"在常州基地，九号用6年时间创下智能电动两轮车出货量破1000万台的纪录，这既是一个重要的里程 碑，更是一个新起点。"谈及下一个1000万台征程，王野信心满满，未来九号将以智能化、全球化为核 心，让发展步伐迈得更快、更稳。 全球化探路：用技术和产品解用户的"题" 全球化是九号公司的核心战略之一，自成立之初，公司便以全球视野布局市场。"今年，我们将正式开 启东南亚市场布局，这是全球化征程的关键一步。"王野告诉记者，出海的核心不是简单的产品输出， 而是通过深入洞察当地消费者的习惯与痛点，提供适合他们的产品。"我们的技术和产品，最终要为解 决用户问题而生，只有真正解了消费者的'题'，才能赢得市场认可。" s 5 a e s . s a s @ L 王野 ◎邱思雨 记者 操子怡 走进占地5000平方米的九号检测中心，在整车碰撞试验区，一台崭新的电动两轮车被机械装置牢牢固 定。随着指令下达，车辆以设定速度精准撞向墙壁——"砰"的一声闷响在实验室回荡，工程师立刻上前 采集车架形变数据。不远处，一辆电动自行车正被机械臂缓缓拉升至数米高度，随后自由落体砸向地 面，这是行业首创的整车跌落测试台，验证着车辆最极端的耐冲击底线。环 ...

同样，九号有限公司（以下简称"九号公司"）春节期间服务不打烊，筑牢消费保障防线。全国700+服务 门店正常营业，活动期间推出多重贴心服务：0.01元即可享受车辆全面体检，免费道路救援随叫随到， 外观件焕新享8.8折优惠，维修消费满额可获赠服务费。线上平台同步发力，智驾年货节期间，用户可 登录京东、天猫、抖音、快手、美团、拼多多及九号出行APP等平台，解锁专属年货节福利；多平台均 可抢购200元年货神券，爆款车型至高直省1400元，部分平台至高24期免息骑新车，用实在优惠让消费 者轻松解锁智能出行新体验。 北京石头世纪科技股份有限公司（以下简称"石头科技"）以智能清洁产品，点亮节日品质生活。春节期 间，智能扫地机器人、高温蒸汽洗地机等智能家居产品成为家庭焕新与年货礼赠热门选择，线上线下消 费热度持续攀升。石头科技以全场景智能清洁方案释放居家消费潜力，用科技解放双手、守护家人健 康，助力智能消费提质升级，生动展现春节假期智能家电领域的旺盛活力与消费新动能。 （文章来源：证券日报） 本报讯 （记者毛艺融）从记录旅行瞬间的智能影像，到守护出行生活的电动车，再到解放双手的清洁 家电，以影石创新、九号公司、石头科技为代表 ...

智能家居也成为新春家庭品质升级的发力点。春节期间，智能扫地机器人、高温蒸汽洗地机等智能家居 产品成为家庭焕新与年货礼赠热门选择，线上线下消费热度持续攀升。科创板上市公司石头科技以全场 景智能清洁方案释放居家消费潜力，用科技解放双手、守护家人健康，助力智能消费提质升级，展现春 节假期智能家电领域的旺盛活力与消费新动能。(完) （文章来源：中国新闻网） 冰雪运动、家庭聚会、旅行出游等场景也带动智能影像设备需求激增。影石产品以防抖、防水、全景拍 摄等核心功能，满足用户多元化记录需求；AI自动剪辑、魔术师等创新功能降低创作门槛，形成"拍摄- 分享-社交"的消费闭环，让普通消费者轻松产出专业级内容。 智能影像记录万家团聚的同时，智能出行则"护航归程"。春节期间，科创板上市企业九号公司服务不打 烊，全国700+服务门店正常营业，活动期间推出多重贴心服务：0.01元即可享受车辆全面体检，免费道 路救援随叫随到，外观件焕新享8.8折优惠，维修消费满额可获赠服务费。同时，特别为外卖骑手设置 骑士补给站，提供免费热饮、免费充气、应急充电、免费WIFI四大便民服务，全方位守护各类用户春 节出行，真正实现用车无忧。此外，到店试驾即可 ...

Core Viewpoint - The article highlights the rising popularity of Ninebot electric scooters among young consumers, emphasizing their unique approach to building brand loyalty through user experience and sustainable business practices [1][2]. Group 1: Sales Performance - Ninebot's sales have seen a significant increase, particularly in Guangdong, where there was over a 30% year-on-year growth despite an overall industry decline [1]. - The overall sales share of smart electric motorcycles has risen to over 80% in cities without motorcycle restrictions [1]. Group 2: User Experience - Users prefer Ninebot due to its performance and experience, which includes smart interactions, safety designs, standardized service in stores, and nationwide after-sales support [4][5]. - The consistent service quality across different regions contributes to a strong brand loyalty, transforming initial trials into long-term commitment [7][8]. Group 3: Store Expansion Strategy - Since 2021, Ninebot has adopted a strategy focused on achieving a 20% market share as a benchmark for store openings, avoiding blind expansion [10][12]. - The company ensures that if the local market share exceeds 20%, no new stores will be opened unless existing ones fail to meet service standards, thus maintaining a balance between availability and quality [12][13]. Group 4: Data-Driven Decision Making - Ninebot's store layout is based on data regarding user density, purchasing power, and service radius, allowing for tailored strategies in different city tiers [17][18]. - The company encourages existing dealers to expand their operations, rewarding those who increase their store size significantly with additional brand resources and support [18][19]. Group 5: Sustainable Business Model - Ninebot's approach focuses on building a healthy and sustainable local service ecosystem, prioritizing user value and partner success over short-term gains [19][20].

Core Insights - The article highlights a shift in the Chinese New Year shopping trends among younger consumers, focusing on smart transportation, trendy toys, and low-GI health products as the new core keywords for holiday purchases [1][4][7] Group 1: Smart Transportation - Smart electric vehicles, particularly from brands like Ninebot, have gained popularity due to their practicality for short commutes, aesthetic appeal, and smart features [4] - During the New Year shopping season, Ninebot's N3 85c model saw significant sales, attributed to its powerful motor and smart security features, while the M85c model was favored for its long battery life and comfort [4] - Despite an overall decline in the traditional electric vehicle market, Ninebot's sales surged, especially in Guangdong, where growth exceeded 30% year-on-year [4] Group 2: Trendy Toys and Cultural Products - Trendy toys and cultural products, such as blind boxes from Pop Mart, have become popular among young consumers, serving as social media tools for expressing sentiments [6] - Search volume for New Year-themed cultural products increased by 240% in the past month, indicating a strong demand for unique and culturally relevant gifts among the 18-30 age group [6] - The integration of traditional culture with modern trends has resonated with young consumers, who seek emotional connection and personal expression through their purchases [6] Group 3: Health-Conscious Products - Health-focused gift boxes, featuring low-GI snacks and organic nuts, are emerging as a significant trend in the New Year market, aligning with the younger generation's preference for health-conscious choices [7] - A survey indicated that 58% of consumers prioritize health when selecting gifts, with this trend being particularly pronounced among younger demographics [7] - Young consumers are increasingly purchasing health-monitoring devices for themselves and their elders, reflecting a broader commitment to health and wellness [7]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 63.9 CNY per share based on a 20x PE for 2026 [6][11]. Core Insights - The company is expected to achieve significant revenue growth, with projected revenues of 21.6 billion CNY in 2025, 28.4 billion CNY in 2026, and 35.3 billion CNY in 2027, reflecting year-on-year growth rates of 52%, 32%, and 24% respectively [6][11]. - The net profit attributable to the parent company is forecasted to reach 1.7 billion CNY in 2025, 2.3 billion CNY in 2026, and 2.9 billion CNY in 2027, with growth rates of 61%, 32%, and 25% respectively [6][11]. - The company is benefiting from the new national standards for electric motorcycles, which are expected to drive significant growth in this segment, while the lawn mower business continues to show high growth potential [6][11]. Financial Projections - Revenue and profit forecasts indicate a strong upward trend, with revenues projected to grow from 10.2 billion CNY in 2023 to 35.3 billion CNY by 2027, and net profits increasing from 598 million CNY to 2.9 billion CNY over the same period [2][11]. - The EBITDA is expected to rise from 541 million CNY in 2023 to 3.8 billion CNY in 2027, indicating robust operational performance [2][11]. - The earnings per share (EPS) is projected to increase from 8.37 CNY in 2023 to 40.09 CNY in 2027, reflecting strong profitability growth [2][11]. Segment Analysis - Electric Two-Wheelers: Revenue is expected to grow significantly, with projections of 11.9 billion CNY in 2025 and 20.3 billion CNY in 2027, driven by rapid channel expansion [9][11]. - Self-Brand Scooters: Anticipated revenue growth from 2.5 billion CNY in 2024 to 3.9 billion CNY in 2027, supported by recovering European demand and new product cycles [9][11]. - Lawn Mowers: Expected to see substantial growth, with revenues projected to increase from 1.7 billion CNY in 2025 to 5.2 billion CNY in 2027, benefiting from increased market share due to anti-dumping measures [9][11]. - TOB Direct Sales: Revenue is forecasted to recover from a decline in 2024, with growth expected to stabilize in subsequent years [9][11].

Core Insights - The smart electric vehicle has become a trendy item for the Year of the Horse, favored for its practicality in short-distance commuting, aesthetic appeal, and intelligent features [2] Sales Performance - During the New Year sales period, the N3 85c model achieved strong sales due to its powerful acceleration, climbing ability, and smart unlocking features [2] - The M85c model was popular for its long battery life, reduced need for frequent charging, and comfortable suspension, appealing to users prioritizing endurance and comfort [2] - Other models like the N3 70c and Q70c also gained traction among younger consumers [2] Market Trends - Data from the company indicates a significant increase in sales of smart electric vehicles during the New Year, with the young consumer demographic becoming the majority [2] - In the Guangdong market, there was over a 30% year-on-year growth in sales during the New Year period [2] - In cities without motorcycle restrictions, the overall sales share of smart electric motorcycles exceeded 80% [2] Consumer Sentiment - A consumer from Guangzhou expressed that owning a new electric vehicle for the New Year is not only practical but also carries a sense of ritual [2] - Smart electric vehicles are increasingly viewed as more than just transportation tools; they embody individuality, taste, and social attributes in daily life [2]

Core Viewpoint - The 2025 annual reports of listed companies are being released, revealing a number of companies with strong performance and continuous profit growth over the past five years [1][16]. Group 1: Company Performance - A total of 62 companies have reported continuous net profit growth for five consecutive years, with significant representation from the machinery, banking, automotive, and pharmaceutical industries [5][16]. - The machinery sector shows a remarkable increase in net profit, with a year-on-year growth of over 290% for 2025, driven by cost reduction and efficiency improvements, as well as expansion into emerging markets [5][16]. - In the banking sector, eight companies are included, with China Merchants Bank achieving a net profit exceeding 150 billion yuan, marking a historical high [5][16]. - The automotive and pharmaceutical sectors each have six companies reporting substantial profit growth, with specific companies like Asia-Pacific Shares and Ninebot Company-WD showing net profit increases of over 50% for 2025 [5][16]. Group 2: Significant Growth Companies - Among the 62 companies, 49 have doubled their net profits, 14 have increased profits by over five times, and six have seen growth exceeding ten times, including Asia-Pacific Shares and Ninebot Company-WD [6][17]. - Zhongji Xuchuang, a leader in optical modules, reported a net profit of 9.8 billion yuan for 2025, with a year-on-year increase of nearly 90%, benefiting from strong demand for computing infrastructure [6][17]. - Companies like Cai Bai Shares and Hunan Gold have seen significant stock price increases, with Cai Bai Shares rising over 71% since 2026 and reporting a net profit of no less than 1.06 billion yuan for 2025, reflecting a growth of over 190% compared to five years ago [19][21]. Group 3: Institutional Research and Market Performance - Nearly 20 of the 62 companies have received institutional research since 2026, with Ninebot Company-WD and Zhongji Xuchuang receiving over 75 institutional inquiries each [21][22]. - The average stock price increase for the 62 companies is close to 8% for 2026, with 11 companies seeing cumulative increases exceeding 20% [18][22]. - Cai Bai Shares and Hunan Gold have both reported significant stock performance, with Hunan Gold's net profit growth exceeding 460% compared to five years ago [19][21].

Market Performance - On February 5, the A-share market indices collectively declined, with the Shanghai Composite Index falling by 0.64% to 4075.92 points, the Shenzhen Component Index dropping by 1.44% to 13952.71 points, and the ChiNext Index decreasing by 1.55% to 3260.28 points [1] Fund Manager Changes - On February 5, a total of 19 fund managers experienced changes in their positions, with 584 fund products having manager changes in the past 30 days [3][4] - The reasons for the changes included one manager leaving due to the end of an agency role and four managers departing due to job changes [3] Fund Manager Appointments - On February 5, 39 fund products announced new fund manager appointments, involving 14 fund managers [5] - Notably, Chen Xinyu from Guolian Fund has managed funds with a total asset scale of 1.579 billion, achieving a return of 85.05% on the Guolian Zhixuan Pioneer Stock A fund during his tenure [5] Fund Company Research Activity - In the past month (January 6 to February 5), Bosera Fund conducted the most company research, engaging with 62 listed companies, followed by Huaxia Fund with 56 and Southern Fund with 46 [6][7] - The chemical products industry was the most researched sector, with 216 instances of fund company inquiries, followed by the general equipment industry with 211 [7] Recent Fund Research Focus - In the last week (January 29 to February 5), Ying Tang Zhi Kong was the most researched company, receiving inquiries from 61 fund institutions, followed by Zhong Ji Xu Chuang and Jing Ke Neng Yuan with 59 and 49 inquiries, respectively [8][9]

Market Overview - On February 4, the motorcycle and other sectors rose by 0.92%, with Chuanfeng Power leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Stock Performance - Chuanfeng Power (603129) closed at 258.07, with a gain of 2.25% and a trading volume of 16,400 shares, amounting to a transaction value of 420 million [1] - Aima Technology (603529) closed at 29.35, up 1.98%, with a trading volume of 62,800 shares and a transaction value of 183 million [1] - Other notable stocks include: - TaoTao Vehicle (301345) at 221.00, up 1.58% [1] - Zhonglu Co. (600818) at 9.90, up 1.33% [1] - Jiuqi Co. (300994) at 16.85, up 0.96% [1] Capital Flow - The motorcycle and other sectors experienced a net outflow of 7.6091 million from main funds, while retail funds saw a net outflow of 46.5012 million [2] - Speculative funds had a net inflow of 54.1103 million [2] Individual Stock Capital Flow - TaoTao Vehicle (301345) had a main fund net inflow of 37.0876 million, with a retail net outflow of 50.4477 million [3] - Chuanfeng Power (603129) saw a main fund net inflow of 6.0441 million, with a retail net outflow of 10.9097 million [3] - Aima Technology (603529) had a main fund net inflow of 5.5853 million, but a retail net inflow of 3.6145 million [3]