证 券 研 究 报 告 九号公司（689009）2025 年中报点评 强推（上调） 电动两轮延续高增，业绩表现超越预期 目标价：80 元 事项： ❖ 公司发布 2025 年中报，25H1 实现营收 117.4 亿元，同比+76.1%，归母净利润 12.4 亿元，同比+108.5%，其中 25Q2 营收 66.3 亿元，同比+61.5%，归母净利 润 7.9 亿元，同比+70.8%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 14,196 | 20,021 | 24,477 | 28,582 | | 同比增速(%) | 38.9% | 41.0% | 22.3% | 16.8% | | 归母净利润(百万) | 1,084 | 2,051 | 2,587 | 3,114 | | 同比增速(%) | 81.3% | 89.1% | 26.2% | 20.4% | | 每股盈利(元) | 15.07 | 28.50 | 35.96 ...

证券研究报告 公司研究 邓健全 汽车行业首席分析师 执业编号：S1500525010002 邮 箱： dengjianquan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 九号公司：电动两轮车量价齐升，多元化产品 矩阵表现靓丽 [Table_ReportDate] 2025 年 08 月 03 日 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 九号公司(689009) 投资评级 买入 上次评级 买入 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 骆峥 新消费行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com [Table_S 事件：公司ummar发布y] 2025 年半年度报告。25H1 公司实现营业收入 117.42 亿元 （同比+76.1%）， ...

登录新浪财经APP 搜索【信披】查看更多考评等级 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险，敬请查阅本报告第三节"管理层讨 论与分析"中"风险因素"相关的内容。 1.3本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.4公司全体董事出席董事会会议。 1.5本半年度报告未经审计。 1.6董事会决议通过的本报告期利润分配预案或公积金转增股本预案 1、公司拟以实施权益分派股权登记日登记的存托凭证总数扣减公司回购专用证券账户中的存托凭证份 数为基数，拟向全体存托凭证持有人每10份派发现金红利4.23元（含税）。截至2025年8月1日，公司存 托凭证总数为719,444,662份，以扣除公司回购专用证券账户中的9,409,705份存托凭证后的710,034,957份 存托凭证为基数，以此计算合计拟派发现 ...

公司代码：689009 公司简称：九号公司 九号有限公司2025 年半年度报告摘要 第一节 重要提示 展规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险，敬请查阅本报告第三节 "管理层讨论与分析"中"风险因素"相关的内容。 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 存托凭证份数为基数，拟向全体存托凭证持有人每 10 份派发现金红利 4.23 元（含税）。截至 2025 年 8 月 1 日，公司存托凭证总数为 719,444,662 份，以扣除公司回购专用证券账户中的 9,409,705 份存托凭证后的 710,034,957 份存托凭证为基数，以此计算合计拟派发现金红利 300,344,786.81 元（含税），占 2025 年半年度归属于上市公司股东净利润的 24.19%。 本次利润分配方案尚需提交公司 2025 年第一次临时股东大会审议。 √适用 □不适用 公司治理特殊安排情况： √本公司为红筹企业 √本公司存在协议控制架构 √本公司存在表决权差异安排 （一）本公司为红筹企业 公司为一家根据《开 ...

公告显示，公司第二季度实现营业收入66.30亿元，同比增长61.54%，归属于上市公司股东的净利润 7.86亿元，同比增长70.77%，归属于上市公司股东的股份支付费用1.03亿元，剔除股份支付费用影响后 的归属于上市公司股东的净利润8.88亿元，同比增长83.76%。电动两轮车销量138.87万台，收入39.60亿 元；自主品牌零售滑板车销量38.38万台，收入9.29亿元；全地形车销量0.80万台，收入3.23亿元。ToB 产品直营收入4.34亿元。配件及其他收入合计9.83亿元。 智通财经APP讯，九号公司(689009.SH)发布2025年半年度报告，该公司营业收入为117.42亿元，同比增 长76.14%。归属于上市公司股东的净利润为12.42亿元，同比增长108.45%。归属于上市公司股东的扣除 非经常性损益的净利润为13.12亿元，同比增长125.32%。基本每份存托凭证收益为1.73元。此外，拟向 全体存托凭证持有人每10份派发现金红利4.23元(含税)。 ...

智通财经APP讯，九号公司(689009.SH)发布2025年半年度报告，该公司营业收入为117.42亿元，同比增 长76.14%。归属于上市公司股东的净利润为12.42亿元，同比增长108.45%。归属于上市公司股东的扣除 非经常性损益的净利润为13.12亿元，同比增长125.32%。基本每份存托凭证收益为1.73元。此外，拟向 全体存托凭证持有人每10份派发现金红利4.23元(含税)。 公告显示，公司第二季度实现营业收入66.30亿元，同比增长61.54%，归属于上市公司股东的净利润 7.86亿元，同比增长70.77%，归属于上市公司股东的股份支付费用1.03亿元，剔除股份支付费用影响后 的归属于上市公司股东的净利润8.88亿元，同比增长83.76%。电动两轮车销量138.87万台，收入39.60亿 元；自主品牌零售滑板车销量38.38万台，收入9.29亿元；全地形车销量0.80万台，收入3.23亿元。ToB 产品直营收入4.34亿元。配件及其他收入合计9.83亿元。 ...

人民财讯8月1日电，九号公司(689009)8月1日晚间披露半年报，上半年实现营业收入为117.42亿元，同 比增长76.14%；净利润12.42亿元，同比增长108.45%；基本每股收益17.29元。公司拟向全体存托凭证 持有人每10份派发现金红利4.23元(含税)。第二季度实现营业收入66.30亿元，同比增长61.54%。营业收 入划分如下：电动两轮车销量138.87万台，收入39.60亿元；自主品牌零售滑板车销量38.38万台，收入 9.29亿元；全地形车销量0.80万台，收入3.23亿元。 ...

Core Insights - The company reported a revenue of 6.63 billion yuan for the second quarter, representing a year-on-year growth of 61.54% [1] - The net profit attributable to shareholders reached 786 million yuan, showing a year-on-year increase of 70.77% [1] Revenue Breakdown - Electric two-wheeler sales amounted to 1.3887 million units, generating revenue of 3.96 billion yuan [1] - Self-branded retail scooter sales totaled 383,800 units, contributing 929 million yuan in revenue [1] - All-terrain vehicle sales were 8,000 units, with revenue of 323 million yuan [1] - Direct sales from ToB products generated 434 million yuan [1] - Revenue from accessories and other sources totaled 983 million yuan [1]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears to be optimistic based on the growth metrics and product developments mentioned. Core Viewpoints - The company has shown significant growth in Q1 2025, with revenue reaching 5.112 billion yuan, a year-on-year increase of 99.5%, and a net profit of 456 million yuan, up 236.2% year-on-year, indicating strong operational performance and market demand [1][2]. - The electric two-wheeler segment is a key driver of growth, with sales volume reaching 1.004 million units, a 140.8% increase year-on-year, and revenue from this segment accounting for 56% of total revenue [2][3]. - The company is expected to launch multiple new products across various categories, including electric two-wheelers and all-terrain vehicles, which are anticipated to further enhance market presence and customer base [4][5]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 29.7%, with a notable reduction in expense ratios across sales, management, and R&D, contributing to improved profitability [3]. - The company forecasts a steady increase in total revenue from 10.222 billion yuan in 2023 to 31.106 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 24.1% [6]. Product Development - The company is set to introduce new models targeting specific consumer segments, such as the "Q" series for female consumers and upgraded smart driving series, which are expected to attract a broader customer base [4]. - The Navimow robotic lawnmower is highlighted as a leading product in its category, with significant market potential and a strong brand presence [2][5]. Market Outlook - The overall market outlook for the company remains positive, with expectations of continued growth driven by product innovation and expanding market share in the electric two-wheeler and robotic lawnmower segments [2][4].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a significant increase in electric two-wheeler sales, with Q1 revenue reaching 5.112 billion yuan, a year-on-year increase of 99.52%, exceeding market expectations [3] - The gross profit margin has steadily improved, with net profit for Q1 reaching 456 million yuan, a year-on-year increase of 236%, significantly surpassing market expectations [4] - The company is entering a harvest period for new products, indicating strong growth potential in the medium to long term [5][6] Summary by Sections Event Overview - The company released its Q1 2025 report [2] Revenue Growth - Electric two-wheeler revenue reached 2.862 billion yuan, a year-on-year increase of 141%, with sales of 1.0038 million units, also up 141% [3] - Revenue from self-branded retail scooters was 395 million yuan, up 30%, with sales of 206,700 units, up 36% [3] - ToB product direct sales revenue was 810 million yuan, a year-on-year increase of 92% [3] Profitability Improvement - The company's net profit margin for Q1 was 8.92%, up 3.63 percentage points year-on-year [4] - The sales gross margin for Q1 was 29.67%, a year-on-year increase of 0.39 percentage points [4] - The company expects further improvement in profitability as it scales up operations [4] Product Development and Market Expansion - The company has over 7,600 stores and has shipped over 6 million electric two-wheelers domestically [5] - New products in the all-terrain vehicle and robot categories are gaining traction in global markets [5][6] - The company has launched new e-bike models that have received widespread attention in the U.S. market [6] Financial Forecasts - Revenue forecasts for 2025-2027 have been adjusted to 195.04 billion yuan, 257.47 billion yuan, and 326.70 billion yuan, with year-on-year growth rates of 37%, 32%, and 27% respectively [7] - Net profit forecasts for the same period have been raised to 18.60 billion yuan, 25.42 billion yuan, and 32.04 billion yuan, with year-on-year growth rates of 72%, 27%, and 26% respectively [7]