中国电动平衡车行业调研简报 | 2025/03 www.leadleo.com 报告标签：电动平衡车、行业竞争格局、产销量分析 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。未经头豹 研究院事先书面许可，任何人不得以任何方式擅自复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、商标，头豹研究院无任何前述名 称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 1 头豹调研简报 | 2025/03 电动平衡车行业 Q1：政府采取了哪些具体政策来促进电动平衡车行业的发展，这些政策如何 塑造该行业的发展方向？ 图表1：电动平衡车行业政策情况 | 时间 | 发布单位 | 政策名称 | 政策内容 | | --- | --- | --- | --- | | 2019年3月 | 国务院 | 《关于促进人工智能和实体经济 | 促进人工智能和实体经济深度融合，要把握新一代人工智 ...

巡特警的"好搭档"装甲车。 裴树恒 摄 无人巡逻车。 余一卓 摄 7月10日，焦作市公安局情指行一体化中心民警借助数据信息，精准处置各类警情。 陈少杰 摄 周口市淮阳区公安局北关派出所民警驾驶警用巡逻平衡车巡逻。杨奇龙 摄 提起公安民警的硬核装备，你能想到啥？是高铁站威武的装甲车？是自动驾驶的无人巡逻车？还是空中悬停 的警用无人机？ 这些装备有哪些高超本领，在实际执法中能解决哪些难题？近日，记者走进警营，探访公安机关的硬核科 技，看高新技术如何更好地服务群众、赋能平安建设。 情指行一体化中心统揽全局的"最强大脑" 7月19日，走进焦作市公安局情指行一体化中心，一块智能大屏映入眼帘，警力分布等警务要素在这里"一屏 通览、一屏通管"：屏幕实时显示全市及下辖县（区）的重点区域、路段的视频监控画面，全市治安、刑事、 纠纷、求助类警情和案件态势一目了然。 屏幕前方是110接警台，岗位民警24小时值守，警情信息在这里不断汇集，又不断派发给一线民警。 乍看，这里似乎并没什么特别，但它却扮演着全市公安机关"最强大脑"的角色。 情指行一体化中心负责人郝宏强介绍："根据市县主战要求，我们进行了数据资源整合，可以为全市的案件侦 破 ...

中国智能消费设备厂商拥有哪些核心竞争力？在全球市场中处于什么地位？如何把握消费新趋势？智能消费设备终极形态是什么？如何打造海外增长极？刺 激政策如何更给力？…… 《沪市汇·硬科硬客》第二季第四期"智能消费设备创新大跃迁"于科创板开市六周年之际上线。三家科创板智能消费设备龙头企业嘉宾热议行业十大焦点问 题，深入剖析行业现状，洞察未来前景趋势，探寻创新跃迁之路。 参与录制的嘉宾包括影石创新（688775.SH）董事长刘靖康，石头科技（688169.SH）总裁兼副总经理全刚，九号公司（689009.SH）副总裁兼董秘徐鹏。中 信建投证券投行委执行总经理、消费行业组（含科技）负责人张星明担任本期节目主导嘉宾。 《沪市汇·硬科硬客》录制现场 中国厂商核心竞争力何在？ "当前，智能消费设备制造行业呈现出高速发展与深度融合的态势。"张星明认为，就全球而言，行业正处于创新爆发期，而中国企业在运动影像、智能清洁 系统、短途交通机器人等领域的智能化和场景重构上，取得了引领性突破。 影石创新董事长刘靖康 "我们的全景相机，目前全球的市场占有率大概接近70%。运动相机，目前在全球大概第二的位置。"刘靖康表示，公司靠产品创新，定义了新 ...

本文来自微信公众号：商业评论 （ID：shangyepinglun），作者：响马，题图来自：AI生成 前段时间，小米推出了SUV YU7、折叠屏旗舰MIX Flip2、AI智能眼镜等多种产品，引起广泛关注。 问题是，小米和九号公司有什么关系？ 简言之，作为小米创始人，雷军砸下重金投资了九号公司，随着九号公司向前发展，逐渐淡出，而借雷 军"过河"后，九号公司主动求变，在产品调整和行业博弈的过程中，打开了属于自己的新天地。 进一步来说，不管是过去，还是眼下，九号公司面对的，从来都不是一条坦途。 雷军搭桥，九号过河 6月初，在微博上，一位网友发帖："才买6天的九号电摩有故障码，客服转移话题，不认真处理问 题。"随后，他艾特了雷军、小米智能生态、小米北京等多个账号，接下来，才艾特九号电动、九号公 司。 暂且不说这位网友投诉的问题，仅看他艾特雷军等小米相关账号，大概是弄错了——原因很简单，九号 公司和小米目前关系不大。 但反过来说，这也反映出九号公司和小米系曾经的"绑定"是多么深入人心，以至于到了长久占据用户心 智的地步。 这事得从头说起。 其中，YU7发布3分钟斩获20万订单，引爆了舆论。在此情绪下，次日，小米股价上 ...

Group 1: Company Performance and Growth - In 2024, the company achieved a revenue of 1,262.40 million yuan, representing an 18.06% year-on-year growth [1] - The growth is attributed to business structure optimization, focusing on strategic customers and core products [1] - Significant market share increases were noted in product lines such as fans, dehumidifiers, electric heaters, humidifiers, and mobile air conditioners [2] Group 2: New Business Ventures - The company made breakthroughs in new business areas, particularly in automotive electronics, successfully producing innovative smart controllers for balance bikes and skateboards [2] - Expansion into the smart home sector includes the production of smart aquariums and pet feeders, contributing to diversified business growth [2] - The establishment of the first overseas production base in Vietnam is set to enhance production capacity and efficiency [2] Group 3: Research and Development - The company is investing in AI technologies, focusing on areas like AI models, smart visual perception, and digital twins [2] - R&D expenses in 2024 reached 82.82 million yuan, marking a 9.01% increase [5] - The company aims to enhance product lines and meet growing market demands through continuous R&D investment [2] Group 4: Strategic Plans and Market Positioning - The company plans to implement five strategic pillars to optimize business structure and enhance operational efficiency by 2025 [3] - Mergers and acquisitions are considered essential for optimizing asset structure and extending the industry chain [3] - A cash dividend of 3.00 yuan per 10 shares was approved for distribution to shareholders, reflecting the company's commitment to shareholder returns [4] Group 5: Cost Management and Profitability - Management expenses increased by 33.04% to 112.67 million yuan due to organizational changes and talent acquisition [5] - Sales expenses rose by 7.65% to 29.79 million yuan, driven by participation in major exhibitions to enhance brand visibility [5] - The company is implementing cost reduction and efficiency improvement measures to enhance profitability [5]

Core Insights - The article highlights the recognition of Wang Ye, the founder and CEO of Ninebot, as one of the best CEOs in China by Forbes in 2025 [1] - Ninebot has achieved a market capitalization of 41.95 billion yuan, surpassing its competitor Yadea Holdings, which has a market cap of 37 billion yuan [2] - The company has seen significant growth in revenue and net profit, with a 2024 revenue of approximately 14.2 billion yuan and a net profit of 1.084 billion yuan, closing the gap with Yadea [2][13] Company Overview - Ninebot was founded in 2014 by Wang Ye and Gao Lufeng, both graduates of Beihang University, after previous entrepreneurial experiences [3][4] - The company initially focused on electric balance bikes and has since expanded its product line to include electric scooters, all-terrain vehicles, and service robots [7][10] Market Position - Ninebot has become a leader in the electric balance bike market, holding over 60% of the global market share, particularly in B2B applications [5][10] - The company has achieved the title of global sales champion in electric scooters for three consecutive years, with 70% of smart electric scooters sold in China coming from Ninebot [10][11] Financial Performance - Ninebot's revenue and net profit have shown remarkable growth since its IPO, with a revenue increase of 136.48% and a net profit increase of 1384.93% from 2020 to 2024 [12][13] - In Q1 2025, the company reported a revenue of 5.112 billion yuan, a year-on-year increase of 99.52%, and a net profit growth of over 200% [13] Challenges Ahead - The company faces significant challenges, including intense price competition in the saturated electric two-wheeler market and the need for channel reconstruction after moving away from Xiaomi's ecosystem [12][14] - Ninebot's new ventures, such as robotic lawn mowers, are still in the investment phase, posing profitability risks [14] - The company must navigate supply chain uncertainties and brand perception issues as a "toy factory" [14]

Investment Rating - The report assigns a "Buy" rating for the company [2]. Core Insights - The company is experiencing a rapid growth phase in its main business areas of smart short-distance transportation and service robots, with a diverse product range including electric balance bikes, electric scooters, electric two-wheelers, all-terrain vehicles, service robots, and E-bikes [3][14]. - The electric two-wheeler segment is leading the mid-to-high-end market, characterized by a strong brand presence and innovative product offerings that appeal to younger consumers [4][21]. - The company has a significant growth trajectory, with projected net profits of 2.0 billion, 2.65 billion, and 3.52 billion yuan for 2025, 2026, and 2027 respectively, indicating a strong recovery and growth in revenue and profitability [6][10]. Summary by Sections Company Overview - The company has transitioned from a reliance on OEM business to establishing its own brand, with a notable increase in revenue and profit since 2024, driven by electric two-wheelers and service robots [14][18]. - The company has a concentrated ownership structure, ensuring control remains with the founders, which supports strategic decision-making [25][27]. Electric Two-Wheeler Market - The electric two-wheeler market in China is stabilizing, with the company positioned to capitalize on structural opportunities in the mid-to-high-end segment [4][11]. - The company has successfully built a strong brand identity and product ecosystem around its Ninebot app, enhancing user experience and community engagement [4][21]. Robotic Products - The company is well-positioned in the global robotic lawn mower market, leveraging technological advancements to differentiate its products from traditional competitors [5][21]. - The company has developed a robust technological foundation in robotics, enabling it to innovate and expand its product offerings effectively [5][21]. Other Product Segments - The company’s electric scooters and balance bikes are expected to maintain steady growth, while all-terrain vehicles and E-bikes show significant potential for expansion [6][21]. - The company is actively integrating smart technologies into its E-bike offerings, aiming to redefine the traditional market landscape [6][21]. Financial Projections - The company forecasts substantial revenue growth, with total revenue expected to reach 19.53 billion, 25.07 billion, and 31.11 billion yuan for 2025, 2026, and 2027 respectively, reflecting a strong upward trend [10][18]. - The projected profit margins and return on equity indicate a healthy financial outlook, with a net profit margin expected to improve significantly over the next few years [10][18].

Group 1: Consumer Goods Replacement Policy - The consumer goods replacement policy in Changsha has significantly boosted the market, with over 5.45 million participants and government subsidies amounting to 3.412 billion yuan, leading to sales exceeding 27.4 billion yuan by June 30, 2025 [3] - The policy now includes digital products such as smartphones, tablets, and smartwatches, offering a 15% subsidy for items priced under 6,000 yuan, with a maximum subsidy of 500 yuan per item [3] Group 2: Impact on Electronics and Home Appliances - In 2025, the replacement program for mobile and 3C products recorded 1.6735 million transactions, with government subsidies totaling 558 million yuan and transaction amounts reaching 4.414 billion yuan [5] - Home appliances have also seen a surge, with over 2.93 million transactions and subsidies of 1.551 billion yuan, driving sales of 8.194 billion yuan [7] - The sales of energy-efficient appliances have increased significantly, with nearly 90% of consumers opting for first-class energy efficiency products, and new categories like dishwashers and smart home devices seeing growth rates exceeding 265% [7] Group 3: Home Renovation and Automotive Sector - The home renovation market is experiencing a "replacement wave," with various products eligible for government subsidies, leading to a 10% sales increase at IKEA [8] - The automotive sector is also thriving, with 59,368 applicants for vehicle replacement subsidies, totaling 735.937 million yuan, and vehicle sales reaching 10.831 billion yuan [9] - The replacement program for automobiles has seen over 70% of transactions involving new energy vehicles, indicating a shift towards more sustainable options [8][9]

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].

Group 1: Company Overview - The company aims to "simplify the movement of people and goods" by creating a platform ecosystem for "smart short transportation + service robots" through the reuse and upgrade of core technologies [1] - The product line includes electric balance bikes, electric scooters, smart two-wheeled electric vehicles, E-Bikes, all-terrain vehicles, lawn mowing robots, and delivery robots [1] - In 2024, the company expects revenue and net profit attributable to the parent company to reach 14.2 billion and 1.1 billion respectively, representing year-on-year growth of 39% and 81% [1] Group 2: Electric Two-Wheeled Vehicles - The demand for electric two-wheeled vehicles is shifting towards high-end and intelligent products, with the company leading in brand recognition, purchase priority, and intelligent performance [2] - The company is projected to sell over 600,000 units in 2024, dominating the market segment priced above 4,000 yuan [2] - The implementation of new national standards is expected to concentrate market share among manufacturers with strong R&D capabilities, scale, and brand advantages, benefiting the company [2] Group 3: Service Robots - The company's founding team has a strong background in robotics, making the entry into the robot sector a strategic choice for achieving second growth [3] - Current robot products include lawn mowing robots and delivery robots, with the lawn mowing robot industry transitioning from mechanical to boundary-less robots [3] - The global penetration rate of lawn mowing robots is only 1.9% in 2024, with a target market size expected to exceed 300 billion [3] Group 4: Investment Outlook - The company's main business in electric two-wheeled vehicles is strongly positioned in the high-end intelligent market and is expected to benefit from industry upgrades [4] - New businesses such as lawn mowing robots, all-terrain vehicles, and E-Bikes are beginning to gain traction, supporting the company's second growth phase [4] - Revenue projections for 2025, 2026, and 2027 are 20.281 billion, 26.117 billion, and 32.366 billion respectively, with net profits of 1.796 billion, 2.417 billion, and 3.245 billion, corresponding to a PE ratio of 23.2, 17.3, and 12.9 [4]