8月1日，九号公司发布上半年业绩报告。从年报披露的数据看，今年上半年九号公司继续保持高速、高 质量增长，营收、净利润均创新高，堪称"最强半年报"。其中，公司上半年实现营收117.42亿元，同比 增长76.14%，归属于上市公司股东的净利润达12.42亿元，同比大增108.45%。 分业务来看，九号智能电动两轮车依旧涨势迅猛，上半年实现营业收入68.23亿元，同比增长101.70%， 约占公司营收的58%；平衡车和电动滑板车业务实现营业收入21.80亿元，同比增长37.23%。得益于各 业务线不断放量、产品力不断提高，今年上半年九号公司毛利率同比提高1.5个百分点至30.39%。公司 经营活动产生的现金流量净额同比增长46.94%至36.53亿元，提质增效明显。 多项业务增长强劲 近年来，围绕"智能短交通"和"服务机器人"两大业务主线，九号公司培育出了5大业务，分别为电动滑 板车、智能电动两轮车、全地形车、服务机器人和E-bike。今年上半年，九号公司旗下的多项业务均实 现快速增长。 财报显示，今年上半年九号智能电动两轮车中国区销量达239万台，同比增长99.5%。纵观国内电动两 轮车市场，今年上半年行业景气度 ...

Core Insights - The third China International Supply Chain Promotion Expo (Chain Expo) is being held in Beijing, showcasing unique advantages of various industry chains and enhancing collaboration and communication across supply chains [1] - Leading enterprises in the supply chain are playing a pivotal role in guiding the exhibition, demonstrating their resource integration capabilities and technological advancements [2][3] Group 1: Industry Trends - The integration of supply chains with technological innovation and ecological collaboration is emphasized, with expectations for local innovation technologies to be accelerated through the expo [1] - The digital transformation of global supply chains is an unstoppable trend, with emerging technologies like AI, IoT, and blockchain being widely applied to enhance efficiency and transparency [6] Group 2: Company Highlights - TCL's subsidiary, Gekong Dongzhi Technology, showcased its industrial AI business and digital transformation practices, promoting its intelligent application platform across over 20 sectors [2] - Bosch highlighted its commitment to open cooperation and local manufacturing, aiming to build a robust and flexible smart mobility supply ecosystem [3] - Shenglong Electric shared new AI-integrated power distribution equipment and energy management systems, significantly reducing initial investment costs and long-term energy expenses [4][5] - Ninebot presented its latest electric scooters and service robots, emphasizing its collaboration with leading suppliers to enhance product performance through innovative solutions [5] Group 3: Global Collaboration - The expo serves as a platform for international enterprises to share cutting-edge technological achievements and deepen cross-regional and cross-industry cooperation [6] - Thai Tencel Group expressed its intention to strengthen partnerships with Chinese counterparts to drive high-quality industry development and empower global business [3]

Core Viewpoint - Ninebot has initiated a smart revolution in the two-wheeled transportation industry, moving beyond price wars and focusing on innovation and product differentiation [1][3]. Product Development and Market Position - Ninebot has sold 6 million smart two-wheeled vehicles in China over the past five years, capturing 70% of the market share in smart electric vehicles [3]. - The company aims to redefine smart mobility with five product series: D, E, M, N, and Q, with a particular focus on the Q series designed for women [3][5]. - In 2024, Ninebot achieved a revenue of 7.211 billion yuan, a 70.38% increase year-on-year, with a gross margin of 21.11% [5]. Competitive Landscape - The demand for two-wheeled vehicles has shifted towards quality, performance, and smart features, leading to increased sales of mid-to-high-end products while low-end products face market pressure [4]. - Ninebot has maintained its position as the leading brand in the smart two-wheeled vehicle sector for three consecutive years, with a significant market presence in the high-end segment [5][6]. User Experience and Innovation - Ninebot's smart strategy focuses on enhancing user experience rather than merely adding features, addressing common issues such as range anxiety and security concerns through innovative solutions [7][8]. - The Q series products have been designed with a focus on female users, incorporating features that enhance safety and usability [8]. Financial Performance and Growth Strategy - In 2024, Ninebot's revenue grew by 39% to 14.196 billion yuan, with a net profit increase of 81% to 1.08 billion yuan, achieved without engaging in price wars [11]. - The company has successfully captured a significant share of the high-end market, with over 51.7% of sales in the 4000 yuan and above segment [11]. Industry Trends and Future Outlook - The two-wheeled vehicle industry is entering a high-growth phase driven by new regulations and consumer incentives, which are expected to benefit leading companies like Ninebot [13]. - Ninebot is positioning itself as a global leader in short-distance transportation, with plans to leverage AI and robotics for future growth [15].