Number Nine Company expects double profit growth in 2025, with net profit attributable to shareholders increasing by 62% year-over-year

On the evening of March 30th, Ninebot officially released its 2025 annual report. The report shows that in 2025, the company achieved a total operating revenue of 21.28 billion yuan, a year-on-year increase of 49.9%; net profit attributable to the parent company was 1.76 billion yuan, a year-on-year increase of 62.2%. As revenue scale continues to expand, the company’s profitability further improves, and operating quality steadily optimizes.

The company stated that the performance growth is mainly due to continuous deep cultivation around the two core areas of smart short-distance transportation and service robots: on one hand, the company continues to increase R&D investment, promoting iterative upgrades of core products such as electric two-wheelers and electric scooters; on the other hand, the company centers on user value, constantly expanding and optimizing sales channels, enhancing service capabilities, driving simultaneous improvements in market share and operational efficiency.

Multiple business segments grow rapidly, with both operational quality and scale effects advancing

In 2025, multiple businesses under Ninebot maintained a good growth trend. The company’s electric two-wheelers, electric scooters, all-terrain vehicles, and other segments all achieved outstanding performance within their respective sectors.

During the reporting period, sales of electric two-wheelers reached 4.09 million units, generating revenue of 11.86 billion yuan, a year-on-year increase of 64.5%. On January 24, 2026, Ninebot officially announced that the cumulative shipment of Ninebot smart electric two-wheelers in the domestic market has exceeded 10 million units. In recent years, Ninebot electric two-wheelers have maintained industry-leading growth speed, and such performance is inseparable from their strong product strength and channel layout.

As of now, the number of Ninebot electric two-wheeler stores has exceeded 10,000, covering over 2,200 counties and cities nationwide. In online channels, Ninebot electric two-wheelers also hold a leading industry position. According to data from Aowei Cloud, in 2025, Ninebot ranked first in online sales share within the electric two-wheeler industry.

In terms of products, Ninebot electric two-wheelers have formed a series of technologies that truly enhance riding experience, such as the “True Smart” vehicle system and self-developed long-range battery systems. Meanwhile, based on precise user insights and product design capabilities, Ninebot has also built a differentiated product matrix tailored to different consumer groups and usage scenarios.

Electric scooters and balance bikes also achieved stable growth. Data shows that in 2025, the company’s electric scooters and balance bikes generated revenue of 4.33 billion yuan, a year-on-year increase of 28.1%. Additionally, the company disclosed that as of now, the global shipment of Ninebot balance bikes has exceeded 4 million units, and the cumulative shipment of Ninebot electric scooters has surpassed 15 million units. These products are now available in over 100 countries and regions worldwide.

Pictured: Ninebot at the AWE exhibition

In the all-terrain vehicle segment, the company leverages its technological accumulation in power systems, chassis technology, and intelligent control to continuously launch products suitable for outdoor entertainment and professional work scenarios, gradually opening up global markets and becoming an important supplement to revenue growth. In 2025, all-terrain vehicle revenue reached 1.14 billion yuan, a year-on-year increase of 16.6%.

While multiple business lines grow rapidly, Ninebot’s profitability and operational quality also steadily improve. In 2025, the company’s gross profit margin reached 29.6%, an increase of 1.4 percentage points year-on-year; net cash flow from operating activities was 4.44 billion yuan, up 33% year-on-year.

Continuous increase in R&D investment, technological foundation supports product upgrades

Behind the performance growth is Ninebot’s persistent focus on technological innovation to drive long-term development, maintaining high R&D investment intensity. Since going public, the company’s R&D expenses have increased year after year, reaching 1.25 billion yuan in 2025, a year-on-year growth of 51.3%. From 2021 to 2025, Ninebot has invested nearly 3.8 billion yuan in total.

During the reporting period, leveraging years of technological accumulation, Ninebot launched its independently developed all-domain operating system “Lingbo OS” (Nimble OS), which is also China’s first all-domain operating system designed specifically for two-wheel short-distance travel. Unlike traditional two-wheel vehicles with separate components operating independently, Lingbo OS uses a self-developed unified underlying architecture, deeply integrating core modules such as motor control, battery management, multi-sensor perception, and vehicle interaction, enabling efficient collaboration on the same platform. The previously dispersed hardware capabilities are transformed into high-efficiency coordinated overall performance, greatly enhancing riding experience.

With years of high-intensity R&D investment, by the end of 2025, Ninebot had accumulated 6,480 global patents, led or participated in over 130 domestic and international technical standards, gradually building a full-chain technological system covering hardware, software, and algorithms.

Its leading technology and product strength also create a differentiated competitive edge for Ninebot’s future development. At the user conference in January 2026, Ninebot officially announced its core strategy of “Dual Brand, Globalization, Electric Oil” centered around electric two-wheelers.

Currently, the wave of global two-wheel electric mobility is accelerating. In January 2026, Ninebot officially launched its three core strategies of “Dual Brand, Globalization, Electric Oil,” signaling its new approach to the global market. For example, in Southeast Asia, the penetration rate of electric two-wheelers is only 5%, leaving vast room for replacing fuel vehicles. In the future, Ninebot will develop a dual-brand operation model with “Ninebot” and “Segway,” continue to deepen the smart mobility ecosystem, and work with global users and partners to promote a new revolution in two-wheel transportation.

As the global trend of electrification and intelligence in short-distance travel continues to deepen, combined with the company’s technological iteration capabilities and expanding channel network, Ninebot is expected to continuously expand its leading advantage amid industry consolidation.

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