Summary of the Conference Call for Ninebot Company Company Overview - Ninebot Company reported a significant increase in net profit and sales in the first quarter of 2025, driven primarily by the electric two-wheeler segment, which accounted for approximately 60% of total revenue and profit [2][4][5]. Key Financial Highlights - The company's net profit attributable to shareholders reached 456 million yuan, a year-on-year increase of 236.2%, while the adjusted net profit (excluding share-based payment expenses) was 510 million yuan, up 123.05% year-on-year [2][4]. - Total revenue for the first quarter was 5.112 billion yuan, reflecting a growth of 99.52% compared to the previous year [4]. - Electric two-wheeler sales reached 1,003,800 units, generating revenue of 2.862 billion yuan [2][4]. Business Segment Performance Electric Two-Wheelers - The electric two-wheeler business is expected to see increased sales in Q2 and Q3, with profitability potentially improving by 1-2 percentage points. However, a decline is anticipated in Q4 due to new national standards [2][5][6]. - The average monthly sales per mature store for electric two-wheelers were approximately 410 units, showing year-on-year growth [11]. Scooters and Lawn Mowers - The scooter segment contributed significantly to profits in Q1, but growth is not expected to surpass Q1 levels in the upcoming quarters. The lawn mower business is projected to perform better in the first half of 2025 compared to the second half [7][8]. - The EBIT margin for lawn mowers is expected to slightly decline in 2025 due to increased investment aimed at enhancing market competitiveness [2][7]. Strategic Insights - The company does not pursue excessively high profit margins, aiming for a balanced development with an operational net profit close to 10% in 2025 [9]. - New businesses like electric two-wheelers and robotic lawn mowers are still in the investment phase, with expectations of achieving economies of scale in the future [10]. Market Expansion and Competition - The company is expanding its lawn mower distribution channels in Europe, leveraging its first-mover advantage. Plans to explore suitable OEM partners in the U.S. market are underway, contingent on stable tariffs [3][14]. - The competitive landscape includes brands like Fujihua and Baode, prompting the company to increase channel investments to maintain market position [13]. Future Outlook - The company anticipates a small double-digit growth for the ToC segment in Europe, driven by overall market growth and a replacement cycle [12]. - The SaaS service revenue is expected to double in 2025, with a current renewal rate of approximately 65% [17][20]. - The company plans to launch new products targeting female consumers and expects to adjust annual sales guidance for electric two-wheelers to 200,000-300,000 units after Q2 [11][29]. Conclusion - Ninebot Company is positioned for continued growth in the electric two-wheeler and lawn mower markets, with strategic investments in product development and market expansion. The focus remains on achieving a balanced profit margin while enhancing competitiveness through innovation and channel development.
九号公司20250429