国泰君安证券股份有限公司 关于九号有限公司 员工认股期权计划第二次行权限售存托凭证 上市流通的核查意见 国泰君安证券股份有限公司（以下简称"国泰君安"或"保荐机构"）作为 九号有限公司（以下简称"九号公司"或"公司"）公开发行存托凭证并在科创 板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所 科创板股票上市规则》《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》等有关规范性文件的要求，对九号公司员工认股期权计划第二次 行权限售存托凭证上市流通的事项进行了审慎核查，核查情况如下： 一、本次境内限售存托凭证上市类型 2015 年 1 月 27 日，公司召开了董事会和股东大会，决议通过了 2015 年员 工股票期权计划（简称"2015 年期权计划"）。2019 年 4 月 2 日，公司召开了董事 会和股东大会，决议通过了 2019 年员工股票期权计划（简称"2019 年期权计划"） 和创始人期权计划。 截至 2019 年 4 月 2 日，2015 年期权计划、2019 年期权计划、创始人期权计 划已全部授予完毕，目前尚未行权完毕。其中 2015 年期权计划和 2019 年期权 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 47.93 [1][176][177] Core Views - The company is positioned to benefit from the "old-for-new" policy and new safety standards, which are expected to drive the high-end electric two-wheeler market and robust growth in the lawn mower business [1][3][4] - The electric two-wheeler segment has become a new foundation for growth, with strong product capabilities and rapid expansion of offline stores supporting growth [1][3][12] - The lawn mower segment is anticipated to replicate the growth trajectory of robotic vacuum cleaners, with strong product and channel support driving significant growth [1][3][12] Summary by Sections Electric Two-Wheelers - The industry is catalyzed by the "old-for-new" policy and new safety standards, with product optimization and the development of instant retail enabling long-term growth [1][3][17] - The company has a strong product lineup focused on high-end, intelligent, and long-range capabilities, with offline stores rapidly expanding [1][3][12] - The market for electric two-wheelers is expected to grow significantly, with a projected CAGR of 7% from 2023 to 2028 [1][17] Lawn Mowers - The global demand for lawn maintenance is substantial, particularly in Europe and the US, where the market for lawn mowers is expected to expand significantly [1][3][107] - The company has successfully sold its smart lawn mowers in over 30 countries and has become a leading brand in the market [1][3][139] - The report estimates that the global lawn mower market could reach $4 billion by 2030, with a CAGR of 14.8% [1][122] Financial Projections - The company is expected to achieve significant revenue growth, with projected revenues of 14.02 billion, 18.93 billion, and 23.63 billion for 2024, 2025, and 2026 respectively [1][4][163] - The net profit is projected to reach 1.10 billion, 1.71 billion, and 2.26 billion for the same years [1][4][163] Market Positioning - The company is well-positioned in the high-end market, with a strong brand presence and product capabilities that align with industry trends [1][3][12] - The report highlights the company's competitive advantages in product performance, safety, and intelligent features, which are expected to drive market share growth [1][3][12] Research and Development - The company has a robust R&D capability, with a significant increase in R&D personnel and investment, supporting its innovation in smart transportation and service robots [1][3][59] - The collaboration with NVIDIA to develop autonomous mobile robots is expected to enhance the company's technological capabilities and market reach [1][3][151]

证券代码：689009 证券简称：九号公司 公告编号：2024-099 九号有限公司 存托凭证持有人减持存托凭证结果公告 本公司董事会、全体董事及相关存托凭证持有人保证本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、减持主体减持前基本情况 上述减持主体无一致行动人。 二、减持计划的实施结果 重要内容提示： 存托凭证持有人持有存托凭证的基本情况 本次减持存托凭证计划实施前，存托凭证持有人 People Better Limited （以下简称："People Better"）持有公司存托凭证 43,206,399 份，占公司存 托凭证总数的 6.03%。上述存托凭证均来源于公司公开发行前其持有的公司股票 转化的存托凭证，并已于 2021 年 10 月 29 日起上市流通。 减持计划的实施结果情况 公司于 2024 年 8 月 24 日在上海证券交易所网站(www.sse.com.cn)披露了 《九号有限公司存托凭证持有人减持存托凭证计划公告》（公告编号：2024-078）。 存托凭证持有人 People Better 计划于减持计划披露之日起 ...

Summary of Conference Call Notes Company and Industry Involved - The discussion primarily revolves around the electric two-wheeler industry and the company's operations within this sector, including electric scooters and related products. Key Points and Arguments Market Dynamics and Production - The company is currently exporting approximately $1 billion worth of products to the U.S., with a focus on retail scooters produced in Vietnam due to favorable tariff conditions [1] - The company has no immediate plans to establish manufacturing facilities in the U.S. as current export volumes do not justify the investment [1] - The company anticipates profitability this year, contrasting with a slight loss last year, and is focused on building its social team rather than immediate profit [2] Regulatory Changes and Product Development - Recent regulatory changes, including the new battery standards and certifications, are expected to stabilize the market, with the company nearing completion of necessary certifications [4] - The introduction of new models is planned in response to upcoming regulations, with several designs already in internal review [5][6] - The company is preparing for potential delays in the implementation of new national standards, which could extend the transition period [4] Sales and Market Strategy - The company aims to increase its market share, currently at a low level with only 250,000 units sold this year, targeting a revenue goal of $700 million by 2027 [24] - The company plans to expand its dealer network to approximately 9,000 by next year, up from 7,300-7,500 this year [23] - The electric two-wheeler market is projected to grow, with an estimated total market size of 50 million units [23] Product Features and Innovations - The company emphasizes its advanced technology in electric scooters, including smart features that enhance user experience and safety [33][34] - The company is exploring the integration of robotics technology into its products, aiming to differentiate itself in the competitive market [10][19] Future Outlook and Challenges - The company maintains a cautious outlook on industry growth due to uncertainties surrounding regulatory timelines and market conditions [38] - There is a recognition of potential consumer behavior changes in response to new regulations, which may lead to a temporary increase in demand for existing models before new standards are enforced [40] Collaborations and Partnerships - The company is collaborating with NVIDIA and BMW, focusing on technology integration and safety enhancements in its products [15][20] Other Important but Possibly Overlooked Content - The company is actively monitoring consumer preferences and market trends to adapt its product offerings accordingly [6][27] - There is an ongoing discussion about the impact of new regulations on production and sales strategies, with a focus on ensuring compliance while meeting market demands [41]

Investment Rating - The report gives Ninebot a "Buy" rating with a target price of 57.89 yuan/CDR, based on a 2025 PE valuation of 25x [4] Core Views - Ninebot is a global leader in smart short-distance transportation, with a diversified product portfolio including balance bikes, scooters, two-wheelers, all-terrain vehicles, and robotic lawn mowers [2] - The company's competitive advantage lies in its deep R&D expertise in underlying technologies for short-distance transportation and its strong overseas brand and channel presence through the acquisition of Segway [2] - Ninebot's revenue reached 10.22 billion yuan in 2023, with a net profit of 598 million yuan, representing a year-on-year increase of 32.50% [2] - The company's two-wheeler business is rapidly growing, contributing 50.8% of total revenue in H1 2024, with a year-on-year growth of 114.8% [3] - New businesses such as all-terrain vehicles and robotic lawn mowers are expanding rapidly in overseas markets, with H1 2024 revenue shares of 7.6% and 6.7%, respectively [3] Business Overview Main Business: Two-Wheelers and Scooters - Ninebot's two-wheeler business focuses on the high-end market, leveraging advanced smart features and trendy designs to meet the social needs of young consumers [3] - The company's two-wheeler revenue reached 3.38 billion yuan in H1 2024, accounting for 50.8% of total revenue, with a year-on-year growth of 114.8% [3] - The balance bike and scooter business has recovered from the adjustment period, with self-branded retail sales reaching 1.079 million units in 2023 and contributing 1.031 billion yuan in H1 2024, a year-on-year increase of 21.4% [3] New Businesses: All-Terrain Vehicles and Robotic Lawn Mowers - Ninebot's all-terrain vehicles target the European and American markets, with 17,700 units sold in 2023 and a revenue share of 7.6% in H1 2024 [3] - The robotic lawn mower business is also focused on overseas markets, with products offering cost-effectiveness and smart features, contributing 6.7% of revenue in H1 2024 [3] Financial Projections and Valuation - The report forecasts a 116% year-on-year growth in net profit for 2024, followed by 28% and 23% growth in 2025 and 2026, respectively [4] - The current stock price implies a 2025 PE of 20.9x, and the report assigns a 25x PE valuation for 2025, resulting in a target price of 57.89 yuan/CDR [4] Competitive Advantages - Ninebot has accumulated deep expertise in underlying technologies such as robotics, vehicle platform development, and IoT/data capabilities [2] - The acquisition of Segway in 2015 provided the company with a strong overseas brand and channel presence, facilitating global market expansion [2] - The company's high R&D investment and extensive patent portfolio further strengthen its competitive position in the smart short-distance transportation industry [54]

上市公司: 九号有限公司 股票上市地: 上海证券交易所 股票简称:九号公司 九号有限公司 简式权益变动报告书 四、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违反公司 章程或内部规则中的任何条款，或与之相冲突。 股票代码 : 689009 信息披露义务人: People Better Limited 公司住址： Vistra Corporate Services Centre,Wickhams Cay II,Road Town,Tortola,VG1110,British Virgin Islands 通讯地址：北京市海淀区西二旗中路33号小米移动互联网产业园 股份变动性质:持有存托凭证比例降至5%以下 签署日期: 2024 年 12 月 10 日 l 声 明 一、本报告书系信息披露义务人依据《中华人民共和国证券法》《上市公司收购管 理办法》《公开发行证券的公司信息披露内容与格式准则第15号—权益变动报告书》 等相关法律法规编制。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违反信息 披露义务人章程或内部规则中的任何条款，或与之冲突。 三、依据《中华人民共和国证券法》《上市 ...

证券代码：689009 证券简称：九号公司 公告编号：2024-098 九号有限公司 关于 5%以上存托凭证持有人权益变动的提示性公告 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。 九号有限公司（以下简称"公司"）于近日收到公司存托凭证持有人 People Better 出具的《简式权益变动报告书》，现将本次权益变动情况公告如下： 一、本次权益变动基本情况 | 企业名称 | People Better Limited | | --- | --- | | 注册地 | Vistra Corporate Services Centre,Wickhams Cay II, | | | Road Town,Tortola,VG1110,British Virgin Islands | | 法定代表人/ 主要负责人 | 林世伟（LAM SAI WAI LAIN） | | 注册证明书编号 | 1820881 | | 企业类型 | BVI 商事公司 | （一）信息披露义务人的基本信息 重要内容提示： 本次权益变动属于被动稀释和存托凭证持有人 ...

证券代码：689009 证券简称：九号公司 公告编号：2024-097 员工认股期权计划第十二次行权结果 暨股份变动公告 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。 重要内容提示： 本次行权存托凭证数量：30,598股基础股票，按照1股/10份存托凭证的 比例进行转换后，本次行权可得数量为305,980份存托凭证。 行权证券来源：公司向存托人发行A类普通股，再由存托人向激励对象定 向签发的公司存托凭证。 本次行权存托凭证上市流通时间：本次行权的存托凭证自行权起三年后 可上市流通，预计上市流通时间为2027年12月9日（如遇非交易日则顺延）。 一、本次期权行权的决策程序及相关信息披露 2015 年 1 月 27 日，九号有限公司（以下简称"公司"）召开了董事会和股 东大会，决议通过了 2015 年员工股票期权计划（简称"2015 年期权计划"）。 2019 年 4 月 2 日，公司召开了董事会和股东大会，决议通过了 2019 年员工股票 期权计划（简称"2019 年期权计划"）和创始人期权计划。 九号有限公司 截至 201 ...

证券代码：689009 证券简称：九号公司 九号有限公司 投资者关系活动记录表 | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 ☐其他 | | 参与单位名称及 人员姓名 | 线上参与公司2024年第三季度业绩说明会的投资者 | | 时间 | 2024年11月19日 14:00-15:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 上市公司接待人员姓名 | 董事长 高禄峰 | | | 独立董事 林菁 | | | CFO 凡孝金 | | | 董事会秘书 徐鹏 | | | 1、请问贵司割草机器人业务进展和业绩情况，在国 | | | 外销售情况，谢谢！ | | | 答：感谢您对公司的关注。今年前三季度割草机器人 | | | 业务实现收入 5.95 亿元，同比增长 379.28%。今年 9 月， | | | 公司发布了第三代割草机器人 系列 Segway Navimow X3 | | | 产品，能够覆盖 1,500 至 10,0 ...

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。 重要内容提示： 案件所处的阶段：达成执行和解并予以结案 公司所处的当事人地位：被申请人 涉案的金额：Putech Limited（第一被申请人）承担向赵忠玮（申请人） 支付执行和解款项并向北京市第一中级人民法院（以下简称"一中院"）支付执 行费用的全部义务，且其明确放弃向九号有限公司（第二被申请人，以下简称"公 司"）、高禄峰（第三被申请人）追偿的权利，就《执行和解协议》的履行，公 司、高禄峰无需承担任何偿付义务。执行和解款项金额为 10,190,880 份存托凭 证按照仲裁裁决作出日的前一交易日收盘价计算的金额及仲裁费等费用。 是否会对上市公司损益产生负面影响：各方达成执行和解，Putech Limited 全额支付执行和解款项及执行费用，公司、Putech Limited、高禄峰全 部义务履行完毕，本案已结案，公司无需承担任何偿付义务，本次仲裁事项不会 对公司损益产生负面影响。 证券代码：689009 证券简称：九号公司 公告编号：2024-096 九号有限公司 关于仲裁事 ...