证券代码：689009 证券简称：九号公司 公告编号：2025-040 九号有限公司 部分归属结果暨存托凭证上市公告 本公司董事会及全体董事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： ?本次存托凭证上市类型为股权激励存托凭证；存托凭证认购方式为网下，上 市存托凭证数量为1,688,025份。 本次归属股票对应存托凭证数量：168,802.5 股基础股票，按照 1 股/10 份存 托凭证的比例进行转换后，本次存托凭证上市流通总数为1,688,025份。 ?本次存托凭证上市流通日期为2025 年 7 月 4 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司有关业务规则的规定，九号有限公司（以下简称"公司"）于近 日收到中国证券登记结算有限责任公司上海分公司出具的《证券变更登记证明》， 公司完成了 2022 年限制性股票激励计划第二次预留授予部分第二个归属期第一批 次、2023 年限制性股票激励计划第二个归属期第一批次、2024 年限制性股票激励 计划首次授予部分及预留授予部分(2024 ...

Core Viewpoint - The article highlights the contrasting fates of smart lawn mower companies, illustrating the challenges faced by startups like Senhe Innovation and the successes of established players like Ninebot, emphasizing the critical importance of mass production, funding, and distribution channels in the industry [4][5]. Group 1: Mass Production Challenges - 2024 is identified as the year of large-scale mass production for smart lawn mowers, with an estimated shipment of 300,000 to 400,000 units, primarily dominated by companies like Ninebot, Songling, and others [8]. - Startups struggle with low shipment volumes and face significant hurdles in mass production due to high technical demands in navigation algorithms and environmental adaptability [15][16]. - Many startups, despite initial crowdfunding success, fail to deliver products on time, leading to user dissatisfaction and potential financial ruin [13][14]. Group 2: Funding Difficulties - The smart lawn mower industry requires substantial initial funding, with estimates suggesting at least 50 million yuan (approximately 7.5 million USD) is necessary to start a business [27]. - Crowdfunding is a common strategy for startups to alleviate cash flow pressures, but even successful campaigns may not cover the extensive costs of research and development [28]. - Companies like Huijun and Laifei Intelligent face severe financial strains despite initial funding successes, highlighting the precarious nature of funding in this sector [30][32]. Group 3: Distribution Channel Competition - The article emphasizes that distribution channels are crucial for success in the smart lawn mower market, with traditional manufacturers like Worx and Gardena having established networks that new entrants struggle to penetrate [44][45]. - Online sales are a primary avenue for startups, but they face challenges in building brand recognition and providing adequate after-sales service [46][47]. - Companies like Ninebot leverage existing channels from their other product lines, allowing them to achieve significant market penetration compared to startups that rely solely on online sales [58][59].

证券代码：689009 证券简称：九号公司 公告编号：2025-040 九号有限公司 2022 年、2023 年、2024 年限制性股票激励计划 部分归属结果暨存托凭证上市公告 本公司董事会及全体董事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： 本次存托凭证上市类型为股权激励存托凭证；存托凭证认购方式为网下，上 市存托凭证数量为1,688,025份。 本次归属股票对应存托凭证数量：168,802.5 股基础股票，按照 1 股/10 份存 托凭证的比例进行转换后，本次存托凭证上市流通总数为1,688,025份。 本次存托凭证上市流通日期为2025 年 7 月 4 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司有关业务规则的规定，九号有限公司（以下简称"公司"）于近 日收到中国证券登记结算有限责任公司上海分公司出具的《证券变更登记证明》， 公司完成了 2022 年限制性股票激励计划第二次预留授予部分第二个归属期第一批 次、2023 年限制性股票激励计划第二个归属期第一批次、2024 年限 ...

Group 1: Financial Performance - 阳光诺和预计2025年营业收入将较2024年增长不低于10%[1] - 九号公司2025年营业收入预计为2509百万，较2024年增长40%[1] - 牧原股份2025年预计销量高速增长，2025年净利润增速为26%[1] Group 2: Market Trends and Risks - STC007新药研发进展领先，市场空间较大，潜在BD预期将增厚利润[1] - 美团外卖在补贴力度升级下可能受到影响，但长期看具备运营效率优势[1] - 华友钴业受益于刚果金延长出口禁令，钴价有望上涨[1] Group 3: Strategic Developments - 精智达预计2025年半导体设备收入将达到5亿，是2024年的两倍[1] - 阳光电源在全球储能市场具备竞争优势，预计2025年净利润具备高增潜力[1] - 广和通布局具身智能机器人，供货全球头部机器人公司[1]

Investment Rating - The report maintains a "Positive" investment rating for the industry [10]. Core Insights - The lawn mower robot industry is expected to experience significant growth, with the potential for boundary-less robots to replace traditional boundary-based products, leading to a projected increase in shipment volume by over 10 times if they replace 30% of push mowers and 10% of riding mowers [3][9]. - Key competitive advantages are identified as product stability, larger capital base, and stronger local operational capabilities overseas [3][9]. - Recommended leading companies in the high-growth sector include Ninebot, and promising firms actively positioning for growth include Anker Innovation and Ecovacs [3][9]. Summary by Sections Market Size Insights - The global lawn mower market is projected to exceed $30 billion by 2024, with the lawn mower segment accounting for approximately 37%, translating to a market size of over $10 billion for push and riding mowers combined [6][23]. - The lawn mower robot market is expected to reach around $1.5 billion in 2024, representing just over 10% of the overall lawn mower market, with an estimated shipment volume of approximately 129,000 units [6][30]. - The boundary-less lawn mower robots are anticipated to capture about 30% of the total robot shipments, equating to around 38,000 units in 2024 [6][38]. Competitive Landscape - The competitive landscape is categorized into three types of players: traditional leaders (e.g., Husqvarna and Gardena) who dominate the boundary-based market but are lagging in boundary-less product development; emerging players (e.g., Ninebot, Ecovacs) who are rapidly advancing in boundary-less products; and new entrants (e.g., Anker, UBTECH) with relevant technological expertise [7][52]. - Traditional leaders hold over 90% market share in the boundary-based segment but are facing challenges in adapting to the boundary-less trend [7][55]. Competitive Factors - Technological advancements are crucial, with RTK and visual technology being the mainstream paths that offer cost advantages and stable performance [8][38]. - The offline sales channel is expected to account for over 80% of lawn mower robot sales, indicating that early movers can establish significant channel barriers [8][41]. - After-sales service is critical, with companies that have superior product stability, larger capital, and strong local operational capabilities being more competitive [8][41]. Investment Recommendations - The report suggests focusing on high-growth leading companies such as Ninebot, and actively positioning firms like Anker Innovation and Ecovacs for potential growth opportunities [9][11].

Group 1 - The report emphasizes three main investment themes: new consumption, national subsidies driving demand, and the challenges posed by tariffs [1][4] - National subsidies have significantly supported domestic demand, with approximately 50% of the annual budget utilized by June 20, 2025, leading to over 1.3 trillion yuan in sales driven by the "old for new" policy [1][14] - The report highlights the strong performance of the home appliance sector during the 618 shopping festival, with total sales reaching 1.1 billion yuan, accounting for 13% of the overall e-commerce sales [20][21] Group 2 - New consumption trends are emerging, particularly in AI and robotics, with companies like Roborock, Ninebot, and Ecovacs leading the way in innovative product offerings [2][23] - The report notes a shift in the kitchen small appliance market from price competition to value competition, driven by new consumer demographics [28][33] - The performance of small household appliances is expected to rebound, with companies like Ecovacs and Roborock showing significant revenue growth in recent quarters [24][25] Group 3 - The report indicates that national subsidies are expected to continue without interruption, with additional funding batches scheduled for July and October 2025 [3][42] - The competitive landscape is intensifying, with brands like Xiaomi and Gree engaging in price wars to maintain market share, particularly in the air conditioning segment [3][47] - The report suggests that companies with strong cash flow and high dividend rates, such as Gree Electric and Midea Group, are well-positioned to benefit from the ongoing subsidy programs [4][5] Group 4 - The tariff situation poses risks and opportunities for companies engaged in overseas manufacturing, with firms like Ousheng Electric and Dechang benefiting from global supply chain restructuring [4][12] - The report highlights the importance of innovation in the small appliance sector, with AI hardware and smart home devices experiencing rapid growth [25][34] - Companies are encouraged to focus on high-end product offerings and global market expansion to mitigate the impacts of domestic competition and tariff challenges [4][50]

Core Viewpoint - The chairman of Ninebot Company, Gao Lufeng, expressed surprise at the lack of transparent pricing in the electric bicycle industry, highlighting the company's move towards clear pricing as a significant advancement [2][6]. Group 1: Pricing Transparency - The practice of bargaining in traditional markets leads to inefficiencies in sales processes, as both buyers and sellers engage in negotiations to secure the best deal [2][4]. - The establishment of fixed prices by shop owners in villages helps maintain customer flow and ensures reasonable profits, contrasting with the bargaining culture prevalent among unfamiliar vendors [4][5]. - Ninebot's approach to transparent pricing reduces the negotiation effort required from both parties, streamlining transactions and enhancing market efficiency [6][7]. Group 2: Economic Implications - The shift towards price transparency reflects a deeper evolution in China's economy, as it aims to redefine the fundamental rules of commercial civilization [7]. - The concept of transaction cost theory is validated, indicating that the choice of pricing models is fundamentally about minimizing transaction costs [6][7]. - While price transparency is beneficial, it is not a one-size-fits-all solution, as personalized negotiations remain essential in complex scenarios like bulk commodity trading and construction bidding [6].

Core Insights - The article discusses the competitive landscape of the smart lawn mower industry, highlighting both the challenges and opportunities for companies entering this market [4][5][6]. Industry Overview - The smart lawn mower segment is identified as a hot category within the smart hardware sector, with predictions that 2025 will be a year of significant growth [5]. - The global market for smart lawn mowers is projected to reach approximately 6.1 billion RMB in 2024, with an estimated sales volume of 383,500 units [8]. - The potential market size could exceed 300 billion RMB if smart lawn mowers fully replace traditional lawn care methods, indicating a significant growth opportunity [8]. Market Dynamics - Major players in the smart lawn mower market are beginning to dominate, with companies like Baoshide and Ecovacs actively investing in this space [9][10]. - The article notes that the market is experiencing a brutal elimination process, with many startups facing challenges in funding, technology, and team capabilities [3][15]. Company Developments - Notable companies such as Ninebot and Ecovacs have reported substantial revenue growth from their lawn mower products, with Ninebot's lawn mower revenue reaching 861 million RMB in 2024 [10]. - Startups like Yarbo and Lymow are also making strides, with significant funding rounds planned for 2025 [10]. Challenges and Competition - The article emphasizes the difficulties in transitioning from product concept to mass production, with many crowdfunding projects facing delivery and stability issues [11][12]. - The industry is witnessing a price war, with some smart lawn mowers priced close to traditional models, raising concerns about profitability and product quality [14]. Future Outlook - The upcoming summer season is deemed critical for the smart lawn mower market, as sales are highly seasonal, peaking around July [16]. - Companies must balance technological innovation, brand building, service capabilities, and supply chain efficiency to survive the impending market consolidation [16].

Investment Rating - The report suggests a focus on companies with high earnings growth certainty and relatively high dividend support in the domestic furniture sector, as well as certain export companies with strong growth logic or overseas production capacity advantages [4][9]. Core Insights - The furniture retail sales in China saw a year-on-year increase of 25.6% in May, with a cumulative increase of 21.4% from January to May. However, the overall order situation has weakened since June, indicating a potential fatigue in demand stimulation from national subsidies [4][9]. - In the new tobacco sector, the glo hilo product launched in Japan is expected to accelerate revenue growth in the second half of 2025, supported by strong marketing resources from BAT [4][12]. - The paper packaging sector is experiencing price stability, with a focus on growth-oriented packaging companies. The report highlights the need to monitor the performance of major paper types and the overall supply pressure in the market [4][15]. - The light consumer goods and pet sectors are seeing increased online competition, with a focus on companies that demonstrate clear growth narratives and operational capabilities [4][16]. - The two-wheeler market is expected to see a rebound in the second half of the year, driven by new national standards and product launches, despite a temporary slowdown due to subsidy fund exhaustion [4][19]. Summary by Sections Furniture Sector - Domestic retail sales of furniture increased by 25.6% in May, with a cumulative increase of 21.4% from January to May. However, the order situation has weakened since June, indicating potential fatigue in demand stimulation [4][9]. - Recommended companies include Sofía, Gujia Home, Mousse, and others, focusing on those with high earnings growth certainty and dividend support [4][9]. New Tobacco - The glo hilo product launched in Japan is expected to accelerate revenue growth in the second half of 2025, with strong marketing support from BAT [4][12]. - Recommended companies include Smoore International, which is expected to benefit from the expansion of the overseas compliant market [4][12]. Paper and Packaging - The paper sector is experiencing price stability, with major paper types showing no significant improvement in orders. The report emphasizes the importance of monitoring growth-oriented packaging companies [4][15]. - Recommended companies include Yutong Technology and others, focusing on those with stable operations and growth potential [4][15]. Light Consumer Goods & Pets - The light consumer goods sector is seeing increased online competition, with a focus on companies that demonstrate clear growth narratives and operational capabilities [4][16]. - Recommended companies include Guibao Pet and others, focusing on those with resilient consumer demand and growth potential [4][16]. Two-Wheeler Market - The two-wheeler market is expected to see a rebound in the second half of the year, driven by new national standards and product launches, despite a temporary slowdown due to subsidy fund exhaustion [4][19]. - Recommended companies include Yadi Holdings and others, focusing on those with strong product capabilities and market expansion potential [4][19].

Core Viewpoint - The restaurant delivery robot market in China has experienced rapid growth, with the market size increasing from 276 million yuan in 2020 to 500 million yuan in 2023, reflecting a compound annual growth rate (CAGR) of 21.9% [1][6]. Industry Definition and Classification - Restaurant delivery robots are commercial service robots based on artificial intelligence (AI), autonomous driving (AGV/AMR), and Internet of Things (IoT) technologies, used for tasks such as food delivery, tray return, and reception in restaurants, hotels, and cafeterias [2][6]. - They can be categorized into desktop, upright transport, and fixed-rail types based on their functional forms [2]. Current Development Status - The domestic restaurant delivery robot market is projected to reach approximately 603 million yuan in 2024 and is expected to grow to 726 million yuan by 2025 [6]. - The intelligent service robot market in China is anticipated to grow from 6.48 billion yuan in 2016 to 66.29 billion yuan in 2024, with a forecast of 77.91 billion yuan by 2025 [4]. Industry Chain - The upstream of the restaurant delivery robot industry includes components such as reducers, servo motors, controllers, and sensors, as well as software systems like operating systems, voice interaction, and image recognition [8]. Competitive Landscape - Major companies in the restaurant delivery robot market include QianShanJia Robot, Pudutech, QingLang Intelligent, and others, with QingLang Intelligent and Pudutech leading the first tier of competition [12][14]. - QianShanJia Robot focuses on commercial service robot development, while Pudutech is recognized for its comprehensive product lines across various sectors [13][14]. Development Trends - The application of restaurant delivery robots is expanding in restaurants and hotels, enhancing service efficiency and reducing labor costs [17]. - The industry is evolving from "functional" to "intelligent" robots, with a focus on expanding application scenarios beyond dining to a broader service ecosystem [17].