Group 1 - The core viewpoint of the report is that Huayuan Securities has given a "Buy" rating to Ninebot Company (689009.SH) based on its competitive advantages and growth prospects [1] - The company's competitive advantages include its research and development in general technology for short-distance transportation, as well as established overseas brands and distribution channels [1] - Ninebot maintains a leading position in the high-end intelligent two-wheeler market, with revenue recovery in both B2B and self-branded scooters [1] Group 2 - New business segments such as all-terrain vehicles and robotic lawn mowers show significant cost-effectiveness and intelligence advantages, rapidly expanding into overseas markets [1]