Core Viewpoint - The company, Ninebot, is expected to achieve a net profit of between 1.67 billion to 1.85 billion yuan in 2025, representing a year-on-year growth of 54.04% to 70.64%, showcasing strong operational resilience and growth quality in a challenging industry environment [2][3]. Group 1: Financial Performance - Ninebot's net profit is projected to increase significantly by 54% to 71% in 2025, highlighting the maturity of its profit model and operational efficiency despite industry pressures [3]. - The company has invested heavily in research and development, with R&D spending reaching 872 million yuan in the first three quarters of 2025, a 59% increase year-on-year, indicating a commitment to innovation [3]. Group 2: Market Position and Strategy - Since entering the electric two-wheeler market in 2019, Ninebot has focused on a "smart" core strategy, achieving a 70% market share in the domestic smart electric two-wheeler segment, reinforcing its position as a leader in smart mobility [4]. - Ninebot has established a dual-brand strategy with "Ninebot" and "Segway" to expand globally, aiming to transition from "product export" to "brand export" and capture high-value markets traditionally dominated by fuel-powered vehicles [6]. Group 3: Product Development and Innovation - The launch of the "Nimble OS" has strengthened Ninebot's technological moat in software and systems, contributing to its competitive edge in the market [3]. - The company has successfully transitioned its product structure to focus on the mid-to-high-end market, leading in sales within the 4,000 yuan and above price segment, reflecting a shift from "cost performance" to "quality-price performance" [4]. Group 4: Future Outlook - With the milestone of over 10 million units sold, Ninebot is expected to reveal more positive details regarding gross margins, regional growth, and ecosystem revenue in its upcoming annual report, indicating a promising future [6]. - The ongoing dual-brand globalization and continuous AI technology integration are anticipated to unlock greater long-term value for Ninebot in the capital market [6].

九号公司发布 2025 年业绩预告并召开电话会，2026 年一季度电动自行车需求仍处低迷状态，其他产品需求表现 较好；2025 年第四季度利润低于预期，我们下调 2026-28 年净利润预期 11-12%，，维持 "买入"评级。 ：欧洲和非美地区销量同比增长 20-30%。 ：表现分化，电动摩托车销量同比增长 50%，占电动两轮车需求的 80%（2025 年为 51%），但电动自行车需 求未改善仍处冰点，需等待春节后是否出现拐点。 九号公司发布 2025 年业绩预告并召开电话会，2026 年一季度电动自行车需求仍处低迷状态，其他产品需求表现 较好；2025 年第四季度利润低于预期，我们下调 2026-28 年净利润预期 11-12%，，维持 "买入"评级。 ：表现分化，电动摩托车销量同比增长 50%，占电动两轮车需求的 80%（2025 年为 51%），但电动自行车需 求未改善仍处冰点，需等待春节后是否出现拐点。 一线城市监管严格，需求低迷且仅占九号销量的 10-20%；非一线城市中，电动摩托车正逐步取代电动自行车。 ：面向消费者（to C）业务需求保持增长面向企业（to B）业务较 2025 年高基数持平。 ...

瑞银 – 九号公司：电动自行车需求尚待复苏，目标价下修至 75元 九号公司发布 2025 年业绩预告并召开电话会，2026 年一季度电动自行车需求仍处低迷状态，其他产品需求表现 较好；2025 年第四季度利润低于预期，我们下调 2026-28 年净利润预期 11-12%，目标价从 81 元下修至 75 元，维 持 "买入"评级。 2025 年第四季度利润低于预期 电动两轮车：表现分化，电动摩托车销量同比增长 50%，占电动两轮车需求的 80%（2025 年为 51%），但电动自 行车需求未改善仍处冰点，需等待春节后是否出现拐点。 一线城市监管严格，需求低迷且仅占九号销量的 10-20%；非一线城市中，电动摩托车正逐步取代电动自行车。 电动滑板车：面向消费者（to C）业务需求保持增长面向企业（to B）业务较 2025 年高基数持平。 割草机：销量维持高增长，与 2025 年类似，预计一季度销量同比翻倍左右。 全地形车：欧洲和非美地区销量同比增长 20-30%。 2026 年一季度各产品需求情况 电动两轮车：表现分化，电动摩托 瑞银 – 九号公司：电动自行车需求尚待复苏，目标价下修至 75元 九号公司发布 2 ...

Core Insights - The new national standard for electric bicycles has been fully implemented, with 33 models from 17 leading brands showcased at a promotional event, indicating a shift towards compliance and safety in the industry [1][2] - The electric bicycle market is experiencing significant growth, with 165 million new standard models already released and an expected production of 7.55 million units by the end of Q1 2025, reflecting a robust supply capability [2] - Safety and compliance are emphasized as fundamental for the survival and development of electric bicycle companies, with stricter technical requirements introduced in the new standard [3] Group 1: Market Overview - The event featured a variety of new models that cater to diverse consumer needs, showcasing brands like Yadea, Aima, and Niu [1] - The electric bicycle has become an essential tool for daily commuting, with a projected production of 54.9 million units by 2025, representing a 29% year-on-year increase [2] - The industry is expected to see a peak in new model launches in March, as more companies aim to capture market share [2] Group 2: Compliance and Safety - The new national standard imposes stricter requirements on fire resistance, plastic composition, anti-tampering, and braking performance, marking a transition to high-quality development in the industry [3] - A public commitment was made by 20 key electric bicycle companies to resist non-compliance, emphasizing integrity and adherence to standards [3] - The Ministry of Industry and Information Technology stresses the importance of quality and safety as a lifeline for companies, aiming to prevent the circulation of non-compliant vehicles [3]

Group 1 - A total of 31 companies were investigated by well-known institutions in the past week (January 26 - February 2) [1] - The industries with significant attention included power equipment and machinery [1] - Notable companies receiving the most attention included Ying Tang Zhi Kong, Guanglong Integrated, and Ao Jian Microelectronics, which are involved in core optical communication components [1] Group 2 - The top companies by the number of institutional investigations included: - Jingzhida and Zhongji Xuchuang with 170 and 137 investigations respectively [2] - Wangsu Technology with 56 investigations [2] - Liu Gong with 46 investigations [2] - China Resources Microelectronics with 43 investigations [2] - Other companies of interest included: - Sunshine Nuohe with 17 investigations [3] - Shunhao Co. with 16 investigations [3] - Panda Dairy with 4 investigations [3] - Ninebot Company with 160 investigations on multiple occasions [3][4] - Additional companies receiving attention included: - Midea Group with 20 investigations [5] - Jin Da Wei with 17 investigations [5] - Huaneng Energy with 9 investigations [5]

Investment Rating - The industry investment rating is "Increase Holding" [6][13]. Core Insights - The real estate market is expected to stabilize, creating opportunities for recovery in the real estate supply chain, with a focus on key home appliance companies' annual report forecasts [2][6]. - Key home appliance companies are showing significant profit growth, with notable increases in net profits for companies like Ecovacs and Ninebot, while others like Roborock are experiencing declines [3][4][6]. Summary by Relevant Sections Key Home Appliance Company Forecasts - Ecovacs is projected to achieve a net profit of 1.7-1.8 billion yuan in 2025, representing a year-on-year increase of 111%-123% [3]. - Ninebot expects a net profit of 1.67-1.85 billion yuan in 2025, a year-on-year increase of 54%-71% [3]. - Roborock anticipates a net profit of no less than 1.34 billion yuan in 2025, a year-on-year decrease of 31% [3]. - Anfu Technology forecasts a net profit of 220-250 million yuan in 2025, a year-on-year increase of 29%-51% [3]. - TCL Electronics expects an adjusted net profit of 2.33-2.57 billion HKD in 2025, a year-on-year increase of 45%-60% [4]. - Beiding Co. anticipates a revenue of 950 million yuan in 2025, a year-on-year increase of 26% [4]. Investment Recommendations - The report recommends increasing holdings in companies such as Midea Group, Haier Smart Home, TCL Electronics, and Hisense Visual, which are expected to perform well due to stable operations and high dividends [6][7]. - The report highlights the potential for smart home appliances to drive growth, particularly for leading robotic vacuum companies like Roborock and Ecovacs [6]. - Companies like Ninebot and Anfu Technology are noted for their stable performance and upward potential, making them attractive investment options [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.67 to 1.85 billion yuan for 2025, representing a year-on-year increase of 54% to 71%. The non-recurring net profit is projected to be 1.62 to 1.79 billion yuan, also showing a year-on-year increase of 53% to 69%. For Q4 2025, the net profit is expected to be between -117 million to 63 million yuan, reflecting a year-on-year decline of 202% to 45% due to increased income tax and exchange losses. The profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 1.759 billion, 2.316 billion, and 2.954 billion yuan respectively, corresponding to EPS of 24.42, 32.15, and 41.00 yuan. The current stock price corresponds to P/E ratios of 21.2, 16.1, and 12.6 times for the respective years. The company is expected to maintain double-digit growth in its two-wheeler segment and stable profitability due to increased APP profits and ongoing channel optimization [5][7]. Financial Summary - The company’s revenue is projected to grow significantly, with expected revenues of 21.403 billion yuan in 2025, 29.132 billion yuan in 2026, and 37.117 billion yuan in 2027, reflecting year-on-year growth rates of 50.8%, 36.1%, and 27.4% respectively. The gross margin is expected to improve to 30.3% in 2025 and further to 31.4% in 2026. The net profit margin is projected to be 8.2% in 2025 and 7.9% in 2026. The return on equity (ROE) is expected to reach 22.1% in 2025 and 23.5% in 2026 [8][10]. Product Performance - In Q4 2025, the two-wheeler segment is expected to focus on inventory clearance, with an estimated shipment of 4.1 million units for the year and 200,000 to 300,000 units for Q4, showing a decline due to policy changes. However, the average selling price is expected to increase. The all-terrain vehicle segment is anticipated to continue its growth in non-US regions, while the lawn mower segment is expected to exceed expectations due to low inventory levels [6][7]. Growth Outlook - For 2026, the two-wheeler segment is expected to outperform industry growth, with a target of 30% volume increase driven by electric motorcycles and low inventory. The lawn mower segment is projected to double its revenue, supported by the release of nine new SKUs and channel deepening. The E-Bike segment is also expected to show strong growth potential following positive feedback from product launches [7][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Insights - The company is expected to achieve a net profit attributable to shareholders of approximately 1.67 to 1.85 billion yuan for 2025, representing a year-on-year increase of 54% to 71%. The adjusted net profit is projected to be between 1.62 to 1.79 billion yuan, reflecting a growth of 53% to 69% year-on-year. However, for Q4 2025, the net profit is anticipated to decline by 202% to 45% due to increased income tax and exchange losses [5] - The company has adjusted its profit forecast for 2025-2027, now estimating net profits of 1.759 billion, 2.316 billion, and 2.954 billion yuan respectively, with corresponding EPS of 24.42, 32.15, and 41.00 yuan. The current stock price corresponds to P/E ratios of 21.2, 16.1, and 12.6 times for the respective years [5] - The company is optimistic about the growth of its two-wheeled vehicles and the continued expansion of its brand channels, expecting double-digit growth and stable profitability. The introduction of new products and steady channel expansion in 2026 is also anticipated to contribute to growth [5][7] Financial Summary - For 2025, the company expects total revenue of approximately 21.403 billion yuan, a year-on-year increase of 50.8%. The net profit margin is projected to be 8.2% for 2025, with a gross margin of 30.3% [8] - The company forecasts a revenue growth of 36.1% in 2026, reaching 29.132 billion yuan, and a further increase of 27.4% in 2027, targeting 37.117 billion yuan [8] - The company's return on equity (ROE) is expected to be 22.1% in 2025, increasing to 23.5% in 2026 and stabilizing at 23.4% in 2027 [8] Product Performance - In Q4 2025, the two-wheeled vehicle segment is expected to focus on inventory clearance, with an estimated shipment of 410 million units for the year, and 200,000 to 300,000 units in Q4, reflecting a decline due to policy changes and inventory management [6] - The all-terrain vehicle segment is projected to maintain growth in non-US regions, while the lawn mower robots are expected to exceed expectations due to low inventory levels and seasonal demand [6][7] - For 2026, the two-wheeled vehicle segment is anticipated to outperform industry growth, with a target of 30% volume increase, while the lawn mower robots are expected to see revenue growth double year-on-year [7]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 73.10 CNY [6]. Core Insights - The company has released its earnings forecast for 2025, projecting a net profit attributable to shareholders between 1.67 billion to 1.85 billion CNY, representing a year-on-year increase of 54.0% to 70.6% [13]. - The company is expected to face short-term pressure due to the transition to new national standards for electric two-wheelers in Q4 2025, while the lawnmower segment is anticipated to maintain high growth [2][13]. - The forecasted net profit for Q4 2025 is expected to be between -0.12 billion to +0.06 billion CNY, indicating a significant decline compared to the previous year [13]. Financial Summary - Total revenue is projected to grow from 10.22 billion CNY in 2023 to 21.41 billion CNY in 2025, reflecting a growth rate of 50.8% [5]. - Net profit attributable to shareholders is expected to increase from 598 million CNY in 2023 to 1.76 billion CNY in 2025, with a growth rate of 62.4% [5]. - Earnings per share (EPS) is forecasted to rise from 8.29 CNY in 2023 to 24.40 CNY in 2025 [5]. - The return on equity (ROE) is projected to reach 37.9% in 2025, up from 11.0% in 2023 [5]. Business Outlook - The company is focusing on the electric two-wheeler market, which is expected to recover in Q1 2026 after facing challenges in Q4 2025 due to new regulations [13]. - The lawnmower segment is expected to maintain strong growth, with the company accelerating shipments in response to market demands [13]. - Other business segments, including scooters and balance bikes, are projected to show steady growth, contributing to the company's long-term resilience [13].

Group 1 - Institutional research enthusiasm remains high, particularly in the machinery and computer sectors, with electronics and machinery equipment industries leading in the number of institutions surveyed over the past five days [2][7] - From January 26 to January 30, Jingzhida received the most institutional surveys, totaling 170, following a significant contract signing worth 1.311 billion yuan for semiconductor testing equipment [3][5][6] - Over 600 companies have been surveyed by institutions this year, with Dajin Heavy Industry receiving the highest number of surveys at 209 [3] Group 2 - The top ten A-share companies by the number of institutional surveys this week include Jingzhida, which received 170 surveys, and Ninebot Company, which received 160 [5][9] - The machinery and electronics sectors have seen increased attention, with a notable focus on the semiconductor testing equipment market, highlighting Jingzhida's competitive position in the domestic supply chain [6][7] - Ninebot Company is focusing on electric motorcycles as a core growth driver, with sales of electric motorcycles surpassing electric bicycles since 2025, indicating a strong growth trend in the two-wheeler market [12]