Core Insights - Ninebot Company (689009.SH) reported a revenue of 6.65 billion yuan for Q3 2025, representing a year-on-year growth of 57% [1] - The net profit attributable to the parent company reached 550 million yuan, up 46% year-on-year [1] - For the first three quarters of the year, the company's revenue and net profit attributable to the parent company were 18.39 billion yuan and 1.79 billion yuan, respectively, marking increases of 69% and 84% compared to the same period last year [1] Revenue Structure - The electric two-wheeler segment contributed approximately 67% of total revenue, with sales of 1.4867 million units in Q3, generating revenue of 4.454 billion yuan, a year-on-year increase of about 72% [1] - The sales of self-branded retail scooters reached 418,300 units, generating revenue of 959 million yuan, reflecting a year-on-year growth of 38% [1] - Cumulative shipments of electric scooters exceeded 15 million units by the end of Q3 [1] - All-terrain vehicle sales amounted to 7,500 units, generating revenue of 330 million yuan [1] - Direct sales revenue from ToB products was 244 million yuan, while revenue from accessories and other sources totaled 663 million yuan [1] Market Dynamics - The growth in domestic sales of electric two-wheelers is attributed to the expansion of distribution channels, with over 9,700 dedicated stores in China as of September 30 [2] - The new national standard for electric bicycles (GB 17761-2024) was implemented on September 1, 2023, which has influenced market dynamics [2] - According to AVC's latest report, the domestic electric two-wheeler market saw sales of 21.505 million units in Q3, a year-on-year increase of 23.4% [2] - The report highlights a dual characteristic in the market: rapid clearance of old stock and an upgrade in product structure to meet evolving consumer demands [2] - Companies are focusing on technological upgrades in smart configurations, riding comfort, and safety performance to create differentiated technological barriers in response to the new standards [2]
九号公司前三季度营收净利双增 电动车国内出货量超900万台