Financial Performance - Total revenue for 2024 reached RMB 1,417,134.14 million, an increase of 38.63% compared to the previous year[4] - Net profit attributable to shareholders of the parent company was RMB 108,775.57 million, up 81.90% year-on-year[4] - Basic earnings per share rose to RMB 15.24, reflecting an increase of 82.08% from the previous year[4] - Operating profit surged by 131.08% to RMB 130,300.53 million, indicating strong operational efficiency[4] - The company reported a significant increase in net profit excluding non-recurring gains and losses, which rose by 160.74%[7] Assets and Equity - Total assets at the end of 2024 amounted to RMB 1,564,946.73 million, a growth of 44.24% from the beginning of the year[6] - The company's equity attributable to shareholders increased by 12.94% to RMB 616,289.93 million[4] Cash Flow - Cash and cash equivalents increased by RMB 248,371.28 million, reflecting improved cash flow management[8] Business Growth Drivers - The increase in operating income was primarily driven by the growth in sales of electric two-wheelers, electric scooters, all-terrain vehicles, and service robots[7] Innovation and Market Strategy - The company emphasizes ongoing innovation in smart short-distance transportation and service robots to enhance user satisfaction and expand market reach[6]

Summary of the Conference Call for Ninebot Company Company Overview - Ninebot Company is positioned as a smart mobility company, focusing on electric scooters, two-wheelers, and lawnmowers, with significant growth expected in 2024 and beyond [2][3]. Key Industry Insights - The two-wheeler and lawnmower markets are experiencing rapid growth, with Ninebot projecting a 45% year-over-year revenue increase and a 170% increase in net profit for 2024 [2][4]. - The company has successfully transitioned from scooters and balance bikes to two-wheelers, which has contributed to its growth momentum [4]. Core Business Strategies - Ninebot leverages a flat organizational structure and a middle-platform system to empower different business units, enhancing R&D efficiency and enabling technology breakthroughs [2][5][6]. - The company focuses on smart innovation and product upgrades to avoid price competition and capture the high-end market, addressing user pain points to improve product experience [2][5]. Market Expansion and Channel Development - Ninebot has made significant progress in channel expansion, currently operating approximately 7,000 stores, with plans to exceed 9,000 by 2025 and a mid-term goal of 10,000 stores [2][8]. - The company targets young consumers with its marketing strategies to build brand recognition [2][8]. Product Innovations and Competitive Advantages - The lawnmower business utilizes RTK technology for boundary-less mowing, achieving high ratings on Amazon in Germany and France, with innovative products enhancing cost-performance advantages [2][11]. - The new mixed-model "Dragon Head Plan" launched in Q3 2023 in the U.S. market is expected to drive rapid growth due to its superior performance and cost-effectiveness [12][13]. Future Growth Projections - Ninebot's profit is expected to reach approximately 1.55 billion yuan in 2024 and 2025, with a projected compound annual growth rate (CAGR) exceeding 40% over the next three years [3][14]. - The company is well-positioned for sustainable growth through its smart innovation, market share expansion in two-wheelers and lawnmowers, and resource integration via its platform structure [7][14]. Conclusion - Ninebot Company is recommended for investment due to its strong growth potential, innovative capabilities, and strategic market positioning, despite its current valuation being relatively high at 24-25 times PE [3][14].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The integration of AI technology and robotics is expected to drive growth across various business lines, with significant advancements in the company's core robotics and AI capabilities since its establishment in 2015 [7][8] - The company has introduced multiple new products, including the True Intelligent 3.0 system and the DeepSeek integration, which are anticipated to enhance the performance and functionality of its two-wheeled vehicles [8][45] - Financial forecasts indicate a strong growth trajectory, with projected revenues of 10.50 billion, 15.98 billion, and 22.97 billion yuan for 2024, 2025, and 2026 respectively, alongside corresponding EPS of 14.65, 22.30, and 32.05 yuan [7][10] Summary by Sections 1. Robotics and AI Technology - The company has developed a comprehensive suite of robotics technologies, including indoor and outdoor positioning, laser vision obstacle avoidance, and AI visual recognition [26][27] - Key technologies include UWB indoor positioning, RTK-GPS outdoor positioning, and various sensor fusion techniques that enhance navigation and obstacle detection capabilities [26][28] 2. Commercialization of Robotics and AI - The company has successfully commercialized its robotics technology across multiple product lines, including two-wheeled vehicles and lawn mowing robots, with significant improvements in product performance and customer satisfaction [8][29] - The second-generation lawn mowing robot has improved its obstacle recognition capabilities from over 20 to more than 150 types, showcasing the effectiveness of the company's AI upgrades [8][29] 3. Financial Performance and Projections - The company reported revenues of 10.12 billion yuan in 2022, with a modest increase to 10.22 billion yuan in 2023, and is projected to grow significantly in the coming years [10] - The net profit attributable to the parent company is expected to rise from 451 million yuan in 2022 to 2.30 billion yuan by 2026, reflecting a robust growth rate [10]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [9][191]. Core Insights - The company is positioned as a leading player in the smart mobility sector, leveraging a platform-based organizational structure to achieve effective reuse of underlying technologies. The company has seen a significant upward inflection in growth momentum, with a notable increase in revenue and profit margins [2][4][7]. Summary by Sections Growth Inflection Point - The company defines itself as a "smart mobility capability" provider, focusing on short-distance transportation and service robots. In the first three quarters of 2024, the company reported a 45% year-on-year increase in revenue and a 170% increase in net profit attributable to the parent company, indicating a strong acceleration in growth [4][23]. Underlying Capabilities - The core management team has a strong background in robotics, enabling the company to build a flat platform organization that empowers various business lines. The company effectively reuses its core technologies across different sectors, avoiding direct competition with established players by focusing on "true intelligence" in its products [5][34]. Scale Expansion - The company has made significant strides in its two-wheeler segment, with a rapid increase in sales driven by superior smart technology. The lawn mower and all-terrain vehicle segments are also expected to grow rapidly due to product leadership and steady channel expansion [6][77]. Investment Recommendations - The company is expected to maintain high-quality, high-potential growth, with projected net profits of 1.062 billion, 1.540 billion, and 2.209 billion yuan for 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios are estimated at 34.69, 23.92, and 16.67 times [7][191]. Market Performance - The company has established a strong brand presence among younger consumers, with a significant portion of its sales coming from the 18-35 age group. The company has also expanded its offline retail presence to over 6,500 stores, with plans to reach around 10,000 stores [105][112]. New Growth Drivers - The company is entering the E-bike market, leveraging its existing technology and brand resources. The E-bike sector is projected to grow significantly, with a compound annual growth rate of 15.6% expected from 2023 to 2030 [172][178].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][17] Core Views - The company is expected to maintain long-term high growth despite short-term performance disruptions due to non-recurring expenses and share-based payment costs [6] - The company forecasts a significant increase in net profit for 2024, with an expected range of 1.05 to 1.12 billion yuan, representing a year-on-year growth of 59% to 87% [6] - The company has introduced the "True Smart 3.0" technology system, enhancing product safety and personalization, which is anticipated to strengthen its position in the mid-to-high-end market [6] - The company is focusing on expanding its user base and improving channel efficiency, with an expected increase in two-wheeler shipments in early 2025 compared to the previous peak season [6] Financial Summary - The company’s revenue is projected to grow from 10.22 billion yuan in 2023 to 18.54 billion yuan in 2025, reflecting a year-on-year growth of 32.2% [8] - The net profit attributable to the parent company is expected to rise from 598 million yuan in 2023 to 1.60 billion yuan in 2025, indicating a growth rate of 52.1% [8] - The gross margin is forecasted to improve from 26.9% in 2023 to 30.9% in 2025, while the net margin is expected to increase from 5.9% to 8.6% during the same period [8][13] - The company’s earnings per share (EPS) is projected to grow from 8.34 yuan in 2023 to 22.30 yuan in 2025 [8] Product and Market Position - The company’s lawn mower products are recognized for their stability and performance, with a strong reputation in the market [7] - The company is expanding its offline channels and after-sales service, which is expected to enhance customer loyalty [7] - The introduction of the new X3 product is aimed at penetrating the light commercial and U.S. markets, laying a foundation for long-term growth [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to achieve an annual revenue of approximately 14.2 billion, with profits likely at the upper limit of the forecast at 1.1 billion, both in line with expectations [7] - For Q4, revenue is projected to grow by 22% year-on-year, with a non-GAAP net profit growth of 19%, maintaining a non-GAAP net profit margin of 2.4% year-on-year [8] - The company anticipates a significant contribution from new product launches and store expansions in 2025, with improved profitability from lawnmowers in Q4 and a stable performance from scooters [9] Revenue Analysis - The company expects to complete a target of 2.5 million units for two-wheeled vehicles in 2024, with approximately 400,000 units in Q4 [11] - The all-terrain vehicle segment is projected to reach 1 billion in revenue for the year, with Q4 revenue around 250 million, and is expected to break even [11] - The lawnmower segment is expected to generate about 100 million in revenue for Q4, showing a slight improvement in profitability compared to Q3 [11] Profitability Forecast - The company has slightly adjusted its profit forecast, expecting revenues of 14.2 billion, 17.9 billion, and 21.4 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 39%, 26%, and 20% [9] - The projected net profits for the same years are 1.1 billion, 1.6 billion, and 2.3 billion, with year-on-year growth rates of 85%, 45%, and 43% [9] Financial Metrics - The company’s gross margin is expected to improve from 26.9% in 2023 to 32.1% by 2026 [12] - The return on equity (ROE) is projected to increase from 11.0% in 2023 to 22.2% in 2026 [12] - The price-to-earnings (P/E) ratio is forecasted to decrease from 35.44 in 2023 to 16.62 by 2026 [12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's revenue for the year is expected to be approximately 14.2 billion, with profits likely at the upper limit of the forecast at 1.1 billion, both in line with expectations [7] - For Q4, revenue is projected to grow by 22% year-on-year, with a non-GAAP net profit expected to increase by 19% year-on-year, maintaining a non-GAAP net profit margin of 2.4% [8] - The company anticipates a strong performance in the two-wheeler segment in 2024, with new product launches and store expansions expected to drive growth in 2025 [9] Revenue Analysis - The company is expected to achieve a total revenue of 14.2 billion in 2024, representing a year-on-year growth of 39% [12] - The two-wheeler segment is projected to meet a target of 2.5 million units for the year, with Q4 expected to contribute around 400,000 units [11] - The all-terrain vehicle segment is expected to generate approximately 1 billion in revenue for the year, with Q4 revenue around 250 million [11] Profit Analysis - The forecast for 2024-2026 includes a non-GAAP net profit of 1.1 billion, 1.6 billion, and 2.3 billion respectively, with year-on-year growth rates of 85%, 45%, and 43% [9] - The company has slightly adjusted its profit forecast, with expected non-GAAP net profit margins improving in the long term due to new product contributions [9] Financial Metrics - The company’s projected financial metrics for 2024 include a gross margin of 28.4%, a return on equity (ROE) of 17.2%, and earnings per share (EPS) of 15.45 yuan [12] - The price-to-earnings (P/E) ratio is expected to be 34 for 2024, decreasing to 17 by 2026 [12]

证券代码：689009 证券简称：九号公司 公告编号：2025-003 九号有限公司 第二届董事会第二十九次会议决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 九号有限公司（以下简称"公司"）第二届董事会第二十九次会议于 2025 年 1 月 24 日召开。本次会议应到董事 6 人，实到董事 6 人。本次董事会会议的 召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 二、董事会会议审议情况 1、审议通过《关于制定<市值管理制度>的议案》 为加强公司市值管理工作，切实推动公司投资价值提升，增强投资者回报， 维护公司、投资者及其他利益相关者的合法权益，根据《中华人民共和国证券 法》《国务院关于加强监管防范风险推动资本市场高质量发展的若干意见》 《上市公司信息披露管理办法》《上市公司监管指引第 10 号——市值管理》 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等法律 法规及《公司章程》的规定，结合公司实际情况，制定《市值管理制度》。 表决结果：同意 6 票 ...

九号有限公司 独立董事关于公司 2024 年限制性股票激励计划 预留部分授予日激励对象名单的核查意见 九号有限公司（以下简称"公司"）因未设置监事会，独立董事依据《中华 人民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办 法》（以下简称"《管理办法》"）、《上海证券交易所科创板股票上市规则》 （以下简称"《上市规则》"）、《科创板上市公司自律监管指南第 4 号——股 权激励信息披露》等相关法律、法规及规范性文件和《公司章程》的有关规定， 对公司 2024 年限制性股票激励计划（以下简称"本次激励计划"）预留部分授 予日激励对象名单进行了核查，发表核查意见如下： 1、公司未设置监事会，参与本激励计划的激励对象不包括公司监事、独立 董事；不包括单独或合计持有公司 5%以上存托凭证的存托凭证持有人、公司实 际控制人及其配偶、父母、子女。 2、本次激励计划预留部分授予激励对象均不存在《管理办法》第八条规定 的不得成为激励对象的下列情形： 规定的激励对象范围，其作为公司限制性股票激励计划激励对象的主体资格合法、 有效。 综上所述，我们同意公司本次激励计划授予的激励对象名单，同意公司本次 激励计划的授 ...

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