Both revenue and net profit skyrocketed. Ninebot Inc. broke through the market with electric two-wheelers.

Cover Source |  Company's official 

Since 2024, Ninebot has shown an amazing performance in the capital market. Its stock price started from the bottom of 22 yuan per share, and has accumulated a gain of over 160% so far. The upward trend has lasted for more than a year.

This long - lasting and sharp upward trend is driven by the company's strong fundamentals. Ninebot's forward - looking strategic layout in the fields of intelligent electric two - wheeled vehicles is continuously translating into strong financial performance.

In terms of data, in 2024, Ninebot's operating income increased by 38.87% year - on - year, and the net profit attributable to the parent company increased significantly by 81.29%. In 2025, Ninebot still has strong growth momentum. The latest financial report shows that in the first half of 2025, the company's operating income increased by 76.14% year - on - year, and the net profit attributable to the parent company soared by 108.45% synchronously, continuing the high - speed growth trend.

On the first trading day after the release of the financial report, Ninebot's stock price rose by 3.99% with heavy trading volume, and the intraday maximum increase reached 8.8%, significantly outperforming the STAR 50 Index it belongs to, indicating the capital market's recognition of Ninebot's performance report. So, what other highlights can be dug out from Ninebot's financial report?

Comprehensive optimization of financial indicators

In the first half of 2025, Ninebot accumulated an operating income of 11.742 billion yuan. By product, the operating income of its electric two - wheeled vehicles was 6.823 billion yuan, a year - on - year increase of 101.7%; the operating income of intelligent balance bikes and scooters was 2.18 billion yuan, a year - on - year increase of 37.23%; the total operating income of accessories and other products was about 2.201 billion yuan, a year - on - year increase of about 85%.

It is not difficult to find that although electric two - wheeled vehicles are the main driving force for Ninebot's significant increase in operating income, the operating income of the company's core business segments such as intelligent balance bikes and scooters has also recorded positive growth, and all the company's businesses are in an upward trend.

In terms of profit, in the first half of 2025, Ninebot achieved a net profit attributable to the parent company of 1.242 billion yuan. After excluding non - recurring gains and losses, the net profit attributable to the parent company after deducting non - recurring items reached 1.312 billion yuan, a year - on - year increase of 125.32%, significantly outperforming the revenue growth rate for multiple consecutive reporting periods. The reason lies in the optimization of the profit margin brought about by the continuous improvement of the company's scale effect.

The financial report data shows that in the first half of 2025, Ninebot's net profit margin attributable to the parent company was 10.57%, an increase of 1.63 percentage points compared with the same period last year and an increase of 2.93 percentage points compared with the whole year of 2024. Among them, the dilution of period expenses brought about by the significant increase in the revenue scale is the main reason for the increase in Ninebot's net profit margin attributable to the parent company. For example, the sales expense ratio decreased from 8.1% in the first half of 2024 to 7.6% in the first half of 2025.

Figure: Ninebot's gross profit margin, net profit margin, and sales expense ratio   Source: Wind, 36Kr compilation

From the perspective of cash flow, inventory turnover days and accounts receivable turnover days are generally the most core factors affecting a company's net operating cash flow performance. The lower the inventory turnover days and the faster the collection speed, the better the net operating cash flow performance. According to Ninebot's disclosure, in the first half of 2025, the company's inventory turnover days were 41.26 days, and the accounts receivable turnover days were 21.57 days, which were significantly lower than in previous years. Therefore, Ninebot's net cash flow from operating activities in the first half of 2025 was also remarkable, reaching 3.653 billion yuan, far exceeding the net profit level.

Figure: Ninebot's inventory turnover days and accounts receivable turnover days   Source: Wind, 36Kr compilation

On the other hand, the improvement of Ninebot's inventory turnover rate and accounts receivable turnover rate also confirms the company's significant increase in operating income. The sales of the company's electric two - wheeled vehicles mainly rely on offline distribution channels, and the optimization of indicators such as inventory turnover and accounts receivable turnover is also a manifestation of the continuous improvement of the offline sales prosperity.

Generally speaking, Ninebot's indicators such as operating income, profit margin, and cash flow in the first half of the year all showed an upward trend, and the company's fundamental advantages were more stable.

Continuous expansion of the advantages of electric two - wheeled vehicles

At the end of 2019, Ninebot officially entered the electric two - wheeled vehicle business. In 2020, it had achieved a sales volume of 114,000 units, with a corresponding operating income of 432 million yuan, accounting for 7.16% of the total operating income. By 2024, the sales volume of this business segment had climbed to 2.5989 million units, and the operating income reached 7.211 billion yuan, accounting for more than half of the total operating income, reaching 50.8%. In the first half of 2025, the business continued its strong growth trend, with the sales volume increasing by 99% year - on - year to 2.3925 million units, and the operating income contribution further increased to 6.823 billion yuan, accounting for 58.23% of the total operating income.

Figure: Ninebot's income and sales volume of electric two - wheeled vehicles   Source: Wind, 36Kr compilation

According to the company's financial report, as of July 18, 2025, the cumulative shipment volume of Ninebot's intelligent electric two - wheeled vehicles in the Chinese market has exceeded 8 million units. It only took 64 days from announcing the achievement of a shipment volume of 7 million units on May 15, 2025, to achieving an incremental volume of 1 million units, breaking the industry's similar record.

Obviously, Ninebot's electric two - wheeled vehicle business has achieved leap - forward development in recent years. Although this growth is related to the "New National Standard" policy in 2019 and the "Trade - in" policy since 2025, it is undoubtedly one - sided to attribute it entirely to industry dividends.

According to the data of Aowei Cloud Network, the market scale of electric two - wheeled vehicles in China has expanded from 36.8 million units in 2019 to 59.13 million units in 2024. The sales volume in the first half of 2025 was 32.325 million units, a year - on - year increase of 29.5%. In sharp contrast, Ninebot's growth momentum significantly exceeds the industry average. From the perspective of channel expansion, as of the first half of 2025, Ninebot has more than 8,700 exclusive stores for electric two - wheeled vehicles in the Chinese market. From the perspective of market share, its domestic sales market share increased from 2.7% in 2023 to 4.2% in 2024 and further increased to 7.2% in the first half of 2025, showing a clear upward trend.

This fully shows that the fundamental driving force for the growth of Ninebot's electric two - wheeled vehicle business comes from the endogenous advantages built by product power, brand power, etc., rather than passively enjoying market dividends. What's more valuable is that in the current involution state of the market where "price - cutting" is prevalent, Ninebot has taken a leading position in the industry with high - priced models.

According to the data of Aowei Cloud Network, the average retail price of domestic electric two - wheeled vehicles is about 3,000 yuan. According to the statistics of Zheshang Securities, as of July 17, 2025, among all the SKUs of Ninebot's electric two - wheeled vehicles (including electric bicycles and electric motorcycles) on sale on JD.com, the high - end SKUs priced above 4,000 yuan account for 68%, significantly higher than Emma's 10%. According to the data of iResearch, in 2024, the sales volume of Ninebot's electric two - wheeled vehicles priced above 4,000 yuan exceeded 600,000 units, leading the high - end two - wheeled vehicle market.

From the perspective of gross profit margin, the gross profit margin of Ninebot's electric two - wheeled vehicle business in the first half of 2025 was 23.71%, and the gross profit margin in 2024 was 22.26%. Its profitability is significantly higher than other players in the industry, which also reflects the high - end and intelligent nature of Ninebot's products.

Therefore, Ninebot's electric two - wheeled vehicle business has shown a fundamental trend of higher - end products, stronger profitability, and higher sales growth rate in the industry, and the company's advantages in the industry continue to expand.

Advantages of software - hardware collaboration are emerging

The "2025 Research Report on China's Two - wheeled Electric Vehicle Industry" by iResearch shows that battery life and vehicle durability have become the primary considerations for consumers when purchasing vehicles, and the attention to intelligent functions continues to increase. From the perspective of consumers' purchasing preferences, 83.7% of consumers will give priority to two - wheeled vehicles with intelligent functions. Therefore, intelligence, battery life, and durability have become the core focus for electric two - wheeled vehicle brands to gain competitive advantages.

This is exactly where Ninebot's advantages lie. In the process of operating its intelligent balance bike and scooter business, the company has accumulated strong intelligent R & D capabilities, which can also be reused in electric two - wheeled vehicles.

Regarding the intelligent capabilities of electric two - wheeled vehicles, Ninebot has independently developed the "RideyGO" intelligent vehicle system and the "RideyFUN" intelligent driving system. Among them, the "RideyGO" intelligent vehicle system can realize functions such as induction unlocking, intelligent handlebar lock, and sitting induction, greatly simplifying the user's operation process and improving the convenience of travel. The "RideyFUN" intelligent driving system is equipped with a liquid crystal display, which can realize functions such as projection navigation and incoming call display. At the same time, it provides users with interesting experiences such as listening to music, theme skin - changing, and pet Easter eggs, significantly enhancing the driving fun and personalized experience.

For female users, in addition to the regular vehicle intelligent functions, Ninebot also provides emotional value to users through colorful appearances, support for DIY transparent dressing windows, dynamic wallpapers, and emotional blind boxes. For example, in the Q - series electric two - wheeled vehicle products recently launched by the company, the Qz1 model uses a frameless transparent front panel, paired with a smart ambient light and a cute headlight. The Q3 model pays more attention to personalization, equipped with functions such as dynamic wallpapers, emotional blind boxes, and personalized sound effects. In addition, the Qz1 also provides an ultra - low seat height of 690mm for petite women, improving the riding comfort of female users.

Regarding the safety and battery life of electric two - wheeled vehicles, Ninebot has also launched the "RideyLONG" long - range system. Through the independent R & D and optimization of tires, motors, electronic controls, and batteries, as well as the coordinated cooperation among the four, it achieves excellent handling grip, comfort, high - efficiency and low - consumption, and increases the battery life by more than 20% beyond the battery capacity itself.

It is worth noting that in addition to the self - developed intelligent vehicle system and intelligent driving system, Ninebot is also deeply involved in the R & D of core hardware such as batteries and motors. In terms of batteries, different from the model of directly purchasing standard products from suppliers, Ninebot plays a leading role in battery development, deeply participating in the entire process from demand definition to appearance design, structural simulation, BMS development, testing and verification. In terms of motors, Ninebot's hub motors are jointly developed with leading hub motor enterprises. It optimizes the magnetic steel configuration and winding process, and adds product details such as ventilation valves and temperature control wires, greatly improving the motor performance. At the same time, the motors of all Ninebot electric products are equipped with key components such as temperature sensors, temperature control wires, and ventilation valves, which is rarely seen in the industry.

Therefore, the excellent intelligent system and leading hardware capabilities have become the main factors for the continuous increase in Ninebot's market share in the electric two - wheeled vehicle market. From the perspective of financial data, continuous large - scale R & D investment is an important support for Ninebot to maintain its leading position in software and hardware capabilities. From 2022/2023/2024/2025H1, the company's R & D expenses reached 583 million/616 million/826 million/522 million yuan respectively, showing an upward trend. The company has invested more than 3.5 billion yuan in R & D since 2020.

Figure: Ninebot's R & D expenses   Source: Wind, 36Kr compilation

Lingbo OS reshapes Ninebot's ecosystem

The implementation of the new national standard for electric two - wheeled vehicles in 2019 not only drove a new round of vehicle replacement wave but also improved the concentration of the electric two - wheeled vehicle industry by eliminating backward production capacity.

Since September 2025, the revised version of the new national standard will be officially implemented, which puts forward higher requirements for the intelligent level, battery specifications, and vehicle manufacturing capabilities of electric two - wheeled vehicles. For example, commercial vehicles are required to add Beidou positioning, communication, and dynamic safety monitoring functions, and the total mass of plastics used in electric bicycles should not exceed 5.5% of the total vehicle mass. Therefore, the further implementation of the revised new national standard will further optimize the supply structure of electric two - wheeled vehicles and accelerate the clearance of small and medium - sized enterprises without corresponding technology and production capabilities, which is undoubtedly beneficial to industry leaders such as Ninebot.

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