Core Insights - Ninebot Company held its 2026 Dealer Conference in Changzhou, Jiangsu, showcasing significant achievements and a strategic blueprint for the next decade focused on smart technology, electrification, and globalization [2][3] Group 1: Strategic Vision - CEO Wang Ye emphasized the company's commitment to "incremental growth, not stockpiling; innovation, not internal competition," positioning Ninebot as a disruptor in the two-wheeler industry [3] - The future vision includes three strategic pillars: smart technology, electrification, and globalization, with a focus on expanding into large markets such as Europe, Southeast Asia, Japan, South Korea, and Latin America [5][6] Group 2: Technological Advancements - Ninebot aims to lead the industry into a "universal smart driving" era by equipping all new products with advanced driving systems and the proprietary Nimble OS by 2026 [5] - The company plans to address user range anxiety through advanced battery technology and a rapidly developing fast-charging network, allowing for a significant reduction in charging times [5][9] Group 3: Market Performance - Ninebot's cumulative sales in the Chinese market surpassed 9 million units by September 2025, reflecting strong consumer trust in its technology [6] - The company holds a dominant position in the smart two-wheeler market, with 70% of sales in 2025 attributed to Ninebot [11] Group 4: User Engagement and Safety Initiatives - Ninebot is actively engaging with younger demographics through various initiatives, including collaborations with brand ambassadors and community events [11][14] - The establishment of the "Ninebot Safe Driving Academy" aims to enhance safety awareness and proactive driving skills among users, marking a shift from reactive to preventive safety measures [13][14]

Core Viewpoint - The company aims to focus on smart, electric, and global development over the next decade, emphasizing innovation and market expansion rather than competition in existing markets [1] Group 1: Strategic Direction - The company will concentrate on three strategic pillars: smart technology, electrification, and globalization, with a goal to lead the electric vehicle industry and innovate the motorcycle sector [1] - The dual-brand strategy of "Ninebot" and "Segway" will target different user groups and facilitate entry into global markets [1] Group 2: Operational Expansion - By 2026, the company plans to operate dual bases in East and South China, significantly increasing total production capacity [1] - The company will implement a rapid charging network across over 8,000 stores, enabling intelligent interaction between people, vehicles, and charging stations [1] Group 3: Product Launch - The company has launched the Fz series of new national standard electric vehicles, including models Fz1, Fz2, and Fz3, which have seen strong demand with over 10,000 reservations since mid-December [1]

Core Viewpoint - The two-wheeled electric vehicle industry is undergoing significant transformation with the new national standards, emphasizing compliance and smart technology while focusing on user needs such as convenience, safety, and functionality [2][17] Group 1: Product Launch and Market Response - Ninebot has launched the Fz series of electric vehicles, including models Fz1, Fz2, and Fz3, with prices set at 2999 yuan and 4899 yuan for Fz1 and Fz3 respectively, while Fz2 is available for reservation [2] - Since mid-December, the Fz series has seen a surge in market interest, with over 10,000 units reserved, establishing a strong market foundation for Ninebot's push towards "universal smart driving" [4] Group 2: Smart Features and User Experience - The Fz series incorporates smart driving capabilities as standard across all models, enhancing the smart travel experience beyond just high-end models [4] - Fz3 features an upgraded RideyFUN smart driving system and a 5-inch TFT display, which reduces distractions for users by providing essential information [8] - The series includes practical features like hill assist, traction control, and customizable driving parameters, addressing common user concerns in real-world scenarios [8] Group 3: Performance and Safety Enhancements - The Fz series emphasizes real-world usability with a "real scene endurance" system, achieving actual ranges of 56 km, 74 km, and 92 km for Fz1, Fz2, and Fz3 respectively, compared to theoretical ranges of 70 km, 95 km, and 110 km [11] - All models are built with high-strength alloy steel dual-tube frames and have passed 1 million vibration tests, ensuring stability for frequent commuting [11] - The lighting system has been upgraded, with Fz1's headlight brightness reaching 11,000 cd and Fz2 and Fz3 featuring a full-area lighting system with brightness up to 23,000 cd, enhancing visibility in low-light conditions [15] Group 4: Industry Perspective and Future Outlook - Ninebot is positioning itself to lead the transition from "smart electric vehicles" to "smart driving vehicles," making smart driving a fundamental capability for a broader user base [16][17] - The company aims to redefine the value of electric vehicle travel under the new national standards, ensuring that smart features translate into real-world benefits for daily commuting and travel [17]

Group 1: Market Trends and Investment Opportunities - Recent preparations by professional investors for year-end market trends have been noted, with public funds conducting intensive research on companies such as Zhongke Shuguang, Haiguang Information, Luxshare Precision, Changan Automobile, and others, primarily in the manufacturing sector [1] - Institutions believe that the recent market adjustment will provide better investment opportunities for the upcoming year, with structural market trends making certain underperforming sectors more attractive [1] - Analysts from Penghua Fund and Xingzheng Global Fund express optimism about advanced manufacturing, cyclical stocks, and high-performing non-bank stocks, indicating that the upward market trend remains intact despite short-term fluctuations [1] Group 2: Sector-Specific Insights - The lithium battery industry is expected to maintain high demand due to the growth in electric vehicle sales and unexpected storage needs, leading to improved profitability across the supply chain [2] - The innovative drug sector in Hong Kong remains a focus for institutions, with a positive outlook on the industry’s fundamentals and the ongoing trend of innovative drugs going global, which is expected to enhance the upstream supply chain's performance [2] - The commercial aerospace and satellite industry is transitioning from speculative hype to a fundamentals-driven phase, with investment opportunities emerging across the supply chain, particularly in rocket and satellite manufacturing and related applications [3]

Investment Rating - The industry investment rating is "Overweight" [5] Core Insights - The home appliance industry is experiencing pressure in both domestic and international sales, with iRobot announcing bankruptcy restructuring, which will be acquired by Chinese manufacturer Shanjun Robotics [2][5] - In November, the retail sales of home appliances and audio-visual equipment reached 100 billion yuan, a year-on-year decline of 19.4%, while the cumulative annual sales reached 1,074.9 billion yuan, with a year-on-year increase of 14.8% [5] - The production and sales data for home air conditioners in November showed a production of 10.577 million units, a year-on-year decrease of 36.7%, and sales of 10.492 million units, a year-on-year decrease of 31.8% [5] Summary by Sections Investment Recommendations - Key drivers for investment include overseas expansion and smart home technology, recommending leading companies in the robotic vacuum sector: Roborock (21.1X 2025 PE) and Ecovacs (21.5X) [5] - Companies with stable performance and upward potential include Ninebot (20.6X), Anfu Technology (41.7X), Hailong Cold Chain (14.6X), and Beiding Co. (30.4X) [5] - For companies with robust operations and high dividends, recommendations include TCL Electronics (12.2X), Hisense Visual (12.9X), Midea Group (13.5X), and Haier Smart Home (12.2X) [5] - Companies diversifying into new sectors include Rongtai Health (18.7X) and Wanlong Magnetic Plastic (18.9X) [5] Market Performance - The retail sales growth rate further narrowed in November, with the total retail sales of consumer goods reaching 43,898 billion yuan, a year-on-year increase of 1.3% [5] - The domestic market faces pressure from the decline in national subsidies and high base effects, while the export market is constrained by high base effects and inventory reduction in some overseas markets [5] Company Developments - iRobot has announced its bankruptcy and will be acquired by Shanjun Robotics, with the restructuring process expected to be completed by February 2026 [5] - The founder of Chasing Technology, Yu Hao, plans to acquire 54.90% of Jiamei Packaging, with a total transaction value of approximately 2.282 billion yuan [5]

Investment Rating - The report rates the home appliance industry as "Positive" for investment, marking it as the first recommendation for 2026 [3]. Core Insights - The report emphasizes that leading companies with strong product capabilities, channel efficiency, cost control, and brand premium are positioned to gain market share during a challenging domestic demand environment. The industry is shifting from "incremental competition" to "stock integration" [4]. - It highlights that while short-term revenue growth may be difficult to expect, leading companies are likely to maintain profit growth due to improved efficiency and cost reduction. A stabilization in demand could lead to a new golden era for these companies [4]. - The report suggests focusing on three main investment themes: companies benefiting from domestic market consolidation, those redefining products for overseas markets, and quality dividend stocks with low valuations [4]. Summary by Sections 1. Market Performance and Fundamentals - The home appliance sector underperformed the CSI 300 index in 2025, with a growth rate of 9.7%, lagging behind the index by 7.8 percentage points, primarily due to external tariffs and domestic policy fluctuations [9]. - The report notes that the home appliance sector's valuation remains low compared to other consumer sectors, with a PE ratio of 14.7X as of November 30, 2025, reflecting the industry's mature phase and pressures from declining domestic real estate demand [19][20]. 2. Main Line One: Opportunities in Market Consolidation - The report identifies opportunities in the smart projection market, where domestic consolidation is occurring, and leading companies are gaining market share. The market is expected to improve as consumer demand recovers [61]. - In the kitchen appliance sector, leading companies are showing resilience in performance despite weak demand, with market shares increasing as smaller competitors exit the market [76]. 3. Main Line Two: Redefining Products for Export Markets - The report discusses the growth potential in the robotic vacuum cleaner market, which is expected to see double-digit growth in the overseas market from 2024 to 2029, driven by product innovation [86]. - It also highlights the potential for growth in the lawn mower robot market, particularly in Europe, where the penetration rate is expected to rise significantly [104]. 4. Main Line Three: Quality Dividend Stocks - The report suggests that companies like Midea Group and Haier Smart Home are positioned well due to their stable cash flows and increasing dividend payouts, making them attractive for long-term investment [85].

证券代码：689009 证券简称：九号公司公告编号：2025-075 九号有限公司 员工认股期权计划第十六次行权结果 登录新浪财经APP 搜索【信披】查看更多考评等级 暨股份变动公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 本次行权存托凭证数量：273,905股基础股票，按照1股/10份存托凭证的比例进行转换后，本次行权数 量为2,739,050份存托凭证。 ● 行权证券来源：公司向存托人发行A类普通股，再由存托人向激励对象定向签发的公司存托凭证。 ● 本次行权存托凭证上市流通时间：本次行权的存托凭证自行权起三年内不减持，自行权起三年后可上 市流通，预计上市流通时间为2028年12月18日（如遇非交易日则顺延）。 一、本次期权行权的决策程序及相关信息披露 2015年1月27日，九号有限公司（以下简称"公司"）召开了董事会和股东大会，决议通过了2015年员工 股票期权计划（简称"2015年期权计划"）。2019年4月2日，公司召开了董事会和股东大会，决议通过了 2019年员工股票期权计划（简称"20 ...

证券代码：689009 证券简称：九号公司 公告编号：2025-075 九号有限公司 员工认股期权计划第十六次行权结果 暨股份变动公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次行权存托凭证数量：273,905股基础股票，按照1股/10份存托凭证的 比例进行转换后，本次行权数量为2,739,050份存托凭证。 权计划、2019 年期权计划、创始人期权计划下员工股票期权条款中的部分表述 作了历次修改。具体内容详见公司于 2020 年 10 月 23 日在上海证券交易所网站 （www.sse.com.cn）披露的《九号有限公司公开发行存托凭证并在科创板上市 招股说明书》及 2020 年 11 月 17 日披露的《九号有限公司关于修改员工认股期 权计划的公告》（公告编号：2020-004）。2022 年 9 月 16 日，公司第二届董 事会第五次会议审议通过了《关于将期权计划间接持有调整为直接持有的议 案》。 2021 年 1 月 29 日，公司第一届董事会第十二次会议审议通过了《创始人 期权计划、员工认 ...

Core Viewpoint - The company, Segway-Ninebot, is leading the short-distance travel industry into a new phase of "experience competition" through its intelligent and platform capabilities, driven by technological innovation and a robust global presence [1][14]. Group 1: Company Overview - Segway-Ninebot was formed in 2015 through the merger of two industry pioneers, Segway and Ninebot, and has since developed into an international enterprise with a presence across multiple continents [2]. - The company has regional headquarters in cities such as Beijing, Dallas, and Amsterdam, employing over 4,000 staff from more than 30 countries, and serves over 43 million customers globally [4]. Group 2: Research and Development - In the first three quarters of 2025, the company invested 872 million yuan in R&D, a significant increase of 59% year-on-year, and has accumulated 5,982 global patents [5]. - The company has developed the NimbleOS, the first comprehensive operating system for two-wheeled short-distance travel in China, enhancing the intelligence of transportation tools from basic functionality to system collaboration [7]. Group 3: Product Performance - The flagship M5 series electric motorcycle achieved remarkable sales, with over 11,292 units sold within the first four hours of its launch, generating over 100 million yuan in sales [7]. - By October 20, 2025, the M5 series had sold over 35,000 units, with total sales reaching 351 million yuan [7]. Group 4: Market Impact - As of September 30, 2025, the company had shipped over 9 million electric two-wheelers in China, with a sales increase of approximately 72% year-on-year, and the number of dedicated retail stores in China exceeded 9,700 [13]. - The company’s electric scooters have accumulated over 600 billion kilometers in global travel distance, reflecting increased product penetration and user engagement [12]. Group 5: Innovation and Strategy - The company has established a comprehensive product matrix for electric scooters, addressing diverse user needs and incorporating advanced technologies such as Bluetooth unlocking and smart battery management [11]. - The successful implementation of a "true intelligence" strategy has positioned the company as a model for technological innovation in the short-distance travel sector, transitioning from traditional "tool competition" to "experience competition" [14][15].

Core Viewpoint - Ninebot Company integrates green innovation into its business logic, leveraging technology to reshape industrial ecology and empower low-carbon development, showcasing its leadership in the smart short-distance transportation and service robotics sectors [1]. Group 1: Green Innovation and Technology - Ninebot Company emphasizes the importance of integrating green innovation into its entire value chain, including R&D, manufacturing, and supply chain management, to achieve a comprehensive sustainable development system [1]. - The company has achieved significant milestones, with global users accumulating over 32 billion kilometers of riding distance by the end of 2024, resulting in a reduction of 15.47 million kilograms of carbon emissions, equivalent to planting approximately 86.41 million trees [2]. - Ninebot is pioneering full lifecycle green management in the industry, with 57% of its commercial products completing lifecycle assessments (LCA) and carbon footprint certifications, and a certification rate of 75% for commercial electric scooters [2]. Group 2: Supply Chain and Manufacturing Practices - The company promotes collaborative efforts in green innovation across its supply chain, signing agreements with suppliers to enforce green supply chain management and extending environmental and labor standards to partners [3]. - Ninebot has implemented smart and green upgrades in its factories, establishing distributed photovoltaic power generation systems across multiple manufacturing bases, with an expected annual output of 3.7 million kilowatt-hours [2]. Group 3: Social Responsibility and Community Engagement - Ninebot Company demonstrates its social responsibility by investing 4.41 million yuan in 2024 for public welfare initiatives, supporting youth education, environmental protection, assistance for disadvantaged groups, and disaster relief [3]. - The company has developed a comprehensive employee growth system, including professional training and skill development programs, earning recognition as a "Friendly Employer" for its commitment to nurturing talent for green development [3].