Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" with a target price of 80 CNY per share [2][8]. Core Views - The company continues to experience high growth in the electric two-wheeler segment, with H1 2025 revenue reaching 11.74 billion CNY, a year-on-year increase of 76.1%, and net profit attributable to the parent company at 1.24 billion CNY, up 108.5% year-on-year [2][8]. - The performance in Q2 2025 also exceeded expectations, with revenue of 6.63 billion CNY, a 61.5% increase year-on-year, and net profit of 790 million CNY, a 70.8% increase year-on-year [2][8]. - The electric two-wheeler business is entering a phase of performance realization, supported by rapid channel expansion and a strong product lineup targeting young consumers [8]. Financial Summary - Total revenue projections for 2025 are estimated at 20.02 billion CNY, with a year-on-year growth rate of 41.0% [4]. - Net profit attributable to the parent company is projected to reach 2.05 billion CNY in 2025, reflecting a year-on-year growth of 89.1% [4]. - Earnings per share (EPS) are forecasted to be 28.50 CNY for 2025, with a price-to-earnings (P/E) ratio of 21 [4][8]. - The company’s gross margin improved to 31.0% in Q2 2025, with a net profit margin of 11.8%, both showing year-on-year increases [8]. Business Performance - The electric two-wheeler segment generated revenue of 3.96 billion CNY in Q2 2025, marking an 80.6% increase year-on-year, driven by store expansion and high-end product sales [8]. - The self-branded retail scooter segment achieved revenue of 930 million CNY, a 27.6% increase year-on-year, supported by industry growth and strong product competitiveness [8]. - The company’s flagship lawn mower product line has received positive recognition in overseas markets, indicating potential for future growth [8].

Core Viewpoint - The company has demonstrated impressive performance in the capital market since 2024, with its stock price increasing over 160% from a low of 22 yuan per share, driven by strong fundamentals and strategic positioning in the smart electric two-wheeler sector [1][2]. Financial Performance - In 2024, the company's revenue grew by 38.87%, and net profit attributable to the parent company surged by 81.29%. For the first half of 2025, revenue increased by 76.14%, and net profit rose by 108.45%, indicating sustained high growth [2]. - The company achieved a total revenue of 11.742 billion yuan in the first half of 2025, with electric two-wheeler revenue at 6.823 billion yuan (up 101.7%), smart balance and scooters at 2.18 billion yuan (up 37.23%), and accessories at approximately 2.201 billion yuan (up about 85%) [2]. - The net profit for the first half of 2025 was 1.242 billion yuan, with a net profit margin of 10.57%, reflecting a 1.63 percentage point increase year-on-year [3]. Cash Flow and Efficiency - The company reported a net cash flow from operating activities of 3.653 billion yuan in the first half of 2025, significantly exceeding net profit levels, aided by improved inventory turnover (41.26 days) and accounts receivable turnover (21.57 days) [4]. Market Position and Growth - The electric two-wheeler segment has seen substantial growth, with sales increasing from 114,000 units in 2019 to 2.5989 million units in 2024, contributing over 58.23% of total revenue in the first half of 2025 [9][12]. - The company's market share in the domestic electric two-wheeler market rose from 2.7% in 2023 to 7.2% in the first half of 2025, indicating a clear upward trend [12]. Product and Innovation - The company has leveraged its strong R&D capabilities in smart technology, enhancing its electric two-wheelers with features like the "RideyGO" smart vehicle system and "RideyFUN" intelligent driving system, which improve user experience and operational efficiency [14][15]. - The company has invested heavily in R&D, with expenditures reaching 5.22 billion yuan in the first half of 2025, contributing to its competitive edge in both software and hardware development [16]. Regulatory Environment and Future Outlook - The upcoming revision of the national standard for electric two-wheelers in September 2025 is expected to benefit leading companies like the company by optimizing supply structures and accelerating the exit of less capable competitors [19]. - The company plans to launch the "Lingbo OS" short-distance transportation operating system, which will unify its product ecosystem, enhancing user experience and operational efficiency [20]. Investment Potential - The company's dynamic price-to-earnings ratio (PE-TTM) is approximately 24 times, indicating a relatively low valuation compared to its historical levels, suggesting significant upside potential given the ongoing industry growth and the company's strong performance [21].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company has demonstrated strong performance in its two-wheeler business, with significant revenue growth and profitability in the first half of 2025 [1][2]. - The expansion of the product matrix, including self-balancing scooters and all-terrain vehicles, contributes to the company's growth trajectory [2]. - Future profit forecasts indicate continued growth, driven by the two-wheeler segment and the rollout of robotics [3]. Financial Performance Summary - In H1 2025, the company achieved total revenue of 11.74 billion yuan, a year-on-year increase of 76.1%, and a net profit attributable to shareholders of 1.24 billion yuan, up 108.45% [1]. - Q2 2025 revenue reached 6.63 billion yuan, reflecting a 61.5% increase year-on-year, with a net profit of 790 million yuan, up 70.8% [1]. - The electric two-wheeler segment generated revenue of 3.96 billion yuan in Q2 2025, a year-on-year increase of 80.6%, with sales of 1.3887 million units, up 77.3% [1]. - The gross margin for the two-wheeler segment in H1 2025 was 23.7%, an increase of 1.4 percentage points year-on-year [1]. Product Expansion Summary - The self-balancing scooter segment generated revenue of 929 million yuan in Q2 2025, a year-on-year increase of 27.6%, with sales of 383,800 units, up 4.7% [2]. - The all-terrain vehicle segment achieved revenue of 323 million yuan in Q2 2025, a year-on-year increase of 10.6%, with sales of 8,000 units, up 21% [2]. - The company has introduced multiple new products, enhancing its product matrix [2]. Profitability Metrics - The company's gross margin in Q2 2025 was 30.9%, an increase of 0.5 percentage points year-on-year [2]. - The net profit margin for Q2 2025 was 12%, reflecting a year-on-year increase of 0.79 percentage points [2]. - The company’s operating expenses as a percentage of revenue showed a decrease in sales and management expenses, while R&D expenses increased slightly [2]. Future Profit Forecast - The company is projected to achieve net profits of 1.85 billion yuan, 2.73 billion yuan, and 3.64 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 70.7%, 47.3%, and 33.6% [3].

Market Overview - On August 4, the motorcycle and other sectors rose by 1.76%, with Yong'an Xing leading the gains [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Stock Performance - Yong'an Xing (603776) closed at 21.86, with a gain of 4.79% and a trading volume of 167,600 shares, amounting to 366 million yuan [1] - Ninebot (60006899) closed at 60.98, up 3.99%, with a trading volume of 268,500 shares, totaling 1.657 billion yuan [1] - Zhenghe Industrial (003033) closed at 45.73, gaining 3.27%, with a trading volume of 38,800 shares, amounting to 177 million yuan [1] - Other notable performers include Chunfeng Power (603129) at 225.00 (+2.69%), Linhai Co. (6600009) at 11.42 (+2.24%), and Lvtong Technology (301322) at 31.30 (+2.09%) [1] Capital Flow - The motorcycle and other sectors saw a net inflow of 60.7047 million yuan from main funds, while retail investors experienced a net outflow of 98.5256 million yuan [2] - The main funds' net inflow for Yong'an Xing was 14.4972 million yuan, while retail investors had a net outflow of 13.1028 million yuan [3] - Ninebot experienced a significant net outflow from main funds of 67.5370 million yuan, indicating a shift in investor sentiment [3]

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].