在智能化层面，九号致力于通过网络化和生态化建设，引领行业进入"全民智驾"新时代。2026年，九号新品将全系标配先进的智驾系统和自主研发的 Nimble OS操作系统，让更安全、便捷、优越的智能驾驶体验触手可及。在电动化层面，他强调"油转电"是不可逆转的浪潮，九号将通过先进的电池技 术、智能底盘和正在快速建设的30分钟补能快充网络，彻底解决用户续航焦虑，加速电动两轮车对内燃机两轮车的替代。在全球化层面，王野展望了欧 美、东南亚、日韩、拉美等巨大市场的广阔前景，指出全球环境改善与电动化发展需求的高度契合，预示着电动两轮车在全球市场的无限潜力。 12月22日，九号公司2026经销商大会在江苏常州举办，吸引了来自全国各地的千余名经销商伙伴齐聚一堂。九号公司CEO王野、九号公司电动车事业部 总经理张珍源、九号公司中国经营事业部总裁何飞龙分别发表了重磅演讲，分享了过去一年九号取得的跨越式成就，并发布了面向下一个十年的清晰战 略蓝图——智能化、电动化、全球化。 大会现场，九号公司为过去一年中表现卓越的数百家优秀经销商、门店及个人，颁发了33个奖项，共享荣耀时刻。 0 1 做增量不做存量 驶向"星辰大海" 九号公司CEO王野 ...

12月22日，九号公司2026经销商大会在江苏常州举办，吸引了来自全国各地的千余名经销商伙伴齐聚一 堂。九号公司CEO王野、九号公司电动车事业部总经理张珍源、九号公司中国经营事业部总裁何飞龙分 别发表了重磅演讲，分享了过去一年九号取得的跨越式成就，并发布了面向下一个十年的清晰战略蓝图 ——智能化、电动化、全球化。 大会现场，九号公司为过去一年中表现卓越的数百家优秀经销商、门店及个人，颁发了33个奖项，共享 荣耀时刻。 做增量不做存量 驶向"星辰大海" 九号公司CEO王野以"从电动车新势力，到全球两轮车产业颠覆者"为引，回顾了九号的蜕变之路。他坚 定地表示，九号始终坚持"做增量，不做存量；做创新，不搞内卷"的发展理念，成功在红海市场中开辟 了全新的智能化赛道。 王野明确提出，九号的未来是广阔的"星辰大海"，其核心航向聚焦于智能化、电动化、全球化三大战略 支柱。 图：九号公司CEO王野 在智能化层面，九号致力于通过网络化和生态化建设，引领行业进入"全民智驾"新时代。2026年，九号 新品将全系标配先进的智驾系统和自主研发的Nimble OS操作系统，让更安全、便捷、优越的智能驾驶 体验触手可及。在电动化层面，他强 ...

智驾全民普及！九号Fz系列新车开售，助力高效通勤 新国标时代开启，两轮电动车行业竞争已发生实质性变革。合规成为入局的基础门槛，智能化也逐步成 为行业发展的共识，但回归用户真实需求，骑行的便捷性、用车的安全性以及功能与真实场景的匹配 度，仍是大家关注的核心。 在此背景下，九号持续加码智能化赛道，以技术升级与体验优化为核心，全力推动两轮行业向"智驾时 代"迈进。 12月22日，九号正式发布Fz系列新国标电动车，包含Fz1、Fz2、Fz3三款车型，其中Fz1、Fz3已于当日 19：00同步开售，到手价分别为2999元、4899元，Fz2也同期开启预约通道，此外，九号M5 200智能电 摩也宣布开启线上预约。 自12月中旬部分产品开放预约以来，九号Fz系列产品市场热度持续攀升，截至目前，整体预约量已突破 1万台，在新国标切换初期便收获集中关注，为九号推进"全民智驾普及"奠定了坚实的市场基础。 Fz系列引领行业进入智驾时代，智慧体验覆盖全场景 作为九号持续深化两轮智能化战略的核心产品，Fz系列将智驾能力纳入全系标配，让智能出行体验不再 是高端车型的专属。其中，Fz1、Fz2搭载RideyFUN AIR智驾系统与5英寸全 ...

新国标时代开启，两轮电动车行业竞争已发生实质性变革。合规成为入局的基础门槛，智能化也逐步成 为行业发展的共识，但回归用户真实需求，骑行的便捷性、用车的安全性以及功能与真实场景的匹配 度，仍是大家关注的核心。 来源：环球网 聚焦真实用车场景，打造"超好用"体验 在此背景下，九号持续加码智能化赛道，以技术升级与体验优化为核心，全力推动两轮行业向"智驾时 代"迈进。 12月22日，九号正式发布Fz系列新国标电动车，包含Fz1、Fz2、Fz3三款车型，其中Fz1、Fz3已于当日 19:00同步开售，到手价分别为2999元、4899元，Fz2也同期开启预约通道，此外，九号M5 200智能电摩 也宣布开启线上预约。 自12月中旬部分产品开放预约以来，九号Fz系列产品市场热度持续攀升，截至目前，整体预约量已突破 1万台，在新国标切换初期便收获集中关注，为九号推进"全民智驾普及"奠定了坚实的市场基础。 Fz系列引领行业进入智驾时代，智慧体验覆盖全场景 作为九号持续深化两轮智能化战略的核心产品，Fz系列将智驾能力纳入全系标配，让智能出行体验不再 是高端车型的专属。其中，Fz1、Fz2搭载RideyFUN AIR智驾系统与5英寸 ...

新浪科技讯 12月4日晚间消息，在日前的"九号开放日"上，全新Fz系列新国标电动自行车首次亮相。据 悉，九号新国标车型Fz系列的三款产品，都搭载了其智能系统——Nimble OS凌波OS，该系统打通"人- 车-云"生态，让电动车具备"学习、成长、感知"的能力。 责任编辑：何俊熹 责任编辑：何俊熹 新浪科技讯 12月4日晚间消息，在日前的"九号开放日"上，全新Fz系列新国标电动自行车首次亮相。据 悉，九号新国标车型Fz系列的三款产品，都搭载了其智能系统——Nimble OS凌波OS，该系统打通"人- 车-云"生态，让电动车具备"学习、成长、感知"的能力。 九号公司电动车事业部总经理张珍源表示："新国标升级对我们而言，既是行业规范化的责任担当，更 是技术创新与用户需求深度融合的机遇。九号始终坚信，用户体验是产品演进的核心驱动力，'有温度 的智能'不仅是技术路线，更是我们与用户共同成长的品牌承诺。" 针对新国标市场，九号公司首次系统阐述了三大核心能力——"有温度的科技"、"铠甲级的安全"与"匠 心钣金工艺"。第一是有温度的科技。九号自研的NimbleOS凌波OS智能系统，具备学习、成长和感知用 户需求的能力，通过持 ...

Core Viewpoint - The company has demonstrated impressive performance in the capital market since the beginning of 2024, with its stock price increasing over 160% from a low of 22 yuan per share, driven by strong fundamentals and strategic positioning in the smart electric two-wheeler sector [1] Financial Performance - In 2024, the company's revenue grew by 38.87%, and net profit attributable to the parent company surged by 81.29%. For the first half of 2025, revenue increased by 76.14%, and net profit rose by 108.45%, indicating sustained high growth [1][2] - The company achieved a total revenue of 11.742 billion yuan in the first half of 2025, with electric two-wheeler revenue at 6.823 billion yuan, marking a 101.7% year-on-year increase [2] - The net profit for the first half of 2025 was 1.242 billion yuan, with a net profit margin of 10.57%, reflecting a significant improvement from previous periods [2][3] Cash Flow and Operational Efficiency - The company reported a net cash flow from operating activities of 3.653 billion yuan in the first half of 2025, significantly exceeding net profit levels, supported by improved inventory turnover and accounts receivable turnover days [3] - The inventory turnover days were 41.26, and accounts receivable turnover days were 21.57, both showing a marked decrease compared to previous years [3] Market Position and Product Performance - The electric two-wheeler segment has become the primary revenue driver, with sales volume reaching 2.3925 million units in the first half of 2025, a 99% year-on-year increase [5] - The company's market share in the domestic electric two-wheeler market rose from 2.7% in 2023 to 7.2% in the first half of 2025, indicating a strong competitive position [6] Product Innovation and Consumer Preferences - The company has leveraged its expertise in smart balance and scooter products to enhance its electric two-wheeler offerings, focusing on smart features and user experience [9][10] - The introduction of the "RideyGO" and "RideyFUN" systems has improved user interaction and driving experience, catering to consumer preferences for smart and durable vehicles [9][11] Future Outlook and Strategic Initiatives - The upcoming implementation of the revised national standards for electric two-wheelers is expected to benefit leading companies like the company by optimizing supply structure and accelerating the exit of less capable competitors [13] - The launch of the "Lingbo OS" system aims to unify the company's product ecosystem, enhancing resource efficiency and potentially increasing market share [12][14] - The company's current dynamic price-to-earnings ratio of approximately 24 times suggests significant investment potential, given the ongoing industry growth and the company's strong performance [15]

Core Viewpoint - The company has demonstrated impressive performance in the capital market since the beginning of 2024, with its stock price increasing over 160% from a low of 22 yuan per share, maintaining a strong upward trend for more than a year [1] Financial Performance - In 2024, the company's revenue grew by 38.87% year-on-year, while net profit attributable to the parent company surged by 81.29%. The growth momentum continued into 2025, with a remarkable 76.14% increase in revenue and a 108.45% rise in net profit for the first half of 2025 [2] - The company achieved a total revenue of 11.742 billion yuan in the first half of 2025, with electric two-wheeled vehicles contributing 6.823 billion yuan (up 101.7%), smart balance bikes and scooters at 2.18 billion yuan (up 37.23%), and accessories and other products at approximately 2.201 billion yuan (up about 85%) [2] - The net profit attributable to the parent company for the first half of 2025 was 1.242 billion yuan, with a non-recurring profit of 1.312 billion yuan, reflecting a year-on-year growth of 125.32% [3] - The company's net profit margin for the first half of 2025 was 10.57%, an increase of 1.63 percentage points from the previous year [3] Cash Flow and Efficiency - The company reported a net cash flow from operating activities of 3.653 billion yuan in the first half of 2025, significantly exceeding its net profit [3] - Inventory turnover days were 41.26, and accounts receivable turnover days were 21.57, both showing a marked decrease compared to previous years, indicating improved operational efficiency [3][4] Market Position and Growth - The electric two-wheeled vehicle segment has seen substantial growth since its entry in 2019, with sales reaching 2.5989 million units in 2024, contributing 72.11 billion yuan to revenue [6] - By the first half of 2025, sales continued to grow, reaching 2.3925 million units, with revenue contribution increasing to 68.23 billion yuan, accounting for 58.23% of total revenue [6] - The company's market share in the domestic electric two-wheeled vehicle market rose from 2.7% in 2023 to 4.2% in 2024, and further to 7.2% in the first half of 2025 [7] Product and Innovation - The company has established a strong competitive advantage through its focus on high-end products, with 68% of its electric two-wheeled vehicle SKUs priced above 4,000 yuan, significantly higher than competitors [7] - The gross margin for the electric two-wheeled vehicle segment in the first half of 2025 was 23.71%, up from 22.26% in 2024, indicating superior profitability compared to industry peers [8] - The company has invested heavily in R&D, with expenditures reaching 5.22 billion yuan in the first half of 2025, contributing to its technological leadership in smart systems and hardware [11] Future Outlook - The upcoming implementation of the revised national standards for electric two-wheeled vehicles in September 2025 is expected to benefit leading companies like the company by enhancing industry concentration and eliminating less capable competitors [12] - The company plans to launch the Lingbo OS, a unified operating system for short-distance transportation products, which is anticipated to enhance user experience and operational efficiency [12][13] - The current dynamic price-to-earnings ratio of approximately 24 times suggests that the company remains an attractive investment opportunity, given its strong growth prospects and market position [14]

Core Viewpoint - The company has demonstrated impressive performance in the capital market since 2024, with its stock price increasing over 160% from a low of 22 yuan per share, driven by strong fundamentals and strategic positioning in the smart electric two-wheeler sector [1][2]. Financial Performance - In 2024, the company's revenue grew by 38.87%, and net profit attributable to the parent company surged by 81.29%. For the first half of 2025, revenue increased by 76.14%, and net profit rose by 108.45%, indicating sustained high growth [2]. - The company achieved a total revenue of 11.742 billion yuan in the first half of 2025, with electric two-wheeler revenue at 6.823 billion yuan (up 101.7%), smart balance and scooters at 2.18 billion yuan (up 37.23%), and accessories at approximately 2.201 billion yuan (up about 85%) [2]. - The net profit for the first half of 2025 was 1.242 billion yuan, with a net profit margin of 10.57%, reflecting a 1.63 percentage point increase year-on-year [3]. Cash Flow and Efficiency - The company reported a net cash flow from operating activities of 3.653 billion yuan in the first half of 2025, significantly exceeding net profit levels, aided by improved inventory turnover (41.26 days) and accounts receivable turnover (21.57 days) [4]. Market Position and Growth - The electric two-wheeler segment has seen substantial growth, with sales increasing from 114,000 units in 2019 to 2.5989 million units in 2024, contributing over 58.23% of total revenue in the first half of 2025 [9][12]. - The company's market share in the domestic electric two-wheeler market rose from 2.7% in 2023 to 7.2% in the first half of 2025, indicating a clear upward trend [12]. Product and Innovation - The company has leveraged its strong R&D capabilities in smart technology, enhancing its electric two-wheelers with features like the "RideyGO" smart vehicle system and "RideyFUN" intelligent driving system, which improve user experience and operational efficiency [14][15]. - The company has invested heavily in R&D, with expenditures reaching 5.22 billion yuan in the first half of 2025, contributing to its competitive edge in both software and hardware development [16]. Regulatory Environment and Future Outlook - The upcoming revision of the national standard for electric two-wheelers in September 2025 is expected to benefit leading companies like the company by optimizing supply structures and accelerating the exit of less capable competitors [19]. - The company plans to launch the "Lingbo OS" short-distance transportation operating system, which will unify its product ecosystem, enhancing user experience and operational efficiency [20]. Investment Potential - The company's dynamic price-to-earnings ratio (PE-TTM) is approximately 24 times, indicating a relatively low valuation compared to its historical levels, suggesting significant upside potential given the ongoing industry growth and the company's strong performance [21].

Core Insights - Xiaomi's recent product launches, including the SUV YU7 and MIX Flip2, have generated significant market interest, leading to an 8% increase in its stock price, reaching a historical high [2] - Ninebot, primarily known for its electric scooters, has returned to a high growth trajectory, reporting a revenue of 5.1 billion yuan in Q1 2025, a 99.52% year-on-year increase, and a net profit of 456 million yuan [4] - The relationship between Xiaomi and Ninebot has evolved, with Xiaomi's founder Lei Jun initially investing heavily in Ninebot, but the latter has since sought independence from Xiaomi's ecosystem [5][21] Group 1: Xiaomi's Influence on Ninebot - Lei Jun's investment and support were crucial for Ninebot's early growth, enabling it to acquire Segway and become a leader in the balance scooter market [13][16] - Xiaomi's distribution channels significantly contributed to Ninebot's sales, with over 50% of its revenue coming from Xiaomi's channels between 2017 and 2019 [17] - The transition to independence from Xiaomi has been marked by a reduction in Xiaomi's stake, which has fallen below 5%, indicating a completed "de-Xiaomi" process [21] Group 2: Market Position and Challenges - Ninebot has capitalized on the trend of smart electric vehicles, launching intelligent electric scooters that emphasize features like instant start and sensor unlocking, which have differentiated it from traditional brands [25][28] - Despite its growth, Ninebot faces challenges in the declining domestic electric vehicle market, with a projected 9% decrease in sales from 2023 to 2024 [35] - The company has increased its sales expenses significantly, from 1.71 billion yuan in Q1 2022 to 4.18 billion yuan in Q1 2023, to maintain its competitive edge [37] Group 3: International Expansion and Future Strategies - Ninebot's international sales account for approximately 40% of its total revenue, positioning it favorably compared to competitors like Yadea and Niu [42] - The company is targeting Southeast Asia for expansion, recognizing the potential for electric scooters in a market dominated by fuel-powered motorcycles [45] - Ninebot is implementing a localized strategy by forming regional teams to better coordinate its global operations [45]

Core Insights - Niu Technologies, originally focused on balance scooters, is intensifying its efforts in the competitive two-wheeled electric vehicle market, having recently celebrated the production of its 7 millionth smart two-wheeled electric vehicle [2][3] Production Capacity and Sales Growth - The company's factory in Changzhou, established in December 2019, has an annual production capacity of 2.5 million units, with plans to expand to 5 million units [3] - Niu's sales of two-wheeled electric vehicles exceeded 1 million units in Q1 2023, nearing 40% of last year's total sales, indicating significant growth despite Q1 typically being a slow season [3][4] - The company aims to increase its offline store count from over 7,600 to approximately 9,500 by the end of 2023, reflecting its aggressive expansion strategy [4][5] Market Strategy and Innovation - Niu's two-wheeled electric vehicle segment accounted for 72.1 billion yuan in revenue last year, representing over 50% of the company's total revenue [5][6] - The company plans to launch its technology brand, Lingbo OS, to leverage over a decade of technological expertise in the short-distance transportation sector [5] - Niu's R&D investment exceeded 800 million yuan last year, marking a 34% increase, with a cumulative investment of around 3 billion yuan from 2020 to 2024 [5][6] Competitive Landscape - Niu's two-wheeled electric vehicle sales are predominantly domestic, with 99.78% sold in China, amidst increasing competition from other leading companies expanding their production capacities [6] - The company anticipates potential industry consolidation similar to the automotive sector, with possible acquisitions in the future [6] International Expansion - Niu sees significant opportunities in overseas markets, particularly in Southeast Asia, where the majority of transportation is still reliant on fuel-powered motorcycles [7][8] - The company generated 5.77 billion yuan in overseas revenue last year, accounting for 40% of total revenue, with a gross margin of 35.77% in international markets, outperforming domestic margins [7] - Niu has established a presence in various international markets, including Europe and the U.S., and aims to achieve a balanced revenue structure with 30-40% from China and similar proportions from Europe and North America [8]