Core Viewpoint - Ninebot Limited (stock code: 689009) reported significant growth in its H1 2025 performance, driven by advancements in smart short-distance transportation and service robots, establishing a solid foundation for long-term development [2] Financial Performance - The company achieved a revenue of 11.742 billion yuan in H1 2025, a 76.14% increase from 6.666 billion yuan in the same period last year [4] - Total profit reached 1.724 billion yuan, up 136.94% from 727 million yuan year-on-year [4] - Net profit attributable to shareholders was 1.242 billion yuan, reflecting a year-on-year increase of 108.45% [4] - The net profit after deducting non-recurring gains was 1.312 billion yuan, a 125.32% increase compared to 583 million yuan last year [4] - The net cash flow from operating activities was 3.653 billion yuan, a 46.94% increase from 2.486 billion yuan in the previous year [3] Asset and Equity Growth - As of June 30, 2025, total assets reached 19.62 billion yuan, a 25.14% increase from the end of the previous year [3] - Net assets attributable to shareholders were 6.780 billion yuan, up 10.13% from the previous year-end [3] Research and Development - R&D expenses amounted to 522 million yuan, a 49.51% increase year-on-year, with R&D personnel increasing to 1,786, representing 31.55% of total employees [3] - The company holds a total of 3,790 patents, 196 copyrights, and 1,996 trademarks, reinforcing its technological barriers [3] Product Performance - Electric two-wheelers sold 1.3887 million units, generating revenue of 3.96 billion yuan, with a cumulative shipment of over 8 million units in China [5] - Electric scooters have a cumulative shipment of over 14 million units, with the latest models achieving significant sales in multiple countries [6] - All-terrain vehicles generated revenue of 323 million yuan from 8,000 units sold, enhancing market competitiveness [6] - The flagship service robot, Segway Navimow X3, received accolades and demonstrated superior efficiency in lawn care tasks [6]

Core Viewpoint - The report highlights the significant growth in revenue and profit for Ninebot Limited in the first half of 2025, driven by strong sales in electric scooters, electric two-wheelers, all-terrain vehicles, and service robots [4][16]. Financial Performance - Total revenue for the first half of 2025 reached approximately 11.74 billion RMB, a 76.14% increase compared to the same period last year [4]. - The total profit amounted to approximately 1.72 billion RMB, reflecting a 136.94% increase year-on-year [4]. - Net profit attributable to shareholders was approximately 1.24 billion RMB, up 108.45% from the previous year [4]. - The net cash flow from operating activities was approximately 3.65 billion RMB, a 46.94% increase compared to the same period last year [4]. Shareholder Returns - The company plans to distribute a cash dividend of 4.23 RMB per 10 depositary receipts, totaling approximately 300.34 million RMB, which represents 24.19% of the net profit attributable to shareholders for the first half of 2025 [2]. Business Overview - Ninebot Limited focuses on the design, research, production, sales, and service of smart short-distance transportation and service robots [6][8]. - The company has established a modern procurement management system to enhance delivery efficiency and cost advantages [8][9]. Product Categories - The main product categories include electric balance scooters, electric scooters, electric two-wheelers, all-terrain vehicles, and service robots [6][8]. - The electric balance scooter market is projected to grow at a CAGR of 3.8% from 2025 to 2031, reaching a market size of 676 million USD by 2031 [8]. - The electric scooter market is expected to grow at a CAGR of 13.5%, with sales projected to reach 5.685 billion USD by 2031 [9]. - The electric two-wheeler market in China is anticipated to see steady growth, with sales expected to reach approximately 50 million units in 2024 [10]. Technological Advancements - The company launched the Lingbo OS, a smart operating system for short-distance transportation, marking a significant upgrade in its technological capabilities [18]. - The latest flagship product, the Segway Navimow X3 series, has received high praise for its performance and efficiency in the global market [20][21]. Market Position - Ninebot Limited has established itself as a leader in the electric scooter market, with cumulative shipments exceeding 14 million units [16]. - The company’s electric two-wheelers have achieved a cumulative shipment of over 8 million units in the Chinese market, showcasing strong market competitiveness [17].