Group 1 - The rise of boundary-less lawn mowers is leading to an influx of domestic players in the market, significantly increasing industry penetration [1] - According to Tianfeng Securities, global sales of lawn mowers are nearing 1.8 million units, with a penetration rate of less than 10%, indicating the industry is still in its early stages [1] - The development of lithium battery technology and smart features is driving innovation in lawn mower products, transforming lawn maintenance and garden management [2] Group 2 - The lawn mower market can be divided into traditional and boundary-less types, with the latter utilizing technologies like UWB or RTK for boundary definition [2] - Companies like Ubiquiti, Anker Innovation, and LeDong are set to launch their first boundary-less products in 2024 and 2025, presenting opportunities for domestic brands [2] - The average lawn area in Europe is 300-400 square meters, while in the U.S. it is 600-1000 square meters, with the U.S. market becoming increasingly significant for lawn mowers [3] Group 3 - Companies like Zhongjian Technology and Daye Co. are investing in the lawn mower sector, with plans to develop various configurations to meet different market needs [3] - The competitive landscape is shifting, with companies needing to optimize hardware and software to meet the demands of larger and more complex lawns [5] - The integration of hardware and software is crucial for reducing costs and improving performance, as seen in the innovations by companies like Ninebot and Chasing Technology [5]

Core Viewpoint - Ninebot has initiated a smart revolution in the two-wheeled transportation industry, moving beyond price wars and focusing on innovation and product differentiation [1][3]. Product Development and Market Position - Ninebot has sold 6 million smart two-wheeled vehicles in China over the past five years, capturing 70% of the market share in smart electric vehicles [3]. - The company aims to redefine smart mobility with five product series: D, E, M, N, and Q, with a particular focus on the Q series designed for women [3][5]. - In 2024, Ninebot achieved a revenue of 7.211 billion yuan, a 70.38% increase year-on-year, with a gross margin of 21.11% [5]. Competitive Landscape - The demand for two-wheeled vehicles has shifted towards quality, performance, and smart features, leading to increased sales of mid-to-high-end products while low-end products face market pressure [4]. - Ninebot has maintained its position as the leading brand in the smart two-wheeled vehicle sector for three consecutive years, with a significant market presence in the high-end segment [5][6]. User Experience and Innovation - Ninebot's smart strategy focuses on enhancing user experience rather than merely adding features, addressing common issues such as range anxiety and security concerns through innovative solutions [7][8]. - The Q series products have been designed with a focus on female users, incorporating features that enhance safety and usability [8]. Financial Performance and Growth Strategy - In 2024, Ninebot's revenue grew by 39% to 14.196 billion yuan, with a net profit increase of 81% to 1.08 billion yuan, achieved without engaging in price wars [11]. - The company has successfully captured a significant share of the high-end market, with over 51.7% of sales in the 4000 yuan and above segment [11]. Industry Trends and Future Outlook - The two-wheeled vehicle industry is entering a high-growth phase driven by new regulations and consumer incentives, which are expected to benefit leading companies like Ninebot [13]. - Ninebot is positioning itself as a global leader in short-distance transportation, with plans to leverage AI and robotics for future growth [15].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown significant growth in Q1 2025, with a year-on-year revenue increase of 99.52% to 5.112 billion yuan and a net profit increase of 236.22% to 456 million yuan [5][6] - The product lineup continues to expand, with new models launched targeting female users and upgrades to existing electric vehicles [6] - The company is expected to maintain strong revenue growth, with projected revenues of 19.502 billion yuan in 2025, 24.203 billion yuan in 2026, and 30.510 billion yuan in 2027, reflecting growth rates of 37.38%, 24.11%, and 26.06% respectively [6][8] Summary by Sections Recent Performance - In Q1 2025, the electric two-wheeler segment generated 2.862 billion yuan in revenue, up 140.5% year-on-year, with sales of 1.0038 million units, also up 140.8% [6] - The average selling price for electric two-wheelers was 2,851 yuan per unit, a slight decrease of 0.1% year-on-year [6] Profitability - The gross margin for Q1 2025 was 29.7%, an increase of 0.4 percentage points year-on-year [6] - The net profit margin for the company was 8.9%, up 3.6 percentage points year-on-year, indicating improved profitability due to reduced expense ratios [6] Product Development - The company has actively expanded its product categories, launching new electric scooters, all-terrain vehicles, and service robots [6] - A product launch event on May 8, 2025, introduced several new models, enhancing the company's product offerings [6] Financial Forecast - The company forecasts net profits of 1.786 billion yuan in 2025, 2.343 billion yuan in 2026, and 3.110 billion yuan in 2027, with growth rates of 64.77%, 31.17%, and 32.74% respectively [6][8] - The projected price-to-earnings ratios for the next three years are 25.09, 19.13, and 14.41 [6][8]

2025.05. 11 本文字数：2500，阅读时长大约4分钟 作者 | 第一财经 曹璐 美国"对等关税"政策发酵，全球贸易格局继续调整，成为资本市场近期关注的焦点。Wind数据显 示，截至5月9日，近一个月来机构调研热度飙升，2210家上市公司迎来3068次调研，以区间18个交 易日计算，平均每天有超过170次调研。 这轮调研热潮中，电子、机械设备、医药生物等三大板块成为机构重点关注的领域。立讯精密 （002475.SZ）、水晶光电（002273.SZ）等公司吸引超300家机构扎堆调研。此外，机构投资者在关 注企业财报业绩的同时，也重点聚焦了关税冲击下的海外布局、成本转嫁策略等关键问题。 "财报季后和增量政策空窗期，仍建议关注具有产业进展的科技方向。"金鹰基金权益研究部金达莱对 第一财经表示，AI应用、人形机器人、智能驾驶等新质生产力方向近期已有所反弹，随着财报落 地，AI大模型产业进展或带动其再度有所表现，日历效应下利于节后资金回流和科技成长风格的估 值修复。 近一个月3068次调研 针对关税影响问题，该公司在调研中表示，目前市场上更多的是情绪上的恐慌，但从企业实际经营的 角度来看，大多数出口美国的终端产 ...

Core Viewpoint - The demand for lawn maintenance is increasing in China due to rising living standards and improved living environments, creating a significant market opportunity for robotic lawn mowers. The market size for robotic lawn mowers in China is projected to reach 1.859 billion yuan in 2024, with a year-on-year growth of 18.06% [1][9]. Summary by Sections Overview - Robotic lawn mowers are intelligent garden machinery that utilize advanced sensor technology, navigation systems, and cutting devices to autonomously perform lawn mowing tasks without direct human operation. They offer advantages such as labor cost savings, improved work efficiency, neat cutting results, high safety, ease of operation, and low noise pollution compared to traditional manual mowing methods [2]. Industry Chain - The upstream of the robotic lawn mower industry includes suppliers of raw materials like steel, aluminum, and plastic, as well as core component suppliers such as motors, batteries, reducers, sensors, and controllers. The downstream market primarily targets residential yards, golf courses, parks, and municipal green spaces, with varying requirements for efficiency and durability [5]. Current Development - In developed countries like the U.S. and Europe, the lawn care culture is prevalent, leading to a rapid rise in the robotic lawn mower market, which is expected to reach $2.529 billion globally in 2024, growing by 16.00% year-on-year. However, the overall penetration rate remains low, indicating significant future growth potential [7]. Competitive Landscape - The Chinese robotic lawn mower industry features participants like traditional lawn mower companies (e.g., Husqvarna, Worx) and robot-focused companies (e.g., Ninebot, Ecovacs, Dreame). Traditional companies have advantages in brand recognition and market experience, while robot-focused companies leverage their technological innovations to gain market share [11]. Representative Domestic Companies - **Ninebot Ltd.**: Established in 2012, it has a global presence and focuses on innovation in short-distance transportation and robotics. Its robotic lawn mower products include the Navimow series, which utilizes advanced positioning technology [13][14]. - **Ecovacs Robotics**: Specializes in service robots and has developed the GOAT G1 robotic lawn mower, which features advanced navigation and obstacle avoidance capabilities [16][17]. Development Trends - Future advancements in robotic lawn mowers will enhance navigation and obstacle avoidance technologies, improving their ability to adapt to complex environments. Progress in lithium battery technology will address endurance issues, allowing for applications in larger lawn areas, while the adoption of clean energy sources like solar power may also become a trend [19].

Core Points - The announcement details the results of the voting intention solicitation for the 2024 Annual General Meeting of the company, held on May 9, 2025, in Beijing [1] - A total of 623 depositary receipt holders participated, representing 29,403,161 shares of common stock and 15,195,308 shares of Class B common stock, accounting for 57.7459% of the total voting rights [1] Voting Intention Results - For Class A common stock, the voting results showed 288,203,951 votes in favor (27.3491%), 24,000 votes against (0.0023%), and 5,803,658 abstentions (0.5507%) [1] - For Class B common stock, the voting results indicated 759,765,405 votes in favor (72.0979%), with no votes against or abstentions [1] Voting Rights Structure - The company has a dual-class share structure where each Class B common stock has five voting rights, while each Class A common stock has one voting right [4] - The actual controllers of the company hold a combined voting power of 59.24% [4] Proxy Voting Arrangements - The depositary has sent the voting intention results to the overseas custodian, who will relay the results to the company for the AGM [5] - Holders who did not participate in the voting intention solicitation are considered absent and their shares will not be counted in the voting rights calculation [5]

Meeting Overview - The annual general meeting of the company was held on May 9, 2025, at Zhongguancun Dongsheng Technology Park, Beijing [1] - The meeting was attended by one A class ordinary shareholder and one B class ordinary shareholder, with voting rights of 294,031,609 and 5 times that for B class shares respectively [1] Voting Results - The voting results showed that the proposals were overwhelmingly approved, with 99.4470% of total votes in favor of the first proposal [2][3] - The A class ordinary shares accounted for 22.3479% of the total voting rights, while B class shares held a significant portion due to their enhanced voting power [1] Proposal Details - Multiple proposals were presented and passed, including the election of directors and the use of idle funds for cash management [4][6] - The proposal regarding the 2025 remuneration plan was also approved, indicating shareholder support for the company's strategic direction [4] Legal Compliance - The meeting's procedures, attendance, and voting were confirmed to comply with relevant laws and regulations, ensuring the legitimacy of the resolutions passed [6]

证券代码：689009 证券简称：九号公司 公告编号：2025-035 九号有限公司 2024年年度股东大会决议公告 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： 本次会议是否有被否决议案：无 一、会议召开和出席情况 （一）股东大会召开的时间：2025 年 5 月 9 日 （二）股东大会召开的地点：北京市海淀区西小口路 66 号中关村东升科技 园 A4 栋 （三）出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东 及其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 1 | | --- | --- | | A 类普通股股东人数 | 1 | | B 类普通股股东（特别表决权股东）人数 | 1 | | 2、出席会议的股东所持有的表决权数量 | 1,053,797,014 | | 出席会议的 A 类普通股股东所持有表决权数量 | 294,031,609 | | 出席会议的 B 类普通股股东（特别表决权股东）所持有表决权数量 （每份特别表决权股份的表决权数量为：5） | 759,765,40 ...

存托凭证代码：689009 存托凭证简称：九号公司 公告编号：存托人 2025-002 存托人中国工商银行股份有限公司关于九号有限公 司召开2024年年度股东大会2025年第1次征求存托凭 证持有人投票意愿的结果公告 本存托人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。 2025 年 4 月 19 日，本存托人中国工商银行股份有限公司就九号有限公司 （以下简称上市公司）于2025 年 5 月 9 日在北京市海淀区西小口路 66 号中关村 东升科技园A4栋召开的2024年年度股东大会向境内存托凭证持有人征求投票意 愿。 本次征求投票意愿为本存托人2025年第1次征求投票意愿，参与本次征求投 票意愿并向本存托人作出投票指示的存托凭证持有人共有623人，代表存托凭证 445,984,690份（占存托凭证总数的比例为62.1753%），其中对应上市公司 A 类普 通股数量29,403,161股（因基础证券与存托凭证转换比例为 1:10，采用四舍五 入方式取整）；B 类普通股（特别表决权股份）15,195,308 股（合计占上市公司 表决权总数的比例为 ...

第三届董事会第一次会议决议公告 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。 一、董事会会议召开情况 证券代码：689009 证券简称：九号公司 公告编号：2025-036 九号有限公司 九号有限公司（以下简称"公司"）第三届董事会第一次会议于 2025 年 5 月 9 日召开。鉴于公司第三届董事会成员经同日召开的 2024 年年度股东大会选 举产生，全体董事一致同意本次会议豁免提前发出会议通知，并一致推举董事 高禄峰主持本次会议。本次会议应到董事 5 人，实到董事 5 人。本次董事会会 议的召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 二、董事会会议审议情况 1、审议通过《关于选举第三届董事会董事长的议案》 董事会同意选举高禄峰为公司第三届董事会董事长，任期自第三届董事会 第一次会议审议通过之日起至第三届董事会届满之日止。具体内容详见公司同 日披露于上海证券交易所网站（www.sse.com.cn）的相关公告及文件。 表决结果：同意 5 票；反对 0 票；弃权 0 票；回避 0 票 2、审议通过《关 ...