Aima Technology's "Major Downsizing" for High-End Transformation: In-Depth Analysis Report on the Two-Wheeled Electric Vehicle Market Landscape

Based on in-depth market research and data analysis, I hereby present an in-depth analysis report on Aima Technology’s layoff and transformation incident and its impact on the two-wheeled electric vehicle market landscape.

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According to multi-channel information verification, Aima Technology launched its largest staff optimization and adjustment in recent years at the end of 2025

. The key departments targeted in this layoff include:

Department	Pre-Layoff Scale	Layoff Ratio	Current Scale
International Business Division	300-400 people	Approximately 50% (180 people)	Approximately 200 people
Premium Brand “Lingji”	80 people	Approximately 50%	Approximately 40 people
After-Sales Department	Large-Scale Adjustment	Transformed to Outsourcing	Significantly Reduced

: Most laid-off employees only received 1 month’s salary as compensation, which did not comply with the N+1 standard stipulated by labor laws . Multiple employees have applied for labor arbitration to protect their rights.

On September 1, 2025, the “Strictest Ever” Electric Bicycle Safety Technical Specification (GB 17761—2024) officially came into effect

. Changes brought by the New National Standard include:

• Increased Compliance Costs
  : Production cost per vehicle increased by RMB 600-900
  [4]
• Price Surge
  : Mainstream models under the old standard were priced at RMB 2,500, while models under the new standard generally exceed RMB 4,000
  [5]
• Elevated Technical Thresholds
  : Mandatory requirements for Beidou positioning, dynamic safety monitoring, anti-tampering design, etc.

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Based on the latest financial data

:

Metric	Value	Industry Comparison
Market Capitalization	$25.76 billion	Top Tier in Industry
Current Stock Price	RMB 30.38	25.85% Annual Decline
ROE	24.41%	Excellent Level
Net Profit Margin	9.28%	Above Average
P/E Ratio	10.99x	Low Valuation

:

• Revenue and net profit both grew in the first three quarters of 2025
  [8]
• But
  financial stance is rated “aggressive”
  , with a low depreciation/capital expenditure ratio
  [7]
• Negative free cash flow
  , facing capital pressure

Aima Technology’s strategic transformation to launch the premium brand “Lingji” (July 2025) faces multiple challenges

:

• Long focused on the mid-to-low-end market around RMB 2,000, resulting in entrenched brand perception
• High-end market requires a new brand story and user mindshare

• Initially relied on external procurement of intelligent technology (“our own technology can’t support high-end products”)
• Switched to independent R&D hastily after 1 year of failed external procurement
  [2]
• Caused resource waste and product launch delays

• Intensively introduced consulting firms in the past two years, repeatedly restructuring business frameworks
• Split the Electric Vehicle Business Division into domestic and international segments in 2025
  [2]
• “Leaders change every month”, leading to severe efficiency losses

Metric	H1 2024	H1 2025	Change
International Business Revenue	RMB 120 million	RMB 90.3655 million	-24.7%
Share of Total Revenue	~1%	<0.7%	Continuous Decline
Employee Scale	300-400 people	~200 people	50% Cut

Against the background of overall accelerated expansion in the international market, Aima’s internationalization strategy lags significantly behind competitors

.

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According to data from All View Cloud (AVC)

, the market in the first half of 2025 shows the following significant characteristics:

Brand	Market Share	Sales Growth Rate	Strategic Positioning
Yadea	26.3%	29.5%	High-Endization + Globalization
Aima	20.0%	41.1%	Undergoing High-End Transformation
Ninebot	12.6%	78.8%	Intelligent Leader
Niu Technologies	7.3%	53.0%	High-End Intelligent
Tailg	4.6%	39.2%	Long Range + Intelligence

, with concentration continuing to rise

:

• H1 2025 revenue of RMB 19.186 billion, YoY growth of 33.11%
  [11]
• Net profit of RMB 1.649 billion, YoY growth of 59.5%
  [11]
• Gross profit margin increased to 19.61%, with evident high-endization results
  [11]
• Challenge: Only 4.1% market share in the above-RMB 7,000 segment, while Ninebot + Niu hold 95.5%
  [11]

:

• H1 2025 revenue of RMB 11.742 billion, YoY growth of 76.14%
  [12]
• Net profit of RMB 1.242 billion, YoY growth of 108.45%
  [12]
• Net profit exceeds Aima for the first time, becoming the second-highest in the industry
  [12]
• Gross profit margin of 30.39%, far exceeding traditional brands
  [11]

:

• 2024 revenue grew 24% YoY, sales volume grew 57.4%
  [13]
• But still in an overall loss state
  [11]
• Insufficient channel coverage (4,304 stores), weak scale effect
  [11]

:

1. Compliance Cost Pressure
   : Small and medium-sized enterprises cannot bear the compliance cost of RMB 600-900 per vehicle
   [4]
2. Technical Threshold
   : Mandatory requirements such as intelligence and Beidou positioning raise R&D thresholds
   [4]
3. Channel Shake-Up
   : Yadea’s 42,000 stores are approaching saturation
   [11]

:

• 2019 CR5: Approximately 40%
• H1 2025 CR5:
  70.8%
  [8]
• Expected to further concentrate on leading enterprises in the future

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:

• Labor disputes from layoffs damage corporate reputation
  [1][2]
• In-service employees are anxious, affecting team stability
• Premium brand Lingji is “halved”, with strategy frustrated

:

• Need to re-examine whether the high-endization path is too aggressive
• Technical routes and organizational structure require clearer planning
• Internationalization strategy needs a more pragmatic approach

:

• Continue to expand market share in the above-RMB 3,000 high-end market
  [1]
• Aima’s setback in high-end strategy creates a window of opportunity for them
• Intelligent labeling is further consolidated

:

• Continues to advance high-endization (VFLY, Crown Series)
  [11]
• Accelerates overseas expansion (capacity layout in Vietnam, Indonesia)
  [9]
• Channel advantages are further strengthened

:

• Plans to list on the Hong Kong Stock Exchange in 2026
  [9]
• Accelerates layout of intelligent technology (Tai-Link System)
  [9]
• Clear goal of “5x growth in 5 years”
  [9]

Trend	Specific Performance	Timeframe
High-Endization	Increasing share of models priced above RMB 4,000	2025-2027
Intelligence	Beidou positioning, AI interaction become standard	2025-2026
Compliance	Accelerated exit of small and medium-sized brands	2025-2028
Globalization	Southeast Asia, Middle East become main battlefields	2025-2030
Intensification	CR5 further increases to 80%+	2027-2030

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1. Integration Dividends of Leading Enterprises
   : Market share of leaders like Yadea and Aima continues to rise
   [8]
2. Intelligent Track
   : Ninebot, Niu Technologies, etc. have first-mover advantages
   [12]
3. Overseas Incremental Market
   : Emerging markets such as Southeast Asia and the Middle East
   [9]

1. Policy Risk
   : Enforcement intensity after the implementation of the New National Standard
   [4]
2. Price War Risk
   : Continuous pressure on industry profit margins
   [11]
3. Technological Iteration Risk
   : Uncertainty in intelligent technical routes
   [2]
4. Labor Compliance Risk
   : Large-scale layoffs may trigger legal disputes
   [1][2]

• 2025 Q4 and full-year performance forecasts
• Market performance of premium brand Lingji
• Strategic adjustment direction of international business
• Enforcement intensity of the New National Standard and market response

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Aima Technology’s large-scale layoff and transformation is a strategic adjustment amid the dual pressures of

and , but its , , and have led to setbacks in the transformation. This incident will have the following impacts on the two-wheeled electric vehicle market landscape:

1. Further Increase in Industry Concentration
   : Small and medium-sized enterprises exit the market at an accelerated pace, and market share of leading enterprises continues to expand
   [8]

2. Reshaping of High-End Market Landscape
   : Intelligent brands such as Ninebot and Niu Technologies benefit, while Aima’s high-end strategy suffers setbacks
   [1][12]

3. Shift in Competitive Focus
   : From “price war” to “technology war + brand war”
   [11]

4. Intensified International Competition
   : Various brands accelerate overseas layout, with Southeast Asia becoming the main battlefield
   [9]

In the critical period of industry transformation, only enterprises with

, , and can stand out in the new round of competition.

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[1] GuanDian Wang - “Broken High-End Dream, Frustrated Overseas: Why Has Hundreds of Billion-Yuan Aima Fallen to ‘Layoffs to Survive the Winter’?” (http://www.looktmt.com/0096/736/66505121469.html)

[2] 36Kr - “Large-Scale Layoffs in Multiple Departments, Executives Sidelined? Strategy-Wavering Aima Launches ‘Major Downsizing’” (https://m.36kr.com/p/3627417005163778)

[3] CSDN - “Two-Wheeled Electric Vehicle Market Under the New National Standard: Industrial Transformation from Compliance to Innovation” (https://blog.csdn.net/IOT5570/article/details/155576057)

[4] Wenxue City - “New National Standard Electric Bicycles Priced Around RMB 4,000?” (https://www.wenxuecity.com/news/2025/12/01/126432521.html)

[5] Eastmoney - Related Reports on Aima Technology (https://gbres.dfcfw.com/Files/iimage/20260107/width1080/869B290E52CCFD489CE412368CC462F1_w1100h732.jpg)

[6] Jinling AI - Company Profile Data (603529.SS)

[7] Jinling AI - Financial Analysis Data (603529.SS)

[8] Blue Whale Finance - “2025 Two-Wheeled Electric Vehicle Development Atlas: Matthew Effect Highlights, Aima and Others Prepare to Break Through” (https://t.cj.sina.cn/articles/view/5617041192/14ecd3f2802001like)

[9] Securities Times - “Tailg Sprints for Hong Kong Stock Listing: From Chaoshan Workshop to Capital Stage” (https://www.stcn.com/article/detail/3415709.html)

[10] iResearch - “2025 China Two-Wheeled Electric Vehicle Industry Research Report” (https://pdf.dfcfw.com/pdf/H3_AP202504271663395100_1.pdf)

[11] 36Kr - “The Automotive Industry May Not Realize That Two-Wheeled Vehicle Maker Yadea Earns More Than Four-Wheeled Vehicle Makers?” (https://m.36kr.com/p/3631808920793858)

[12] China News Service Jingwei - “Two-Wheeled Electric Vehicles are Selling Like Hotcakes! Yadea Earns More in Half a Year Than the Entire Last Year, Ninebot’s Net Profit Surpasses Aima” (https://www.jwview.com/jingwei/html/m/08-29/629983.shtml)

[13] 21st Century Business Herald - “Yadea Stalls, Niu Surges, Two-Wheeled Electric Vehicle Battle Fiercely” (https://www.21jingji.com/article/20250618/herald/3aa665b762b72a6a7d908f9801bb8123.html)