Switching between oil and electricity, Aima Technology taps into the new cycle of two-wheeled electric vehicles

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（Source: Economic Times Weekly）

This article is sourced from Economic Times Weekly, written by Tang Luo

On March 23, domestic refined oil prices in China saw the sixth round of adjustments within the year. The National Development and Reform Commission took temporary price-control measures for oil prices. When international oil prices fluctuate and touch the policy regulation red line, an accelerating wave of travel substitution driven by “gas-to-electric conversion” is already on the way.

In this industry transformation, as an industry leader, AIMA Technology is seizing opportunities brought by electric mobility, guided by three main lines: steady performance growth, high-end and intelligent transformation, and global expansion.

Steady and sustained performance growth; AIMA’s share keeps rising

AIMA Technology’s financial data shows that in the first three quarters of 2025, the company achieved operating revenue of RMB 21.092 billion, up 20.78% year over year; attributable net profit to shareholders was RMB 1.907 billion, up 22.78% year over year—both maintaining double-digit growth. In the third quarter alone, revenue reached RMB 8.06 billion, up 17.3% year over year, while attributable net profit was RMB 0.70 billion, up 15.2% year over year.

In terms of profitability, the company’s gross margin shows a steady upward trend. In the first three quarters of 2025, the company’s gross margin reached 18.77%, up 2.26 percentage points year over year, mainly due to product-structure optimization and cost control. The company’s in-house motor manufacturing proportion has exceeded 90%, higher than the industry average. Self-controlled core components help ensure stable product supply, cost advantages, and strong capability for technology iteration.

On the channel side, AIMA has built a nationwide offline sales network, with more than 1,900 dealers worldwide and 30,000 retail outlet stores. To further improve channel efficiency, the company launched the “Ten Thousand Stores, Thousand Units” plan, aiming to significantly increase the number of stores selling over 1,000 units per year during 2026–2027.

From financial returns, AIMA Technology has a healthy asset structure and abundant cash. Operating cash flow remains strong. In the first three quarters of 2025, net operating cash flow was as high as RMB 5.57 billion, up 43.75% year over year. Since going public, the company has cumulatively distributed cash dividends totaling RMB 3.056 billion. In the 2025 interim period, dividends were RMB 0.546 billion, accounting for 45.01% of attributable net profit for the first half of 2025.

As industry standardization accelerates, many small-scale companies are speeding up their exit from the market, and the competitive focus is shifting to multi-dimensional comprehensive competition among leading companies in areas such as product performance, technical capabilities, and channel models. AIMA Technology, leveraging competitive advantages such as independent R&D innovation capability, cost control, and an all-territory marketing network, continues to maintain its industry-leading position.

High-end + intelligent; building competitive barriers

While delivering steady growth, AIMA Technology is opening up new growth space through its high-end and intelligent strategy.

On the high-end front, the company officially launched its high-end sub-brand “SCOOX Zerojima” in October 2025. Its first model, the “Land Airship” X7, was officially put on sale on March 10, 2026.

This model is built on core “genes” of technology, intelligence, and trend. It breaks the design and performance boundaries of traditional two-wheelers. The price range is RMB 7,990 to RMB 19,990, covering the entry high-end to mid-to-high-end markets. The X7 MAX version is equipped with a Bosch 3000W motor, with peak power up to 7,200W, a top speed exceeding 90 km/h, a 7-inch full-color TFT LCD display, and features such as smartphone connectivity, navigation screen casting, and OTA upgrades.

The first model under the Zerojima brand is equipped with AIMA’s independently developed “Zebra Zerojima Smart Ride” system. With an architecture of “One Chip for Leadership, Coordination Across the Entire Domain,” it has four core capabilities: intelligent decision-making, full-sense interaction, full-journey assistance, and always-on ecological services. Among them, the all-domain intelligent system can achieve adaptive range adjustment and intelligent route planning based on riding habits and road conditions. The full-sense interaction system supports features such as facial recognition and unlock, and personalized voice customization. The full-journey assistance system builds a 360° electronic protective shield using millimeter-wave radar and high-definition cameras, providing safety support such as collision warnings.

Zerojima brand | Source: brand official

AIMA Technology states that in the future, it will firmly invest and steadily advance in the high-end sub-brand business, anchoring to the technology frontier, focusing on the needs of younger and more personalized users, and plans to open standalone brand stores in 2026 by leveraging existing channels.

On the intelligent front, in users’ vehicle-purchase decision-making, intelligent features have become a key consideration factor—second only to battery range and vehicle durability—making the industry’s intelligent trend clearly evident.

AIMA Technology has made it clear that, in response to consumers’ demand for intelligent features, the company will increase investment and focus on enhancing intelligent functions such as fast map re-display and high-sensitivity real-time data transmission. In 2026, all electric bicycle and e-moped products in the lineup will come standard with basic intelligent features.

Centered on scenario-based needs, AIMA Technology adapts intelligent technologies and, through core technologies such as its self-developed motors, the intelligent operating system (AIMA OS), and the AI intelligent assistant “Ma Xiaoai,” is gradually building an intelligent ecosystem of “person-vehicle-device-helmet-cloud.”

The electric three-wheeler business is becoming the company’s new growth engine. In 2024, the revenue from electric three-wheelers reached RMB 1.952 billion, up 36.07% year over year. The gross margin was 22.44%, with both revenue growth rate and gross margin higher than the company’s overall figures.

In April 2024, the company decided to invest about RMB 3.0 billion to build the AIMA Technology Group Fengxian Industrial Park project in order to further expand the production capacity for electric three-wheelers. The base is expected to begin production in the third quarter of 2026. In the three-wheeler market—especially leisure three-wheelers—the user base is going through a “breakthrough” from rural to urban areas and from elderly groups to mother groups after childbirth. The market has broad space and a fragmented competitive landscape, and is expected to contribute a significant incremental performance to the company.

The overseas strategy is accelerating; Southeast Asia is becoming a growth focal point

As domestic demand for “gas-to-electric conversion” is gradually released, overseas markets provide AIMA Technology with even broader room for growth.

According to data from the General Administration of Customs, in 2025, exports of electric motorcycles and bicycles in the green mobility sector increased by 18.1% year over year, and the industry’s overseas export trend continues to look positive.

In terms of market size, the prospectus of Tailift (Tongling) Technology shows that the overseas market for electric light transportation continues to maintain strong growth momentum. Electric two-wheelers are the main growth driver. From 2020 to 2024, market size expanded from RMB 45.2 billion to RMB 103.2 billion, and it is expected that by 2029, the overseas market size will reach RMB 337.4 billion. According to the General Administration of Customs, exports of electric motorcycles and bicycles in 2025 increased by 18.1% year over year.

AIMA Technology’s overseas layout has achieved tangible progress. The company has production bases in both Vietnam and Indonesia, and is actively expanding its distribution channels for its own brands. In some Southeast Asian countries, encouragement policies have been issued for the electrification transition of fuel motorcycles. Consumers who purchase locally produced electric motorcycles can receive purchase subsidies, while local charging infrastructure is further improving, providing favorable conditions for the company to expand its distribution channels.

AIMA Technology’s overseas layout is divided into two types of markets: first, localized manufacturing markets represented by Vietnam and Indonesia. The strategy is to reuse China-based technology, brands, and existing product technology, conducting deep localized cultivation in both manufacturing and branding, with the core being independent R&D and self-manufacturing, and building service and after-sales service systems. Second, value markets led by the United States. The strategy is to expand into entirely new product categories such as electric all-terrain vehicles, and meanwhile, given constraints such as geopolitics and tariffs, the company has made proactive reserves by leveraging relationships with the North Africa free trade zone.

With Hanoi, Vietnam, set to comprehensively ban fuel motorcycles from entering core urban areas starting July 1, 2026, the electric two-wheeler market is expected to see explosive growth. AIMA Technology’s early-mover advantage is expected to become even more prominent.

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