Core Viewpoint - Ninebot Company reported strong growth in the first half of the year, achieving record high revenue and net profit, marking it as the "strongest half-year report" [1] Financial Performance - The company achieved revenue of 11.742 billion yuan, a year-on-year increase of 76.14% - Net profit attributable to shareholders reached 1.242 billion yuan, a significant increase of 108.45% [1] - The gross margin improved by 1.5 percentage points to 30.39% [1] - Net cash flow from operating activities increased by 46.94% to 3.653 billion yuan [1] Business Segments - The smart electric two-wheeler segment generated revenue of 6.823 billion yuan, growing by 101.70%, accounting for 58% of total revenue [1] - The balance bike and electric scooter segments achieved revenue of 2.180 billion yuan, with a year-on-year growth of 37.23% [1] - In the first half of the year, the company sold 2.39 million smart electric two-wheelers in China, a growth of 99.5% [2] Market Position - Ninebot's electric two-wheelers are the fastest-growing among leading brands in the market, with a projected 29.5% growth in the industry by mid-2025 [2] - The cumulative shipment of smart electric two-wheelers in China surpassed 8 million units as of July 18, achieving this milestone in just 64 days [3] Product Innovation - The company launched the third-generation electric scooter at CES, which has received widespread acclaim for its advancements in key areas such as range, safety, and performance [3] - Ninebot has invested heavily in R&D, with expenditures reaching 522 million yuan, a 49.5% increase [4] - The company has developed proprietary systems like "Ridey GO," "Ridey LONG," and "Ridey FUN," enhancing user experience and safety [4] Future Outlook - Ninebot plans to launch the technology brand Lingbo OS in the second half of the year, aiming to leverage over 10 years of technological accumulation in the short transportation sector [4] - The company has accumulated 5,982 global intellectual property rights and has been involved in over 110 domestic and international technical standards [4] Industry Impact - Ninebot represents a new generation of "Chinese smart manufacturing," significantly enhancing the global competitiveness and brand influence of Chinese products through technological innovation [5]

Core Insights - The third "Chain Expo" showcased the popularity of Ninebot's electric two-wheelers, with attendees expressing strong interest in the company's smart and safety technologies [1][3] - Ninebot has achieved significant production milestones, with the 8 millionth smart electric two-wheeler rolling off the production line just 60 days after reaching 7 million units, indicating a production rate of 1 million units every two months [3] Product Features - Ninebot's electric vehicles feature IPX7 waterproof lithium batteries, allowing them to be submerged in 1 meter of water for 30 minutes without damage, a rarity in the industry [1] - The company has developed a proprietary BMS 6.0 battery management system that includes over 30 protection measures and more than 20 safety technologies to ensure battery safety [1] - The introduction of a seat cushion sensing technology prevents accidental acceleration, particularly beneficial for families with children [3] - Automatic light-sensing headlights adjust brightness based on ambient light, enhancing safety during nighttime rides [3] - The SOS emergency call feature automatically sends a distress message and vehicle location to emergency contacts in the event of a serious accident [3] Industry Position - Ninebot leads the industry in an intelligent scoring system, achieving a score of 810 in the 2024 evaluation by Lu Master, maintaining its position as the top performer for four consecutive years [4]

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].

Core Insights - The company, Tantu Technology, has completed a Series B funding round of several hundred million yuan, with the investment coming from Chuangchuang Venture Capital [1] - Following this funding, the company plans to enhance research and development of core components, aiming for breakthroughs and full autonomy in development across all fields [1] - Tantu Technology will focus on expanding its product categories, particularly in areas such as cool play cars and golf bag cars, while also pursuing global market expansion to tap into larger market opportunities [1]

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]

Core Viewpoint - The company reported significant growth in revenue and net profit for 2024, indicating strong performance in the smart short-distance transportation sector, particularly in electric scooters and two-wheelers [1][5]. Financial Performance - In 2024, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 14.2 billion, 1.1 billion, and 1.1 billion yuan, respectively, representing year-on-year increases of +38.87%, +81.29%, and +157.24% [1]. - For Q4 2024, the figures were 3.3 billion, 100 million, and 100 million yuan, with year-on-year changes of +22.05%, -47.77%, and +91.67% [1]. - The gross profit margin for 2024 was 28.24%, with a decrease in Q4 to 23.45%, showing a year-on-year increase of +1.34% but a decline of -4.23% in Q4 [3][4]. Product Performance - Revenue from electric balance bikes and scooters, electric two-wheelers, robots, all-terrain vehicles, and accessories was 3.38 billion, 7.21 billion, 900 million, 980 million, and 1.73 billion yuan, with year-on-year changes of -3.07%, +70.38%, +254.76%, +39.77%, and +11.69% respectively [1][2]. - The sales volume for these products was 157,060, 259,890, 16,480, 2,380 units, with year-on-year changes of -7.02%, +76.61%, +323.46%, and +34.12% [2]. Regional Performance - Domestic and overseas revenues were 8.42 billion and 5.77 billion yuan, reflecting year-on-year growth of +55.62% and +20.03% [2]. - The gross profit margin for domestic and overseas markets was 23.07% and 35.77%, with year-on-year increases of +1.49% and +6.55% [3]. Cost and Expenses - The expense ratios for sales, management, R&D, and financial costs were 7.75%, 5.89%, 5.82%, and -0.77%, showing year-on-year changes of -2.26%, -0.72%, -0.21%, and +0.56% [3]. - In Q4 2024, these ratios were 2.93%, 7.52%, 8.45%, and -1.27%, with year-on-year changes of -9.76%, +0.84%, +2.97%, and -0.67% [3]. Dividend Policy - The company plans to distribute a total cash dividend of 800 million yuan, which accounts for 73.85% of the net profit attributable to shareholders [5]. Investment Outlook - The company is positioned as a leader in the global smart short-distance transportation sector, with strong product innovation capabilities and a focus on expanding its global sales network [5]. - Projected net profits for 2025-2027 are expected to be 1.634 billion, 2.248 billion, and 3.031 billion yuan, with corresponding PE ratios of 24.1, 17.5, and 13.0 times [5].