来源：环球网 摘要：在新质生产力推动产业升级的背景下，九号公司（Segway-Ninebot）凭借智能化基因与平台化能 力，引领短途出行进入 "体验竞争" 阶段。公司由两大行业先驱合并而成，全球化布局广泛，2025 年前 三季度研发投入 8.72 亿元，累计获 5982 项知识产权，推出国内首个两轮短途出行全域操作系统凌波 OS。其产品矩阵丰富，旗舰电摩 M5 系列等爆款表现亮眼，电动两轮车等业务增长迅猛，2025 年三季 度中国市场累计出货量破 900 万台。公司以 "真智能" 重构出行体验，实现规模化增长，成为行业科技 创新样本。 关键词：九号公司、九号电动、两轮短途出行、电动两轮车、真智能 案例正文： 在新质生产力已成为产业升级核心要素的背景下，科技创新正从"单点参数提升"实现向"系统能力跃 迁"的重大转变。这一转变，具体体现为构建更高效的研发体系、打造更具可复制性的平台化能力、推 动更贴合用户真实需求的产品落地，以及由此催生的规模化增长与显著的行业示范效应。 九号公司所探索的发展路径极具代表性，其凭借智能化基因与平台化能力，成功将短途出行场景从传统 的"工具竞争"阶段引入"体验竞争"的全新阶段。 九号 ...

Core Viewpoint - The company has shown significant growth in revenue and profit in the first three quarters of 2025, driven by strong sales in electric two-wheelers and strategic expansion plans in both domestic and international markets [2][3][4]. Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 18.39 billion, a year-on-year increase of 68.63%, and a net profit attributable to shareholders of 1.787 billion, up 84.31% [2]. - The third quarter alone saw operating revenue of 6.648 billion, with a net profit of 546 million, reflecting a year-on-year growth of 45.86% [3]. Product Sales Breakdown - Electric two-wheeler sales reached 1.4867 million units, generating revenue of 4.454 billion, a year-on-year increase of 71.82% [4]. - The average selling price (ASP) for electric two-wheelers was 2,996, with a quarter-on-quarter increase of 144 [4]. - Direct sales from ToB products amounted to 244 million, up 17.31% [5]. Store Expansion and Sales Performance - As of September 30, 2025, the company had over 9,700 electric two-wheeler specialty stores in China, with plans to expand to approximately 13,000 stores by optimizing site selection and density [7]. - Average store sales increased by 18% year-on-year, driven by the operational maturity of newly opened stores [7]. Brand Strategy and Product Development - The company is advancing its "dual brand strategy," with a new brand team being established and expected to launch its first new product in 2026 [8]. - The company plans to enhance its product offerings to cater to higher-end smart mobility scenarios, differentiating its new brand from existing ones [8]. Market Trends and Future Outlook - The company anticipates continued growth in the electric two-wheeler market, particularly with the upcoming release of products compliant with new national standards [9]. - The company is also expanding its E-bike business in the U.S. and Europe, with a focus on product development and channel collaboration [10][11]. Competitive Landscape and Inventory Management - The company maintains a healthy inventory level for its robotic lawnmower business and will not engage in price wars, focusing instead on differentiated competition [15]. - The company is preparing for increased competition in the robotic lawnmower market by enhancing its product line and expanding sales channels [14]. Research and Development Investment - R&D expenses increased in the third quarter due to team expansion and heightened investment in key business areas, particularly electric two-wheelers [12].

Core Insights - Ninebot Company (WD) reported significant growth in revenue and net profit for the first three quarters of 2025, with revenue reaching 18.39 billion yuan, a year-on-year increase of 68.63%, and net profit of 1.79 billion yuan, up 84.31% [1][2] Financial Performance - For Q3 2025, Ninebot Company achieved revenue of 6.65 billion yuan, reflecting a 56.82% increase compared to the same period last year [2] - The net profit attributable to shareholders for Q3 2025 was 545.53 million yuan, marking a 45.86% year-on-year growth [2] - The basic earnings per share for Q3 2025 was 7.61 yuan, up 45.30% from the previous year [2] Business Segments - Electric two-wheelers remain the core revenue source for Ninebot Company, with Q3 sales reaching 1.49 million units and generating 4.45 billion yuan, accounting for 67% of total revenue [3] - Sales of self-branded retail scooters reached 418,300 units, generating 957 million yuan, a 38% increase from the previous year [3] - All-terrain vehicle sales totaled 7,500 units, with revenue of 330 million yuan, up 27% year-on-year [3] Market Expansion - As of September 30, Ninebot Company has over 9,700 electric two-wheeler specialty stores in China [7] - The company announced that its smart two-wheeled electric vehicle shipments in the Chinese market surpassed 9 million units, achieving this milestone in just 52 days [6] Product Launch Success - The flagship smart electric motorcycle M5 series launched on August 26, 2025, sold over 11,292 units within the first four hours, generating over 100 million yuan in sales [6] - By October 20, 2025, the M5 series had sold over 35,000 units, with total sales reaching 351 million yuan [6]