Summary of 9号公司 Conference Call Company Overview - **Company**: 9号公司 - **Industry**: Electric two-wheelers and robotic lawn mowers Key Points Growth Projections - **Store Expansion**: Expected store area growth of 20% by 2026, with same-store sales growth in double digits and overall sales growth exceeding 30% driven by new store openings and increased store efficiency [2][3][5] - **Software Service Revenue**: Projected revenue from two-wheeler software services to reach 150 million RMB in 2025, with a potential doubling to 300 million RMB in 2026, significantly enhancing revenue and profit [2][3][5][17] - **Lawn Mower Business**: Anticipated operating profit margin of over 20% in 2025, expected to maintain around 15% in 2026 despite increased price competition [2][3][6][28] Market Position and Performance - **High-End Market**: Strong performance in the mid-to-high-end market (above 3,000 RMB), with online channel share increasing from 39% in Q2 2021 to 79% in Q2 2025 [2][8] - **Market Share**: Expected sales of 300,000 robotic lawn mowers in 2025, capturing approximately 40% of the market share, with significant growth potential in a projected market of 5 million units [2][28] Competitive Landscape - **Challenges**: The electric two-wheeler industry faces challenges such as new national standards and reduced subsidies, but these have not significantly impacted 9号公司 due to its growth strategies [5][11] - **Price Competition**: Despite anticipated price competition in the lawn mower sector, 9号公司 is expected to maintain a competitive edge with a projected profit margin of around 15% [6][29] Financial Outlook - **Profit Projections**: Expected profit of approximately 2 billion RMB in 2025, with revenue nearing 3 billion RMB and profit also close to 3 billion RMB in 2026 [4][31] - **Cost Control**: Effective cost management and high profit margins provide substantial operational flexibility, allowing the company to sustain growth and profitability even in a competitive environment [4][31] Product Development and Innovation - **New Product Launches**: Plans to introduce multiple new products, expanding SKU offerings to 6-7 models, and entering offline channels in the U.S. market [3][6][12] - **Segway Brand**: Development of the Segway brand targeting higher-end markets, with plans to open 1,000-2,000 stores and achieve sales of 1-2 million units [16] Channel Strategy - **Channel Advantages**: Strong presence in European offline channels due to product quality and early market entry, leveraging brand reputation from the scooter business to support lawn mower expansion [4][24] Market Trends - **Lawn Mower Market Growth**: The robotic lawn mower market is expected to grow significantly, with a projected total market size of around 500 million units [25][26] - **Technology Adoption**: The industry is likely to see a mix of technology solutions, with different user needs driving the adoption of various technical paths [22][23] Conclusion - **Investment Recommendation**: The company is viewed as a strong investment opportunity due to its robust growth strategies, market positioning, and financial health, with a reasonable valuation amidst industry challenges [31]

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the past 30 days include Mindray Medical, Huichuan Technology, Crystal Optoelectronics, Jing Sheng Machinery, and United Imaging Medical [13][15] - In the last five days, the most popular companies for institutional research include Jepu Te, Gan Li Pharmaceutical, Shiji Information, Guangri Co., and Nenghui Technology [13][14] - Among the top twenty companies in the past 30 days, 18 companies had ten or more rating agencies, with significant profit growth expected for Lankai Technology, Desai Xiwei, and Huichuan Technology in their 2025 mid-year reports compared to 2024 [13][16] Group 2: Shareholder Increase in A-Share Listed Companies - From September 15 to September 19, 2025, three listed companies announced significant shareholder increases, including Sierte, Qilu Bank, and Wuzhou Transportation, with Wuzhou Transportation's planned increase amount exceeding 1% of the market value on the announcement date [20][21] - From January 1 to September 19, 2025, a total of 271 companies announced shareholder increases, with 83 of them having ten or more rating agencies. Among these, 22 companies had planned increase amounts exceeding 1% of their market value [22][23] Group 3: Share Buyback Situations in A-Share Listed Companies - From September 15 to September 19, 2025, 69 companies announced buyback progress, with 25 of them having ten or more rating agencies. Five companies, including Jian Sheng Group, Huafa Co., Ninebot Inc., Wens Foodstuff Group, and Jiayi Co., had buyback amounts exceeding 1% of their market value [27][29] - From January 1 to September 19, 2025, a total of 1,739 companies announced buyback progress, with 420 having ten or more rating agencies. Among these, 107 companies had buyback amounts exceeding 1% of their market value [28][30]

Group 1 - The core announcement is regarding the listing of equity incentive depositary receipts by the company, with a total of 1,478,830 receipts being listed [1] - The subscription method for the depositary receipts is offline, and the total number of listed depositary receipts represents 0.21% of the company's total depositary receipts [1] - The lock-up period for these depositary receipts is three years from the date of self-rights, with the circulation date set for September 29, 2025 [1]

Group 1 - The article highlights that there are 21 high-performing humanoid robot concept stocks in the A-share market [1] - Among these stocks, Shuanglin Co., Jieli Yongci, BYD, and Northern Rare Earth have experienced a price pullback exceeding 20% [1] - In terms of net profit changes, Northern Rare Earth leads with a year-on-year increase of 1951.52%, followed by Shenghong Technology with a 366.89% increase [1] Group 2 - Several companies, including Sitaiwei-W, Shanghai Xiba, Jieli Yongci, and Ninebot Co.-WD, have achieved a year-on-year net profit growth of over 100% [1] - In terms of net profit scale, BYD, Shenghong Technology, OmniVision Technologies, GoerTek, and Ninebot Co.-WD reported net profits exceeding 1 billion yuan, with figures of 15.511 billion yuan, 2.143 billion yuan, 2.028 billion yuan, 1.417 billion yuan, and 1.242 billion yuan respectively [1]

Core Viewpoint - The electric bicycle industry is experiencing rapid growth in the first half of 2025, driven by the end of the transition period for new national standards and a nationwide subsidy policy for trade-ins. [1] Industry Performance - In the first half of 2025, the national sales volume of electric two-wheelers reached 3,232.5 million units, with all six representative listed companies in the industry reporting double growth in performance. [1] - Yadea Holdings led the industry with a revenue of 19.186 billion yuan, a year-on-year increase of 33.11%. [1] Company Highlights - Ninebot Company achieved significant growth, with a revenue of 11.742 billion yuan in the first half of 2025, representing a year-on-year increase of 76.14%. [1] - The net profit for Ninebot in the same period was 1.242 billion yuan, up 108.45% year-on-year, surpassing the total profit for the entire year of 2024. [1] - The company sold 2.39 million electric two-wheelers, marking a 99.5% increase in sales volume. [1] - Ninebot's stock price increased dramatically from around 22 yuan per share at the beginning of 2024 to 77 yuan per share, reflecting a rise of over 200%. [1] Shareholder Actions - Despite the strong performance, the controlling shareholders of Ninebot, Gao Lufeng and Wang Ye, reduced their holdings by nearly 800 million yuan shortly after the company announced its half-year results. [2] - The timing of the share reduction during a peak performance period raised concerns among investors regarding the future growth prospects of the company. [2] Regulatory Changes - The new national standard for electric bicycles, effective from September 1, 2025, aims to enhance safety and performance, including mandatory speed limits and anti-tampering technology. [2] - The transition to the new standard includes a complete cessation of production of old standard vehicles and a ban on the sale of such vehicles by December 1, 2025. [2] Market Dynamics - Despite the impending regulatory changes, old standard electric bicycles have gained popularity, particularly due to their modification potential, which appeals to a segment of consumers. [3] - Ninebot electric bicycles have been associated with illegal modifications, leading to concerns about safety and regulatory compliance. [3]

证券代码：689009 证券简称：九号公司 公告编号：2025-064 九号有限公司 员工认股期权计划第四次行权限售存托凭证 上市流通公告 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1,478,830份。 本次存托凭证上市流通总数为1,478,830份，占公司存托凭证总数的比例为 0.21%，限售期为自行权之日起三年。 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： 本次存托凭证上市流通日期为2025 年 9 月 29 日。 一、本次境内限售存托凭证上市类型 本次限售存托凭证形成后至今，公司完成员工认股期权计划第五次至第十五 次行权，公司存托凭证总数累计新增 12,551,568 份；公司完成限制性股票激励计 划部分归属期的归属及登记，公司存托凭证总数累计新增 4,946,085 份;2024 年 3 月 11 日，公司完成回购专用证券账户中合计 8,000,000 份存托凭证的注销;2025 年 9 月 17 日，公司完成回购专用证券账户中合计 6,000,000 ...

Core Viewpoint - The motorcycle industry is accelerating towards the smart electric era, with a focus on product innovation, advanced technology, and enhanced user experience [1][3]. Group 1: Industry Trends - The transition from traditional fuel motorcycles to electric models is not a future trend but a current reality, driven by changing consumer perceptions and intensified market competition [3]. - Companies need to adopt a user-centric approach to develop products that meet evolving demands to maintain competitiveness in the next three to five years [3]. Group 2: Product Innovation - The standard for high-quality products in the smart electric era includes a combination of intelligence, performance, and user experience [6]. - The Ninebot flagship electric motorcycle M5 series launched on August 26, achieving over 11,292 units sold within the first four hours and surpassing 30,000 units in 20 days, indicating strong market demand [6]. - The M5 200 model features a 16kW high-performance motor, reaching speeds of 110 km/h, and includes advanced safety features such as dual-channel ABS and TCS [6]. Group 3: Technological Advancements - The introduction of the Nimble OS, a comprehensive operating system for two-wheeled vehicles, allows for continuous OTA upgrades and future capabilities like vehicle-road collaboration and AI adaptive scenarios [6]. - The M5 200 is equipped with a 72V90Ah cylindrical lithium battery, providing a range of 195 kilometers and maintaining over 90% capacity after 2000 cycles, addressing user concerns about range anxiety [6]. Group 4: Strategic Recommendations - Traditional fuel motorcycle companies are encouraged to focus on unmet user needs and drive innovation in electrification and intelligence, transforming motorcycles from mere transportation tools to smart mobility terminals [7]. - The commitment to "doing difficult but correct things" through technological innovation is essential for enhancing user value and supporting the industry's transition to a new stage of high-quality development [8].

Core Insights - The 2025 China Motorcycle Chongqing Forum emphasized the theme "Gathering Strength, Breaking Through" and aimed to discuss the future of the motorcycle industry with representatives from various enterprises [1] - The forum highlighted Chongqing's status as a global motorcycle hub, showcasing significant achievements in industry scale, export performance, corporate strength, product structure, and industrial ecology [6][8] - The event featured discussions on the transformation of the motorcycle industry, focusing on innovation, brand building, and international market expansion [8][10] Industry Overview - Chongqing's motorcycle industry has evolved significantly, characterized by larger scale, better export trends, stronger corporate capabilities, improved product structures, and a more complete industrial ecosystem [6] - The global motorcycle industry is entering a growth cycle, with China transitioning from a manufacturing powerhouse to a strong manufacturing nation, particularly in smart and electric vehicles [8] - The domestic market is experiencing dual upgrades in consumer demand for both livelihood and recreational use, while international markets in regions like Asia, Africa, and Latin America present vast opportunities [8] Challenges and Recommendations - The industry faces challenges such as global economic uncertainty, trade protectionism, and internal competition [8] - Recommendations include focusing on independent innovation, enhancing brand building, expanding international markets, and strengthening industry self-discipline [8] Market Trends - The motorcycle market in Mexico is projected to grow, with significant increases in ownership and sales, particularly in electric motorcycles [19] - The Mexican motorcycle market is expected to reach a value of $3.36 billion, with a notable increase in imports from China [19] Strategic Discussions - The forum included discussions on long-term strategies versus opportunistic approaches, emphasizing the need for balance in the face of industry challenges [20] - Participants highlighted the importance of adhering to long-term visions while adapting to market changes, with a focus on quality and innovation [22] Future Directions - The forum concluded with a call for collaboration and consensus among industry players to address challenges and seize opportunities, particularly in the context of new national standards and market dynamics [38] - The motorcycle industry is expected to continue evolving with a focus on electric and smart technologies, driven by changing consumer preferences and regulatory frameworks [38]

Core Viewpoint - Companies are increasingly engaging in cancellation buybacks, with several firms opting to cancel shares from employee stock ownership plans due to unmet performance targets [2][10]. Group 1: Company Actions - Ninebot Company (689009.SH) announced the cancellation of 6 million CDRs, representing 0.83% of its total CDRs, previously intended for employee stock ownership plans [2][4]. - Other companies, including Qi Anxin (688561.SH) and Lepu Medical (300003.SZ), have also engaged in similar cancellation buybacks [2][6]. - Xinhe Co., Ltd. (003016.SZ) canceled 8 million shares, accounting for 1.867% of its total shares, with a total repurchase amount of approximately 69.92 million yuan [8]. Group 2: Market Implications - Cancellation buybacks are expected to reduce total share capital, potentially increasing earnings per share (EPS) without a change in net profit, thereby enhancing stock investment value [2][11]. - The trend of cancellation buybacks is seen as a response to policy guidance, market logic, and corporate demands, indicating a shift towards shareholder value [2][11]. Group 3: Financial Considerations - Ninebot Company stated that the cancellation will not affect its debt repayment ability or financial status significantly [4]. - The overall market environment, including the scarcity of quality assets and heightened investor demands for returns, is driving companies to focus on enhancing shareholder value [11][13]. - Concerns exist regarding the sustainability of EPS increases if underlying business fundamentals do not improve alongside buybacks [13].

Group 1 - The company has enhanced investor relations management by conducting over 200 investor research meetings and participating in more than 50 strategy meetings in 2024, along with issuing 50 research reports [1][1][1] - The company has maintained a 100% approval rate for meeting proposals by organizing 2 shareholder meetings, 10 board meetings, and 15 committee meetings throughout the year [1][1][1] - The company has completed 221 announcements in 2024, ranking among the top in the Sci-Tech Innovation Board, and received an A grade in the Shanghai Stock Exchange's information disclosure evaluation for 2023-2024 [1][1][1] Group 2 - The company has distributed a cash dividend of 1.131 yuan per depositary receipt (including tax) in 2024, totaling approximately 800.63 million yuan, which accounts for 73.849% of the net profit attributable to shareholders [1][1][1] - The company has voluntarily disclosed a sustainable development report for three consecutive years and introduced dedicated personnel for ESG work in 2024, including carbon verification and ESG report certification [1][1][1] - The company actively participates in various training organized by the Shanghai Stock Exchange and other associations to enhance professional capabilities and knowledge management tools [1][1][1]