Core Insights - Ninebot officially launched its self-developed NimbleOS, the first all-domain operating system specifically designed for the two-wheeled short-distance travel sector in China [1][2] - NimbleOS integrates core modules such as motor control, battery management, multi-sensor perception, and vehicle-machine interaction on a unified underlying architecture, enhancing overall performance and riding experience [1][2] Company Developments - The introduction of NimbleOS marks a shift in the two-wheeled vehicle industry from hardware-centric competition to a "software-defined experience," allowing users to upgrade features remotely via OTA without hardware replacement [2] - The M5 series of smart electric motorcycles includes four versions: M5 100, M5 125, M5 200, and M5 P limited edition, emphasizing long range, spacious design, strong performance, and full smart features [2] - M5 100 and M5 125 are now available for purchase, starting at a promotional price of 7,499 yuan with a discount of 1,200 yuan, while M5 200 and M5 P will be launched in November 2025 [2]

Core Viewpoint - Ninebot Company has achieved remarkable success in the electric two-wheeler market, with significant sales and profit growth, positioning itself as a leader in a seemingly saturated industry [1][7][10] Group 1: Company Performance - Ninebot reported sales of 2.39 million electric two-wheelers and revenue of 11.74 billion, representing a year-on-year growth of 76% [1] - The net profit reached 1.24 billion, equivalent to a daily profit of 6.8 million [1] - The company's market capitalization has surpassed 49 billion, outpacing competitors like Yadea and Aima [1] Group 2: Strategic Moves - The founders transitioned from assembling police bomb disposal robots to entering the balance bike market, eventually acquiring Segway to become the global leader in that sector [2][4] - Ninebot adopted a "dimensionality reduction attack" strategy to enter the electric two-wheeler market, focusing on smart features rather than competing on price [5][6] - The average price of Ninebot's electric vehicles is 2,819, with a gross margin of 22%, significantly higher than Aima's 17.6% [6] Group 3: Future Aspirations - The ultimate goal of Ninebot is to develop robots, with the company name "Ninebot" directly translating to "Nine Robot" [8] - Despite setbacks in the personal service robot market, the company has successfully developed lawn mowing and delivery robots, with projected revenue of 861 million for the lawn mower in 2024 [8][9] - Ninebot's journey illustrates the potential of leveraging new technologies to redefine markets, moving away from traditional manufacturing advantages [9][10]

来源：新浪基金∞工作室 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 8月27日，科创信息技术ETF（588100）开盘涨0.75%，报1.753元。科创信息技术ETF（588100）重仓股 方面，中芯国际开盘涨1.26%，海光信息涨1.49%，寒武纪涨3.75%，澜起科技跌0.39%，中微公司跌 1.86%，金山办公涨5.98%，传音控股跌0.04%，九号公司涨1.00%，芯原股份跌1.11%，石头科技涨 0.15%。 科创信息技术ETF（588100）业绩比较基准为上证科创板新一代信息技术指数收益率，管理人为嘉实基 金管理有限公司，基金经理为张钟玉，成立（2022-05-18）以来回报为74.24%，近一个月回报为 24.37%。 ...

Core Viewpoint - The launch of NimbleOS by Ninebot Company marks a significant advancement in the two-wheeled transportation industry, transitioning towards a software-defined experience and establishing a smart ecosystem for short-distance travel [1][10]. Group 1: Product Launch and Features - Ninebot Company introduced NimbleOS, a self-developed operating system designed specifically for two-wheeled short-distance travel, alongside the new M5 series smart electric motorcycles [1][3]. - NimbleOS integrates core modules such as motor control, battery management, and multi-sensor perception into a unified architecture, enhancing overall performance and optimizing the riding experience [3][10]. - The system offers features like seamless unlocking, hill assist, and improved stability in complex road conditions, providing a smoother and safer riding experience for users [3][10]. Group 2: Industry Transformation - The introduction of NimbleOS signifies a shift in the two-wheeled vehicle industry from hardware-centric competition to a focus on software-defined user experiences [10][11]. - NimbleOS addresses the fragmentation of underlying technologies by providing a cohesive platform that allows for system-level collaboration, thus enhancing user experience [10][11]. - The operating system enables over-the-air (OTA) updates, allowing users to receive new features and services without hardware changes, extending product lifecycle and enhancing long-term user value [10][11]. Group 3: Technological Accumulation - The development of NimbleOS is rooted in Ninebot Company's ten years of exploration and technological accumulation in the smart transportation field [11][13]. - The evolution of NimbleOS reflects the company's journey from the concept of "robotic two-wheeled vehicles" to the establishment of a comprehensive travel ecosystem [11][13]. - The balance achieved between lightweight design and high performance in NimbleOS provides Ninebot Company with a differentiated technological advantage in the industry's smart development [13].

Core Viewpoint - Ninebot Limited has established a comprehensive independent director system to enhance corporate governance, ensure the independence of directors, and protect the interests of minority shareholders and stakeholders [1][2]. Group 1: General Provisions - The independent directors of Ninebot Limited must not hold any other positions within the company and should have no direct or indirect interests that could affect their independent judgment [1][2]. - The proportion of independent directors on the board must be no less than one-third, including at least one accounting professional [1][2]. Group 2: Responsibilities and Duties - Independent directors are obligated to act in good faith and diligence, participating in decision-making, supervision, and providing professional advice to protect the overall interests of the company and the legal rights of minority shareholders [2][20]. - They must maintain independence and avoid conflicts of interest, disclosing any situations that may affect their independence [2][3]. Group 3: Qualifications and Nomination - Independent directors must meet specific qualifications, including relevant work experience, knowledge of corporate operations, and a clean personal record [7][10]. - The nomination of independent directors can be proposed by the board or shareholders holding more than 1% of the company's shares, ensuring that nominees do not have conflicting interests [6][12]. Group 4: Meeting Attendance and Reporting - Independent directors are required to attend board meetings personally, and if unable to do so, they must review materials in advance and provide written opinions [8][11]. - They must submit an annual report detailing their attendance, participation in committees, and communication with shareholders [16][17]. Group 5: Support and Resources - The company must provide necessary conditions for independent directors to perform their duties, including access to information and resources, and ensure that they receive appropriate compensation for their responsibilities [31][32].

存托凭证代码：689009 存托凭证简称：九号公司 公告编号：存托人2025-004 存托人中国工商银行股份有限公司关于九号有限公司召 开2025年第一次临时股东大会 2025 年第 2 次征求境内存 托凭证持有人投票意愿的通知 ? 九号有限公司股东大会会议召开日期：2025 年 9 月 15 日 ? 征求投票意愿采用的网络投票系统：上海证券交易所股东大会网络投票系统 简称上市公司）关于召开2025 年第一次临时股东大会的通知（具体内容见附件）。根据 该通知，上市公司将于2025 年 9 月 15 日在北京市海淀区西小口路 66 号中关村东升科 技园 A4 栋召开2025 年第一次临时股东大会。上市公司董事会已将2025 年 9 月 9 日（ 北京时区）确定为股权登记日。截至股权登记日（北京时区）下午收市时（或者营业 结束时），持有上市公司普通股的在册股东，有权出席股东大会及其任何延期会议并投 票。 截至登记日2025 年 9 月 9 日（北京时区）下午沪市收市时，在中国登记结算有限 公司上海分公司（以下简称中国结算上海分公司）登记在册的境内存托凭证持有人， 拟行使其所持存托凭证对应的基础普通股投票权，须通过 ...

Core Insights - The company launched the M5 series smart electric motorcycles and the NimbleOS short-distance transportation operating system, aiming to redefine high-end smart mobility and enhance user experience [1][8]. M5 Series Smart Electric Motorcycles - The M5 series is positioned as a high-end electric motorcycle with four core advantages: long range, spacious design, strong performance, and comprehensive smart features [3]. - The M5200 model features a 72V90Ah battery with a maximum range of 195 km, while the M5125 dual battery version offers a range of 120 km [4]. - The M5 series includes spacious storage solutions, with a seat bucket capacity of 32L and a large battery compartment measuring 646mm by 242mm [4]. - The motorcycles are equipped with advanced safety features, including a professional AXC chassis, dual-channel ABS, and a robust suspension system [5]. M5P Limited Edition Collaboration - The company announced a limited edition M5P model in collaboration with the classic IP "Neon Genesis Evangelion," set to launch in November 2025 [7]. - This model incorporates EVA mech aesthetics, enhancing its appeal as a collectible item for fans [7]. NimbleOS Short-Distance Transportation Operating System - NimbleOS is designed to create a unified smart ecosystem for short-distance transportation, addressing the issue of technological fragmentation in the industry [8][10]. - The system supports cloud-edge-device collaboration, enabling complex AI functionalities and ensuring a seamless user experience [10]. - NimbleOS allows for over-the-air updates, ensuring that older models can access new features without long wait times [11]. Market Availability - The M5100 and M5125 models are now available for purchase, while the M5200 and M5P limited edition will be released in November 2025 [13]. - The company emphasizes a user-centric approach, focusing on continuous innovation in the smart electric vehicle sector [13].

Summary of 9号公司 Conference Call Company Overview - **Company**: 9号公司 (Ninebot) - **Founded**: 2012 - **Headquarters**: Beijing - **Initial Focus**: Balance scooters, part of Xiaomi ecosystem - **Key Acquisition**: Acquired Segway, gaining significant patents and expanding into international markets [5][6] Industry Insights - **Electric Vehicle (EV) Market**: - 2025 H1 growth of approximately 39% [10] - Major competitors: 雅迪 (Yadea) and 爱玛 (Aima) with over 20% market share each; 9号公司 holds about 7% [10] - Focus on product differentiation through smart and high-end features to avoid price wars [2][10] - **Lawn Mower Robot Market**: - Current penetration rate of lawn mower robots is low at 5%-6% [15] - Expected growth driven by stricter environmental policies in Europe and the US [15] - 9号公司 leveraging advanced technologies like RTK and visual positioning for competitive advantage [16][17] Financial Performance - **Revenue Growth**: - 2025 projected revenue of 20 billion yuan, a 40% increase year-on-year [5][20] - Q1 2025 revenue growth over 90%, Q2 over 60% [2][8] - Two-wheeled vehicle sales expected to exceed 4 million units in 2025, a growth of over 50% [12][20] - **Profitability**: - Net profit expected to reach 2 billion yuan in 2025, with a net margin in the double digits [5][20] - Continuous improvement in net and gross margins from 2021 to 2024 [9][20] Key Business Segments - **Electric Two-Wheeled Vehicles**: - Compound annual growth rate (CAGR) of over 70% from 2021 to 2024, outperforming competitors [12] - Focus on smart features and high-end products [11] - **Lawn Mower Robots**: - Anticipated business growth exceeding 200% in 2024, with continued growth over 100% in 2025 [3][17] - Market share currently at 5%, with significant room for growth [17] - **Electric Scooters and Balance Vehicles**: - Market size in 2023 was $2.9 billion, with a projected CAGR of about 10% from 2024 to 2032 [18] - Expected revenue growth over 20% in 2025 [18] - **All-Terrain Vehicles (ATVs)**: - Sales volume of 24,000 units in 2024, with a market share of about 2.5% [19] - Short-term growth impacted by US tariffs, but European markets show promise [19] Competitive Advantages - **Technological Innovation**: - Development of proprietary software (Ninebot OS) and hardware systems enhancing user experience [11] - Strong emphasis on R&D with a technically skilled management team [7] - **Market Positioning**: - Early entry into the lawn mower robot market, establishing a favorable position against competitors [17] - Focus on product diversification and leveraging existing technologies across different product lines [10][16] Conclusion - 9号公司 demonstrates strong growth potential across multiple segments, particularly in electric vehicles and lawn mower robots, supported by innovative technology and strategic market positioning. The company is well-positioned to capitalize on emerging trends and regulatory changes in the industry [2][20]

Core Viewpoint - The launch of NimbleOS marks a significant advancement in the two-wheeled short-distance travel sector in China, enabling system-level collaboration among vehicle components and enhancing user experience through over-the-air updates [1] Group 1: Product Features - NimbleOS integrates core modules such as power control, battery management, peripheral connectivity, smart trunk, and vehicle systems for the first time [1] - Users can upgrade their vehicle's functionalities remotely, similar to mobile phone system updates, eliminating the need for hardware replacements [1] - The system transforms electric vehicle delivery from a fixed state to a continuously evolving one, allowing for ongoing enhancements [1] Group 2: Future Capabilities - Future advanced features like vehicle-road collaboration, smart lighting control, and AI adaptive riding scenarios will be based on the NimbleOS [1]

Core Insights - The launch of NimbleOS marks the first self-developed universal operating system for short-distance two-wheeled transportation in China, indicating a new phase in the smart transportation industry centered around operating systems [2][12] - NimbleOS integrates core modules such as motor control, battery management, multi-sensor perception, and vehicle interaction into a unified platform, enhancing overall performance and user experience [4][11] - The system allows for over-the-air (OTA) upgrades, enabling older models to receive new features, thus redefining the relationship between users and their vehicles from mere transportation tools to evolving "smart partners" [4][11] Industry Transition - The introduction of NimbleOS signifies a shift from hardware-centric competition in the two-wheeled vehicle industry to a focus on software-defined experiences [11][12] - The operating system addresses the fragmentation of underlying technologies by providing a unified architecture, which enhances system-level collaboration and user experience [11][12] - Future advancements may include features like vehicle-road collaboration and AI adaptive riding scenarios, expanding the possibilities for the entire industry [11][12] Technological Accumulation - NimbleOS is the result of a decade of technological exploration and accumulation by the company in the smart transportation field, evolving from earlier concepts to a comprehensive ecosystem [12] - The system balances lightweight design with high performance, establishing a differentiated technological advantage for the company in the wave of industry smartification [12] - The competition will increasingly focus on software experience and ecological service capabilities rather than just hardware specifications, marking a critical milestone in the transition to a "software-defined vehicle" era [12]