Number Nine Company releases 2025 annual report, with revenue and net profit both increasing year over year.

Source: Global Times

On the evening of March 30, Ninebot Company officially released its 2025 annual report. The report shows that in 2025, the company achieved total operating revenue of 21.28 billion yuan, a year-on-year increase of 49.9%; net profit attributable to shareholders of the parent company was 1.76 billion yuan, a year-on-year increase of 62.2%. While revenue scale continued to grow, the company’s profitability improved further, and its operating quality was steadily optimized.

The company stated that its performance growth was mainly driven by continuous deep cultivation in two core areas—smart short-distance transportation and service robots. On one hand, the company continued to increase R&D investment to promote iterative upgrades of core products such as electric two-wheel vehicles and electric scooters. On the other hand, focusing on user value, the company continuously expanded and optimized sales channels and improved service capabilities, driving both market share and operating efficiency to rise in parallel.

Rapid growth across multiple businesses, with both operating quality and scale effects reaching a new level

In 2025, various businesses under Ninebot Company maintained strong growth momentum. The company’s electric two-wheel vehicles, electric scooters, and all-terrain vehicles achieved outstanding performance within their respective segments.

During the reporting period, electric two-wheel vehicle sales reached 4.09 million units, generating revenue of 11.86 billion yuan, up 64.5% year on year. On January 24, 2026, Ninebot Company officially announced that the cumulative shipment volume of Ninebot’s intelligent electric two-wheel vehicles in the domestic market had already exceeded 10 million units. In recent years, Ninebot’s electric two-wheel vehicles have consistently maintained leading growth rates in the industry. Such performance is inseparable from its strong product capabilities and channel layout.

As of now, the number of Ninebot electric two-wheel vehicle stores has exceeded 10,000, covering more than 2,200 counties and cities nationwide. In online channels, Ninebot electric two-wheel vehicles also have a leading industry layout and advantages. According to data from AVC, in 2025, Ninebot ranked first in the industry for online sales share in the electric two-wheel vehicle segment.

On the product side, Ninebot electric two-wheel vehicles have formed a series of technologies that truly enhance users’ riding experience around “true intelligence,” such as an intelligent vehicle cockpit system and a self-developed long-endurance system. At the same time, based on precise user insights and product design capabilities, Ninebot also built a differentiated product matrix for different consumer groups and usage scenarios.

Electric scooters and hoverboards have also achieved steady growth. Data show that in 2025, the company’s operating revenue from electric scooters and electric balancing vehicles was 4.33 billion yuan, up 28.1% year on year. In addition, the company disclosed that as of now, the cumulative global shipment volume of Ninebot hoverboards has exceeded 4 million units, and the cumulative shipment volume of Ninebot electric scooters has exceeded 15 million units. Its products have entered more than 100 countries and regions worldwide.

Figure shows Ninebot Company’s appearance at the AWE exhibition

In the all-terrain vehicle business, relying on its technology accumulation in areas such as power systems, chassis technology, and intelligent control, the company continues to launch products that are suited to outdoor entertainment and professional work scenarios, gradually opening up the global market and becoming an important supplement to revenue growth. In 2025, all-terrain vehicles generated revenue of 1.14 billion yuan, up 16.6% year on year.

While multiple business lines grew rapidly, Ninebot Company’s profitability and operating quality were also steadily improved. In 2025, the company’s gross margin reached 29.6%, up 1.4 percentage points year on year; net cash flow from operating activities reached 4.44 billion yuan, up 33% year on year.

R&D investment continues to be stepped up, and the technology foundation supports product upgrades

Behind the company’s performance growth is Ninebot Company’s unwavering commitment to driving long-term development through technological innovation, along with maintaining a high level of R&D investment. Since listing, the company’s R&D expenses have grown year after year. In 2025, R&D expenses reached 1.25 billion yuan, up 51.3% year on year. From 2021 to 2025, over five years, Ninebot Company cumulatively invested nearly 3.8 billion yuan.

During the reporting period, Ninebot Company, drawing on years of technological accumulation, launched a major autonomous research and development effort—its self-developed full-domain operating system “Lingbo OS” (Nimble OS). This is also the first full-domain operating system in China specifically designed for the two-wheel short-distance travel sector. Unlike traditional approaches where various components in two-wheel vehicles operate independently, Lingbo OS uses a self-developed unified underlying architecture and deeply integrates core modules such as motor control, battery management, multi-sensor perception, and vehicle-cockpit interaction. This enables efficient collaboration on a single platform. Dispersed hardware capabilities have been transformed into an integrated overall performance with efficient collaboration, delivering a comprehensive improvement in the riding experience.

With years of high-intensity R&D investment, by the end of 2025, Ninebot Company had cumulatively obtained 6,480 globally recognized intellectual property rights, led or participated in more than 130 domestic and international technical standards, and gradually built a full-chain technology system covering hardware, software, and algorithms.

Leading technology and product capabilities also help build differentiated competitive strength for Ninebot Company’s future development. At the user conference in January 2026, focusing on the electric two-wheel vehicle business, Ninebot Company officially released its core strategy of “dual brands, globalization, and cutting oil.”

Right now, a wave of electrification of two-wheel vehicles worldwide is accelerating. In January 2026, Ninebot Company officially launched three major core strategies: “dual brands, globalization, and cut oil,” signaling that it will head to global markets with a fresh approach. For example, in the Southeast Asian market, the penetration rate of electric two-wheel vehicles is only 5%, leaving enormous space to replace gasoline-powered vehicles. In the future, Ninebot’s electric two-wheel vehicles will build a coordinated operating model with dual brands: “Ninebot” and “Segway,” continuing to deeply develop the intelligent mobility ecosystem and work with global users and partners to jointly drive a new transformation in the two-wheel mobility industry.

As global trends in electrification and intelligence for short-distance travel continue to deepen, together with ongoing improvements in the company’s technological iteration capabilities and channel network, Ninebot Company is expected to continuously expand its leading advantages during the process of increasing industry concentration. (Xinyue)

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