material non-equity investments
√Applicable □ Not applicable
* Lishui production base
In November 2021 the Company convened the second extraordinary general meeting of
2021 at which the Proposal on the Company’s Proposed Signing of the Investment
Agreement with the People’s Government of Qingtian County Lishui City was considered
and approved agreeing that the Company would invest approximately RMB2.0 billion in
the construction of the Aima New Energy Smart Mobility Eco-Industrial Park project in
Qingtian County Lishui City. The project is implemented by Lishui Vehicle a
wholly-owned subsidiary of the Company. As of the end of the reporting period the Lishui
production base was under construction with certain production lines completed.* Chongqing production base
In August 2021 the Company convened the first extraordinary general meeting of 2021
at which the Proposal on the Company’s Proposed Signing of the Project Agreement with
the Management Committee of Chongqing Tongliang High-tech Industrial Development
Zone was considered and approved agreeing that the Company would invest
approximately RMB2.0 billion in the construction of the Aima Southwest Manufacturing
Base project in Tongliang District Chongqing. The project is implemented by Chongqing
Vehicle a wholly-owned subsidiary of the Company. As of the end of the reporting period
the Chongqing production base had commenced operations with certain supporting
facilities under construction.* Xuzhou production base
In April 2024 the Company convened the 22nd meeting of the fifth session of the Board of
Directors at which the Proposal on the Company’s Proposed Signing of the Investment
Agreement with the People’s Government of Fengxian County was considered and
approved agreeing that the Company would invest approximately RMB3.0 billion in the
construction of the Aima Technology Group Fengxian Industrial Park project in Fengxian
County Xuzhou City Jiangsu Province. The project is implemented by Jiangsu Aima New
Energy Technology Co. Ltd. a wholly-owned subsidiary of the Company. As of the end of
the reporting period the Xuzhou production base was under construction.* Lanzhou production base
In May 2024 the Company convened the 23rd meeting of the fifth session of the Board of
Directors at which the Proposal on the Company’s Proposed Signing of the Investment
49 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Agreement with the Lanzhou New Area Management Committee was considered and
approved agreeing that the Company would invest approximately RMB2.0 billion in the
construction of the Aima Lanzhou New Area Industrial Park project in Lanzhou New Area
Lanzhou City Gansu Province. The project is implemented by Gansu Aima Vehicle
Technology Co. Ltd. a wholly-owned subsidiary of the Company. As of the end of the
reporting period the Lanzhou production base was under construction.
3. Financial assets measured at fair value
√Applicable □ Not applicable
Unit: Yuan (RMB)
Gains or Cumulativ Impairm Purchas
Sold/redee
losses from e changes ent e
med
Asset Opening changes in in fair provide amount Other Closing
amount
category balance fair value value d for the during changes balance
during
during the included current the
the period
period in equity period period
Receivable 184029 114910 298940
s financing 91.89 54.00 45.89
54440012000000.0664400
Stocks
00.00000.00
Wealth 12921
3615741287237-115253366318
manageme 9995709.85 340321
9158.047100.0079.952709.66
nt products .72
12921
36885921995709.81287237-34325.9375951
Total 340321
2149.9357100.0056755.55.72
Securities investment
√Applicable □ Not applicable
Unit: Ten Thousand Yuan (RMB)
Purc Disp Gain
Op Gains or
Cumulativ hase osal or loss
Sec eni losses
Type Initial Sour e fair amo amo on
urit Abbr ng arising Closin
of inves ce of value unt unt invest Account
y eviati boo from g book
secur tmen fundi changes durin durin ments ing item
cod on k changes value
ity t cost ng recognize g the g the during
e val in fair
d in equity Perio Perio the
ue value
d d period
Self-
Financia
688 TN owne 54
Stoc 839 1200.0 6644. l assets
819 Batte d 44. 82.00
k 9.79 0 00 held for.SH ry fund 00
trading
s
50 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
54
8391200.06644.
Total / / / 44. 82.00 /
9.79000
00
Explanation of securities investment
√Applicable □ Not applicable
On December 1 2020 the 12th Meeting of the Fourth Board of Directors approved the
Proposal on Signing a Strategic Placement Subscription Agreement with Tianneng Battery
Group Co. Ltd. agreeing that the Company would use its own funds not exceeding RMB
100 million to participate as a strategic investor in the strategic placement subscription of
Tianneng Battery Group Co. Ltd. The investment was completed in January 2021. As of
the end of the reporting period the Company had not reduced its holdings of the relevant
shares.Private equity investment
□ Applicable √Not applicable
Derivatives investment
□ Applicable √Not applicable
4. Concrete progress of restructuring and integration of major assets in the
reporting period
□ Applicable √Not applicable
(VI) Sale of major assets and equity
□ Applicable √Not applicable
(VII) Analysis on principal subsidiaries and associates
√Applicable □ Not applicable
Principal subsidiaries and associates with an impact of more than 10% on the Company’s
net profit
√Applicable □ Not applicable
Unit: Ten Thousand Yuan (RMB)
Company Compan Registere Total Net Revenu Operating Net
Principal business
name y type d capital assets assets e profit profit
Aima
Subsidia Sales of electric 84847 36074 111229 142207.6 13955
Chongqin 1000
ry two-wheelers 0.39 7.31 8.97 5 2.93
g
R&D production
Tianjin Subsidia and sales of electric 34249 14454 739640. 70625.
1000079722.23
Vehicle ry two-wheelers and 3.33 4.89 73 03
electric tricycles
Jiangsu Subsidia R&D production 11415 41671. 321189. 18779.
4400023939.31
Vehicle ry and sales of electric 5.49 77 53 33
51 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
two-wheelers
R&D production
Guangxi Subsidia and sales of electric 12981 60571. 279953. 26368.
1000028601.45
Vehicle ry two-wheelers and 1.89 97 50 33
electric tricycles
R&D production
Chongqin Subsidia and sales of electric 19348 78581. 346790. 31094.
1000036631.18
g Vehicle ry two-wheelers and 7.47 41 92 96
electric tricycles
During the reporting period the net profits realized by the above major wholly-owned
subsidiaries were all derived from the production and sales of the principal product
electric two-wheelers. After being manufactured at production bases the products were
delivered to the Group or sales subsidiaries for external sale. The Company’s other
subsidiaries operated normally and their profit or loss had a relatively limited impact on
the Company.Acquisition and disposal of subsidiaries during the reporting period
√Applicable □ Not applicable
Method of acquisition/disposal Impact on operations and
Company name
during the reporting period results
Business combination not under
Wuxi Sales No material impact
common control
Today Sunshine Transfer and exit No material impact
Tianjin Qingfeng Investment and establishment No material impact
Zhejiang Electromechanical Investment and establishment No material impact
Aima Indonesia Sales Investment and establishment No material impact
Transfer of controlling equity
Shanghai Culture No material impact
interest
Tianjin Liuan Changxing Investment and establishment No material impact
Aima Import and Export Investment and establishment No material impact
Aiska Deregistration No material impact
Aima Electric Drive Systems Deregistration No material impact
Other explanations
√Applicable □ Not applicable
During the reporting period Guangdong Aima Vehicle Technology Co. Ltd. a
wholly-owned subsidiary of the Company i.e. the Guangdong production base
implemented production capacity transfer and suspended production. Details are as
follows:
Due to adjustments to its operating strategy the production capacity of Guangdong Aima
Vehicle Technology Co. Ltd. was transferred to Guangxi Aima Vehicle Co. Ltd. i.e. the
Guigang production base and Chongqing Aima Vehicle Technology Co. Ltd. i.e. the
52 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Chongqing production base. Certain production equipment was also transferred while the
remaining assets were sold externally. Guangxi Guigang and Chongqing Tongliang are
production bases newly put into operation after the Company’s listing and are superior to
the Guangdong production base in terms of site conditions process standards equipment
configuration designed production capacity and other aspects. The suspension of
production will not have a material impact on the Company’s normal operations. For
details please refer to the Announcement on the Production Capacity Transfer and
Suspension of Production of a Wholly-owned Subsidiary disclosed by the Company on
October 1 2025 (Announcement No.: 2025-080).As of now Guangdong Aima Vehicle Technology Co. Ltd. remains in existence as a legal
entity and the sale of certain assets is in progress.(VIII) Structured entities controlled by the Company
□ Applicable √Not applicable
VI. Discussion and Analysis of the Company on Its Future Development
(I) Industrial structure and trend
√Applicable □ Not applicable
1. Competition situation of industry
With the formal implementation of the 2024 National Standard in 2025 enterprises in
China’s electric two-wheeler industry have entered a new stage of development
characterized by “full-process management high standards and strong regulation”. In
terms of the competitive characteristics of the electric two-wheeler industry industry
participants can be broadly categorized into two types: The first type consists of
innovation-driven brand enterprises which place strong emphasis on continuous
innovation and R&D and are committed to leading industry development. These
companies possess strong original design and development capabilities often
demonstrating sharp insight into evolving user needs and rapidly launching innovative
products accordingly so they can gain a first-mover advantage in the market competition.With a higher number of patents and differentiated offerings they are more adaptable to
market shifts and thus better equipped to respond flexibly to competitive challenges. The
second type consists of follower-brand enterprises. These companies typically have
weaker capabilities in independent innovation and often face challenges such as
technological barriers product homogeneity and reactive market positioning. As a result
they tend to be at a disadvantage in the competitive landscape. With the implementation
of the 2024 National Standard follower-brand enterprises are expected to be gradually
phased out or shut down in the new development stage due to reasons such as slow
technological iteration weak product competitiveness low overall operational efficiency
and other related factors.Table: Market competition landscape of electric two-wheelers
Original R&D User demand User demand Comprehensive Competitiv
Market participants
capability insight fulfillment operational e capability
53 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
capability capability efficiency
Innovation-driven
Strong Strong Strong High Strong
brand enterprises
Follower brand
Weak Weak Weak Low Weak
enterprises
From the perspective of industry supply enterprises that lack capabilities in innovative
R&D lean manufacturing full-process quality inspection and consistency control or
operate with low overall efficiency will be cleared out at an accelerated pace. From the
perspective of industry demand user needs have gradually shifted from the satisfaction of
single basic functions toward a more diversified and multi-layered demand structure. In
addition to users who focus on core functions such as riding safety range performance
load capacity and handling performance there are also consumer groups that value
exterior design and color expression young users who care about intelligent
configurations and human-vehicle interaction experience quality-oriented users who
prefer leisure mobility and personalized lifestyles and function-oriented users who place
emphasis on scenario adaptability in specific use cases such as pick-up and drop-off
commuting and instant delivery. At the same time users are paying increasing attention to
service assurance quality stability brand recognition and ease of use and are willing to
pay a premium for differentiated value in areas such as performance safety design
intelligence and service experience which will become an important support for the
industry’s sustained high-quality development.From the perspective of Porter’s Five Forces model upstream suppliers in the electric
two-wheeler industry are primarily manufacturers of key components such as batteries
and motors while downstream players are mainly dealers engaged in offline sales to end
consumers. As complete vehicle manufacturers especially leading enterprises continue to
expand in scale they have adopted vertical integration strategies in both critical
components and core sales markets which has placed upstream and downstream
partners in a relatively weaker position in their cooperation with OEMs. In parallel market
concentration in the electric two-wheeler sector is rising with significant scale and brand
advantages becoming increasingly apparent. Furthermore end-user demand is highly
fragmented and diverse due to variations across regions gender usage scenarios
purposes age groups and others and leading enterprises have accumulated substantial
resources and experience in market insight product development and channel
distribution. For new entrants and potential entrants it is difficult to gain sufficient market
share in the electric two-wheeler industry by targeting a single niche segment and then
expanding across the broader market. As a result the threat they pose to leading
enterprises remains limited.Competition in the electric two-wheeler industry primarily takes place among
innovation-driven brand enterprises with strong capabilities in original research and
product development and the key to winning this competition lies in the overall efficiency
across the entire chain from “insight into consumer demand” to “fulfillment of consumerdemand”. This competition in comprehensive efficiency extends beyond traditional
business capabilities such as product development sales distribution and after-sales
54 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
service it also encompasses strategic capabilities related to model innovation incubation
iteration upgrading and replication all of which are grounded in deep consumer insight.As a result the industry is shifting from the traditional “vehicle manufacturing and selling”
model to a new paradigm centered on “full-lifecycle services based on user needs”. This
shift is driving further consolidation within the industry with companies possessing strong
comprehensive capabilities expected to capture greater market share and lead the
industry toward higher efficiency and higher quality development.
2. Industry driving factors
(1) Policy perspective
The 2024 National Standard for electric bicycles was officially implemented in September
2025 raising requirements for vehicle manufacturers in various aspects including
three-electric technologies intelligent technologies and compliant production. It also
promotes the comprehensive intelligentization of products benefits leading enterprises
with stronger overall capabilities and drives the high-quality development of the industry.The major policy changes under the 2024 National Standard and their expected impact on
the industry are as follows:
Key
Impact on OEMs and the
policy Summary of policy changes
industry value chain
change
* OEMs must integrate
communication and positioning
hardware and corresponding
software platforms into their
The 2024 National Standard introduces new products which raises the bar for
Increase intelligence requirements for electric bicycles: all intelligent technology capabilities
d electric bicycles must be equipped with and increases R&D investment
requirem communication modules. Vehicles used for urban and costs.ents for logistics commercial leasing and other * This marks the beginning of full
product operational purposes must also be equipped with product intelligence fostering new
intelligen BeiDou positioning modules in addition to ecosystems such as connected
ce communication modules and must adopt vehicle platforms and big data
anti-disassembly and anti-tampering designs. services. With the support of
data-based supervision and
management the industry will
accelerate its transition toward
digitalization and intelligentization.Stricter The 2024 National Standard adds a new chapter Higher qualification and
requirem on Enterprise Quality Assurance Capabilities and investment requirements will be
ents for Product Consistency significantly raising the entry imposed on OEMs which will
vehicle threshold for manufacturers. It explicitly requires promote the industry’s shift toward
certificati that OEMs possess manufacturing inspection larger scale and greater
on and and quality control capabilities for key components standardization and will
55 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
quality (e.g. frames) that align with their production accelerate the phasing out of
assuranc capacity. This includes equipping facilities with outdated production capacity.e processes such as automated welding systems
and electrophoretic coating lines and ensuring
consistency across mass-produced products. The
product certificate must include more detailed
information such as the CCC certification number
a photo of the complete vehicle the location of the
vehicle identification number and the
recommended service life. Quality traceability and
regulatory requirements throughout the product
lifecycle will be strengthened.* As the three-electric system
The 2024 National Standard strengthens safety forms the core of vehicle safety
consistency requirements for key components tighter regulations will drive
particularly the three-electric system to prevent upstream suppliers to accelerate
Mandator hidden risks from unauthorized vehicle technological advancement and
y modifications. New anti-tampering design and system integration.certificati testing requirements have been introduced for * OEMs must strengthen their
on and batteries controllers and speed limiters with evaluation and selection of
tamper-pr detailed testing methods specified to prevent battery motor and controller
oof users from privately modifying vehicles to increase suppliers promoting greater
design for speed or replace batteries with larger-capacity integration and systematization of
key units. OEMs must ensure that all key components the industry supply chain. OEMs
compone including motors batteries and chargers are with in-house R&D and production
nts certified or tested. Product conformity certificates capabilities for the three core
must now include information such as CCC electric components along with
certification numbers thereby enhancing overall deep expertise in system
safety compliance across the supply chain. integration will gain a further
competitive edge.The 2024 National Standard strengthens * Stricter fire and mechanical
regulations on overall vehicle safety aiming to safety requirements will drive
reduce fire risks and driving accidents and to upgrades in vehicle design and
Improved
improve product safety performance: material selection. While this may
vehicle
(1) The upper mass limit for lead-acid battery increase short-term manufacturing
safety
vehicles with more stable thermal characteristics costs and technical complexity it
performa
has been increased from 55 kg to 63 kg; (2) Fire will significantly reduce fire
nce (fire
resistance requirements have been significantly hazards and traffic accident risks
resistanc
reinforced including a new limit where plastic in the long term helping to build a
e
materials must not exceed 5.5% of the vehicle’s safety-oriented industry reputation
braking
total mass; (3) Braking performance requirements and promoting high-quality
etc.)
have been raised by reducing the maximum development.braking distance and adding requirements for * These changes will also
low-speed high-torque motor control to prevent accelerate R&D in battery
56 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
loss of control caused by sudden acceleration. products that balance stability and
light weight thereby driving
upgrades in battery technology.The introduction of recommended
Addition
service life will gradually influence
of
The 2024 National Standard adds a new consumer perception and reshape
recomme
requirement for manufacturers to clearly specify market behavior. It will help phase
nded
the “recommended service life” of electric bicycles out aging vehicles and stimulate
service
and to indicate this information on the vehicle consumption upgrades thereby
life
nameplate and product conformity certificate. fostering the healthy and
requirem
sustainable development of the
ent
industry.In summary the 2024 National Standard implemented in 2025 marks the industry’s entry
into a new stage of full-chain and systematic regulation. The regulatory focus is no longer
limited to product compliance itself; instead a full-chain regulatory system has been
established extending from production to use and from enterprise regulatory
requirements to technical standards covering multidimensional coordination across areas
such as enterprise qualification management product lifecycle safety technical
requirements for three-electric systems and certification systems.
(2) Social perspective
With advantages such as affordability convenience and environmental friendliness
electric two-wheelers are used in diverse scenarios meet commuting and diversified
mobility needs and continue to see an expanding user base.Amid accelerating urbanization and growing traffic congestion electric two-wheelers have
become a preferred means of short-to medium-distance transportation due to their cost
efficiency ease of operation maneuverability and parking convenience. Even in
households or among individuals who already own automobiles electric two-wheelers are
widely used for daily commuting grocery shopping and other everyday travel needs. As
the industry continues to evolve leading OEMs with strong innovation capabilities are
increasingly able to identify and respond to segmented user demands through product
innovation expanding the scope of use cases. These include community leisure for the
elderly school pick-ups and drop-offs for families with two children scenic area rentals
and more significantly broadening the user base and increasing consumer stickiness.Meanwhile “low-carbon and green mobility” has become a global consensus among
consumers. Given their environmentally friendly attributes electric two-wheelers align
closely with the rising demand for sustainable travel further solidifying their mass-market
appeal.
(3) Economic perspective
57 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Driven by their high cost-performance ratio and expanding commercial applications
electric two-wheelers have become a primary choice for both daily personal mobility and
as productive tools for delivery services fueling industry growth.Compared with other short- to medium-distance transportation options electric
two-wheelers offer significant advantages including low purchase costs low usage costs
and low maintenance expenses. Combined with their convenience time-saving and
labor-saving benefits they have become a major choice among cost-effective short- to
medium-distance transportation tools.The rapid development of the on-demand delivery economy covering services such as
food delivery express logistics and errand services has accelerated the transformation of
electric two-wheelers from personal consumer goods to essential production tools. Their
growing commercial utility continues to inject new momentum into the industry's sustained
expansion.
(4) Technological perspective
The industry is driven by both inherent technologies and cross-industry innovations
centered on intelligence accelerating technical upgrades and product iteration.The development of industry technology follows two main paths: First the optimization of
inherent technologies focusing on performance breakthroughs in core hardware such as
batteries motors and controllers as well as innovations in eco-friendly materials new
manufacturing processes and vehicle structural design to achieve significant
improvements in product performance. Second the integration of cross-industry
technologies emphasizing the application of intelligent and connected technologies. With
the Internet of Vehicles AI algorithms and big data analytics as underlying technologies a
full-chain intelligent ecosystem spanning user interaction to safety monitoring is built
empowering product functionality expansion and enhancing the overall user experience.The synergy between these two paths is driving continuous technology iteration and
strengthening product competitiveness. Enterprises with strong R&D capabilities are able
to transform technological innovation into commercial value and competitive advantage
ahead of others. Through sustained investment in R&D they are forming a virtuous
industrial cycle that connects innovation manufacturing and sales thereby accelerating
industry consolidation and advancing the sector toward overall upgrading.
(5) Industry globalization perspective
Surging global demand is accelerating the international expansion of the industry while
rising entry barriers make localized operations a critical factor for successful market entry.With rising global environmental awareness driving surging demand for new energy
transportation the electric two-wheeler industry serving as a key solution for short-and
medium-distance mobility is accelerating its international expansion. Overseas markets
represented by Europe and Southeast Asia have demonstrated strong demand for
electric two-wheelers laying a solid foundation for the industry's international expansion.In Europe increasingly stringent carbon emission regulations are driving the replacement
58 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
of traditional fuel-powered motorcycles with electric alternatives while in Southeast Asia
high fuel costs and supportive policy incentives are actively promoting the transition
toward motorcycle electrification.While China’s electric two-wheeler industry benefits from a complete supply chain mature
manufacturing capabilities and advanced technology significant differences in consumer
preferences and regulatory environments across regions as well as geopolitical risks and
trade protectionism in certain countries have created notable challenges for overseas
expansion. As a result the overseas expansion strategies for electric two-wheelers mainly
take three forms: first leveraging China’s domestic industrial chain advantages to export
products directly mainly to regions with reciprocal trade relationships; second
establishing comprehensive localized industrial systems overseas mainly localized R&D
production supply and sales systems to serve populous countries and regions with
supportive electrification policies; third to mitigate the impact of trade protectionism and
geopolitical risks on business operations coordinating supporting and industrial resources
across global free trade zones regional free trade zones/arrangements and bonded
zones thereby using global resources to serve global users and providing competitive
electric mobility products to global users.
3. Industry development trends
The industry is undergoing three major transformations: product intelligence global
expansion and supply chain upgrading. As consumer demand becomes increasingly
personalized green mobility gains wider acceptance and intelligent technologies are
deeply integrated into products and services the competitive landscape is shifting from
“scale-driven growth” to “value-driven development”.In the domestic market the implementation of the 2024 National Standard is accelerating
market concentration. Leading brands are solidifying their market share by leveraging
their comprehensive advantages in technology supply chain and large-scale compliant
manufacturing and others. Industry consolidation is expected to deepen further.In international markets surging global demand is driving the industry’s rapid globalization.During the process of going global localized operations have become critical to
penetrating overseas markets. Leading industry brands are accelerating their global
expansion by deepening their presence in overseas markets through localized
manufacturing channel development and supply chain integration aiming to capture
growth opportunities.The industry is gradually transitioning from “scale expansion” to “high-quality growth” with
intelligent manufacturing user-centric operations and global expansion serving as key
drivers. This will facilitate industrial chain upgrades enhance brand value and establish a
sustainable development model for the industry.(II) Development strategy of the Company
√Applicable □ Not applicable
59 / 315Aima Technology Group Co. Ltd. 2025 Annual ReportThe Company envisions becoming a “world-leading green mobility company driven bytechnology and fashion” and is committed to the mission of “Filling the ride with love”.Guided by its core values of “users first striving spirit integrity and pragmatismtechnology driven open and innovative responsibility at heart” the Company continues to
focus on the fashionable and intelligent short-distance mobility sector. Under the strategicpillars of “technology upgrading brand elevation high-quality growth and globalexpansion” the Company remains committed to and actively drives a multi-dimensional
transformation of “a single-product seller to a provider of mobility solutions” “a mobilityproduct leader to a mobility ecosystem leader” “a domestic brand to an internationalbrand” and “a manufacturing enterprise to a technology-driven company”. The Company
strives to become a platform-based technology and fashion company focused on
providing green and convenient mobility solutions continuously creating value for
shareholders society customers and partners while providing consumers with
competitive products and mobility solutions.(III) Business plan
√Applicable □ Not applicable
1.Product development core technologies and quality management
With user needs at the core the Company will further deepen the operation of the IPD
integrated product development process and promote the upgrading of existing products
the development of reserve products and technological exploration for pre-research
products. It will focus on R&D innovation in three-electric systems namely batteries
motors and electronic control systems intelligent functions and the application of new
processes. Meanwhile the Company will improve its full-process quality control system to
ensure that it can continue to deliver to the market products that precisely meet the needs
of target user groups feature advanced performance and maintain stable quality.
2. Channel development and services
The Company will firmly adhere to the integration of manufacturer-dealer value deepen
refined channel management promote deep integration across online and offline
channels and build omni-channel marketing capabilities. It will drive the transformation of
channels from single sales functions toward integrated retail and services thereby
improving channel operating quality terminal operating efficiency and profitability. The
Company will continue to optimize the operation of sales-service integrated stores
improve nationwide service network standards and enhance terminal service fulfillment
capabilities and service standardization.
3. Integrated supply chain covering procurement manufacturing and logistics
Relying on its ISC integrated supply chain system the Company will continue to advance
the end-to-end delivery process integrating procurement manufacturing and logistics.Focusing on the upgrading of intelligent manufacturing it will strengthen the application of
the IPD process at the production end promote the integrated application of automated
equipment and information systems in production processes and improve production
efficiency and product consistency. The Company will continue to implement tiered
60 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
supplier management and provide targeted empowerment strengthen cross-functional
collaboration among R&D procurement and production and improve the end-to-end
quality control mechanism to ensure product delivery quality. At the same time it will
optimize the intelligent connected logistics system and localized supply layout to further
enhance supply precision and stability responsiveness and delivery speed.
4. Brand building and marketing
Centered on “fashion youthfulness and technology” the Company will strengthen product
technology communication and hit-product marketing in China through integrated online
and offline marketing activities while expanding its global influence internationally through
exhibitions and overseas social media operations. It will deepen the empowerment of
content innovation and precise exposure through AIGC technologies improve the
membership system and user experience enhance user activity and conversion efficiency
and promote a comprehensive upgrade from brand awareness to brand loyalty.
5. International market expansion
The Company will continue to expand international markets through localized strategies.In markets where production bases have already been established such as Indonesia
and Vietnam it will strengthen the foundation for localized operations and enhance
capabilities in areas such as localized production supply chain collaboration channel
expansion brand communication and after-sales services. In markets mainly served by
complete vehicle exports such as the United States and South Korea the Company will
steadily advance market development around product portfolio planning channel
expansion and order delivery while continuously optimizing product adaptation and
operating strategies. At the same time it will continue to improve its international
operating system and enhance the operating quality and sustainable development
capabilities of its international business.(IV) Potential risks
√Applicable □ Not applicable
1. Industry policy risks
The industry in which the Company operates is policy-driven with key aspects such as
product design production sales and registration for use being directly regulated and
guided by national and local policies. The development trends of the industry are closely
linked to policy changes. The 2024 National Standard was officially implemented in
September 2025 imposing strict control over production standards and battery safety
across multiple dimensions including enterprises’ quality assurance capabilities
technology R&D and production processes while gradually raising the application
standards and technical requirements for intelligent technologies. If OEMs fail to promptly
take effective measures in response to policy changes they may face risks such as
certification invalidation market access barriers and inventory backlog thereby affecting
their operational stability and weakening their market position.
61 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
The Company as an industry-leading enterprise actively participates in the revision of
national industry standards. In response to regulatory requirements it leverages its strong
R&D and manufacturing capabilities to swiftly adjust in product design manufacturing
processes supply chain management and other related areas. The Company promotes
technological upgrades and compliance enhancement taking the implementation of new
industry standards as an opportunity to further consolidate its market position and
enhance its overall competitive strength.
2. Intensified industry competition risks
With the ongoing development of industry standardization and the continuous optimization
of competitive order many small-scale enterprises are accelerating their exit from the
market. The focus of industry competition has shifted toward comprehensive competition
among leading enterprises across multiple dimensions including product performance
technological capabilities channel models and international expansion. If OEMs fail to
accurately capture user needs and continuously deliver high-quality products and services
they may face the risk of weakened market position.Leveraging its strong R&D and innovation capabilities comprehensive lean cost control
and quality management systems extensive marketing network solid brand reputation
and other competitive advantages the Company continues to maintain its
industry-leading position. The Company will remain focused on user needs implement a
differentiated competition strategy drive intelligent product upgrades and performance
enhancement through Internet of Vehicles technologies and core hardware R&D and
consolidate its comprehensive competitive advantages by improving efficiency through
digitalization and cost optimization in R&D.
3. Risks related to underperformance of new projects
In recent years with the continuous expansion of industry market capacity and the
gradual increase in the sales volume of the Company’s products the Company after
sufficient research and evaluation has launched the construction of several new
production base projects including the Lishui production base in Zhejiang the Xuzhou
production base in Jiangsu and the Lanzhou production base in Gansu all of which are
under construction. Given the long construction cycles and potential impacts from policies
construction conditions and other factors there is a risk that the progress of construction
and production commencement may fall short of expectations. After production
commences any major adverse changes in policies industry trends or market
environment could negatively affect the project returns. In particular overseas production
bases may face uncertainties related to localized operations certification adaptations
exchange rate fluctuations and geopolitical risks. Moreover the launch of new projects
will increase fixed asset depreciation which may have a short-term adverse impact on the
Company's financial performance.The Company will continue to closely monitor policy and market changes accelerate
project construction and capacity ramp-up and enhance technological strength and
62 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
product competitiveness to accurately meet consumer demand thereby increasing
market share and maximizing the returns from new projects.
4. Product R&D risks
With the accelerating trend of consumption upgrading within the industry consumer
demand for products has become increasingly diversified and varied requiring
manufacturers to continuously anticipate changes in demand and advance product
innovation and technology development. If the Company's judgment on the R&D direction
of new models proves inaccurate or if market acceptance falls short of expectations it
may adversely affect the Company's performance. In addition given the relatively long
R&D cycle for new models if competitors launch similar products earlier and establish
patent barriers it may intensify the R&D pressure on other enterprises.The Company consistently regards R&D and product innovation as core means to
enhance competitiveness. Guided by user demand and supported by years of deep
market cultivation strong technological and innovation capabilities and precise insight
into consumer trends the Company’s products are well-received by consumers. Moving
forward the Company will continue to improve its integrated product development
process centered on user needs strengthen technological capabilities innovation
capacity and consumer insights thereby reducing R&D risks and consolidating its market
position.
5. Dealer management risks
The Company primarily adopts a dealer-based sales model whereby dealers serve not
only as direct customers but also as critical channels for brand image presentation and
consumer service. Dealers’ own operational capabilities risk preferences and
commitment levels significantly impact sales performance within their respective regions.If a dealer’s business practices or service quality deviate from the Company’s business
philosophy or if there is a misalignment with the Company's management principles it
may adversely affect the Company's operating results and brand image.In response the Company continuously optimizes its dealer management system strictly
enforces management standards regarding dealer admission training performance
assessment and exit mechanisms and establishes a dynamic tiered channel
management system featuring market-based selection and elimination stimulating
dealers' business enthusiasm and improving their operational capabilities thus the
Company ensures the vitality and healthy development of its channel system.
6. Raw material price fluctuation risks
The procurement prices of raw materials in the industry are subject to fluctuations
influenced by macroeconomic trends industrial policies and other factors which may
increase the difficulty of procurement cost management and have a certain impact on the
Company's operating performance. In response the Company has built a high-quality and
efficient ISC (Integrated Supply Chain) management system and established a
digital-intelligent supply chain platform to improve supply chain responsiveness and
63 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
resource integration capabilities. The Company has set up a dedicated Supplier Quality
Engineer (SQE) team responsible for the quality audit and process control of key
component suppliers. Meanwhile the Company actively strengthens its in-house R&D
and manufacturing capabilities invests in key component suppliers and locks in prices
and procurement volumes in advance to ensure supply security and cost stability thereby
mitigating the risks associated with raw material price fluctuations.(V) Others
√Applicable □ Not applicableImplementation progress of the “quality improvement efficiency enhancement and greaterreturns” action plan
The Company actively implemented the requirements of the Shanghai Stock Exchange’sInitiative on Launching the Special Action of “Quality Improvement EfficiencyEnhancement and Greater Returns” among Companies Listed on the Shanghai StockExchange. During the reporting period the implementation of the Company’s “qualityimprovement efficiency enhancement and greater returns” action plan was as follows:
1. Focusing on the principal business
In 2025 the Company continued to focus on deepening and refining its principal business;
with meeting user needs as its core and starting point the Company optimized
full-lifecycle product management increased investment in R&D and promoted self-driven
transformation thereby comprehensively enhancing its core competitiveness profitability
and brand influence. The Company’s operating results grew steadily. During the reporting
period the Company recorded revenue of RMB25.095 billion representing a year-on-year
increase of 16.14% and cost of sales of RMB20.505 billion representing a year-on-year
increase of 15.48% mainly because the Company focused on its principal business
continued to leverage its brand advantages and achieved growth in operating results.
2. Improving the quality of information disclosure
During the reporting period the Company actively responded to investor concerns and
proactively prepared and published the 2024 Annual Report in English and the 2024
Environmental Social and Governance (ESG) Report in both Chinese and English
improving readability for specialized investors and overseas investors. These reports also
showcased the Company’s practices and achievements in sustainable development and
enhanced investors’ understanding of the Company’s long-term value.
3. Strengthening investor communication
The Company attaches great importance to investor relations management and
strengthens communication with investors through various channels including SSE
E-Interaction telephone email results briefings site visits and research and
telephone/video conferences so as to ensure timely and transparent information
transmission. During the reporting period the Company held an on-site results briefing for
its 2024 Annual Report through the SSE Roadshow Center actively participated in the
“2025 UK and Switzerland Roadshow” organized by the Shanghai Stock Exchange and
64 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
took part in more than 100 online and offline exchange activities. The Company achieved
a 100% response rate to investor questions on SSE E-Interaction continuously optimized
its communication mechanism and promoted the establishment of a long-term stable and
mutually trusted relationship with investors.
4. Emphasizing investor returns
The Company places great emphasis on investor returns and has established a scientific
sustainable and stable dividend mechanism to ensure reasonable investment returns for
shareholders and enhance the transparency and operability of dividend distribution
decisions. Since its listing the Company has distributed dividends every year and hasactively explored specific action plans for “multiple dividend distributions by listedcompanies within a year”. In 2025 the Company implemented an interim cash dividend of
RMB546 million and proposed to implement an annual cash dividend of RMB472 million
for 2025. The above dividend amounts totaled RMB1.018 billion accounting for
approximately 50.03% of the net profit attributable to shareholders of the listed company
in 2025.
5. Implementing the ESG philosophy
The Company attaches great importance to the ESG development philosophy and
regards ESG as an important dimension for measuring its sustainable development
performance and long-term investment value. It promotes the comprehensive integration
of sustainable development concepts into corporate strategy and daily operations
advances the implementation of ESG-related systems from the top down and continues
to disclose ESG reports in both Chinese and English to maintain good communication
with various stakeholders. During the reporting period based on in-depth research on the
industry the Company prepared the Aima Technology ESG White Paper promoted the
establishment of group standards for ESG evaluation of enterprises in the two-wheeler
industry and advocated and initiated together with relevant institutions the preparatory
work for the establishment of a carbon footprint database. The Company’s practices in
sustainable development were highly recognized by authoritative domestic and overseas
rating agencies including an AAA ESG rating from MSCI an AA rating from Guoxin ESG
an A rating from Wind and an AA rating from Sino-Securities Index.
6. Strengthening the responsibilities of the “key few”
The Company actively conducted research and study on relevant laws regulations and
regulatory policies. Through special compliance reminders internal capital market weekly
reports and other means it promptly communicated the latest regulatory developments
and relevant laws and regulations. The Company carefully organized directors
supervisors senior management and other personnel to participate in relevant training
sessions organized by the Shanghai Stock Exchange the Tianjin Securities Regulatory
Bureau and other institutions continuously enhancing the compliance awareness and
duty performance capabilities of directors supervisors and senior management and
urging them to perform their duties faithfully diligently and responsibly so as to effectively
safeguard the interests of the Company and all shareholders.
65 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
VII. Explanation for Non-Disclosure in Accordance with the Standards Due to
Inapplicability State or Business Secrets and Other Special Reasons
□ Applicable √Not applicable
66 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Section 4 Corporate Governance Environment and Society
I. Related Information about Corporate Governance
√Applicable □ Not applicable
The Company has strictly formulated the Articles of Association and other corporate
governance-related systems in accordance with the Company Law the Securities Law
and other laws and regulations as well as normative documents such as the Code of
Corporate Governance for Listed Companies. The rights and responsibilities of the
Shareholders’ Meeting the Board of Directors and the management are clearly defined
each performing their respective duties and operations are conducted in a standardized
manner. The Board of Directors has four specialized committees: the Strategy and ESG
Committee the Audit Committee the Nomination Committee and the Compensation and
Evaluation Committee each of which performs its duties accordingly. During the reporting
period the Company convened 3 Shareholders’ Meetings and 11 Board meetings
where important matters such as the periodic reports ESG reports equity incentives
profit distribution and related party transactions were reviewed. In accordance with
relevant laws and regulations the Company's independent directors diligently performed
their duties convening special meetings of the independent directors to review relevant
matters and effectively safeguarding the legitimate rights and interests of all shareholders.At the same time the Company has continuously revised and improved relevant systems
ensuring effective implementation of all systems. A fair and transparent performance
evaluation standard and incentive and restraint mechanism for senior management have
been established incorporating multi-dimensional assessments based on the Company’s
overall and business unit goals individual abilities and performance evaluations.The Company strictly complies with the Articles of Association the Rules Governing the
Listing of Stocks on the Shanghai Stock Exchange and the Administrative Measures for
Information Disclosure by Listed Companies among other regulations. The Company
adheres to the combination of statutory information disclosure and voluntary information
disclosure and ensures that all shareholders and other stakeholders could obtain the
Company’s information equally. During the reporting period the Company disclosed 96
temporary reports and 4 regular reports and all of them were made available for
inspection by investors at the Board of Directors Office. The Company also strictly
executed the Insider Registration and Filing System to enhance the confidentiality of
insider information maintain the openness fairness and justness of information
disclosure and protect the legitimate rights and interests of investors.The Company places high importance on investor relations management and has
designated personnel responsible for communication with investors. It has established
diversified communication channels including SSE e-interaction investor hotlines
earnings briefings and investor research meetings to create a two-way communication
bridge between the Company and the market through integrated online and offline
services. During the reporting period the Company organized multiple earnings briefings
and investor research activities actively participated in broker strategy meetings and
67 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
conducted various investor communication activities in compliance with laws and
regulations.Whether there are any significant differences between the Company’s corporate
governance and the regulations on corporate governance for listed companies set out by
laws administrative regulations and CSRC; if so the reasons should be explained
□ Applicable √Not applicable
II. Specific Measures Taken by the Controlling Shareholder and Ultimate Controller
to Guarantee the Asset Personnel Financial Organizational and Business
Independence of the Company as well as Solutions Progress and Subsequent
Plans in case of the Company’s Independence Being Affected
√Applicable □ Not applicable
(I) Specific measures to ensure the independence of the listed company
The Company strictly operates in accordance with relevant provisions such as the
Company Law the Code of Corporate Governance for Listed Companies and the Articles
of Association. The Company has established a sound full-process control mechanism
and is completely independent from its controlling shareholder ultimate controller and
other enterprises under their control in terms of assets personnel finance organization
and business. The Company has a complete business system and the ability to
independently operate in the market. The specific measures are as follows:
1. Asset independence: The Company has an independent and complete production
procurement and sales system along with supporting facilities for production and
operations. It legally owns fixed assets (including factories equipment) and intangible
assets (such as land use rights trademarks and patents) related to production and
operation. There is no situation where the controlling shareholder or its related parties
improperly occupy the Company’s funds assets or other resources and there are no
unclear property rights in the business systems and major assets related to operation.
2. Personnel independence: The Company has an independently functioning human
resources department that has developed its own labor personnel and wage systems.The Company’s senior management does not hold positions other than as directors or
supervisors in the controlling shareholder ultimate controller or any other enterprises
controlled by them and they do not receive salaries from these entities. The Company’s
labor personnel and wage management are completely independent from the controlling
shareholder ultimate controller and any other enterprises under their control.
3. Financial independence: The Company has an independent financial department with a
complete standardized financial accounting system accounting management regulations
and internal control system. The Company independently opens its own bank accounts
and independently pays taxes according to the law. There is no shared bank account with
the controlling shareholder ultimate controller or any other enterprises controlled by
them.
68 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
4. Organizational independence: The Company has independent production operation
and office premises. In accordance with the law the Company has established the
Shareholders’ Meeting as the highest authority and the Board of Directors as the
decision-making body and has built an independent organizational structure suitable for
its own development. The Company has formulated sound job responsibilities and internal
operation and management systems and each department operates independently
according to its prescribed responsibilities. There is no shareholder entity or any other
entity or individual that interferes with the establishment of the Company’s organization
and the Company operates completely separately and independently from its controlling
shareholder ultimate controller and other enterprises under their control.
5. Business independence: The Company owns independent and complete purchasing
production sales and business systems and has independent management
decision-making rights independently organizes its production and management
according to operation plans independently carries out business which is independent of
the controlling shareholder ultimate controller and any other enterprises controlled by
them. There is no horizontal competition or unfair related-party transaction between the
Company and these entities.(II) Reasonableness of appointment arrangements
Regarding the appointment arrangement under which Mr. Zhang Jian the controlling
shareholder and ultimate controller of the Company concurrently serves as the Chairman
and General Manager of the Company the Company has reasonably defined the
boundaries of rights and responsibilities in the Articles of Association. The Board of
Directors exercises powers such as determining the Company’s business plans and
investment plans and appointing or dismissing senior management; the General
Manager is appointed or dismissed by the Board of Directors is accountable to the Board
of Directors and exercises powers such as presiding over the Company’s daily production
operation and management and organizing the implementation of resolutions of the
Board of Directors. The division of rights and responsibilities between the two is clear and
the boundaries of duty performance are well defined.Mr. Zhang Jian the controlling shareholder and ultimate controller of the Company has
been deeply engaged in the industry for many years and has a profound understanding of
industry development trends and the Company’s operation and development as well as
extensive management experience. His concurrent service as Chairman and General
Manager can effectively improve the synergy efficiency between the Company’s strategic
decision-making and operational execution and ensure the consistency and stability of
the implementation of the Company’s development strategy. Meanwhile the Company
has established a complete internal check-and-balance and supervision mechanism
which can effectively prevent risks related to such appointment arrangement. There is no
circumstance that impairs the interests of the Company and all shareholders especially
minority shareholders.Business activities of the controlling shareholder ultimate controller and other entities
under their control that are the same as or similar to those of the Company the impact of
69 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
horizontal competition or significant changes in horizontal competition on the Company
and the solutions adopted progress made and subsequent plans.□ Applicable √Not applicable
70 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
III. Information on Directors and Senior Management
(I) Changes in shareholdings and remuneration of current and resigned directors and senior management during the reporting period
√Applicable □ Not applicable
Unit: Shares
Pre-tax Whether
Shares Chang remuneration acquiring
Shares
held at e in received from remuneratio
held at
Gen Term start Term end beginni shares the Company n from
Name Position Age end of Reason for change
der date date ng of during during the related
the
the the reporting period parties of
year
year year (in ten thousand the
RMB) Company
Zhang Chairman of the Septembe Septembe 59286 59286
M 56 233.07 No
Jian Board GM r 27 1999 r 8 2028 5700 5700
Vice Chairman of
Duan Septembe Septembe
the Board Vice F 57 128.11 No
Hua r 13 2013 r 8 2028
GM
Zhang Septembe Septembe
Director F 32 68.07 No
Gege r 13 2013 r 8 2028
Peng August 26 Septembe 6221 62647 Grant of
Director M 55 43000 41.46 No
Wei 2009 r 8 2028 760 60 Restricted Shares
Grant and
Septembe Septembe 3220 33100
Gao Hui Director Vice GM M 47 90000 Repurchase 370.72 No
r 9 2022 r 8 2028 000 00
Cancellation of
71 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Restricted Shares
Director Vice GM Grant and
Wang Secretary of the January Septembe 40000 37300 -2700 Repurchase
M 46 127.09 No
Chunyan Board of Directors 24 2018 r 9 2025 0 0 0 Cancellation of
(Resigned) Restricted Shares
Sun Independent Septembe Septembe
M 62 13.00 No
Minggui Director r 9 2022 r 8 2028
Liu Independent Septembe Septembe
M 57 13.00 No
Junfeng Director r 9 2022 r 8 2028
Ma
Independent Septembe Septembe
Junshen M 50 13.00 No
Director r 9 2022 r 8 2028
g
Chairman of the
Board of Septembe Septembe Grant of
Xu Peng M 36 20000 20000 32.83 No
Supervisors r 13 2016 r 9 2025 Restricted Shares
(Resigned)
Employee
May 7 Septembe
Supervisor
2018 r 9 2025
Li Yan (Resigned) F 42 112.49 No
Septembe Septembe Grant of
Employee Director 60000 60000
r 9 2025 r 8 2028 Restricted Shares
Liu Supervisor Septembe Septembe
F 44 27.69 No
Tingxu (Resigned) r 9 2022 r 9 2025
Vice GM January Septembe 50000 65000 15000 Grant and
Li Yubao M 50 145.42 No
(Resigned) 24 2018 r 9 2025 0 0 0 Repurchase
72 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Cancellation of
Restricted Shares
Grant and
Repurchase
Zheng Vice GM Chief July 21 Septembe 1130 95801 -1719
F 44 Cancellation of 296.42 No
Hui Financial Officer 2021 r 8 2028 000 0 90
Restricted Shares
Share Reduction
Grant and
Repurchase
Luo Vice GM Septembe Septembe 1645 13763 -2687
M 46 Cancellation of 171.93 No
Qingyi (Resigned) r 9 2022 r 9 2025 000 00 00
Restricted Shares
Share Reduction
Grant and
Vice GM
Septembe Septembe Repurchase
Li Xin Secretary of the M 38 20000 40000 20000 30.07 No
r 9 2025 r 8 2028 Cancellation of
Board of Directors
Restricted Shares
6060060591-8469
Total / / / / / / 1824.37 /
246077700
Note: The values in the table are rounded.Name Main working experience
Former Executive Director of Tianjin Qiyu Interactive Technology Co. Ltd. and Director of Tianjin Sanshang Investment Management Co.Zhang Jian
Ltd. Currently serves as the Chairman and General Manager of the Company.Duan Hua Former Vice General Manager at Aima Technology. Currently the Vice Chairman and Vice General Manager of the Company.
73 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Zhang Former Assistant General Manager and Secretary to the Chairman at the Company. Currently a Director at the Company Executive Director
Gege and General Manager at Suiwanwan and Executive Partner at Lingshui Dingai.Former General Manager of Tianjin Bond Fushida Electric Vehicle Co. Ltd. and General Manager at Tianjin Aima Sports Goods Co. Ltd.Peng Wei
Currently a Director of the Company and General Manager of Spozman.Former President of the Special and International Business Division and President of the Electric Vehicle Business Division of the Company.Gao Hui
Currently serves as a Director Vice General Manager and President of the International Business Division of the Company.Sun Former Teaching Assistant Lecturer Associate Professor and Professor of Lanzhou University. Currently an Independent Director of the
Minggui Company and Professor and Doctoral Supervisor of Glorious Sun School of Business and Management at Donghua University.Former Vice General Manager and Secretary of the Board of Tasly Pharmaceutical Group Co. Ltd. Vice General Manager and Secretary of
Liu
the Board at Tianjin Changrong Technology Group Co. Ltd. and Full-time Vice Chairman and Secretary-General of the Tianjin Association
Junfeng
for Public Companies. Currently an Independent Director of the Company.Former Training Partner at Shandong Paramount Accounting Firm. Currently an Independent Director of the Company Lecturer at Ningbo
University of Finance & Economics Director of the Financial Research Institute at the Shanghai Pudong Financial Promotion Association
Ma
Researcher at the Intelligent Finance Research Institute of the Shanghai National Accounting Institute Independent Director at Shanghai
Junsheng
CN Science and Technology Co. Ltd. Independent Director at Huarong Technology Co. Ltd. and Director of Shanghai Beizhonghuan
Kechuang Enterprise Development (Group) Co. Ltd.Former Section Chief of Supplier Management at the Company’s Procurement Department Secretary to the Vice Chairman Director of the
Li Yan Improvement Office at the Brand Management Center Director of the Office of the Vice Chairman and Employee Supervisor of the
Company. Currently serves as an Employee Director and Director of the Product Strategy Research Department of the Company.Former Financial Manager at Midea Group Co. Ltd. Product Company Vice General Manager and Chief Financial Officer at Meizhi
Zheng Hui Optoelectronics Technology Co. Ltd. and Senior Financial Director at the Company. Currently the Vice General Manager and Chief
Financial Officer of the Company.
74 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Former Securities Affairs Representative of Hebei Changshan Biochemical Pharmaceutical Co. Ltd. Securities Affairs Representative of
Li Xin Shijiazhuang Kelin Electric Co. Ltd. and Securities Affairs Representative of the Company. Currently serves as Vice General Manager and
Secretary of the Board of Directors of the Company.Other information
√Applicable □ Not applicable
On September 9 2025 the Company convened the 2025 Second Extraordinary Shareholders’ Meeting the Employee Representative Meeting and the
first meeting of the sixth session of the Board of Directors. Upon consideration the Directors and Senior Management of the sixth session of the Board
of Directors of the Company were elected or appointed. The sixth session of the Board of Directors of the Company consists of Mr. Zhang Jian Ms.Duan Hua Ms. Zhang Gege Mr. Gao Hui Mr. Peng Wei Ms. Li Yan Mr. Sun Minggui Mr. Liu Junfeng and Mr. Ma Junsheng. The Senior Management
of the sixth session of the Company consists of Mr. Zhang Jian Ms. Duan Hua Mr. Gao Hui Ms. Zheng Hui and Mr. Li Xin. The term of office of the
above personnel is three years.
75 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(II) Appointment status of current and resigned directors and senior management during
the reporting period
1. Appointment in shareholder units
□ Applicable √Not applicable
2. Appointment in other units
√Applicable □ Not applicable
Name of Position held in other Term start Term end
in-service staff Name of other units units date date
Zhang Jian Tianjin Jemma Electric JanuaryTechnology Co. Ltd. Director 2019
Zhang Jian Nanjing Zhidou New EnergyVehicle Co. Ltd. Director May 2023
Zhang Jian Guangxi Ningfu New EnergyTechnology Co. Ltd. Director June 2023
Zhang Jian Hangzhou Jizhi EnterpriseManagement Co. Ltd. Director April 2024
Zhang Gege Lingshui Dingai Venture CapitalPartnership (Limited Partnership) Managing partner
December
2017
Gao Hui Wuxi Lyuling Electric TechnologyCo. Ltd. Executive director May 2015
Glorious Sun School of Business
Sun Minggui and Management Donghua Professor doctoral February
University supervisor 2004
Ma Junsheng Shanghai Yangpu Commerce & January SeptemberTrade (Group) Co. Ltd. Director 2022 2025
Ma Junsheng Shanghai Xien Technology Co. Independent FebruaryLtd. director 2022
Ma Junsheng Huarong Technology Co. Ltd. Independent Septemberdirector 2022
Shanghai Beizhonghuan Sci-Tech
Ma Junsheng Enterprise Development (Group) Director January
Co. Ltd. 2024
Ma Junsheng Ningbo University of Finance &Economics Lecturer
November
2024
Explanation of
appointment in Not applicable
other units
(III) Remunerations of directors and senior management
√Applicable □ Not applicable
Decision-making process for the The Shareholders’ Meeting determines the remuneration of
remuneration of directors and senior Directors and the Board of Directors determines the
management remuneration of Senior Management.Whether directors abstain from discussions
of their own remuneration at board meetings Yes
Specific recommendations from the The remuneration plans for Directors and Senior
Compensation and Evaluation Committee or Management were reviewed and approved by the
special meeting of independent directors on Compensation and Evaluation Committee of the Board of
the remuneration of Directors and Senior Directors of the Company which issued explicit opinions of
Management consent.Basis for deciding the remuneration of For non-independent Directors and Senior Management who
directors and senior management hold positions in the Company remuneration is paid based on
76 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
their basic salary and annual performance achievement; the
allowance standard for Independent Directors is determined
with reference to the overall level of listed companies in the
same region and industry.Actual payment of remuneration for For details please refer to “Section 4 - III. (I) Changes indirectors and senior management shareholdings and remuneration of current and resigneddirectors and senior management during the reporting period”
Total remuneration actually received by all
directors and senior management as at the RMB 17.6385 million
end of the reporting period
Assessment basis and completion status for Directors (excluding Independent Directors) and Senior
the remuneration actually received by all Management were assessed based on their job
directors and senior management as at the responsibilities completion of performance indicators and
end of the reporting period other factors and the assessment work has been completed.Deferred payment arrangements for the
remuneration actually received by all
directors and senior management as at the Not applicable
end of the reporting period
Withholding and clawback of the
remuneration actually received by all
directors and senior management as at the Not applicable
end of the reporting period
(IV) Changes in directors and senior management
√Applicable □ Not applicable
Name Position held Change situation Reason for change
Li Yubao Vice GM Resigned Re-election
Luo Qingyi Vice GM Resigned Re-election
Wang Chunyan Director Vice GM Secretary ofthe Board of Directors Resigned Re-election
Li Yan Employee Director Elected Re-election
Li Xin Vice GM Secretary of theBoard of Directors Appointed Re-election
(V) Punishments imposed by securities regulators in the past three years
□ Applicable √Not applicable
(VI) Others
□ Applicable √Not applicable
IV. Performance of Duty by Directors
(I) Attendance of board meetings and shareholders’ meetings by directors
Attendance at
Indep Attendance at board meetings Shareholders’
enden Meetings
Name of t Number of Atten Attendan Attend Ab Absence fromdirector direct Board danc ce by two Number of
or or Meetings e in telecom ance se consecutive Shareholders’
not Required perso municati by nc meetings in Meetings
to Attend n on proxy e person or not Attended
Zhang Jian No 11 11 8 0 0 No 3
Duan Hua No 11 11 8 0 0 No 3
77 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Zhang Gege No 11 11 8 0 0 No 3
Peng Wei No 11 11 8 0 0 No 3
Gao Hui No 11 11 8 0 0 No 3
Wang
Chunyan No 6 6 4 0 0 No 3
Sun Minggui Yes 11 11 10 0 0 No 3
Ma Junsheng Yes 11 11 10 0 0 No 3
Liu Junfeng Yes 11 11 10 0 0 No 3
Li Yan No 5 5 4 0 0 No 0
Explanation for absence from two consecutive board meetings in person.□ Applicable √Not applicable
Number of Board meetings held in the year 11
Of which: Number of on-site meetings 0
Number of meetings held by telecommunication 8
Number of meetings held both on site and by telecommunication 3
(II) Objections raised by directors to matters of the Company
□ Applicable √Not applicable
(III) Others
□ Applicable √Not applicable
V. Specialized Committees under the Board of Directors
√Applicable □ Not applicable
(I) Members of the specialized committees
Committee type Members
Audit Committee Ma Junsheng Sun Minggui Liu Junfeng
Nomination Committee Liu Junfeng Zhang Jian Ma Junsheng
Compensation and Evaluation Committee Sun Minggui Duan Hua Liu Junfeng
Strategy and ESG Committee Zhang Jian Sun Minggui Liu Junfeng MaJunsheng
(II) The Audit Committee held 5 meetings during the reporting period
Convening Important Other
date Content of meeting comments and performancesuggestions of duties
Reviewed the proposals regarding the 2024 Annual
Report and Summary the 2024 Financial Settlement
Report the 2024 Internal Control Evaluation Report
April 11 2025 the 2024 Audit Committee Performance Report of the
Agreed to submit
Board of Directors the 2024 CPA Firm Performance for review by the None
Evaluation Report and the Audit Committee’s Report Board of Directors
on the CPA Firm’s Performance of Supervisory Duties
in 2024
April 25 2025 Reviewed the proposal regarding the 2025 First
Agreed to submit
Quarter Report for review by the NoneBoard of Directors
August 21 Reviewed the proposals regarding the 2025 Agreed to submit
2025 Semi-Annual Report and Summary and the for review by the NoneReappointment of the CPA Firm Board of Directors
September 9 Reviewed the proposal regarding the appointment of Agreed to submit
2025 the Chief Financial Officer for review by the NoneBoard of Directors
78 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
October 22 Reviewed the proposal regarding the 2025 Third Agreed to submit
2025 Quarter Report for review by the NoneBoard of Directors
(III) The Nomination Committee held 2 meetings during the reporting period
Convening Important Other
date Content of meeting comments and performancesuggestions of duties
Reviewed the proposals regarding the election of
August 21 non-independent Directors of the sixth session of the Agreed to submit
2025 Board of Directors of the Company and the election of for review by the NoneIndependent Directors of the sixth session of the Board of Directors
Board of Directors of the Company
September 9 Reviewed the proposal regarding the appointment of Agreed to submit
2025 Senior Management for review by the NoneBoard of Directors
(IV) The Compensation and Evaluation Committee held 7 meetings during the reporting
period
Other
Convening Important
date Content of meeting comments and
performa
suggestions nce ofduties
Proposals regarding the 2025 Annual Remuneration for
Non-Independent Directors of the Fifth Board of Directors the
2024 Remuneration of Senior Management and the 2025
Remuneration Plan the Adjustment of the 2023 Stock Option
Incentive Plan Exercise Price the Failure to Meet the Conditions Agreed to
April 11 for the Second Exercise Period of the 2023 Stock Option submit for
2025 Incentive Plan and the Cancellation of Some Stock Options the review by the None
Adjustment of the Repurchase Price under the 2024 Restricted Board of
Stock Incentive Plan and the Failure to Meet the Conditions for Directors
the First Unlocking Period of the 2024 Restricted Stock Incentive
Plan and the Repurchase Cancellation of Some Restricted
Shares
Proposals regarding the Adjustment of the Repurchase Price
under the 2021 Restricted Stock Incentive Plan the Repurchase Agreed to
April 25 Cancellation of Restricted Shares Granted for the First Time submit for
2025 under the 2021 Restricted Stock Incentive Plan and the review by the NoneFulfillment of the Unlocking Conditions for the Third Unlocking Board of
Period of Restricted Shares Granted for the First Time under the Directors
2021 Restricted Stock Incentive Plan
Proposals regarding the Company’s 2025 Restricted Stock
Incentive Plan (Draft) and Its Summary the Implementation Agreed to
May 23 Assessment Management Measures for the Company’s 2025 submit for
2025 Restricted Stock Incentive Plan and the Verification of the List of review by the None
Incentive Participants for the First Grant under the Company’s Board of
2025 Restricted Stock Incentive Plan Directors
Proposals regarding the Adjustment of Relevant Matters Agreed to
June 20 Concerning the First Grant under the 2025 Restricted Stock submit for
2025 Incentive Plan and the First Grant of Restricted Shares to review by the NoneIncentive Participants under the 2025 Restricted Stock Incentive Board of
Plan Directors
79 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Proposals regarding the Fulfillment of the Unlocking Conditions
for the Third Unlocking Period of the Reserved Grant under the Agreed to
August 21 2021 Restricted Stock Incentive Plan the 2025 Annual submit for
2025 Remuneration for Non-Independent Directors of the Sixth Board review by the None
of Directors and the Allowance for Independent Directors of the Board of
Sixth Board of Directors Directors
Proposals regarding the Adjustment of the Reserved Grant Price Agreed to
September under the 2025 Restricted Stock Incentive Plan and the Reserved submit for
12 2025 Grant of Restricted Shares to Incentive Participants under the review by the None
2025 Restricted Stock Incentive Plan Board ofDirectors
Proposals regarding the Adjustment of the Repurchase Price Agreed to
December under the 2024 Restricted Stock Incentive Plan and the submit for
29 2025 Repurchase Cancellation of Certain Restricted Shares under the review by the None
2024 Restricted Stock Incentive Plan Board ofDirectors
(V) The Strategy and ESG Committee held 1 meeting during the reporting period
Convening Content of meeting Important comments
Other
date and suggestions performanceof duties
April 11 Reviewed the proposal regarding the 2024 Agreed to submit for
2025 Environmental Social and Governance (ESG) Report review by the Board of NoneDirectors
(VI) Specification of objections
□ Applicable √Not applicable
VI. Explanation of Risks Identified by the Audit Committee
□ Applicable √Not applicable
The Audit Committee had no objection to the supervised matters during the reporting period.VII. Employees of the Company as the Parent and Its Principal Subsidiaries at the End of
the Reporting Period
(I) Employees
Number of in-service employees of the Company as the parent 1441
Number of in-service employees of principal subsidiaries 7462
Total number of in-service employees 8903
Number of retirees whose pensions are borne by the Company as the 0
parent and its principal subsidiaries
Professional composition
Professional category Number of employees
Production staff 5499
Sales staff 1145
Technical staff 1130
Financial staff 236
Administrative staff 893
Total 8903
Education Background
Education level Number of employees
Doctoral degree 2
Master’s degree 105
Bachelor’s degree 1761
Associate degree 1776
80 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
High school and below 5259
Total 8903
(II) Remuneration policy
√Applicable □ Not applicable
The Company has established an assessment mechanism oriented towards responsibility
outcomes and a contribution-based compensation and benefits system. Based on multiple
factors such as employees’ job value performance and competency the Company has built a
reasonable and scientific compensation structure. The Company closely monitors industry
compensation trends and regularly conducts market research to flexibly adjust its compensation
strategy based on market changes. In terms of value distribution the Company emphasizes
both material and honorary incentives covering basic salary subsidies diversified short-term
incentives and long-term mechanisms such as stock-based incentive plans. The Company
offers employees abundant development opportunities such as internal promotions
cross-departmental rotations and participation in key projects helping employees expand their
career development paths. At the same time the Company’s honor system is an essential part
of value distribution providing high recognition to outstanding employees through public
commendations honorary certificates and other forms thus motivating employees’ enthusiasm
and sense of belonging from a spiritual level.(III) Training plans
√Applicable □ Not applicable
The Company focuses on the value enhancement of human capital continuously conducting
customized professional empowerment training and strengthening the quality development of
its internal trainer team and curriculum system. Based on the Company’s strategy the
Company has developed training programs aligned with strategic and business needs with
ongoing follow-up on the practical application of theoretical knowledge. The Company has
established a three-tier training system providing comprehensive professional support to each
functional area in areas such as leadership innovation lean management new retail and
service with specialized emphasis tailored to their respective needs. In 2025 the Company
promoted nearly 400 internal and external training sessions.(IV) Labor outsourcing
√Applicable □ Not applicable
Total remuneration paid for labor outsourcing (in ten thousand yuan) 28403.92
VIII. Plan on Profit Distribution or Conversion of Capital Reserve
(I) Formulation implementation or adjustment of the cash dividend policy
√Applicable □ Not applicable
The Company has made clear provisions regarding profit distribution principles
decision-making mechanisms distribution standards and ratios in the Articles of Association
which are in compliance with the requirements of relevant normative documents such as
Guideline No. 3 for Listed Companies - Cash Dividends for Listed Companies and
Self-Regulatory Guideline No. 2 for Listed Companies - Business Handling: No. 5 Equity
Distribution.The 34th meeting of the fifth session of the Board of Directors of the Company reviewed and
approved the distribution of a cash dividend of RMB 0.628 per share (tax inclusive) for the first
half of 2025. Based on the total share capital of 869047956 shares the total cash dividend
distributed amounted to RMB 545762116.37 (tax inclusive). Pursuant to the authorization
granted by the Company’s 2024 Annual General Meeting of Shareholders for the 2025 interim
dividend distribution this profit distribution plan was not required to be submitted to the General
Meeting of Shareholders for consideration. The profit distribution was completed in September
2025.
81 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
The sixth meeting of the sixth session of the Board of Directors of the Company reviewed and
approved the proposed distribution of a cash dividend of RMB 0.544 per share (tax inclusive) for
2025 based on the total share capital registered on the equity record date for the
implementation of the equity distribution. Based on the total share capital of 867892982 shares
as of March 31 2026 the proposed cash dividend distribution is estimated to amount to RMB
472133782.21 (tax inclusive). If before the equity record date for the implementation of the
equity distribution the total share capital of the Company changes due to conversion of
convertible bonds into shares share repurchase repurchase and cancellation of shares
granted under equity incentives repurchase and cancellation of shares due to major asset
restructuring or other reasons the Company intends to maintain the per-share distribution ratio
unchanged and adjust the total distribution amount accordingly. This profit distribution plan is
subject to approval by the Company’s 2025 Annual Shareholders’ Meeting.In summary the annual cash dividend for 2025 (including the interim dividend for 2025) is
estimated to amount to RMB 1017895898.58 (tax inclusive) representing 50.03% of the net
profit attributable to shareholders of the listed company in 2025.(II) Special explanation on cash dividend policy
√Applicable □ Not applicable
Whether it complied with the regulations of the Articles of Association and
requirements of the resolutions of the general meetings √Yes □No
Whether the standard and ratio of dividends were clear √Yes □No
Whether relevant procedures and mechanisms for decision-making were
complete and comprehensive √Yes □No
Whether independent directors performed their duties and responsibilities √Yes □No
Whether minority shareholders were given the opportunity to fully express their
views and demands and whether their legitimate interests were adequately √Yes □No
protected
(III) If the Company made a profit during the reporting period and the parent company’s
distributable profits for shareholders are positive but no proposal for a cash profit
distribution plan has been made the Company should disclose the reasons in detail as
well as the uses and plans for the undistributed profits
□ Applicable √Not applicable
(IV) Profit distribution and capitalization of capital reserves plan for the reporting period
√Applicable □ Not applicable
Unit: Yuan (RMB)
Number of bonus shares per 10 shares (shares) 0
Dividend per 10 shares (Yuan) (tax inclusive) 11.72
Number of shares transferred per 10 shares (shares) 0
Cash dividend amount (tax inclusive) 1017895898.58
Net profit attributable to ordinary shareholders of the listed company in the
consolidated financial statements 2034500102.37
Cash dividend amount as a percentage of net profit attributable to ordinary
shareholders of the listed company in the consolidated financial statements (%) 50.03
Amount of shares repurchased with cash included in the cash dividend 0
Total dividend amount (tax inclusive) 1017895898.58
Total dividend amount as a percentage of net profit attributable to ordinary
shareholders of the listed company in the consolidated financial statements (%) 50.03
(V) Cash dividend distribution over the past three fiscal years
√Applicable □ Not applicable
Unit: Yuan (RMB)
Cumulative cash dividends distributed over the past three fiscal years (tax 2573250165.20
82 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
inclusive) (1)
Total amount of cash dividends and share repurchases over the past three years
(3)=(1)+(2)2573250165.20
Average annual net profit over the past three fiscal years (4) 1967848042.41
Cumulative dividend payout ratio over the past three fiscal years (%) (5) = (3)/(4) 130.76
Net profit attributable to ordinary shareholders of the listed company in the
consolidated financial statements for the most recent fiscal year 2034500102.37
Undistributed profit at the end of the most recent fiscal year in the parent
company's financial statements 1570129713.38
IX. Information on the Company’s Equity Incentive Plan Employee Stock Ownership Plan
or Other Employee Incentive Measures and Their Impact
(I) Relevant incentive matters disclosed in interim announcement with no subsequent
progress or change
√Applicable □ Not applicable
Equity
incentive Summary of matters Query index
plan
On May 23 2025 the 32nd Meeting of the Fifth Board of
Directors approved the proposal to implement the 2025 See the relevant
Restricted Stock Incentive Plan granting 14.1755 million announcements disclosed on
restricted shares to incentive recipients including 13.0955 million the website of the Shanghai
shares to be granted for the first time to 421 incentive recipients Stock Exchange on May 24
and 1.0800 million shares reserved at a grant price of RMB 2025 for details.
20.60/share.
On June 20 2025 the Company’s 2025 First Extraordinary
General Meeting of Shareholders approved the 2025 Restricted
Stock Incentive Plan. On the same day the Company convened
the 33rd Meeting of the Fifth Board of Directors which approved
the adjustment of the list of incentive recipients and the number of See the relevant
shares to be granted for the first grant under the 2025 Restricted announcements disclosed on
Stock Incentive Plan to 12.0537 million shares granted to 393 the website of the Shanghai
incentive recipients and the adjustment of the grant price to RMB Stock Exchange on June 21
2025 20.01/share due to the implementation of equity distribution. 2025 and July 24 2025 for
Restricted During the payment process as some incentive recipients waived details.Stock all or part of their restricted shares the number of incentive
Incentive recipients was adjusted to 387 and the actual number of shares
Plan granted was adjusted to 11.9685 million shares. As of June 252025 the Company had received the above payments.On July 25 2025 the Company completed the share registration
for the first grant of 11.9685 million shares under the 2025 See the relevant
Restricted Stock Incentive Plan of which 750500 shares were announcements disclosed on
sourced from the Company’s shares repurchased from the the website of the Shanghai
secondary market and 11.2180 million shares were sourced from Stock Exchange on July 29
the Company’s shares issued to incentive recipients through 2025 for details.private placement.On September 12 2025 the second Meeting of the Sixth Board
of Directors of the Company reviewed and approved: (1) the See the relevant
adjustment of the repurchase price for the reserved grant under announcements disclosed on
the 2025 Restricted Stock Incentive Plan due to the the website of the Shanghai
implementation of the Company’s 2025 interim equity distribution Stock Exchange on
with the adjusted repurchase price being RMB 19.38/share; and September 13 2025 for
(2) the grant of 80000 restricted shares to two incentive details.
recipients who met the conditions for the reserved grant under the
83 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
2025 Restricted Stock Incentive Plan at a grant price of RMB
19.38/share with the grant date being September 12 2025.
On October 14 2025 the Company completed the grant See the relevant
registration for the reserved grant of 80000 shares under the announcements disclosed on
2025 Restricted Stock Incentive Plan with the shares sourced the website of the Shanghai
from the Company’s shares issued to incentive recipients through Stock Exchange on October
private placement. 16 2025 for details.On April 14 2025 the 30th Meeting of the Fifth Board of Directors
of the Company reviewed and approved: (1) the adjustment of the
repurchase price under the 2024 Restricted Stock Incentive Plan
due to the implementation of equity distribution with the adjusted See the relevant
repurchase price being RMB 11.15/share; and (2) as 10 incentive announcements disclosed on
recipients no longer met the eligibility criteria for incentive the website of the Shanghai
recipients and the unlocking conditions for the first unlocking Stock Exchange on April 16
period had not been fulfilled a total of 3.8610 million restricted 2025 for details.shares granted to them but not yet unlocked were to be
repurchased and cancelled by the Company.
2024 On July 3 2025 the Company completed the repurchase and
Restricted cancellation of a total of 3.8610 million restricted shares under the See the relevant
Stock 2024 Restricted Stock Incentive Plan as the unlocking conditions announcements disclosed on
Incentive for the first unlocking period had not been fulfilled and 10 the website of the Shanghai
Plan incentive recipients no longer met the eligibility criteria for Stock Exchange on July 1
incentive recipients. 2025 for details.On December 30 2025 the fifth Meeting of the Sixth Board of
Directors of the Company reviewed and approved: (1) the
adjustment of the repurchase price under the 2024 Restricted See the relevant
Stock Incentive Plan due to the implementation of the Company’s announcements disclosed on
2025 interim equity distribution with the adjusted repurchase the website of the Shanghai
price being RMB 10.52/share; and (2) as 15 incentive recipients Stock Exchange on
no longer met the eligibility criteria for incentive recipients a total December 31 2025 for
of 1.2350 million restricted shares granted to them but not yet details.unlocked will be repurchased and cancelled by the Company.On April 14 2025 the 30th Meeting of the Fifth Board of Directors
of the Company reviewed and approved: (1) the adjustment of the
2023 exercise price under the 2023 Stock Option Incentive Plan due to
Stock the implementation of equity distribution with the adjusted
See the relevant
Option exercise price being RMB 29.97/share; and (2) as 19 incentive
announcements disclosed on
Incentive recipients no longer met the eligibility criteria for incentive
the website of the Shanghai
Plan recipients and the exercise conditions for the second exercise
Stock Exchange on April 16
period had not been fulfilled a total of 2.1711 million stock options 2025 for details.granted to the incentive recipients but not yet exercised were to
be cancelled by the Company.On April 25 2025 the 31st Meeting of the Fifth Board of Directors
of the Company reviewed and approved: (1) the adjustment of the
repurchase price under the 2021 Restricted Stock Incentive Plan
due to the implementation of equity distribution with the adjusted
repurchase price being RMB 6.73/share; (2) as two incentive See the relevant
2021 recipients no longer met the eligibility criteria for incentive announcements disclosed on
Restricted recipients a total of 25200 restricted shares granted to them but the website of the Shanghai
Stock not yet unlocked will be repurchased and cancelled by the Stock Exchange on April 26
Incentive Company; and (3) as the unlocking conditions for the third 2025 for details.Plan unlocking period of the first grant under the 2021 Restricted Stock
Incentive Plan had been fulfilled 90 incentive recipients were
eligible for unlocking with 5.3928 million shares to be unlocked.On June 12 2025 5.3928 million shares unlocked for the third See the relevant
unlocking period of the first grant under the 2021 Restricted Stock announcements disclosed on
Incentive Plan were unlocked and listed for trading. the website of the Shanghai
84 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Stock Exchange on June 7
2025 for details
On August 11 2025 the Company completed the repurchase See the relevant
and cancellation of a total of 25200 restricted shares held by two announcements disclosed on
incentive recipients who no longer met the eligibility criteria for the website of the Shanghai
incentive recipients. Stock Exchange on August7 2025 for details
On August 28 2025 as the unlocking conditions for the third See the relevant
unlocking period of the reserved grant under the 2021 Restricted announcements disclosed on
Stock Incentive Plan had been fulfilled a total of 151200 the website of the Shanghai
restricted shares held by 14 incentive recipients were unlocked Stock Exchange on August
and listed for trading. 23 2025 for details
(II) Incentives not disclosed in interim announcement or with subsequent progress
Equity incentive plans
□ Applicable √Not applicable
Other explanation
√Applicable □ Not applicable
On April 14 2025 the 30th Meeting of the Fifth Board of Directors of the Company reviewed
and approved: (1) the adjustment of the exercise price under the 2023 Stock Option Incentive
Plan due to the implementation of equity distribution with the adjusted exercise price being
RMB 29.97/share; and (2) as 19 incentive recipients no longer met the eligibility criteria for
incentive recipients and the exercise conditions for the second exercise period had not been
fulfilled a total of 2.1711 million stock options granted to the incentive recipients but not yet
exercised were to be cancelled by the Company.The Company completed the adjustment of the number of the above stock options and the
exercise price on June 25 2025 and completed the cancellation of the above stock options on
July 2 2025.Employee stock ownership plan
□ Applicable √Not applicable
Other incentive measures
□ Applicable √Not applicable
(III) Equity incentives granted to directors and senior management during the reporting
period
√Applicable □ Not applicable
Unit: Shares
Stock Stock Shares Shares Exercise Stock Marketoptions options exercised
held at newly exercisabl under stock price of
options price at the
Name Position the granted in e in the stock
held at end of the
options in the
period-be the reporting reporting reporting options
the reporting
period (RMB) period- periodgin period period end (yuan)
Vice GM
Li Xin Secretary ofthe Board 14700 29.97 8400 29.70
of Directors
Total / 14700 / 8400 /
√Applicable □ Not applicable
Unit: Shares
Name Position Restricted Restricted Gra Unlock Share Restricte Market price
85 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
shares shares newly nt ed s still d shares at the end of
held at the granted in the pric shares in held at the reporting
period-be reporting e lockup the period
gin period (yua period-en (yuan)
n) d
Luo Vice GM 5040 7900
Qingyi (Resigned) 1204000 300000 00 00 790000
Gao Hui Director Vice GM 1708000 300000 1008 7900000 00 790000
Director Vice GM
Wang Secretary of the
Chunyan Board of Directors 400000 93000
3730
00373000
(Resigned) 20.0
Li Yubao Vice GM(Resigned) 500000 300000 1
6500
0065000029.70
Zheng Vice GM Chief 3360 5730
Hui Financial Officer 836000 223000 00 00 573000
Vice GM
Li Xin Secretary of the 20000 26000 4000 40000
Board of Directors 0
Peng Director 0 43000 4300Wei 0 43000
Li Yan Employee Director 0 60000 19.3 60008 0 60000
Total / 4668000 1345000 / 1848 3319 331900000 000 0 /
Note: On July 3 2025 the Company completed the repurchase and cancellation of 3861000
restricted shares held by incentive recipients under the 2024 Restricted Stock Incentive Plan
whose unlocking conditions for the first unlocking period had not been fulfilled and who no
longer met the eligibility criteria for incentive recipients due to resignation for personal reasons
including the repurchase and cancellation of a total of 846000 restricted shares held by Luo
Qingyi Gao Hui Wang Chunyan Li Yubao Zheng Hui and Li Xin.(IV) Formulation and implementation of evaluation and incentive mechanisms for senior
management during the reporting period
√Applicable □ Not applicable
The Company’s evaluation and incentive mechanism for senior management is based on the
principle of “growing with the organization and achieving organizational goals”. Performance
indicators appropriate to the nature of each business segment such as financial metrics
operational metrics quality indicators key events and disqualifying criteria are selected to set
short-term and long-term performance targets for the departments or business units under their
responsibility. The Company regularly tracks and assesses the achievement of these targets
and implements short- and long-term incentives based on evaluation results and the extent to
which organizational goals are met.X. Establishment and Implementation of Internal Control System During the Reporting
Period
√Applicable □ Not applicable
The Company has established an internal control management system in accordance with the
relevant regulatory requirements of the CSRC and the Shanghai Stock Exchange. In light of its
actual operations the Company has strictly enforced and continuously improved the system. In
2025 the Company maintained effective internal control over financial reporting in all material
aspects as required by the Internal Control Standards for Enterprises and relevant regulations
with no material deficiencies in internal control. For further details please refer to the 2025
Internal Control Evaluation Report disclosed on the website of the Shanghai Stock Exchange.
86 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Description of major defects existing in internal control during the reporting period.□ Applicable √Not applicable
XI. Management and Control of Subsidiaries During the Reporting Period
√Applicable □ Not applicable
The Company in strict accordance with applicable laws regulations and regulatory documents
exercises effective management and control over its subsidiaries based on the Subsidiary
Management System approved by the Board of Directors. This includes personnel
management financial management business and investment decision-making information
disclosure audit supervision document and seal administration among others. The Company
ensures standardized management and risk control of its subsidiaries. In alignment with the
Company’s overall strategic plan subsidiaries are required to formulate their respective
business operation plans risk management procedures and internal control systems to
continuously improve the level of standardized operations.XII. Information about the Internal Control Audit Report
√Applicable □ Not applicable
The Company engaged Ernst & Young Hua Ming LLP to audit the implementation of internal
control for 2025 and Ernst & Young Hua Ming LLP issued an Internal Control Audit Report with
a standard unqualified opinion. For details please refer to the 2025 Internal Control Audit
Report disclosed on the same date as this Annual Report.Whether the internal control audit report was disclosed: Yes
Opinion type of the internal control audit report: Standard unqualified opinion
Whether a non-standard audit opinion on internal control was issued during the reporting period
or in the previous year
□ Yes √No
XIII. Rectification of Issues Identified in the Self-Inspection under the Special Corporate
Governance Campaign of the Listed Company
Not applicable
XIV. Environmental Information of the Listed Company and Its Major Subsidiaries
Included in the List of Enterprises Legally Required to Disclose Environmental
Information
√Applicable □ Not applicable
Number of enterprises included in the list of
enterprises legally required to disclose 3
environmental information (unit)
Query index for reports on legally disclosed
No. Enterprise Name environmental information
Enterprise Environmental Information Legal
1 Tianjin Aima Vehicle Technology Disclosure System (Tianjin)Co. Ltd. https://hjxxpl.sthj.tj.gov.cn:10800/#/gkwz/ndpl/inde
xsearch=%E7%88%B1%E7%8E%9B
Shangqiu Municipal Ecology and Environment
2 Henan Aima Vehicle Co. Ltd. Bureauhttps://sthjj.shangqiu.gov.cn/zwdt/tzgg/content_27
4301
87 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Dongguan Municipal Ecology and Environment
3 Guangdong Aima Vehicle BureauTechnology Co. Ltd. https://dgepb.dg.gov.cn/zwgk/tzgg/content/post_4
367171.html
Other explanations
□ Applicable √Not applicable
XV. Performance of Social Responsibilities
(I) Whether a separate social responsibility report sustainability report or ESG report
was disclosed
√Applicable □ Not applicable
For details please refer to the Aima Technology 2025 Environmental Social and Governance
(ESG) Report disclosed on the same date as this Report.
(II) Details of social responsibility work
√Applicable □ Not applicable
Donation and public welfare
projects Amount/Content Description
Total contribution (Unit: Ten
Thousand Yuan) 990.67
Mainly contributions to charitable
donations and rural revitalization projects
Detailed description
□ Applicable √Not applicable
XVI. Particulars on the Efforts to Consolidate and Expand Its Achievements in Poverty
Alleviation and Rural Revitalization
√Applicable □ Not applicable
Poverty alleviation and rural revitalization
projects Amount/Content
Total investment (in Ten Thousand Yuan) 16.18
Forms of assistance (e.g. poverty The Company actively fulfills its corporate social responsibilities
alleviation through industrial contributing to rural revitalization and community development.development poverty alleviation through Donations were made for road maintenance in towns near the
employment poverty alleviation through factory locations to support local infrastructure construction.education etc.) Scholarships were donated to students in need to support localeducation among other initiatives.Detailed description
□ Applicable √Not applicable
XVII. Others
□ Applicable √Not applicable
88 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Section 5 Significant Events
I. Fulfillment of Commitments
(I) Commitments made by the ultimate controller shareholders related parties acquirer
as well as the Company itself and other relevant parties during or up to the reporting
period
√Applicable □ Not applicable
Com Com Any Com Whether If not timely If not timely
mitme mitm deadli mitm performe performed performed
nt Commitmen Promisor ent ne for ent d in a the specific the plan for
backg t type conte perfor perio timely reasons the further
round nt manc d and strict should be step shoulde way stated be stated
Others Zhang Jian and NoteZhang Gege 1 No
Long-
term Yes N/A N/A
Zhang Jian
Zhang Gege
Com Others Lingshui Dingai Note No Long-
mitme and its partners 2 term
Yes N/A N/A
nts Peng Wei
relate Resolving
d to peer Zhang Jian and Note No Long- Yes N/A N/A
IPO competition Zhang Gege 3 term
Resolving
related Zhang Jian and Note Long-
party Zhang Gege 4 No term Yes N/A N/A
transactions
Zhang Jian
Duan Hua
Com Zhang Gege
mitme Gao Hui Peng
nts Wei Wang
relate Others Chunyan Sun Note No Long-Minggui Liu 5 term Yes N/A N/Ad to
refina Junfeng MaJunsheng
ncing Zheng Hui Li
Yubao Luo
Qingyi
Note 1: Share lock-up commitments upon initial public offering
The Company’s controlling shareholder and ultimate controller Zhang Jian and ultimate
controller Zhang Gege have made the following commitments:
Within thirty-six months from the date of the Company’s initial public listing I shall not transfer or
entrust others to manage the shares I directly or indirectly held prior to the public offering nor
shall the Company repurchase such shares held directly or indirectly by me before the public
offering. (This commitment has been fully fulfilled)
Upon expiration of the above lock-up period I shall determine my subsequent shareholding
plan based on commercial investment principles and in strict compliance with the relevant rules
and regulations of the CSRC and the stock exchange. If I intend to reduce my shareholdings in
the issuer I shall notify the issuer and make a public announcement three trading days in
advance and handle the reduction in accordance with the Company Law of the People’s
Republic of China the Securities Law of the People’s Republic of China and other applicable
regulations issued by the CSRC and the stock exchange. If the reduction is conducted via
89 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
centralized bidding I shall pursuant to the Several Provisions on Shareholding Reduction by
Shareholders Directors Supervisors and Senior Management of Listed Companies file the
reduction plan with the stock exchange fifteen trading days prior to the first sale and make a
public announcement accordingly.Note 2: Commitments on intentions to hold and reduce shares in connection with the
Initial Public Offering
The Company’s controlling shareholder and ultimate controller Zhang Jian co-ultimate
controller Zhang Gege Lingshui Dingai and its partners and Peng Wei have made the following
commitments:
(1) While serving as a director or senior management of the Company I shall not transfer more
than 25% of the shares I directly or indirectly hold in the Company annually; and I will not
transfer any shares I directly or indirectly hold in the Company within six months of resignation.
(2) I undertake that within two years after the expiration of the lock-up period any share
reduction shall not be conducted at a price lower than the offering price. In the event of dividend
distribution bonus share issuance capital reserve capitalization rights issues or other similar
events the price shall be adjusted accordingly based on the ex-rights or ex-dividend
arrangements.
(3) The above commitments shall remain binding and shall not be waived due to any change in
position resignation or other reasons. If the Company or other investors suffer losses as a
result of my failure to fulfill the above commitments I shall bear the liability for compensation to
the Company or other investors in accordance with the law.Note 3: Commitments on resolving and avoiding horizontal competition
The Company’s controlling shareholder and ultimate controller Zhang Jian and ultimate
controller Zhang Gege have made the following commitments:
(1) In order to avoid potential horizontal competition between Aima Technology and enterprises
controlled or significantly influenced by me I hereby undertake that during my tenure as the
controlling shareholder and ultimate controller of Aima Technology any enterprise under my
control or significant influence shall not within or outside the territory of China in any form
(including but not limited to sole operation joint venture or through holding shares or other
equity interests in any other company or enterprise) directly or indirectly engage in any
business or activity that competes with Aima Technology. I shall not assume any managerial
position in any economic entity that competes with Aima Technology.If Aima Technology expands its business scope in the future I undertake and shall urge any
enterprise under my control or significant influence to refrain from engaging in any business that
competes with the expanded scope of Aima Technology. If I or any enterprise under my control
or significant influence encounter any business opportunity that may compete with the current
or future operations of Aima Technology I shall take and urge such enterprises to take all
reasonable and practicable measures to transfer such opportunities to Aima Technology. If Aima
Technology does not accept such opportunities the enterprise under my control or significant
influence shall transfer the opportunity to a non-affiliated third party before entering the
execution phase or otherwise withdraw or take other actions beneficial to safeguarding Aima
Technology’s interests to avoid horizontal competition.With respect to enterprises under my control or significant influence I shall through dispatching
institutions or personnel (including but not limited to directors and managers) and/or acquiring a
controlling position ensure that such enterprises fulfill the obligations under this commitment
and do not engage in any horizontal competition with Aima Technology.
(2) I further undertake not to harm the legitimate rights and interests of Aima Technology or its
minority shareholders by taking advantage of my position as the controlling shareholder or
ultimate controller of Aima Technology nor to seek any undue or abnormal gains through such
special status.
(3) I confirm that each of the undertakings stated herein is independently enforceable. If I
90 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
breach any of the above commitments Aima Technology shall be entitled to require me or any
enterprise under my control or significant influence to immediately cease the horizontal
competition and shall be entitled to claim compensation for any direct or indirect economic
losses liabilities and associated expenses incurred thereby.
(4) I guarantee that the above commitments shall remain valid and irrevocable during the period
when Aima Technology is listed on a domestic stock exchange and I serve as its controlling
shareholder and ultimate controller. If during this period relevant laws regulations or regulatory
guidelines are amended I shall timely update or supplement the relevant commitments in
accordance with the applicable rules.The Company’s ultimate controller Zhang Jian has made the following commitment:
During my tenure as the ultimate controller of Aima Technology I undertake to ensure that Aima
Technology and its subsidiaries will not engage in any fund or business transactions with
enterprises controlled or significantly influenced by the families of Zhang Hong or Zhang Ru
and shall not harm the interests of Aima Technology or its shareholders (including minority
shareholders) through the aforesaid enterprises. Should I breach this undertaking I am willing
to compensate for any resulting losses.Note 4: Measures taken by the Company to minimize related-party transactions
The Company’s controlling shareholder and ultimate controller Zhang Jian and ultimate
controller Zhang Gege have made the following commitments:
(1) I my immediate family members and other economic entities controlled by myself or my
immediate family members shall endeavor to avoid or reduce related-party transactions with
Aima Technology (including its subsidiaries within the scope of consolidated financial
statements hereinafter the same). For transactions that Aima Technology can conduct with
independent third parties through the market such transactions shall be carried out with those
independent third parties. I my immediate family members and the economic entities under our
control shall strictly avoid lending to or misappropriating funds from Aima Technology or
occupying Aima Technology’s funds by means of advances debt repayments or other similar
methods.
(2) All necessary transactions between myself (including my immediate family members and
controlled entities) and Aima Technology shall strictly comply with market principles and be
conducted on a fair and reasonable basis following the principles of equality mutual benefit
and equivalent value. If pricing is regulated by government authorities such pricing shall apply;
where no government pricing exists fair market prices shall prevail; in the absence of both
government pricing and comparable market prices pricing shall be determined based on cost
plus a reasonable profit margin.
(3) All related-party transactions between myself (including my immediate family members and
controlled entities) and Aima Technology shall be governed by written contracts or agreements
and shall strictly follow the requirements set out in Aima Technology’s Articles of Association
and related-party transaction management systems. I will voluntarily abstain from voting in
accordance with legal requirements when the relevant transaction matters are submitted to
Aima Technology’s decision-making bodies. Transactions subject to approval by competent
authorities shall only be executed after such approval has been obtained.
(4) I undertake not to obtain any improper benefit from related-party transactions or cause Aima
Technology to assume any improper obligation. If any loss is caused to Aima Technology due to
a breach of the above commitments or through related-party transactions that encroach upon
the interests of Aima Technology Aima Technology shall have the right to unilaterally terminate
such related-party transactions and I shall be liable for the resulting losses.
(5) For any unavoidable related-party transactions I shall urge Aima Technology to strictly
follow the decision-making procedures abstention voting rules and information disclosure
requirements set forth in its Articles of Association and ensure the fairness impartiality and
reasonableness of such transactions so as to prevent harm to the interests of Aima Technology
and its shareholders.
91 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(6) The above commitments shall remain in effect during the period in which I constitute a
related party of Aima Technology.Note 5: Commitment on measures to offset the dilution of immediate returns arising from
the public issuance of convertible corporate bonds and listing thereof
(1) The Company’s controlling shareholder and ultimate controller Zhang Jian and ultimate
controller Zhang Gege have made the following commitments:
* I undertake not to overstep my authority to interfere with the Company’s operations and
management activities and not to encroach upon the interests of the Company.* From the date of this undertaking until the completion of the implementation of the
Company’s public issuance of convertible corporate bonds if the CSRC the Shanghai Stock
Exchange or other regulatory authorities introduce new regulatory requirements concerning
return compensation measures and undertakings and the existing undertakings cannot meet
such requirements I will issue supplementary undertakings in accordance with the latest
regulations of the relevant regulatory authorities.As one of the parties responsible for implementing the return compensation measures if I
breach the above undertakings or refuse to perform them I accept that the CSRC the
Shanghai Stock Exchange or other securities regulatory authorities may impose relevant
penalties or take corresponding administrative measures in accordance with their rules and
regulations and I am willing to bear the corresponding legal liabilities.
(2) Directors Zhang Jian Duan Hua Zhang Gege Gao Hui Peng Wei Wang Chunyan Sun
Minggui Liu Junfeng Ma Junsheng and senior management personnel Zheng Hui Li Yubao
Luo Qingyi have made the following commitments:
* I undertake not to transfer interests to other entities or individuals gratuitously or under unfair
conditions nor to harm the interests of the Company through any other means.* I undertake to exercise restraint in personal consumption funded by the Company.* I undertake not to use Company assets to engage in investments or consumption activities
unrelated to my duties.* I undertake that my remuneration will be linked to the implementation of the Company’s
return compensation measures as determined by the Board of Directors or the Remuneration
and Appraisal Committee.* If the Company implements an equity incentive plan in the future I undertake that the
exercise conditions under the proposed equity incentive plan will be linked to the
implementation of the return compensation measures.* From the date of this undertaking until the completion of the implementation of the
Company’s public issuance of convertible corporate bonds if the CSRC the Shanghai Stock
Exchange or other regulatory authorities introduce new regulatory requirements concerning
return compensation measures and undertakings and the existing undertakings cannot meet
such requirements I will issue supplementary undertakings in accordance with the latest
regulations of the relevant regulatory authorities.As one of the parties responsible for implementing the return compensation measures if I
breach the above undertakings or refuse to perform them I accept that the CSRC the
Shanghai Stock Exchange or other securities regulatory authorities may impose relevant
penalties or take corresponding administrative measures in accordance with their rules and
regulations and I am willing to bear the corresponding legal liabilities.(II) If there are earnings forecasts for the assets or projects of the Company and the
reporting period is still in the earnings forecast period the Company should explain
whether the asset or project reaches the original earnings forecast and give the reasons
□ Already reached □ Not reached √ Not applicable
92 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(III) Fulfillment of performance commitments
□ Applicable √ Not applicable
Changes of performance commitments
□ Applicable √ Not applicable
Others
□ Applicable √ Not applicable
II. Non-operational Occupancy of the Company’s Funds by the Controlling Shareholder
and Other Related Parties during the Reporting Period
□ Applicable √ Not applicable
III. Information on Guarantees in Violation of Regulations
□ Applicable √ Not applicable
IV. Explanation of the Board of Directors of the Company on the Non-standard Opinion
Audit Report Issued by the Accounting Firm
□ Applicable √ Not applicable
V. Analysis and Explanation on the Reasons and Effects of the Changes in the
Company’s Accounting Policies Accounting Estimates or Correction of Material
Accounting Errors
(I) Analysis and explanation of the Company on the reasons and effects of the changes in
the accounting policies and accounting estimates
□ Applicable √ Not applicable
(II) Analysis and explanation of the Company on the reasons and effects of the correction
of material accounting errors
□ Applicable √ Not applicable
(III) Communication with former accounting firm
□ Applicable √ Not applicable
(IV) Approval procedures and other explanations
□ Applicable √ Not applicable
VI. Engagement and Dismissal of Accounting Firms
Unit: Ten Thousand Yuan (RMB)
Current engagement
Name of the domestic accounting firm Ernst & Young Hua Ming LLP
Audit fee for the domestic accounting firm 388
Years of audit services by the domestic accounting firm 13
Names of certified public accountants Guo Jing and Zhao Ruiqing
Accumulated years of audit services provided by the 4 years (Guo Jing) and 3 years (Zhao
certified public accountants Ruiqing)
Name Remuneration
Internal control audit firm Ernst & Young Hua Ming LLP 62
Explanation on the engagement and dismissal of accounting firms
√ Applicable □ Not applicable
On September 9 2025 the Company’s 2nd Extraordinary General Meeting of Shareholders in
93 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
2025 reviewed and approved the Proposal on Continuing Engagement of the Accounting Firm
agreeing to reappoint Ernst & Young Hua Ming LLP as the Company’s financial audit firm and
internal control audit firm for 2025.Explanation on mid-term changes of the accounting firm during the audit period
□ Applicable √ Not applicable
Explanation on the decrease of audit fees by more than 20% (Inclusive) compared to the
previous year
□ Applicable √ Not applicable
VII. Circumstances Relating to Delisting Risks
(I) Reasons for the delisting risks warning
□ Applicable √ Not applicable
(II) Measures proposed by the Company in response
□ Applicable √ Not applicable
(III) Circumstances and reasons for facing delisting
□ Applicable √ Not applicable
VIII. Matters Relating to Bankruptcy and Reorganization
□ Applicable √ Not applicable
IX. Material Litigation and Arbitration Matters
□ Material litigation and arbitration matters during the year
√ No material litigation and arbitration matters during the year
X. Suspected Violations of Laws and Regulations Penalties and Rectification by the
Listed Company and Its Directors Senior Management Controlling Shareholders and
Ultimate Controllers
□ Applicable √ Not applicable
XI. Statement on the Integrity of the Company and Its Controlling Shareholder and
Ultimate Controller During the Reporting Period
√ Applicable □ Not applicable
During the reporting period the Company its controlling shareholder and ultimate controller
maintained good integrity records. There were no instances of failure to comply with effective
court judgments nor any significant overdue debts that remained unsettled.XII. Material Related-Party Transactions
(I) Related-party transactions from daily operation
1. Matters already disclosed in the interim announcements and with no progress or
change in subsequent implementation
□ Applicable √ Not applicable
2. Matters already disclosed in the interim announcements and with progress or change
in subsequent implementation
√ Applicable □ Not applicable
On December 27 2024 the 28th meeting of the fifth session of the Board of Directors of the
Company reviewed and approved the Proposal on the Estimated Daily Related-Party
Transactions of the Company and Its Subsidiaries for 2025. For details please refer to the
Announcement on the Estimated Daily Related-Party Transactions of the Company and Its
Subsidiaries for 2025 disclosed by the Company on the website of the Shanghai Stock
94 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Exchange on December 28 2024. In 2025 the actual implementation of daily related-party
transactions between the Company and its related parties is as follows:
Unit: Ten Thousand Yuan (RMB)
Anticipated Actual amount
Trading Types of related-party Related amount in 2025 in 2025
party transactions parties
(tax exclusive) (tax exclusive)
Purchase of goods from related
parties 1000.00 774.87
Tianjin
Provision of services to related Jemma
parties 360.00Electric
Lease of properties to related TechnologThe
Compa parties
y Co. Ltd. 1100.00 999.14
ny and Sale of goods to related parties 3300.00 1.93
its
subsidi Subtotal 5760.00 1775.94
aries Lease of properties from related
parties Duan Hua 500.00 476.19
Henan
Receipt of goods and services Huabang
from related parties Technolog 9900.00 5901.93
y Co. Ltd.Total 16160.00 8154.06
3. Matters not disclosed in the interim announcements
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Types Details Pricing Pricin
Propor Settlem Reasons for
principl g of Amou tion of ent significantof of es for relate nt of the method Mar differencesRelated Relatio related related related same-t s for ket between the
parties nship -party -party related- d-part -party ype related- pric transaction
transac transac party ytransact transa transa transa party e price and thetions tions ions ctions ctions ctions transact market(%) ions reference price
Tianjin
Jemma Associ Receip Market
Electric ate t of
Shared price or RMB Telegraemploy 23/ho 60795 0.018 phic None
Technology compa service ment negotiat ur .91 transfer
Co. Ltd. ny s ed price
Henan Market RMB
Huabang Other Sale of Sale of price or 57.52 3451. Telegra
Technology relatedparties goods apparel negotiat /piec 33
0.009 phic None
Co. Ltd. ed price e transfer
Total / / 64247 / / / /.24
Details of large sales Not applicable
returns
* During the peak production season the Company had temporary
Description of related-party employment needs and Tianjin Jemma arranged for some of its
transactions employees to provide services to the Company.* The Company sold apparel and Henan Huabang made
purchases based on its needs.
95 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
The transaction amounts of the above related-party transactions did
not reach the thresholds for board resolution or ad hoc
announcement. The transactions were conducted based on
principles of fairness equity and voluntariness and did not harm the
interests of the Company or minority shareholders.(II) Related-party transactions arising from acquisition or disposal of assets or equity
1. Matters disclosed in interim announcements and with no progress or change in
subsequent implementation
□ Applicable √ Not applicable
2. Matters disclosed in interim announcements and with progress or change in
subsequent implementation
□ Applicable √ Not applicable
3. Matters not disclosed in the interim announcements
√ Applicable □ Not applicable
Unit: Ten Thousand Yuan (RMB)
Bo Impact of Reason for
Detai ok Asse SettlePricing val ssed ment transactio
significant
difference
Types of ls ofrelat principl ue valu Tra metho
Gains n on the
Relat related-pa from Company
between
ed-p es for of e of nsf ds for the 's transactionRelated ions rty related- tra trans er relate price and
parties hip transactio artytrans party nsf ferre pric d-part
asset operating book value
ns actio transact err d e y
transf results
er and or assessed
ns ions ed asse transa financial valueass t ctions condition market fairet value
Othe
Henan r Purchase Visu Market Not Not
Huabang relat of assets al price or ap appli 69. Bank Not No Not
Technolog ed other than signa negotiat plic cabl 19 transf applic significan applicable
y Co. Ltd. parti goods ge ed price abl e er able t impact
es e
Explanation of related-party transactions arising from asset acquisition and disposal
Due to base construction needs the Company purchased and installed visual signage from
Henan Huabang Technology Co. Ltd. an enterprise controlled by a close family member of a
director. The transaction amounts of the above related-party transactions did not reach the
thresholds for board resolution or interim announcement. The above related-party transactions
were conducted based on principles of fairness equity and voluntariness and did not impair
the interests of the Company or minority shareholders.
4. Where performance commitments are involved the performance realization status
during the reporting period shall be disclosed
□ Applicable √ Not applicable
(III) Material related-party transactions of joint external investment
1. Matters disclosed in interim announcements and with no progress or change in
subsequent implementation
□ Applicable √ Not applicable
96 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
2. Matters disclosed in interim announcements and with progress or change in
subsequent implementation
□ Applicable √ Not applicable
3. Matters not disclosed in the interim announcements
□ Applicable √ Not applicable
(IV) Receivables and payables with related parties
1. Matters disclosed in interim announcements and with no progress or change in
subsequent implementation
□ Applicable √ Not applicable
2. Matters disclosed in interim announcements and with progress or change in
subsequent implementation
□ Applicable √ Not applicable
3. Matters not disclosed in the interim announcements
□ Applicable √ Not applicable
(V) Financial transactions between the Company and its related finance companies and
between the Company’s holding finance company and the related parties
□ Applicable √ Not applicable
(VI) Others
□ Applicable √ Not applicable
XIII. Material Contracts and Their Performance Status
(I) Custody contracting and leases
1. Custody
□ Applicable √ Not applicable
2. Contracting
□ Applicable √ Not applicable
3. Leases
□ Applicable √ Not applicable
97 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(II) Guarantee
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Guarantees provided to external parties (excluding guarantees to subsidiaries)
Relationship Date of occurrence Guara Type Has the Has the Overd Counter Guarant
Guara between the Guara Amountnteed guarant of the guarantee
Guarant Collat
ntor guarantor and ee start
ntee of eral (if guarante guarante ue guarant ee for Relatio
the Company party eed
(date of date expiry guara any) e been e been amoun ee related nshipagreement) date ntee fulfilled overdue t details party
Total amount of guarantee occurred during the reporting
period (excluding guarantees to subsidiaries) 0
Total balance of guarantee at the end of the reporting period
(A) (excluding guarantees to subsidiaries) 0
Guarantee to the subsidiaries provided by the Company and its subsidiaries
Total amount of guarantees for subsidiaries occurred during
the reporting period 2521304892.27
Total balance of guarantees for subsidiaries at the end of the
reporting period (B) 1295410130.03
Total amount of guarantees provided by the Company (including guarantees to subsidiaries)
Total amount of guarantees (A+B) 1295410130.03
Percentage of total guarantee amount to net assets (%) 12.97
Including:
Amount of guarantees provided to shareholders ultimate
controllers and their related parties (C) 0
Amount of debt guarantees directly or indirectly provided for
guaranteed parties with asset-liability ratio over 70% (D) 120000000.00
Amount of guarantees exceeding 50% of net assets (E) 0
Total of the above three guarantee items (C+D+E) 120000000.00
Description of potential joint and several liabilities under
outstanding guarantees. N/A
On May 6 2025 the Company convened the 2024 Annual General Meeting of
Description of guarantee matters Shareholders and reviewed and approved the Proposal on Providing Guarantee Limits
for Certain Subsidiaries. The above guarantee matters are within the scope of
98 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
authorization.(III) Entrusting others to manage the cash assets
1. Entrusted wealth management
(1) Overview of entrusted wealth management
√ Applicable □ Not applicable
Unit: Ten Thousand Yuan (RMB)
Type Risk characteristics Outstanding balance Overdue and uncollectedamount
Bank wealth management products Medium-low risk 312360.15 0
Brokerage wealth management products Medium-low risk 39935.95 0
Others
√ Applicable □ Not applicable
The above wealth management products were all purchased with the Company’s own funds. The “Outstanding balance” excludes investment income
from the wealth management products.
(2) Individual entrusted wealth management
□ Applicable √ Not applicable
Others
√ Applicable □ Not applicable
During the reporting period the Company did not purchase any high-risk wealth management products with large individual investment amounts low
safety or poor liquidity.
(3) Provisions for impairment of entrusted wealth management
□ Applicable √ Not applicable
2. Entrusted loans
(1) Overview of entrusted loans
□ Applicable √ Not applicable
99 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Others
□ Applicable √ Not applicable
(2) Individual entrusted loans
□ Applicable √ Not applicable
Others
□ Applicable √ Not applicable
(3) Provisions for impairment of entrusted loans
□ Applicable √ Not applicable
3. Others
□ Applicable √ Not applicable
(IV) Other material contracts
□ Applicable √ Not applicable
XIV. Explanation of the Progress in the Use of Proceeds
√ Applicable □ Not applicable
(I) Overall utilization of proceeds
√ Applicable □ Not applicable
Unit: Ten Thousand Yuan
Total committed Of which: Cumulative
Net investment Total
Total cumulativ Cumulative investment Proportion Total
Date of amount of excess cumulative e excess investment progress Amount of amount amount
Source of proceed Total procee proceeds as procee proceeds proceeds progress of excess invested invested of
proceeds s proceeds ds invested of proceedsraised raised stated in the ds (3) as of invested as of period proceeds
during
the year during the
proceeds
received (1) prospectus or = (1) - as of
used for
offering (2) period end period end end (%) (6)
as of period (8) year (%) changed
circular(2) (4) (5) = (4)/(1)
end (%) (7) (9)=(8)/(1)
= (5)/(3) purposes
Issuance of
convertible March 1 200000. 199372023 00 9.74 199379.74 156618.42 78.55
33550.
32 16.83 0bonds
100 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Total / 200000. 1993700 9.74 199379.74 156618.42 78.55 /
33550.
Others
□ Applicable √ Not applicable
(II) Details of projects funded by proceeds
√ Applicable □ Not applicable
1. Detailed utilization of proceeds
√ Applicable □ Not applicable
Unit: Ten Thousand Yuan
Cumula Cumulati Date
Whether it is Whether Plannethere d total Amo tive ve of W
Whet Benefi
a committed investm investme projec het her Specific Ben ts or Significan
Source of investment
has invest unt ent of nt t he invest reasons efits R&D t changes Re
raised Project name Project project
been a ment inve proceed progress reachi r ment for not reali outco in project mai
nature stated in the change amount sted s by by end of ng its co progr meeting zed mes feasibility ningfunds prospectus in of in ess is the in achiev (specify if fund
or offering investm raised this
end of reporting plann mp
reportin period ed let on planned this ed by applicabl s
circular ent funds year g period (%) (3) usable ed sched progress year the e)direction (1) ＝(2) (2)/(1) state ule project
Issuance Lishui Vehicle Produc
of New Energy tion 14939 335 106389 Dece 484
convertibl Smart Mobility constr Yes No 2.96 50.3 .78 71.21 mber No No Note N/A / No 64.1
e bonds Project (Phase I) uction 2 2027 3
Issuance AimaTechnology Operatof ions 49986. 50228. Dece Ye
convertibl Marketing manag Yes NoNetwork 78 64
100.48 mber s Yes N/A N/A / No 1.58
e bonds 2023Upgrade Project ement
335484
Total / / / / 19937 50.3 1566189.74 .42 78.55 / / / / / / 65.72 1
Note: The “Lishui Vehicle New Energy Smart Mobility Project (Phase I)” is located in Qingtian County Lishui City Zhejiang Province. As the land for the
101 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
project is located in a low mountainous area site leveling and handover were delayed resulting in the failure to complete infrastructure construction as
originally scheduled. In addition in accordance with the newly issued Technical Specifications for Safety of Electric Bicycles (GB 17761-2024) by the
State Administration for Market Regulation and the Standardization Administration of China on December 31 2024 which set forth new production
testing and quality control standards for electric bicycles the Company needs to adjust the investment schedule of certain production processes.Taking into consideration the actual investment status and future investment plans of the project on March 13 2025 the 29th Meeting of the Fifth
Board of Directors and the 23rd Meeting of the Fifth Board of Supervisors reviewed and approved the Proposal on the Extension of the Estimated
Usable Date for Certain Convertible Bond Proceeds Investment Projects and resolved to postpone the estimated date of reaching intended usable
state of the “Lishui Vehicle New Energy Smart Mobility Project (Phase I)” under the convertible bond proceeds investment plan to December 2027.
2. Detailed usage of excess proceeds
□ Applicable √ Not applicable
3. Details of the re-demonstration of projects funded by proceeds during the reporting period
□ Applicable √ Not applicable
(III) Changes or terminations of projects funded by proceeds during the reporting period
□ Applicable √ Not applicable
102 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(IV) Other matters related to the use of proceeds during the reporting period
1. Advance investment and reimbursement related to projects funded by proceeds
√ Applicable □ Not applicable
(1) Use of proceeds to reimburse self-funded capital previously invested in projects funded by
proceeds and paid issuance expenses
On June 15 2023 the 9th Meeting of the Fifth Board of Directors and the 9th Meeting of the
Fifth Board of Supervisors reviewed and approved the Proposal on Reimbursing Self-funded
Capital Previously Invested in Projects Funded by Proceeds and Paid Issuance Expenses with
Convertible Bond Proceeds. It was resolved that the Company would use convertible bond
proceeds to reimburse a total of RMB 527.315 million of self-funded capital previously invested
in fundraising projects and paid issuance expenses. The reimbursement amount was verified by
Ernst & Young Hua Ming LLP which issued the Assurance Report on the Pre-investment of
Fundraising Projects with Self-raised Funds by Aima Technology Group Co. Ltd. (EY Hua Ming
[2023] Special No. 60968971_L10). The Company’s independent directors issued independent
opinions and the sponsor Huatai United Securities Co. Ltd. issued a verification opinion on this
matter. On June 26 2023 the Company completed the reimbursement of RMB 527.315 million
in self-funded capital previously invested in fundraising projects and paid issuance expenses
using the proceeds from the public issuance of convertible corporate bonds.
(2) Use of bankers’ acceptance bills and other instruments for payment in fundraising projects
On April 26 2023 the 7th Meeting of the Fifth Board of Directors and the 7th Meeting of the
Fifth Board of Supervisors reviewed and approved the Proposal on Using Bankers’ Acceptance
Bills and Other Instruments to Pay for Fundraising Projects and Reimbursing with Proceeds in
Equivalent Amounts. It was resolved that during the implementation of fundraising projects
(including those funded by the initial public offering and the public issuance of convertible
corporate bonds) the Company may use bankers’ acceptance bills and other instruments to
pay various expenses and transfer an equivalent amount from the dedicated proceeds account
to its own account accordingly. The Company’s independent directors issued independent
opinions on this matter and the sponsor Huatai United Securities Co. Ltd. issued a verification
opinion.
2. Use of idle proceeds to temporarily supplement working capital
□ Applicable √ Not applicable
3. Use of idle proceeds for cash management and investment in related products
√ Applicable □ Not applicable
Unit: Ten Thousand Yuan (RMB)
Approved limit Cash Whether
Date of Board for cash management maximum balance
review management Start date End date balance at end during periodusing of reporting exceeded
proceeds period approved limit
April 15 2024 125000 April 15 2024 April 14 2025 No
April 14 2025 75000 April 14 2025 April 13 2026 No
December 30 48464.13
202552000
December 30 December 29
2025 2026 No
Others
On April 15 2024 the Company convened the 21st Meeting of the Fifth Board of Directors and
the 16th Meeting of the Fifth Board of Supervisors at which the Proposal on Depositing a
Portion of Proceeds in Demand Deposit Forms such as Agreement Deposits and Call Deposits
was approved. It was agreed that the Company may deposit up to RMB 1270 million of
proceeds in demand deposit forms such as agreement deposits and call deposits. Among them
the authorized amount for proceeds from the initial public offering shall not exceed RMB 20
million and the authorized amount for proceeds from the public issuance of convertible
103 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
corporate bonds shall not exceed RMB 1250 million. The authorization is valid for 12 months
from the date of approval by the Board of Directors and the Board of Supervisors and may be
used on a rolling basis within the above limits and validity period. The sponsor Huatai United
Securities Co. Ltd. issued a verification opinion on this matter.On April 14 2025 the Company convened the 30th Meeting of the Fifth Board of Directors and
the 24th Meeting of the Fifth Board of Supervisors at which the Proposal on Using Temporarily
Idle Proceeds for Cash Management was reviewed and approved. It was agreed that the
Company may use up to RMB 750 million of idle proceeds from the public issuance of
convertible corporate bonds to purchase principal-protected products with high safety and good
liquidity including but not limited to structured deposits large-denomination certificates of
deposit agreement deposits call deposits etc. The limit shall be valid for 12 months from the
date of approval by the Board of Directors and the Board of Supervisors and may be used on a
rolling basis within the validity period. The Company’s sponsor Huatai United Securities Co.Ltd. issued a consent opinion on this matter.On December 30 2025 the Company convened the 5th Meeting of the Sixth Board of Directors
at which the Proposal on Using Temporarily Idle Proceeds for Cash Management was reviewed
and approved. It was agreed that the Company may use up to RMB 520 million of idle proceeds
from the public issuance of convertible corporate bonds to purchase principal-protected
products with high safety and good liquidity including but not limited to structured deposits
large-denomination certificates of deposit agreement deposits call deposits etc. The limit shall
be valid for 12 months from the date of approval by the Board of Directors and the funds may
be used on a rolling basis within the above limit and validity period. The Company’s sponsor
Huatai United Securities Co. Ltd. issued a consent opinion on this matter.In 2025 the Company conducted cash management using idle proceeds as follows:
Unit: Ten Thousand Yuan
Name Name of entrusted Investm Term Expectedof Curre
counter wealth management Product type ent
(start and annualized
end rate of nt
party product amount dates) return status
“Wuhuatiangbao” Principal-prot
Guangf Type W 2024 Series ected with 2024/9/30
a Bank No. 191 RMB floating 800 -2025/2/1
1.3% or Compl
4 2.5% etedStructured Deposit return
“Wuhuatiangbao” Principal-prot
Guangf Type W 2024 Series ected with 2024/10/8 1.3% or Compl
a Bank No. 192 RMB floating 20000 -2025/4/1 2.5% or eted
Structured Deposit return 2.55%
“Wuhuatiangbao” Principal-prot
Guangf Customized Version ected with 2025/12/3 In
a Bank Series No. 1511 floating 10000 1-2026/2/ 1% - 1.65% progre
Structured Deposit return 4 ss
As of the end of the reporting period except for the above wealth management products in
progress the remaining temporarily idle proceeds were deposited in dedicated proceeds
accounts in the form of demand deposits that can be flexibly withdrawn as needed and there
was no circumstance where such proceeds were deposited outside dedicated proceeds
accounts for cash management.
4. Others
□ Applicable √ Not applicable
5. Conclusive opinions of intermediary institutions on the special verification and
assurance of the storage and use of proceeds
√ Applicable □ Not applicable
104 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Verification opinion of the sponsor Huatai United Securities Co. Ltd.: The Company’s deposit
and use of proceeds in 2025 complied with the requirements of the Rules Governing the Listing
of Stocks on the Shanghai Stock Exchange the Rules for the Supervision of Proceeds of Listed
Companies the Self-Regulatory Guidelines No. 1 for Listed Companies on the Shanghai Stock
Exchange — Standardized Operation and other normative documents. The Company’s Report
on the Deposit Management and Actual Use of Proceeds for 2025 was consistent with the
actual situation and the specific use of proceeds was consistent with the disclosed information.There was no circumstance of changing the use of proceeds to the detriment of shareholders’
interests nor were there any other circumstances involving the illegal use of proceeds.Assurance opinion of Ernst & Young Hua Ming LLP: The Company’s special report on proceeds
was prepared in all material respects in accordance with the Rules for the Supervision of
Proceeds of Listed Companies the Self-Regulatory Guidelines No. 1 for Listed Companies on
the Shanghai Stock Exchange — Standardized Operation and the relevant format guidelines
and fairly reflected the actual deposit management and use of the Company’s proceeds in
2025.
Explanation of relevant circumstances of abnormalities identified in verification
□ Applicable √ Not applicable
6. Subsequent rectification of unauthorized changes in the use of proceeds and illegal
occupation of proceeds
□ Applicable √ Not applicable
XV. Other Material Matters Affecting Investors’ Value Judgment and Investment
Decision-Making
□ Applicable √ Not applicable
105 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Section 6 Changes in Shares and Information about Shareholders
I. Changes in Share Capital
(I) Table of changes in shares
1. Table of changes in shares
Unit: Shares
Before the
change Increase or decrease of the change (+ -) After the change
Percen New Bonu Shares
Number tage shares s converted
Perce
(%) issued shar from capital
Others Subtotal Number ntage
es reserves (%)
I. Restricted shares 18949 2.20 11298 -8679 26183 215675200 000 676 24 24 2.48
1. State-owned shares
2. Shares held by the
state-owned legal entity
3. Other domestic shares 18949200 2.20
11298-867926183215675
00067624242.48
Including: shares held by
domestic non-state-owned
legal entity
Shares held by domestic 18949 112982.20 -8679 26183 215675individuals 200 000 676 24 24 2.48
4. Shares held by foreign
investors
Including: shares held by
foreign legal entities
Shares held by foreign
individuals
II. Tradable shares without 842766 97.80 47936 47936 847560selling restrictions 752 80 80 432 97.52
1. RMB ordinary shares 842766 97.80 47936 47936 847560752 80 80 432 97.52
2. Domestically listed
foreign shares
3. Overseas listed foreign
shares
4. Others
III. Total shares 861715952 100
11298-388574120869127
00099604956100
Note: The changes in shares in this section are confirmed based on the number of shares of the
Company registered with China Securities Depository and Clearing Corporation Limited as of
December 31 2025
2. Statement on the change in shares
√ Applicable □ Not applicable
106 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(1) On June 12 2025 5392800 shares under the third unlocking period of the initially granted
portion of the Company’s 2021 Restricted Share Incentive Plan were released from selling
restrictions and listed for trading.
(2) On July 3 2025 the Company completed the repurchase and cancellation of 3861000
restricted shares held by incentive recipients under the 2024 Restricted Share Incentive Plan
for which the conditions for the first unlocking period had not been satisfied and by incentive
recipients who due to personal reasons including resignation no longer qualified as incentive
recipients.
(3) On July 25 2025 the Company completed the transfer registration of 11968524 restricted
shares initially granted under the 2025 Restricted Share Incentive Plan. Among them 750524
shares were shares repurchased by the Company from the secondary market the nature of
which was changed from shares not subject to selling restrictions to shares subject to selling
restrictions; and 11218000 shares were shares issued through private placement.
(4) On August 11 2025 the Company completed the repurchase and cancellation of 25200
restricted shares held by incentive recipients who due to resignation and failure to meet
performance targets no longer qualified under the 2021 Restricted Share Incentive Plan.
(5) On August 28 2025 151200 reserved shares granted under the 2021 Restricted Share
Incentive Plan were released from selling restrictions under the third unlocking period and listed
for trading.
(6) On October 14 2025 the Company completed the transfer registration of 80000 reserved
restricted shares granted under the 2025 Restricted Share Incentive Plan.
(7) Since September 1 2023 “Aima Convertible Bonds” have been convertible into shares of
the Company. During the reporting period 204 shares were formed as a result of such
conversion.
3. Impact of changes in shares on financial indicators such as earnings per share and
net assets per share for the most recent year and the most recent reporting period
√ Applicable □ Not applicableDuring the reporting period details of changes in shares are set out in the above “2.Explanation on Changes in Shares”.The changes in shares had no material impact on financial indicators such as earnings per
share and net assets per share. For details of changes in relevant financial indicators please
refer to “Section 2 - VII. Main Accounting Data and Financial Indicators for the Past Three Years”
of this Report.
4. Other contents that the Company deems necessary or the securities regulatory
authorities require disclosing
□ Applicable √ Not applicable
(II) Changes in restricted shares
√ Applicable □ Not applicable
Unit: Shares
Number Number of
of shares Increase Number
restricted released in the of Reasons
Name of shares at from number of restricte
shareholders the restriction restricted d shares
for Date of release from
beginning on sales shares at the
restriction restriction on sales
of the during the during the end of
on sales
year year year the year
Incentive recipients 5569200 5544000 0 Restricted 5392800 shares were
under the 2021 stock released from selling
107 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Restricted Share granted in restrictions on June 12
Incentive Plan 2021 2025; 151200 shares
were released from selling
restrictions on August 28
2025; and 25200 shares
were repurchased and
cancelled on August 11
2025.
Incentive recipients Restricted No shares were released
under the 2024 1338000 951900 stock from selling restrictions;
Restricted Share 0 0 granted in 3861000 shares were
Incentive Plan 2024 repurchased andcancelled on July 3 2025.Incentive recipients Restricted
under the 2025 1204852 120485 stock
Restricted Share 4 24 granted in /
Incentive Plan 2025
Total 18949200 5544000
1204852215675
424//
II. Securities Issuance and Listing
(I) Issuance of securities as of the reporting period
√ Applicable □ Not applicable
Unit: Shares Currency: RMB
Number
Type of shares and Trading
derivative securities Issue date
Issue price / Number approved for
interest rate issued Listing date listing and termination
trading date
Ordinary shares
Restricted shares July 25 RMB 20.012025 per share 11218000
Restricted shares October 14 RMB 19.382025 per share 80000
Note to issuance of securities during the reporting period (for the bonds with different interest
rates during the period please explain separately):
√ Applicable □ Not applicable
On July 25 2025 the Company completed the transfer registration of 11968524 restricted
shares initially granted under the 2025 Restricted Share Incentive Plan. Among them 750524
shares were shares repurchased by the Company from the secondary market the nature of
which was changed from shares not subject to selling restrictions to shares subject to selling
restrictions; and 11218000 shares were shares issued through private placement.On October 14 2025 the Company completed the transfer registration of 80000 reserved
restricted shares granted under the 2025 Restricted Share Incentive Plan. The source of such
shares was shares issued by the Company through private placement.(II) Changes in total shares and shareholder structure as well as assets and liabilities
structure of the Company
√ Applicable □ Not applicable
During the reporting period changes in the Company’s total share capital and shareholding
structure are detailed in “Section 6 - I. Changes in Share Capital”. Changes in the Company’s
asset and liability structure are detailed in “Section 3 - V. (III) Analysis of Assets and Liabilities”.
108 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(III) Existing internal employee shares
□ Applicable √ Not applicable
III. Shareholders and Ultimate Controller
(I) Total number of shareholders
Total number of ordinary shareholders as at the end of the reporting period (accounts) 37828
Total number of ordinary shareholders as at the end of the month prior to the annual
report disclosure date (accounts) 49217
Total number of preferred shareholders with restored voting rights as at the end of the
reporting period (accounts) 0
Total number of preferred shareholders with restored voting rights as at the end of the
month prior to the annual report disclosure date (accounts) 0
(II) Table of top 10 shareholders and top 10 shareholders holding tradable (or
unrestricted) shares by the end of the reporting period
Unit: Shares
Shareholdings by top 10 shareholders (excluding shares lent through refinancing transactions)
Number Number Status of sharesIncrease/d of shares pledged
Names of the shareholders (full ecrease held at Perce
of shares marked or Nature of
name) during the the end of ntage
held with
selling frozen
the
reporting the (%) Status shareholde
period reporting restriction of the Num r
period s shares ber
Domestic
Zhang Jian 592865700 68.21 None naturalperson
Lingshui Dingai Venture
Investment Partnership -8690000 1826000 2.10 None Others
(Limited Partnership) 0
Hong Kong Securities Clearing 95255 1113159Company Ltd. 9 1.28 None Others
Domestic
Han Jianhua -88050 6615000 0.76 None natural
person
Domestic
Peng Wei 43000 6264760 0.72 43000 None natural
person
Domestic
Li Shishuang 51800 4118492 0.47 None natural
person
Agricultural Bank of China
Limited - CSI 500
Exchange-Traded Open-End 214614 3815069 0.44 None Others
Index Securities Investment
Fund
Domestic
Gao Hui 90000 3310000 0.38 790000 None natural
person
State-owne
CITIC Securities Co. Ltd. 411211 2853367 0.33 None d legal
entities
109 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Bank of China Limited - China
Merchants Quantitative
Selected Equity Initiated 2762615 2762615 0.32 None Others
Securities Investment Fund
Shareholdings of top 10 shareholders holding unrestricted shares (excluding shares lent through refinancing
transactions)
Number of tradable Type and number of shares
Names of the shareholders shares withoutselling restrictions Type Number
held
Zhang Jian 592865700 RMB ordinary shares 592865700
Lingshui Dingai Venture Investment
Partnership (Limited Partnership) 18260000 RMB ordinary shares 18260000
Hong Kong Securities Clearing Company
Ltd. 11131599 RMB ordinary shares 11131599
Han Jianhua 6615000 RMB ordinary shares 6615000
Peng Wei 6221760 RMB ordinary shares 6221760
Li Shishuang 4118492 RMB ordinary shares 4118492
Agricultural Bank of China Limited – CSI 500
Exchange-Traded Open-End Index 3815069 RMB ordinary shares 3815069
Securities Investment Fund
CITIC Securities Co. Ltd. 2853367 RMB ordinary shares 2853367
Bank of China Limited – China Merchants
Quantitative Selected Equity Initiated 2762615 RMB ordinary shares 2762615
Securities Investment Fund
Liu Jianxin 2672320 RMB ordinary shares 2672320
Explanation on repurchase account of top 10
shareholders Not applicable
Explanation on delegated voting rights
entrusted voting rights abstained voting Not applicable
rights of the aforesaid shareholders
Notes to related-party relationships or
acting-in-concert arrangements among the Not applicable
above shareholders
Explanation on preferred shareholders with
restored voting rights and the number of Not applicable
shares held by them
Participation in the lending of shares under the refinancing business by shareholders holding
more than 5% of the shares the top ten shareholders and the top ten holders of tradable
shares without selling restrictions
□ Applicable √ Not applicable
Changes in the top ten shareholders and the top ten holders of tradable shares without selling
restrictions compared with the previous period due to the lending/returning of shares under the
refinancing business
□ Applicable √ Not applicable
Number of shares held by the top ten shareholders with selling restrictions and their selling
restrictions
√ Applicable □ Not applicable
Unit: Shares
No. Names of Number of Restricted shares allowed for public trading Selling restrictions
110 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
restricted restricted Increase in restricted
shareholders shares held Date when public
trading is allowed shares allowed forpublic trading
1 NingHuashan 1800000
Restricted shares under
equity incentive plans
2 Luo Qingyi 790000 Restricted shares underequity incentive plans
3 Gao Hui 790000 Restricted shares underAfter the
performance equity incentive plans
4 Li Yubao 650000 appraisal Restricted shares under
indicators under equity incentive plans
the incentive
5 Zheng Hui 573000 Restricted shares underplan are equity incentive plans
satisfied the
6 Tao Feng 500000 shares may be Restricted shares under
applied for equity incentive plans
release from
7 Zhou Sixiu 373000 Restricted shares underselling equity incentive plans
restrictions and
8 Wang 373000 listed for trading. Restricted shares underChunyan equity incentive plans
9 Yang Wanli 350000 Restricted shares underequity incentive plans
10 Li Peng 329000 Restricted shares underequity incentive plans
Notes to related-party relationships or
acting-in-concert arrangements None
among the above shareholders
(III) Strategic investors or general legal persons who became the top 10 shareholders
due to placing of new shares
□ Applicable √ Not applicable
IV. Controlling Shareholder and Ultimate Controller
(I) Controlling shareholder
1. Legal person
□ Applicable √ Not applicable
2. Natural person
√ Applicable □ Not applicable
Name Zhang Jian
Nationality China
Residency in other countries or regions (yes/no) No
Primary occupation and position Chairman of the Board and GeneralManager
3. Special statement about no controlling shareholder in the Company
□ Applicable √ Not applicable
4. Explanation on changes in controlling shareholders during the reporting period
□ Applicable √ Not applicable
111 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
5. Ownership and control relationship diagram between the Company and the controlling
shareholder
√ Applicable □ Not applicable
(II) Ultimate controller
1. Legal person
□ Applicable √ Not applicable
2. Natural person
√ Applicable □ Not applicable
Name Zhang Jian Zhang Gege
Nationality China
Residency in other countries or
regions (yes/no) No
Zhang Jian serves as Chairman of the Board and General
Manager of the Company; Zhang Gege serves as Director of
Primary occupation and position the Company Executive Director and General Manager of the
subsidiary Suiwanwan and Executive Partner of Lingshui
Dingai.Controlling interests in other
domestic and overseas listed Not applicable
companies in the past 10 years
3. Special statement about the absence of an ultimate controller in the Company
□ Applicable √ Not applicable
4. Explanation on changes in the Company’s control during the reporting period
□ Applicable √ Not applicable
5. Diagram of ownership and control relationship between the Company and the ultimate
controllers
√ Applicable □ Not applicable
Co-ultimate controller Zhang Gege indirectly holds 7276500 shares of Aima Technology
through Lingshui Dingai Venture Investment Partnership (Limited Partnership) representing
0.84% of the Company’s total share capital.
112 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
6. The ultimate controller exercises control over the Company through trusts or other
asset management arrangements
□ Applicable √ Not applicable
(III) Other information about the controlling shareholder and the ultimate controller
□ Applicable √ Not applicable
V. Total Number of Pledged Shares Held by the Controlling Shareholder or the Largest
Shareholder and Its Persons Acting in Concert Accounting for 80% or More of Their Total
Shareholding in the Company
□ Applicable √ Not applicable
VI. Other Corporate Shareholders Holding 10% or More of Shares
□ Applicable √ Not applicable
VII. Restrictions on Shareholding Reduction
□ Applicable √ Not applicable
VIII. Specific Implementation of Share Repurchase During the Reporting Period
□ Applicable √ Not applicable
IX. Preferred Shares
□ Applicable √ Not applicable
113 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Section 7 Bond-related Information
I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Corporate Debt
Financing Instruments
□ Applicable √Not applicable
II. Convertible Corporate Bonds
√ Applicable □ Not applicable
(I) Issuance of convertible bonds
√Applicable □ Not applicable
Upon approval by the China Securities Regulatory Commission (CSRC) under Document No.[2022] 3038 the Company publicly issued 20 million convertible corporate bonds on February
23 2023 each with a par value of RMB 100 amounting to a total of RMB 2000 million. CSCI
Pengyuan Credit Rating Co. Ltd. issued the Credit Rating Report on the 2022 Public Issuance
of Convertible Corporate Bonds by Aima Technology Group Co. Ltd. assigning an issuer credit
rating of AA to the Company and a credit rating of AA to the bonds. Pursuant to the
Self-Regulatory Decision Document No. [2023] 41 issued by the Shanghai Stock Exchange the
RMB 2000.00 million convertible bonds were listed for trading on the Shanghai Stock
Exchange on March 20 2023 under the bond short name “Aima Convertible Bonds” and bond
code “113666”.(II) Convertible bond holders and guarantors during the reporting period
√Applicable □ Not applicable
Name of convertible corporate bond Aima Convertible Bonds
Number of bondholders at the end of the reporting period 3771
Guarantors of the Company’s convertible bonds Not applicable
Top 10 holders of convertible bonds are as follows:
Bondholding
Names of convertible corporate bondholder amount as of Holding ratio
period-end (RMB) (%)
China Merchants Bank Co. Ltd. - Bosera CSI Convertible and
Exchangeable Bond ETF 136468000 6.83
Agricultural Bank of China Limited - Qianhai Kaiyuan Convertible
Bond Initiated Securities Investment Fund 51115000 2.56
CITIC Securities Co. Ltd. - HFT SSE Investment Grade Convertible
Bonds and Exchangeable Bonds ETF 49964000 2.50
Bank of China Limited - Invesco Great Wall Stable Income Bond
Securities Investment Fund 47312000 2.37
Industrial and Commercial Bank of China Limited - Hua An Enhanced
Income Bond Securities Investment Fund 47000000 2.35
China Construction Bank Corporation - Huashang Credit Enhanced
Bond Securities Investment Fund 36615000 1.83
Industrial and Commercial Bank of China Limited - China Universal
Convertible Bond Securities Investment Fund 35000000 1.75
E Fund Stable Return Fixed Income Pension Product - Bank of
Communications Co. Ltd. 34703000 1.74
Beijing Fengyan Investment Management Co. Ltd. - Beijing Fengyan
Xinhong No. 1 Private Securities Investment Fund 34371000 1.72
Industrial and Commercial Bank of China Limited - Tianhong Tianli 34059000 1.70
114 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Bond Securities Investment Fund (LOF)
(III) Changes in convertible bonds during the reporting period
√Applicable □ Not applicable
Unit: Yuan (RMB)
Increase/decrease in this
Convertible corporate bond Before the change After the
names current change Conversio Redempti Put-b current change
n on ack
Aima Convertible Bonds 1999507000 8000 1999499000
Cumulative conversion of convertible bonds during the reporting period
√Applicable □ Not applicable
Name of convertible corporate bond Aima Convertible Bonds
Conversion amount during the reporting period (yuan) 8000
Number of shares converted during the reporting period
(shares) 204
Cumulative number of shares converted (shares) 12650
Cumulative conversion as a percentage of the company’s
total share capital before conversion (%) 0.0015
Remaining unconverted amount (yuan) 1999499000
Unconverted bonds as a percentage of total bonds issued (%) 99.9750
(IV) Adjustment of the conversion price
√Applicable □ Not applicable
Unit: Yuan (RMB)
Name of convertible
corporate bond Aima Convertible Bonds
Date of
conversion Adjusted
price conversio
Disclos Disclosure media Explanation of conversion price adjustment
adjustment n price
ure date
China Securities The Company implemented the annual
Journal Shanghai equity distribution for 2022. According to theMay 19 39.99 May 13 Securities News regulations related to convertible bonds the2023 2023 Securities Times conversion price of Aima Convertible Bonds
Securities Daily was adjusted from 61.29 yuan per share to39.99 yuan per share.China Securities The Company carried out the semi-annual
Septem Journal Shanghai equity distribution for 2023. According to theSeptember 39.64 ber 16 Securities News regulations related to convertible bonds the22 2023 2023 Securities Times conversion price of Aima Convertible Bonds
Securities Daily was adjusted from 39.99 yuan per share to39.64 yuan per share.China Securities The Company implemented the annual
July 12 July 6 Journal Shanghai
equity distribution for 2023. In accordance
2024 39.11 2024 Securities News
with the regulations related to convertible
Securities Times bonds the conversion price of Aima
Securities Daily Convertible Bonds was adjusted from 39.64yuan per share to 39.11 yuan per share.China Securities The Company repurchased and cancelled
August 7 39.12 August Journal Shanghai the restricted shares granted under the 20212024 6 2024 Securities News Restricted Stock Incentive Plan to employees
Securities Times who resigned. In accordance with the
115 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Securities Daily regulations related to convertible bonds the
conversion price of Aima Convertible Bonds
was adjusted from 39.11 yuan per share to
39.12 yuan per share.
China Securities The Company implemented the semi-annual
October 16 Journal Shanghai
equity distribution for 2024. In accordance
202438.79
October with the regulations related to convertible
9 2024 Securities NewsSecurities Times bonds the conversion price of Aima
Securities Daily Convertible Bonds was adjusted from 39.12yuan per share to 38.79 yuan per share.China Securities The Company implemented the annual
Journal Shanghai equity distribution for 2024. In accordanceJune 6 38.20 May 30 Securities News with the regulations related to convertible2025 2025 Securities Times bonds the conversion price of Aima
Securities Daily Convertible Bonds was adjusted from 38.79yuan per share to 38.20 yuan per share.The Company repurchased and cancelled
restricted shares for which the conditions for
release from restriction were not fulfilled due
to the Company’s failure to meet the
China Securities performance assessment requirements for
July 8 July 7 Journal Shanghai the first unlocking period under the 2024
38.32 Securities News Restricted Stock Incentive Plan as well as
2025 2025 Securities Times restricted shares held by certain resigned
Securities Daily employees. In accordance with the
regulations related to convertible bonds the
conversion price of Aima Convertible Bonds
was adjusted from 38.20 yuan per share to
38.32 yuan per share.
The registration of the initial grant of
restricted shares by the Company to the
China Securities incentive recipients under the 2025
July 30 July 29 Journal Shanghai Restricted Stock Incentive Plan was
38.08 Securities News completed. In accordance with the
2025 2025 Securities Times regulations related to convertible bonds the
Securities Daily conversion price of Aima Convertible Bonds
was adjusted from 38.32 yuan per share to
38.08 yuan per share.
China Securities The Company implemented the semi-annual
September Septem Journal Shanghai
equity distribution for 2025. In accordance
37.45 ber Securities News with the regulations related to convertible112025 52025 Securities Times bonds the conversion price of Aima
Securities Daily Convertible Bonds was adjusted from 38.08yuan per share to 37.45 yuan per share.The latest conversion
price as of the end of the 37.45 Yuan/share
reporting period
(V) The Company’s debt position credit rating changes and cash repayment
arrangements for future periods
√Applicable □ Not applicable
The Company engaged CSCI Pengyuan Credit Rating Co. Ltd. to conduct a credit rating for the
Aima Convertible Bonds issued in February 2023. On June 24 2025 CSCI Pengyuan issued
the 2025 Tracking Credit Rating Report on Relevant Bonds of Aima Technology Group Co. Ltd..The Company was assigned a corporate credit rating of “AA” with a stable outlook and the
Aima Convertible Bonds were also rated “AA”. The rating results remained unchanged from the
116 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
previous assessment.The Company maintained stable operations a reasonable asset structure no significant
changes in its debt position and strong creditworthiness. The primary sources of funds for debt
repayment in future years will include revenues and cash inflows generated from normal
business operations as well as the realization of current assets.(VI) Other Matters Regarding Convertible Bonds
√Applicable □ Not applicable
On March 12 2026 the Company completed the repurchase and cancellation of certain
restricted shares under the 2024 Restricted Stock Incentive Plan held by employees who
ceased to be eligible as incentive recipients due to resignation or termination of their labor
relationship with the Company. In accordance with the regulations related to convertible bonds
the conversion price of Aima Convertible Bonds was adjusted from 37.45 yuan per share to
37.49 yuan per share and the adjusted conversion price took effect from March 17 2026.
As of the disclosure date of this report the latest conversion price was 37.49 yuan per share.
117 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Section 8 Financial Report
I. Auditor’s Report
√ Applicable □ Not applicable
Ernst & Young Hua Ming (2026) Shen Zi No. 70017005_L01
Aima Technology Group Co. Ltd.To all shareholders of Aima Technology Group Co. Ltd.I. Opinion
We have audited the financial statements of Aima Technology Group Co. Ltd. (“the Company”)
which comprise the consolidated and company balance sheets as at 31 December 2025 and
the consolidated and company income statements the consolidated and company statement of
changes in equity and the consolidated and company statement of cash flows for the year then
ended and notes to the financial statements.In our opinion the accompanying financial statements present fairly in all material respects the
financial position of the Group and the Company as at 31 December 2025 and of its financial
performance and cash flows for the year then ended in accordance with Accounting Standards
for Business Enterprises (“ASBEs”).II. Basis for Opinion
We conducted our audit in accordance with China Standards on Auditing (“CSAs”). Our
responsibilities under those standards are further described in the Auditor’s responsibilities for
the audit of the financial statements section of our report. We are independent of the Company
in accordance with the China Code of Professional Ethics for Certified Public Accountants No. 1
– Independence Requirements for Financial Statement Audit and Review Engagements and the
Code of Professional Ethics for Chinese Certified Public Accountants and we have fulfilled our
other ethical responsibilities in accordance with these codes. We have complied with the
independence requirements applicable to audits of public interest entities in conducting our
audit. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.III. Key Audit Matters
Key audit matters are those matters that in our professional judgement were of most
significance in our audit of the financial statements for the current period. These matters were
addressed in the context of our audit of the financial statements and in forming our opinion
thereon we do not provide a separate opinion on these matters. For each matter below our
description of how our audit addressed the matter is provided in that context.We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of
the financial statements section of our report including in relation to these matters. Accordingly
our audit included the performance of procedures designed to respond to our assessment of the
risks of material misstatement of the financial statements. The results of our audit procedures
including the procedures performed to address the matters below provide the basis for our
audit opinion on the accompanying financial statements.Key audit matters: How our audit addressed the key auditmatter:
Sales rebates
The book value of sales rebates payable in the Our audit procedures regarding sales rebates
consolidated financial statements on mainly include:
December 31 2025 was RMB 619688372.39
and the book value of sales rebates payable in 1) understand the internal control of sales
the Company’s financial statements was RMB rebate perform walkthrough and control test
118 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
199931753.51. on identified controls;
It is stipulated in the distribution agreement
signed with the dealers that sales rebates 2) check the distribution agreements signed
should be given based on the purchase volume with several dealers in 2025 and examine the
to offset against revenue. On the balance sheet provisions in the distribution agreements on
date sales rebates are estimated based on the sales rebates;
dealers’ purchase volume and other rebates 3) select a number of dealers to check
and promotion policies. Due to the large whether the sales rebates obtained by them
number of dealers and the various forms of comply with the relevant sales policies and
sales rebates the purchase volume of each check the application of these dealers' sales
dealer and the achievement of other rebates;
performances needs to be considered in order
to determine the period of sales rebates and 4) review the year-end rebate provision
incentives. The calculation of sales rebates process prepared by management and select
depends on the judgment and estimate of the samples to review the relevant supporting
management. For accounting policies documents;
accounting estimates and disclosures relating 5) execute the subsequent reviewto sales rebates please refer to “Section 8 procedure to check the sales rebate payableFinancial Report – V. 34. Revenue and 39. by the Company at the end of the year and
Other Important Accounting Policies and the actual payment status thereafter;
Accounting Estimates – and VII.38 Contractliabilities”. 6) Review the adequacy of disclosuresrelated to sales rebates.Bad debt provision of accounts receivable
The book value of accounts receivable in the Our audit procedures performed on bad debt
consolidated financial statements on provision for accounts receivable mainly
December 31 2025 was RMB 505090825.25 include:
and the book value of the accounts receivable
in the Company's financial statements was 1) for the accounts receivable that have
RMB 110012547.29. been individually assessed for impairmentinterview the managers of the sales
The management considers the credit risk department and the legal department and
characteristics of different customers and review the basis for the management to
evaluates the expected credit losses (“ECLs”) estimate the bad debt provision including the
of accounts receivable based on the aging communication correspondences between
portfolio. Then on the basis of ECLs the bad the management and the relevant customers
debt provision is measured according to the the management’s assessment on credit risks
ECLs amount equivalent to the entire lifetime. of the customers in consideration of their
The management considers reasonable and operating conditions and historical payment
supportable information about past events record etc.;
current conditions and forecasts of future 2) for the accounts receivable assessed by
economic conditions when assessing ECLs. combination review the management's
setting of the combination of credit risk
The dealers’ customers are scattered and characteristics key information such as the
numerous and the estimation of bad-debt aging and with the combination of credit risk
provision for accounts receivable depends on characteristics (i.e. aging combination) as the
the judgment and estimation of the base review the management’s basis for
management. assessing the credit risk and ECL amount
For accounting policies and disclosures including testing historical default data
relating to the allowance for bad debts on evaluating adjustments to historical loss rates
accounts receivable please refer to "Section 8 based on current economic conditions and
Financial Report – V. 11. Financial Instruments evaluating forward-looking information by
and 39. Other Important Accounting Policicies examining publicly available macroeconomic
and Accounting Estimates– and VII. 5. factors and check the actual credit losses
Accounts Receivable and XIX. 1. Accounts incurred during the year;
Receivable".
119 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
3) check the subsequent collection of
accounts receivable and consider the impact
of subsequent events on the estimation of
bad debt provision;
4) retest the calculation process of bad debt
provision for accounts receivable and review
the amount of bad debt provision;
5) review the disclosure of bad debt
provision for accounts receivable in the
financial statements.IV. Other Information
The management of Aima Technology Group Co. Ltd. is responsible for the other information.The other information comprises the information included in the Annual Report other than the
financial statements and our auditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.In connection with our audit of the financial statements our responsibility is to read the other
information and in doing so consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated.If based on the work we have performed we conclude that there is a material misstatement of
this other information we are required to report that fact. We have nothing to report in this
regard.V. Responsibilities of the Management and Those Charged with Governance for the
Financial Statements
The management of the Company is responsible for the preparation and fair presentation of the
financial statements in accordance with ASBEs and for designing implementing and
maintaining such internal control as the management determines is necessary to enable the
preparation of financial statements that are free from material misstatement whether due to
fraud or error.In preparing the financial statements the management is responsible for assessing Aima
Technology Group Co. Ltd.’s ability to continue as a going concern disclosing as applicable
matters related to going concern and using the going concern basis of accounting unless the
management either intends to liquidate Aima Technology Group Co. Ltd. or to cease operations
or have no realistic alternative but to do so.Those charged with governance are responsible for overseeing Aima Technology Group Co.Ltd.’s financial reporting process.VI. Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement whether due to fraud or error and to issue an
auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance
but is not a guarantee that an audit conducted in accordance with CSAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are
generally considered material if individually or in the aggregate they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial
statements.As part of an audit in accordance with CSAs we exercise professional judgement and maintain
professional skepticism throughout the audit. We also:
(1) Identify and assess the risks of material misstatement of the financial statements whether
120 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
due to fraud or error design and perform audit procedures responsive to those risks and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from
error as fraud may involve collusion forgery intentional omissions misrepresentations or the
override of internal control.
(2) Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances.
(3) Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the management.
(4) Conclude on the appropriateness of the management’s use of the going concern basis of
accounting and based on the audit evidence obtained whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company’s ability to
continue as a going concern. If we conclude that a material uncertainty exists we are required
to draw attention in our auditor’s report to the related disclosures in the financial statements or
if such disclosures are inadequate to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s report. However future events or
conditions may cause the Company to cease to continue as a going concern.
(5) Evaluate the overall presentation structure and content of the financial statements
including the disclosures and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
(6) Obtain sufficient appropriate audit evidence regarding the financial information of the entities
or business activities within the Company to express an opinion on the financial statements.We are responsible for the direction supervision and performance of the group audit. We
remain solely responsible for our audit opinion.We communicate with those charged with governance regarding among other matters the
planned scope and timing of the audit and significant audit findings including any significant
deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence and and communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence
and where applicable related safeguards.From the matters communicated with those charged with governance we determine those
matters that were of most significance in the audit of the financial statements of the current
period and are therefore the key audit matters. We describe these matters in our auditor’s report
unless law or regulation precludes public disclosure about the matter or when in extremely rare
circumstances we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.Ernst & Young Hua Ming LLP Chinese Certified Public Accountant: Guo Jing
(Engagement partner)
Chinese Certified Public Accountant: Zhao Ruiqing
Beijing the People’s Republic of China 22 April 2026
II. Financial Statements
Consolidated Balance Sheet
December 31 2025
Prepared by: Aima Technology Group Co. Ltd.
121 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Unit: Yuan (RMB)
Items Notes December 31 December 31
20252024
Current assets:
Currency funds VII.1 1969718150.19 2914109667.04
Settlement reserve
Inter-bank lending
Financial assets held for trading VII.2 3729622709.66 3670189158.04
Derivative financial assets
Notes receivable VII.4 32352595.71 18022005.47
Accounts receivable VII.5 505090825.25 373171834.05
Receivables financing VII.7 29894045.89 18402991.89
Prepayments VII.8 34537598.92 29694620.36
Receivable premium
Reinsurance accounts receivable
Reserve for reinsurance contract
receivable
Other receivables VII.9 26350348.79 27673163.93
Including: Interest receivable 612494.08 589790.01
Dividend receivable
Financial assets purchased under
resale agreements
Inventories VII.10 874255983.52 810745857.62
Including: Data resource
Contract assets
Assets classified as held for sale
Current portion of non-current assets VII.12 3836220422.59 2132945383.57
Other current assets VII.13 327104614.25 238097637.92
Total current assets 11365147294.77 10233052319.89
Non-current assets:
Loans and advances granted
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments VII.17 194120764.51 163976636.26
122 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Other equity investments
Other non-current financial assets
Investment properties VII.20 380895149.34 205549573.65
Fixed assets VII.21 5307445534.63 3674130456.91
Construction in progress VII.22 2334885866.30 2048142816.25
Productive biological assets
Oil and gas assets
Right-of-use assets VII.25 22528622.14 42840074.35
Intangible assets VII.26 948289834.58 1119036453.00
Including: Data resource
Development expenditures
Including: Data resource
Goodwill VII.27 7325514.52 14348435.03
Long-term prepaid expenses VII.28 62879982.86 40635957.44
Deferred tax assets VII.29 304795899.76 257677258.21
Other non-current assets VII.30 4646711656.13 5519376633.00
Total non-current assets 14209878824.77 13085714294.10
Total assets 25575026119.54 23318766613.99
Current liabilities:
Short-term borrowings VII.32 30981837.88 74206547.06
Borrowings from the central bank
Loans from other banks
Financial liabilities held for trading
Derivative financial liabilities
Notes payable VII.35 7498925538.72 6172129439.70
Accounts payable VII.36 2836007796.22 3193348043.78
Receipts in advance VII.37 25246873.01 20548178.82
Contract liabilities VII.38 891159898.58 915619592.84
Financial assets sold under
repurchase agreements
Deposits taking and interbank
placement
Acting trading securities
Proceeds from underwriting securities
on behalf of customers
Employee benefits payable VII.39 232655583.88 233442423.18
123 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Taxes and surcharges payable VII.40 97807022.73 129199062.29
Other payables VII.41 1346329040.54 1113614408.14
Including: interest payable
Dividends payable
Service charge and commission
payable
Payable reinsurance
Liabilities classified as held for sale
Current portion of non-current VII.43 28349687.33 30749794.52
liabilities
Other current liabilities VII.44 35369310.42 50074445.79
Total current liabilities 13022832589.31 11932931936.12
Non-current liabilities:
Reserve for insurance contract
Long-term borrowings
Bonds payable VII.46 1847439013.54 1746869436.70
Including: preferred shares
Perpetual bond
Lease liabilities VII.47 3704168.18 16953412.62
Long-term payables
Long-term employee benefits payable
Provisions
Deferred income VII.51 602451092.56 461046793.98
Deferred tax liabilities VII.29 13602446.97 21098968.80
Other non-current liabilities
Total non-current liabilities 2467196721.25 2245968612.10
Total liabilities 15490029310.56 14178900548.22
Shareholders’ equity:
Share capital VII.53 867892956.00 861715952.00
Other equity instruments VII.54 324382137.18 432547373.45
Including: preferred shares
Perpetual bond
Capital reserves VII.55 1758612333.09 1577642181.88
Less: Treasury stock VII.56 320717810.17 220543480.09
Other comprehensive income VII.57 -2264738.90 274645.54
124 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Special reserves
Surplus reserves VII.59 433946478.00 430962503.50
General risks reserves
Retained earnings VII.60 6929194740.60 5947250277.45
Total shareholders’ equity attributable 9991046095.80 9029849453.73
to the parent company
Minority shareholders’ equity 93950713.18 110016612.04
Total shareholders’ equity 10084996808.98 9139866065.77
Total liabilities and shareholders’ 25575026119.54 23318766613.99
equity
Legal representative: Zhang Jian Person in Charge of Accounting Work: Zheng Hui
Head of the Accounting Institution (Accounting Officer): Zheng Hui
125 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Balance Sheet Parent Company
December 31 2025
Prepared by: Aima Technology Group Co. Ltd.Unit: Yuan (RMB)
Items Notes December 31 December 31
20252024
Current assets:
Currency funds 527285246.78 583511964.59
Financial assets held for trading 1827995343.01 2638700526.32
Derivative financial assets
Notes receivable
Accounts receivable XIX.1 110012547.29 157954730.88
Receivables financing 3996162.00
Prepayments 29605872.54 75374310.60
Other receivables XIX.2 3196751808.46 2299280659.69
Including: Interest receivable 179549.71 170178.67
Dividend receivable
Inventories 1053576.44 3593358.40
Including: Data resource
Contract assets
Assets classified as held for sale
Current portion of non-current assets 2488597707.82 428813698.63
Other current assets 16056360.53 20478922.53
Total current assets 8197358462.87 6211704333.64
Non-current assets:
Debt investments
Other debt investments
Long-term receivables
Long-term equity investments XIX.3 1270004027.32 1186799074.51
Other equity investments
Other non-current financial assets
Investment properties 341005399.22 334369324.95
Fixed assets 64645090.78 51458477.19
Construction in progress 388361834.31 241281153.24
Productive biological assets
Oil and gas assets
126 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Right-of-use assets 1339542.91 1858075.63
Intangible assets 129786193.29 150314923.24
Including: Data resource
Development expenditures
Including: Data resource
Goodwill
Long-term prepaid expenses 17119118.84 6591772.85
Deferred tax assets 95520689.00 82240719.27
Other non-current assets 1562184316.88 3055818752.47
Total non-current assets 3869966212.55 5110732273.35
Total assets 12067324675.42 11322436606.99
Current liabilities:
Short-term borrowings
Financial liabilities held for trading
Derivative financial liabilities
Notes payable 2860537463.10 2236266256.41
Accounts payable 1293199789.54 1019222532.42
Receipts in advance 21774573.92 20953300.50
Contract liabilities 278117278.96 265926684.07
Employee benefits payable 82418331.01 64956224.55
Taxes and surcharges payable 4654216.46 5150193.65
Other payables 743442017.40 622343560.58
Including: interest payable
Dividends payable
Liabilities classified as held for sale
Current portion of non-current
liabilities 17072733.14 8723928.62
Other current liabilities 10640374.57 15091720.86
Total current liabilities 5311856778.10 4258634401.66
Non-current liabilities:
Long-term borrowings
Bonds payable 1847439013.54 1746869436.70
Including: preferred shares
Perpetual bond
Lease liabilities 869157.33 1272673.61
127 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Long-term payables
Long-term employee benefits payable
Provisions
Deferred income 75632227.37 75382636.45
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities 1923940398.24 1823524746.76
Total liabilities 7235797176.34 6082159148.42
Shareholders’ equity:
Share capital 867892956.00 861715952.00
Other equity instruments 324382137.18 432547373.45
Including: preferred shares
Perpetual bond
Capital reserves 1955894024.69 1761331224.07
Less: Treasury stock 320717810.17 220543480.09
Other comprehensive income
Special reserves
Surplus reserves 433946478.00 430962503.50
Retained earnings 1570129713.38 1974263885.64
Total shareholders’ equity 4831527499.08 5240277458.57
Total liabilities and shareholders’
equity 12067324675.42 11322436606.99
Legal representative: Zhang Jian Person in Charge of Accounting Work: Zheng Hui
Head of the Accounting Institution (Accounting Officer): Zheng Hui
128 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Consolidated Income Statement
2025
Unit: Yuan (RMB)
Items Notes 2025 2024
I. Revenue 25094567853.89 21606294218.19
Including: operating revenue VII.61 25094567853.89 21606294218.19
Interest income
Earned insurance premium
Service charge and commission income
II. Total operating costs 22947513673.21 19581741841.35
Including: cost of sales VII.61 20504539376.40 17755666618.03
Interest payment
Service charge and commission payment
Surrender value
Compensation expenses net
Provision of reserve for insurance
liabilities net
Payment of policy dividend
Reinsurance expenses
Taxes and surcharges VII.62 135957933.64 109768819.98
Selling expenses VII.63 1016823755.91 777997159.89
Administrative expenses VII.64 685967286.09 554162611.18
Research and development expenses VII.65 771090482.94 658739366.49
Financial expenses VII.66 -166865161.77 -274592734.22
Including: Interest expenses 77611978.56 39048572.35
Interest income 248926543.04 313167480.25
Add: Other income VII.67 136582790.74 244874839.05
Investment income (loss is stated with “-”) VII.68 88395617.97 21951922.84
Including: Income from investments in
associates and joint ventures 11253522.62 1020942.15
Income from the derecognition of
financial assets measured at amortised
cost
Exchange income (loss is stated with “-”)
129 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Net position hedging gains (loss is stated
with “-”)
Fair value gains (loss is stated with “-”) VII.70 21995709.85 28042861.97
Credit impairment losses (loss is stated VII.71
with “-”) -5041167.86 2977671.35
Impairment losses of assets (loss is VII.72
stated with “-”) -5060191.39 -39721699.65
Gains on disposal of non-current assets VII.73
(loss is stated with “-”) -19647690.04 27150761.89
III. Operating profit (loss is stated with “-”) 2364279249.95 2309828734.29
Add: Non-operating income VII.74 32706303.44 51534884.42
Less: Non-operating expenses VII.75 31810198.43 28817948.46
IV. Total profit (total loss is stated with “-”) 2365175354.96 2332545670.25
Less: Income tax expense VII.76 291528386.83 319991628.43
V. Net profit (net loss is stated with “-”) 2073646968.13 2012554041.82
(I) Classified by continuity of operations
1. Profit from continuing operations (loss
is stated with “-”) 2073646968.13 2012554041.82
2. Profit from discontinued operations
(loss is stated with “-”)
(II) Classified by ownership
1. Profit attributable to owners of the
parent (loss is stated with “-”) 2034500102.37 1987928242.51
2. Profit attributable to minority
shareholders (loss is stated with “-”) 39146865.76 24625799.31
VI. Other comprehensive income net of -2539384.44 274377.20
tax
(I) Other comprehensive income net of -2539384.44 274377.20
tax attributable to owners of the parent
1. Other comprehensive income that will
not be reclassified to profit or loss
(1) Remeasurement of a defined benefit
plan
(2) Other comprehensive income using
the equity method that will not be
reclassified to profit or loss
130 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(3) Change in the fair value of other
equity investments
(4) Change in the fair value of the entity’s
own credit risks
2. Other comprehensive income that may
be reclassified to profit or loss -2539384.44 274377.20
(1) Other comprehensive income using
the equity method that may be
reclassified to profit or loss
(2) Change in the fair value of other debt
investments
(3) Amount recognized in other
comprehensive income resulting from the
reclassification of financial assets
(4) Provision for credit impairment of
receivables financing
(5) Cash flow hedge reserve (Effective
portion of cash flow hedges)
(6) Exchange differences on translation
of foreign currency financial statements -2539384.44 274377.20
(7) Others
(II) Other comprehensive income net of
tax attributable to minority shareholders
VII. Total comprehensive income 2071107583.69 2012828419.02
(I) Total comprehensive income
attributable to owners of the parent 2031960717.93 1988202619.71
(II) Total comprehensive income
attributable to minority shareholders 39146865.76 24625799.31
VIII. Earnings per share:
(I) Basic earnings per share (Yuan/share) 2.36 2.37
(II) Diluted earnings per share 2.26 2.26
(Yuan/share)
Where business combinations involving entities under common control occurred in the current
period the net profit achieved by the acquirees before the combinations was RMB 0.00 with
the amount for last year being RMB 0.00.Legal representative: Zhang Jian Person in Charge of Accounting Work: Zheng Hui
Head of the Accounting Institution (Accounting Officer): Zheng Hui
131 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Income Statement Parent Company
2025
Unit: Yuan (RMB)
Items Notes 2025 2024
I. Operating revenue XIX.4 8007903988.50 7141357171.63
Less: cost of sales XIX.4 7773442082.19 6794432970.39
Taxes and surcharges 13103993.17 15113459.31
Selling expenses 262152407.84 292496446.40
Administrative expenses 346519637.06 286837420.77
Research and development expenses 19609479.64 4733536.43
Financial expenses -77760515.88 -118416910.45
Including: Interest expenses 35416559.43 32483377.61
Interest income 114234906.40 148427311.51
Add: Other income 29792596.67 79199927.90
Investment income (loss is stated with XIX.5
“-”)804495317.7613387054.88
Including: Income from investments in
85496.49
associates and joint ventures
Income from the derecognition of
financial assets measured at
amortised cost
Net position hedging gains (loss is
stated with “-”)
Fair value gains (loss is stated with “-”) 11050459.25 22315419.45
Credit impairment losses (loss is
stated with “-”) -167439.01 2796262.26
Impairment losses (loss is stated with
“-”)
Gains on disposal of non-current
assets (loss is stated with “-”) 124369.60 581477.14
II. Operating profit (loss is stated with
“-”)516132208.75-15559609.59
Add: Non-operating income 6994776.48 13742707.00
Less: Non-operating expenses 9528323.22 10213884.34
III. Total profit (total loss is stated with
“-”)513598662.01-12030786.93
132 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Less: Income tax expense -134822804.95 -3887281.37
IV. Net profit (net loss is stated with “-”) 648421466.96 -8143505.56
(I) Profit from continuing operations
(net loss is stated with “-”) 648421466.96 -8143505.56
(II) Profit from a discontinued operation
(net loss is stated with “-”)
V. Other comprehensive income net
of tax
(I) Other comprehensive income which
cannot be re-classified into the gain
and loss
1. Remeasurement of a defined benefit
plan
2. Other comprehensive income using
the equity method that will not be
reclassified to profit or loss
3. Change in the fair value of other
equity investments
4. Change in the fair value of the
entity’s own credit risks
(II) Other comprehensive income that
may be reclassified to profit or loss
1. Other comprehensive income using
the equity method that may be
reclassified to profit or loss
2. Change in the fair value of other
debt investments
3. Amount recognised in other
comprehensive income resulting from
the reclassification of financial assets
4. Provision for credit impairment of
receivables financing
5. Cash flow hedge reserve (Effective
portion of cash flow hedges)
6. Exchange differences on translation
of foreign currency financial
statements
7. Others
VI. Total comprehensive income 648421466.96 -8143505.56
133 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
VII. Earnings per share:
(I) Basic earnings per share
(Yuan/share)
(II) Diluted earnings per share
(Yuan/share)
Legal representative: Zhang Jian Person in Charge of Accounting Work: Zheng Hui
Head of the Accounting Institution (Accounting Officer): Zheng Hui
Consolidated Statement of Cash Flows
2025
Unit: Yuan (RMB)
Items Notes 2025 2024
I. Cash flows from operating activities
Cash receipts from the sale of goods
and the rendering of services 28119221378.04 24781644295.91
Net increase of customers’ deposit and
due from banks
Net increase of borrowings from the
central bank
Net increase of borrowings from other
financial institutions
Cash received from the premium of the
original insurance contract
Net cash received from the
reinsurance business
Net increase of the reserve from policy
holders and investment
Cash received from interest service
charge and commission
Net increase of loan from other banks
Net increase of fund from repurchase
business
Net cash received from securities
trading on commission
Receipts of taxes and surcharges
refunds 26827131.67 54763281.46
Other cash receipts relating to VII.78 1175694261.48 604548124.31
134 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
operating activities
Total cash inflows from operating
activities 29321742771.19 25440955701.68
Cash payments for goods and services 21367470505.47 18736372149.36
Net increase of loans and advances to
customers
Net increase of due from central bank
and due from other banks
Cash from payment for settlement of
the original insurance contract
Net increase of the lending capital
Cash paid for interest service charge
and commission
Cash for payment of policy dividend
Cash payments to and on behalf of
employees 1669043271.44 1425709074.28
Payments of all types of taxes and
surcharges 1133714329.01 936022651.40
Other cash payments relating to VII.78
operating activities 1366630352.08 1176840949.12
Total cash outflows from operating
activities 25536858458.00 22274944824.16
Net cash flows from operating
activities 3784884313.19 3166010877.52
II. Cash flows from investing activities:
Cash receipts from returns of VII.78
investments 15635285988.52 8275484223.21
Cash receipts from returns on
investments 298823898.62 212895136.87
Net cash receipts from disposal of
fixed assets intangible assets and 28648477.18 12021479.57
other long-term assets
Net cash receipts from disposal of
subsidiaries and other business units 24884586.26
Net cash receipts from acquisition of
subsidiaries 12689991.79
135 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Other cash receipts relating to
investing activities
Total cash inflows from investing
activities 16000332942.37 8500400839.65
Cash payments to acquire fixed
assets intangible assets and other 2715160089.31 3394571388.27
long-term assets
Cash payments for investments 16459213173.53 11863873024.52
Net increase of the pledged loan
Net cash payments for acquisition of
subsidiaries and other business units 25387706.07
Other cash payments relating to
investing activities
Total cash outflows from investing
activities 19174373262.84 15283832118.86
Net cash flows from investing activities -3174040320.47 -6783431279.21
III. Cash flows from financing activities:
Cash proceeds from investments by
others 241040565.24 213771800.00
Including: Cash receipts from capital
contributions from minority 45050000.00
shareholders of subsidiaries
Cash receipts from borrowing 15000000.00 52206547.06
Other cash receipts relating to
financing activities
Total cash inflows from financing
activities 256040565.24 265978347.06
Cash repayments for debts 17000000.00 40000000.00
Cash payments for distribution of
dividends or profit and interest 1099310180.30 766112764.75
expenses
Including: Dividends or profit paid to
minority shareholders of subsidiaries 39569160.35 14400000.00
Other cash payments relating to VII.78
financing activities 80379807.53 66980891.15
Total cash outflows from financing 1196689987.83 873093655.90
136 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
activities
Net cash flows from financing activities -940649422.59 -607115308.84
IV. Effect of foreign exchange rate
changes on cash and cash -1324460.43 2871491.76
equivalents
V. Net increase in cash and cash
-331129890.30-4221664218.77
equivalents
Add: Cash and cash equivalents at the
beginning of the year 1812760278.96 6034424497.73
VI. Cash and cash equivalents at the
end of the year 1481630388.66 1812760278.96
Legal representative: Zhang Jian Person in Charge of Accounting Work: Zheng Hui
Head of the Accounting Institution (Accounting Officer): Zheng Hui
Statement of Cash Flows Parent Company
2025
Unit: Yuan (RMB)
Items Notes 2025 2024
I. Cash flows from operating activities
Cash receipts from the sale of goods
and the rendering of services 9108734959.79 8227510110.16
Receipts of tax and surcharges
refunds
Other cash receipts relating to
operating activities 78741544.66 141019435.07
Total cash inflows from operating
activities 9187476504.45 8368529545.23
Cash payments for goods and services 7813428855.54 7203073689.69
Cash payments to and on behalf of
employees 263447654.02 249197648.11
Payments of all types of taxes and
surcharges 20200661.91 135467243.42
Other cash payments relating to
operating activities 393277453.63 282563528.67
Total cash outflows from operating
activities 8490354625.10 7870302109.89
Net cash flows from operating 697121879.35 498227435.34
137 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
activities
II. Cash flows from investing activities:
Cash receipts from returns of
investments 5925770240.64 4305939198.58
Cash receipts from returns on
investments 804040047.02 112545452.67
Net cash received from disposal of
fixed assets intangible assets and 899124.50 1121984.05
other long-term assets
Net cash receipts from disposal of
subsidiaries and other business units 1053662.30
Other cash receipts relating to
investing activities 275500000.00 39000000.00
Total cash inflows from investing
activities 7007263074.46 4458606635.30
Cash payments to acquire fixed
assets intangible assets and other 286832448.52 346263980.77
long-term assets
Cash payments for investments 5673122677.42 6584195621.18
Net cash payments for acquisition of
subsidiaries and other business units
Other cash payments relating to other
investing activities 1119566600.00 416700000.00
Total cash outflows from investing
activities 7079521725.94 7347159601.95
Net cash flows from investing activities -72258651.48 -2888552966.65
III. Cash flows from financing activities:
Cash proceeds from investments by
others 241040565.24 168721800.00
Cash receipts from borrowings
Other cash receipts relating to
financing activities
Total cash inflows from financing
activities 241040565.24 168721800.00
Cash repayments for debts
Cash payments for distribution of 1059741019.95 751712764.75
138 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
dividends or profit and interest
expenses
Other cash payments relating to
financing activities 44172729.74 2763826.54
Total cash outflows from financing
activities 1103913749.69 754476591.29
Net cash flows from financing activities -862873184.45 -585754791.29
IV. Effect of foreign exchange rate
changes on cash and cash 42426.70 -262859.29
equivalents
V. Net increase in cash and cash
-237967529.88-2976343181.89
equivalents
Add: Cash and cash equivalents at the
beginning of the year 583509764.59 3559852946.48
VI. Cash and cash equivalents at the
end of the year 345542234.71 583509764.59
Legal representative: Zhang Jian Person in Charge of Accounting Work: Zheng Hui
Head of the Accounting Institution (Accounting Officer): Zheng Hui
139 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Consolidated Statement of Changes in Owner’s Equity
2025
Unit: Yuan (RMB)
2025
Owners’ equity attributable to the parent company
Non-
Items Total
Other equity instruments Rese controlli
Other Spe rves ng shareholder
Less: Surplus
Share Capital compre cial for Retained Oth Sub-tot interest s’ equity
capital Preferr Perp
Treasury Reserv
reserves hensive rese gene earnings ers al s
ed etual Others stock esincome rves ral
shares bond risks
I. Balance at end of 43096 90298 11001
8617154325473715776422205432746459472591398660
prior year 2503.5 49453. 6612.0
952.003.45181.88480.095.540277.4565.77
0734
Add: Changes in
accounting policy
Correction of prior
period errors
140 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Others 171820. 17182
171820.23
230.23
II. Balance at the 43096 90300 11001
beginning 861715 43254737 1577642 220543 27464 594742 914003782503.5 21273. 6612.0
952.003.45181.88480.095.542097.6886.00
of the year 0 96 4
III. Changes for the 96102
617700-10816521809701100174-253929839981772-1606594495892
year (decrease is 4821.8
4.0036.2751.21330.08384.4474.50642.92898.862.98
stated with “-”) 4
(I) Total 20319
-25392034503914620711075
comprehensive 60717.
384.440102.37865.7683.69
income 93
141 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(II) Shareholders’
617700-10816521809701100174571022-15482-15643-31125791
contributions and
4.0036.2751.21330.084.00187.14604.27.41
reduction in capital
1. Capital
6803.5-10000-9993196.
contributions by 204.00 -1730.61 8330.12
1000.0049
shareholders
2. Capital
contributed by other
equity instruments
holders
3. Amount of
share-based 5613592 56135 45570 56591621.payments 0.34 920.34 1.22 56
recognised in equity
4. Acquisition of
-519254.-51925-2246-2766004.Non-controlling
604.60749.9151
Interest
5. Disposal of a -14079 -14079515
Subsidiary 515.94 .94
142 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
6. Acquisition of a 10226 10226960.
Subsidiary 960.36 36
617680-1081635125345110017457102-71105-71105656
7. Others
0.0005.6655.35330.0824.00656.39.39
(III) Profit -10584 -1055
29839-39569-1095022
distribution 37683.4 45370
74.50160.35869.30
58.95
1. Transfer to 29839 -29839
surplus reserves 74.50 74.50
2. Transfer to
general risks
reserves
3. Distribution to -10554 -1055
-39569-1095022
shareholders 53708.9 45370
160.35869.30
58.95
4. Others
(IV) Internal
carry-over of
143 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
owners’ equity
1. Capitalisation of
capital reserves
2. Capitalisation of
surplus reserves
3. Loss made up by
surplus reserves
4. Transfer of
changes in the
defined benefit plan
to retained earnings
5. Transfer of other
comprehensive
income to retained
earnings
6. Others
(V) Special
reserves
144 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
1. Appropriation for
the year
2. Utilization for the
year
(VI) Others
IV. Balance at end 43394 99910
867892324382131758612320717-22646929199395010084996
of year 6478.0 46095.
956.007.18333.09810.17738.904740.60713.18808.98
080
2024
Owners’ equity attributable to the parent company
Other equity instruments Non-
Res
Items Total
Other Spe erve control
Less:
Share Prefe Capital compre cial Surplus s for Retained Oth Sub-t ling shareholde
Perp Treasury
capital rred reserves hensive rese Reserves gen earnings ers otal interes rs’ equity
etual Others stock
share income rves eral ts
bond
s risks
145 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
I. Balance at end of 48150 43096 47045 7712 6803
861925432645176341268.37780072
prior year 5173.8 2503.5 97603. 0382 4244.
007.00369.562639.404461.90
806917.6129
Add: Changes in
accounting policy
Correction of prior
period errors
Others
II. Balance at the
beginning of the
year 86192 48150 43096 47045 7712 6803432645 176341 268.3 0.0 0.0 7780072
5007.00.000.005173.82503.50.0097603.03824244.
369.562639.40400461.90
0806917.6129
III. Changes for the -26096 12426 1317 4198
-20905-97996.1-1857727430.00.01359793
year (decrease is 0.00 0.00 1693.7 0.00 0.00 52673. 8112 2367.
5.0010457.5277.2000603.87
stated with “-”) 9 76 36.12 75
(I) Total 2743 19879 1988 2462 2012828
comprehensive 77.20 28242. 2026 5799. 419.02
146 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
income 51 19.71 31
(II) Shareholders’ -26096 7532 3175
-20905-97996.1-185770.0437320.010707807
contributions and 0.00 0.00 1693.7 0.00 0.00 0.00 1510 6568.
5.0010457.5205.0008.60
reduction in capital 9 .16 44
1. Capital 4505
11445.-97996.1466037.379445429486
contributions by 0000.
0017986.68.68
shareholders 00
2. Capital
contributed by
other equity
instruments holders
3. Amount of
share-based 4156
4156584156584.
payments 584.3
4.3737
recognised in 7
equity
4. Acquisition of -3915
-91559-9155-4006672
Non-controlling 1121.
8.8498.840.00
Interest 16
147 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
5. Disposal of a
Subsidiary
6. Acquisition of a 2585
25857689
Subsidiary 7689..60
60
7. Others -26096 7170
-22050-189474373271701037
1693.71037
0.007480.845.00.95
9.95
(III) Profit -7457 -7457 -1440
-7601128
distribution 12893. 1289 0000.
93.75
753.7500
1. Transfer to
surplus reserves
2. Transfer to
general risk
reserves
3. Distribution to -7457 -7457 -1440
-7601128
shareholders 12893. 1289 0000.
93.75
753.7500
148 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
4. Others
(IV) Internal
carry-over of
owners’ equity
1. Capitalisation of
capital reserves
2. Capitalisation of
surplus reserves
3. Loss made up by
surplus reserves
4. Transfer of
changes in the
defined benefit plan
to retained
earnings
5. Transfer of other
comprehensive
income to retained
earnings
149 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
6. Others
(V) Special
reserves
1. Appropriation for
the year
2. Utilisation for the
year
(VI) Others
IV. Balance at end 86171 22054 43096 59472 9029 11001
43254715776427469139866
of year 5952.0 3480.0 2503.5 50277. 8494 6612.
373.452181.8845.54065.77
0904553.7304
Legal representative: Zhang Jian Person in Charge of Accounting Work: Zheng Hui Head of the
Accounting Institution (Accounting Officer): Zheng Hui
Statement of Changes in Owner’s Equity Parent Company
2025
Unit: Yuan (RMB)
Items 2025
150 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Other equity instruments Other
Less: Total
Capital comprehe Special Surplus Retained
Share capital Treasury
Preferred Perpetual reserves nsive reserves Reserves earnings shareholders’
Others stock
shares bond income equity
I. Balance at end of 432547373. 17613312 2205434 430962503. 197426388 524027745
861715952.00
prior year 45 24.07 80.09 50 5.64 8.57
Add: Changes in
accounting policy
Correction of prior
period errors
Others 171820.23 171820.23
II. Balance at the
beginning 432547373. 17613312 2205434 430962503. 197443570 524044927861715952.00
4524.0780.09505.878.80
of the year
III. Decrease/increase
of the report year -108165236 19456280 1001743 -404305992 -408921779.
6177004.002983974.50
(decrease is stated with .27 0.62 30.08 .49 72
“-”)
151 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(I) Total comprehensive 648421466. 648421466.income 96 96
(II) Shareholders’
-108165236194562801001743
contributions and6177004.00 5710224.00 -1889537.73.270.6230.08
reduction in capital
1. Capital contributions
204.00-1730.618330.126803.51
by shareholders
2. Capital contributed
by other equity
instruments holders
3. Amount of payment
56591621.56591621.5
for shares counted to
555
shareholders’ equity
4. Others -108163505 13796284 1001743 -58487962.7
6176800.005710224.00.668.9530.089
(III) Profit Distribution -10584376 -105545370
2983974.50
83.458.95
1. Transfer to surplus 2983974.50 -2983974.5
152 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
reserves 0
2. Distributions to -10554537 -105545370
shareholders 08.95 8.95
3. Others
(IV) Internal carry-over
of owners’ equity
1. Capitalisation of
capital reserves
2. Capitalisation of
surplus reserves
3. Loss made up by
surplus reserves
4. Transfer of changes
in the defined benefit
plan to retained
earnings
5. Transfer of other
comprehensive income
153 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
to retained earnings
6. Others
(V) Special reserves
1. Appropriation for the
year
2. Utilization for the year
(VI) Others
IV. Balance at end of 324382137. 19558940 3207178 433946478. 157012971 483152749
867892956.00
year 18 24.69 10.17 00 3.38 9.08
Year 2024
Other equity instruments Other
Items Less: Total
Capital comprehe Special Surplus Retained
Share capital Treasury shareholders’
Preferred Perpetual reserves nsive reserves Reserves earnings
Others stock equity
shares bond income
154 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
I. Balance at end of 432645369. 19569039 4815051 430962503. 2727682955928614599
prior year 861925007.00 56 33.04 73.88 50 9.95 .17
Add: Changes in
accounting policy
Correction of prior
period errors
Others
II. Balance at the
beginning 432645369. 19569039 4815051 430962503. 2727682955928614599861925007.00
5633.0473.88509.95.17
of the year
III. Decrease/increase
of the report year -19557270 -260961 -753419074 -688337140.-209055.00-97996.11
(decrease is stated with 8.97 693.79 .31 60
“-”)
(I) Total comprehensive -8143505.5
-8143505.56
income 6
155 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(II) Shareholders’
contributions and -19557270 -260961
-209055.00-97996.11437325.0065519258.71
reduction in capital 8.97 693.79
1. Capital contributions
11445.00-97996.11466037.79379486.68
by shareholders
2. Capital contributed by
other equity instruments
holders
3. Amount of payment
4156584.3
for shares counted to 4156584.37
7
shareholders’ equity
4. Others -20019533 -260961
-220500.00437325.0060983187.66
1.13693.79
(III) Profit Distribution -745712893 -745712893..7575
1. Transfer to surplus
reserves
156 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
2. Distributions to -745712893 -745712893.
shareholders .75 75
3. Others
(IV) Internal carry-over
of owners’ equity
1. Capitalisation of
capital reserves
2. Capitalisation of
surplus reserves
3. Loss made up by
surplus reserves
4. Transfer of changes
in the defined benefit
plan to retained
earnings
5. Transfer of other
comprehensive income
157 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
to retained earnings
6. Others
(V) Special reserves
1. Appropriation for the
year
2. Utilization for the year
(VI) Others
IV. Balance at end of 43254737317613312 2205434 430962503. 197426388 5240277458
861715952.00
year .45 24.07 80.09 50 5.64 .57
Legal representative: Zhang Jian Person in Charge of Accounting Work: Zheng Hui Head of the
Accounting Institution (Accounting Officer): Zheng Hui
158 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
III. Company Profile
1. About the Company
√ Applicable □ Not applicable
Aima Technology Group Co. Ltd. is a joint stock limited company registered in Tianjin
People's Republic of China. It was established on September 27 1999. The A shares of
RMB common stock issued by the Company have been listed on the Shanghai Stock
Exchange. The Company is headquartered at 5 Aima Road Jinghai Economic
Development Zone Tianjin.The Company's principal business includes development manufacturing and sales of
electric bicycles electric mopeds electric motorcycles and electric tricycles.The Company's controlling shareholder is Mr. Zhang Jian a natural person.These financial statements were approved for issue by the Board of Directors of the
Company on 22 April 2026.IV. Basis for Preparation of Financial Statements
1. Preparation basis
These financial statements have been prepared in accordance with Accounting Standards
for Business Enterprises - Basic Standard and specific accounting standards
interpretations and other relevant provisions issued subsequently by the Ministry of
Finance (the “MOF”) (collectively referred to as “ASBEs”). In addition the financial
statements also disclose relevant financial information in accordance with the Compilation
Rules for Information Disclosure by Companies Offering Securities to the Public No. 15-
General Provisions on Financial Reporting.
2. Operation on going concern basis
√ Applicable □ Not applicable
The financial statements of the Company have been prepared on going concern basis.V. Significant Accounting Policies and Estimates
Presentation on specific accounting policies and accounting estimates
√ Applicable □ Not applicable
The Company has formulated specific accounting policies and accounting estimates
based on the practical production and operation characteristics which are mainly
reflected in the bad debts of receivables depreciation and amortization of investment
properties depreciation of fixed assets amortization of intangible assets amortization of
long-term prepaid expenses recognition and measurement of revenue etc.
1. Statement on complying with the accounting standard for business enterprises
The financial statements comply with requirements of the enterprise accounting standards
159 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
truly and completely reflect the concerned information including the Company’s and the
Group’s financial position results of their operations and cash flow of the year then ended.
2. Accounting period
The accounting year of the Group is a calendar year i.e. from 1 January to 31 December
of each year.
3. Business cycle
√ Applicable □ Not applicable
The Company takes 12 months as a business cycle.
4. Functional currency for bookkeeping
The Company’s functional and presentation currency is Renminbi (“RMB”). The
currency unit is RMB Yuan unless otherwise stated.Each subsidiary joint venture or associate of the Group determines its own functional
currency based on the primary economic environment in which it operates. In
preparation of these financial statements their functional currencies are translated into
RMB.
5. Determination method and selection basis of materiality criteria
√ Applicable □ Not applicable
Items Materiality criteria
Significant construction in progress The year-end balance is greater than
RMB 100 million.Significant prepayments aged over 1 year Individual other payables greater than
RMB 100 million
Significant accounts payable aged over 1 Individual other payables greater than
year RMB 100 million
Significant other payables aged over 1 Individual other payables greater than
year RMB 100 million
Significant receipts in advance aged over Individual other payables greater than
1 year RMB 100 million
Significant contract liabilites aged over 1 Individual other payables greater than
year RMB 100 million
Significant cash flows from investing Individual cash flows greater than RMB
activities 500 million
6. The accounting treatment on business consolidation under the common control
and not under the common control
√ Applicable □ Not applicable
(1) Business combinations involving entities under common control
A business combination involving entities under common control is a business
160 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
combination in which all of the combining entities are ultimately controlled by the same
party or parties both before and after the combination and the control is not temporary.The assets and liabilities (including goodwill arising from the ultimate controlling party’s
acquisition of the entity being absorbed) that are obtained by the absorbing entity in a
business combination involving entities under common control shall be measured on the
basis of their carrying amounts in the financial statements of the ultimate controlling party
at the combination date. The difference between the carrying amount of the net assets
obtained and the carrying amount of the consideration paid for the combination or the
aggregate face value of shares issued as consideration shall be adjusted to capital
premium under capital reserves. If the capital premium is not sufficient to absorb the
difference any excess shall be adjusted against retained earnings.
(2) Business combinations not involving entities under common control
A business combination not involving entities under common control is a business
combination in which all of the combining entities are not ultimately controlled by the same
party or parties both before and after the combination.The acquirer shall measure the acquiree’s identifiable assets liabilities and contingent
liabilities acquired in the business combination at their fair values on the acquisition date.Goodwill is initially recognised and measured at the difference between the combination
cost and the acquiree's share of the fair value of the acquiree's identifiable net assets
acquired in the combination. After initial recognition goodwill is measured at cost less any
accumulated impairment losses. If the combination cost is less than any fair value of the
Group’s previously held equity interest in the acquiree is lower than the Group’s interest in
the fair value of the acquiree’s net identifiable assets the Group reassesses the
measurement of the fair value and the combination cost of the acquiree’s identifiable
assets liabilities and contingent liabilities. If after that reassessment the combination cost
is still lower than the Group’s interest in the fair value of the acquiree’s net identifiable
assets the Group recognises the remaining difference in profit or loss.
7. Judgment standard of control and preparation method of consolidated financial
statements
√ Applicable □ Not applicable
The scope of the consolidated financial statements which include the financial statements
of the Company and all of its subsidiaries is determined on the basis of control. A
subsidiary is an entity that is controlled by the Company (such as an enterprise a deemed
separate entity or a structured entity controlled by the Company). An investor can control
an investee if and only if the investor has three elements: the investor has power over the
investee; variable returns due to participation in the investee's activities; ability to use its
power over the investee to influence the amount of its return.Where the accounting policies or accounting periods adopted by a subsidiary are
inconsistent with those of the Company necessary adjustments shall be made to the
financial statements of the subsidiary in accordance with the accounting policies and
161 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
accounting periods of the Company when preparing the consolidated financial statements.All intra-group assets and liabilities equity income expenses and cash flows relating to
transactions between members of the Group are eliminated in full on consolidation.Where the loss for the current period attributable to minority shareholders of a subsidiary
exceeds the Minority shareholders’ equity of the opening balance of equity of the
subsidiary the excess shall still be allocated against the Minority shareholders’ equity.For subsidiaries acquired through business combinations not involving entities under
common control the financial performance and cash flows of the acquiree shall be
consolidated from the date on which the Group obtains control and continue to be
consolidated until the date such control ceases. While preparing the consolidated financial
statements the Group shall adjust the subsidiary’s financial statements on the basis of
the fair values of the identifiable assets liabilities and contingent liabilities recognised on
the acquisition date.For subsidiaries acquired through business combinations involving entities under common
control the financial performance and cash flows of the entity being absorbed shall be
consolidated from the beginning of the period in which the combination occurs. While
preparing the comparative financial statements adjustments are made to related items in
the financial statements for the prior period as if the reporting entity after the combination
has been in existence since the date the ultimate controlling party first obtained the
control.The Group reassesses whether or not it controls an investee if any change in facts and
circumstances indicates that there are changes to one or more of the three elements of
control.A change in the Minority shareholders’ equity without a loss of control is accounted for as
an equity transaction.
8. Classification of joint arrangement and joint operation
□ Applicable √ Not applicable
9. Cash and cash equivalents
Cash comprises the Group’s cash on hand and bank deposits that can be readily
withdrawn on demand.Cash equivalents are short-term highly liquid investments that are readily convertible into
known amounts of cash and are subject to an insignificant risk of changes in value.
10. Foreign currency transactions and foreign currency translation
√ Applicable □ Not applicable
The Group translates foreign currency transactions into its functional currency.Foreign currency transactions are initially recorded on initial recognition in the functional
currency using average exchange rates for the period in which the transactions occur.
162 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
However the capital invested by investors in foreign currencies is translated at the spot
exchange rate on the transaction date. Monetary items denominated in foreign currencies
are translated at the spot exchange rates ruling at the balance sheet date. Differences
arising on settlement or translation of monetary items are recognised in profit or loss with
the exception of those relating to foreign currency borrowings specifically for the
construction and acquisition of qualifying assets which are capitalised in accordance with
the guidance for capitalisation of borrowing costs. Non-monetary items that are measured
in terms of historical cost in a foreign currency are translated using the exchange rates of
the initial recognition and the amount denominated in the functional currency is not
changed. Non-monetary items measured at fair value in a foreign currency are translated
using the exchange rates at the date when the fair value was measured. The resulting
exchange differences are recognised in profit or loss or other comprehensive income
depending on the nature of the non-monetary items.For foreign operations the Group translates their functional currency amounts into RMB
when preparing the financial statements as follows: as at the balance sheet date the
assets and liabilities are translated using the spot exchange rate at the balance sheet date
and equity items other than “unappropriated profit” are translated at the spot exchange
rates at the dates of transactions; revenue and expense items in profit or loss are
translated using the average exchange rates for the period during which the transactions
occur (unless this is inappropriate due to exchange rate fluctuations in which case the
spot exchange rates prevailing on the dates of the transactions are used). The resulting
exchange differences are recognised in other comprehensive income. On disposal of a
foreign operation the component of other comprehensive income relating to that
particular foreign operation is recognised in profit or loss. If the disposal only involves a
portion of a particular foreign operation the component of other comprehensive income
relating to that particular foreign operation is recognised in profit or loss on a pro-rata
basis.Foreign currency cash flows and the cash flows of foreign subsidiaries are translated
using the average exchange rates for the period during which the cash flows occur
(unless this is inappropriate due to exchange rate fluctuations in which case the spot
exchange rates prevailing on the dates of cash flows are used). The effect of exchange
rate changes on cash is separately presented as an adjustment item in the statement of
cash flows.
11. Financial instruments
√Applicable □ Not applicable
A financial instrument is any contract that gives rise to a financial asset of one entity and a
financial liability or equity instrument of another entity.
(1) Recognition and derecognition
The Group recognises a financial asset or a financial liability when it becomes a party to
the contractual provisions of a financial instrument.A financial asset (or where applicable a part of a financial asset or part of a group of
163 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
similar financial assets) is primarily derecognised (i.e. removed from the Group’s
consolidated balance sheet) when:
* the rights to receive cash flows from the financial asset have expired;
* the Group has transferred its rights to receive cash flows from the financial asset or
has assumed an obligation to pay the received cash flows in full without material delay to
a third party under a “pass-through” arrangement; and either has transferred substantially
all the risks and rewards of the financial asset or has neither transferred nor retained
substantially all the risks and rewards of the asset but has transferred control of the
financial asset.A financial liability is derecognised when the obligation under the liability is discharged or
cancelled or expires. When an existing financial liability is replaced by another from the
same lender on substantially different terms or the terms of an existing liability are
substantially modified such an exchange or modification is treated as a derecognition of
the original liability and a recognition of a new liability and the difference between the
respective carrying amounts is recognised in profit or loss.Regular way purchases and sales of financial assets are recognised and derecognised
using trade date accounting. Regular way purchases or sales are purchases or sales of
financial assets that require delivery within the period generally established by regulation
or convention in the marketplace in accordance with a contract. The trade date is the date
that the Group committed to purchase or sell a financial asset.
(2) Classification and measurement of financial assets
The classification of financial assets at initial recognition depends on the financial asset’s
contractual cash flow characteristics and the Group’s business model for managing them:
financial assets at amortised cost financial assets at fair value through other
comprehensive income and financial assets at fair value through profit or loss.Financial assets are measured at fair value on initial recognition but accounts receivable
or notes receivable arising from the sale of goods or rendering of services that do not
contain significant financing components or for which the Group has applied the practical
expedient of not adjusting the effect of a significant financing component due within one
year are initially measured at the transaction price.For financial assets at fair value through profit or loss relevant transaction costs are
directly recognised in profit or loss and transaction costs relating to other financial assets
are included in the initial recognition amounts.The subsequent measurement of financial assets depends on their classification as
follows:
* Debt investments measured at amortised cost
The Group measures financial assets at amortised cost if both of the following conditions
are met: the financial asset is held within a business model with the objective to hold
financial assets in order to collect contractual cash flows; the contractual terms of the
164 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding. Financial assets at amortised
cost are subsequently measured using the effective interest method and are subject to
impairment. Gains and losses are recognised in profit or loss when the asset is
derecognised modified or impaired. Such financial assets mainly include currency funds
notes receivable accounts receivable and other receivables.* Debt investments at fair value through other comprehensive income
The Group measures debt investments at fair value through other comprehensive income
if both of the following conditions are met: the financial asset is held within a business
model with the objective of both holding to collect contractual cash flows and selling; the
contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding. Interest
income is recognised using the effective interest method. The interest income impairment
losses and foreign exchange revaluation are recognised in profit or loss. The remaining
fair value changes are recognised in other comprehensive income. Upon derecognition
the cumulative fair value change recognised in other comprehensive income is recycled to
profit or loss.* Financial assets at fair value through profit or loss
The financial assets other than the above financial assets measured at amortised cost
and financial assets at fair value through other comprehensive income are classified as
financial assets at fair value through profit or loss. Such financial assets are subsequently
measured at fair value with net changes in fair value recognised in profit or loss.
(3) Classification and measurement of financial liabilities
The Group's financial liabilities are classified at initial recognition as financial liabilities
measured at amortised cost with related transaction costs included in their initial carrying
amount.The subsequent measurement of financial liabilities depends on their classification:
Financial liabilities measured at amortised cost
Such financial liabilities are subsequently measured at amortised cost using the effective
interest method.
(4) Impairment of financial instruments
* Method of determining expected credit losses and accounting treatment
Based on the expected credit losses (“ECLs”) the Group recognises an allowance for
ECLs for the financial assets measured at amortised cost debt investments at fair value
through other comprehensive income.For accounts receivable and contract assets that do not contain a significant financing
component the Group applies the simplified approach to recognise a loss allowance
based on lifetime ECLs.
165 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
For financial assets other than those to which the simplified approach above applies the
Group assesses whether the credit risk has increased significantly since initial recognition
at each balance sheet date. If the credit risk has not increased significantly since initial
recognition (stage 1) the loss allowance is measured at an amount equal to 12-month
ECLs by the Group and the interest income is calculated according to the carrying amount
and the effective interest rate; if the credit risk has increased significantly since initial
recognition but the financial assets are not credit-impaired (stage 2) the loss allowance is
measured at an amount equal to lifetime ECLs by the Group and the interest income is
calculated according to the carrying amount and the effective interest rate; if such financial
assets are credit-impaired after initial recognition (stage 3) the loss allowance is
measured at an amount equal to lifetime ECLs by the Group and the interest income is
calculated according to the amortised cost and the effective interest rate. For financial
instruments with lower credit risk on the balance sheet date the Company assumes that
its credit risk has not increased significantly since the initial recognition.For details of the Group's disclosure of the criteria for determining significant increase incredit risk and the definition of credit-impaired assets please refer to “Section 8. FinancialReporting XII. Risks Associated with Financial Instruments”.The Group measures expected credit losses on a financial instrument in a way that
reflects: an unbiased and probability-weighted amount that is determined by evaluating
a range of possible outcomes; the time value of money; and reasonable and supportable
information that is available without undue cost or effort at the balance sheet date about
past events current conditions and forecasts of future economic conditions.* Combination category and determination basis of provision for bad debts based on
credit risk characteristics
The Group assesses the expected credit losses of financial instruments based on
individual items and portfolios. The Group has considered the credit risk characteristics of
different customers based on common risk characteristics and assessed the expected
credit losses of receivables based on the age combination.* Aging calculation method based on the combination of credit risk characteristics
recognized by aging
The Group calculates the overdue ageing based on the contractual collection date.* Judgment criteria for determining individual provision for bad debts
If the credit risk profile of a counterparty is significantly different from that of other
counterparties in the portfolio provision for loss is made on an individual basis for the
receivable from that counterparty.* Write-off of provision for impairment
When the Group no longer reasonably expects to collect all or part of the contractual cash
flows of the financial asset the Group directly writes down the carrying amount of the
financial asset.
166 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(5) Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the
balance sheet if there is a currently enforceable legal right to offset the recognised
amounts; and there is an intention to settle on a net basis or to realize the assets and
settle the liabilities simultaneously.
(6) Convertible bonds
When the Group issues convertible bonds it determines whether they contain both liability
and equity components according to the terms. If the issued convertible bonds contain
both liabilities and equity components the liabilities and equity components shall be
separated and treated separately at initial recognition. At the time of separation the fair
value of the liability component is first measured and used as its initial recognition amount
and then the initial recognition amount of the equity component is determined according to
the amount after deducting the initial recognition amount of the liability component from
the issue price of the convertible bond as a whole. Transaction costs are allocated
between the liability component and the equity component at their respective relative fair
values. The liability component is disclosed as a liability and subsequently measured at
amortised cost until cancelled converted or redeemed. The equity component is
disclosed as equity and is not subsequently measured. Convertible bonds issued only
include liability components and embedded derivatives that is if the share conversion
right has the characteristics of embedded derivatives it will be separated from the
convertible bonds as a whole treated separately as a derivative financial instrument and
initially recognized at its fair value. The excess of the issue price over initial recognition as
a derivative financial instrument is recognised as a debt instrument. Transaction costs are
allocated on the basis of the issue price of debt instruments and derivative financial
instruments on initial recognition. Transaction costs related to debt instruments are
recognised as liabilities and transaction costs related to derivative financial instruments
are recognised in profit or loss for the period.
(7) Transfer of Financial Assets
A financial asset is derecognised when the Group has transferred substantially all the
risks and rewards of the asset to the transferee. A financial asset is not derecognised
when the Group retains substantially all the risks and rewards of the financial asset.When the Group has neither transferred nor retained substantially all the risks and
rewards of the financial asset it either (i) derecognises the financial asset and recognises
the assets and liabilities created in the transfer when it has not retained control of the
asset; or (ii) continues to recognise the transferred asset to the extent of the Group's
continuing involvement in which case the Group also recognises an associated liability.Continuing involvement that takes the form of a guarantee over the transferred financial
asset is measured at the lower of the original carrying amount of the financial asset and
the guarantee amount. The guarantee amount is the maximum amount of consideration
that the Group could be required to repay.
167 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
12. Notes receivable
√ Applicable □ Not applicable
Combination category and determination basis of provision for bad debts based on
credit risk characteristicsFor details please refer to "Section 8 Financial Report V.11. Financial Instruments” and“V39. Other Important Accounting Policies and Accounting Estimates".Aging calculation method based on the combination of credit risk characteristics
recognized by aging
□ Applicable √ Not applicable
Judgment criteria for determining individual provision for bad debts
□ Applicable √ Not applicable
13. Accounts receivable
√ Applicable □ Not applicable
Combination category and determination basis of provision for bad debts based on
credit risk characteristics
√ Applicable □ Not applicable
For details please refer to "Section 8 Financial Report 11. Financial Instruments" and "V.
39. Other Important Accounting Policies and Accounting Estimates"
Aging calculation method based on the combination of credit risk characteristics
recognized by aging
□ Applicable √ Not applicable
Judgment criteria for determining individual provision for bad debts
□ Applicable √ Not applicable
14. Receivables financing
√ Applicable □ Not applicable
Combination category and determination basis of provision for bad debts based on
credit risk characteristics
√ Applicable □ Not applicable
For details please refer to "Section 8 Financial Report 11. Financial Instruments" and "V.
39. Other Important Accounting Policies and Accounting Estimates"
Aging calculation method based on the combination of credit risk characteristics
recognized by aging
□ Applicable √ Not applicable
168 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Judgment criteria for determining individual provision for bad debts
□ Applicable √ Not applicable
15. Other receivables
√ Applicable □ Not applicable
Combination category and determination basis of provision for bad debts based on
credit risk characteristics
√ Applicable □ Not applicable
For details please refer to "Section 8 Financial Report 11. Financial Instruments" and "V.
39. Other Important Accounting Policies and Accounting Estimates"
Aging calculation method based on the combination of credit risk characteristics
recognized by aging
□ Applicable √ Not applicable
Judgment criteria for determining individual provision for bad debts
□ Applicable √ Not applicable
16. Inventories
√ Applicable □ Not applicable
Inventory category delivery valuation method inventory system amortization
method of low value consumables and packaging materials
√ Applicable □ Not applicable
The Company’s inventories consist of raw materials work-in-process and finished goods.Inventories are initially carried at cost. Cost of inventories comprises all costs of purchase
costs of conversion and other costs. For inventories delivered the actual costs are
determined on the weighted average basis. Turnover materials include low value
consumables and packing materials which are on the immediate write-off basis.The Company adopts the perpetual inventory system.Recognition criteria and accrual method of write-down
√ Applicable □ Not applicable
At the balance sheet date inventories are stated at the lower of cost and net realizable
value. The inventories are written down below cost to net realizable value and the
write-down is recognised in profit or loss if the cost is higher than the net realizable value.Net realizable value is the estimated selling price in the ordinary course of business less
the estimated costs of completion and the estimated costs necessary to make the sale
and relevant taxes.Combination category and determination basis for provision for write-down based
169 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
on combination and determination basis for net realizable value of different
categories of inventories
□ Applicable √ Not applicable
The calculation method and determination basis of the net realizable value of each
stock age combination for recognizing the net realizable value of inventory based
on the stock age
□ Applicable √ Not applicable
17. Contract assets
□ Applicable √ Not applicable
18. Non-current assets held for sale or disposal groups
□ Applicable √ Not applicable
Recognition criteria and accounting treatment methods for non-current assets held
for sale or disposal groups
□ Applicable √ Not applicable
Recognition criteria and disclosure method for discontinued operations
□ Applicable √ Not applicable
19. Long-term equity investments
√ Applicable □ Not applicable
Long-term equity investments include equity investments in subsidiaries joint ventures
and associates.A long-term equity investment is initially measured at its initial investment cost on
acquisition. The initial cost of a long-term equity investment acquired through a business
combination involving enterprises under common control is the Company’s share of the
carrying amount of the subsidiary’s equity in the consolidated financial statements of the
ultimate controlling party at the combination date. The difference between the initial
investment cost and the carrying amounts of the consideration given is adjusted to the
capital premium in the capital reserve with any excess adjusted to retained earnings. For
a long-term equity investment acquired through a business combination not under
common control the combination cost shall be recognised as the initial investment cost (if
a business combination not under common control is achieved step by step through
multiple transactions the sum of the book value of the equity investment held by the
acquiree before the acquisition date and the newly increased investment cost on the
acquisition date shall be taken as the initial investment cost). For a long-term equity
investment other than a long-term equity investment formed by a business combination
the initial investment cost shall be determined according to the following methods: for a
long-term equity investment obtained by paying cash the actual purchase price paid and
the expenses taxes and other necessary expenses directly related to the acquisition of
170 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
the long-term equity investment shall be regarded as the initial investment cost; For those
obtained by issuing equity securities the initial investment cost shall be the fair value of
the equity securities issued. For a long-term equity investment obtained through a
business combination not involving enterprises under common control the initial cost
comprises the aggregate of the fair value of assets transferred liabilities incurred or
assumed and equity securities issued by the Company in exchange for control of the
acquiree. For a long-term equity investment obtained through a business combination not
involving enterprises under common control and achieved in stages the initial cost
comprises the carrying value of the previously-held equity investment in the acquiree
immediately before the acquisition date and the additional investment cost at the
acquisition date. For long-term equity investments obtained by means other than business
combination the initial investment cost is determined according to the following method:
for those obtained by paying cash the actual purchase price paid and the expenses
taxes and other necessary costs directly related to the acquisition of long-term equity
investments shall be used. Expenses are taken as the initial investment cost. For those
obtained by issuing equity securities the fair value of the issued equity securities is taken
as the initial investment cost.For a long-term equity investment where the Company can exercise control over the
investee the long-term investment is accounted for using the cost method in the
Company’s individual financial statements. Control is achieved when the Group is
exposed or has rights to variable returns from its involvement with the investee and has
the ability to affect those returns through its power over the investee.Under the cost method the long-term equity investment is measured at its initial
investment cost. When additional investment is made or the investment is recouped the
cost of long-term equity investment is adjusted accordingly. Cash dividends or profit
distributions declared by the investee are recognised as investment income in profit or
loss.The equity method is adopted when the Group has joint control or exercises significant
influence over the investee. Joint control is the contractually agreed sharing of control of
an arrangement which exists only when decisions about the relevant activities require the
unanimous consent of the parties sharing control. Significant influence is the power to
participate in the financial and operating policy decisions of the investee but is not control
or joint control with other parties over those policies.Under the equity method where the initial investment cost of a long-term equity
investment exceeds the Group’s interest in the fair value of the investee’s identifiable net
assets at the acquisition date no adjustment is made to the initial investment cost. Where
the initial investment cost is less than the Group’s interest in the fair values of the
investee’s identifiable net assets at the acquisition date the difference is charged to profit
or loss and the cost of the long-term equity investment is adjusted accordingly.Under the equity method after it has acquired a long-term equity investment the Group
recognises its share of the investee’s profit or loss as well as its share of the investee’s
other comprehensive income as investment income or loss and other comprehensive
171 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
income and adjusts the carrying amount of the investment accordingly. The Group
recognises its share of the investee’s profit or loss after making appropriate adjustments
to the investee’s profit or loss based on the fair value of the investee’s identifiable assets
at the acquisition date using the Group’s accounting policies and periods. Unrealised
profits and losses from transactions with its joint ventures and associates are eliminated to
the extent of the Group’s investments in the associates or joint ventures (except for assets
that constitute a business) (However any loss arising from such transactions which are
attributable to an impairment loss shall be recognised at its entirety). The carrying amount
of the investment is reduced based on the Group’s share of any profit distributions or cash
dividends declared by the investee. The Group’s share of losses of the investee is
recognised to the extent that the carrying amount of the investment together with any
long-term interests that in substance form part of its net investment in the investee is
reduced to zero except that the Group has the obligations to assume further losses. The
Group’s share of the investee’s equity changes other than those arising from the
investee’s profit or loss other comprehensive income or profit distribution is recognised in
the Group’s equity and the carrying amount of the long-term equity investment is adjusted
accordingly.
20. Investment properties
(1) If the cost measurement model is used:
Depreciation and amortization methods
Investment property is property held to earn rentals or for capital appreciation or both.An investment property is measured initially at cost. If the economic benefits relating to an
investment property will probably flow in and the cost can be reliably measured
subsequent costs incurred for the property are included in the cost of the investment
property. Otherwise subsequent costs are recognised in profit or loss as incurred.The Group uses the cost model for the subsequent measurement of its investment
properties. For the depreciation method of houses and buildings in investment real estate
please refer to the relevant content of “Section 8 Financial Report V. 21 Fixed Assets” and
for the amortization method of land use rights in investment real estate please refer to“Section 8 Financial Report V. 26 Intangible Assets".
21. Fixed assets
(1) Recognition of fixed assets
√ Applicable □ Not applicable
A fixed asset is recognised only when the economic benefits associated with the asset will
probably flow into the Group and the cost of the asset can be measured reliably.Subsequent expenditures incurred for a fixed asset that meets the recognition criteria
shall be included in the cost of the fixed asset and the carrying amount of the component
of the fixed asset that is replaced shall be derecognised. Otherwise such expenditures
are recognised in profit or loss or the cost of related assets as incurred according to the
172 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
beneficiaries.The fixed assets are initially measured at the cost. The cost of a purchased fixed asset
comprises the purchase price relevant taxes and any directly attributable expenditure for
bringing the asset to working condition for its intended use.
(2) Depreciation methods
Depreciation is calculated using the straight-line method. The useful lives percentages
of estimated residual value and annual depreciation rates are as follows:
√ Applicable □ Not applicable
Annual
Depreciation Useful life
Categories Residual rate depreciation
method (year)
rate
Straight-line
Buildings 20 5% 4.75%
method
Machinery and Straight-line
105%9.50%
equipment method
Office Straight-line
55%19.00%
equipment method
Straight-line
Vehicles 4 5% 23.75%
method
Electronic Straight-line
35%31.67%
equipment method
Production Straight-line
35%31.67%
tools method
The Group reviews the useful life and estimated net residual value of a fixed asset and the
depreciation method applied at least at each year end and make adjustments if
necessary.
22. Construction in progress
√ Applicable □ Not applicable
The cost of construction in progress is determined based on actual construction
expenditures incurred including various necessary expenditures incurred during the
construction period borrowing costs eligible for capitalization prior to the asset reaching
its intended usable state and other related costs.When the asset is ready for its intended use the criteria for an item of construction in
progress is transferred to fixed assets are as follows:
Items Criteria for transfer to fixed assets
The earlier of actual start of
Buildings
use/completion of acceptance
The earlier of actual start of
Machinery and equipment
use/completion of installation and
173 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
acceptance
23. Borrowing costs
√ Applicable □ Not applicable
The borrowing costs that are directly attributable to the acquisition construction or
production of a qualifying asset are capitalised. The amounts of other borrowing costs
incurred are recognised as an expense in the period in which they are incurred.Borrowing costs are capitalised when capital expenditure and borrowing costs have been
incurred and the acquisition construction or production activities necessary to bring the
asset to its intended use or sale have commenced.Capitalisation of borrowing costs ceases when the qualifying asset being acquired
constructed or produced gets ready for its intended use or sale. Any borrowing costs
subsequently incurred are recognised in profit or loss.During the capitalisation period the amount of interest eligible for capitalisation for each
accounting period shall be determined as follows: where funds are borrowed specifically
for the purpose of obtaining a qualifying asset the amount of interest eligible for
capitalisation is the actual interest costs incurred on that borrowing for the period less any
bank interest earned from depositing the borrowed funds before being used on the asset
or any investment income on the temporary investment of those funds; or where funds are
borrowed generally for the purpose of obtaining a qualifying asset the amount of interest
eligible for capitalisation is determined by applying a weighted average interest rate on the
general borrowings to the weighted average of the excess of the cumulative expenditures
on the asset over the expenditures on the asset funded by the specific borrowings.Capitalisation of borrowing costs is suspended during periods in which the acquisition
construction or production of a qualifying asset is suspended abnormally by activities
other than those necessary to get the asset ready for its intended use or sale when the
suspension is for a continuous period of more than 3 months. Borrowing costs incurred
during these periods are recognised as an expense in profit or loss until the acquisition
construction or production is resumed.
24. Biological assets
□ Applicable √ Not applicable
25. Oil and gas assets
□ Applicable √ Not applicable
26. Intangible assets
(1) Useful life determination basis estimation amortization method or review
procedures
√ Applicable □ Not applicable
174 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Intangible assets are amortised on a straight-line basis over their useful lives as follows:
Items Useful Life Determination basis
Land use rights 50 years The shorter of the term
/expected useful life of
the land use right
Software 5-10 years The shorter of the serv
ice life /expected usefu
l life of software
Trademarks 5-10 years The shorter of validity
period/expected useful
life of trademarks
(2) Collection scope and relevant accounting treatment methods of research and
development expenditure
√ Applicable □ Not applicable
The Group classifies the expenditures on an internal research and development project
into expenditure on the research phase and expenditure on the development phase.Expenditure on the research phase is recognised in profit or loss as incurred. Expenditure
on the development phase is capitalised only when the Group can demonstrate all of the
following: (i) the technical feasibility of completing the intangible asset so that it will be
available for use or sale; (ii) the intention to complete the intangible asset and use or sell it;
(iii) how the intangible asset will generate probable future economic benefits (among other
things the Group can demonstrate the existence of a market for the output of the
intangible asset or the intangible asset itself or if it is to be used internally the usefulness
of the intangible asset); (iv) the availability of adequate technical financial and other
resources to complete the development and the ability to use or sell the intangible asset;
and (v) the ability to measure reliably the expenditure attributable to the intangible asset
during the development phase. Expenditure on the development phase which does not
meet these above criteria is recognised in profit or loss when incurred.
27. Impairment of long-term assets
√ Applicable □ Not applicable
The Group determines the impairment of assets other than impairment of inventories
deferred income tax and financial assets using the following methods: the Group
assesses at the balance sheet date whether there is any indication that an asset may be
impaired. If any indication exists that an asset may be impaired the Group estimates the
recoverable amount of the asset and performs impairment testing. Goodwill arising from a
business combination and an intangible asset with an indefinite useful life are tested for
impairment at least at each year end irrespective of whether there is any indication that
the asset may be impaired. Intangible assets that have not been ready for their intended
use are tested for impairment each year.The recoverable amount of an asset is the higher of its fair value less costs to sell and the
175 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
present value of the future cash flows expected to be derived from the asset. The Group
estimates the recoverable amount on an individual basis unless it is not possible to
estimate the recoverable amount of the individual asset in which case the recoverable
amount is determined for the asset group to which the asset belongs. Identification of an
asset group is based on whether major cash inflows generated by the asset group are
largely independent of the cash inflows from other assets or asset groups.When the recoverable amount of an asset or asset group is less than its carrying amount
the carrying amount is reduced to the recoverable amount by the Group. The reduction in
the carrying amount is treated as an impairment loss and recognised in profit or loss. A
provision for impairment loss of the asset is recognised accordingly.For the purpose of impairment testing the carrying amount of goodwill is allocated from
the acquisition date on a reasonable basis to each of the related asset groups or the
related sets of asset groups. Each of the related asset groups or sets of asset groups is
an asset group or a set of asset groups that is expected to benefit from the synergies of
the business combination and shall not be larger than an operating segment as
determined by the Group. The carrying amount of the related asset group (set of asset
groups) to which goodwill has been allocated for impairment is compared to its
recoverable amount. If the carrying amount of the asset group (set of asset groups) is
higher than its recoverable amount the amount of the impairment loss is firstly allocated
to reduce the carrying amount of the goodwill allocated to the asset group (set of asset
groups) and then allocated to reduce the carrying amount of other assets (other than the
goodwill) within the asset group (set of asset groups) on a pro-rata basis of the carrying
amount of each asset.Once the above impairment loss is recognised it cannot be reversed in subsequent
accounting periods.
28. Long-term prepaid expenses
√ Applicable □ Not applicable
Long-term expenses to be apportioned are amortized using the straight-line method and
the amortization period is as follows:
Items Amortization term
Building decoration 36 months
Leasehold Improvement 36 months
Others 24 to 60 months
29. Contract liabilities
√ Applicable □ Not applicable
The Group presents contract liabilities in the balance sheet based on the relationship
between the performance of the contract obligations and the payment by the customer.The Group presents its obligation to transfer goods or services to a customer for which
the Group has received consideration or the Group has a right to an amount of
176 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
consideration that is unconditional (i.e. a receivable) from the customer as a contract
liability.
30. Employee benefits
Employee benefits refer to all forms of consideration or compensation other than
share-based payments given by the Group in exchange for services rendered by
employees or for termination of employment. Employee benefits include short-term
employee benefits post-employment benefits termination benefits and other long-term
employee benefits.
(1) Accounting treatment of short-term salaries
√ Applicable □ Not applicable
Employee benefits refer to all forms of remuneration or compensation provided by the
Group to employees for services rendered or for termination of employment excluding
share-based payments. Employee benefits include short-term employee benefits
post-employment benefits termination benefits and other long-term employee benefits.Short-term employee benefits are recognized as a liability in the period in which
employees render services and are recognized in profit or loss or included in the cost of a
related asset.
(2) Accounting treatment of post-employment benefits
√ Applicable □ Not applicable
The employees of the Group participate in a pension scheme and unemployment
insurance managed by the local government the corresponding expenses shall be
included in the cost of related assets or profit or loss.
(3) Dismission benefits
√ Applicable □ Not applicable
The Group provides termination benefits to employees and recognises an employee
benefits liability for termination benefits with a corresponding charge to profit or loss at
the earlier of the following dates: when the Group can no longer withdraw the offer of
those benefits resulting from an employment termination plan or a curtailment proposal;
and when the Group recognises costs involving the payment of termination benefits.
(4) Other long-term employees’ benefits
□ Applicable √ Not applicable
31. Provisions
√ Applicable □ Not applicable
An obligation related to a contingency shall be recognised by the Group as a provision
when the obligation is a present obligation of the Group and it is probable that an outflow
of economic benefits from the Group will be required to settle the obligation. Additionally a
177 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
reliable estimate can be made of the amount of the obligation.A provision is initially measured at the best estimate of the expenditure required to settle
the related present obligation taking into account factors pertaining to a contingency such
as the risks uncertainties and time value of money as a whole.
32. Share-based payment
√ Applicable □ Not applicable
A share-based payment is classified as either an equity-settled share-based payment or a
cash-settled share-based payment. An equity-settled share-based payment is a
transaction in which the Group receives services and uses shares or other equity
instruments as consideration for settlement.An equity-settled share-based payment in exchange for services received from
employees is measured at the fair value of the equity instruments granted to the
employees. If such equity-settled share-based payment could vest immediately related
costs or expenses at an amount equal to the fair value on the grant date are recognised
with a corresponding increase in capital reserves; if such equity-settled share-based
payment could not vest until the completion of services for a vesting period or until the
achievement of a specified performance condition the Group at each balance sheet date
during the vesting period recognises the services received for the current period as
related costs and expenses with a corresponding increase in capital reserves at an
amount equal to the fair value of the equity instruments at the grant date based on the
best estimate of the number of equity instruments expected to vest.Where the terms of an equity-settled share-based award are modified as a minimum an
expense is recognised as if the terms had not been modified. In addition an expense is
recognised for any modification that increases the total fair value of the share-based
payments or is otherwise beneficial to the employee as measured at the date of
modification.Where an equity-settled share-based award is cancelled it is treated as if it had vested on
the date of cancellation and any expense not yet recognised for the award is recognised
immediately. This includes any award where non-vesting conditions within the control of
either the Group or the employee are not met. However if a new award is substituted for
the cancelled award and is designated as a replacement on the date that it is granted the
cancelled and new awards are treated as if they were a modification of the original award.
33. Other financial instruments such as preferred shares perpetual bonds etc.
□ Applicable √ Not applicable
34. Revenue
(1) Accounting policies used in revenue recognition and measurement by types of
business
√ Applicable □ Not applicable
178 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Revenue from contracts with customers is recognised when the Group has fulfilled its
performance obligations in the contracts that is when the customer obtains control of
relevant goods or services. Control of relevant goods or services refers to the ability to
direct the use of the goods or the provision of the services and obtain substantially all of
the remaining benefits from the goods or services.
1 Contracts for the sale of goods
A contract for the sale of goods between the Group and the customer usually only
includes the performance obligation to transfer the goods such as two-wheeled electric
vehicles. The revenue is recognised at a point of time based on the following indicators
the time of goods leave the factory for non-export sales the time of goods are loaded on
board for export sales the time of customer sign-off if the Group is responsible for
transportation a present right to payment for goods the transfer of significant risks and
rewards of ownership of goods the transfer of legal title to goods the transfer of physical
possession of goods the customer's acceptance of goods.The amount of consideration to which the Group expects to be entitled as a result of the
transfer of goods to a customer is determined as the transaction price in accordance with
the terms of the contract and in combination with past business practices. All contracts of
the Group stipulate that when customers purchase more than a certain quantity of goods
they can enjoy a certain discount which directly offsets the amount payable by customers
when they purchase goods in the future. The Group makes the best estimate of the
discount based on the expected value or the most likely amount and the transaction price
after estimating the discount is included in the transaction price to the extent that the
transaction price after estimating the discount does not exceed the amount that it is highly
probable that a significant reversal in the amount of cumulative revenue recognised will
not occur when the uncertainty associated with the variable consideration is subsequently
resolved and reestimates it at each balance sheet date.The Group provides a warranty in connection with the sale of a good in accordance with
the contract and the relevant laws and regulations etc. For the purpose of an
assurance-type warranty that provides the customer the assurance that the goodcomplies with agreed-upon specifications please refer to “Section 8 Financial Report V.31Provision”.
2 Contracts for the rendering of services
The Group satisfies its performance obligations by providing logistics and transportation
services and after-sales services to customers. Because the customer simultaneously
receives and consumes the benefits provided by the Group's performance as the Group
performs the revenue is recognised over time only if the Group can reasonably measure
its progress towards the complete satisfaction of the performance obligation. The
Company uses the straight-line method and determines the progress of the services
rendered on the basis of the time elapsed. If the progress towards the complete
satisfaction of the performance obligation cannot be reasonably measured but the Group
expects to recover the costs incurred in satisfying the performance obligation the revenue
179 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
is recognised only to the extent of the costs incurred until such time that the Group can
reasonably measure the progress towards the complete satisfaction of the performance
obligation.The amount of consideration to which the Group expects to be entitled as a result of the
transfer of services to a customer is determined as the transaction price in accordance
with the terms of the contract and in combination with past business practices. The Group
accounts for the consideration payable to a customer as a reduction of the transaction
price and recognises the reduction of revenue when (or as) the later of the recognition of
relevant revenue and the payment (or promised payment) of the consideration to a
customer unless the payment to the customer is in exchange for a distinct good or service
that the customer transfers to the Group.
(2) Different revenue recognition and measurement methods caused by the
adoption of different business models for similar businesses
□ Applicable √ Not applicable
35. Contract cost assets
√ Applicable □ Not applicable
The Group’s contract cost assets include the costs to obtain and fulfil a contract and are
classified as inventories and other non-current assets by liquidity.The Group recognises as an asset the incremental costs of obtaining a contract with a
customer if the Group expects to recover those costs unless the amortisation period of
the asset is one year or less.Other than the costs which are capitalised as inventories fixed assets and intangible
assets etc. costs incurred to fulfil a contract with a customer are capitalised as an asset if
all of the following criteria are met:
(1) The costs relate directly to a contract or to an anticipated contract including direct
labor direct materials overheads (or similar expenses) costs that are explicitly
chargeable to the customer and other costs that are incurred only because an entity
entered into the contract;
(2) The costs generate or enhance resources of the Group that will be used in satisfying
performance obligations in the future; and
(3) The costs are expected to be recovered.
The contract cost asset is amortised and charged to profit or loss on a systematic basis
that is consistent with the pattern of the revenue to which the asset related is recognised.The Group accrues provisions for impairment and recognises impairment losses to the
extent that the carrying amount of a contract cost asset exceeds:
(1) the remaining amount of consideration that the entity expects to receive in exchange
for the goods or services to which the asset relates; less
180 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(2) the costs that are expected to be incurred to transfer those related goods or services.
36. Government grants
√ Applicable □ Not applicable
Government grants are recognised when all attaching conditions will be complied with
and the grants will be received. If a government grant is in the form of a transfer of a
monetary asset it is measured at the amount received or receivable.Asset-related government grants are recognised when the government document
designates that the government grants are used for constructing or forming long-term
assets. If the government document is inexplicit the Company should make a judgement
based on the basic conditions to obtain the government grants and recognises them as
asset-related government grants if the conditions are to form long-term assets through
construction or other method. Otherwise the government grants should be
income-related.The Company's government grants are subject to the gross method.A government subsidy related to income which is used to compensate the related costs
or losses in the future period is recognised as deferred income and is recorded into the
profit or loss or to offset the relevant costs during the period when the related costs and
expenses or losses are recognised; costs or losses incurred in compensation is directly
recorded into the profit or loss or offset the relevant costs.A government grant relating to an asset shall be offset against the carrying amounts of
relevant assets or recognised as deferred income and amortised in profit or loss over the
useful life of the related asset by annual instalments in a systematic and rational way
(however a government grant measured at a nominal amount is recognised directly in
profit or loss). Where the assets are sold transferred retired or damaged before the end
of their useful lives the rest of the remaining deferred income is released to profit or loss
for the period in which the relevant assets are disposed of.
37. Deferred income tax asset/deferred income tax liability
√ Applicable □ Not applicable
For temporary differences at the balance sheet date between the tax bases of assets and
liabilities and their carrying amounts and temporary differences between the carrying
amounts and the tax bases of items the tax bases of which can be determined according
to related tax laws for tax purposes but which have not been recognised as assets and
liabilities deferred taxes are provided using the balance sheet liability method.Deferred tax liabilities are recognised for all taxable temporary differences except:
(1) when the taxable temporary difference arises from the initial recognition of goodwill or
an asset or liability in an individual transaction that is not a business combination and at
the time of transaction affects neither accounting profit nor taxable profit or loss and the
initial recognition of assets and liabilities does not result in equal taxable temporary
181 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
differences and deductible temporary differences and the initial recognition of assets and
liabilities does not result in equal taxable temporary differences and deductible temporary
differences; and
(2) in respect of taxable temporary differences associated with investments in subsidiaries
associates and joint ventures when the timing of the reversal of the temporary differences
can be controlled and it is probable that the temporary differences will not be reversed in
the foreseeable future.Deferred tax assets are recognised for all deductible temporary differences and the
carryforward of unused tax losses and any unused tax credits. Deferred tax assets are
recognised to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences the carryforward of unused tax losses and
unused tax credits can be utilized except:
(1) when the deductible temporary difference arises from the initial recognition of an asset
or liability in a transaction that is not a business combination and at the time of the
transaction affects neither the accounting profit nor taxable profit or loss; and
(2) in respect of the deductible temporary differences associated with investments in
subsidiaries associates and joint ventures deferred tax assets are only recognised to the
extent that it is probable that the temporary differences will be reversed in the foreseeable
future and taxable profit will be available against which the temporary differences can be
utilized in the future.At the balance sheet date deferred tax assets and liabilities are measured at the tax rates
that are expected to apply to the period when the asset is realised or the liability is settled
in accordance with the requirements of tax laws. The measurement of deferred tax
assets and deferred tax liabilities reflects the tax consequences that would follow from the
manner in which the Group expects at the balance sheet date to recover the assets or
settle the liabilities.The carrying amount of deferred tax assets is reviewed at the balance sheet date and
reduced to the extent that it is no longer probable that sufficient taxable profit will be
available in future periods to allow the deferred tax assets to be utilized. Unrecognised
deferred tax assets are reassessed at the balance sheet date and are recognised to the
extent that it has become probable that sufficient taxable profit will be available to allow all
or part of the deferred tax asset to be recovered.Deferred tax assets and deferred tax liabilities are offset if and only if the Group has a
legally enforceable right to set off current tax assets and current tax liabilities and the
deferred tax assets and deferred tax liabilities relate to income taxes levied by the same
taxation authority on either the same taxable entity or different taxable entities which
intend either to settle current tax liabilities and assets on a net basis or to realize the
assets and settle the liabilities simultaneously in each future period in which significant
amounts of deferred tax liabilities or assets are expected to be settled or recovered.When the Group issues and initially recognizes convertible bonds such bonds are
182 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
classified as compound financial instruments. The tax base of the financial liability
component is equal to the face amount of the bonds giving rise to a taxable temporary
difference. This taxable temporary difference arises from the equity component of the
convertible bonds. As it does not meet the exemption conditions for the recognition of
deferred tax liabilities the Group recognizes a deferred tax liability for this taxable
temporary difference and recognizes the corresponding impact in equity. In subsequent
measurement as the discount on the financial liability component is amortized the
change in the related deferred tax liability is recognized in profit or loss.
38. Leases
√ Applicable □ Not applicable
Judgement basis and accounting method for lessees to simplify short-term leases
and leases of low-value assets
√ Applicable □ Not applicable
At inception of a contract the Group assesses whether the contract is or contains a
lease. A contract is or contains a lease if the contract conveys the right to control the
use of an identified asset for a period of time in exchange for consideration.
(1) As lessee
The Group recognises lease liabilities and right-of-use assets except for short-term
leases and leases of low-value assets.At the commencement date of the lease term the Group recognises its right to use the
leased asset during the lease term as a right-of-use asset initially measured at cost. The
cost of right-of-use assets includes: the initial measurement amount of lease liabilities;
lease payments made on or before the commencement date of the lease term (net of
amounts relating to lease incentives received); initial direct expenses incurred by the
lessee; the costs that the lessee expects to incur to dismantle and remove the leased
asset restore the site where the leased asset is located or restore the leased asset to the
state agreed in the lease terms. If the Group remeasures lease liabilities due to changes
in lease payments the carrying amount of right-of-use assets is adjusted accordingly. The
Group subsequently depreciates right-of-use assets using the straight-line method. If it
can be reasonably determined that the ownership of the leased asset will be obtained at
the expiration of the lease term the Group shall make depreciation for the remaining
service life of the leased asset. If it is impossible to reasonably determine that ownership
of the leased asset can be obtained at the end of the lease term the Group shall make
depreciation during the shorter of the lease term and the remaining useful life of the
leased asset.At the commencement date of the lease term the Group recognises the present value of
the lease payments that have not yet been paid as a lease liability except for short-term
leases and leases of low-value assets. Lease payments include fixed and substantially
fixed payments after deducting lease incentives variable lease payments that depend on
an index or ratio amounts expected to be payable based on residual value of the
183 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
guarantee and also the exercise price of the purchase option or the amount payable to
exercise the termination option provided that the Group is reasonably certain that the
exercise of the option or the lease term reflects the exercise of the termination option by
the Group.Variable lease payments that are not included in the measurement of lease liabilities are
recognised in profit or loss for the period in which they are incurred unless otherwise
specified as being included in the cost of the relevant asset. In addition the Group
remeasures lease liabilities at the present value of the revised lease payments upon a
change in any of the following: in-substance fixed payments the amounts expected to be
payable under residual value guarantees the index or rate used to determine lease
payments or the assessment or exercise of the purchase option the renewal option or
the option to terminate the lease.The Group considers a lease that at the commencement date of the lease has a lease
term of 12 months or less and does not contain any purchase option as a short-term
lease; and a lease of the individual underlying asset with low value when new as a lease
of low-value assets. The Group does not recognise the right-of-use assets and lease
liabilities for short-term leases and low-value assets. The Group recognises lease
payments on short-term leases and leases of low-value assets in the costs of the related
assets or profit or loss on a straight-line basis over the lease terms.Classification criteria and accounting method for leases as lessors
√ Applicable □ Not applicable
A lease is classified as a finance lease if it transfers substantially all the risks and rewards
incidental to ownership of an underlying asset except that a lease is classified as an
operating lease at the inception date.Rental income from operating leases is recognized in profit or loss on a straight-line basis
over each period of the lease term. Variable lease payments that are not included in the
lease receivables are recognized in profit or loss when they occur. Initial direct costs are
capitalized and amortized over the lease term on the same basis as the recognition of
rental income and are recognized in profit or loss.
39. Other important accounting policies and accounting estimates
√ Applicable □ Not applicable
(1) Share repurchase
The consideration and transaction costs paid for the repurchase of its own equity
instruments reduce shareholders' equity. Except for share-based payment the issuance
(including refinancing) repurchase sale or cancellation of own equity instruments are
treated as changes in equity.
(2) Fair value measurement
For assets and liabilities measured or disclosed at fair value in the financial statements
the level of fair value shall be determined according to the lowest level input value that is
184 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
important for the fair value measurement as a whole: Level 1 inputs value the unadjusted
quotation in the active market of the same assets or liabilities that can be obtained on the
measurement date; Level 2 inputs value inputs other than Level 1 inputs that are directly
or indirectly observable for the relevant asset or liability; Level 3 inputs value
unobservable inputs for related assets or liabilities.At each balance sheet date the Group reassesses the assets and liabilities recognised in
the financial statements that are measured at fair value on an ongoing basis to determine
whether there is a transition between fair value measurement levels.
(3) The preparation of the financial statements requires management to make judgements
estimates and assumptions that affect the reported amounts of revenue expenses assets
and liabilities and their accompanying disclosures and the disclosure of contingent
liabilities at the balance sheet date. Uncertainty about these assumptions and estimates
could result in outcomes that could require a material adjustment to the carrying amounts
of the assets or liabilities affected in the future.* Judgments
In applying the Group's accounting policies management has made the following
judgements that have a significant effect on the amounts recognised in the financial
statements:
1) Classification of investment properties and owner-occupied properties
The Group determines whether the property held meets the definition of investment
property and establishes relevant standards in making judgments. The Group classifies
property held for rental or capital appreciation or both as investment property. Therefore
the Group considers whether the manner in which the property generates cash flows is
largely independent of other assets held by the Group. Some properties are partly used to
earn rent or capital appreciation and the remainder is used to produce goods provide
services or manage operations. If the portion used to earn rent or capital appreciation can
be sold or leased separately the Group accounts for that portion separately. If not the
property is classified as an investment property only if the part used for the production of
goods the provision of services or the operation and management is not significant. The
Group makes a separate judgment on an individual property basis when determining
whether the ancillary services are significant enough to make the property ineligible for
recognition as an investment property.* Estimation uncertainty
The key assumptions concerning the future and other key sources of estimation
uncertainty at the balance sheet date that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the future accounting
periods are described below.
1) Impairment of financial instruments
Commencing from January 1 2019 the Company has adopted the expected credit loss
185 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
model to assess the impairment of financial instruments. The Group is required to perform
significant judgement and estimation and take into account all reasonable and
supportable information including forward-looking information. When making such
judgements and estimates the Group infers the expected changes in the debtor's credit
risk based on historical repayment data combined with economic policies
macroeconomic indicators industry risks and other factors. The different estimates may
impact the impairment assessment and the provision for impairment may also not be
representative of the actual impairment loss in the future.
2) Impairment of non-current assets other than financial assets (other than goodwill)
The Group assesses whether there are any indications of impairment for all non-current
assets other than financial assets at the balance sheet date. Intangible assets with
indefinite useful lives are tested for impairment annually and at other times when such an
indication exists. Other non-current assets other than financial assets are tested for
impairment when there are indications that the carrying amounts may not be recoverable.An impairment exists when the carrying amount of an asset or asset group exceeds its
recoverable amount which is the higher of its fair value less costs of disposal and the
present value of the future cash flows expected to be derived from it. The calculation of
the fair value less costs of disposal based on available data from binding sales
transactions in an arm’s length transaction of similar assets or observable market prices
less incremental costs for disposing of the assets. When the calculations of the present
value of the future cash flows expected to be derived from an asset or asset group are
undertaken management must estimate the expected future cash flows from the asset or
asset group and choose a suitable discount rate in order to calculate the present value of
those cash flows.
3) Provision of sales rebates
The Group applies a sales rebate policy to its distributors. Based on distribution
agreements and relevant terms sales rebates are estimated and accrued by reference to
the distributors' fulfillment of agreed performance targets.
4) Deferred tax assets
Deferred tax assets shall be recognized for all unused deductible losses to the extent that
it is probable that sufficient taxable profits will be available against which the deductible
losses can be utilized. This requires management to exercise significant judgment in
estimating the timing and amount of future taxable profits taking into account tax planning
strategies to determine the amount of deferred tax assets to be recognized.
40. Changes in significant accounting policies and accounting estimates
No significant changes in accounting policies and accounting estimates.
186 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
41. The first-time adoption of new accounting standards or interpretations effective from
2025 involves adjustments to the financial statements at the beginning of the year of initial
application.□ Applicable √ Not applicable
42. Others
□ Applicable √ Not applicable
VI. Taxes
1. Types of major taxes and tax rates
Types of major taxes and tax rates
√ Applicable □ Not applicable
Types of
Tax basis Tax rates
taxes
Difference between sales amount
Value-added and output tax calculated at
13%9%6%11%8%
tax applicable tax rate after deducting
input tax allowed to be deducted
Urban
maintenance
It is paid based on the value-added
and 7%
tax actually paid
construction
tax
Taxable income calculated
Corporate
according to the tax laws and 25%20%15%22%21%17%16.5%
income tax
regulations of each country
Education It is paid based on the value-added
3%
Surcharge tax actually paid
Local
It is paid based on the value-added
education 2%
tax actually paid
Surcharge
Property tax
(based on Residual value of property 1.2%
value)
Property tax
(based on
Property rental income 12%
rental
income)
187 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
In case there exist taxpayers subject to different corporate income tax rates disclose the
information.√ Applicable □ Not applicable
Income tax
Taxpayers
rate (%)
Aima Technology Group Co. Ltd. 25
Henan Aima Vehicle Co. Ltd. 25
Guangdong Aima Vehicle Technology Co. Ltd. 25
Jiangsu Aima Vehicle Technology Co. Ltd. 25
Zhejiang Aima Vehicle Technology Co. Ltd. 25
Tianjin Aima Sports Goods Co. Ltd. 25
Taizhou Aima Vehicle Manufacturing Co. Ltd. 25
Lishui Aima Vehicle Technology Co. Ltd. 25
Tianjin Aima Electromechanical Technology Co. Ltd. 25
Aima Venture Capital (Ningbo) Co. Ltd. 25
Aima Technology (Taizhou) Co. Ltd. 25
Jiangsu Aima New Energy Technology Co. Ltd. 25
Gansu Aima Vehicle Technology Co. Ltd. 25
Aima Technology (Lishui) Co. Ltd. 25
Tianjin Aima Shengsituo Technology Co. Ltd. 25
Tianjin Aima Lianxiang Technology Co. Ltd. 25
Zhejiang Aima Electromechanical Technology Co. Ltd. 25
Aima Technology (Chengdu) Co. Ltd. 25
Aima Technology (Wuhan) Co. Ltd. 25
Aima Technology (Guangdong) Co. Ltd. 25
PT AIMA ELECTRIC VEHICLES INDONESIA 22
PT AIMA TECH INDONESIA 22
AIMA EBIKEINC. 21
POWELLDD TECHNOLOGY COMPANY LIMITED 20
AIMA TECHNOLOGY SINGAPORE PTE. LTD. 17
Suoteng Technology Hong Kong Co. Ltd. 16.50
Tianjin Aima Vehicle Technology Co. Ltd. 15
Geling New Energy Technology (Shandong) Co. 15
Tianjin Spozman Technology Co. Ltd. 15
Guangxi Aima Vehicle Co. Ltd. 15
Chongqing Aima Vehicle Technology Co. 15
Chongqing Aima Electromechanical Technology Co. Ltd. 15
Chongqing Xiaoma Network Technology Co. Ltd. 15
Aima Technology (Chongqing) Co. Ltd. 15
Chongqing Xiaoma Intelligent Technology Co. Ltd. 15
Chongqing Aima Vehicle Service Technology Co. Ltd. 15
188 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Chongqing Aima Intelligent Logistics Co. 15
Tianjin Tianli Electric Bicycle Co. Ltd. 20
Xiaopa Electric Technology (Shanghai) Co. Ltd. 20
Tianjin Suiwanwan Cultural Communication Co. 20
Aima Technology (Zhejiang) Co. Ltd. 20
Superverse (Chongqing) Vehicle Technology Co. Ltd. 20
Tianjin Xiaoma Intelligent Technology Co. Ltd. 20
Taizhou Xiaoma Intelligent Technology Co. Ltd. 20
Wanning Xiaoma Intelligent Technology Co. Ltd. 20
Chongqing Qingfeng Changqi Mobility Technology Co. Ltd. 20
Guangxi Xiaoma Intelligent Technology Co. Ltd. 20
Lingdong Intelligent Technology (Tianjin) Co. Ltd. 20
Tianjin Spozman Vehicle Co. Ltd. 20
Tianjin Qingfeng Changqi Mobility Technology Co. 20
Aima Technology (Wuxi) Co. Ltd. 20
Yangjiang Xiaoma Intelligent Technology Co. Ltd. 20
Tianjin Liuan Changxing Technology Co. Ltd. 20
Aima (Tianjin) Import and Export Trade Co. Ltd. 20
2. Tax preferences
√ Applicable □ Not applicable
Company Name Tax Preferences Remarks Applicable
Year
Xiaopa Electric
20% (Micro and Small
Technology (Shanghai) Note (1) 2023-2027
Enterprises)
Co. Ltd.Tianjin Suiwanwan
20% (Micro and Small
Cultural Communication Note (1) 2023-2027
Enterprises)
Co.Wanning Xiaoma
20% (Micro and Small
Intelligent Technology Note (1) 2023-2027
Enterprises)
Co. Ltd.Guangxi Xiaoma
20% (Micro and Small
Intelligent Technology Note (1) 2023-2027
Enterprises)
Co. Ltd.Tianjin Xiaoma Intelligent 20% (Micro and Small
Note (1) 2023-2027
Technology Co. Ltd. Enterprises)
Chongqing Qingfeng 20% (Micro and Small Note (1) 2023-2027
189 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Changqi Mobility Enterprises)
Technology Co.Taizhou Xiaoma
20% (Micro and Small
Intelligent Technology Note (1) 2023-2027
Enterprises)
Co. Ltd.Yangjiang Xiaoma
20% (Micro and Small
Intelligent Technology Note (1) 2023-2027
Enterprises)
Co. Ltd.Lingdong Intelligent
20% (Micro and Small
Technology (Tianjin) Co. Note (1) 2023-2027
Enterprises)
Ltd.Tianjin Spozman Vehicle 20% (Micro and Small
Note (1) 2023-2027
Co. Ltd. Enterprises)
Aima Technology 20% (Micro and Small
Note (1) 2023-2027
(Zhejiang) Co. Ltd. Enterprises)
Superverse (Chongqing)
20% (Micro and Small
Vehicle Technology Co. Note (1) 2023-2027
Enterprises)
Aima Technology (Wuxi) 20% (Micro and Small
Note (1) 2023-2027
Co. Ltd. Enterprises)
Tianjin Tianli Electric 20% (Micro and Small
Note (1) 2023-2027
Bicycle Co. Ltd. Enterprises)
Tianjin Qingfeng Changqi 20% (Micro and Small
Note (1) 2023-2027
Mobility Technology Co. Enterprises)
Aima (Tianjin) Import and 20% (Micro and Small
Note (1) 2023-2027
Export Trade Co. Ltd. Enterprises)
Tianjin Liuan Changxing 20% (Micro and Small
Note (1) 2023-2027
Technology Co. Ltd. Enterprises)
Tianjin Aima Vehicle Co. 15% (National High-tech
Note (2) 2024-2026
Ltd. Enterprise)
Geling New Energy
15% (National High-tech
Technology (Shandong) Note (2) 2025-2027
Enterprise)
Co.Tianjin Spozman 15% (National High-tech
Note (2) 2025-2027
Technology Co. Ltd. Enterprise)
Guangxi Aima Vehicle 15% (National High-tech
Note (2) 2024-2026
Co. Ltd. Enterprise)
Chongqing Aima Vehicle 15% (Industrial companies of the
Note (3) 2021-2030
Technology Co. Ltd. Western Development)
Chongqing Aima
15% (Industrial companies of the
Electromechanical Note (3) 2021-2030
Western Development)
Technology Co.Chongqing Xiaoma 15% (Industrial companies of the
Note (3) 2021-2030
Network Technology Co. Western Development)
190 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Ltd.Aima Technology 15% (Industrial companies of the
Note (3) 2021-2030
(Chongqing) Co. Ltd. Western Development)
Chongqing Xiaoma
15% (Industrial companies of the
Intelligent Technology Note (3) 2021-2030
Western Development)
Co.Chongqing Aima Vehicle 15% (Industrial companies of the
Note (3) 2021-2030
Service Technology Co. Western Development)
Chongqing Aima 15% (Industrial companies of the
Note (3) 2021-2030
Intelligent Logistics Co. Western Development)
Note 1: Pursuant to the provisions of the "Announcement of the Ministry of Finance and
the State Administration of Taxation on Further Supporting the Development of Small and
Micro Enterprises and Individual Industrial and Commercial Households Regarding
Relevant Tax and Fee Policies" (Caishui [2023] No. 12) from January 1 2023 to
December 31 2027 25% of the annual taxable income of small and profitable enterprises
shall be included in the taxable income and corporate income tax shall be levied at a rate
of 20%.Note 2: The aforementioned companies are eligible for a tax incentive to pay corporate
income tax at a reduced rate of 15% for three consecutive years commencing from the
date they obtain high-tech enterprise qualification.Note 3: The aforementioned companies are engaged in encouraged industries for the
Western Development and are eligible for a tax incentive to pay corporate income tax at a
reduced rate of 15% from 2021 to 2030.
3. Others
□ Applicable √ Not applicable
VII. Notes to Items of Consolidated Financial Statements
1. Currency funds
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Ending balance Opening balance
Cash at banks 1492053949.02 2399043337.98
Others 477664201.17 515066329.06
Total 1969718150.19 2914109667.04
Where: Total amount deposited
14315079.0272406167.95
abroad
2. Financial assets held for trading
√ Applicable □ Not applicable
191 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Unit: Yuan (RMB)
Reason
and basis
Items Ending balance Opening balance
for
designation
Financial assets at fair
value through profit or 3729622709.66 3670189158.04 /
loss
Where:
Investments in equity
66440000.0054440000.00/
investments
Financial products 3663182709.66 3615749158.04 /
Total 3729622709.66 3670189158.04 /
Other notes:
□ Applicable √ Not applicable
3. Derivative financial assets
□ Applicable √ Not applicable
4. Notes receivable
(1) Classification of notes receivable
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Ending balance Opening balance
Bank acceptance bills 32352595.71 18022005.47
Total 32352595.71 18022005.47
(2) Notes receivable already pledged by the Company at the end of the reporting
period
□ Applicable √ Not applicable
(3) Endorsed or discounted notes receivable at the end of the reporting period but
not yet due on the balance sheet date
□ Applicable √ Not applicable
(4) Classified disclosure based on the method of provision for bad debt
□ Applicable √ Not applicable
Individual provision for bad debts:
□ Applicable √ Not applicable
Provision for bad and doubtful debts based on portfolio:
192 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
□ Applicable √ Not applicable
If the provision for bad debt is accrued in accordance with the general model of expected
credit loss
□ Applicable √ Not applicable
Classification basis of each stage and provision ratio for bad debts
None
Description of significant changes in the book balance of notes receivable with changes
in loss provision in the current period:
□ Applicable √ Not applicable
(5) Provision for bad debts
□ Applicable √ Not applicable
Among them the amount of bad debt provision recovered or reversed in the current
period is significant:
□ Applicable √ Not applicable
(6) Notes receivable actually written off in the reporting period
□ Applicable √ Not applicable
Significant write-off of notes receivable:
□ Applicable √ Not applicable
Notes receivable write-off description:
□ Applicable √ Not applicable
Other notes
□ Applicable √ Not applicable
5. Accounts receivable
(1) Disclosed based on aging
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Aging Ending book balance Opening book balance
Within 1 year 504953535.44 372161327.56
Sub-total within 1 year 504953535.44 372161327.56
1 to 2 years 6574868.01 2481226.95
2 to 3 years 683188.37 17371873.49
Over 3 years 16775975.87 131677.59
193 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Total 528987567.69 392146105.59
(2) Classified disclosure based on the method of provision for bad debt
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Ending balance Opening balance
Book balance Bad debt reserve Book balance Bad debt reserve
Provisio Provisio
Categories Book Book
Proportion n Proportion n
Amount Amount value Amount Amount value
(%) proportio (%) proportio
n (%) n (%)
Assessed bad debt 193924 19392 171843 171843
3.67100.004.38100.00
provision individually 06.46 406.46 99.31 99.31
Where:
Individually
significant amount
19392419392171843171843
and separate 3.67 100.00 4.38 100.00
06.46406.4699.3199.31
provision for bad
debts
Assessed bad debt 509595 45043 505090 374961 178987 373171
96.330.8895.620.48
provision in portfolio 161.23 35.98 825.25 706.28 2.23 834.05
Where:
Portfolios based on
509595450433505090374961178987373171
credit risk 96.33 0.88 95.62 0.48
161.235.98825.25706.282.23834.05
characteristics
528987238967505090392146189742373171
Total / / / /
567.6942.44825.25105.5971.54834.05
Individual provision for bad debts:
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Ending balance
Name Bad debt Provision
Book balance Provision reason
provision proportion (%)
JUICED
Estimated
RIDERS 13697068.22 13697068.22 100.00
collection risk
INC.DBA
Suning
Procurement
Estimated
Center of 3076317.65 3076317.65 100.00
collection risk
Suning.com
Group Co.
194 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Ltd.Jiyuan City
Estimated
Dongsheng 1491015.35 1491015.35 100.00
collection risk
Vehicle Shop
100.00 Estimated
Others 1128005.24 1128005.24
collection risk
Total 19392406.46 19392406.46 100.00 /
Notes for Individual provision for bad debts:
□ Applicable √ Not applicable
Provision for bad and doubtful debts based on portfolio:
√ Applicable □ Not applicable
Provision items on portfolio: Combination of credit risk characteristics
Unit: Yuan (RMB)
Ending balance
Name Bad debt Provision proportion
Book balance
provision (%)
Within 1 year 503827048.04 3055035.45 0.61
1 to 2 years 5082334.82 1003735.92 19.75
2 to 3 years 683188.37 442974.61 64.84
Over 3 years 2590.00 2590.00 100.00
Total 509595161.23 4504335.98 0.88
Note to recognition of provision for bad debts based on portfolio:
□ Applicable √ Not applicable
If the provision for bad debt is accrued in accordance with the general model of expected
credit loss
□ Applicable √ Not applicable
Classification basis of each stage and provision ratio for bad debts
None
Description of significant changes in the book balance of accounts receivable with
changes in loss provision in the current period:
□ Applicable √ Not applicable
(3) Provision for bad debts
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Categories Opening Amount of movement during the reporting period Ending balance
195 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
balance Charge- Other
Recovery or
Provision off or chang
reversal
write-off es
Assessed
bad debt 150895
18974271.545390503.65317137.0023896742.44
provision .75
in portfolio
150895
Total 18974271.54 5390503.65 317137.00 23896742.44.75
Where the significant amount of the reserve for bad debt recovered or reversed:
□ Applicable √ Not applicable
(4) Accounts receivable actually written off in the reporting period
□ Applicable √ Not applicable
Unit: Yuan (RMB)
Program Write-off amount
Actual write-off of accounts
150895.75
receivable
Significant write-off of accounts receivable
□ Applicable √ Not applicable
Explanation of Write-off of Accounts Receivable
√ Applicable □ Not applicable
Accounts receivable with provision for bad debts are uncollectible.
(5) Accounts receivable and contract assets owed by the top five debtors based on
the ending balance
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Ending Ending balance of Proportion
balance accounts in total
of receivable and ending Ending balance of
Ending balance of
Organization name contract contract assets balance of the provision for
accounts receivable
assets accounts bad debts
receivable
(%)
196 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Henan Lechuang
Supply Chain
25408947.7525408947.754.80127044.74
Management Co.Ltd.Zhejiang Tianchang
Supply Chain
25353788.7425353788.744.79126768.94
Management Co.Ltd.Hefei Quantai Trading
23802116.0223802116.024.50119010.58
Co. Ltd.Xi'an Yuhua Runze
20629767.3620629767.363.90103148.84
Trading Co. Ltd.Beijing Chuangjiong
New Energy 18342001.27 18342001.27 3.47 91710.01
Technology Co. Ltd.Total 113536621.14 113536621.14 21.46 567683.11
Other notes:
□ Applicable √ Not applicable
6. Contract assets
(1) Contract assets
□ Applicable √ Not applicable
(2) Amount and reasons for significant changes in book value during the reporting
period
□ Applicable √ Not applicable
(3) Classified disclosure by bad debt provision method
□ Applicable √ Not applicable
Individual provision for bad debts:
□ Applicable √ Not applicable
Description of individual provision for bad debts:
□ Applicable √ Not applicable
Provision for bad and doubtful debts based on portfolio:
□ Applicable √ Not applicable
If the provision for bad debt is accrued in accordance with the general model of expected
credit loss
□ Applicable √ Not applicable
197 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Classification basis of each stage and provision ratio for bad debts
None
Description of significant changes in the book balance of contract assets with changes in
loss provision in the current period:
□ Applicable √ Not applicable
(4) Provision for bad debts
□ Applicable √ Not applicable
Among them the amount of bad debt provision recovered or reversed in the current
period
is significant:
□ Applicable √ Not applicable
(5) Contract assets actually written off in the reporting period
□ Applicable √ Not applicable
Significant write-off of contract assets:
□ Applicable √ Not applicable
Contract assets write-off description:
□ Applicable √ Not applicable
Other notes
□ Applicable √ Not applicable
7. Receivables financing
(1) Classification of receivables financing
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Ending balance Opening balance
Bank notes receivable 29894045.89 18402991.89
Total 29894045.89 18402991.89
(2) Financing of receivables of the Company pledged at the end of the period
□ Applicable √ Not applicable
(3) Financing of receivables endorsed or discounted by the Company at the end of
the period and not yet due at the balance sheet date
□ Applicable √ Not applicable
198 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(4) Classified disclosure by bad debt provision method
□ Applicable √ Not applicable
Individual provision for bad debts:
□ Applicable √ Not applicable
Description of individual provision for bad debts:
□ Applicable √ Not applicable
Provision for bad and doubtful debts based on portfolio:
□ Applicable √ Not applicable
If the provision for bad debt is accrued in accordance with the general model of expected
credit loss
□ Applicable √ Not applicable
Classification basis of each stage and provision ratio for bad debts
None
Description of significant changes in the book balance of receivables financing with
changes in loss provision in the current period:
□ Applicable √ Not applicable
(5) Provision for bad debts
□ Applicable √ Not applicable
Among them the amount of bad debt provision recovered or reversed in the current
period is significant:
□ Applicable √ Not applicable
(6) Receivables financing actually written off in the reporting period
□ Applicable √ Not applicable
Significant write-off of receivables financing:
□ Applicable √ Not applicable
Receivables financing write-off description:
□ Applicable √ Not applicable
(7) Change of increase/decrease and fair value of accounts receivable financing in
the reporting period:
□ Applicable √ Not applicable
199 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(8) Other notes:
□ Applicable √ Not applicable
8. Prepayments
(1) Prepayments are presented based on aging
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Ending balance Opening balance
Aging Proportio Proportion
Amount Amount
n (%) (%)
Within 1 year 33069432.26 95.75 27329562.54 92.04
1 to 2 years 745481.70 2.16 2187073.64 7.36
2 to 3 years 645556.57 1.87 91881.01 0.31
Over 3 years 77128.39 0.22 86103.17 0.29
Total 34537598.92 100.00 29694620.36 100.00
Description of the reasons for the untimely settlement of prepayments with an age of more
than 1 year and significant amounts:
As of December 31 2025 there were no prepayments with an aging of more than one
year and a material amount.
(2) Prepayments to the top five debtors of the ending balance collected based on
the debtors of the prepayments
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Proportion in total ending
Organization name Ending balance
balance of prepayments (%)
KISKA Brand Design 3404066.79 9.86
(Shanghai) Co. Ltd.Shanghai Heyan Cultural 1698113.21 4.92
Development Co. Ltd.Beijing Tianyukong 1450000.00 4.20
Interactive Advertising Co.Ltd.Beijing Feishu Technology 1412185.55 4.09
Co. Ltd.X-Rite (Shanghai) Color 1000000.00 2.90
Management Co. Ltd.Total 8964365.55 25.97
Other notes:
□ Applicable √ Not applicable
200 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
9. Other receivables
Items Presentation
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Ending balance Opening balance
Interest receivables 612494.08 589790.01
Other receivables 25737854.71 27083373.92
Total 26350348.79 27673163.93
Other notes:
□ Applicable √ Not applicable
Interest receivables
(1) Classification of interest receivable
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Ending balance Opening balance
Interest of accounts receivable 612494.08 589790.01
Total 612494.08 589790.01
(2) Significant overdue interest
□ Applicable √ Not applicable
(3) Classified disclosure by bad debt provision method
□ Applicable √ Not applicable
Individual provision for bad debts:
□ Applicable √ Not applicable
Description of individual provision for bad debts:
□ Applicable √ Not applicable
Provision for bad and doubtful debts based on portfolio:
□ Applicable √ Not applicable
(4) If the provision for bad debt is accrued in accordance with the general model of
expected credit loss
□ Applicable √ Not applicable
Classification basis of each stage and provision ratio for bad debts
None
201 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Description of significant changes in the book balance of interest receivables
with changes in loss provision in the current period:
□ Applicable √ Not applicable
(5) Provision for bad debts
□ Applicable √ Not applicable
Among them the amount of bad debt provision recovered or reversed in the current
period is significant:
□ Applicable √ Not applicable
(6) Interest receivables actually written off in the reporting period
□ Applicable √ Not applicable
Significant write-off of interest receivables:
□ Applicable √ Not applicable
Interest receivables write-off description:
□ Applicable √ Not applicable
Other notes：
□ Applicable √ Not applicable
Dividend receivables
(1) Dividend receivables
□ Applicable √ Not applicable
(2) Significant dividends receivables with age exceeding 1 year
□ Applicable √ Not applicable
(3) Classified disclosure by bad debt provision method
□ Applicable √ Not applicable
Individual provision for bad debts:
□ Applicable √ Not applicable
Description of individual provision for bad debts:
□ Applicable √ Not applicable
Provision for bad and doubtful debts based on portfolio:
□ Applicable √ Not applicable
(4) If the provision for bad debt is accrued in accordance with the general model of
202 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
expected credit loss
□ Applicable √ Not applicable
Classification basis of each stage and provision ratio for bad debts
None
Description of significant changes in the book balance of dividend receivable with
changes in loss provision in the current period:
□ Applicable √ Not applicable
(5) Provision for bad debts
□ Applicable √ Not applicable
Among them the amount of bad debt provision recovered or reversed in the current
period is significant:
□ Applicable √ Not applicable
(6) Dividend receivables actually written off in the reporting period
□ Applicable √ Not applicable
Significant write-off of dividend receivables:
□ Applicable √ Not applicable
Dividend receivables write-off description:
□ Applicable √ Not applicable
Other notes：
□ Applicable √ Not applicable
Other receivables
(1) Disclosed based on aging
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Aging Ending book balance Opening book balance
Within 1 year 15039089.07 24894462.24
Sub-total within 1 year 15039089.07 24894462.24
1 to 2 years 9269477.82 1426634.99
2 to 3 years 889287.38 265071.50
Over 3 years 1098800.00 1088203.54
Total 26296654.27 27674372.27
(2) Classification based on the nature of fund
√ Applicable □ Not applicable
203 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Unit: Yuan (RMB)
Nature of the fund Ending book balance Opening book balance
Three guarantees 7371347.55 4906629.65
Deposits 12517051.15 13512757.95
Advance to employees 3500000.00
Rent and utilities 1234902.58 2891839.40
Others 1673352.99 6363145.27
Total 26296654.27 27674372.27
(3) Provision for bad debts
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Stage 1 Stage 2 Stage 3
12-month Lifetime ECLs
Lifetime ECLs
Bad debt provision expected (no credit Total
(credit impairment
credit impairment
already incurred)
losses incurred)
Balance as of
42998.35548000.00590998.35
January 1 2025
Transfer out 2198.79 30000.00 32198.79
Balance as of
40799.56518000.00558799.56
December 31 2025
Classification basis of each stage and provision ratio for bad debts
None
Note to the significant changes in the book balance of other receivables with changes in
provision for loss in the reporting period:
□ Applicable √ Not applicable
The amount of provision for bad debts in the reporting period and the basis for assessing
whether the credit risk of financial instruments has increased significantly.□ Applicable √ Not applicable
(4) Provision for bad debts
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount of movement during the reporting period
Categorie Opening Ending
Recovery or Charge-off Other
s balance Provision balance
reversal or write-off changes
Bad debt
590998.3532198.79558799.56
provision
204 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Total 590998.35 32198.79 558799.56
Where a significant amount of the reserve for bad debt recovered or reversed during the
reporting period:
□ Applicable √ Not applicable
(5) Other receivables actually written off in the reporting period
√ Applicable □ Not applicable
Significant write-off of other receivables:
□ Applicable √ Not applicable
Other receivables write-off description:
□ Applicable √ Not applicable
(6) Other receivables owed by the top five debtors based on the ending balance
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Bad
Proportion in
debt
Organization total ending Nature of
Ending balance Aging reserve
name balance of other Payment
Ending
receivables
balance
C?NG TY 1-2 years
TNHH M?T 4891070.13 18.60 Deposits
THàNH VIêN
Taizhou Within 1 year
Consideration
Xindayang
3500000.00 13.31 for Equity
Electric Vehicle
Transfer
Co. Ltd.PT ESR
INDONESIA
2396165.98 9.11 Deposits 1-2 years
PROPERTIES
ON
Zhejiang
Tianchang
Supply Chain 1350000.00 5.13 Deposits Within 1 year
Management
Co. Ltd.Jinghai County
Office of the
State Taxation 523434.78 1.99 Others Within 2 year
Administration
Tianjin
205 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Total 12660670.89 48.14 / /
(7) Presentation in other receivables due to centralized management of funds
□ Applicable √ Not applicable
Other notes:
□ Applicable √ Not applicable
10. Inventories
(1) Classification of inventories
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Ending balance Opening balance
Provision for
Provision for
write-down of
write-down of
Items Book Book inventories / Book
inventories / Book value
balance balance impairment of value
impairment of costs
costs to fulfil a
to fulfil a contract
contract
Raw 40067748 39963529 259287 256446
1042196.762841114.62
materials 7.00 0.24 428.23 313.61
Finished 47614859 47462069 573377 554299
1527898.2619077533.39
goods 1.54 3.28 077.40 544.01
8768260787425598832664810745
Total 2570095.02 21918648.01
8.543.52505.63857.62
(2) Data resources recognized as inventory
□ Applicable √ Not applicable
(3) Provision for write-down of inventories / impairment of costs to fulfil a contract
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount increased in the Decrease in the
Opening reporting period reporting period Ending
Items
balance Reversal or balance
Provision Others Others
write-off
Raw materials 1042196.
2841114.621069652.742868570.60
76
Finished goods 19077533.3 1527898.
1846284.4819395919.61
926
21918648.02570095.
Total 2915937.22 22264490.21
102
206 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Reasons for reversal or write-off of provision for write-down of inventories in the current
period
√ Applicable □ Not applicable
In 2025 the Company transferred provision for inventories decline of RMB 22264490.21
due to sales.Provision for write-down of inventories by portfolio
□ Applicable √ Not applicable
Accrual criteria for provision for write-down of inventories by portfolio
□ Applicable √ Not applicable
(4) Calculation standard and basis to the amount of capitalized borrowing costs
involved in the ending balance of inventories
□ Applicable √ Not applicable
(5) Note to the current amortization amount of contract performance costs
□ Applicable √ Not applicable
Other notes
□ Applicable √ Not applicable
11. Held-for-sale assets
□ Applicable √ Not applicable
12. Current portion of non-current assets
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Ending balance Opening balance
Current portion of non-current assets 3836220422.59 2132945383.57
Total 3836220422.59 2132945383.57
Debt investment due within one year
□ Applicable √ Not applicable
Other debt investments due within one year
□ Applicable √ Not applicable
Other notes to non-current assets due within one year
As of December 31 2025 the Group issued bank acceptance bills pledged with
three-year time deposits maturing within one year amounting to RMB 2901970833.33
(As of December 31 2024: RMB 1930000000.00) see Note "Section 8 Financial
Report VII. 31. Assets restricted in ownership or right of use".
207 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
13. Other current assets
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Ending balance Opening balance
Input VAT to be
286039706.87219362325.76
credited
CIT paid in advance 41064907.38 18735312.16
Total 327104614.25 238097637.92
14. Debt investment
(1) About debt investment
□ Applicable √ Not applicable
Changes in provision for impairment of debt investments in the current period
□ Applicable √ Not applicable
(2) Significant debt investment at the end of the reporting period
□ Applicable √ Not applicable
(3) Provision for impairment
□ Applicable √ Not applicable
Classification basis of each stage and provision ratio for bad debts
None
Description of significant changes in the book balance of debt investment
with changes in loss provision in the current period:
□ Applicable √ Not applicable
The amount of provision for impairment in the reporting period and the basis for assessing
whether the credit risk of financial instruments has increased significantly.□ Applicable √ Not applicable
(4) Debt investment actually written off in the reporting period
□ Applicable √ Not applicable
Significant write-off of debt investment:
□ Applicable √ Not applicable
Debt investment write-off description:
□ Applicable √ Not applicable
Other notes：
208 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
□ Applicable √ Not applicable
15. Other debt investment
(1) About other debt investment
□ Applicable √ Not applicable
Changes in provision for impairment of other debt investments in the current period
□ Applicable √ Not applicable
(2) Significant other debt investment at the end of the reporting period
□ Applicable √ Not applicable
(3) Provision for impairment
□ Applicable √ Not applicable
Classification basis of each stage and provision ratio for bad debts
None
Description of significant changes in the book balance of other debt investment
with changes in loss provision in the current period:
□ Applicable √ Not applicable
The amount of provision for impairment in the reporting period and the basis for assessing
whether the credit risk of financial instruments has increased significantly.□ Applicable √ Not applicable
(4) Other debt investment actually written off in the reporting period
□ Applicable √ Not applicable
Significant write-off of other debt investment:
□ Applicable √ Not applicable
Other debt investment write-off description:
□ Applicable √ Not applicable
Other notes：
□ Applicable √ Not applicable
16. Long-term receivables
(1) Provision for long-term receivables
□ Applicable √ Not applicable
209 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(2) Classified disclosure by bad debt provision method
□ Applicable √ Not applicable
Individual provision for bad debts:
□ Applicable √ Not applicable
Description of individual provision for bad debts:
□ Applicable √ Not applicable
Provision for bad and doubtful debts based on portfolio:
□ Applicable √ Not applicable
(3) If the provision for bad debt is accrued in accordance with the general
model of expected credit loss
□ Applicable √ Not applicable
Classification basis of each stage and provision ratio for bad debts
None
Description of significant changes in the book balance of long-term receivables with
changes in loss provision in the current period:
□ Applicable √ Not applicable
The amount of provision for bad debts in the reporting period and the basis for assessing
whether the credit risk of financial instruments has increased significantly.□ Applicable √ Not applicable
(4) Provision for bad debts
□ Applicable √ Not applicable
Among them the amount of bad debt provision recovered or reversed in the current
period is significant:
□ Applicable √ Not applicable
(5) Long-term receivables actually written off in the reporting period
□ Applicable √ Not applicable
Significant write-off of long-term receivables:
□ Applicable √ Not applicable
Long-term receivables write-off description:
□ Applicable √ Not applicable
Other notes：
210 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
□ Applicable √ Not applicable
17. Long-term equity investments
(1) About long-term equity investments
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Increase/ Decrease (+ / -) in the reporting period
Opening
Investment Other Other Provisi Impairment
balance Cash Ending
Investees Increas Decr income under compre equity on for Other at the end
(book dividend balance
e ease the equity hensive movem impair s of the year
value) declared
method income ent ment
I. Joint Venture
Zhejiang 92000 9147955
-52045.00
Xinchuangling 00.00 .00
Chongqing 48000 4794432
-5567.35
Chuangling 00.00 .65
140001394238
Sub-total -57612.35
000.007.65
II. Associates
Shanghai 11841 1184806
643.58
Culture 62.44 .02
2827718000002980075
Tianjin Jemma 9523638.74
12.990.001.73
1283
Beijing 21365
2200-8533469.55
Zhongzhong 669.55.00
Chongqing 17278 1932607
2048003.62
Xintai 070.08 3.70
Guangxi Ningfu 48974 5034793
1373378.08
557.175.25
234 Moulding 4000
32803
000.719654.09
45.91
00
Tianjin 40628 20000 8900942
2838107.97
Chuangling 34.26 00.00 .23
Ningbo Babi 19098 1719713
-1901031.32
163.141.82
Wuxi Sales 4000
115522-81575339496.
000.944871.670.00
19.1393.8892
00
211 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Chongqing 44969 7858707
3361745.84
Sanjing 61.38 .22
Gongqingcheng
318003171385
Yizhangwangch -86140.07
000.009.93
ao
Chongqing 81819 7173734
-1008165.04
Tanglong 00.00 .96
Hangzhou Sales 55907 946166. 6674434
2029897.36
02.6501.00
2083
163976431669285661801783
Sub-total 2200 11311134.97 -81575
636.26062.442.9376.86.0093.88
2083
16397657166-815759285661941207
Total 2200 11253522.62
636.26062.4493.882.9364.51.00
(2) Impairment test of long-term equity investments
□ Applicable √ Not applicable
18. Other equity instrument investment
(1) About other equity instrument investment
□ Applicable √ Not applicable
(2) Description of derecognition in the current period
□ Applicable √ Not applicable
Other notes:
□ Applicable √ Not applicable
19. Other non-current financial assets
□ Applicable √ Not applicable
Other notes:
□ Applicable √ Not applicable
20. Investment properties
Measurement model for investment-oriented real estate
(1) Investment properties measured based on the cost method
Unit: Yuan (RMB)
Items Buildings Land use rights Total
I. Original book value
1. Opening balance 237217553.41 74456169.46 311673722.87
212 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
2. Amount increased
214510732.6457100005.00271610737.64
in the reporting period
(1) Inventories\fixed
assets/construction in 214510732.64 57100005.00 271610737.64
process transferred in
3. Amount decreased
51111.5051111.50
in the reporting period
(1) Disposals 51111.50 51111.50
4. Ending balance 451677174.55 131556174.46 583233349.01
II. Accumulative depreciation and accumulative amortization
1. Opening balance 94669353.96 11454795.26 106124149.22
2. Amount increased
81711967.2614523812.6496235779.90
in the reporting period
(1) Depreciation and
amortisation provided
during the year 18705865.55 2247311.56 20953177.11
(2) Transfer into fixed
assets or intangible 63006101.71 12276501.08 75282602.79
assets
3. Amount decreased
21729.4521729.45
in the reporting period
(1) Disposal 21729.45 21729.45
4. Ending balance 176359591.77 25978607.90 202338199.67
III. Provision for impairment
1. Amount increased
in the reporting period
2. Amount decreased
in the reporting period
3. Ending balance
IV. Book value
1. Book value at the
end of the reporting 275317582.78 105577566.56 380895149.34
period
2.Book value at the
beginning of the 142548199.45 63001374.20 205549573.65
reporting period
(2) Investment property with no title certificate
□ Applicable √ Not applicable
(3) Impairment testing of investment properties measured at cost
□ Applicable √ Not applicable
213 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Other notes
√ Applicable □ Not applicable
As of December 31 2025 the carrying amount of investment property leased out under
operating leases was RMB 380895149.34 (As of December 31 2024: RMB
205549573.65).
21. Fixed asset
Items Presentation
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Ending balance Opening balance
Fixed asset 5307445534.63 3674083548.33
Disposal of fixed
46908.58
assets
Total 5307445534.63 3674130456.91
Other notes:
√ Applicable □ Not applicable
As of December 31 2025 the Company had no fixed assets with restricted ownership (As
of December 31 2024: please refer to "Section 8 Financial Report VII. 31. Assets
restricted in ownership or right of use" for details on the Company's fixed assets with
restricted ownership).Fixed asset
(1) About fixed assets
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Machinery and Office Electronic Production
Items Buildings Vehicles Total
equipment equipment equipment tools
I. Original book value:
1. Opening
balance 523253324107 42810333. 49335275. 85269580. 80395316
927083348.9059382.
680.884066882.71
43
2. Amount 24379
172155514223113.30061629.20558782.20687029
increased in the 444693779.87 63249.
648.586171655.34
reporting period 76
(1) Purchases 1546161 13824235. 13132449. 16049533.36579132. 173656
78609327.44
9.2600263608296.40
214 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(2) Transfers
22643
from 1706094 16929180. 4502689.1 17029116
366084452.43398878.6100393.
construction in 029.32 45 0 3.26
17
progress
(3) Increase from
6560.1
business 6560.19
9
combinations
3. Amount
28457872339357.66620602.87202349.263284323.456891
decreased in the 92866056.54
26.7053452416.48
reporting period
(1) Disposals or 3173754 2198710.6 6449837.9 7058521.345843035. 149762
85038559.03
retirements .42 6 1 3 63 418.98
(2) Transfers to
2145107214510
investment
32.64732.64
property
(3) Disposal of 6689423 17441287. 92618
7827497.51140646.99170764.92143827.91
subsidiaries 9.64 89 264.86
4. Ending 72136
47610841278911072.54694089.72776302.98626014.94753913
balance 31215.
602.76233654294.53
71
II. Accumulated depreciation
1. Opening 15470
753697534130704.30543707.57161557.37353971
balance 298018357.61 91601.
57.545303616.69
01
2. Amount
19255924116075.45335874.714685371.21899802520006
increased in the 84311771.45
31.2758449.14353.53
reporting period
(1) Provision 1925592 4116075.4 5335874.7 14685371. 21899802 520006
84311771.45
31.2758449.14353.53
3. Amount
73253481974664.45463606.86251602.736942898.161167
decreased in the 37281669.56
5.9248793928.50
reporting period
(1) Disposals or 503228.5 1946871.6 5452688.4 6210299.234650717. 84472
35708446.38
retirements 5 3 3 6 57 251.82
(2) Transfers to
630061063006
investment
1.71101.71
property
(3) Disposal of 9744155 2292181.3 13689
1573223.1827792.8110918.4541303.51
subsidiaries .66 6 574.97
4. Ending 19059
873003336272115.30415974.65595326.55559484
balance 345048459.50 30026.
02.895493286.90
04
III. Impairment provision
215 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
1. Opening 576621.2 11384
10636207.1376207.5213299.6081897.64
balance 0 233.09
2. Amount
1888599.121442
increased in the 255655.04
354.17
reporting period
(1) Provision 1888599.1 21442
255655.04
354.17
3. Amount
576621.21970496.713272
decreased in the 10636207.13 76207.52 13299.60
07832.22
reporting period
(1) Disposals or 576621.2 1970496.7 13272
10636207.1376207.5213299.60
retirements 0 7 832.22
4. Ending 255655
255655.04
balance .04
IV. Book value
1.Book value at 53074
388808118421973.42360327.33030688.39194428
the end of the 933606957.69 45534.
299.878261017.63
reporting period 63
2.Book value at
36740
the beginning of 2569833 8679628.8 18715361. 28094723. 43033154
618428784.1683548.
the reporting 502.14 7 11 67 8.38
33
period
(2) About temporarily idle fixed assets
□ Applicable √ Not applicable
(3) Fixed assets leased through operating lease
□ Applicable √ Not applicable
(4) About fixed assets without title certificate
□ Applicable √ Not applicable
Unitt: Yuan (RMB)
Reasons for property rights
Items Book value certificates not being
completed
Zhejiang Vehicle Buildings 10260084.98 In progress
Lishui Vehicle Buildings 176328465.85 Unsettled construction
Chongqing Vehicle Buildings 369340897.20 Unsettled construction
Total 555929448.03 /
(5) Impairment test of fixed assets
□ Applicable √ Not applicable
216 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Other notes:
√ Applicable □ Not applicable
As at December 31 2025 the Group have no fixed assets with restricted ownership. (As
at December 31 2024 the Group's fixed assets with restricted ownership are detailed in
“Section 10 Financial report - VII. 31. Assets restricted in ownership or right of use” ).Disposal of fixed assets
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Ending balance Opening balance
Disposal of fixed
46908.58
assets
Total 46908.58
22. Construction in progress
Items Presentation
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Ending balance Opening balance
Construction in progress 2333660490.82 2045233914.83
Engineering supplies 1225375.48 2908901.42
Total 2334885866.30 2048142816.25
Other notes:
As of December 31 2025 the Group had no fixed assets with restricted ownership (As of
December 31 2024: please refer to "Section 8 Financial Report VII. 31. Assets restricted
in ownership or right of use " for details on the Group's fixed assets with restricted
ownership).□ Applicable √ Not applicable
Construction in progress
(1) About construction in progress
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Ending balance Opening balance
Impairm Impairm
Items Book Book Book
ent Book value ent
balance balance value
reserve reserve
Fengxian Industrial 88387944 883879444. 7153202 7153202
Park Project 4.16 16 4.24 4.24
217 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Lanzhou New
62361158623611583.17711831771183
District Industrial
3.202042.0842.08
Park Project
Aima Technology
38137741381377413.23278462327846
Headquarters
3.323275.3475.34
Building
Lishui Vehicle’s
15582566155825669.51343045134304
overall construction
9.202021.9221.92
project
Chongqing
17384662173846628.96251799625179
Vehicle’s smart
8.989814.8314.83
factory
Others 11511975 115119751. 8785053 8785053
1.96966.426.42
233366023336604920452332045233
Total
490.820.82914.83914.83
(2) Movements of important construction in progress projects in the reporting
period
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Where:
Interest
The Accumu Capitaliz
capitaliz
Transf proportion lated ed
ation
Openin erred Other of projects Project amount amount
Project Ending rate of Source of
Budget g Addition to the decrea investment Progre of of
name balance the funds
balance fixed ses accounted ss interest interest in
current
assets for budget capitaliz the
period
(%) ation current
(%)
period
Fengxian
3341
Industrial 71532 818637 -6290 883879 Own
5520029.21
Park 024.24 719.55 299.63 444.16 funds
0.00
Project
Chongqin
g 1435 -9754
962517 186787 173846 Own
Vehicle’s 15000 59230 80.08
914.83 944.82 628.98 funds
smart 0.00 .67
factory
218 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Lishui
Vehicle’s 1500 -7949
513430 437392 155825 136128 381199 Funds
overall 00000 97074 68.23 2.55
421.92 321.99 669.20 178.89 05.30 raised
constructi 0.00 .71
on project
Aima
Technolog
y 232784 186826 381377 Own
0000.4106.77.11
Headquart 675.34 844.37 413.32 funds
0039
ers
Building
Lanzhou
New
District 2039 177118 449376 -2883 623611 Own
37.32
Industrial 46240 342.08 986.64 745.52 583.20 funds
Park 0.00
Project
886019573-1817
207902221854136128381199
Total 30440 83378. 86445 / / / /
1817.370738.86178.8905.30
0.00416.92
(3) Provision for impairment of construction in progress in the reporting period
□ Applicable √ Not applicable
(4) Impairment test of construction in progress
□ Applicable √ Not applicable
Other notes
□ Applicable √ Not applicable
Engineering supplies
(1) About engineering supplies
√ Applicable □ Not applicable
23. Productive biological asset
(1) Productive biological asset by using the cost measurement model
□ Applicable √ Not applicable
(2) Impairment testing of productive biological asset measured at cost
□ Applicable √ Not applicable
(3) Productive biological asset by using the fair value measurement model
□ Applicable √ Not applicable
219 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Other notes:
□ Applicable √ Not applicable
24. Oil and gas assets
(1) About oil and gas assets
□ Applicable √ Not applicable
(2) Impairment test of oil and gas assets
□ Applicable √ Not applicable
25. Right-of-use assets
(1) About right-of-use assets
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Buildings Total
I. Original book value:
1. Opening balance 58017065.66 58017065.66
2. Amount increased in
2673150.402673150.40
the reporting period
Newly leased 2673150.40 2673150.40
3. Amount decreased in
4588512.564588512.56
the reporting period
Expiration of lease
4588512.564588512.56
contract
4. Ending balance 56101703.50 56101703.50
II. Accumulative depreciation
1. Opening balance 15176991.31 15176991.31
2. Amount increased in
19024668.9519024668.95
the reporting period
(1) Depreciation
provided 19024668.95 19024668.95
during the year
3. Amount decreased in
628578.90628578.90
the reporting period
(1) Disposals 628578.90 628578.90
4. Ending balance 33573081.36 33573081.36
III. Provision for impairment
1. Opening balance
2. Amount increased in
the reporting period
(1) Provision
3. Amount decreased in
220 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
the reporting period
(1) Disposal
4. Ending balance
IV. Book value
1.Book value at the end
22528622.1422528622.14
of the reporting period
2.Book value at the
beginning of the 42840074.35 42840074.35
reporting period
(2) Impairment testing of right-of-use assets
□ Applicable √ Not applicable
26. Intangible assets
(1) About the intangible assets
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Land use rights Software Trademarks Total
I. Original book value:
1. Opening
1092858867.64277582231.013038479.581373479578.23
balance
2. Amount
increased in the 5094016.43 40832297.33 518867.92 46445181.68
reporting period
(1) Purchase 8033773.62 8033773.62
(2) Transfers from
construction in 5094016.43 32798523.71 518867.92 38411408.06
progress
(3) Internal
research and
development
(4) Increase from
business
combinations
3. Amount
decreased in the 147093112.16 16330455.57 6598.76 163430166.49
reporting period
(1) Disposal 16027064.59 16027064.59
(2) Transfers to
investment 57100005.00 57100005.00
property
221 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(3) Disposal of
89993107.16303390.986598.7690303096.90
subsidiaries
4. Ending balance 950859771.91 302084072.77 3550748.74 1256494593.42
II. Accumulative amortization
1. Opening
95871193.18156431708.612140223.44254443125.23
balance
2. Amount
increased in the 20510304.65 55749453.24 343032.77 76602790.66
reporting period
(1) Provision 20510304.65 55749453.24 343032.77 76602790.66
3.Amount
decreased in the 13873522.02 8965052.96 2582.07 22841157.05
reporting period
(1) Disposal 8891952.03 8891952.03
(2) Transfers to
investment 12276501.08 12276501.08
property
(3) Disposal of
1597020.9473100.932582.071672703.94
subsidiaries
4. Ending balance 102507975.81 203216108.89 2480674.14 308204758.84
III. Provision for impairment
1. Opening
balance
2. Amount
increased in the
reporting period
(1) Provision
3.Amount
decreased in the
reporting period
(1) Disposal
4. Ending balance
IV. Book value
1.Book value at
the end of the 848351796.10 98867963.88 1070074.60 948289834.58
reporting period
2.Book value at
the beginning of
996987674.46121150522.40898256.141119036453.00
the reporting
period
222 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
The proportion of intangible assets formed through internal R&D to the balance of
intangible assets at the end of the period was nil.
(2) Data resources recognized as intangible assets
□ Applicable √ Not applicable
(3) About the land use rights without title certificate
□ Applicable √ Not applicable
(4) Impairment test of intangible assets
□ Applicable √ Not applicable
Other notes:
√ Applicable □ Not applicable
As of December 31 2025 the Group had no intangible assets with restricted ownership
(As of December 31 2024: please refer to "Section 8 Financial Report VII. 31. Assets
restricted in ownership or right of use" for details on the Group's fixed assets with
restricted ownership).
27. Goodwill
(1) Original book value of the goodwill
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount
increased in Amount
Name of investee the reporting
decreased in the
Opening period reporting periodor matters forming Ending
goodwill balance Increase due balanceto business Disposal
combinations
Today Sunshine 7022920.51 7022920.51
Aima USA 7325514.52 7325514.52
Total 14348435.03 7022920.51 7325514.52
(2) Provision for impairment of the goodwill
□ Applicable √ Not applicable
(3) Relevant information of the assets group or portfolio of the assets groups where
the goodwill is located
√ Applicable □ Not applicable
Consistent
Composition and basis of Operating segments and
Name with prior
asset group or portfolio basis
years
Aima Consists of Aima USA which For internal management
purposes the asset group applicable
USA generates cash inflows that portfolio is attributable to the
223 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
are independent of those Aima USA asset group
generated by other assets or
groups of assets
Changes in asset groups or portfolio of assets groups
□ Applicable √ Not applicable
Other notes
√ Applicable □ Not applicable
In April 2025 the Company disposed of Jinri Yangguang resulting in a decrease in
goodwill of RMB 7022920.51.
(4) Specific method for determining recoverable amount
The recoverable amount is determined at fair value less costs to sell
□ Applicable √ Not applicable
The recoverable amount is determined at the present value of the expected future cash
flows
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Reasons for the difference between the above information and the information used in the
Basis
Key for Key
parameter deter parameters Determin
Impa Years s of the minin
of the
stabilization ation
Items Book Recover irme of the
forecast g period basis of
value able nt forecast period param(growth eters (growth
key
amount amo period rate profit paramet
unt rate profit during margin ers formargin the discount stabilizatietc.) foreca
st rate etc.)
on period
period
Based
on the
past
Perpetual performa
The revenue nce of
Aima 143637 293607 5 discount growth rate
the asset
USA 53.96 18.47 rate is 2.1% group
15.50% discount and
rate 15.50% expectations for
future
develop
ment
Total 143637 29360753.96 18.47 / / / / /
previous year's impairment test or external information
224 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
□ Applicable √ Not applicable
Reasons for the difference between the information used in the impairment test of the
previous year and the actual situation of the current year
□ Applicable √ Not applicable
(5) Performance commitments and impairment of goodwill
There is a performance commitment when goodwill is formed and the reporting period or
the previous period is within the performance commitment period
□ Applicable √ Not applicable
Other notes
□ Applicable √ Not applicable
28. Long-term prepaid expenses
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount Amount
Other
Items Opening balance increased in the amortized in the Ending balance
decrease
reporting period reporting period
Refurbishment
11376344.8624903137.089525270.513171579.6423582631.79
payment
Payment for the
improvement of
338751.711108810.43424073.091023489.05
the rented fixed
assets
Others 28920860.87 29997988.66 20644987.51 38273862.02
Total 40635957.44 56009936.17 30594331.11 3171579.64 62879982.86
29. Deferred tax assets/liabilities
(1) Deferred tax asset before being offset
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Ending balance Opening balance (Restated)
Deductible Deductible
Items Deferred tax Deferred tax
temporary temporary
assets Assets
differences differences
Deferred
602451092.56125518953.86461046793.9892742863.25
income
Bad debt
23067925.535346888.4319452854.604752650.92
provision
Provision of 1025418.13 153812.72 19288087.53 4771801.46
225 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
inventories
Depreciation
book-tax
5960707.31925082.063790707.97945287.99
difference of
fixed assets
Deductible
596699330.64128966117.98194878166.1842500272.22
loss
Provision for
impairment of 255655.04 63913.76 11384233.09 1812147.36
fixed assets
Investment
losses of 90085496.49 22521374.12 90557078.23 22583561.73
associates
Sales rebates
590490750.90117249725.56539766550.80102233257.74
and rewards
Lease liability 5840331.39 1122284.00 7110988.95 637321.23
Share-based
51467822.2910841031.95169068634.7740511580.72
payment
Accrued
26262030.643671323.6835133169.897617491.95
expenses
Profit or loss
from changes 5597752.01 1399438.00
in fair value
1993606560.9
Total 416380508.12 1557075018.00 322507674.57
2
(2) Deferred tax liabilities before being offset
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Ending balance Opening balance (Restated)
Taxable Taxable
Items Deferred tax Deferred tax
temporary temporary
Liabilities Liabilities
differences differences
Investment income of
358085196.5378791583.08346017761.4168270580.88
financial products
Depreciation of fixed
14601652.022275773.2716050633.262556547.99
assets
Deferred interest
payments on 612494.08 119828.17 589790.01 112431.16
occupancy fees
Profit or loss from
25712092.436314820.328738184.822184546.20
associates
Right-of-use assets 6303588.23 1201445.05 7627195.64 752975.00
226 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Convertible bonds 145934421.76 36483605.44
Fair value adjustment
for business
48209215.7212052303.93
combinations not
under common contro
Total 551249445.05 125187055.33 427232780.86 85929385.16
(3) Net amount of deferred tax assets/liabilities after being offset
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Ending balance Opening Balance
Balance of Balance of
Offset amount of Offset amount
deferred tax deferred tax
Items deferred tax of deferred tax
assets or assets or
assets and assets and
liabilities after liabilities after
liabilities liabilities
offset offset
Deferred tax
111584608.36304795899.7664830416.36257677258.21
assets
Deferred tax
111584608.3613602446.9764830416.3621098968.80
liability
(4) Details of unrecognised deferred income tax assets
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Ending balance Opening balance
Deductible temporary
5629490.65
differences
Deductible tax losses 141728486.28 116264226.15
Total 147357976.93 116264226.15
(5) Unrecognised deferred tax assets arising from deductible tax losses will expire
in the following years
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount at the end
Amount at the year
Year of the reporting Remarks
beginning
period
202616011076.98
202715576112.31
20282353318.3919903406.15
202935794548.7163150435.12
2030 and thereafter 103580619.18 1623195.59
Total 141728486.28 116264226.15 /
227 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Other notes:
√ Applicable □ Not applicable
The cumulative tax losses available for carry-forward amounting to RMB 7991911.79 (as
of December 31 2024: RMB 1623195.59) incurred by the Group's subsidiaries in Hong
Kong and the United States can be carried forward indefinitely; the cumulative tax losses
available for carry-forward amounting to RMB 133736574.49 (as of December 31 2024:
RMB 114641030.56) incurred by subsidiaries in mainland China Indonesia and Vietnam
can be carried forward for five years from the year in which they are incurred.
30. Other non-current assets
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Ending balance Opening balance
Provision
Provision
Items Book for Book Book
for Book value
balance impairme value balance
impairment
nt
Three-year
438610973438610950420035504200355
fixed deposit
8.06738.0653.263.26
certificates
Store 159503194. 1595031 22614985 226149857.Decoration 02 94.02 7.36 36
Prepayment
for land use 101098724. 1010987 25122322 251223222.right and 05 24.05 2.38 38
equipment
464671165464671155193766551937663
Total
6.13656.1333.003.00
Other notes:
As of December 31 2025 the Company issued bank acceptance bills pledged with
three-year time deposits amounting to RMB 4100000000.00 (As of December 31 2024:
RMB 4101970833.33) see "Section 8 Financial Report VII. 31. Assets restricted in
ownership or right of use " for details.
31. Assets restricted in ownership or right of use
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Ending balance Opening balance
Items
Book Book Restricted Restri Book Book Restricted Restri
228 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
balance value Type cted balance value Type cted
Circu Circu
mstan mstan
ces ces
Currency 10999
473334444733341099964
funds Pledge Note1 64455. PledgeNote1
8.37448.37455.37
37
Non-current
2901919300
assets due 2901970 1930000
70833. Pledge Note2 00000. PledgeNote2
within one 833.33 000.00
3300
year
Other 41000 41019
41000004101970
non-current 00000. Pledge Note2 70833. PledgeNote2
000.00833.33
assets 00 33
Fixed assets 5694450 56944
MortgageNote3
2.69502.69
Intangible 8931961 89319
MortgageNote3
assets 2.58 612.58
7475372781
74753057278199
Total 05281. / / 99403. / /
281.70403.97
7097
Other notes:
Note 1: As of December 31 2025 the Group issued bank acceptance bills pledged with
margin deposits for bank acceptance bills amounting to RMB 334596081.30 (As of
December 31 2024: RMB 508968233.65); as of December 31 2025 the Group issued
bank acceptance bills pledged with one-year time deposits amounting to RMB
137374618.27 (As of December 31 2024: RMB 590853689.64); and as of December
31 2025 the Group had monetary funds frozen due to contract litigation amounting to
RMB 1363748.80 (As of December 31 2024: RMB 142532.08).Note 2: As of December 31 2025 the Group issued bank acceptance bills pledged with
three-year time deposits amounting to RMB 7001970833.33 (As of December 31 2024:
RMB 6031970833.33).Note 3: As of December 31 2025 the Group had no fixed assets mortgaged to secure
bank borrowings (As of December 31 2024: RMB 56944502.69); as of December 31
2025 the Group had no intangible assets mortgaged to secure bank borrowings (As of
December 31 2024: RMB 89319612.58).
32. Short-term borrowings
(1) Classification of short-term borrowings
√ Applicable □ Not applicable
229 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Unit: Yuan (RMB)
Items Ending balance Opening balance
Pledge loans 52000000.00
Credit loans 30981837.88 22206547.06
Total 30981837.88 74206547.06
Notes to the classification of short-term borrowings:
None
(2) Short-term borrowings overdue but still remaining outstanding
□ Applicable √ Not applicable
Short-term borrowings overdue but still remaining outstanding
□ Applicable √ Not applicable
Other notes
□ Applicable √ Not applicable
33. Transactional financial liabilities
□ Applicable √ Not applicable
Other notes
□ Applicable √ Not applicable
34. Derivative financial liabilities
□ Applicable √ Not applicable
35. Notes payable
(1) Presentation of notes payable
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Categories Ending balance Opening balance
Commercial acceptance bill 1745708.38
Bank acceptance notes 7497179830.34 6172129439.70
Total 7498925538.72 6172129439.70
Notes payable that due and unpaid at the end of the period were nil. The reason for the
overdue payment is none.
36. Accounts payable
(1) Presentation of accounts payable
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Ending balance Opening balance
230 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Accounts payable 2836007796.22 3193348043.78
Total 2836007796.22 3193348043.78
(2) Significant accounts payable with age exceeding 1 year or overdue
□ Applicable √ Not applicable
Other notes
□ Applicable √ Not applicable
37. Receipts in advance
(1) Presentation of receipts in advance
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Ending balance Opening balance
Factory building rent 25246873.01 20548178.82
Total 25246873.01 20548178.82
(2) Significant receipts in advance with age exceeding 1 year
□ Applicable √ Not applicable
(3) Amount and reasons for significant changes in book value during the reporting
period
□ Applicable √ Not applicable
Other notes
□ Applicable √ Not applicable
38. Contract liabilities
(1) About contract liabilities
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Ending balance Opening balance
Advances from sales of goods 270767464.07 375278280.50
Sales rebates 619688372.39 539968118.00
Advances from service 704062.12 373194.34
Total 891159898.58 915619592.84
(2) Significant contract liabilities with age exceeding 1 year
□ Applicable √ Not applicable
(3) Amount and reasons for significant changes in book value during the
reporting period
231 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Amount for change Reason for change
Sales rebates 79720254.39 Volume-based sales rebates
Advances from sales Drawdown of customer advances upon
-104510816.43
of goods product pickup
Total -24790562.04 /
Other notes
□ Applicable √ Not applicable
39. Employee benefits payable
(1) Employee benefits payable
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Opening Increase in the Decrease in the
Items Ending balance
balance reporting period reporting period
I. Short-term
employee 232613115.24 1482873526.34 1483991291.17 231495350.41
benefits
II.Post-employment
829307.94105425726.23105168720.701086313.47
benefits-defined
contribution plans
III. Dismissal
024151088.0124077168.0173920.00
compensation
Total 233442423.18 1612450340.58 1613237179.88 232655583.88
(2) Presentation of short-term remuneration
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Opening Increase in the Decrease in the
Items Ending balance
balance reporting period reporting period
I. Wages or salaries
231553987.51311860591.91312676606.
bonuses allowances and 230737972.74
9075
subsidies
II. Staff welfare 126106.56 64730962.16 64754074.44 102994.28
III. Social security
428272.5361327117.1961241361.30514028.42
contributions
Including: Medical
392212.2054867650.9154776353.39483509.72
insurance
Work injury insurance 35506.78 3913820.82 3919362.45 29965.15
232 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Maternity insurance 553.55 2545645.46 2545645.46 553.55
IV. Housing fund 378780.00 39617013.68 39957962.68 37831.00
V. Union running costs and
125968.561551244.811574689.40102523.97
employee education costs
VI. Other insurance for
3786596.603786596.60
employees
232613115.21482873526.1483991291.
Total 231495350.41
43417
(3) Presentation of the defined contribution plan
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Decrease in
Opening Increase in the Ending
Items the reporting
balance reporting period balance
period
1. Pension insurance 101850624.3
802375.78102101461.581053212.98
8
2. Unemployment
26932.163324264.653318096.3233100.49
insurance
105168720.7
Total 829307.94 105425726.23 1086313.47
0
Other notes:
□ Applicable √ Not applicable
40. Payable taxes
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Ending balance Opening balance
Value-added tax 4235411.39 1498830.26
Stamp duty 4736916.88 5395554.35
Corporate income tax 68842496.74 105888688.22
Personal income tax 6803740.58 6529135.98
Land appreciation tax 3091489.77 3352473.96
Urban maintenance and
382705.50468342.40
construction tax
Education Surcharge 275729.37 361909.50
Others 9438532.50 5704127.62
Total 97807022.73 129199062.29
41. Other payables
(1) Items Presentation
√ Applicable □ Not applicable
233 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Unit: Yuan (RMB)
Items Ending balance Opening balance
Other payables 1346329040.54 1113614408.14
Total 1346329040.54 1113614408.14
Other notes:
□ Applicable √ Not applicable
(2) Interest payable
Presentation of classification
□ Applicable √ Not applicable
Significant overdue interest payable:
□ Applicable √ Not applicable
Other notes:
□ Applicable √ Not applicable
(3) Dividends payable
Presentation of classification
□ Applicable √ Not applicable
(4) Other payables
Other payables stated based on nature of fund
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Ending balance Opening balance
Deposits 481050320.49 423602964.57
Money for subscription of
321040089.37199603185.00
restricted shares
Expenses accrued 138066164.79 132999982.28
Payable of equipment &
354176131.04281627166.26
engineering projects
Others 51996334.85 75781110.03
Total 1346329040.54 1113614408.14
Significant other payables with age exceeding 1 year
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Cause of failure in
Items Ending balance
repayment or carry-over
Security deposit of 253445449.42 Not overdue; business
234 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
suppliers relationship remains active;
deposit unrefunded.Total 253445449.42 /
Other notes:
□ Applicable √ Not applicable
42. Held-for-sale liabilities
□ Applicable √ Not applicable
43. Non-current liabilities due within a year
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Ending balance Opening balance
Bonds payable due within
16666647.538332796.13
one year
Lease liabilities due within
11683039.8022416998.39
one year
Total 28349687.33 30749794.52
44. Other current liabilities
About other current liabilities
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Ending balance Opening balance
Pending output VAT 35369310.42 50074445.79
Total 35369310.42 50074445.79
Increase/decrease of the short-term bonds payable:
□ Applicable √ Not applicable
Other notes:
□ Applicable √ Not applicable
45. Long-term borrowings
(1) Classification of long-term borrowings
□ Applicable √ Not applicable
Other notes:
□ Applicable √ Not applicable
235 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
46. Bonds payable
(1) Bonds payable
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Ending balance Opening balance
Convertible bonds 1864105661.07 1755202232.83
Bonds payable due within
-16666647.53-8332796.13
one year
Total 1847439013.54 1746869436.70
(2) Details of bonds payable (excluding other financial instruments classified as
financial liabilities such as preferred shares perpetual bonds etc.)
√ Applicable □ Not applicable
Unit: Yuan (RMB)
IntereConver
Non-curre st sion
Issuan Accrued Repay Def
Coupo Issu Amortizati nt paym during Ending
Bond Face Bond Issue Opening ce in interest ment in ault
n rate e on of liabilities ents the balanc
name value term amounts balance current at face current or
(%) date discounts due within for period e
period value period not
one year the
year
Febr
Conv -999
100.0 uary Six 200000 175520 183263 1005815 -166666 -6974. 1847
ertible Note 7535 No
0 23 years 0000.00 2232.83 76.2 61.04 47.53 00 43901
bonds .00
20233.54
Note: The coupon rate of convertible corporate bonds is 0.3% in the first year 0.5% in the
second year 1.0% in the third year 1.5% in the fourth year 1.8% in the fifth year and
2.0% in the sixth year.
(3) Notes to convertible company bonds
√ Applicable □ Not applicable
Time of
Item Conditions of share conversion share
conversion
Convertible bond holders shall convert the September 1
Convertible convertible bonds from the first trading day six 2023 to
company bonds months after the issuance of the convertible bonds to February
the maturity date of the convertible bonds 222029
Pursuant to the approval document Zheng Jian Xu Ke [2022] No. 3038 issued by the
China Securities Regulatory Commission the Company issued 20000000 convertible
bonds with a par value of RMB 100 each. The coupon rates of the convertible bonds are
236 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
0.3% for the first year 0.5% for the second year 1.0% for the third year 1.5% for the
fourth year 1.8% for the fifth year and 2.0% for the sixth year. The initial conversion price
of the convertible bonds is RMB 61.29 per share. During the term of the convertible bonds
if the shares are subject to ex-rights or ex-dividend adjustments the conversion price and
conversion ratio of the convertible bonds will be adjusted accordingly. As at 31 December
2025 the conversion price of the convertible bonds was RMB 37.45 per share.
As the above equity transfer is a derivative of the Company's exchange of a fixed amount
of its own equity instruments for a fixed amount of cash or other financial assets the
Group accounts for it as equity. The fair value of the liability components of these bonds is
estimated at the issue date using market interest rates for similar bonds without warrants
with the remainder being recognised as the fair value of the equity component and
included in other equity instruments.Accounting treatment and judgment basis for equity conversion.□ Applicable √ Not applicable
(4) Note to other financial instruments classified as financial liabilities
Basic information on the outstanding other financial instruments including preferred
shares perpetual bonds etc. at the end of the reporting period
□ Applicable √ Not applicable
Statement of movement of the outstanding other financial instruments including preferred
shares perpetual bonds etc. at the end of the reporting period
□ Applicable √ Not applicable
Note to the basis of other financial instruments classified as financial liabilities
□ Applicable √ Not applicable
Other notes:
□ Applicable √ Not applicable
47. Lease liabilities
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Ending balance Opening balance
Lease payments 3832896.09 17473766.08
Unrecognised financing costs -128727.91 -520353.46
Total 3704168.18 16953412.62
48. Long-term accounts payable
Items Presentation
□ Applicable √ Not applicable
237 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Other notes:
□ Applicable √ Not applicable
Long-term accounts payable
(1) Long-term accounts payable stated based on the nature
□ Applicable √ Not applicable
Special accounts payable
(1) Special accounts payable stated based on the nature
□ Applicable √ Not applicable
49. Long-term payroll payable to the employees
□ Applicable √ Not applicable
50. Provision
□ Applicable √ Not applicable
51. Deferred income
About deferred income
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Increase in the Decrease in
Opening Cause of
Items reporting the reporting Ending balance
balance formation
period period
Related
Government 174120246.4 32715947.8
461046793.98 602451092.56 with
subsidies 1 3
assets
174120246.432715947.8/
Total 461046793.98 602451092.56
13
Other notes:
□ Applicable √ Not applicable
52. Other non-current liabilities
□ Applicable √ Not applicable
53. Share capital
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Opening Increase/Decrease (+/ -) Ending balance
238 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
balance Capital
reserves\
Shares Bonus surplus
Others Sub-total
issued shares reserves
turned to
shares
Total 11298
-5120996.06177004.0
Shares 861715952.00 000.0 867892956.00
00
0
Other notes:
(1) From 1 September 2023 the convertible bonds issued by the Company became
convertible into shares of the Company. During the current year a total of 204 shares of
"Aima Convertible Bonds" were converted into shares increasing share capital by RMB
204.00.
(2) On 14 April 2025 the 30th meeting of the 5th session of the Board of Directors
reviewed and approved the "Resolution on the Failure to Meet the Vesting Conditions for
the First Vesting Period of the 2024 Restricted Stock Incentive Plan and the Repurchase
and Cancellation of Certain Restricted Shares". Ten incentive recipients under the
Company's 2024 Restricted Stock Incentive Plan left the Company for personal reasons
and no longer qualified as incentive recipients. A total of 270000 restricted shares granted
to them that had not yet vested were repurchased and cancelled by the Company. As the
vesting conditions for the first vesting period of this incentive plan were not met a total of
3591000 restricted shares which were scheduled to vest in the corresponding
assessment year for all incentive recipients were required to be repurchased and
cancelled by the Company. In summary share capital was reduced by a total of RMB
3861000.00.
(3) On 25 April 2025 the 31st meeting of the 5th session of the Board of Directors
reviewed and approved the "Resolution on the Repurchase and Cancellation of Certain
Restricted Shares under the Initial Grant of the 2021 Restricted Stock Incentive Plan".Two incentive recipients under the initial grant of the Company's 2021 Restricted Stock
Incentive Plan left the Company for personal reasons and no longer qualified as incentive
recipients. The Company repurchased and cancelled a total of 25200 restricted shares
granted to them that had not yet vested reducing share capital by RMB 25200.00.
(4) On 30 June 2025 the 33rd meeting of the 5th session of the Board of Directors
reviewed and approved the "Resolution on the Initial Grant of Restricted Shares to
Incentive Recipients under the 2025 Restricted Stock Incentive Plan" granting 11968524
restricted shares (including 750524 shares from the special repurchase securities
account) to 387 incentive recipients who met the grant conditions increasing share capital
by RMB 11218000.00. On 12 September 2025 the 2nd meeting of the 6th session of the
Board of Directors reviewed and approved the "Resolution on the Reserved Grant of
Restricted Shares to Incentive Recipients under the 2025 Restricted Stock Incentive Plan"
granting 80000 restricted shares to 2 incentive recipients who met the grant conditions
239 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
increasing share capital by RMB 80000.00.
(5) On 30 December 2025 the 5th meeting of the 6th session of the Board of Directors
reviewed and approved the "Resolution on the Repurchase and Cancellation of Certain
Restricted Shares under the 2024 Restricted Stock Incentive Plan". As 15 incentive
recipients left the Company and no longer qualified as incentive recipients the Company
repurchased and cancelled a total of 1235000 restricted shares granted to them that had
not yet vested reducing share capital by RMB 1235000.00.
54. Other equity instruments
(1) Basic information on the outstanding other financial instruments including
preferred shares perpetual bonds etc. at the end of the reporting period
√ Applicable □ Not applicable
The basic information and changes of the current convertible corporate bonds are detailed
in Section 8 VII. 46 Bonds Payable.
(2) Statement of movement of the outstanding other financial instruments
including preferred shares perpetual bonds etc. at the end of the reporting period
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Increase
Decrease in current
Opening in current Ending
Financial period
period
instruments
Nu
outstanding Book
Number Book value mb Number Book value Number Book value
value
er
Convertible 10816523
19995070.00432547373.45204.0019994866.00324382137.18
bonds 6.27
10816523
Total 19995070.00 432547373.45 204.00 19994866.00 324382137.18
6.27
Note to their increase/decrease and the cause(s) of their movement of other equity
instruments in the reporting period and the basis for the corresponding accounting
treatment:
√ Applicable □ Not applicable
Approved by CSRC [2022] No.3038 the Company issued 20000000 convertible bonds
with a face value of RMB 100 yuan. The bonds pay interest on February 22 every year
and repay the principal at maturity. The initial conversion price of convertible bonds is
RMB 61.29 yuan per share. During the duration of the convertible bonds the conversion
price was adjusted to RMB 37.45 yuan per share due to ex rights ex dividend and
cancellation of restricted stock repurchases. When the Company issued and initially
recognised the convertible bonds the bonds were classified as a compound financial
instrument. The tax base of the financial liability component was equal to the par value of
240 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
the bonds giving rise to a temporary taxable difference. This taxable temporary difference
was effectively attributable to the equity instrument component of the convertible bonds
and did not meet the conditions for the recognition exemption of deferred tax liabilities.Therefore the Company recognised a deferred tax liability in respect of this taxable
temporary difference and recognised the corresponding effect in equity. Upon subsequent
measurement as the discount related to the financial liability component of the convertible
bonds is amortised the resulting change in the related deferred tax liability is recognised
in profit or loss for the period.Other notes:
√ Applicable □ Not applicable
55. Capital reserves
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Opening Increase in Decrease in
Items Ending balance
balance current year current year
Capital
premium
1551308316
(capital 264624241.41 57320224.60 1758612333.09.28
stock
premium)
Other
capital 26333865.60 26333865.60
reserve
1577642181
Total 264624241.41 83654090.20 1758612333.09.88
Other notes including the changes in the current period and the reasons for the changes:
Changes in capital reserve for the year are attributable to:
(1) During the year 5121200 restricted shares were repurchased and cancelled
reducing capital reserve by RMB 56800970.00.
(2) The grant of restricted shares in 2025 resulted in an increase in capital reserve of RMB
208479990.95.
(3) The amortisation of the Company's equity-settled share-based payment expenses
resulted in an increase in capital reserve of RMB 56135920.34.
(4) The conversion of convertible bonds resulted in an increase in capital reserve of RMB
8330.12.
(5) The acquisition of non-controlling interests in Tianjin Spozman Bicycle Co. Ltd.
resulted in a decrease in capital reserve of RMB 519254.60.
241 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(6) As the deductible amounts for equity-settled share-based payments expected in future
periods are less than the costs and expenses recognised during the vesting period the
portion of the deferred tax asset previously recognised directly in equity that relates to the
excess was reversed resulting in a decrease in capital reserve of RMB 26333865.60.
56. Treasury stock
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Increase in the Decrease in the
Items Opening balance Ending balance
reporting period reporting period
Share-based
220543480.09219777990.95119603660.87320717810.17
Payment
Total 220543480.09 219777990.95 119603660.87 320717810.17
Other notes including the changes in the current period and the reasons for the changes:
Changes in Treasury stock in the current year were due to:
(1) As a result of the partial vesting upon expiry of the lock-up period under the Company's
2021 Restricted Stock Incentive Plan and the implementation of the dividend distribution
plan the reduction in the repurchase obligation led to a decrease in treasury shares of
RMB 63391714.87.
(2) The recognition of the repurchase obligation in respect of restricted shares granted to
employees during the year resulted in an increase in treasury shares of RMB
219777990.95.
(3) The repurchase and cancellation of 5121200 restricted shares during the year
resulted in a decrease in treasury shares of RMB 56211946.00.
57. Other comprehensive income
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount incurred in the current period
Amount Less:
Less:
incurre Transferred
Transferred
d from other
Openin from other Attributable to Attributable to
before comprehensi Less: Ending
Item g comprehensi parent Minority
income ve income in Income tax balance
balance ve income in company after shareholders’
tax in the prior expenses
the prior tax after tax
the period to
period to
current retained
profit or loss
period earnings
I ． Other
comprehensiv
e income that
242 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
cannot be
reclassified
into profit or
loss
II. Other
comprehensiv
e income to274645 -2539 -2264738.-2539384.44
be .54 384.44 90
reclassified to
profit or loss
Exchange
differences on
translation of
274645-2539-2264738.
foreign -2539384.44.54384.4490
currency
financial
statements
Total other
274645-2539-2264738.
comprehensiv -2539384.44.54384.4490
e income
Other explanations including the adjustment to the amount initially recognized when the
effective portion of the profit or loss on the cash flow hedge is transferred to the hedged
item:
None
58. Special reserves
□ Applicable √ Not applicable
59. Surplus reserves
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Decrease in
Increase in the
Items Opening balance the reporting Ending balance
reporting period
period
Statutory
surplus 430962503.50 2983974.50 433946478.00
reserve
Total 430962503.50 2983974.50 433946478.00
Notes to surplus reserves including the change in the current period the reasons for the
change:
In accordance with the Company Law and the Company's Articles of Association the
Company appropriates 10% of the profit to the statutory surplus reserves. Where the
243 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
accumulated amount of the surplus reserves reaches 50% or more of the Company’s
registered capital further appropriation is not required.After the appropriation to the statutory surplus reserves the Company may appropriate
the discretionary surplus reserves. When approved the discretionary surplus reserves
can be used to make up for accumulated losses or converted to the paid-in capital.
60. Retained earnings
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Reporting period Previous period
Retained earnings at the end of the
5947250277.454704597603.69
previous period before the adjustment
Total retained earnings under
adjustment at the beginning of the
171820.23
reporting year (adjustment up +
adjustment down -)
After adjustment: Retained earnings at
5947422097.684704597603.69
the beginning of the reporting period
Plus: net profit attributable to owners of
2034500102.371987928242.51
the parent
Less: Appropriation to statutory surplus
2983974.50
reserves
Appropriation to discretionary surplus
reserves
Appropriation to general risks reserves
Cash dividends declared 1055453708.95 745712893.75
Dividends converted to capital
Cancellation of restricted stock cash
5710224.00437325.00
dividends
Retained earnings at the end of the
6929194740.605947250277.45
reporting period
Statement of adjustment of retained earnings at the beginning of the reporting period:
1. The amount involved in the retroactive adjustment according to the ASBEs and the
relevant new provisions influencing the retained earnings at the beginning of the reporting
period was RMB 0.00.
2. The amount involved in change of the accounting policy influencing the retained
earnings at the beginning of the reporting period was RMB 0.00.
3. The amount involved in correction of the significant accounting errors influencing the
retained earnings at the beginning of the reporting period was RMB 0.00.
4. The amount involved in change of the consolidation scope caused by the common
control influencing the retained earnings at the beginning of the reporting period was RMB
244 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
0.00.
5. The total amount involved in other adjustments influencing the retained earnings at the
beginning of the reporting period was RMB 171820.23 yuan.
61. Operating revenue and cost of sales
(1) Operating revenue and costs of sales
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount incurred in the reporting period Amount incurred in the previous period
Items
Revenue Cost Revenue Cost
Primary
24965522986.8420412869306.8521474398127.9817670079457.96
business
Other
129044867.0591670069.55131896090.2185587160.07
businesses
Total 25094567853.89 20504539376.40 21606294218.19 17755666618.03
(2) Breakdown of operating revenue and costs of sales
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Total
Classification of Contracts
Operating revenue Costs of sales
Types of commodities
Revenue from electric
bicycles electric Tricycle 24748030219.00 20211502636.85
bicycles and accessories
Rental income 44796938.79 34025838.98
Other 301740696.10 259010900.57
Classification based on the
operation regions
Domestic 24878376081.28 20325578865.49
Overseas 216191772.61 178960510.91
Time classification based on
transfer of commodities
Revenue recognition at a
24858918005.4020294542700.40
point in time
Revenue recognition over
235649848.49209996676.00
time
Total 25094567853.89 20504539376.40
Other notes
□ Applicable √ Not applicable
245 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(3) Information about the Group’s performance obligations
√ Applicable □ Not applicable
Unit: Yuan (RMB)
The
Amounts Types of
nature of Whether
assumed by quality
the goods it is the
Timing of Significant the Company assurance
the main
Item performance payment that are provided by
Company responsi
obligations terms expected to the Company
undertak ble
be refunded to and related
es to person
customers obligations
transfer
The contract
The price is Electric
customer typically two-whee
Sales of obtains payable upon lers Quality
Yes 0
goods control of dispatch of electric assurance
the relevant the goods and tricycle
goods receipt of the etc.invoice.After-
Provision When Advances
sales
of providing from Yes 0 None
service
services services customers
extension
Payment in
When Logistics
Logistics the manner
providing transport Yes 0 None
services agreed in the
services ation
contract
Total / / / / 0 /
(4) Information about apportioning to the residual performance obligations
√ Applicable □ Not applicable
At the end of the reporting period the amount of revenue corresponding to performance
obligations under contracts signed but not yet fulfilled or fully completed is RMB
271471526.19 of which RMB 271471526.19 is expected to be recognized as revenue
in 2026.
(5) Significant contract changes or significant transaction price adjustments
□ Applicable √ Not applicable
62. Taxes and surcharges
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Amount incurred in the Amount incurred in the
246 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
reporting period previous period
Urban maintenance and
29527947.3725058468.16
construction tax
Education surcharge 21879542.50 18315447.24
Real estate tax 36382784.93 26217264.81
Land use tax 17159808.62 13720044.34
Tax on using vehicle and boat 58691.03 61849.06
Stamp duty 30810554.03 26296212.60
Others 138605.16 99533.77
Total 135957933.64 109768819.98
63. Selling expenses
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount incurred in the Amount incurred in the
Items
reporting period previous period
Employee benefits 421181548.25 384714285.31
Advertisement and propaganda 268897963.35 182520421.93
expenses
Business travel expenses 52445034.41 50748785.66
Depreciation and amortization 37751740.07 20302132.42
Consulting service 78416887.21 71263960.66
Platform service fee 69062734.59 9602134.21
Others 89067848.03 58845439.70
Total 1016823755.91 777997159.89
64. Administrative expenses
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount incurred in the Amount incurred in
Items
reporting period the previous period
Employee benefits 337541109.58 274221402.59
Depreciation and amortization 158570800.46 113124129.26
Consulting services 87042203.19 78268209.58
Others 102813172.86 88548869.75
Total 685967286.09 554162611.18
65. Research and development expenses
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount incurred in the Amount incurred in
Items
reporting period the previous period
247 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Employee benefits 323327811.31 256933805.28
Depreciation and amortization 216061986.34 175853793.48
Professional service fees 165458257.67 187420114.07
Others 66242427.62 38531653.66
Total 771090482.94 658739366.49
66. Financial expenses
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount incurred in the Amount incurred in
Items
reporting period the previous period
Interest expenses 122636656.67 97315146.60
Interest income -248926543.04 -313167480.25
Amount of capitalized interest -45024678.11 -58266574.25
Service charge expenses 3124942.28 2397665.44
Foreign exchange differences 1324460.43 -2871491.76
Total -166865161.77 -274592734.22
67. Other income
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Amount incurred in the Amount incurred in the
reporting period previous period
Government subsidies related to
74079719.95165178345.51
the ordinary course of business
Value added tax credit 60777670.79 79044993.54
Others 1725400.00 651500.00
Total 136582790.74 244874839.05
68. Investment income
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount incurred in the Amount incurred in
Items
reporting period the previous period
Long-term equity investment income
11253522.621020942.15
under the equity method
Return on investment during the holding
820000.001300060.00
of financial assets held for trading
Return on investment from financial
78759396.5019903586.17
products
Investment loss arising from disposal of
-2437301.15
subsidiaries
Losses arising from the acquisition of -272665.48
248 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
control of subsidiaries and the
remeasurement of the original long-term
equity investment at fair value on the
combination date
Total 88395617.97 21951922.84
69. Net exposure hedge income
□ Applicable √ Not applicable
70. Fair value gains or losses
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Source of income arising from Amount incurred in the Amount incurred in the
change in fair value reporting period previous period
Financial assets held for trading 21995709.85 28042861.97
Where: Gains from changes in
fair value of derivative financial
instruments
Total 21995709.85 28042861.97
71. Credit impairment losses
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount incurred in the Amount incurred in the
Items
reporting period previous period
Impairment loss for accounts
-5073366.653564896.20
receivable
Impairment loss for other
32198.79-587224.85
receivables
Total -5041167.86 2977671.35
72. Impairment losses of assets
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount incurred in the Amount incurred in the
Items
reporting period previous period
I. Loss for write-down of
inventories and Impairment loss -2915937.22 -28337466.56
for contract assets
II. Impairment loss for fixed
-2144254.17-11384233.09
assets
Total -5060191.39 -39721699.65
249 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
73. Gains or losses on disposal of non-current assets
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount incurred in the Amount incurred in the
Items
reporting period previous period
Loss on disposal of fixed
-19647690.0427150761.89
assets
Total -19647690.04 27150761.89
74. Non-operating income
About non-operating income
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount counted to
Amount incurred Amount incurred
the current
Items in the reporting in the previous
non-operating profit or
period period
loss
Total gain on disposal
of non-current assets
Including: Gains on
disposal of fixed assets
Gains on disposal of
intangible assets
Accident claims 2820107.97 1250716.15 2820107.97
Donations received
Government subsidies 7529370.67 13089767.96 7529370.67
Penalty income 13766014.62 27276066.30 13766014.62
Others 8590810.18 9918334.01 8590810.18
Total 32706303.44 51534884.42 32706303.44
Other notes:
□ Applicable √ Not applicable
75. Non-operating expenses
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount
counted to the
Amount incurred in Amount incurred in
Items current
the reporting period the previous period
non-operating
profit or loss
Total losses on damage 11733045.10 10113958.03 11733045.10
250 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
and retirement of
non-current assets
Where: Loss on disposal of
11733045.1010113958.0311733045.10
fixed assets
Donation expenditures for
9906724.889383296.029906724.88
public interest
Others 10170428.45 9320694.41 10170428.45
Total 31810198.43 28817948.46 31810198.43
76. Income tax expenses
(1) Statement of income tax expenses
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount incurred in the Amount incurred in the
Items
reporting period previous period
Current tax 468587971.48 389000849.99
Deferred tax -177059584.65 -69009221.56
Total 291528386.83 319991628.43
(2) Process of adjustment of accounting profit and income tax expenses
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount incurred in the
Items
reporting period
Total profit 2365175354.96
Income tax expense at the statutory or applicable tax rate 591293838.74
Effect of different tax rates for some subsidiaries -170927489.98
Adjustments in respect of current tax of previous periods 4734925.22
Income not subject to tax -3148058.99
Costs expenses and losses not deductible for tax 20437778.46
The effect of using deductible losses of deferred income tax
-92369909.27
assets that have not been recognised in the previous period
Deductible temporary differences of deferred income tax assets
20239543.50
and tax losses not recognised
Tax preferences such as R&D expenses super deduction -75829212.25
Effect on opening deferred tax of change in the tax rate -2903028.60
Income tax expenses 291528386.83
Other notes:
□ Applicable √ Not applicable
251 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
77. Other comprehensive income
√ Applicable □ Not applicable
For details please refer to Section 8 VII. 57 Other comprehensive income
78. Cash flow statement items
(1) Cash relating to operating activities
Other cash received relating to operating activities
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount incurred in the Amount incurred in the
Items
reporting period previous period
Interest income 27189477.86 60831257.10
Government subsidy 223008798.26 347534006.89
Liquidated damage income 13766014.62 27276066.30
Collection of security deposit and
39876160.1928207050.55
advance payment
Collection of bill deposits 779181217.75 96826193.13
Others 92672592.80 43873550.34
Total 1175694261.48 604548124.31
Notes to other cash received relating to operating activities:
None
Other cash paid relating to operating activities
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount incurred in the Amount incurred in the
Items
reporting period previous period
Administrative expenses and
426691606.39384870968.72
R&D expenses paid in cash
Selling expense paid in cash 400558738.38 370206030.49
Payment of bill deposit 470848299.27 408802148.81
Bank service charge paid 3124942.28 2397665.44
Others 65406765.76 10564135.66
Total 1366630352.08 1176840949.12
Notes to other cash paid relating to operating activities:
None
252 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(2) Cash relating to investment activities
Cash received relating to significant investing activities
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount incurred in the Amount incurred in the
Items
reporting period previous period
Recovery fixed deposit of 15614453788.52 8275484223.21
financial products
Investment recovered from
20832200.00
disposal of associates
Total 15635285988.52 8275484223.21
Notes to cash received relating to significant investing activities
None
Cash paid relating to significant investing activities
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount incurred in the Amount incurred in the
Items
reporting period previous period
Purchase of financial products
16402218931.3211814156104.52
and fixed deposit certificates
Investment in associates and
56994242.2149716920.00
joint ventures
Total 16459213173.53 11863873024.52
Notes to cash paid relating to significant investing activities
None
Other cash received relating to investing activities
□ Applicable √ Not applicable
Other cash paid relating to investing activities
□ Applicable √ Not applicable
(3) Cash relating to financing activities
Other cash received relating to financing activities
√ Applicable □ Not applicable
Other cash paid relating to financing activities
√ Applicable □ Not applicable
Unit: Yuan (RMB)
253 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Amount incurred in the Amount incurred in the
Items
reporting period previous period
Cash outflows relating to long
23886055.1525227346.15
term rented assets
Purchase of the Minority
12766004.5140066720.00
shareholders’ equity
Repurchase of restricted shares 43727747.87 1686825.00
Total 80379807.53 66980891.15
Notes to other cash paid relating to financing activities:
None
Changes in liabilities arising from financing activities
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Increase in current
Decrease in current period
Opening period
Item Ending balance
balance Cash Non-cash Cash Non-cash
change changes change changes
Short-term 74206547. 1500000 5002578 17000000. 9125049
30981837.88
borrowings 06 0.00 8.62 00 7.80
Dividends 1049743 10497434
payable 484.95 84.95
Bonds
payable
(including 17552022 1189079 9997535.0 1864105661.
6974.00
those due 32.83 37.24 0 07
within one
year)
Lease
liabilities
(including 39370411. 23859437. 123765.3
15387207.98
those due 01 65 8
within one
year)
18687791150000012186771100600491381231910474706.
Total
90.900.00210.8157.607.1893
(4) Description of cash flows presented on a net basis
□ Applicable √ Not applicable
254 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(5) Significant activities and financial effects that do not involve current cash
receipts and payments but affect the financial position of the enterprise or may
affect the cash flow of the enterprise in the future
□ Applicable √ Not applicable
79. Notes to the statement of cash flows
(1) Notes to the statement of cash flows
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount in the Amount in the
Supplementary information
reporting period previous period
1. Reconciliation of profit to net cash flows from operating activities:
Net profit 2073646968.13 2012554041.82
Plus: Provisions for asset impairment 5060191.39 39721699.65
Loss from impairment of credit 5041167.86 -2977671.35
Depreciation of fixed assets depletion of oil and
gas asset depreciation of productive biological 520006353.53 382353395.57
asset
Amortization of right-of-use assets 19024668.95 19875646.44
Depreciation and amortization of investment
20953177.1116203090.83
property
Amortization of intangible assets 76602790.66 61014772.29
Amortization of long-term prepaid expenses 30594331.11 26602610.96
Loss (income is stated in “-”) from disposal of
fixed assets intangible assets and other 31013097.59 -17036803.86
long-term assets
Loss on retirements of fixed assets (profit is
stated with “-”)
Loss from change of fair value (profit is stated
-21995709.85-28042861.97
with “-”)
Financial expenses (income is stated with “-”) -137071249.03 -229562398.73
Investment loss (income is stated with “-”) -88395617.97 -21951922.84
Decrease of the deferred tax asset (increase is
-109936112.58-66974559.11
stated with “_”)
Increase of deferred tax liability (decrease is
-67123472.0710742711.00
stated with “-”)
Decrease of inventories (Increase is stated with
-74534331.50-217148085.08
“-”)
Decrease in receivables from operating
-182118736.15-507635329.47
activities (Increase is stated with “-”)
Increase in payables from operating activities
1470193445.241544486022.90
(Decrease is stated with “-”)
255 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Share-based payments 56591621.56 4156584.37
Others 157331729.21 139629934.10
Net cash flows arising from operating activities 3784884313.19 3166010877.52
2. Significant investment and financing activities with no cash income and expenses
involved:
Capital converted from liabilities
Convertible company bonds due within a year
Fixed assets under finance lease
3. Net change in cash and cash equivalents:
Ending cash balance 1481630388.66 1812760278.96
Less: Opening balance of cash 1812760278.96 6034424497.73
Plus: Ending balance of cash equivalent
Less: Opening balance of cash equivalent
Net increase of cash and cash equivalents -331129890.30 -4221664218.77
(2) Net cash paid for acquisition of subsidiary in the reporting period
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount
Cash or cash equivalents paid for business combinations
2009430.47
in the current period
Less: Cash and cash equivalents held by the Company
14699422.26
on the acquisition date
Net cash paid to acquire subsidiaries -12689991.79
(3) Net cash received from disposal of subsidiary in the reporting period
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount
Cash and cash equivalents received from disposal of
30008000.00
subsidiaries in the current period
Less: cash and cash equivalents held by the subsidiary
5123413.74
at the date of loss of control
Net cash received from disposal of subsidiaries 24884586.26
(4) Composition of cash and cash equivalents
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Ending balance Opening balance
I. Cash 1481630388.66 1812760278.96
Including: Cash in stock
256 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Bank deposit available for payment at
1481630388.661812760278.96
any time
Other monetary fund used for
payment at any time
Due from central bank available for
payment
Due from banks
Call loan to banks
II. Cash equivalents
Including: bond investment due
within three months
III. Ending balance of cash and cash
1481630388.661812760278.96
equivalents
Including: Use of restricted cash and
cash equivalents by the parent
company or subsidiaries within the
Group
(5) Limited scope of use but still presented as cash and cash equivalents
□ Applicable √ Not applicable
(6) Currency funds out of the scope of cash and cash equivalents
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Item Ending balance Opening balance Reason
Bill guarantee Margin deposits expected to be
deposits held until maturity characterized
334596081.30508968233.65
by long maturity and limited
liquidity.Certificates of deposit Margin deposits expected to be
and interest due within held until maturity characterized
152127931.43592238622.35
one year by long maturity and limited
liquidity.Frozen funds Margin deposits expected to be
held until maturity characterized
1363748.80142532.08
by long maturity and limited
liquidity.Total 488087761.53 1101349388.08 /
Other notes:
□ Applicable √ Not applicable
80. Notes to items of statement of change in owner’s equity
Note to the description of item “Others” and adjusted amounts for adjusting the closing
257 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
balance of the previous year:
√ Applicable □ Not applicable
In June 2025 the Company disposed of its 51% equity interest in its wholly-owned
subsidiary Shanghai Shunfeng Aima Cultural Media Co. Ltd. resulting in an impact on
retained earnings of RMB 171820.23.
81. Foreign currency monetary items
(1) Foreign currency monetary items
√ Applicable □ Not applicable
In: Yuan
Item Closing balance
Ending balance of Translation of translation in
foreign currency exchange rate RMB
Currency funds 119960219.65
Including: USD 16858178.83 7.0288 118492767.36
EUR 178186.18 8.2355 1467452.29
HKD
Trade receivables 128532089.55
Including: USD 17098304.44 7.0288 120180562.25
EUR 10096.56 8.2355 83150.22
CHF 934174.34 8.8510 8268377.08
Other receivables 83675.19
Including: USD 11904.62 7.0288 83675.19
Other payables 1411449.00
Including: USD 200080.60 7.0288 1406326.52
EUR 622.00 8.2355 5122.48
HKD
(2) Note to overseas operating entities including important overseas operating
entities which should be disclosed about its principal business place function
currency for bookkeeping and basis for the choice. In case of any change in
function currency the cause should be disclosed.□ Applicable √ Not applicable
82. Leases
(1) As lessee
√ Applicable □ Not applicable
Variable lease payments not included in the measurement of lease liabilities
□ Applicable √ Not applicable
258 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Lease expenses for short-term leases or low-value assets that are simplified
√ Applicable □ Not applicable
In 2025 the simplified short-term lease expense of RMB 2849145.86 yuan and the lease
expense of low value assets of RMB 461331.05 yuan were included in the current profit
and loss.Sale and leaseback transactions and basis of judgment
□ Applicable √ Not applicable
Total cash outflows related to leases is 36274646.00 (Unit: Yuan (RMB))
(2) As lessor
Operating leases as lessors
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Including: Income related to variable lease
Item Rental income
payments not included in lease receipts
Rental of
44796938.7944796938.79
buildings
Total 44796938.79 44796938.79
Finance leases as lessors
□ Applicable √ Not applicable
Reconciliation of undiscounted lease receipts to net lease investments
□ Applicable √ Not applicable
Undiscounted lease receipts over the next five years
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Annual undiscounted lease receipts
Item
Ending balance Opening balance
Within 1 year inclusive 35540487.62 25848243.13
1 to 2 years inclusive 3523899.36 4691547.44
2 to 3 years inclusive 595478.00 3026740.00
3 to 4 years inclusive 300000.00
Total undiscounted lease
39659864.9833866530.57
receipts after five years
(3) Recognize profit or loss on sales of finance leases as a manufacturer or dealer
□ Applicable √ Not applicable
259 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
83. Data resources
□ Applicable √ Not applicable
84. Others
□ Applicable √ Not applicable
VIII. Research and Development Expenditure
(1) Presented by nature of expenses
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount incurred in the Amount incurred in the
Items
reporting period previous period
Employee benefits 323327811.31 256933805.28
Depreciation and 216061986.34 175853793.48
amortization
Professional service fees 165458257.67 187420114.07
Others 66242427.62 38531653.66
Total 771090482.94 658739366.49
(2) Research and development expenditure eligible for capitalization
□ Applicable √ Not applicable
Significant capitalized research and development projects
□ Applicable √ Not applicable
Provision for impairment of development expenses
□ Applicable √ Not applicable
(3) Important outsourcing research projects
□ Applicable √ Not applicable
IX. Changes in Scope of Consolidation
1. Business combinations not under common control
√ Applicable □ Not applicable
(1) Business combinations not under common control in the current period
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Equity Determin Revenue Net profit of Cash flow of
Equity
Name of Equity Cost of acquisi ation from the the acquiree the acquiree
acquisiti Purchase
the acquisition equity tion basis of acquiree from the from the
on ratio date
acquire date acquisition metho purchase from the acquisition acquisition
(%)
d date acquisition date to the date to the
260 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
date to the end of the end of the
end of the period period
period
Completi
Wuxi Apr 30 2009430. Acquir Apr 30 on of 37632911. 2676331.9 -10031469
10.00
Sales 2025 47 e 2025 equity 56 4 .55
transfer
Other notes:
In May 2024 the Group established an associate Aima Technology (Wuxi) Co. Ltd. with
a third-party shareholder with a total capital of RMB 30000000.00. The Group
contributed RMB 12000000.00 holding a 40% equity interest and accounted for it using
the equity method. In March 2025 the Group and other shareholders reduced capital
proportionally by RMB 10000000.00 of which the Group reduced capital by RMB
4000000.00 with the shareholding percentage remaining unchanged. In April 2025 the
carrying amount of the Group's equity interest in Wuxi Sales was RMB 8157593.88. On
that date the Group acquired a 10% equity interest in Wuxi Sales from a third-party
shareholder for a consideration of RMB 2009430.47 holding a total of 50% equity
interest in Wuxi Sales. According to the articles of association the Group enjoys 51%
voting rights in Wuxi Sales and the Group appoints the executive director. Therefore the
Group is able to exercise control over Wuxi Sales and accounts for it as a subsidiary.
(2) Cost of combination and goodwill
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Consolidation costs Wuxi Sales
--Cash 2009430.47
--Fair value of non-cash assets
--Fair value of debt issued or assumed
--Fair value of equity securities issued
--Fair value of contingent consideration
--Fair value of equity held before the
8157593.88
acquisition date at the acquisition date
--Others
Total consolidation costs 10167024.35
Less: Share of fair value of identifiable net
10167024.35
assets acquired
Amount of goodwill/combination cost less
than fair value of identifiable net assets
acquired
Determination method of fair value of combination cost:
□ Applicable √ Not applicable
261 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Fulfillment of performance commitments:
□ Applicable √ Not applicable
The main reasons for the formation of large goodwill:
□ Applicable √ Not applicable
(3) Identifiable assets and liabilities of the acquiree at the acquisition date
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Wuxi Sales
Fair value at acquisition date Carrying amount at acquisition date
Assets: 29552609.43 29552609.43
Currency funds 14699422.26 14699422.26
Account
Receivables
Inventories 9471713.58 9471713.58
Other
3775786.233775786.23
receivables
Prepayments 1037404.57 1037404.57
Other current
568282.79568282.79
assets
Intangible
assets
Liabilities: 9158624.72 9158624.72
Borrowings
Accounts
59490.0059490.00
payable
Contract
6116457.706116457.70
liabilities
Other payables 2187537.52 2187537.52
Other current
795139.50795139.50
liabilities
Deferred tax
liabilities
Net assets 20393984.71 20393984.71
Less: Minority
10226960.3610226960.36
interest
Net assets
10167024.3510167024.35
acquired
Determination method of fair value of identifiable assets and liabilities:
None
Contingent liabilities of the acquiree assumed in a business combination:
262 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
None
(4) Gains or losses arising from remeasurement of equity held before the
acquisition date at fair value
Whether there are transactions that achieve business combination step by step through
multiple transactions and obtain control during the reporting period
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount of
other
Determination
Gains or comprehensi
method and
Acquisitio losses ve income
Acquisitio Book value main
n date of Acquisition Acquisition Fair value arising from related to the
n ratio of of originally assumptions of
the cost of method of of remeasure original
originally held equity the fair value
Name of original originally originally previously ment of equity held
held before the of the original
the equity held equity held equity held previously before the
equity acquisition equity held
acquiree held before before equity at held equity acquisition
before date at the before the
before the acquisition acquisition acquisitio at fair value date
acquisitio acquisition acquisition
acquisitio date date n date before the transferred to
n date (%) date date on the
n date acquisition investment
acquisition
date income or
date
retained
earnings
Wuxi 8000000. Direct 8157593.8 8157593 Asset based
May 2024 40% 0 0
Sales 00 holding 8 .88 valuation
(5) Description of the combination consideration or fair value of the acquiree's
identifiable assets and liabilities that cannot be reasonably determined on the
acquisition date or at the end of the current period
□ Applicable √ Not applicable
(6) Other notes
□ Applicable √ Not applicable
2. Business combinations under common control
□ Applicable √ Not applicable
3. Reverse purchase
□ Applicable √ Not applicable
4. Disposal of subsidiaries
Whether there are transactions or events that have lost control of subsidiaries in the
current period
√ Applicable □ Not applicable
263 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Unit: Yuan (RMB)
Amoun
Differen t of
ce other
between Method compr
consider Carryin of ehensi
ation for g Fair determi ve
Perc disposal amount value of nation incom
Gains
enta and of remaini and key e
Met Basi Perce or
ge of share of remaini ng assumpt related
hod s for ntage losses
equit net ng equity ions for to the
Consid of dete of arising
y assets equity interest fair equity
Date eration disp rmin remain from
Subs dispo of the interest in value of interes
of for osal ing ing remea
idiar sed subsidia in the consoli remainin t in the
loss disposa at the equity surem
y at ry in consoli dated g equity former
of l at date dat date interes ent of
nam date consolid dated financia interest subsidi
contr of loss e of of t at remain
e of ated financia l in ary
ol of loss loss date of ing
loss financial l stateme consolid reclass
control of of loss of equity
of stateme stateme nts at ated ified to
con cont control interes
contr nts nts at the date financial invest
trol rol (%) t at fair
ol corresp the date of loss stateme ment
value
(%) onding of loss of nts at profit
to the of control date of or loss
dispose control loss of or
d control retaine
investm d
ent earnin
gs
Co
mpl
Toda etioApr Tray 30008 n of -24373
Suns 3020 60 nsf25 000.00 equi 01.15hine er ty
tran
sfer
Co
mpl
Shan etioJuly Traghai 12324 n of 10123 11841 17182
Cultu 3120 51 nsf 178833 49 025 95.60 equi 42.21 62.44 0.23re er .30ty
tran
sfe
264 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Other notes:
□ Applicable √ Not applicable
Whether there is a situation in which the investment in a subsidiary is disposed of step by
step through multiple transactions and the control right is lost in the current period
□ Applicable √ Not applicable
Other notes:
□ Applicable √ Not applicable
5. Changes in scope of consolidation for other reasons
Explain the changes in the scope of consolidation (e.g. new subsidiaries liquidation
subsidiaries etc.) caused by other reasons and relevant information:
√ Applicable □ Not applicable
Proportio
Total n of
shareholdin voting
Place of Nature of g ratio of rights Reason for
Name
registration business the enjoyed change
Company by the
(%) Company
(%)
Tianjin
Qingfeng
New
Changqi Technical
Tianjin 100 100 establishme
Mobility service
nt
Technology
Co.Zhejiang Aima
Electromecha New
manufacturin
nical Zhejiang 100 100 establishme
g industry
Technology nt
Co. Ltd.PT AIMA
New
ELECTRIC Wholesale
Indonesia 100 100 establishme
VEHICLES and retail
nt
INDONESIA
Aima (Tianjin)
New
Import and Wholesale
Tianjin 100 100 establishme
Export Trade and retail
nt
Co. Ltd.Tianjin Liuan Technical New
Tianjin 100 100
Changxing service establishme
265 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Technology nt
Co.Zhejiang Aiska
Wholesale Deregistratio
Technology Zhejiang 100 100
and retail n
Co. Ltd.Aima Electric
Service Deregistratio
Drive Systems Zhejiang 100 100
Industry n
Co. Ltd.
6. Others
□ Applicable √ Not applicable
X. Interests in Other Entities
1. Interests in subsidiaries
(1) Composition of the enterprise group
√ Applicable □ Not applicable
Unit: Ten Thousand Yuan (RMB)
Princip Shareholdi
Nature
al place Register Place of ng ratio (%)
Subsidiary of Obtain
of ed registra
Name busines Dir Indir Mode
busines capital tion
s ect ect
s
10000.0 Manufa Establish
Tianjin Vehicle Tianjin Tianjin 100
0 cture ment
10000.0 Manufa Establish
Henan Vehicle Henan Henan 100
0 cture ment
44000.0 Manufa Establish
Jiangsu Vehicle Jiangsu Jiangsu 100
0 cture ment
Guangd 10000.0 Guangd Manufa Establish
Guangdong Vehicle 100
ong 0 ong cture ment
Zhejian 10000.0 Zhejian Manufa Establish
Zhejiang Vehicle 100
g 0 g cture ment
Shangh Shangh Service Establish
Xiaopa Electric 200.00 100
ai ai s ment
Manufa Establish
Tianjin Sports Tianjin 1000.00 Tianjin 100
cture ment
Wholes
Chongq Chongq Establish
Xiaoma Network 1000.00 ale and 100
ing ing ment
retail
Manufa Establish
Spozman Tianjin 2000.00 Tianjin 100
cture ment
Guangxi Vehicle Guangx 10000.0 Guangx Manufa 100 Establish
266 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
i 0 i cture ment
Manufa Establish
Tianjin Tianli Tianjin 500.00 Tianjin 100
cture ment
Wholes
Chongq Chongq Establish
Aima Chongqing 1000.00 ale and 100
ing ing ment
retail
Chongq 10000.0 Chongq Manufa Establish
Chongqing Vehicle 100
ing 0 ing cture ment
Zhejian Zhejian Manufa Establish
Zhejiang Sales 1000.00 100
g g cture ment
Taizhou Zhejian 40000.0 Zhejian Manufa Establish
100
Manufacturing g 0 g cture ment
Investm
Aima Venture Zhejian Zhejian Establish
3000.00 ent 100
Capital g g ment
platform
Zhejian 10000.0 Zhejian Manufa Establish
Lishui Vehicle 100
g 0 g cture ment
Wholes
Suoteng Hong HK $63 Hong Establish
ale and 100
Technology Kong million Kong ment
retail
Wholes
Singap Singap Establish
Aima Singapore S $1000 ale and 100
ore ore ment
retail
Chongqing Chongq Chongq Manufa Establish
5000.00100
Electromechanical ing ing cture ment
Technic
Chongq Chongq Establish
Xiaoma Intelligent 5000.00 al 100
ing ing ment
service
Wholes
Aima Vehicle Chongq Chongq Establish
5000.00 ale and 100
Service ing ing ment
retail
Chongq Chongq Logistic Establish
Aima Logistics 5000.00 55
ing ing s ment
Wholes
Chongq Chongq Establish
Superverse 8800.00 ale and 100
ing ing ment
retail
Tianjin Manufa Establish
Tianjin 5000.00 Tianjin 100
Electromechanical cture ment
Wholes
Zhejian Zhejian Establish
Aima Taizhou 1000.00 ale and 100
g g ment
retail
Technic
Guangx Guangx Establish
Guangxi Xiaoma 5000.00 al 60
i i ment
service
267 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
VND190 Manufa
Vietna Vietna Establish
Aima Vietnam 440 cture 100
m m ment
million
Technic
Establish
Tianjin Xiaoma Tianjin 1000.00 Tianjin al 100
ment
service
Technic
Establish
Wanning Xiaoma Hainan 2000.00 Hainan al 100
ment
service
Technic
Guangd Guangd Establish
Yangjiang Xiaoma 50.00 al 100
ong ong ment
service
IDR
Indones Indones Manufa Establish
Aima Indonesia 169543 100
ia ia cture ment
million
Technic
Zhejian Zhejian Establish
Taizhou Xiaoma 700.00 al 100
g g ment
service
Manufa Establish
Aima Shengsituo Tianjin 500.00 Tianjin 51
cture ment
Manufa Establish
Aima Lianxiang Tianjin 1000.00 Tianjin 51
cture ment
Jiangsu New 35000.0 Manufa Establish
Jiangsu Jiangsu 100
Energy 0 cture ment
Wholes Establish
Sichua Sichua
Chengdu Sales 3000.00 ale and 60 ment
n n
retail
Wholes Establish
Guangd Guangd
Guangdong Sales 4000.00 ale and 77.5 ment
ong ong
retail
Wholes Establish
Wuhan Sales Hubei 3000.00 Hubei ale and 60 ment
retail
28000.0 Manufa Establish
Gansu Vehicle Gansu Gansu 100
0 cture ment
Wholes Establish
Zhejian Zhejian
Lishui Sales 1000.00 ale and 100 ment
g g
retail
Technic Establish
Lingdong Intelligent Tianjin 1000.00 Tianjin al 80 ment
service
Technic Establish
Chongqing Chongq Chongq
1000.00 al 100 ment
Qingfeng ing ing
service
268 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Manufa Establish
Spozman Vehicl Tianjin 500.00 Tianjin 100
cture ment
Technic Establish
Tianjin Qingfeng Tianjin 100.00 Tianjin al 100 ment
service
Zhejiang Zhejian Zhejian Manufa Establish
2000.00100
Electromechanical g g cture ment
IDR Wholes Establish
Aima Indonesia Indones Indones
36800 ale and 100 ment
Sales ia ia
million retail
Tianjin Liuan Service Establish
Tianjin 500.00 Tianjin 100
Changxing s ment
Wholes Establish
Aima Import and
Tianjin 1000.00 Tianjin ale and 100 ment
Export
retail
Consolid
ation not
Shando Shando Manufa
Geling New Energy 8922.00 100 under
ng ng cture
common
control
Wholes Consolid
ale and ation not
$220
Aima USA USA USA retail 51 under
million
common
control
Consolid
ation
Service
Suiwanwan Tianjin 500.00 Tianjin 100 under
s
common
control
Consolid
Wholes ation
Wuxi Sales Jiangsu 2000.00 Jiangsu ale and 50 under
retail common
control
Note 1: On October 1 2025 a subsidiary of the Company Guangdong Vehicle ceased
production and transferred its production capacity. Subsequent business operations were
assumed by Guangxi Vehicle and Chongqing Vehicle.Description of the difference between shareholding ratio and voting right ratio in
subsidiaries:
See "Section 8 Financial Report IX. 1. Business Combinations Not Under Common
Control" for details.
269 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
The basis for holding half or less of the voting rights but still controlling the investee and
holding more than half of the voting rights but not controlling the investee:
Pursuant to the provisions of the Shareholders' Agreement of Wuxi Sales although the
Group holds a 50% equity interest in Wuxi Sales it holds 51% voting rights and appoints
the executive director; therefore Wuxi Sales is included in the scope of consolidation.For significant structured entities included in the scope of consolidation the basis of
control is as follows:
None
Basis for determining whether the company is an agent or a principal:
None
(2) Significant non-wholly owned subsidiaries
□ Applicable √ Not applicable
(3) Key financial information of significant non-wholly owned subsidiaries
□ Applicable √ Not applicable
(4) Significant restrictions on the use of enterprise group assets and the settlement
of enterprise group debts
□ Applicable √ Not applicable
(5) Financial or other support provided to structured entities included in the scope
of consolidated financial statements
□ Applicable √ Not applicable
Other notes:
□ Applicable √ Not applicable
2. Transactions in which the share of owners’ equity in a subsidiary changes and
the subsidiary is still controlled
√ Applicable □ Not applicable
(1) Description of changes in owners' equity in subsidiaries
√ Applicable □ Not applicable
In March 2025 the Company acquired a 35% equity interest in Shanghai Culture from its
minority shareholders for a consideration of RMB 766004.51. Upon completion of the
acquisition the Group held 100% equity interest in Shanghai Culture. This transaction
resulted in a decrease of RMB 766004.51 in non-controlling interest in the consolidated
financial statements.In September 2025 the Company acquired a 40% equity interest in Spozman Vehicle
from its minority shareholders for a consideration of RMB 2000000.00. Upon completion
270 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
of the acquisition the Group held 100% equity interest in Spozman Vehicle. This
transaction resulted in a decrease of RMB 1480745.40 in non-controlling interest and a
decrease of RMB 519254.60 in capital reserve in the consolidated financial statements.
(2) Effect of transactions on Minority shareholders’ equity and owners' equity attributable
to the parent company
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Spozman Vehicle
Acquisition cost/disposal consideration
--Cash 2000000.00
--Fair value of non-cash assets
Total purchase cost/disposal consideration 2000000.00
Less: Share of net assets of subsidiaries
calculated based on the proportion of 1480745.40
equity acquired/disposed
difference 519254.60
Including: Adjustment of capital reserve -519254.60
Adjustment of surplus reserve
Adjusted retained earnings
Other notes
□ Applicable √ Not applicable
3. Interests in joint ventures or associates
√ Applicable □ Not applicable
(1) Significant joint ventures or associates
√ Applicable □ Not applicable
Shareholding Accountin
ratio (%) g for
Nature investmen
Name of joint venture Principal place Place of of ts in joint
or associate of business registration busines Indir ventures
Direct
s ect or
associate
s
Joint Venture
Zhejiang Zhejiang Zhejiang Manufa 40.0 Equity
Xinchuangling cturing 0 method
industry
Chongqing Chongqing Chongqing Manufa 40.0 Equity
Chuangling cturing 0 method
271 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
industry
Associate
Taizhou Jinfu Zhejiang Zhejiang Venture 55.90 Equity
capital method
Tianjin Jemma Tianjin Tianjin Manufa 40.0 Equity
cturing 0 method
industry
Guangxi Ningfu Guangxi Guangxi Manufa 1.97 Equity
cturing method
industry
Chongqing Xintai Chongqing Chongqing Manufa Equity
35.0
cturing method
0
industry
Tianjin Tianjin Service 40.0 Equity
Tianjin Chuangling
s 0 method
Zhejiang Zhejiang Service 20.0 Equity
Ningbo Babi
s 0 method
Chongqing Sanjing Chongqing Chongqing Manufa
45.0 Equity
cturing
0 method
industry
Chongqing Tanglong Chongqing Chongqing Manufa
45.0 Equity
cturing
0 method
industry
Hangzhou Sales Zhejiang Zhejiang Wholes Equity
19.0
ale and method
0
retail
Shanghai Culture Shanghai Shanghai Service 49.00 Equity
s method
Gongqingcheng Beijing Beijing Financi 29.99 Equity
Yizhangwangchao al method
service
s
Description of the difference between shareholding ratio and voting right ratio in joint
ventures or associates:
According to the Taizhou Jinfu Partnership Agreement as one of the limited partners the
Company has no right to unilaterally determine the relevant activities of the Partnership
so it does not control Taizhou Jinfu but has a significant impact on it.The basis for holding less than 20% of the voting rights but having significant influence or
holding 20% or more of the voting rights but not having significant influence:
According to the resolution of the shareholders' meeting of Guangxi Ningfu the Company
appoints directors to its board of directors and accordingly has the right to participate in
the decision-making of its financial and operating decisions thus exerting significant
272 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
influence on it.According to the resolution of the shareholders' meeting of Hangzhou Sales the
Company appoints directors to its board of directors and accordingly has the right to
participate in the decision-making of its financial and operating decisions thus exerting
significant influence on it.
(2) Key financial information of significant joint ventures
□ Applicable √ Not applicable
(3) Key financial information of significant associates
□ Applicable √ Not applicable
(4) Summary financial information of insignificant joint ventures and associates
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Closing balance/amount Opening balance/amount
incurred in the current period incurred in prior period
Joint venture:
Total carrying amount of
investments
Total of the following items calculated by shareholding ratio
--Net profit
--Other comprehensive
income
--Total comprehensive
income
Associates:
Total carrying amount of
194120764.51163976636.26
investments
Total of the following items calculated by shareholding ratio
--Net profit 11253522.62 1020942.15
--Other comprehensive
income
--Total comprehensive
income
(5) Description of significant restrictions on the ability of joint ventures or associates to
transfer funds to the Company
□ Applicable √ Not applicable
(6) Excess losses of joint ventures or associates
□ Applicable √ Not applicable
273 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(7) Unrecognized commitments related to investments in joint ventures
□ Applicable √ Not applicable
(8) Contingent liabilities related to investments in joint ventures or associates
□ Applicable √ Not applicable
4. Significant joint operations
□ Applicable √ Not applicable
5. Interests in structured entities not included in the scope of consolidated financial
statements
Description of structured entities not included in the scope of consolidated financial
statements:
□ Applicable √ Not applicable
6. Others
□ Applicable √ Not applicable
XI. Government Grants
1. Government grants recognized at amounts receivable at the end of the reporting
period
□ Applicable √ Not applicable
Reasons for failing to receive the estimated amount of government subsidies at the
estimated time point
□ Applicable √ Not applicable
2. Liabilities related to government grants
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount
included
in Other
Transfer to
Financial Amount of new non-oper changes
Opening other income in Related to
statement subsidies in the ating in the Ending balance
balance the current assets/income
items current period income current
period
in the period
current
period
Deferred Related to
461046793.98174120246.4132715947.83602451092.56
income assets
274 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Total 461046793.98174120246.41 32715947.83 602451092.56 /
3. Government grants recognized in profit or loss
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount incurred in the Amount incurred in prior
Type
current period period
Related to assets 32715947.83 15432806.46
Related to income 41363772.12 149745539.05
Other 7529370.67 13089767.96
Total 81609090.62 178268113.47
XII. Risks Related to Financial Instruments
1. Risks of financial instruments
√ Applicable □ Not applicable
The Company is exposed to various risks of financial instruments in its daily activities
mainly including credit risk liquidity risk and market risk. The Company's main financial
instruments include currency funds accounts receivable receivables financing notes
payable and accounts payable. The risks associated with these financial instruments and
the risk management strategies adopted by the Company to mitigate these risks are
described below.
(1) Credit risk
The Company only deals with recognized and reputable third parties. In accordance with
the Company's policy a credit review is required for all customers who require credit
transactions. In addition the Company continuously monitors the balance of accounts
receivable to ensure that the Company is not exposed to significant bad debt risks. For
transactions not settled in the functional currency of the relevant business unit the
Company does not provide credit transaction conditions unless specifically approved by
the Company's credit control department.As the counterparties of monetary funds financial assets held for trading receivables
financing other non-current assets and certificates of deposit due within one year are
banks with good reputation and high credit rating these financial instruments have low
credit risk.The Company's other financial assets include accounts receivable and other receivables.The credit risk of these financial assets arises from the default of the counterparty and the
maximum risk exposure is equal to the carrying amount of these instruments.Since the Company only deals with recognized and reputable third parties no collateral is
required. Credit risk is centrally managed by customer/counterparty geographical region
and industry. There is no significant concentration of credit risk within the Company as the
Company's accounts receivable are widely dispersed across the customer base.
275 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
The quantitative data on credit risk exposure arising from trade receivables and other
receivables of the Group are detailed in "Section 8 Financial Report VII. 5. Trade
Receivables and 9. Other Receivables".Criteria for determining significant increase in credit risk
The Group assesses at each balance sheet date whether the credit risk on relevant
financial instruments has increased significantly since initial recognition. The main criteria
adopted by the Group for determining a significant increase in credit risk are significant
changes in one or more of the following indicators: the operating environment of the
debtor internal and external credit ratings actual or expected operating results showing
material adverse changes etc.Definition of credit-impaired financial assets
To determine whether credit impairment has occurred the Group applies criteria
consistent with the internal credit risk management objectives for the relevant financial
instruments taking into account both quantitative and qualitative indicators. When
assessing whether a debtor has become credit-impaired the Group primarily considers
the following factors:
* Significant financial difficulty of the issuer or the debtor;
* A breach of contract by the debtor such as a default or delinquency in payment of
interest or principal;
* The lender for economic or contractual reasons relating to the debtor's financial
difficulty has granted the debtor a concession that the lender would not otherwise
consider;
* It is becoming probable that the debtor will enter bankruptcy or other financial
reorganisation;
* The disappearance of an active market for that financial asset because of
financial difficulties of the issuer or the debtor;
* The purchase or origination of a financial asset at a deep discount that reflects the
incurred credit losses.A financial asset may be credit-impaired as a result of multiple events acting together
rather than necessarily due to a single separately identifiable event.
(2) Liquidity risk
The Company's objective is to use a variety of financing means to maintain the balance
between sustainability and flexibility of financing. The Company finances its operations
through funds generated from operations and borrowings.The following table summarizes the maturity analysis of financial liabilities based on
undiscounted contractual cash flows:
Unit: Yuan (RMB) December 31 2025
276 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Financial 1 to 2 2 to 3
Within 1 year Over 3 years Total
liabilities years years
Short-term 30981837.
30981837.88
borrowings 88
Notes 7498925538 74989255
payable .72 38.72
Trade 2836007796 28360077
payables .22 96.22
Other 1346329040 13463290
payables .54 40.54
Lease 325573 3860714.1
604976.76
liabilities 7.35 1
Non-current
liabilities due 12056765.
12056765.15
within one 15
year
Bonds 299925 35991000 22394400 23237522
18328756.05
payable 00.39 .47 29.12 86.03
1174262973332482365959772239440014051913
Total
4.5637.74.2329.12978.65
(3) Market risk
Exchange rate risk
The Company is exposed to transactional exchange rate risk. Such risks arise from sales
or purchases made by an operating unit in a currency other than its functional currency. As
the amount of the Company's foreign currency business is not significant the Company
believes that changes in foreign exchange rates will not have a significant impact on the
Company's financial statements.
2. Hedging
(1) The Company conducts hedging business for risk management
□ Applicable √ Not applicable
Other notes
□ Applicable √ Not applicable
(2) The Company conducts qualifying hedging business and applies hedge
accounting
□ Applicable √ Not applicable
Other notes
□ Applicable √ Not applicable
277 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
(3) The Company carries out hedging business for risk management and expects
to achieve risk management objectives but does not apply hedge accounting
□ Applicable √ Not applicable
Other notes
□ Applicable √ Not applicable
3. Transfer of financial assets
(1) Transfer Method Classification
□ Applicable √ Not applicable
(2) Financial assets derecognised as a result of transfer
□ Applicable √ Not applicable
(3) Transferred financial assets with continuing involvement
□ Applicable √ Not applicable
Other notes
□ Applicable √ Not applicable
XIII. Disclosure of Fair Value
1. Fair value at the end of the reporting period of the assets and liabilities measured
based on the fair value
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Fair value at the end of the reporting period
Level
Level 1 fair Level 2 fair 3 fair
Items
value value value Total
measurement measurement measu
rement
I. Continuous fair value 3729622709.6 3759516755.5
29894045.89
measurement 6 5
(I) Financial assets held for 3729622709.6 3729622709.6
trading 6 6
1. Financial assets at fair 3729622709.6 3729622709.6
value through profit or loss 6 6
(1) Debt instrument
investment
(2) Equity instrument
investment
(3) Derivative financial
278 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
assets
2. Financial assets
designated at fair value
through profit or loss
(1) Debt instrument
investment
(2) Equity instrument
investment
(II) Other debt investment
(III) Other equity instrument
investment
(IV) Investment properties
1. Land use right for lease
purpose
2. Leased buildings
3. The land use right held
and to be assigned after
appreciation.(V) Biological assets
1. Consumable biological
asset
2. Productive biological
asset
(VI) Financial asset financing 29894045.89 29894045.89
Total assets measured 3729622709.6 3759516755.5
29894045.89
based on fair value 6 5
(VII) Financial liabilities held
for trading
1. Financial liabilities at fair
value through profit or loss
Where: Issued transactional
bonds
Derivative financial liabilities
Others
2. Financial liabilities
designated at fair value
through profit or loss
Total liabilities
continuously measured
based on fair value
II. Non-continuous fair
value measurement
(I) Held-for-sale assets
279 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Total assets
non-continuously
measured based on fair
value
Total liabilities
non-continuously
measured based on fair
value
2. Basis for determining the market price of the items measured based on the
continuous and non-continuous first level fair value
□ Applicable √ Not applicable
3. Items measured based on the continuous or non-continuous 2nd level fair value
valuation technique as used nature of important parameters and quantitative
information
□ Applicable √ Not applicable
4. Items measured based on the continuous or non-continuous 3rd level fair value
valuation technique as used nature of important parameters and quantitative
information
□ Applicable √ Not applicable
5. Items measured based on the continuous 3rd level fair value sensitivity analysis
on adjusted information and unobservable parameters between the book value at
beginning and end of the period
□ Applicable √ Not applicable
6. In case items measured based on fair value are converted between different
levels incurred in the reporting period state the cause of conversion and determine
conversion time point
□ Applicable √ Not applicable
7. Change of valuation technique incurred in the reporting period and cause of such
change
□ Applicable √ Not applicable
8. Fair value of financial assets and financial liabilities not measured at fair value
□ Applicable √ Not applicable
9. Others
□ Applicable √ Not applicable
280 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
XIV. Related Parties and Transactions
1. About the parent company
□ Applicable √ Not applicable
2. The Company's subsidiaries
Refer to the Notes for details of the Company's subsidiaries
√ Applicable □ Not applicableFor details of the Company's subsidiaries please refer to “Section 8 Financial Report. 1Equity in subsidiaries”.
3. Joint ventures and associates of the Company
Refer to the Notes for details of the Company's major joint ventures or associates
√ Applicable □ Not applicable
Please refer to Section 8 Financial Report “VII. 17 Long-term Equity Investments” and “X
3 Equity in Joint Ventures or Associates” for the important joint ventures or associates of
the Company.Other joint ventures or associates that had related-party transactions with the Company in
the reporting period or had related-party transactions with the Company in the previous
period and formed a balance are as follows
√ Applicable □ Not applicable
Name of joint venture or associate Relationship with the Company
Tianjin Jemma Electric Technology Co. Ltd. An associate
Tianjin Chuangling Intelligent Technology Co. Ltd. An associate
Chongqing Sanjing Innovation Technology Co. Ltd. An associate
Chongqing Tanglong Vehicle Technology Co. Ltd. An associate
Aima Technology (Hangzhou) Co. Ltd. An associate
Zhejiang Xinchuangling Intelligent Technology Co. Joint venture
Ltd.Chongqing Chuangling Intelligent Technology Co. Joint venture
Ltd.Other notes
□ Applicable √ Not applicable
4. Other related parties
√ Applicable □ Not applicable
Names of other related parties Relationship between other
related parties and the Company
Duan Hua Director，vice general manager
281 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
the controlling shareholder’ s
spouse
Enterprises controlled by close
Henan Huabang Technology Co. Ltd.family members of directors
Tianjin Xintai Precision Technology Co. Ltd. Subsidiary of an associate
Enterprises controlled by close
Shangqiu Yichong Trading Co. Ltd.family members of directors
Subsidiaries of companies of
Lanzhou Zhidou Electric Vehicle Co. Ltd. which the controlling shareholder
is a director
Subsidiaries of companies of
Lanzhou Zhidou Automobile Sales Co. Ltd. which the controlling shareholder
is a director
Zhejiang Tanglong Vehicle Co. Ltd. Subsidiary of an associate
Duofuduo New Energy Technology Co. Ltd. Subsidiary of an associate
Zhejiang 234 Moulding Co. Ltd. Former associate
Beijing Zhongzhong Mobility Technology Co. Ltd. Former associate
Tianjin Magic Square Travel Technology Co. Ltd. Subsidiary of former associate
Note 1: The Group disposed of Zhejiang 234 Moulding Co. Ltd. in December 2025;
therefore the company ceased to be a related party of the Group after that date. The
section "Section 8 Financial Report XIV. 5 Related Party Transactions" only discloses
transaction amounts during the period when it was a related party.Note 2: The Group disposed of Beijing Zhongzhong Mobility Technology Co. Ltd. in May
2025; therefore after that date the company and its subsidiary Tianjin Mofang Chuxing
Technology Co. Ltd. ceased to be related parties of the Group. The section "Section 8
Financial Report XIV. 5 Related Party Transactions" only discloses transaction amounts
during the period when they were related parties.
5. Related-party transactions
(1) Related- party transactions of purchase and sale of commodities and supply
and acceptance of labor services
Statement of purchase of commodities and acceptance of labor services
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount of Whether the
Description
Amount approved transaction Amount incurred
Related of
incurred in the transactions (if amount is in the previous
parties related-party
reporting period applicable) exceeded (if period
transactions
applicable)
282 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Tianjin
Jemma
Purchase of
Electric 7748670.83 10000000.00 No 10940912.79
goods
Technolog
y Co. Ltd.Tianjin
Jemma
Purchase of
Electric 60795.91 N/A
services
Technolog
y Co. Ltd.Shangqiu
Yichong Purchase of
N/A 2398397.00
Trading goods
Co. Ltd.Henan
Huabang Purchase of
59019315.77 99000000.00 No 60261046.36
Technolog goods
y Co. Ltd.Lanzhou
Zhidou Purchase of
Automobile raw N/A 19157.52
Sales Co. materials
Ltd.Chongqing
Tanglong Purchase of
Vehicle raw 51758129.55 N/A
Technolog materials
y Co. Ltd.Chongqing
Sanjing Purchase of
Innovation raw 98557097.54 N/A
Technolog materials
y Co. Ltd.Duofuduo
New Purchase of
Energy raw 19624.78 N/A
Technolog materials
y Co. Ltd.Tianjin
Chuangling Purchase of
Intelligent raw 114500855.25 N/A 35401530.88
Technolog materials
y Co. Ltd.
283 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Zhejiang
Xinchuangl
Purchase of
ing
raw 5102796.74 N/A
Intelligent
materials
Technolog
y Co. Ltd.Tianjin
Xintai Purchase of
Precision raw 217186195.04 N/A 119562409.95
Technolog materials
y Co. Ltd.Total 553953481.41 228583454.50
Statement of sales of goods/supply of services
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount
Description of Amount incurred
incurred in the
Related party related-party in the previous
reporting
transactions period
period
Zhejiang Tanglong Vehicle
Supply of services 926044.27
Co. Ltd.Tianjin Xintai Precision
Supply of services 3232607.12 1159605.40
Technology Co. Ltd.Chongqing Sanjing
Innovation Technology Co. Supply of services 27935.06
Ltd.Zhejiang Xinchuangling
Intelligent Technology Co. Supply of services 401053.62
Ltd.Henan Huabang Technology
Sales of goods 3451.33
Co. Ltd.Tianjin Jemma Electric
Sales of goods 19292.04
Technology Co. Ltd.Aima Technology (Wuxi)
Sales of goods 67610207.59 79121242.98
Co. Ltd.Aima Technology 136432604.0
Sales of goods 49640009.50
(Hangzhou) Co. Ltd. 7
Tianjin Chuangling Intelligent Sales of goods and
1646762.18541471.99
Technology Co. Ltd. supply of services
Tianjin Magic Square Travel
Sales of goods 1976628.32 2033457.89
Technology Co. Ltd.
284 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
212276585.6
Total 132495787.76
0
Note to related-party transactions of purchase and sale of commodities and supply and
acceptance of labor services
□ Applicable √ Not applicable
(2) Related entrusted management/contracted and mandatory
management/contracting
Statement of the Company's entrusted management/contracting:
□ Applicable √ Not applicable
Related entrusted management/contracting
□ Applicable √ Not applicable
Statement of the Company's entrusted management/outsourcing
□ Applicable √ Not applicable
Related management/outsourcing
□ Applicable √ Not applicable
(3) Related-party lease
The Company as lessor:
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Categories of Rental income Rental income
Names of lessee leasehold recognised in the recognised in the
properties reporting period previous period
Zhejiang Tanglong
Property lease 2375120.71
Vehicle Co. Ltd.Chongqing Sanjing
Innovation Technology Property lease 1257409.07
Co. Ltd.Tianjin Jemma Electric
Property lease 9991393.98 10048057.51
Technology Co. Ltd.Tianjin Magic Square
Travel Technology Co. Property lease 8728.98
Ltd.Tianjin Chuangling
Intelligent Technology Property lease 2352299.58 1081306.59
Co. Ltd.Tianjin Xintai Precision Property lease 4360291.25 3931194.71
285 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
Technology Co. Ltd.Total 20336514.59 15069287.79
286 / 315Aima Technology Group Co. Ltd. 2025 Annual Report
The Company as lessee:
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Current period amount Prior period amount
Lease Lease Variable
expense expense from lease
Variable lease
from short-term payments Additi
Categor payments not
short-term leases and not Interest ons
ies of included in Additio
leases and Interest leases of included expens to
Names leasehol the ns to
leases of Rental expense low-value in the Rental e on right-
of lesso d measurement right-of-
low-value payments on lease assets measure payments lease of-us
properti of the lease use
assets liabilities (accounted for ment of liabilitie e
es liability (if assets
(accounted using the the lease s asset
applicable)
for using the simplified liability (if s
simplified approach) (if applicable
approach) applicable) )
Propert
Duan 27450.y 4761904.80 4761904.80 2380952.38 4761904.76
Hua 68
leasing
287 / 315Aima Technology Group Co. LTD. 2025 Annual Report
Related lease
□ Applicable √ Not applicable
(4) Related guarantee
The Company as a guarantor
□ Applicable √ Not applicable
The Company as a guarantee
□ Applicable √ Not applicable
Note to related guarantee
□ Applicable √ Not applicable
(5) Borrowings and lendings among related parties
□ Applicable √ Not applicable
(6) Assets assignment and liabilities reorganization of related parties
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Description of Amount incurred Amount incurred
Related party related-party in the reporting in the previous
transactions period period
Henan Huabang
Purchase of fixed assets 691883.65 1073826.01
Technology Co. Ltd.Tianjin Xintai
Precision Technology Purchase of fixed assets 1440707.96 767256.64
Co. Ltd.Zhejiang 234
Purchase of fixed assets 27123469.03 30048672.57
Moulding Co. Ltd.Chongqing Tanglong
Vehicle Technology Purchase of fixed assets 502212.39
Co. Ltd.Tianjin Chuangling
Intelligent Technology Purchase of fixed assets 1719026.55
Co. Ltd.Tianjin Magic Square
Travel Technology Purchase of fixed assets 8848.67
Co. Ltd.Tianjin Jemma
Electric Technology Sale of fixed assets 11061.95
Co. Ltd.Tianjin Magic Square Sale of fixed assets 372566.37
288 / 315Aima Technology Group Co. LTD. 2025 Annual Report
Travel Technology
Co. Ltd.Lanzhou Zhidou
Transfer of research and
Electric Vehicle Co. 12373043.82
developmentprojects
Ltd.Total 31477299.58 44655276.03
(7) Remuneration to senior executives
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount incurred in the Amount incurred in the
Items
reporting period previous period
Remuneration to senior
43956710.8428742689.11
executives
For the year 2025 the total key management personnel compensation incurred by the
Group (including monetary in-kind and other forms) amounted to RMB 43956710.84
(2024: RMB 28742689.11). Of which the key management personnel-related expenses
included in the total share-based payment expense recognized in the current year were
RMB 25712850.00 (2024: 8230933.33).
(8) Other related-party transactions
√ Applicable □ Not applicable
Amount incurred
Related party Amount incurred in
Related party in the previous
transactions the reporting period
period
Tianjin Jemma Electric
Dividends 8000000.00 8000000.00
Technology Co. Ltd
Aima Technology (Wuxi)
Dividends 339496.92
Co. Ltd.Aima Technology
Dividends 946166.01
(Hangzhou) Co. Ltd.Total 9285662.93 8000000.00
Note: In April 2025 Aima Technology (Wuxi) Co. Ltd. distributed dividends of RMB
339496.92.
6. Outstanding accounts receivable from and payable to related parties
(1) Receivables
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Ending balance Opening balance
Description Related party
Book Bad debt Book Bad debt
289 / 315Aima Technology Group Co. LTD. 2025 Annual Report
balance reserve balance reserve
Tianjin
Chuangling
Accounts
Intelligent 321878.88 1609.39 166055.99 614.41
receivable
Technology
Co. Ltd.Tianjin Xintai
Accounts Precision
150509.09752.55
receivable Technology
Co. Ltd.Zhejiang
Accounts Tanglong
175346.05876.73
receivable Vehicle Co.Ltd.Zhejiang
Xinchuang Ling
Accounts
Intelligent 323937.86 1619.69
receivable
Technology
Co. Ltd.Aima
Accounts Technology
911080.184555.40881690.273262.25
receivable (Hangzhou)
Co. Ltd.Chongqing
Tanglong
Prepayments Vehicle 41841.07
Technology
Co. Ltd.Tianjin Jemma
Other Electric
318166.38361993.85
receivables Technology
Co. Ltd.Tianjin Xintai
Other Precision
21338.00363032.00
receivables Technology
Co. Ltd.Tianjin
Chuangling
Other
Intelligent 120964.26
receivables
Technology
Co. Ltd.
(2) Payables
√ Applicable □ Not applicable
290 / 315Aima Technology Group Co. LTD. 2025 Annual Report
Unit: Yuan (RMB)
Ending book Opening book
Entry name Related parties
balance balance
Tianjin Jemma Electric
Trade payables 68568.17 1920619.19
Technology Co. Ltd.Henan Huabang Technology 15608761.2
Trade payables 17502559.18
Co. Ltd. 6
Tianjin Chuangling Intelligent
Trade payables 21991950.40 6991273.32
Technology Co. Ltd.Duofuduo New Energy
Trade payables 141394.69
Technology Co. Ltd.Chongqing Tanglong Vehicle
Trade payables 8119183.69
Technology Co. Ltd.Chongqing Sanjing Innovation
Trade payables 19315204.87
Technology Co. Ltd.Tianjin Xintai Precision 30446559.3
Trade payables 22043750.78
Technology Co. Ltd. 4
Zhejiang Xinchuangling
Trade payables 4870150.43
Intelligent Technology Co. Ltd.Aima Technology (Hangzhou)
Contract liabilities 3903982.11 22181.70
Co. Ltd.Advance from
Tianjin Jemma Electric
2832852.482929788.26
Technology Co. Ltd.customers
Advance from Chongqing Sanjing Innovation
431334.96278622.98
customers Technology Co. Ltd.Advance from Zhejiang Tanglong Vehicle
725013.03
customers Co. Ltd.Advance from Tianjin Xintai Precision
796382.43
customers Technology Co. Ltd.Advance from Tianjin Chuangling Intelligent
683005.49
customers Technology Co. Ltd.Advance from Chongqing Tanglong Vehicle
3302.75
customers Technology Co. Ltd.Advance from Chongqing Chuangling
212454.99
customers Intelligent Technology Co. Ltd.Advance from Zhejiang Xinchuangling
706683.08
customers Intelligent Technology Co. Ltd.Shangqiu Yichong Trading
Other payables 100000.00
Co. Ltd.Zhejiang Tanglong Vehicle
Other payables 245155.70
Co. Ltd.Other payables Chongqing Tanglong Vehicle 200000.00
291 / 315Aima Technology Group Co. LTD. 2025 Annual Report
Technology Co. Ltd.Chongqing Chuangling
Other payables 68400.00
Intelligent Technology Co. Ltd.Tianjin Jemma Electric
Other payables 1005649.95 1041649.95
Technology Co. Ltd.Henan Huabang Technology
Other payables 500000.00 500000.00
Co. Ltd.Aima Technology (Hangzhou)
Other payables 3000.00 3000.00
Co. Ltd.Tianjin Chuangling Intelligent
Other payables 1018066.67 200000.00
Technology Co. Ltd.Chongqing Sanjing Innovation
Other payables 221334.00 90614.00
Technology Co. Ltd.Tianjin Xintai Precision
Other payables 163500.00 147500.00
Technology Co. Ltd.Zhejiang Xinchuangling
Other payables 428643.40
Intelligent Technology Co. Ltd.
(3) Other items
□ Applicable √ Not applicable
7. Related parties’ commitments
□ Applicable √ Not applicable
8. Others
□ Applicable √ Not applicable
XV. Share-based Payment
1. Equity instruments
(1) Details
√ Applicable □ Not applicable
Quantity unit: Ten Thousand Shares Unit: Ten Thousand Yuan (RMB)
Grant in current Unlocked in current Expiration of
Current exercise
Grant to period period current period
Category Amount of Amount of Amount of Amount of
Number Number Number Number
money money money money
2021
554400372219125200.0169596.0
restricted
02.0000
stock
2023 stock 217110 6506786
options 0.00 7.00
20245096005604235
292 / 315Aima Technology Group Co. LTD. 2025 Annual Report
restricted 0 0
stock
2025
120482410405
restricted
52465.24
stock
Total 12048 2410405 554400 3722191 729230 1212798
524.0065.240.002.000.0013.00
(2) Outstanding share options or other equity instruments at the end of the
period
√ Applicable □ Not applicable
Outstanding stock options at Other equity instruments
the end of the period outstanding at the end of the
period
Grant to Category
Range of Remaining Range of Remaining
exercise price contractual exercise price contractual
term term
2023 stock options 29.97
15 months
yuan/share
2024 restricted 10.52
28 months
stock yuan/share
2025 restricted 19.38
54 months
stock yuan/share
Other notes
* 2021 Restricted Shares
On April 25 2025 the 31st meeting of the fifth Board of Directors of the Company
reviewed and approved the following: (i) adjustment of the repurchase price of the 2021
restricted share incentive plan due to equity distribution with the adjusted repurchase
price being RMB 6.73 per share; (ii) as two incentive recipients no longer meet the
eligibility criteria a total of 25200 restricted shares granted but not yet released from
restriction held by them shall be repurchased and cancelled by the Company; (iii) the
vesting conditions for the third release from restriction period of the initial grant under the
2021 restricted share incentive plan have been met and 90 incentive recipients are
eligible for release with the number of shares to be released totalling 5392800.On June 12 2025 the 5392800 restricted shares released from restriction in the third
release period of the initial grant under the 2021 restricted share incentive plan were
released from restriction and listed for trading.On August 11 2025 the Company completed the repurchase and cancellation of a total of
25200 restricted shares held by the two incentive recipients who no longer met the
293 / 315Aima Technology Group Co. LTD. 2025 Annual Report
eligibility criteria.On August 22 2025 the 34th meeting of the fifth Board of Directors of the Company
reviewed and approved the fulfilment of the vesting conditions for the third release from
restriction period of the reserved grant under the 2021 restricted share incentive plan and
14 incentive recipients are eligible for release with the number of shares to be released
totalling 151200.On August 28 2025 the vesting conditions for the third release from restriction period of
the reserved grant under the 2021 restricted share incentive plan were met and a total of
151200 restricted shares of the 14 incentive recipients were released from restriction and
listed for trading. All restricted shares under the Company’s 2021 restricted share
incentive plan have been released from restriction.* 2023 Share Options
On April 14 2025 the 30th meeting of the fifth Board of Directors of the Company
approved the adjustment of the exercise price of the 2023 share option incentive plan due
to equity distribution with the adjusted exercise price being RMB 29.97 per option. The
Board also approved the proposed cancellation of a total of 2171100 share options
granted but not yet exercised which arose from incentive recipients who left the Company
and no longer met the eligibility criteria and from the second exercise period of the 2023
share option incentive plan where the exercise conditions were not met.On July 2 2025 the cancellation of share options for certain departing incentive recipients
and for the second exercise period under the 2023 share option incentive plan was
registered with the Shanghai branch of China Securities Depository and Clearing
Corporation Limited.* 2024 Restricted Shares
On April 14 2025 the 30th meeting of the fifth Board of Directors of the Company
reviewed and approved the following: (i) adjustment of the repurchase price of the 2024
restricted share incentive plan due to equity distribution with the adjusted repurchase
price being RMB 11.15 per share; (ii) as 10 incentive recipients no longer meet the
eligibility criteria and the vesting conditions for the first release from restriction period were
not met a total of 3861000 restricted shares granted but not yet released from restriction
held by them shall be repurchased and cancelled by the Company.On July 3 2025 the Company completed the repurchase and cancellation of a total of
3861000 restricted shares which related to the failure to meet the vesting conditions for
the first release from restriction period of the 2024 restricted share incentive plan and the
10 incentive recipients who no longer met the eligibility criteria.
294 / 315Aima Technology Group Co. LTD. 2025 Annual Report
On December 30 2025 the fifth meeting of the sixth Board of Directors of the Company
reviewed and approved the following: (i) adjustment of the repurchase price of the 2024
restricted share incentive plan due to the implementation of the Company’s 2025 interim
equity distribution with the adjusted repurchase price being RMB 10.52 per share; (ii) as
15 incentive recipients no longer meet the eligibility criteria a total of 1235000 restricted
shares granted but not yet released from restriction held by them shall be repurchased
and cancelled by the Company.* 2025 Restricted Shares
On May 23 2025 the 32nd meeting of the fifth Board of Directors of the Company
reviewed and approved the proposed implementation of the 2025 restricted share
incentive plan under which it is proposed to grant 14175500 restricted shares to
incentive recipients including an initial grant of 13095500 shares to 421 incentive
recipients and a reserve of 1080000 shares at a grant price of RMB 20.60 per share.On June 20 2025 the Company’s first extraordinary general meeting of 2025 approved
the 2025 restricted share incentive plan. On the same day the Company convened the
33rd meeting of the fifth Board of Directors which reviewed and approved the adjustment
of the list of incentive recipients and the number of shares for the initial grant under the
2025 restricted share incentive plan to a grant of 12053700 shares to 393 incentive
recipients and the adjustment of the grant price to RMB 20.01 per share due to equity
distribution.During the capital contribution process as certain incentive recipients waived all or part of
their restricted shares the number of incentive recipients was adjusted to 387 and the
actual number of shares granted was adjusted to 11968500. As of June 25 2025 the
Company had received the aforesaid funds.On July 25 2025 the Company completed the share registration for the initial grant of
11968500 shares under the 2025 restricted share incentive plan of which 750500
shares were sourced from the Company’s shares repurchased from the secondary market
and 11218000 shares were sourced from shares newly issued by the Company to the
incentive recipients.On September 12 2025 the second meeting of the sixth Board of Directors of the
Company reviewed and approved the following: (i) adjustment of the repurchase price for
the reserved grant under the 2025 restricted share incentive plan due to the
implementation of the Company’s 2025 interim equity distribution with the adjusted
repurchase price being RMB 19.38 per share; (ii) grant of 80000 restricted shares to 2
incentive recipients who meet the conditions for the reserved grant under the 2025
restricted share incentive plan at a grant price of RMB 19.38 per share with the grant
295 / 315Aima Technology Group Co. LTD. 2025 Annual Report
date being September 12 2025.On October 14 2025 the Company completed the registration of the reserved grant of
80000 shares under the 2025 restricted share incentive plan with the shares sourced
from shares newly issued by the Company to the incentive recipients.
2. About the equity-settled share-based payment
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Equity-settled
share-based 2021 restricted 2023 stock 2024 restricted 2025 restricted
payment stock options stock stock
recipients
Method of
determining the
fair value of Black-Scholes
Closing price on Closing price on Closing price
equity Option Pricing
grant date grant date on grant date
instruments at Model
the date of
grant
Historical
volatility:
Important
15.8036%
parameters of
15.3278% and
fair value of
N/A 16.3715% N/A N/A
equity
Risk-free
instruments at
interest rate:
grant date
1.50%2.10%
2.75%
Basis for Best estimate
Best estimate of Best estimate of Best estimate
determining the of expected
expected vesting expected vesting of expected
number of vesting at the
at the end of the at the end of the vesting at the
vested equity end of the
year year end of the year
instruments year
Reasons for
significant
differences
between current
N/A None N/A N/A
period
estimates and
prior period
estimates
Accumulated 161707006.76 51735850.70
296 / 315Aima Technology Group Co. LTD. 2025 Annual Report
amount of
equity-settled
share-based
payment
included in
capital reserve
3. About the cash-settled share-based payment
□ Applicable √ Not applicable
4. Share-based payment expenses of the current period
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Equity settled share-based Cash settled share-based
Grant to Category
payment expenses payment expenses
Production personnel 752189.86
Salesman 13378366.87
Management 27855728.86
Research and development
14605335.97
personnel
Total 56591621.56
5. Modification and termination of share-based payment
□ Applicable √ Not applicable
6. Others
□ Applicable √ Not applicable
XVI. Commitments and Contingencies
1. Important commitments
√ Applicable □ Not applicable
Important external commitments the nature and the amount existing as at the balance
sheet date
December 31 2025 December 31 2024
Capital commitments with
contract signed but not yet 1520082604.96 1382428486.87
provided
2. Contingencies
(1) Significant contingencies existing as at the balance sheet date
□ Applicable √ Not applicable
297 / 315Aima Technology Group Co. LTD. 2025 Annual Report
(2) The Company had no important contingencies unnecessary to be disclosed but
necessary to be explained
□ Applicable √ Not applicable
3. Others
□ Applicable √ Not applicable
XVII. Events After the Balance Sheet Date
1. Significant non-adjustment events
□ Applicable √ Not applicable
2. Profit distribution
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Profit or dividend to be distributed 472133782.21
Profit or dividend announced to be distributed after review and
472133782.21
approval
On April 22 2026 the sixth meeting of the sixth Board of Directors of the Company
reviewed and approved the proposed profit distribution for the year 2025 based on the
total share capital registered on the record date for the implementation of the equity
distribution. The profit distribution plan is as follows: a cash dividend of RMB 0.544 per
share (tax inclusive) is proposed to be distributed to all shareholders. As at March 31
2026 the total share capital of the Company was 867892982 shares (including 26
shares arising from the conversion of convertible bonds in the first quarter of 2026) based
on which the proposed total cash dividend to be distributed is RMB 472133782.21 (tax
inclusive). The above profit distribution plan is still subject to approval by the general
meeting of shareholders.
3. Sales return
□ Applicable √ Not applicable
4. Notes to other post-balance-sheet events
□ Applicable √ Not applicable
XVIII. Other Significant Events
1. Correction of the accounting errors in the previous period
None
298 / 315Aima Technology Group Co. LTD. 2025 Annual Report
2. Significant debt restructuring
□ Applicable √ Not applicable
3. Replacement of assets
(1) Non-monetary assets exchange
□ Applicable √ Not applicable
(2) Other assets exchange
□ Applicable √ Not applicable
4. Annuity plan
□ Applicable √ Not applicable
5. Discontinued operations
□ Applicable √ Not applicable
6. Segment information
(1) Basis for determining the reporting segments and accounting policy
□ Applicable √ Not applicable
(2) Financial information of the reporting segments
□ Applicable √ Not applicable
(3) In case there is no reporting segment or the total assets and liabilities of the
reporting segments cannot be disclosed explain the reason
√ Applicable □ Not applicable
The Group is mainly engaged in the electric two-wheelers business. In terms of internal
organizational structure and management requirements The Group reviews internal
reports allocates resources and assesses performance based on its businesses as a
whole. Therefore except for the information already presented in the financial statements
there is no other segment information necessary to be presented.
1) Geographical Information
The vast majority of the Group's revenue from external transactions is derived from
Mainland China. The Group's non-current assets (excluding financial assets and deferred
tax assets) are located in Mainland China Vietnam Indonesia and the United States.
2) Major Customer Information
In 2025 no revenue from any single external customer accounted for more than 10% of
the Group's total operating revenue.
299 / 315Aima Technology Group Co. LTD. 2025 Annual Report
(4) Other notes
□ Applicable √ Not applicable
7. Other significant transactions and matters that may affect investors' decision
making
□ Applicable √ Not applicable
8. Others
□ Applicable √ Not applicable
XIX. Notes to the Parent Company’s Financial Statements
1. Accounts receivable
(1) Disclosed based on aging
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Aging Ending book balance Opening book balance
Within 1 year
110423132.08158044834.91
Sub-total within 1 year
110423132.08158044834.91
1 to 2 years
279554.29154800.43
2 to 3 years
3303854.02
Over 3 years
3077117.6521109.00
Total 113779804.02 161524598.36
(2) Classified disclosure based on the method of provision for bad debt
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Ending balance Opening balance
Book balance Bad debt reserve Book balance Bad debt reserve
Book
Categories Provision Book Provision
Proportion Proportio value
Amount Amount proportion value Amount Amount proportion
(%) n (%)
(%)(%)
Assessed
bad debt 322200 322200 31763 317631
2.831001.97100.000.00
provision 1.46 1.46 17.65 7.65
individually
Where:
Individual
32220032220031763317631
provision 2.83 100 1.97 100.00 0.00
1.461.4617.657.65
for bad
300 / 315Aima Technology Group Co. LTD. 2025 Annual Report
debts
Assessed
bad debt 110557 545255. 110012 158348 393549. 1579547
97.170.4998.030.25
provision in 802.56 27 547.29 280.71 83 30.88
portfolio
Where:
Portfolios
based on
110557545255.110012158348393549.1579547
credit risk 97.17 0.49 98.03 0.25
802.5627547.29280.718330.88
characterist
ics
1137793767251100121615243569861579547
Total / / / /
804.026.73547.29598.367.4830.88
Individual provision for bad debts:
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Ending balance
Provision
Name Bad debt Provision
Book balance proportion
provision reason
(%)
Suning
Procurement
Less likely to
Center of Suning 3076317.65 3076317.65 100
be recovered
Tesco Group Co.Ltd.Xinji Xiangwo Less likely to
144268.49144268.49100
Trading Co. Ltd. be recovered
Xiyang County
Lanzhu Electric
Less likely to
Vehicle 880.54 880.54 100
be recovered
Distribution
Department
Fengfeng Mining
District Lanma Less likely to
534.78534.78100
Electric Vehicle be recovered
Store
Total 3222001.46 3222001.46 100 /
Notes to the provision for bad debts by individual items:
√ Applicable □ Not applicable
Provision for bad debts based on portfolio:
301 / 315Aima Technology Group Co. LTD. 2025 Annual Report
√ Applicable □ Not applicable
Provision items on portfolio: Provision for bad debts recognised based on the portfolio of
credit risk characteristics
Unit: Yuan (RMB)
Ending balance
Name Bad debt
Book balance Provision proportion (%)
provision
Within 1 year 110277448.27 498720.19 0.45
1 to 2 years 279554.29 45735.08 16.36
2 to 3 years 800.00 800.00 100.00
Total 110557802.56 545255.27 0.49
Notes to recognition of provision for bad debts based on portfolio:
□ Applicable √ Not applicable
Provision for bad debt is accrued in accordance with the general model of expected credit
loss
□ Applicable √ Not applicable
Classification basis of each stage and provision ratio for bad debts
None
Description of significant changes in the book balance of accounts receivable with
changes in loss provision in the current period:
□ Applicable √ Not applicable
(3) Provision for bad debts
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount of movement during the reporting period
Charge
Opening Other Ending
Categories Recovery or -off or
balance Provision change balance
reversal write-of
s
f
Provision
3569867.3767256.7
for bad 197439.01 49.76
483
debts
3569867.3767256.7
Total 197439.01 49.76
483
Where the significant amount of the reserve for bad debt recovered or reversed:
□ Applicable √ Not applicable
302 / 315Aima Technology Group Co. LTD. 2025 Annual Report
(4) Accounts receivable actually written off in the reporting period
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Write-off amount
Actual write-off of accounts receivable 49.76
Where the important accounts receivable written-off
□ Applicable √ Not applicable
Notes to accounts receivable written-off
□ Applicable √ Not applicable
(5) Accounts receivable and contract assets owed by the top five debtors based on
the ending balance
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Ending Ending Proportio
balance balance of n in total
Ending of trade ending Ending
Organization balance of contrac receivables balance balance of
name trade t assets and contract of the provision
receivables assets accounts for bad debts
receivable
(%)
Beijing
Chuangjiong
18342001.218342001.2
New Energy 16.12 91710.01
77
Technology Co.Ltd.Xuzhou Zhanxin
Electric Vehicle 11082080.38 11082080.38 9.74 55410.40
Co. Ltd.Suzhou Gaoyima 10078935.2 10078935.2
8.8650394.68
Trading Co. Ltd. 6 6
Sheyang County
Jieren New
Energy 6085526.19 6085526.19 5.35 30427.63
Technology Co.Ltd.Shenyang
Yuxiang Electric 4201640.90 4201640.90 3.69 21008.20
Vehicle Co. Ltd.
303 / 315Aima Technology Group Co. LTD. 2025 Annual Report
49790184.049790184.0
Total 43.76 248950.92
00
Other Notes:
□ Applicable √ Not applicable
2. Other receivables
Items Presentation
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Ending balance Opening balance
Interest receivables 179549.71 170178.67
Other receivables 3196572258.75 2299110481.02
Total 3196751808.46 2299280659.69
Other notes:
□ Applicable √ Not applicable
Interest receivables
(1) Classification of interest receivable
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Ending balance Opening balance
Interest of accounts
179549.71170178.67
receivable
Total 179549.71 170178.67
(2) Significant overdue interest
□ Applicable √ Not applicable
(3) Classified disclosure by bad debt provision method
□ Applicable √ Not applicable
Individual provision for bad debts:
□ Applicable √ Not applicable
Description of individual provision for bad debts:
□ Applicable √ Not applicable
Provision for bad and doubtful debts based on portfolio:
□ Applicable √ Not applicable
(4) If the provision for bad debt is accrued in accordance with the general model of
304 / 315Aima Technology Group Co. LTD. 2025 Annual Report
expected credit loss
□ Applicable √ Not applicable
Classification basis of each stage and provision ratio for bad debts
None
Description of significant changes in the book balance of interest receivables with
changes in loss provision in the current period:
□ Applicable √ Not applicable
(5) Provision for bad debts
□ Applicable √ Not applicable
Among them the amount of bad debt provision recovered or reversed in the current
period is significant:
□ Applicable √ Not applicable
(6) Interest receivables actually written off in the reporting period
□ Applicable √ Not applicable
Significant write-off of Interest receivables:
□ Applicable √ Not applicable
Interest receivables write-off description:
□ Applicable √ Not applicable
Other notes:
□ Applicable √ Not applicable
Dividend receivable
(1) Dividend receivable
□ Applicable √ Not applicable
(2) Significant dividends receivable with age exceeding 1 year
□ Applicable √ Not applicable
(3) Classified disclosure by bad debt provision method
□ Applicable √ Not applicable
Individual provision for bad debts:
□ Applicable √ Not applicable
Description of individual provision for bad debts:
305 / 315Aima Technology Group Co. LTD. 2025 Annual Report
□ Applicable √ Not applicable
Provision for bad and doubtful debts based on portfolio:
□ Applicable √ Not applicable
(4) If the provision for bad debt is accrued in accordance with the general model of
expected credit loss
□ Applicable √ Not applicable
Classification basis of each stage and provision ratio for bad debts
None
Description of significant changes in the book balance of dividend receivables with
changes in loss provision in the current period:
□ Applicable √ Not applicable
(5) Provision for bad debts
□ Applicable √ Not applicable
Among them the amount of bad debt provision recovered or reversed in the current
period is significant:
□ Applicable √ Not applicable
(6) Dividend receivables actually written off in the reporting period
□ Applicable √ Not applicable
Significant write-off of dividend receivables:
□ Applicable √ Not applicable
Dividend receivables write-off description:
□ Applicable √ Not applicable
Other notes:
□ Applicable √ Not applicable
Other receivables
(1) Disclosed based on aging
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Aging Ending book balance Opening book balance
Within 1 year 1432714503.71 693398311.48
Sub-total within 1 year 1432714503.71 693398311.48
1 to 2 years 256897789.04 1591675005.56
2 to 3 years 1501407805.56 14088960.00
306 / 315Aima Technology Group Co. LTD. 2025 Annual Report
Over 3 years 6110960.00 537003.54
Total 3197131058.31 2299699280.58
(2) Classification based on the nature of fund
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Nature of payment Ending book balance Opening book balance
Intercompany accounts 3194923129.66 2297304359.97
Security deposit 177000.00 377000.00
Others 2030928.65 2017920.61
Total 3197131058.31 2299699280.58
(3) Provision for bad debts
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Stage 1 Stage 2 Stage 3
Lifetime
Lifetime
expected
Expected
12-month credit losses
Bad debt provision Credit losses Total
Expected (credit
(no credit
Credit losses impairment
impairment
already
incurred)
incurred)
Balance as at January 1
43000.00545799.56588799.56
2025
Reversal 2200.44 27799.56 30000.00
Balance as at December
40799.56518000.00558799.56
312025
Classification basis of each stage and provision ratio for bad debts
None
Note to the significant changes in the book balance of other receivables with changes in
provision for loss in the reporting period:
□ Applicable √ Not applicable
The amount of provision for bad debts in the reporting period and the basis for assessing
whether the credit risk of financial instruments has increased significantly
□ Applicable √ Not applicable
(4) Provision for bad debts
√ Applicable □ Not applicable
Unit: Yuan (RMB)
307 / 315Aima Technology Group Co. LTD. 2025 Annual Report
Amount of movement during the reporting period
Categorie Opening Charge-o Ending
s balance Recovery OtherProvision ff or balance
or reversal changes
write-off
Bad debt 588799. 558799.
30000.00
provision 56 56
Total 588799. 558799.
30000.00
5656
Where a significant amount of the reserve for bad debt recovered or reversed during the
reporting period:
□ Applicable √ Not applicable
(5) Other receivables actually written off in the reporting period
□ Applicable √ Not applicable
Significant write-off of other receivables:
□ Applicable √ Not applicable
Description of write-off of other receivables:
□ Applicable √ Not applicable
(6) Other receivables owed by the top five debtors based on the ending balance
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Proportion Closing
in total balance
Organization ending Nature of of
Ending balance Aging
name balance of Payment Provisio
other n for bad
receivables debts
Lishui Aima Intercompany Within 1
Vehicle borrowings/ years
1648944465.3651.58
Technology accountes and 2-3
Co. Ltd. year
Jiangsu Intercompany Within 1
Aima New borrowings/ year
Energy 730067250.00 22.84 accountes
Technology
Co. Ltd.Gansu Aima Intercompany Within 2
443700665.0013.88
Vehicle borrowings/ years
308 / 315Aima Technology Group Co. LTD. 2025 Annual Report
Technology accountes
Co. Ltd.Aima Intercompany Within 3
Venture borrowings years
Capital 193500000.00 6.05
(Ningbo)
Co. Ltd.Aima Intercompany Within 1
Technology accountes year
79605137.632.49
(Chongqing)
Co. Ltd.Total 3095817517.99 96.84 / /
(7) Presentation in other receivables due to centralized management of funds
□ Applicable √ Not applicable
Other notes:
□ Applicable √ Not applicable
3. Long-term equity investments
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Ending balance Opening balance
Provision Provision
Items for for Book
Book balance Book value Book balance
impairme impairme value
nt nt
Investme
nt in 1237105361 1237105361 1186799074 1186799
subsidiari .37 .37 .51 074.51
es
Investme
nts in
associate
32898665.9532898665.95
s and
joint
ventures
1270004027127000402711867990741186799
Total.32.32.51074.51
(1) Investment in subsidiaries
√ Applicable □ Not applicable
Unit: Yuan (RMB)
309 / 315Aima Technology Group Co. LTD. 2025 Annual Report
Opening Changes during the current
Balance period
Opening of Addition Reduct Provisi Ending Ending Balance OfInvestees
balance Impairme al ion of on for balance Impairment Provision
nt OthersInvestm invest impair
Provision ent ment ment
Aima
309578933093389.
Chongqin 902135534.97
54.5451
g
Henan
5676019.015676019.01
Vehicle
Guangdo
ng 2838009.50 2838009.50
Vehicle
Guangxi
1419004.751419004.75
Vehicle
Zhejiang
2838009.502838009.50
Vehicle
Tianjin
9933033.279933033.27
Vehicle
Aima
12975794248355.7
Venture 92950785.39
0.398
Capital
Tianjin 119748 12170586.9
10973105.54
Sports 1.43 7
Suiwanwa 94318.3
2388121.172482439.54
n 7
Super 120000 234013. 51747720.0
39513706.64
Universe 00.00 43 7
Suoteng
582504120658793.
Technolo 114833744.77
8.7047
gy
Shanghai 766004. 2066
1300000.000.00
Culture 51 004.51
1186799074.51859102066337812123710536
Total
153.21004.5138.161.37
(2) Investment in associates and joint ventures
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Ope Endin
Ending
Investee ning Changes during the current period g
balance
bala Balan
310 / 315Aima Technology Group Co. LTD. 2025 Annual Report
nce ce Of
Impai
rment
Provi
sion
Declar
Adjust Ot
ation
Share of ments her
and Prov
profit or to ch
Additiona Reduc distrib ision
loss other an Ot
l tion of ution for
recognized compr ge he
Investme invest of impa
under the ehensi s in rs
nt ment cash irme
equity ve eq
divide nt
method incom uit
nds or
e y
profits
1.Joint venture
Subtotal
2.Associate
Shanghai 118416 118480
643.58
Culture 2.44 6.02
Gongqing
cheng 318000 317138
-86140.07
Yizhangw 00.00 59.93
angchao
329841328986
Subtotal -85496.49
62.4465.95
329841328986
Total -85496.49
62.4465.95
(3) Impairment test of long-term equity investments
□ Applicable √ Not applicable
4. Operating revenue and costs
(1) Operating revenue and costs
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount incurred in the reporting Amount incurred in the previous
Items period period
Income Cost Income Cost
Primary 7743989399.7 7538630453. 6818503156.2 6508857831.business 3 46 5 60
311 / 315Aima Technology Group Co. LTD. 2025 Annual Report
Other 285575138.7
263914588.77234811628.73322854015.38
businesses 9
8007903988.57773442082.7141357171.66794432970.
Total
019339
(2) Breakdown of operating income and operating cost
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Total
Contract classification
Business income Operating costs
Commodity Type
Revenue from electric two-wheelers
7743989399.737538630453.46
electric tricycle bicycles and accessories
Rental income 18305126.24 16749647.80
Other income 245609462.53 218061980.93
Classification by region of operation
Chinese Mainland 8000051701.31 7765646323.34
Other countries or regions 7852287.19 7795758.85
Classification by time of goods transfer
Transfer at a point in time 7989598862.26 7756692434.39
Transferred over a period of time 18305126.24 16749647.80
Total 8007903988.50 7773442082.19
Other notes
□ Applicable √ Not applicable
(3) Notes to performance obligations
√ Applicable □ Not applicable
Unit: Yuan (RMB)
The nature Amounts Types of quality
of the Whether it assumed by the assurance
Timing of Significant
goods the is the main company that provided by the
Project performance payment
company responsible are expected to company and
obligations terms
undertakes person be refunded to related
to transfer customers obligations
Contract
price is Electric
When goods
typically two-wheele
Contract are Quality
due upon rs electric Yes 0
liabilities delivered to assurance
receipt of tricycle
a customer
the invoice etc.Provision When Advance Aftersales Yes 0 None
312 / 315Aima Technology Group Co. LTD. 2025 Annual Report
of providing receipts extension
services services
Total / / / / 0 /
(4) Notes to apportioning to the residual performance obligations
√ Applicable □ Not applicable
The amount of revenue corresponding to performance obligations under contracts signed
but not yet fulfilled or fully fulfilled at the end of the reporting period is RMB 78185525.45
of which RMB 78185525.45 is expected to be recognized as revenue in 2026.
(5) Significant contract changes or significant transaction price adjustments
□ Applicable √ Not applicable
5. Investment income
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Amount incurred in the Amount incurred in
Items
reporting period the previous period
Long-term equity investment income
752164660.551900000.00
under the cost method
Long-term equity investment income
-85496.49
under the equity method
Return on investment from financial
52416153.7011487054.88
products
Total 804495317.76 13387054.88
6. Others
□ Applicable √ Not applicable
XX. Supplementary Information
1. Statement of non-recurring gains or losses in the reporting period
√ Applicable □ Not applicable
Unit: Yuan (RMB)
Items Amount
Profit or loss from disposal of non- current assets including the write-off
-31013097.59
of provision for asset impairment
Government grants recognized in current profit or loss except for those
that are closely related to the Company’s normal business operations
conform to the requirements of national policies and regulations 48893142.79
granted according to determined standards and have a sustained
impact on the Company’s profit or loss.Profit or loss arising from changes in fair value of financial assets and 21995709.85
313 / 315Aima Technology Group Co. LTD. 2025 Annual Report
financial liabilities held by non-financial entities and profit or loss
arising from their disposal of financial assets and financial liabilities
except for effective hedging activities related to the Company’s normal
business operations
One-off expenses incurred by an enterprise due to the discontinuance
-16225052.42
of relevant operating activities such as employee severance costs.Other non-operating income and expenses apart from the above items 4732141.89
Other gain or loss in compliance with the definition of non-recurring gain
78759396.50
or loss
Less: Effect of income tax 21901346.95
Effect of minority interests (after tax) 767651.85
Total 84473242.22For the Company’s recognition of items that are not listed in the “ExplanatoryAnnouncement on Information Disclosure for Companies Offering Their Securities to thePublic No. 1 - Non-recurring Profit or Loss” as non-recurring profit or loss items with
significant amounts and for non-recurring profit or loss items as illustrated in the“Explanatory Announcement on Information Disclosure for Companies Offering TheirSecurities to the Public No. 1 - Non-recurring Profit or Loss” designated as recurring profit
or loss items reasons shall be specified.□ Applicable √ Not applicable
Other notes
□ Applicable √ Not applicable
2. ROE and EPS
√ Applicable □ Not applicable
Net return Earnings per share
on equity
Profit in the reporting period weighted Basic Diluted earnings
average earnings per per share
(%) share
Net profit attributable to owners of the 21.18 2.36 2.26
parent
Net profit attributable to owners of the
parent excluding non-recurring gains or 20.39 2.26 2.16
losses
3. Difference in the accounting data based respectively on the Chinese Accounting
Standards (CAS) and International Accounting Standards (IAS)
□ Applicable √ Not applicable
314 / 315Aima Technology Group Co. LTD. 2025 Annual Report
4. Others
□ Applicable √ Not applicable
Chairman of the Board: Zhang Jian
The Report was approved by the Board of Directors. Date of the submission 4/22/2026
Revision information
□ Applicable √ Not applicable
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