九号公司迎来千万台里程碑，净利预增超54%彰显高成长动能

Core Viewpoint - The company, Ninebot, is expected to achieve a net profit of between 1.67 billion to 1.85 billion yuan in 2025, representing a year-on-year growth of 54.04% to 70.64%, showcasing strong operational resilience and growth quality in a challenging industry environment [2][3]. Group 1: Financial Performance - Ninebot's net profit is projected to increase significantly by 54% to 71% in 2025, highlighting the maturity of its profit model and operational efficiency despite industry pressures [3]. - The company has invested heavily in research and development, with R&D spending reaching 872 million yuan in the first three quarters of 2025, a 59% increase year-on-year, indicating a commitment to innovation [3]. Group 2: Market Position and Strategy - Since entering the electric two-wheeler market in 2019, Ninebot has focused on a "smart" core strategy, achieving a 70% market share in the domestic smart electric two-wheeler segment, reinforcing its position as a leader in smart mobility [4]. - Ninebot has established a dual-brand strategy with "Ninebot" and "Segway" to expand globally, aiming to transition from "product export" to "brand export" and capture high-value markets traditionally dominated by fuel-powered vehicles [6]. Group 3: Product Development and Innovation - The launch of the "Nimble OS" has strengthened Ninebot's technological moat in software and systems, contributing to its competitive edge in the market [3]. - The company has successfully transitioned its product structure to focus on the mid-to-high-end market, leading in sales within the 4,000 yuan and above price segment, reflecting a shift from "cost performance" to "quality-price performance" [4]. Group 4: Future Outlook - With the milestone of over 10 million units sold, Ninebot is expected to reveal more positive details regarding gross margins, regional growth, and ecosystem revenue in its upcoming annual report, indicating a promising future [6]. - The ongoing dual-brand globalization and continuous AI technology integration are anticipated to unlock greater long-term value for Ninebot in the capital market [6].