投资建议：九号公司研发创新能力突出，产品线持续丰富。公 司在电动两轮车、电动滑板车领域技术领先，品牌知名度高。公 司积极研发布局 E-bike、割草机器人等潜力赛道，有望打造新成 长曲线。 我 们 预 计 九 号 公 司 2025~2027 年 的 EPS 分别为 行业快报 公司快报 | | 证券研究报告 | | --- | --- | | | 小家电 | | 投资评级 | 买入-A | | | 维持评级 | 2025 年 08 月 04 日 小家电Ⅱ 九号公司：Q2 两轮车收入持续高增， 单季经营表现亮眼 事件：九号公司公布 2025 年中报。公司 2025 年上半年实现收 入 117.4 亿元，YoY+76.1%；归母净利润 12.4 亿元，YoY+108.5%； 扣非后归母净利润 13.1 亿元，YoY+125.3%。经折算，公司 Q2 单 季度实现收入 66.3 亿元，YoY+61.5%；归母净利润 7.9 亿元， YoY+70.8%;扣非后归母净利润 8.8 亿元，YoY+98.9%。我们认为， 九号电动两轮车和滑板车收入持续快速增长，Q2 单季经营表现亮 眼。 Q2 两轮车收入持续高增，滑板车业务 ...

Core Viewpoint - The recent pricing chaos of Ninebot electric vehicles has led to significant customer dissatisfaction, with users reporting price drops shortly after purchase and the company's refusal to honor price protection policies [1][3][5]. Pricing Issues - Users have expressed frustration over the inconsistent pricing across different platforms, with significant price drops occurring shortly after purchases, leading to feelings of being "betrayed" [3][7]. - Ninebot's official response to customer complaints has been to deny price protection, which has further fueled user anger [1][5]. Financial Performance - Ninebot reported a substantial increase in revenue for 2024, with total revenue reaching 14.2 billion yuan, a year-on-year increase of 38.9%, and a net profit of 1.08 billion yuan, up 81.3% [8]. - The company's gross margin for electric two-wheelers stands at 21.1%, significantly higher than competitors like Niu and Yadea, which have seen declines in their gross margins [12]. Competitive Landscape - Competitors such as Yadea and New Day are facing growth challenges, with Yadea's revenue declining by 18.8% to 28.236 billion yuan and New Day's revenue down 14.49% to 3.511 billion yuan [9]. - Ninebot's diversified product offerings, including electric balance bikes and robots, have contributed to its revenue growth, with electric two-wheelers accounting for over 50% of its revenue [15]. Quality Concerns - Ninebot has faced multiple incidents of pricing errors and quality issues, with several batches of its electric bicycles failing quality inspections [14][15]. - The company has been criticized for its management of pricing and channel strategies, which have led to repeated public relations crises [14].