证券代码：689009 证券简称：九号公司 公告编号：2025-053 九号有限公司 存托凭证持有人询价转让定价情况提示性公告 相关存托凭证持有人保证向九号有限公司提供的信息内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其真实性、准确性和完整性依法承担法律 责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 根据 2025 年 8 月 4 日询价申购情况，本次询价转让初步确定的转让价格 为 54.79 元/份存托凭证。 一、本次询价转让初步定价 （二）参与本次询价转让报价的机构投资者家数为 27 家，涵盖了基金管理 公司、合格境外机构投资者、证券公司、私募基金管理人等专业机构投资者。参 与本次询价转让报价的机构投资者合计有效认购存托凭证份数为 28,837,650 份， 对应的有效认购倍数为 2.00 倍。 （三）本次询价转让拟转让存托凭证已获全额认购，初步确定受让方为 13 家机构投资者，拟受让存托凭证总数为 14,388,893 份。 二、风险提示 （一）本次询价转让受让方及受让存托凭证份数仅为初步结果，尚存在拟转 让存托凭证被司法冻结、扣划等风险。询价转让 ...

格隆汇8月4日丨九号公司(689009.SH)公布，经向机构投资者询价后，九号有限公司存托凭证持有人询 价转让初步确定的转让价格为54.79元/份存托凭证。本次询价转让拟转让存托凭证已获全额认购，初步 确定受让方为13家机构投资者，拟受让存托凭证总数为14,388,893份。 ...

Core Insights - The company reported significant financial growth in the first half of 2025, with net profit exceeding the total for the entire previous year [1] - The revenue for 2024 was 14.196 billion, representing a year-on-year increase of 38.87%, while net profit grew by 81.29% to 1.084 billion [1] Financial Performance - Total revenue for the first half of 2025 reached approximately 11.74 billion, compared to 6.67 billion in the same period last year, marking a substantial increase [1] - Total profit amounted to approximately 1.72 billion, up from 727 million year-on-year [1] - Net profit attributable to shareholders was approximately 1.24 billion, compared to 596 million in the previous year [1] - The net cash flow from operating activities was approximately 3.65 billion, an increase from 2.49 billion [1] - As of the end of the reporting period, net assets attributable to shareholders were approximately 6.78 billion, up from 6.16 billion at the end of the previous year [1] - Total assets increased to approximately 19.62 billion from 15.68 billion [1] Product Revenue Breakdown - In the first half of 2025, revenue from electric balance bikes and scooters was approximately 2.18 billion, while electric two-wheelers generated about 6.82 billion, accounting for 58% of total revenue [2][3] - Revenue from all-terrain vehicles was approximately 537 million, and other products and accessories contributed around 1.43 billion and 772 million, respectively [2][3] Regional Performance - Revenue from mainland China was approximately 7.32 billion, while revenue from overseas markets was about 4.42 billion [4] - The company operates over 8,700 dedicated electric two-wheeler stores in China as of June 30, 2025 [4] - The cumulative shipment of smart electric two-wheelers in the Chinese market surpassed 8 million units, achieving a record increase of 1 million units in just 64 days [4]

Core Viewpoint - The company has announced the preliminary transfer price for the inquiry-based transfer of depositary receipts, set at 54.79 yuan per share [1] Group 1: Transfer Details - A total of 27 institutional investors participated in the inquiry-based transfer, including fund management companies, qualified foreign institutional investors, securities companies, and private fund managers [1] - The total number of valid subscriptions for depositary receipts reached 28.8376 million shares, resulting in a subscription multiple of 2 times [1] - The total number of depositary receipts to be transferred has been fully subscribed, with 13 institutional investors preliminarily determined as the transferees, intending to acquire a total of 14.3889 million shares [1]

Investment Rating - The investment rating for the company is "Accumulate" [4][11]. Core Views - The company continues to experience high revenue growth driven by its diverse business segments, including two-wheeled vehicles, lawnmowers, and scooters, with expectations for further growth in all-terrain vehicles and Ebikes [1][11]. - The projected net profit for the company from 2025 to 2027 is expected to be 20.15 billion, 26.22 billion, and 32.29 billion CNY, respectively, with earnings per share (EPS) of 28.01, 36.44, and 44.88 CNY, reflecting year-on-year growth of 85.9%, 30.1%, and 23.2% [11][12]. - The company has reported a significant increase in sales and profitability, with Q2 2025 revenue reaching 66.3 billion CNY, a year-on-year increase of 61.5%, and net profit of 7.86 billion CNY, up 70.8% year-on-year [11][12]. Financial Summary - Total revenue is projected to grow from 10,222 million CNY in 2023 to 34,055 million CNY in 2027, with a compound annual growth rate (CAGR) of 20.5% [3][12]. - Net profit attributable to the parent company is expected to rise from 598 million CNY in 2023 to 3,229 million CNY in 2027, reflecting a CAGR of 23.2% [3][12]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 7.05 in 2023 to 1.31 in 2027, indicating increasing valuation attractiveness [3][12]. Business Performance - The company reported a sales volume of 138.87 million units for electric two-wheeled vehicles in Q2 2025, a 77% increase year-on-year, contributing 39.6 billion CNY in revenue [11][12]. - The average selling price (ASP) for electric two-wheeled vehicles was 2,852 CNY, reflecting a 2% increase year-on-year [11][12]. - The company has over 8,700 dedicated stores for electric two-wheeled vehicles in China as of June 30, 2025 [11][12]. Shareholder Returns - The company announced a semi-annual dividend plan, distributing 4.23 CNY per 10 shares, totaling 300 million CNY, which represents 24.19% of its net profit [11][12].

Investment Rating - The report assigns an "Accumulate" rating for the industry [2]. Core Insights - The lawn mowing robot industry is reaching a "singularity" moment, with companies possessing technological advantages and overseas experience likely to emerge as winners [4]. - The market for lawn mowing robots is vast and mature, with a potential market space of up to 3 million units, driven by the rigid demand for lawn maintenance in private gardens across Europe and the US [6][14]. - The global sales of lawn mowing robots are expected to reach 3 million units in the future, with significant growth anticipated as technology matures and prices decrease [24]. Summary by Sections 1. The Rise of Boundaryless Intelligent Lawn Mowing Robots - The transition from traditional lawn mowers to intelligent robots represents a significant technological evolution, with the average annual cost of intelligent lawn mowing robots around $183 [8][11]. - The mainstream technology route for these robots is RTK + visual fusion, which enhances operational efficiency in complex environments [11][12]. 2. Huge Market Demand and Growing Intelligence - The US and Europe account for 72% of the global private garden market, with a strong cultural emphasis on lawn maintenance [14][15]. - The penetration rate of intelligent lawn mowing robots remains low, particularly in the US, where it is less than 5% [18]. 3. Industry Competition and Key Players - The industry features three main types of players: traditional outdoor power equipment giants, technology-driven companies, and startups focusing on price advantages [27]. - Notable companies include Husqvarna and Worx, which dominate the market but face challenges from innovative tech firms like Ninebot and Ecovacs [28][30]. 4. Investment Recommendations - The report recommends investing in companies with technological leadership and international experience, specifically Ninebot (2025 PE: 22.7×), Ecovacs (23.3×), and Roborock (20.4×) [48].

Core Insights - The company reported a significant revenue increase of 76.14% year-on-year, reaching 11.742 billion yuan in the first half of the year [1] - Net profit attributable to shareholders grew by 108.45% year-on-year, amounting to 1.242 billion yuan [1] Business Performance - The smart electric two-wheeler segment achieved rapid growth, generating 6.823 billion yuan in revenue, a year-on-year increase of 101.70%, accounting for approximately 58% of total revenue [1] - The balance bike and electric scooter segments generated 2.180 billion yuan in revenue, reflecting a year-on-year growth of 37.23% [1] Market Dynamics - Domestic sales of smart electric two-wheelers reached 2.39 million units, marking a year-on-year increase of 99.5% [1] - According to data from Aowei Cloud Network, the domestic sales of electric two-wheelers are expected to grow by 29.5% year-on-year in the first half of 2025 [1] Product and Channel Development - The rapid development of smart electric two-wheelers is attributed to the company's dual focus on product innovation and channel expansion [1] - In May, the company launched the new Q series products, which received a positive response among female users [1] - As of June 30, 2025, the company had over 8,700 dedicated stores for electric two-wheelers in China [1] Shipment Milestones - As of July 18, the cumulative shipment of smart electric two-wheelers in the Chinese market exceeded 8 million units, achieving a milestone of 1 million units in just 64 days since reaching 7 million units on May 15 [1] - This rapid shipment pace set a new industry record, highlighting the company's strong market competitiveness and user acceptance [1]

Core Insights - The report from Guotai Junan indicates that boundaryless intelligent lawn mowers are leading a technological transformation in the global lawn mower industry, with the market expected to exceed 3 million units in the future [1] - Compared to traditional lawn mowers, the annual usage cost of intelligent products has been reduced to $183, utilizing RTK + visual fusion technology for efficient and precise operations [1] - There is a potential 5-10 times increase in market penetration in Europe and the United States, marking a "singularity" moment for the lawn mower sector [1] - Companies with technological advantages and overseas experience are likely to emerge as winners in this competitive landscape [1] - Recommended companies include Ninebot Company-WD (689009.SH), Ecovacs (603486.SH), and Roborock Technology (688169.SH) [1]

Group 1 - The core viewpoint is that boundaryless intelligent lawn mowers are leading a technological transformation in the global lawn mower industry, with the market expected to exceed 3 million units in the future [1][3] - Compared to traditional lawn mowers, intelligent products have an average annual usage cost reduced to approximately $183, benefiting from labor cost savings, ease of use, low energy consumption, environmental friendliness, diverse functions, and high mowing efficiency [2][3] - The global lawn mower market is substantial and mature, with a potential market space for intelligent lawn mowers reaching 3 million units, driven by the demand from nearly 200 million private gardens in Europe and the U.S. [3] Group 2 - The market participants are categorized into three groups: traditional industry giants like Husqvarna and Bosch, technology-driven companies like Ninebot and Ecovacs, and startups like Changyao Innovation [4] - Traditional giants have strong market channels and brand recognition but missed the opportunity in boundaryless lawn mower technology [4] - Technology-driven companies focus on independent R&D and have a first-mover advantage in boundaryless technology, with Ninebot's innovative model leading to significant revenue growth, projecting a 241% increase in lawn mower business revenue to 861 million yuan in 2024 [4]

割草机市场庞大成熟，智能割草机器人潜在市场空间高达300万台 欧美国家近2亿私家花园催生了对草坪维护的刚性需求，加之园艺文化、消费者教育、法律规定的共同 作用，塑造了年销额高达82.92亿美元的割草机市场。然而，割草机器人全球渗透率仍处于较低水平， 欧洲地区相对高，美国则不足5%，主要是草坪规格、政策、渠道等层面上的差异所导致的。总体来 说，人工智能代替人力劳动仍然是未来发展的大趋势，随着核心技术的发展成熟、价格的进一步下探、 产品矩阵的完善、线上线下渠道的拓宽和市场认知度的提升，割草机器人全球销量有望在未来达到300 万台。 割草机器人参与者众多，玩家主要分为三派 首先是以富世华、宝时得为代表的传统业界巨头坐拥市场渠道广、品牌认知高的传统优势，但是在无边 界割草机器人技术和产品上错失先机;其次是以九号公司、松灵机器人、科沃斯为代表的科技型企业， 它们将割草机器人视作促进增长的"第二曲线"，注重科技自主研发，在无边界技术上具有先发优势，同 时充分利用线上渠道营销推广，成功抢占可观的市场份额，其中九号公司首创割草机器人无边界模式， 并凭借新系列的价格优势成功实现放量，2024年割草机器人业务营业收入达8.61亿 ...