Core Viewpoint - The new national standard for electric bicycles, effective from September 1, 2023, imposes strict regulations on speed, weight, battery capacity, and overall dimensions, leading to a significant reshaping of the industry and creating both opportunities and challenges for various brands, particularly for Ninebot [6][10][20]. Summary by Sections Changes in Regulations - The new standard (GB 17761-2024) restricts the maximum design speed of electric bicycles to 25 km/h, with immediate disconnection of power for exceeding this limit [12][15]. - Additional regulations include strict limits on battery capacity, power, and vehicle weight, as well as requirements for smart connectivity features to meet safety standards [15]. Market Dynamics - Brands that previously relied on "over-standard" vehicles for growth will face significant adjustments, with the potential for a market reshuffle favoring those who can quickly adapt [10][20]. - Ninebot has seen a surge in demand for older models during the three-month transition period before the new regulations take full effect [12][16]. Financial Performance - Ninebot reported a total revenue of 11.742 billion yuan in the first half of 2023, a year-on-year increase of 76.14%, with net profit rising by 108.45% to 1.242 billion yuan [16]. - The electric two-wheeler segment generated 6.823 billion yuan, accounting for 58.1% of total revenue, with sales exceeding 2.3925 million units in the same period [16]. Challenges Ahead - Ninebot faces challenges in market penetration, particularly in lower-tier cities where its distribution network is less extensive compared to leading brands like Yadea [16]. - The new regulations may hinder Ninebot's competitive edge, especially regarding product modifications that have historically attracted customers [17][20]. Shareholder Actions - The company's actual controllers recently sold shares worth over 788 million yuan, raising concerns about the sustainability of its business model amid record financial performance [22][23]. - Previous investors have also reduced their stakes significantly, indicating potential doubts about the company's future prospects [23]. Consumer Sentiment - Customer complaints regarding after-sales service, warranty issues, and product quality have been rising, with over 4,000 complaints recorded [19]. - The new regulations will require Ninebot to balance personalized services with data privacy and security, adding another layer of complexity to its operations [19].

即便在新国标面前九号有一定优势，但前方还有许多未知数，多位经销商都对凤凰网科技表示，目前还没见过新国标下的新车，但根据各项要 求，产品的成本必然上升，这部分成本是否转嫁给消费者，还是让经销商扛下均未得知。 9月1日正式实施的电动自行车新国标，把整个行业推上风口浪尖。新规明确了速度、重量、电池容量、整车尺寸等多方面的限制，既要"去摩托化"，也要 保证骑行安全。 图｜新规变化内容截图 这意味着，过去几年以"超标车""电摩化"作为增长动力的部分品牌，将面临巨大调整。 图｜来源于网络 此外，电池容量、功率和整车重量都有严格规定，同时要求智能联网功能必须符合安全规范。 在不少九号店员看来，新车确实更像"自行车"。凤凰网科技注意到，北京多家九号店内有一些现车已挂上"已售"字样。"现在没什么现货了"，该店员表 示，多款旧车型涨价浮动在200元到300元不等但依旧不愁卖，而新车到店预计还需要1个月左右。 对于整个电动车行业而言，这次标准不是微调，而是新一轮洗牌。谁能快速适配，谁就能在新一轮竞争中抢占先机；而动作迟缓者与小品牌，则有可能出 局。 在这样的背景下，雅迪、爱玛、台铃、绿源、小牛等传统品牌各有各的烦恼，但最值得关注的 ...

Core Viewpoint - The article highlights the entrepreneurial journey of Ninebot, founded by Gao Lufeng and Wang Ye, showcasing its evolution from a small startup in a basement to a major player in the smart mobility sector with a market value of 46 billion yuan, emphasizing innovation and strategic acquisitions as key drivers of success [4][5]. Group 1: Company Background - Ninebot was established in 2012, focusing on the development of smart balance vehicles, and has since expanded its product line to include electric scooters and robots [11][12]. - The founders, both graduates from Beihang University, leveraged their technical expertise and business acumen to create a company that has become a leader in the short-distance travel market [4][5][24]. Group 2: Key Milestones - In 2015, Ninebot made headlines by acquiring Segway, a pioneer in the balance vehicle market, which significantly enhanced its patent portfolio and market reach [13][14]. - Following the acquisition, Ninebot optimized production processes, reducing manufacturing costs by 60% and increasing product accessibility, leading to a market share exceeding 90% in certain European countries by 2016 [14][15]. Group 3: Market Strategy and Growth - Ninebot's entry into the electric two-wheeler market in 2019 was initially met with skepticism, but the company identified opportunities for innovation and differentiation, leading to significant sales growth [18][19]. - By 2025, Ninebot's electric two-wheeler sales exceeded 6.82 billion yuan, accounting for 58% of total revenue, with a year-on-year growth rate of 101.6% [20][21]. Group 4: Future Aspirations - Despite the rapid growth in the electric vehicle segment, the founders maintain a long-term vision centered on robotics, aiming to develop advanced service robots and expand into new markets [22][23]. - Ninebot has diversified its product lines to include seven categories, with a revenue of 11.742 billion yuan in the first half of 2025, indicating a strong market presence and ongoing innovation [25].

Core Insights - Ninebot Company reported impressive financial results for the first half of 2025, with revenue reaching 11.742 billion yuan, a year-on-year increase of 76.14%, and net profit attributable to shareholders at 1.242 billion yuan, up 108.45% [1] - The smart electric two-wheeler segment has emerged as the growth engine for Ninebot, generating revenue of 6.823 billion yuan, reflecting a year-on-year growth of 101.7% [1] - Ninebot's electric two-wheelers achieved sales of 2.39 million units in China during the first half of the year, marking a 99.5% increase year-on-year, making it the fastest-growing brand in the industry [1] Industry Evolution - The rise of smart electric two-wheelers, represented by Ninebot, marks a significant turning point in the industry, shifting competition from price to product and brand strength [2] - The transition from basic transportation to interactive smart terminals signifies a major evolution in user perception and demand, akin to the "iPhone moment" in technology [2] - Companies are now required to innovate and adopt user-centric thinking, moving beyond mere imitation of smart features to fostering a culture of innovation [2][3] User Experience and Service Focus - The second half of the competition will emphasize user experience and service, reflecting a deeper understanding of emotional needs beyond functional requirements [4] - Ninebot has established comprehensive service centers in major cities, aiming to provide professional and convenient service experiences, thus elevating after-sales service standards [4] - The launch of the "Safe Driving 99" training program and the establishment of the Ninebot Safe Driving Academy represent a commitment to enhancing user safety and driving skills [4][5] Long-term User-Centric Approach - Ninebot's recent initiatives serve as a model for the electric two-wheeler industry, emphasizing that user-centric thinking should be a long-term commitment throughout the product lifecycle [6] - Brands that can genuinely empathize with users and integrate smart technology will likely lead the market and drive industry development in the future [6]

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 Insights - Ninebot has established itself as a leader in the short-distance transportation and service robot industry, showcasing its latest electric vehicles and smart products at the third Chain Expo [1] - The company has achieved remarkable sales growth, with approximately 1 million units sold in China in Q1 2023, representing a 141% year-on-year increase, and a cumulative shipment of 7 million units by May 2023, making it the fastest brand to reach this milestone [3] Group 1 - Ninebot's electric two-wheelers are recognized for their core advantages in "intelligence" and "safety," which have been pivotal in their market success [3] - The company's battery technology is a key competitive advantage, with a self-developed Battery Management System (BMS) that monitors battery data 24/7, providing over 20 safety protections including fault warnings and overcharge protection [3] - The integration of a cloud-based system with the BMS allows for real-time battery status monitoring and risk alerts, enhancing user safety [3] Group 2 - Ninebot has innovated in smart technology by developing a compact Electronic Control Unit (ECU) in collaboration with leading IoT companies, which enhances the performance and user experience of their electric two-wheelers [3] - The introduction of a self-developed LCD color display has transformed the user interface, offering features such as navigation, call notifications, and weather updates, significantly improving the riding experience [4] - The company's strong R&D capabilities and deep collaboration with the supply chain have positioned Ninebot to continue leading the industry with its focus on smart and safe electric vehicles [4]

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]