Starting September 1st, the new national standard for electric bicycles "Electric Bicycle Safety Technical Specifications" (GB 17761—2024) officially took effect. The main modifications in the new e-bike standard GB17761-2024 include:
(1) Maximum design speed shall not exceed 25km/h, with power output stopping when exceeding 25km/h;
(2) Plastic components used in the vehicle body cannot exceed 5.5% of total weight, with enhanced flame retardancy requirements for non-metallic materials;
(3) Lead-acid battery version weight limit increased from 55kg to 63kg, aimed at improving overall vehicle safety and range capability;
(4) Explicitly prohibits reserved modification interfaces and adds multiple anti-tampering design requirements to eliminate illegal modifications;
(5) Clearly stipulates that chargers shall not be designed as onboard units, effectively avoiding potential safety hazards from onboard charging;
(6) E-bikes used for commercial activities such as urban logistics and commercial rental must also install Beidou positioning systems.
Regarding production, starting September 1, 2025, all newly manufactured electric bicycles must comply with the new national standard requirements. For sales, the new standard provides an additional 3-month sales transition period for vehicles produced according to old standards before August 31, 2025, allowing sales until November 30, 2025. After December 1, 2025, all sold electric bicycle products must comply with new standard regulations, and registration will not be processed for e-bikes that do not meet the new standards.
Therefore, major electric bicycle brands have launched unprecedented inventory clearance campaigns nationwide. Yadea, Aima, Ninebot and other brands have introduced trade-in subsidy programs for old vehicles. For instance, at some stores, Yadea's Auman model price dropped from the original 3,999 yuan to 2,899 yuan, a discount of 1,100 yuan; Luyuan's S70-D model originally priced at 3,699 yuan was offered at 2,849 yuan during the price war, with a discount of 850 yuan; Ninebot's F90M model originally priced at 4,899 yuan is currently being cleared at 3,699 yuan, offering a discount of 1,200 yuan.
With the release of semi-annual reports from various electric bicycle companies, how do the inventory conditions and inventory turnover efficiency of listed companies perform?
First, from an inventory scale perspective, inventory scales of three electric bicycle companies grew in the first half of 2025, with Aima Technology showing the largest year-over-year increase. During the reporting period, Aima Technology's inventory scale reached 948 million yuan, up 54% year-over-year. Ninebot also showed rapid inventory growth, with inventory scale reaching 1.907 billion yuan in the first half of 2025, up 35% year-over-year.
Second, from an inventory ratio perspective, in the first half of 2025, the electric bicycle industry's inventory as a proportion of total assets remained relatively moderate, with Ninebot having the highest inventory-to-total-assets ratio at 9.72% in H1 2025. Dynamically, only Aima Technology saw an increase in inventory ratio, rising from 2.87% in H1 2024 to 3.75% in H1 2025.
From inventory turnover efficiency indicators, Ninebot has the lowest inventory turnover efficiency, with inventory turnover days of 41.26 days, the longest among the five selected listed companies. Dynamically, among electric bicycle listed companies, only Aima Technology saw year-over-year growth in inventory turnover days with corresponding decline in inventory turnover efficiency. In the first half of 2025, the company's inventory turnover days reached 15.05 days, up 22.15% year-over-year.
In summary, among electric bicycle industry listed companies, as of the end of June 2025, Aima Technology's inventory performance is indeed concerning. On one hand, the company had the largest inventory scale growth, with inventory scale up 54% year-over-year in the first half of 2025; on the other hand, the company's inventory ratio was the only one to increase among selected listed companies; finally, the company's inventory turnover efficiency was the only one to decline among selected listed companies.
According to the semi-annual report, Aima Technology's inventory includes 500 million yuan in raw materials and 448 million yuan in finished goods inventory. The proportion of old standard electric bicycles within the 448 million yuan of finished goods remains unknown, but if the proportion of old standard electric bicycles is high, there may be certain product unsold inventory risks.
(Data source: Company semi-annual reports)
Comments