Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][6]. Core Viewpoints - The company is positioned as a comprehensive player in the smart short transportation and robotics sectors, focusing on simplifying the movement of people and goods through a platform-based business ecosystem [2][13]. - The electric two-wheeler segment has become the main revenue driver, accounting for 51% of total revenue, with significant growth expected from the lawn mowing and all-terrain vehicle segments [2][5]. Financial Summary - Revenue projections show a strong growth trajectory, with expected revenues of 10,222 million in 2023, increasing to 32,366 million by 2027, reflecting a CAGR of 23.9% [1]. - Net profit is projected to grow from 598 million in 2023 to 3,245 million by 2027, with a CAGR of 34.3% [1]. - The company’s return on equity (ROE) is expected to improve from 10.8% in 2023 to 23.7% in 2027 [1]. Business Segments Electric Two-Wheelers - The company leads the high-end smart electric two-wheeler market, with over 600,000 units sold in 2024, capturing the top tier of the market priced above 4,000 yuan [3][5]. - The implementation of new national standards is expected to benefit leading manufacturers with strong R&D capabilities, allowing the company to consolidate its market position [3][43]. Robotics - The company is expanding into the robotics sector, with products like lawn mowing and delivery robots, leveraging its existing technological expertise [4][5]. - The global market for lawn mowing robots is projected to exceed 300 billion, with the company’s Navimow brand expected to reach 100,000 households by 2024 [4][5]. Market Trends - The demand for electric two-wheelers is shifting towards high-end and smart features, with 83.7% of consumers prioritizing smart functionalities in their purchasing decisions [49][50]. - The overall market for electric two-wheelers in China is expected to grow steadily, with a projected sales volume of 49.2 million units in 2024 [43][45]. Investment Recommendations - The company is expected to achieve revenues of 202.81 billion, 261.17 billion, and 323.66 billion in 2025, 2026, and 2027 respectively, with corresponding net profits of 17.96 billion, 24.17 billion, and 32.45 billion [5][6].

Group 1: Company Overview - The company aims to "simplify the movement of people and goods" by creating a platform ecosystem for "smart short transportation + service robots" through the reuse and upgrade of core technologies [1] - The product line includes electric balance bikes, electric scooters, smart two-wheeled electric vehicles, E-Bikes, all-terrain vehicles, lawn mowing robots, and delivery robots [1] - In 2024, the company expects revenue and net profit attributable to the parent company to reach 14.2 billion and 1.1 billion respectively, representing year-on-year growth of 39% and 81% [1] Group 2: Electric Two-Wheeled Vehicles - The demand for electric two-wheeled vehicles is shifting towards high-end and intelligent products, with the company leading in brand recognition, purchase priority, and intelligent performance [2] - The company is projected to sell over 600,000 units in 2024, dominating the market segment priced above 4,000 yuan [2] - The implementation of new national standards is expected to concentrate market share among manufacturers with strong R&D capabilities, scale, and brand advantages, benefiting the company [2] Group 3: Service Robots - The company's founding team has a strong background in robotics, making the entry into the robot sector a strategic choice for achieving second growth [3] - Current robot products include lawn mowing robots and delivery robots, with the lawn mowing robot industry transitioning from mechanical to boundary-less robots [3] - The global penetration rate of lawn mowing robots is only 1.9% in 2024, with a target market size expected to exceed 300 billion [3] Group 4: Investment Outlook - The company's main business in electric two-wheeled vehicles is strongly positioned in the high-end intelligent market and is expected to benefit from industry upgrades [4] - New businesses such as lawn mowing robots, all-terrain vehicles, and E-Bikes are beginning to gain traction, supporting the company's second growth phase [4] - Revenue projections for 2025, 2026, and 2027 are 20.281 billion, 26.117 billion, and 32.366 billion respectively, with net profits of 1.796 billion, 2.417 billion, and 3.245 billion, corresponding to a PE ratio of 23.2, 17.3, and 12.9 [4]

Industry Investment Rating - The automotive industry is rated as "Leading" [1] Core Insights - In June, the penetration rate of new energy vehicles (NEVs) rose to 53.3%, with expectations for stable growth in the car market in July [1][4] - Retail sales of passenger cars in June reached 2.084 million units, representing a year-on-year increase of 18.1% [4] - Domestic brands outperformed the overall industry, with retail sales of 1.34 million units in June, a year-on-year increase of 30% [4] - The export of passenger cars showed a slowdown, but NEV exports maintained good growth, accounting for 41.1% of total exports in June [4] Summary by Relevant Sections Market Performance - The passenger car market in June showed a positive trend, benefiting from consumer promotion policies and financial support [4] - The cumulative retail sales of passenger cars in the first half of the year reached 10.901 million units, up 10.8% year-on-year [4] New Energy Vehicles - The NEV penetration rate for the first half of 2025 reached 50.1%, with June sales of 1.111 million units, a year-on-year increase of 29.7% [4] - Domestic brands accounted for 75.4% of the NEV penetration rate in June, with a market share of 71% [4] Investment Recommendations - The report suggests focusing on companies like BYD (1211 HK), XPeng Motors (9868 HK), and Geely (175 HK) due to their expected growth in sales and profitability [4]

Group 1 - The A-share market's three major indices closed mixed, with the STAR Market 50 Index (STAR 50) down by 0.89% to 983.11 points, with a trading volume of 20.414 billion yuan [1] - The STAR 50 Index has seen a slight increase of 0.03% over the past month, a rise of 5.52% over the past three months, and a year-to-date increase of 0.30% [1] - The STAR 50 Index consists of 50 securities from the STAR Market with high market capitalization and liquidity, reflecting the overall performance of representative STAR enterprises [1] Group 2 - The top ten weighted stocks in the STAR 50 Index include: SMIC (10.33%), Haiguang Information (8.51%), Cambricon (7.57%), Lattice Semiconductor (6.34%), Zhongwei Company (5.39%), United Imaging (4.23%), Kingsoft Office (4.22%), Transsion Holdings (2.35%), Ninebot (2.26%), and Chipone (2.19%) [1] - The STAR 50 Index is entirely composed of stocks listed on the Shanghai Stock Exchange, with a sector breakdown showing 68.83% in Information Technology, 11.80% in Healthcare, 11.66% in Industrials, 4.39% in Consumer Discretionary, 2.66% in Materials, and 0.66% in Consumer Staples [2] - The STAR 50 Index undergoes quarterly adjustments, with changes implemented on the next trading day following the second Friday of March, June, September, and December, with a maximum adjustment of 10% [2]

Group 1: Policy and Industry Trends - The Shanghai Stock Exchange has initiated a series of promotional activities for the "1+6" policy of the Sci-Tech Innovation Board, aiming to enhance support for local economic development and technological innovation [1][2] - The introduction of the "1+6" policy has significantly boosted the confidence of equity investment institutions and technology entrepreneurs, promoting a virtuous cycle of "technology-industry-capital" [1][2] - Recent IPO approvals for several unprofitable companies and the first IPO under the fifth set of standards reflect the determination of the reforms and further stabilize market expectations [1][2] Group 2: Market Performance and Fund Flows - The overall performance of the Sci-Tech Innovation Board has seen a decline, with the Sci-Tech 50 Index dropping by 0.35% in the past week, while the biotech sector experienced significant gains [3][4] - The top five industries on the Sci-Tech Innovation Board, including electronics, biomedicine, computers, power equipment, and machinery, account for 87.2% of the total market capitalization [4] - ETFs tracking the Sci-Tech Innovation Board saw a net inflow of 3.36 billion yuan last week, although there has been a net outflow of 16.57 billion yuan since the beginning of the year [4] Group 3: Sector Insights - The new generation information technology sector is primarily focused on the electronic chip industry, with major tech companies investing heavily in AI infrastructure, indicating a surge in demand for computing power [5][6] - The high-end equipment manufacturing sector is expected to benefit from policy support aimed at enhancing the competitiveness of China's manufacturing industry, particularly in marine technology and intelligent vessels [6] - Recent policies in the pharmaceutical sector aim to support the high-quality development of innovative drugs, with a comprehensive support system being established for drug research, approval, and insurance coverage [7]

Investment Rating - The report gives an "Overweight" rating for the electric two-wheeler industry, indicating a positive outlook compared to the overall market performance [2]. Core Insights - The third batch of the white list for electric two-wheeler manufacturers has been announced, with a total of 19 brands and 44 factories included, indicating a growing industry concentration [2]. - The new national standards are expected to accelerate industry sales and enhance concentration, with a significant increase in the market share of leading players from 26% in 2017 to 48% in 2023 [2]. - The "old-for-new" policy is a key driver for demand, with substantial subsidies in 2025, leading to a projected increase in sales volume [2]. - The report highlights that 2024 will be a transitional year, while 2025 will see the full impact of new standards and policies, with a focus on enforcement [2]. Summary by Sections Industry Overview - The electric two-wheeler industry is experiencing a shift due to new regulations and policies aimed at enhancing compliance and safety [2]. - The report notes that the enforcement of new standards will likely stimulate replacement demand, with changes in weight limits and battery requirements [2]. Market Dynamics - The report emphasizes the importance of the "old-for-new" program, which has shown significant results, with 8.465 million units exchanged by mid-2025, a 6.1-fold increase from 2024 [2]. - The report anticipates that the sales will continue to accelerate as the peak sales season approaches and remaining national subsidies are allocated [2]. Company Recommendations - The report recommends investing in companies that are undergoing internal reforms and quality improvements, such as Yadea Holdings, Aima Technology, and Ninebot [2][3].

Core Viewpoint - The announcement details the results of the thirteenth exercise of the employee stock option plan by Ninebot Limited, indicating a total of 45,562 shares exercised, resulting in 455,620 depositary receipts [1][2]. Summary by Sections 1. Stock Option Exercise Details - The number of depositary receipts from this exercise is 455,620, derived from 45,562 shares at a conversion rate of 1 share to 10 depositary receipts [1]. - The source of the exercised securities is the issuance of Class A ordinary shares to the depositary, which are then allocated to the incentive recipients [1]. - The depositary receipts from this exercise will be tradable three years after the exercise date, with an expected listing date of July 3, 2028 [1]. 2. Decision-Making Process and Disclosure - The 2015 Employee Stock Option Plan was approved by the shareholders, and subsequent plans were also established, with all options granted by April 2, 2019 [1]. - The exercise conditions for the 2015 and 2019 plans are contingent upon the successful listing of the company in China [1]. - As of the announcement date, a total of 5,181,310 shares were available for exercise under the plans, with independent directors and legal opinions confirming the exercise conditions were met [1]. 3. Basic Information on the Stock Option Exercise - The total number of stock options granted was 5,181,310, with 45,562 exercised, representing 0.88% of the total options granted [2]. - A total of 40 individuals participated in this exercise [1]. 4. Changes in Share Capital and Listing Arrangements - The total number of depositary receipts increased from 718,989,042 to 719,444,662 following this exercise [2]. - The funds raised from this exercise, amounting to approximately $227,907.76, will be used to supplement working capital [2]. - The new shares have been registered with the China Securities Depository and Clearing Corporation Limited as of July 3, 2025 [2]. 5. Impact on Financial Reports - The newly issued 455,620 depositary receipts will dilute the earnings per share, but the overall impact on the company's financial condition and operating results is not expected to be significant [2].

Core Viewpoint - The announcement details the third reserved grant of the 2022 restricted stock incentive plan for Ninebot Limited, highlighting the conditions for vesting and performance targets for the upcoming years [1][2][3]. Summary by Relevant Sections Stock Incentive Plan Overview - The number of restricted stocks to be vested corresponds to 5,006.9 shares, equating to 50,069 depositary receipts [1]. - The source of the vested stocks is from the issuance of Class A common shares by Ninebot Limited to the depositary, which will then issue the depositary receipts to the incentive recipients [1]. Vesting Conditions and Performance Targets - The vesting schedule includes five periods, with the first vesting period starting 12 months after the grant date and the last one concluding 72 months after the grant date [1]. - Performance targets for each year from 2023 to 2027 are set as follows: - 2023: Revenue of 11 billion yuan - 2024: Revenue of 12 billion yuan - 2025: Revenue of 13 billion yuan - 2026: Revenue of 14 billion yuan - 2027: Revenue of 15 billion yuan [1][8]. Performance Assessment - The performance assessment consists of organizational and individual performance, categorized into six levels (S, A, B+, B, C, D) [1][8]. - If the company fails to meet the performance targets, all corresponding depositary receipts for that year will be canceled and rendered invalid [1]. Approval and Disclosure Process - The plan has undergone necessary decision-making procedures and has been disclosed in compliance with regulations, with independent directors providing their opinions on the plan [1][2][3][4]. Financial and Legal Opinions - The legal opinion confirms that the adjustments and vesting conditions comply with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [9][10].

Group 1: Industry Trends - The "smart consumer device" industry is experiencing a significant transformation driven by the integration of hardware, services, and content, with a focus on technological breakthroughs and ecosystem collaboration [1][2] - Chinese smart consumer device companies are leveraging rapid iteration, engineering innovation, and strong supply chain integration to expand into global markets [2][6] - The core competitiveness of these companies has shifted from hardware manufacturing to user-oriented solutions that combine technology, scenarios, and ecosystems [3][4] Group 2: Company Strategies - YingShi Innovation has accelerated its global market presence, with nearly 80% of its revenue coming from overseas, focusing on tailored marketing strategies for different regions [2][6] - Ninebot's international expansion began with the acquisition of Segway in 2015, leading to product sales in over 100 countries, emphasizing brand and technology as key elements of its global strategy [2][6] - Stone Technology employs a "globalization + localization" strategy, aiming for over 50% of its revenue to come from overseas by 2024, while addressing cultural differences and local market needs [3][6] Group 3: Product Innovations - Ninebot has developed a smart ecosystem platform, NimbleOS, transforming short-distance transportation tools into interconnected smart devices, and has introduced innovative service robots [4][6] - Stone Technology is transitioning home cleaning from mere tools to intelligent management systems, capitalizing on the "lazy economy" and the demand for seamless user experiences [4][5] - YingShi Innovation is expanding its product applications from sports photography to various use cases, addressing specific user needs with innovative features [5][6] Group 4: Competitive Advantages - Leading companies are enhancing their competitive edge through diversified supplier networks and vertical integration, ensuring supply chain stability and security [6][7] - Stone Technology focuses on domestic substitution and multi-supplier strategies to reduce reliance on single sources, while investing heavily in R&D to develop core technologies [6][7] - YingShi Innovation is improving its supply chain efficiency and increasing the localization of its supply chain, with significant investments in R&D amounting to 1.48 billion yuan over the past three years [6][7]

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 7 月 4 日召开第三届董事会 第二次会议，审议通过了《关于作废处理 2022 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、2022 年 7 月 29 日，公司召开第二届董事会第二次会议，审议通过了 《关于公司<2022 年限制性股票激励计划（草案）>及其摘要的议案》《关于公 司<2022 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<2022 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 2022 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 本激励计划相关议案发表了独立意见，并对本激励计划的相关事项进行核实并 出具了相关核查意见。 2、2022 年 7 月 30 日，公司于上海证券交易所网站（www.sse.com.cn）披 露了《九 ...