一代人有一代人的年货清单，马年春节，九号电动车成年轻人的潮流年货。社交媒体上，用户们争相创作的"人一旦有了电动车就实现了'电动车自 由'"，成为当下年轻人生活的新打开方式。新年伊始，在行业总体大幅下滑的情况下，九号电动车的新春销量逆势增长，尤其是广东市场取得超3成的 同比增长。不限摩的城市，智能电动摩托车的总体销量占比增长到超过8成。 0 1 用户为何偏爱九号？ 答案很简单：性能与体验 那么，用户为何认准九号？答案在每天真实的骑行体验中——从智能无感交互到整车安全设计，从门店的标准化服务到全国统一的售后保障，九号让科 技真正服务于人。 无论是通勤上班族、年轻家庭，还是日行百公里的骑手，都能在九号找到安全、聪明、用得起的好产品。 更重要的是，这份体验没有地域差：无论你在北上广深，还是县城小镇，走进任何一家九号门店，得到的服务标准始终如一。 正是这种说到做到的可靠感，让用户从"试试看"变成"只认它"，形成了真正可持续的品牌忠诚。 在行业竞争日益激烈的今天，一个品牌能否赢得用户与合作伙伴的双重信任，往往取决于其是否真正把"长期价值"放在首位。在电动车领域陷入价格 战、渠道内卷、用户流失的困局中，九号却走出了一条截然 ...

每一代人有每一代人的年货清单。年味渐浓，年货市场也在悄然发生着迭代升级。不同于传统年货聚焦酒水、高热量食品、服饰的模式，当代年轻人正以全 新消费理念"重构"年货清单，智能出行、潮玩悦己、低GI健康成为3大核心关键词。专家表示，随着90后和00后成为年货置办"主力军"，九号智能电动车、 泡泡玛特潮玩、健康低GI轻食等好物一齐跻身潮流年货，彰显出年轻群体理性与感性交织的消费新趋势。 智能电动车凭借短途通勤实用性、高颜值与智能化体验，一举成为马年潮流年货"新贵"。九号电动车等主流品牌搭载APP互联功能，可远程控车、查询电 量，兼顾续航优势，适配城市短途出行。 除了智能电动两轮车外，潮玩文创与国潮好物凭借情绪价值与社交属性持续走热。泡泡玛特等品牌的马年专属潮玩盲盒、IP手办，成为年轻人传递祝福的社 交媒介。据淘宝数据，近一个月马年文创、马年礼物搜索量同比增长240%，泡泡玛特马年专属盲盒开售即售罄。国潮文创同样爆发，磁吸春联、马年生肖 摆件等产品销量同比增长显著，绝大多数消费者为18-30岁年轻人；在九号电动车的用户社区，一套带着非遗特色的甲马主题的冰箱贴，同样受到很多年轻 车主的喜爱，这些文创共同让传统文化焕发潮流 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 63.9 CNY per share based on a 20x PE for 2026 [6][11]. Core Insights - The company is expected to achieve significant revenue growth, with projected revenues of 21.6 billion CNY in 2025, 28.4 billion CNY in 2026, and 35.3 billion CNY in 2027, reflecting year-on-year growth rates of 52%, 32%, and 24% respectively [6][11]. - The net profit attributable to the parent company is forecasted to reach 1.7 billion CNY in 2025, 2.3 billion CNY in 2026, and 2.9 billion CNY in 2027, with growth rates of 61%, 32%, and 25% respectively [6][11]. - The company is benefiting from the new national standards for electric motorcycles, which are expected to drive significant growth in this segment, while the lawn mower business continues to show high growth potential [6][11]. Financial Projections - Revenue and profit forecasts indicate a strong upward trend, with revenues projected to grow from 10.2 billion CNY in 2023 to 35.3 billion CNY by 2027, and net profits increasing from 598 million CNY to 2.9 billion CNY over the same period [2][11]. - The EBITDA is expected to rise from 541 million CNY in 2023 to 3.8 billion CNY in 2027, indicating robust operational performance [2][11]. - The earnings per share (EPS) is projected to increase from 8.37 CNY in 2023 to 40.09 CNY in 2027, reflecting strong profitability growth [2][11]. Segment Analysis - Electric Two-Wheelers: Revenue is expected to grow significantly, with projections of 11.9 billion CNY in 2025 and 20.3 billion CNY in 2027, driven by rapid channel expansion [9][11]. - Self-Brand Scooters: Anticipated revenue growth from 2.5 billion CNY in 2024 to 3.9 billion CNY in 2027, supported by recovering European demand and new product cycles [9][11]. - Lawn Mowers: Expected to see substantial growth, with revenues projected to increase from 1.7 billion CNY in 2025 to 5.2 billion CNY in 2027, benefiting from increased market share due to anti-dumping measures [9][11]. - TOB Direct Sales: Revenue is forecasted to recover from a decline in 2024, with growth expected to stabilize in subsequent years [9][11].

本报讯日前，记者从九号有限公司（以下简称"九号公司"）了解到，智能电动车凭借短途通勤实用性、 高颜值与智能化体验，一举成为马年潮流年货"新贵"。 今年年货节期间，九号电动车N3 85c凭借大电机提速稳、爬坡强，智能解锁和防盗等特点，销量居前； M85c则凭借扎实的长续航、不用频繁充电以及减震舒适等特点，受到很多看重续航与舒适的用户的青 睐；同样受到年轻人追捧的还有N3 70c、Q70c等多款产品。 来自九号公司的数据显示，马年新春期间，九号智能电动车年货销量增长明显，年轻消费群体占据主 流。九号智能电动车新春销量涨势喜人，尤其是广东市场取得超三成的同比增长。在不限摩的城市，智 能电动摩托车的总体销量占比增长到超过八成。 "一代人有一代人的年货，过年送自己一台新电动车，既实用，也充满仪式感。"一位广州95后消费者表 示，智能电动车已不仅仅是"代步工具"，更成为自己集个性、品位、社交等多元属性于一身的日常生 活"搭子"。 （文章来源：证券日报） ...

Core Viewpoint - The 2025 annual reports of listed companies are being released, revealing a number of companies with strong performance and continuous profit growth over the past five years [1][16]. Group 1: Company Performance - A total of 62 companies have reported continuous net profit growth for five consecutive years, with significant representation from the machinery, banking, automotive, and pharmaceutical industries [5][16]. - The machinery sector shows a remarkable increase in net profit, with a year-on-year growth of over 290% for 2025, driven by cost reduction and efficiency improvements, as well as expansion into emerging markets [5][16]. - In the banking sector, eight companies are included, with China Merchants Bank achieving a net profit exceeding 150 billion yuan, marking a historical high [5][16]. - The automotive and pharmaceutical sectors each have six companies reporting substantial profit growth, with specific companies like Asia-Pacific Shares and Ninebot Company-WD showing net profit increases of over 50% for 2025 [5][16]. Group 2: Significant Growth Companies - Among the 62 companies, 49 have doubled their net profits, 14 have increased profits by over five times, and six have seen growth exceeding ten times, including Asia-Pacific Shares and Ninebot Company-WD [6][17]. - Zhongji Xuchuang, a leader in optical modules, reported a net profit of 9.8 billion yuan for 2025, with a year-on-year increase of nearly 90%, benefiting from strong demand for computing infrastructure [6][17]. - Companies like Cai Bai Shares and Hunan Gold have seen significant stock price increases, with Cai Bai Shares rising over 71% since 2026 and reporting a net profit of no less than 1.06 billion yuan for 2025, reflecting a growth of over 190% compared to five years ago [19][21]. Group 3: Institutional Research and Market Performance - Nearly 20 of the 62 companies have received institutional research since 2026, with Ninebot Company-WD and Zhongji Xuchuang receiving over 75 institutional inquiries each [21][22]. - The average stock price increase for the 62 companies is close to 8% for 2026, with 11 companies seeing cumulative increases exceeding 20% [18][22]. - Cai Bai Shares and Hunan Gold have both reported significant stock performance, with Hunan Gold's net profit growth exceeding 460% compared to five years ago [19][21].

2月5日，A股三大指数集体下跌。截至收盘，沪指跌0.64%，报4075.92点，深成指跌1.44%，报13952.71点，创业板指跌 1.55%，报3260.28点。从板块行情上来看，今日表现较好的是调味品概念、影视概念和社区团购，而黄金概念、HIT电池和 小金属概念等板块下跌。 | 近一个月基金公司调研股票个数排行 | | 近一个月基金公司调研行业排行 | | | --- | --- | --- | --- | | 基金公司名称 | 调研股票家数 | 基金公司调研行业名称 基金公司调研总量 | | | 博时喜金管理有限公司 | 62 | 化学制品 | 216 | | 华夏真金管理有限公司 | 56 | 通用设备 | 211 | | 南方基金管理股份有限公司 | 46 | 专用设备 | 180 | | 鹏华夏金复插桌路公司 | 46 | 医疗器械 | 179 | | 富国墓金管理有限公司 | 46 | 汽车零部件 | 173 | | 国泰基金管理有限公司 | 45 | 半导体 | 158 | | 嘉实意金管理有限公司 | 45 | 通信设备 | 157 | | 交银施罗德基金管理有限公司 | 41 | 消费电 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603129 | 春风动力 | 258.07 | 2.25% | 1.64万 | 4.20亿 | | 603529 | 爰玛科技 | 29.35 | 1.98% | 6.28万 | · 1.83亿 | | 603766 | 障 | 15.39 | 1.58% | 14.79万 | 2.27亿 | | 301345 | 涛涛车业 | 221.00 | 1.58% | 1.41万 | 3.09亿 | | 600818 | 中路股份 | 9.90 | 1.33% | 3.95万 | 3902.37万 | | 300994 | 久祺股份 | 16.85 | 0.96% | 2.74万 | 4623.33万 | | 002105 | 信隆健康 | 7.10 | 0.71% | 5.40万 | 3829.24万 | | 000913 | 钱江摩托 | 15.65 | 0.58% | 5.12万 | 7974.91万 | | 603787 | 新目股份 | 13 ...

Core Viewpoint - The company, Ninebot, is expected to achieve a net profit of between 1.67 billion to 1.85 billion yuan in 2025, representing a year-on-year growth of 54.04% to 70.64%, showcasing strong operational resilience and growth quality in a challenging industry environment [2][3]. Group 1: Financial Performance - Ninebot's net profit is projected to increase significantly by 54% to 71% in 2025, highlighting the maturity of its profit model and operational efficiency despite industry pressures [3]. - The company has invested heavily in research and development, with R&D spending reaching 872 million yuan in the first three quarters of 2025, a 59% increase year-on-year, indicating a commitment to innovation [3]. Group 2: Market Position and Strategy - Since entering the electric two-wheeler market in 2019, Ninebot has focused on a "smart" core strategy, achieving a 70% market share in the domestic smart electric two-wheeler segment, reinforcing its position as a leader in smart mobility [4]. - Ninebot has established a dual-brand strategy with "Ninebot" and "Segway" to expand globally, aiming to transition from "product export" to "brand export" and capture high-value markets traditionally dominated by fuel-powered vehicles [6]. Group 3: Product Development and Innovation - The launch of the "Nimble OS" has strengthened Ninebot's technological moat in software and systems, contributing to its competitive edge in the market [3]. - The company has successfully transitioned its product structure to focus on the mid-to-high-end market, leading in sales within the 4,000 yuan and above price segment, reflecting a shift from "cost performance" to "quality-price performance" [4]. Group 4: Future Outlook - With the milestone of over 10 million units sold, Ninebot is expected to reveal more positive details regarding gross margins, regional growth, and ecosystem revenue in its upcoming annual report, indicating a promising future [6]. - The ongoing dual-brand globalization and continuous AI technology integration are anticipated to unlock greater long-term value for Ninebot in the capital market [6].

九号公司发布 2025 年业绩预告并召开电话会，2026 年一季度电动自行车需求仍处低迷状态，其他产品需求表现 较好；2025 年第四季度利润低于预期，我们下调 2026-28 年净利润预期 11-12%，，维持 "买入"评级。 ：欧洲和非美地区销量同比增长 20-30%。 ：表现分化，电动摩托车销量同比增长 50%，占电动两轮车需求的 80%（2025 年为 51%），但电动自行车需 求未改善仍处冰点，需等待春节后是否出现拐点。 九号公司发布 2025 年业绩预告并召开电话会，2026 年一季度电动自行车需求仍处低迷状态，其他产品需求表现 较好；2025 年第四季度利润低于预期，我们下调 2026-28 年净利润预期 11-12%，，维持 "买入"评级。 ：表现分化，电动摩托车销量同比增长 50%，占电动两轮车需求的 80%（2025 年为 51%），但电动自行车需 求未改善仍处冰点，需等待春节后是否出现拐点。 一线城市监管严格，需求低迷且仅占九号销量的 10-20%；非一线城市中，电动摩托车正逐步取代电动自行车。 ：面向消费者（to C）业务需求保持增长面向企业（to B）业务较 2025 年高基数持平。 ...

瑞银 – 九号公司：电动自行车需求尚待复苏，目标价下修至 75元 九号公司发布 2025 年业绩预告并召开电话会，2026 年一季度电动自行车需求仍处低迷状态，其他产品需求表现 较好；2025 年第四季度利润低于预期，我们下调 2026-28 年净利润预期 11-12%，目标价从 81 元下修至 75 元，维 持 "买入"评级。 2025 年第四季度利润低于预期 电动两轮车：表现分化，电动摩托车销量同比增长 50%，占电动两轮车需求的 80%（2025 年为 51%），但电动自 行车需求未改善仍处冰点，需等待春节后是否出现拐点。 一线城市监管严格，需求低迷且仅占九号销量的 10-20%；非一线城市中，电动摩托车正逐步取代电动自行车。 电动滑板车：面向消费者（to C）业务需求保持增长面向企业（to B）业务较 2025 年高基数持平。 割草机：销量维持高增长，与 2025 年类似，预计一季度销量同比翻倍左右。 全地形车：欧洲和非美地区销量同比增长 20-30%。 2026 年一季度各产品需求情况 电动两轮车：表现分化，电动摩托 瑞银 – 九号公司：电动自行车需求尚待复苏，目标价下修至 75元 九号公司发布 2 ...