九号有限公司 董事会薪酬与考核委员会关于 2021 年限制性股票 激励计划首次授予其他员工部分第二个归属期 归属名单的核查意见 九号有限公司（以下简称"公司"）董事会薪酬与考核委员会依据《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以 下简称"《管理办法》"）、《上海证券交易所科创板股票上市规则》（以下简称"《上 市规则》"）、《科创板上市公司自律监管指南第 4 号——股权激励信息披露》等相 关法律、法规及规范性文件和《九号有限公司经第三次修订及重述的公司章程大 纲细则》（以下简称"《公司章程》"）的有关规定，对公司 2021 年限制性股票激 励计划（以下简称"本次激励计划"）首次授予其他员工部分第二个归属期归属 名单进行了核查，发表核查意见如下： 本次拟归属的激励对象符合《公司法》《证券法》等法律、法规和规范性文 件以及《公司章程》规定的任职资格，符合《管理办法》《上市规则》等法律、 法规和规范性文件规定的激励对象条件，符合公司本次激励计划规定的激励对象 范围，其作为公司本次激励计划激励对象的主体资格合法、有效，其获授的第二 类限制性股票对应存托凭证的归属条件已成就。 ...

证券代码：689009 证券简称：九号公司 公告编号：2025-032 九号有限公司 关于 2021 年限制性股票激励计划首次授予关键业务 人员部分第一个归属期归属条件成就的公告 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。 重要内容提示 本次拟归属的限制性股票对应存托凭证数量：21,939.5 股限制性股票对 应的 219,395 份存托凭证； 归属股票来源：九号有限公司（以下简称"公司"）向存托人发行 A 类 普通股，再由存托人向激励对象定向签发公司存托凭证和/或从二级市场回购的 存托凭证。 一、本次股权激励计划批准及实施情况 （一）本次限制性股票激励计划的主要内容 1、股权激励方式：第二类限制性股票对应的存托凭证。 2、授予数量：本激励计划首次授予关键业务人员 8.8994 万股限制性股票 对应 88.9940 万份存托凭证（按照 1 股/10 份存托凭证的比例进行转换），占 授予时公司存托凭证总份数的 0.13%。 3、授予价格（调整后）：9.7202 元/份。 4、激励人数：5 人。 5、首次授予关键业务人员限制 ...

证券代码：689009 证券简称：九号公司 公告编号：2025-034 九号有限公司 关于作废处理 2021 年限制性股票激励计划部分 限制性股票对应存托凭证的公告 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。 九号有限公司（以下简称"公司"）于 2025 年 4 月 29 日召开第二届董事 会第三十一次会议，审议通过了《关于作废处理 2021 年限制性股票激励计划部 分限制性股票对应存托凭证的议案》，现将有关事项说明如下： 一、本次限制性股票激励计划已履行的决策程序和信息披露情况 1、2021 年 1 月 29 日，公司召开第一届董事会第十二次会议，审议通过了 《关于公司<2021 年限制性股票激励计划（草案）>及其摘要的议案》《关于公 司<2021 年限制性股票激励计划实施考核管理办法>的议案》《关于公司<2021 年限制性股票激励计划激励对象名单>的议案》及《关于提请股东大会授权董事 会办理 2021 年限制性股票激励计划相关事宜的议案》等议案。公司独立董事就 本次激励计划相关议案发表了独立意见，并对本次激励计划的相 ...

证券代码：689009 证券简称：九号公司 公告编号：2025-033 九号有限公司 关于 2021 年限制性股票激励计划首次授予其他员工 部分第二个归属期归属条件成就的公告 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。 重要内容提示 本次拟归属的限制性股票对应存托凭证数量：33,154.3 股限制性股票对 应的 331,543 份存托凭证； 归属股票来源：九号有限公司（以下简称"公司"）向存托人发行 A 类 普通股，再由存托人向激励对象定向签发公司存托凭证和/或从二级市场回购的 存托凭证。 一、本次股权激励计划批准及实施情况 （一）本次限制性股票激励计划的主要内容 1、股权激励方式：第二类限制性股票对应的存托凭证。 2、授予数量：本激励计划首次授予其他员工 20.2853 万股限制性股票对应 202.8530 万份存托凭证（按照 1 股/10 份存托凭证的比例进行转换），占授予 时公司存托凭证总份数的 0.29%。 3、授予价格（调整后）：18.6602 元/份 4、激励人数：145 人。 5、首次授予其他员工限制性股票 ...

九号有限公司（以下简称"公司"）董事会薪酬与考核委员会依据《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以 下简称"《管理办法》"）、《上海证券交易所科创板股票上市规则》（以下简称"《上 市规则》"）、《科创板上市公司自律监管指南第 4 号——股权激励信息披露》等相 关法律、法规及规范性文件和《九号有限公司经第三次修订及重述的公司章程大 纲细则》（以下简称"《公司章程》"）的有关规定，对公司 2021 年限制性股票激 励计划（以下简称"本次激励计划"）首次授予关键业务人员部分第一个归属期 归属名单进行了核查，发表核查意见如下： 本次拟归属的激励对象符合《公司法》《证券法》等法律、法规和规范性文 件以及《公司章程》规定的任职资格，符合《管理办法》《上市规则》等法律、 法规和规范性文件规定的激励对象条件，符合公司本次激励计划规定的激励对象 范围，其作为公司本次激励计划激励对象的主体资格合法、有效，其获授的第二 类限制性股票对应存托凭证的归属条件已成就。 综上所述，董事会薪酬与考核委员会同意公司本次符合条件的 3 名激励对象 办理归属，对应可归属的限制性股票对应存托凭证 219 ...

证券代码：689009 证券简称：九号公司 国泰海通证券股份有限公司 关于 九号有限公司 2021 年限制性股票激励计划首次授予 关键业务人员部分第一个归属期归属条件成就、 其他员工部分第二个归属期归属条件成就及 作废处理部分限制性股票对应存托凭证事项 之 独立财务顾问报告 二零二五年四月 1 | | | | 一、释义 3 | | --- | | 二、声明 4 | | 三、基本假设 5 | | 四、独立财务顾问意见 6 | | 五、备查文件及咨询方式 15 | 一、释义 以下词语如无特殊说明，在本文中具有如下含义： | 九号公司/公司/本公司/上 市公司 | 指 | Ninebot Limited，中文名称：九号有限公司 | | --- | --- | --- | | 本激励计划、本计划 | 指 | 九号有限公司 2021 年限制性股票激励计划 | | 《激励计划》 | 指 | 《九号有限公司 2021 年限制性股票激励计划（草案二次修订 稿）》 | | CDR/存托凭证 | 指 | Chinese Depository Receipt，中国存托凭证 | | 工商银行、存托人、存托 机构 | 指 | 中国工商 ...

北京市中伦律师事务所 关于九号有限公司 2021 年限制性股票激励计划关键 业务人员及其他员工相关归属期归属条件成就及作 废处理部分限制性股票对应存托凭证的 法律意见书 二〇二五年四月 法律意见书 北京市朝阳区金和东路 20 号院正大中心 3 号南塔 22-31 层 邮编：100020 22-31/F, South Tower of CP Center, 20 Jin He East Avenue, Chaoyang District, Beijing l00020, P.R. China 电话/Tel : +86 10 5957 2288 传真/Fax : +86 10 6568 1022/1838 www.zhonglun.com 北京市中伦律师事务所 关于九号有限公司 2021 年限制性股票激励计划关键业务人员及 其他员工相关归属期归属条件成就及作废处理部分限制性股票 对应存托凭证的法律意见书 致：九号有限公司（NINEBOT LIMITED） 北京市中伦律师事务所（以下简称"本所"）接受九号有限公司（NINEBOT LIMITED，以下简称"公司"）委托，就公司 2021 年限制性股票激励计划（以下简 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥5,112,484,338.21, representing a 99.52% increase compared to ¥2,562,403,834.85 in the same period last year[5] - Net profit attributable to shareholders was ¥456,169,406.71, a significant increase of 236.22% from ¥135,676,093.42 year-on-year[5] - Basic earnings per share rose to ¥6.36, up 236.51% from ¥1.89 in the same period last year[5] - Operating profit for Q1 2025 was ¥654,835,622.17, up from ¥182,376,853.37 in Q1 2024, reflecting a growth of 259.5%[19] - The company reported a total comprehensive income of ¥444,003,019.13 for Q1 2025, compared to ¥138,603,509.21 in Q1 2024, an increase of 220.3%[20] Cash Flow - The net cash flow from operating activities was ¥1,567,547,615.43, reflecting a 65.89% increase compared to ¥944,916,100.97 in the previous year[5] - In Q1 2025, the cash inflow from operating activities was CNY 6,389,998,635.40, a significant increase of 73.5% compared to CNY 3,673,919,486.92 in Q1 2024[21] - The net increase in cash and cash equivalents for Q1 2025 was CNY 1,384,969,914.32, compared to CNY 494,898,234.74 in Q1 2024, reflecting a growth of 178.5%[22] - Cash inflow from financing activities was CNY 63,423,724.84, with a net cash flow of CNY 56,803,581.57, compared to a net outflow of CNY -304,386,602.09 in Q1 2024[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥16,968,991,321.12, an 8.23% increase from ¥15,677,918,996.62 at the end of the previous year[6] - The company's total current assets as of March 31, 2025, amounted to CNY 13.267 billion, compared to CNY 12.401 billion at the end of 2024, reflecting an increase of 7%[15] - The company's total liabilities as of March 31, 2025, were CNY 9.793 billion, compared to CNY 9.128 billion at the end of 2024, showing an increase of 7.3%[16] - Total liabilities increased to ¥10,242,493,244.49 in the current period from ¥9,443,496,813.66 in the previous period, representing an increase of 8.5%[19] Research and Development - Research and development expenses totaled ¥253,036,196.48, a 54.14% increase from ¥164,162,247.96 year-on-year[5] - The proportion of R&D expenses to revenue decreased to 4.95%, down 1.46 percentage points from 6.41% in the previous year[5] - Research and development expenses for Q1 2025 were ¥253,036,196.48, up from ¥164,162,247.96 in Q1 2024, showing a growth of 54.1%[19] Sales Performance - The sales volume of electric two-wheelers reached 1.0038 million units, generating revenue of CNY 2.862 billion; self-branded retail scooter sales were 206,700 units, contributing CNY 395 million[13] - The company reported a total of CNY 8.10 billion in direct sales revenue from ToB products[13] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 16,683[10] - The company's total equity increased to ¥6,726,498,076.63 from ¥6,234,422,182.96, reflecting a growth of 7.9%[19] Other Information - The company focused on innovation in smart short-distance transportation and service robots, leading to significant growth in product sales and profitability[9] - The company did not report any new product launches or technological advancements during this quarter[23]

Industry Overview - The lawn mower market is primarily concentrated in North America and Europe, with traditional lawn mower shipments reaching approximately 25 million units in 2021, while global robotic lawn mower sales were 1.1 million units in 2022. Assuming a growth rate of 28% for 2023 and 2024, global robotic lawn mower sales could approach 1.8 million units, with a penetration rate of less than 10% [1] - The average lawn area in Europe is 300-400 square meters, while in the U.S. it is 600-1000 square meters. The penetration rate of robotic mowers in Europe, excluding the UK, remained above 15% in 2021, with the Northwest region reaching 50-60%. In contrast, the UK and U.S. penetration rates are still below 5%, indicating the industry is in its early stages [2] Competitive Landscape - Major players in the global smart robotic lawn mower market include Sweden's Husqvarna Group (including Husqvarna and Gardena) and China's Worx, which together account for approximately 90% of global robotic lawn mower shipments. The sales of Ninebot's robotic lawn mowers have rapidly increased, with 37,000 units sold in 2023 and revenue of 595 million yuan in the first three quarters of 2024, representing a year-over-year growth of 379% [2] Economic Viability - Although the purchase cost of robotic lawn mowers is higher than that of electric and gasoline mowers, their subsequent costs are competitive. For a 500 square meter lawn, the purchase price of a robotic mower is about 1,000 euros, compared to 200 euros plus 50 euros for an electric mower and 300 euros plus 20 euros for a gasoline mower. After two years of use, the overall cost of robotic mowers becomes lower than that of electric and gasoline mowers [3] Technological Advancements - The integration of RTK and VSLAM technologies enhances the efficiency of robotic lawn mowers by improving navigation, positioning, and obstacle avoidance. VSLAM addresses signal interference from obstacles, while RTK compensates for environmental disturbances such as rain and dust. Ninebot's EFLS combines satellite positioning with signals from multiple sensors for real-time navigation, addressing low mowing efficiency and complex setup issues [4] Product Comparison - Robotic lawn mowers in the European market offer a cost-performance advantage, with Ninebot's models starting at 999 euros, compared to Husqvarna's boundary-free models starting at 2,148 euros. In the U.S., Segway's Navimow X3 series will be released in spring 2025, featuring innovative designs and faster mowing speeds for areas up to 10,000 square meters [6]

Core Insights - Ninebot Company reported record-high revenue and net profit for 2024, with total revenue reaching 14.196 billion yuan, a year-on-year increase of 38.87%, and net profit attributable to shareholders at 1.084 billion yuan, up 81.29% year-on-year [1] Domestic Market - In the domestic market, Ninebot's smart electric two-wheelers saw explosive growth, with total sales of approximately 2.6 million units and revenue of 7.211 billion yuan, reflecting a year-on-year increase of 70.38% [2] - By March 10, 2025, the cumulative shipment of electric two-wheelers exceeded 6 million units, making Ninebot the fastest company to achieve this milestone in the industry [2] - The company continues to enhance its product matrix by launching innovative products such as the Segway Xyber electric bicycle and the Ninebot M series with a range of up to 100 kilometers [4] Retail Expansion - Ninebot accelerated its offline store expansion, covering over 1,200 counties and cities, with the number of stores surpassing 7,600, further solidifying its leading position in the smart electric vehicle sector [6] Overseas Market - In the overseas market, the Segway brand's all-terrain vehicles achieved significant sales, with 23,800 units sold and revenue of 976 million yuan, marking a year-on-year growth of 39.77% [8] - The Segway all-terrain vehicle brand became the fastest to reach 100,000 units sold globally, supported by its strong technical capabilities and product innovation [8] - The brand's high-end positioning and technological reputation were reinforced through participation in events like the Dakar Rally, enhancing its image of "performance and technology" [10] Financial Performance - The company's gross margin improved significantly, reaching 28.24%, with operating cash flow increasing by 44.59% to 3.354 billion yuan [12] Future Outlook - As a member of the Chinese technology sector, Ninebot aims to leverage its "hardware + data + services" ecosystem to provide quality products and services globally, with expectations of greater potential in the smart mobility sector as its global supply chain and sales network continue to improve [13]