证券代码：689009 证券简称：九号公司 公告编号：2025-074 减持计划的实施结果情况 公司于 2025 年 11 月 5 日在上海证券交易所网站(www.sse.com.cn)披露了 《九号有限公司存托凭证持有人减持存托凭证计划公告》（公告编号：2025-072）。 公司存托凭证持有人 Hctech III L.P.计划在本次减持期间内，通过大宗交易方 式减持不超过 276,000 份存托凭证，占公司存托凭证总数的 0.04%。 截至 2025 年 11 月 28 日，Hctech III L.P.已通过大宗交易方式减持公司存 托凭证 276,000 份，本次减持计划实施完毕。 存托凭证持有人名称 Hctech III L.P. 一、减持主体减持前基本情况 九号有限公司 存托凭证持有人减持存托凭证结果公告 本公司董事会、全体董事及相关存托凭证持有人保证本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： 本次减持不涉及九号有限公司（以下简称"公司"）实际控制人以及公司 董事、高级管理人员和核心技术人员减持直接或者间接持有的存托 ...

九号公司公告，截至2025年11月28日，公司存托凭证持有人Hctech III L.P.已通过大宗交易减持存托凭证 27.6万份，减持价格52.93～52.93元/份，套现1460.87万元，完成此前披露的减持计划。减持前其持有 1251.97万份，占1.75%；减持后持有1224.37万份，占1.71%，降幅0.04%。本次计划原定减持不超过27.6 万份，占0.04%，实际减持与计划一致。 ...

Core Viewpoint - The Ministry of Commerce is set to promote reforms in the automotive circulation and consumption sector, which is expected to benefit the automotive industry significantly [2] Group 1: Automotive Industry Developments - The Ministry of Commerce plans to expand automotive consumption by promoting reforms in the automotive circulation, including enhancing the second-hand car market and expanding automotive aftermarket services such as modifications and rentals [2] - Dongguan Securities maintains an overweight rating on the automotive sector, citing strong demand driven by policies like "trade-in" and extended subsidies, with the passenger car market continuing to grow [2] - Zhongyuan Securities forecasts a moderate adjustment or stabilization in the total passenger car market by 2026 due to reduced purchase tax subsidies and increased technical barriers, while commercial vehicle exports remain robust [2] Group 2: Stock Performance and Institutional Interest - A-share automotive concept stocks have seen an average price increase of 38.4% this year, with 26 stocks rising over 100%, led by Tianpu Co., which has surged 1076.8% [3] - Tianpu Co. clarified rumors regarding its acquisition by Zhonghao Xinying, stating that it is pursuing an independent IPO and has no plans for a backdoor listing through Tianpu [3] - In November, 25 automotive concept stocks received attention from 10 or more institutions, with Ninebot Company-WD being the most researched, attracting 179 institutional inquiries [4] Group 3: Price Corrections and Institutional Research - Among stocks that have seen significant price corrections, several automotive concept stocks have retraced over 20% from their yearly highs, including Haon Electric and BYD, with declines exceeding 30% [4][5] - Ninebot Company-WD reported strong sales performance, with a 68% year-on-year increase in self-operated sales, while Chang'an Automobile received 67 institutional inquiries following the launch of its new product [4]

Group 1 - Despite recent fluctuations in the A-share market, public fund institutions maintain high enthusiasm for research activities, with 128 institutions participating in 513 research activities covering 118 stocks across 22 industries from November 17 to November 23, 2025 [1] - The automotive industry emerged as a "dark horse" in research activities, with Ninebot Company being the most favored stock, receiving 39 research visits, while Slin Technology also performed well with 17 visits and a 5.97% increase in stock price [2][4] - The electric power equipment sector saw three stocks enter the top ten in research frequency, with Rongbai Technology, Jiao Cheng Ultrasonic, and Fengyuan Co. receiving 18, 16, and 13 visits respectively, focusing on sodium battery prospects and competition in the power semiconductor field [2][4] Group 2 - The electronics and automotive sectors were the most researched industries, with the electronics sector leading in both the number of stocks (23) and total research visits (87), while the automotive sector had 9 stocks and also 87 visits [5][6] - A total of 42 public fund institutions conducted research, with an average of more than 5 visits each, and 10 institutions conducting at least 10 visits [6][7] - Bosera Fund was the most active institution with 21 visits, focusing on the electronics, machinery, and automotive sectors, while Huatai-PB and Penghua Fund each conducted 12 visits, with a focus on machinery, electronics, and biomedicine [7][8]

- The report does not contain any quantitative models or factors for analysis[1][2][3]

- The report does not contain any quantitative models or factors for analysis[1][2][3]

Core Viewpoint - The report from CITIC Securities highlights that Ninebot Company achieved a year-on-year revenue growth of 56.82% in Q3, driven by its two-wheeled vehicles and lawnmower businesses, maintaining a high growth trend [1] Financial Performance - The net profit margin for Q3 was 7.49%, which is a decrease of 1.33 percentage points compared to the previous year, slightly below market expectations [1] - The company reported a net profit of 546 million yuan for the quarter, reflecting a year-on-year increase of 45.86% [1] - The non-recurring net profit reached 486 million yuan, marking a year-on-year growth of 37% [1] Long-term Outlook - The company is actively expanding its product categories both domestically and internationally, indicating promising long-term growth potential [1] - The investment rating is maintained at "Buy" [1]

Robotics - Lingyi Zhi Zao has signed strategic cooperation agreements with several leading embodied intelligence companies to promote the hardware manufacturing of embodied robots [1] - Luxshare Precision is expected to ship 3,000 humanoid robots this year [1] Batteries - Tiannai Technology claims that single-wall products are the best choice for fast-charging batteries, with fourth-generation and pure single-wall products significantly enhancing battery rate and cycle life [1] - Ninebot reports that fluctuations in lithium carbonate prices have not directly impacted product pricing; the company has preemptively stocked multiple new electric bicycle products that meet new national standards [1] Chips - Xidi Micro has successfully integrated its high-performance power management chip products into the Meta supply chain through ODM manufacturers [1] - Silan Micro has launched four key analog chips for AI computing power [1] Electronics - BOE Technology Group indicates that the overall supply and demand in the industry is under pressure, with a forecasted decline in the shipment volume of foldable products in the second half of the year [1] - Luxshare Precision anticipates mass production of microchannel technology next year [1] - Zhihui Power, as a first-tier supplier to Google, provides mobile-related components through Foxconn and Taiwan's Compal [1] Others - Jinli Permanent Magnet holds indirect shares in Muxi Co., Ltd [1] - Chunhui Zhikong has begun bulk supply of satellite release devices to satellite manufacturers [1] - Nandu Property holds indirect shares in Yundongchu through the Saizhi Zhudragon Fund [1] - Chuangyuan Technology's subsidiary Suzhou Bearing supplies mainly needle bearing products for the commercial aerospace sector, although the supply volume is relatively small [1] - Shengyuan Environmental Protection has indirectly participated in investment in Moore Threads by subscribing to fund shares [1] - Shengyang Co., Ltd has launched full immersion liquid cooling energy storage systems and solutions into the market [1] - Weichai Power does not have a gas turbine business [1]

Core Viewpoint - The company indicates that fluctuations in lithium carbonate prices have not directly impacted its product pricing due to proactive measures taken in raw material price risk management [1] Group 1: Raw Material Price Management - The company leverages group purchasing advantages to enhance bargaining power and smooth procurement costs through forward-looking raw material reserves [1] - The business structure shows that approximately 20% of the company's electric two-wheeler sales this year are lithium battery models, while the battery cost for electric scooters and robotic lawnmowers constitutes a lower proportion of the overall product cost, making the business less sensitive to lithium price fluctuations [1] Group 2: Future Strategies - The company will continue to closely monitor changes in the raw materials market and dynamically optimize procurement and inventory strategies to strengthen supply chain stability and cost competitiveness [1]

Core Insights - The signing of the smart mobility ecosystem project by Ninebot Company in Changzhou High-tech Zone marks a significant investment in the region [1] - The new R&D and production base will be the largest globally for smart short-distance transportation products, supporting the demand for millions of smart products annually [1] - The project is expected to add a production capacity of 3 million high-end electric vehicles and 5 million sets of spare parts [1]