Summary of Conference Call for Ninebot Company Industry and Company Overview - **Company**: Ninebot Company - **Industry**: Electric Mobility, specifically focusing on electric bicycles and scooters Key Points and Arguments 1. **Demand for Electric Bicycles**: The demand for electric bicycles remains sluggish as of Q1 2026, with other product categories performing better. The company anticipates a potential recovery post-Chinese New Year [1] 2. **Profit Forecast Adjustment**: The company reported lower-than-expected profits for Q4 2025, leading to a downward revision of net profit forecasts for 2026-2028 by 11-12%. The target price has been adjusted from 81 CNY to 75 CNY while maintaining a "Buy" rating [1][2] 3. **Product Demand Breakdown**: - **Electric Two-Wheelers**: Mixed performance; electric motorcycles saw a 50% year-on-year increase, accounting for 80% of electric two-wheeler demand (up from 51% in 2025). However, electric bicycle demand remains stagnant [1] - **Electric Scooters**: Consumer-facing (to C) business demand continues to grow, while business-facing (to B) demand remains flat compared to the high base in 2025 [2] - **Lawn Mowers**: Sales are expected to double year-on-year, similar to 2025 performance [2] - **All-Terrain Vehicles**: Sales in Europe and non-US regions increased by 20-30% year-on-year [2] Additional Important Information 1. **Profitability Issues**: The company’s net profit for 2025 is projected to be around 1.7-1.9 billion CNY, reflecting a year-on-year increase of 54%-71%. However, Q4 profits are expected to be at breakeven, significantly below the previous expectation of 200-300 million CNY [2] 2. **Reasons for Profit Shortfall**: - Transition in domestic electric two-wheeler policies and dealer inventory reduction led to lower sales - A net loss of 70 million CNY from currency exchange, contrasting with a net gain of over 20 million CNY in Q4 2024 - Tax expenses exceeding 70 million CNY related to pre-distributed cash dividends [2] 3. **Earnings Forecast and Valuation**: Despite an optimistic outlook from management for 2026, net profit forecasts have been adjusted downwards due to factors like exchange rates and rising costs. The compound annual growth rate for net profit from 2025-2028 is now projected at 29%. The target price is based on a 22x expected P/E ratio for 2026, with the current stock price reflecting a lower 16x expected P/E ratio, indicating a historically low valuation [3]

证券研究报告 | 2026年02月02日 2026年02月03日 金融工程日报 沪指单边下行险守 4000 点，资源股全线下挫、白酒表现活跃 核心观点 金融工程日报 市场表现：20260202 市场全线下跌，规模指数中上证 50 指数表现较好，板 块指数中北证 50 指数表现较好，风格指数中沪深 300 价值指数表现较好。 食品饮料、银行、电新、家电、电力公用事业行业表现较好，有色金属、钢 铁、煤炭、石油石化、基础化工行业表现较差。特高压、白酒、光纤、培育 钻石、配网等概念表现较好，黄金精选、铅锌矿、黄金珠宝、存储器、磷化 工等概念表现较差。 市场情绪：20260202 市场情绪较为低迷，收盘时有 44 只股票涨停，有 130 只股票跌停。昨日涨停股票今日收盘收益为 0.40%，昨日跌停股票今日收盘 收益为-7.34%。今日封板率 61%，较前日下降 4%，连板率 20%，较前日 提升 10%。 市场资金流向：截至 20260130 两融余额为 27153 亿元，其中融资余额 26987 亿元，融券余额 166 亿元。两融余额占流通市值比重为 2.6%，两融 交易占市场成交额比重为 9.4%。 折溢价：202 ...

Core Insights - The new national standard for electric bicycles has been fully implemented, with 33 models from 17 leading brands showcased at a promotional event, indicating a shift towards compliance and safety in the industry [1][2] - The electric bicycle market is experiencing significant growth, with 165 million new standard models already released and an expected production of 7.55 million units by the end of Q1 2025, reflecting a robust supply capability [2] - Safety and compliance are emphasized as fundamental for the survival and development of electric bicycle companies, with stricter technical requirements introduced in the new standard [3] Group 1: Market Overview - The event featured a variety of new models that cater to diverse consumer needs, showcasing brands like Yadea, Aima, and Niu [1] - The electric bicycle has become an essential tool for daily commuting, with a projected production of 54.9 million units by 2025, representing a 29% year-on-year increase [2] - The industry is expected to see a peak in new model launches in March, as more companies aim to capture market share [2] Group 2: Compliance and Safety - The new national standard imposes stricter requirements on fire resistance, plastic composition, anti-tampering, and braking performance, marking a transition to high-quality development in the industry [3] - A public commitment was made by 20 key electric bicycle companies to resist non-compliance, emphasizing integrity and adherence to standards [3] - The Ministry of Industry and Information Technology stresses the importance of quality and safety as a lifeline for companies, aiming to prevent the circulation of non-compliant vehicles [3]

Group 1: Macroeconomic Insights - The Federal Reserve's recent policy statement reflects a slightly hawkish stance, leading to adjustments in asset prices, with the dollar index rising and U.S. stocks declining[6] - Kevin Warsh's nomination as the next Fed Chair has caused significant market reactions, with expectations of a more independent Fed and a potential shift in monetary policy direction[7] - The manufacturing PMI for January 2026 is reported at 49.3%, indicating a decline of 0.8 percentage points from the previous month, suggesting a contraction in manufacturing activity[17] Group 2: Market Performance - Global asset prices showed mixed results, with the Hang Seng Index rising by 2.38% and the S&P 500 increasing by 0.34%, while the Shanghai Composite Index fell by 0.44%[8] - Commodity prices experienced divergence, with IPE Brent crude oil futures rising by 6.65% and COMEX copper increasing by 0.51%, while London gold prices decreased by 2.03%[8] - The market anticipates two rate cuts in 2026, with the Federal Funds futures market reflecting limited expectations for aggressive rate reductions following Warsh's nomination[7] Group 3: Sector Analysis - The new economic landscape shows a significant shift towards emerging technologies, with sectors like AI and electric vehicles driving growth, while traditional industries lag behind[28] - The financial sector is expected to benefit from increased asset management demand, with insurance and securities firms poised for growth in a low-interest-rate environment[30] - The construction and real estate sectors are experiencing marginal improvements, but overall demand remains weak, necessitating further policy support[19]

电动自行车新标准已全面实施，当前电动自行车市场情况如何？日前，中国自行车协会在北京举 行"2026新国标电动自行车宣传推广活动"，17家行业领军企业携33款已获得CCC认证的新国标电动自行 车集中亮相。 记者在活动现场看到，颜色多样、款式新颖、功能各异的新国标电动自行车整齐排列，吸引了许多参观 者。工作人员表示，此次展出的新车型，覆盖雅迪、爱玛、小牛、台铃、九号等17家主流品牌，涵盖南 北主要产业集群，满足消费者多样化的市场需求。 小牛电动车相关负责人告诉记者，此次活动展出U1 One、K Citi两款车型。其中，U1 One已经上市两个 月，取得很好的市场反响；而K系列新国标车型采用长续航科技加持，并通过智能算法实时优化能耗， 让动态续航更精准。 据了解，此次展出的33款车型严格遵循新国标限速、限重、防火阻燃等安全要求，同时在智能化、轻量 化、长续航、时尚设计、舒适性等方面实现突破，精准满足城市通勤、家庭接送、休闲骑行等多元场景 需求。 安全是电动自行车行业不可逾越的底线，合规是电动自行车企业生存发展的根本前提。电动自行车新国 标在车辆防火阻燃、塑料占比、防篡改、制动性能等关键领域提出更严格的技术要求，在全 ...

电动自行车新标准已全面实施，当前电动自行车市场情况如何？日前，中国自行车协会在北京举 行"2026新国标电动自行车宣传推广活动"，17家行业领军企业携33款已获得CCC认证的新国标电动自行 车集中亮相。 记者在活动现场看到，颜色多样、款式新颖、功能各异的新国标电动自行车整齐排列，吸引了许多参观 者。工作人员表示，此次展出的新车型，覆盖雅迪、爱玛、小牛、台铃、九号等17家主流品牌，涵盖南 北主要产业集群，满足消费者多样化的市场需求。 小牛电动车相关负责人告诉记者，此次活动展出U1 One、K Citi两款车型。其中，U1 One已经上市两个 月，取得很好的市场反响；而K系列新国标车型采用长续航科技加持，并通过智能算法实时优化能耗， 让动态续航更精准。 安全是电动自行车行业不可逾越的底线，合规是电动自行车企业生存发展的根本前提。电动自行车新国 标在车辆防火阻燃、塑料占比、防篡改、制动性能等关键领域提出更严格的技术要求，在全面提升电动 自行车安全门槛的同时，充分满足人民群众日常生活需求，推动我国电动自行车产业正式迈入"全面合 规、安全为本、高质量发展"的新阶段。 "合规只是起点，赢得用户才是关键。行业必须从'有没有 ...

1月30日，潮汕三兄弟创办的台铃科技正式向港交所递交招股书，打响了冲刺资本市场的关键一枪。这 家从深圳龙岗厂房起步的家族企业，历经二十余年发展，已构建起覆盖电动自行车、摩托车及电池配件 的核心产品矩阵，2025年前三季度营收达148.4亿元，净利润8.23亿元，按2024年数据稳居国内电动两轮 车行业第三。 然而，在新国标切换与行业增长红利下，台铃却正遭遇新挑战。奥维云网数据显示，台铃科技2025年市 场份额同比下滑2.4%至11.7%，成为头部品牌中唯一份额缩水者。与此同时，新势力九号公司营收增速 强势追赶，2025年前三季度电动自行车收入已小幅超越台铃科技核心电动自行车与电动摩托车业务营 收。叠加台铃"重营销轻研发"，公司的"老三"宝座岌岌可危。 行业第三地位，正遭新势力强势挑战 奥维云网分析师提到，2025年中国电动两轮车市场的品牌竞争格局正经历微妙而深刻的变化，其中雅迪 与爱玛内销市场份额实现同比提升，而台铃与绿源则面临份额同比收缩的压力；值得关注的是，九号公 司打破了原有梯队序列。尽管如此，市场内销的整体品牌集中度仍保持相对稳定，头部阵营的角逐更为 激烈。 营销费用高企，研发投入遇冷 近年来，电动自 ...

港交所网站显示，日前台铃科技股份有限公司向港交所提交上市申请书，联合保荐人为中信证券和招商 证券国际。 招股书显示，按2024年电动两轮车的收入计，公司在中国内地排名第三，市场份额约为12.7%。若IPO 成功，台铃将成为继雅迪、爱玛之后，第三家登陆资本市场的行业巨头。 更重要的是，在红海竞争日趋激烈的当下，台铃若想真正跻身行业前列、实现位次跃升，借助资本市场 的力量将成为关键一步。 图片来源：招股书 01 禁摩令中嗅商机 台铃品牌的故事，始于2003年的深圳。 当禁摩令影响到传统制摩托行业时，三位潮汕兄弟从中发现了商机。据媒体报道，早年孙木钳、孙木 钗、孙木楚三兄弟在潮汕老家以修理摩托车为生，2003年，深圳禁摩政策出台，他们敏锐捕捉到电动车 替代摩托车的机遇，与合伙人姚立一起在龙岗租下厂房，利用组装摩托车的经验打造出第一台电动自行 车。 目前，台铃已开发涵盖不同出行场景的产品组合。截至2025年9月30日，公司提供50款电动自行车车 型、38款电动摩托车车型和三款电动三轮车车型。 | [编纂]的[编纂]數目 | :[編纂]股H股(視乎[編纂] | 行使與否而定) | | | | | --- | --- | ...

Core Viewpoint - The article discusses the IPO application of Tailin Technology Co., Ltd. on the Hong Kong Stock Exchange, highlighting its position as the third-largest player in the electric two-wheeler market in mainland China, with a market share of approximately 12.7% as of 2024. If successful, Tailin will join Yadea and Aima as a major industry player listed on the capital market [1][2]. Group 1: Company Overview - Tailin Technology was founded in 2003 in Shenzhen, seizing the opportunity presented by the ban on traditional motorcycles to pivot towards electric bicycles [4]. - The company offers a diverse product range, including 50 models of electric bicycles, 38 models of electric motorcycles, and three models of electric tricycles, catering to various transportation needs [4][7]. Group 2: Financial Performance - Tailin's revenue is projected to grow from 11.88 billion RMB in 2023 to 13.6 billion RMB in 2024, representing a growth rate of 14.5%. For the nine months ending September 30, 2025, revenue is expected to increase from 10.71 billion RMB to 14.84 billion RMB, a growth rate of 38.6% [7][8]. - The company's net profit is forecasted to rise from 287 million RMB in 2023 to 472 million RMB in 2024, a growth rate of 64.9%. For the same nine-month period, net profit is expected to jump from 370 million RMB to 823 million RMB, a growth rate of 122.4% [7][8]. Group 3: Market Challenges - Tailin faces intense competition from established brands like Yadea and Aima, as well as emerging players like Ninebot and Niu, which are vying for market share in the high-end segment [10]. - The domestic electric two-wheeler market is nearing saturation, with over 420 million units in circulation, equating to one vehicle for every three people [10]. Group 4: Pricing and Profitability - The average selling price of Tailin's electric bicycles is 1,393.7 RMB, while electric motorcycles average 1,585.3 RMB. Despite maintaining prices above 1,000 RMB, profit margins remain constrained due to industry-wide price wars [11][12]. - Tailin's gross margin for electric bicycles improved from 13.3% in 2023 to 17.7% in the first nine months of 2025, while electric motorcycles saw an increase from 13.3% to 18.1% [14]. Group 5: International Expansion - Tailin has begun to explore international markets, which are still in a growth phase compared to the domestic market. The global electric two-wheeler market is projected to reach $74.9 billion in 2024, with a compound annual growth rate of 8.7% from 2025 to 2034 [16]. - However, as of 2024, revenue from overseas markets accounts for only 2.4% of Tailin's total income, indicating limited current impact [17]. Group 6: Regulatory and Operational Challenges - The implementation of stringent new national standards poses significant challenges for Tailin, particularly in ensuring compliance across its extensive distribution network of over 30,000 stores [19]. - The company is also grappling with high levels of short-term liabilities, totaling 2.05 billion RMB as of September 30, 2025, primarily due to trade payables [17][18]. Group 7: Consumer Perception and Brand Trust - Tailin's reliance on lower-tier markets has led to substantial sales, but it risks alienating younger consumers who prioritize technology and smart features in their purchasing decisions [20][21]. - The company faces challenges in consumer trust, with over 2,000 complaints reported, particularly regarding after-sales service and battery quality issues [20]. Group 8: Conclusion - Tailin's upcoming IPO is marked by high debt and low gross margins, raising concerns about its long-term viability in a competitive market. The company must address operational challenges and enhance its technological offerings to secure its position in the industry [25].

证券之星消息，2月2日摩托车及其他板块较上一交易日下跌2.62%，爱玛科技领跌。当日上证指数报收 于4015.75，下跌2.48%。深证成指报收于13824.35，下跌2.69%。摩托车及其他板块个股涨跌见下表： 从资金流向上来看，当日摩托车及其他板块主力资金净流出1.39亿元，游资资金净流入2.48亿元，散户资 金净流出1.1亿元。摩托车及其他板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603529 | 爰玛科技 | 28.55 | -3.42% | 10.09万 | 2.91亿 | | 60006899 | 九号公司 | 50.06 | -3.28% | 10.59万 | 5.39 Z | | 603129 | 春风动力 | 243.96 | -3.14% | 3.44万 | 8.54亿 | | 603766 | 降葵通用 | 14.89 | -2.93% | 1 23.88万 | 3.62亿 | | 300994 | 久祺股份 | 16.36 | -2.91% ...