九号有限公司 2024年境内存托凭证权益分派实施公告 本公司董事会及全体董事保证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。 证券代码：689009 证券简称：九号公司 公告编号：2025-038 重要内容提示： 是否涉及差异化分红送转：是 每股分配比例 每股基础股票现金红利：11.31元（含税） 每份分配比例 每份存托凭证现金红利：1.131元（含税） 相关日期 | 存托凭证登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/12 | 2025/6/13 | 2025/6/13 | 2025 年 5 月 9 日，九号有限公司（以下简称"公司"）2024 年年度股东大会 通过了2024年年度利润分配方案。公司以方案实施前的公司总股本 71,730,101.7 股，扣除公司回购专用证券账户中的股份数后剩余股份70,789,131.2股为基数， 向截至股权登记日2025 年 6 月 12 日（北京时区）下午收市时（或者营业结束时） 登记在册的本公司全体股东每股派发现金红利11.31元（含税），共计 ...

Conference Overview - The 2025 China Robot Intelligence Conference will be held from June 13 to 15, 2025, in Haidian District, Beijing, focusing on "Technology Leading New Quality Productivity" [2] - The conference is organized by the Robotics Intelligence Professional Committee of the Chinese Automation Society, with participation from several prestigious institutions [2] - Expected attendance is over 200 people, including more than 60 national-level talents, featuring over 20 high-level reports [2] Conference Schedule - Keynote speeches will be delivered by prominent academicians, including Qian Feng and Wang Yaonan, on June 14 [6] - Parallel forums will cover various topics such as Control, Cognition, Bionic Robot Systems, Decision Making, and AI for Science, with multiple expert speakers [6][7] Registration and Sponsorship - Registration can be completed online, with a deadline for hotel reservations set for June 5, 2025 [9][13] - Sponsorship opportunities are available at four levels: Diamond (100,000), Platinum (50,000), Gold (30,000), and Silver (10,000) [17] - Different sponsorship levels offer various benefits, including free registrations, exhibition space, and promotional opportunities [21][18] Industry Participation - The conference will feature participation from various sectors, including industrial robots, service robots, medical robots, humanoid robots, and embodied intelligence companies [23][24] - Notable companies in the industrial robot sector include Estun Automation and Efort Robotics, while medical robot companies include Yuanhua Intelligent and Tianzhihang [23][24]

Industry Overview - The electric scooter industry has rapidly developed in China, becoming a major manufacturing hub due to its energy-saving, quick charging, and strong endurance features [1][19] - The global electric scooter market is projected to reach approximately $26.73 billion in 2024 and is expected to grow to $55.01 billion by 2033, with a compound annual growth rate (CAGR) of 8.35% [1][21] - The industry benefits from the increasing popularity of shared scooters in the US and Europe, which has enhanced public awareness and led to the establishment of regulatory standards [1][19] Market Dynamics - The primary markets for electric scooters are Europe and North America, where short-distance travel accounts for 60% of travel demand [12] - The industry is characterized by a diverse and competitive landscape, with many brands and companies entering the market, focusing on technological innovation and quality improvement [23] - The introduction of national standards in China, such as GB/T 42825-2023, is expected to enhance industry regulation and consumer confidence [12][19] Key Players - Notable companies in the electric scooter market include Ninebot, Yadea, and Niu Technologies, which leverage strong technological capabilities and brand influence to dominate the market [2][24] - Ninebot's revenue from electric scooters and balance bikes is projected to be approximately 3.38 billion yuan in 2024 [24] - Niu Technologies reported an electric scooter revenue of about 2.96 billion yuan in 2024, reflecting a year-on-year growth of 25.52% [26] Technological Trends - The industry is expected to focus on technological innovations in battery, motor, and smart control systems, with advancements in lithium battery technology driving growth [28] - The integration of AI algorithms and enhanced user interaction technologies will significantly improve user experience and product performance [28] Future Outlook - The electric scooter market is anticipated to expand into diverse application scenarios beyond personal commuting, including logistics, recreational use, and specialized mobility devices for the elderly and disabled [29][30] - The shift towards an ecosystem-based business model, combining products with services, is likely to reshape the competitive landscape and enhance profitability [31]

Core Viewpoint - The company is experiencing significant growth in the electric two-wheeler market, with a notable increase in production and sales, indicating a transformative moment akin to the "iPhone moment" in technology [2][9]. Group 1: Company Performance - The company celebrated the production of its 7 millionth electric two-wheeler, with a strong performance in Q1, achieving nearly double the revenue year-on-year and a net profit increase of twofold [2]. - Since its IPO in 2020, the company has consistently reported growth in both revenue and net profit for five consecutive years [2]. - From 2020 to 2024, the company's R&D expenses increased from 462 million to 826 million yuan, while revenue rose from 6 billion to 14.2 billion yuan, and net profit grew from 73.5 million to 1.08 billion yuan [4][5]. Group 2: R&D and Product Development - The company is focused on rapidly converting R&D results into marketable products, exemplified by the upcoming launch of the Super Villain hybrid all-terrain vehicle, currently undergoing testing in Australia [3]. - The company plans to introduce new models in the coming years to meet diverse consumer demands, including a next-generation two-wheeled vehicle expected to launch in 2026 [3][4]. Group 3: Production Efficiency - The company dominates the Chinese smart electric two-wheeler market, with 70% market share, and is expanding its production capacity from 2 million to 5 million units annually [6]. - The introduction of new production lines and automation has led to a 20% increase in production efficiency, with full automation in key components and a comprehensive monitoring system in place [6][7]. Group 4: Market Expansion and Strategy - The implementation of new national standards for electric bicycles is expected to accelerate market consolidation, benefiting leading brands like the company [8]. - The company aims to expand its domestic store count to 10,000, having already surpassed 7,600 stores, while also exploring opportunities in Southeast Asia and other international markets [8][9]. - The company anticipates a shift in revenue structure, with domestic and international markets potentially contributing equally to total revenue in the future [9].

Group 1 - The core viewpoint of the news highlights the performance of the CSI 500 Quality Growth Index and its constituent stocks, indicating a slight increase in the index and notable gains in specific stocks like Debang Co., Ltd. and Laofengxiang [1] - As of April 2025, the cumulative year-on-year revenue growth for industrial enterprises was 3.2%, while profit growth was 1.4%, showing a slight decline from previous values [1] - The CSI 500 Quality Growth ETF closely tracks the CSI 500 Quality Growth Index, which selects 100 companies with high profitability, sustainable earnings, and strong cash flow from the CSI 500 Index [2] Group 2 - The top ten weighted stocks in the CSI 500 Quality Growth Index account for 24.07% of the index, with notable companies including Chifeng Jilong Gold Mining and Ninebot [2] - The performance of the CSI 500 Quality Growth ETF is influenced by the underlying index, which reflects the profitability and growth potential of its constituent companies [2] - The analysis indicates that the impact of tariffs on profitability may be delayed, with uncertainties surrounding profit recovery due to low capacity utilization in the mid and downstream sectors [2]

Investment Rating - The report maintains a "Buy" rating for the industry, specifically recommending companies such as Yadea Holdings, Aima Technology, and Ninebot [11]. Core Insights - The Chinese electric two-wheeler industry is entering a mature development phase characterized by "stock replacement dominance and structural incremental support." The domestic market is seeing high ownership levels, and the implementation of new national standards is accelerating industry consolidation, with both cost and supply pressures squeezing smaller brands [3][6]. - Incremental growth is focused on B-end commercial scenarios (instant delivery/shared mobility) and C-end smart upgrades. The expansion of the old-for-new subsidy program in 2025 is expected to stimulate replacement demand [3][6]. - The overseas market, particularly in Europe and North America, is centered around electric bicycles (E-bikes), benefiting from environmental policies and low consumer price sensitivity. The Southeast Asian market shows long-term potential for electric motorcycles, although performance limitations and inadequate infrastructure hinder short-term replacement [3][8]. Summary by Sections Scale: Dominated by Stock Demand, Driven by Smartization and Policy - The electric two-wheeler market includes electric bicycles, electric light motorcycles, and electric motorcycles. The current market ownership is at a high level, with the average penetration rate reaching maturity. Although demand in high-tier cities and motorcycle replacement in lower-tier markets will support steady growth, the growth rate is expected to slow down [6][30]. - Incremental space is concentrated in two areas: B-end instant delivery and shared mobility, benefiting from the economic and flexible nature of electric two-wheelers, and C-end smart upgrades that drive consumer segmentation and product price increases [6][30]. Structure: New National Standards Implementation Optimizes the Landscape - The past changes in industry structure show that policy regulations (like new national standards) and market competition (price wars, channel expansion) create a dual selection mechanism. Leading companies can leverage scale effects to reduce costs and enhance R&D and distribution networks, while weaker brands face exit pressures due to compliance costs and low margins [7][9]. - The new national standards are expected to increase costs by 10%-15%, putting significant pressure on financially weak brands while allowing leading companies to expand market share [7][9]. Incremental Growth: Southeast Asia Policy Drives Potential, E-bike Opportunities in Europe and America - With the domestic market stabilizing, overseas markets are becoming core growth areas. The North American and European markets are primarily driven by mid-to-high-end E-bikes, with a favorable growth trend supported by consumer interest in sustainable transportation and government support [8][9]. - The Southeast Asian market focuses on high-cost-performance electric motorcycles, driven by commuting needs and "oil-to-electric" policies. However, performance gaps and infrastructure issues limit short-term penetration, with fuel vehicles remaining dominant [8][9]. Investment Recommendations: Domestic and International Synergy, Positive Demand Outlook - The domestic market is seeing accelerated concentration due to the new national standards, which pressure smaller brands while allowing leading companies to strengthen their market share through scale effects and technological differentiation [9]. - The overseas market presents opportunities, particularly in the E-bike sector in Europe and North America, where the fragmented competitive landscape offers entry points for Chinese brands [9].

Investment Rating - The report maintains a positive outlook on the pet supplies sector, AI glasses, and the home improvement market, highlighting potential acquisition opportunities and new product launches [2][6][27]. Core Insights - The report emphasizes the resilience of essential consumer goods in the personal care sector, with a notable trend towards domestic brands, particularly during promotional events like the 618 sales [6][14]. - The pet supplies market is experiencing consolidation opportunities, with companies like Tianyuan Pet and Yiyi Co. being recommended for their strong market positions and growth potential [6][7]. - The AI glasses segment is expected to see significant product launches in the latter half of 2025, driven by collaborations between major tech companies [12][20]. - The report highlights the positive impact of government policies on the real estate market, which is anticipated to stabilize and boost related sectors, including home improvement [27][28]. Summary by Sections New Consumer Trends - The report identifies the pet supplies sector as a key area for mergers and acquisitions, recommending companies such as Tianyuan Pet and Yiyi Co. for their strong market presence and growth prospects [6][7]. - AI glasses are positioned for growth with new product launches expected from major players like Google and XREAL, indicating a robust market expansion [12][20]. Personal Care Sector - The personal care market shows resilience, with domestic brands gaining traction, particularly during promotional periods [14]. - Recommended companies in this sector include Baiya Co., Haoyue Care, and Dengkang Oral Care, which are expected to benefit from the ongoing consumer trends [14][15]. Home Improvement and Real Estate - The report notes that government initiatives are likely to support the real estate market, leading to improved conditions for the home improvement sector [27][28]. - Companies like Sophia and Oppein Home are highlighted for their potential to benefit from the anticipated recovery in the housing market [23][27]. Paper Industry - The report mentions a price increase in the paper sector, with expectations for price stabilization due to supply adjustments [25]. - Recommended companies in this space include Sun Paper, which is noted for its integrated operations and cost advantages [25]. Export and Trade - The report discusses the impact of tariff changes on exports, particularly in the light industrial sector, with a focus on companies that have a strong competitive edge [6][20].

Investment Rating - The report assigns a "Buy" rating to Ninebot and CFMoto, indicating a positive outlook for both companies in the two-wheeler sector [5][34]. Core Insights - The two-wheeler sector is facing challenges due to US tariff hikes, with companies like Taotao and Greenworks having significant revenue exposure to the US market [2][3]. - Companies are proactively building inventories in the US to mitigate the impact of tariffs, which has led to high revenue growth and margins in early 2025 [3][4]. - Despite the tariff challenges, businesses expect flat or slightly higher revenue in the US market for 2025, driven by channel restocking and capacity relocation [4]. Summary by Relevant Sections Revenue Exposure and Tariff Impact - Taotao and Greenworks have 70-80% revenue exposure to the US, while CFMoto has 30% and Ninebot less than 10% [2]. - Current US tariffs on Chinese exports range from 40-60%, prompting companies to relocate capacity to regions with lower tariffs, such as Southeast Asia and Mexico [3]. Company-Specific Outlook - Ninebot anticipates ongoing growth across its business lines, with a revenue target of Rmb40 billion by 2027, including significant contributions from electric two-wheelers and lawnmowers [7][8]. - CFMoto plans to ramp up production in Mexico and Thailand to address tariff impacts, expecting US ORV revenue to remain flat or slightly increase in 2025 [10]. Market Trends and Future Projections - The competitive landscape may improve as smaller competitors exit the market due to tariff pressures, allowing stronger companies to gain market share [4]. - Greenworks sees a growing trend in lithium battery-powered lawnmowers, with potential for significant market expansion in the coming years [12].

Group 1 - The China Securities 500 Quality Growth Index (930939) increased by 0.59% as of May 23, 2025, with notable gains from Huahai Pharmaceutical (600521) at 8.66%, Betta Pharmaceuticals (300558) at 6.12%, and Xinlitai (002294) at 5.79% [1] - The 500 Quality Growth ETF (560500) rose by 0.75%, with the latest price at 0.95 yuan [1] - The Chief Risk Officer announced a more flexible and precise issuance counter-cyclical adjustment mechanism to better align investment and financing in the capital market [1] Group 2 - Bohai Securities indicated that future market opportunities will depend on incremental changes, suggesting that in case of unexpected downturns due to external risks or investor sentiment, investors should consider counter-cyclical strategies [2] - The report emphasized a "barbell" allocation strategy, focusing on high-dividend and relatively underweighted banking sectors, while also looking for thematic investment opportunities in mergers and acquisitions and new consumption sectors [2] - The 500 Quality Growth Index selects 100 companies with high profitability, sustainable earnings, and strong cash flow from the China Securities 500 Index, providing diverse investment options [2] Group 3 - As of April 30, 2025, the top ten weighted stocks in the China Securities 500 Quality Growth Index accounted for 24.07% of the index, with Chifeng Jilong Gold Mining (600988) being the highest at 3.13% [3] - The top ten stocks include companies like Ninebot (689009), Kaiying Network (002517), and Shenghong Technology (300476), with varying weightings and performance [5]

Core Viewpoint - Hydrogen fuel cell technology is rapidly developing with strong support from national policies, showcasing advantages such as low pollution, high efficiency, quick refueling, and long range, leading to its increasing application in the electric motorcycle sector [1][15]. Group 1: Market Overview - The global hydrogen motorcycle market is projected to reach approximately $0.9 million in 2024, with expectations to grow to $2 million by 2030 [1][15]. - In 2024, China's hydrogen production and consumption scale is expected to exceed 36.5 million tons, ranking first in the world [6]. Group 2: Industry Dynamics - Companies such as Zongshen, Tailg, and Ninebot have launched hydrogen fuel cell electric motorcycles, with some already moving beyond the concept stage to market introduction [1][17]. - Ninebot's Segway APEX H2 hybrid motorcycle was announced in April 2021 with a pre-sale price of 69,999 yuan, but it faced technical issues that prevented mass production [1][17]. Group 3: Technological Advantages - Hydrogen motorcycles offer significant advantages over traditional electric vehicles, including energy efficiency, convenience in refueling, and enhanced safety due to the use of solid-state hydrogen storage [2][4]. - The hydrogen fuel cell process generates energy without emitting pollutants, making it an environmentally friendly option [2]. Group 4: Policy Support - The Chinese government is enhancing its hydrogen energy policy framework, aiming to establish a comprehensive development environment for the hydrogen industry by 2025 [12][14]. - The introduction of standards for hydrogen fuel cell motorcycles is expected to lower R&D costs and accelerate technological advancements [14]. Group 5: Future Trends - The market acceptance of hydrogen motorcycles is anticipated to increase as production capacity expands and technology evolves, with a growing number of high-end consumers in addition to B2B clients [1][19]. - Local governments are increasingly willing to open road rights for hydrogen motorcycles, which will facilitate market order growth [19].