Ninebot's 2025 Financial Report: Revenue and Profit Surge, Service Robot Business Scales Rapidly Overseas

[Ebrun Original] Recently, Ninebot released its 2025 annual report. The report shows that the company achieved total operating revenue of RMB 21.28 billion in 2025, a year-on-year increase of 49.9%; net profit attributable to shareholders was RMB 1.76 billion, a year-on-year increase of 62.2%. While expanding its revenue scale, the company's profitability improved simultaneously, with gross profit margin reaching 29.6%, a year-on-year increase of 1.4 percentage points. Net cash flow from operating activities was RMB 4.44 billion, a year-on-year increase of 33%. On the day after the earnings release (March 31), the stock price opened up over 4%, reaching RMB 46.64.

In terms of specific expenses, Ninebot's selling expenses increased by 70.71% from RMB 1.101 billion in 2024 to RMB 1.879 billion, mainly due to increased labor costs and promotional and advertising expenses. R&D expenses increased by 51.27% from RMB 826 million in 2024 to RMB 1.250 billion. The proportion of R&D expenses to operating revenue slightly increased from 5.82% to 5.87%. The increase in R&D expenses was primarily due to growth in labor costs and professional and technical service fees.

By business line, the company's operating revenue mainly comes from Intelligent Short-distance Mobility and Intelligent Service Robots (i.e., intelligent robotic mowers). Among these, Intelligent Short-distance Mobility revenue in 2025 was RMB 19.276 billion, with a gross profit margin of 27.27%, a year-on-year increase of 45.86%, accounting for 90.57% of total revenue. Intelligent Service Robot (i.e., intelligent robotic mower) revenue was RMB 2.002 billion, with a gross profit margin of 52.35%, a year-on-year increase of 104.26%, accounting for 9.40% of total revenue.

By product category, Intelligent Short-distance Mobility includes electric self-balancing vehicles and electric scooters, electric two-wheelers, all-terrain vehicles (ATVs), and other short-distance mobility products and accessories. Revenue from electric self-balancing vehicles and electric scooters was RMB 4.329 billion, a year-on-year increase of 28.05%, accounting for 20.34% of total revenue. Revenue from electric two-wheelers was RMB 11.859 billion, a year-on-year increase of 64.45%, making it the product contributing the most revenue and accounting for 55.72% of total revenue. Revenue from all-terrain vehicles was RMB 1.138 billion, a year-on-year increase of 16.63%, accounting for 5.35% of total revenue. Revenue from other short-distance mobility products and accessories was RMB 1.950 billion, a year-on-year increase of 18.32%, accounting for 9.16% of total revenue.

By regional market, domestic revenue in 2025 was RMB 13.350 billion, with a gross profit margin of 25.84%, a year-on-year increase of 58.48%, accounting for 62.74% of total revenue. Overseas revenue was RMB 7.928 billion, with a gross profit margin of 36.01%, a year-on-year increase of 37.35%, accounting for 37.26% of total revenue.

By sales model, Ninebot's self-branded distribution revenue in 2025 was RMB 19.426 billion, with a gross profit margin of 28.68%, a year-on-year increase of 50.99%, accounting for 91.29% of total revenue. ToB and customized product sales revenue was RMB 1.852 billion, with a gross profit margin of 39.64%, a year-on-year increase of 39.25%, accounting for 8.71% of total revenue. It is reported that Ninebot owns two core brands: Segway and Ninebot. The Ninebot brand caters to daily commuting and family travel. Segway was originally a US brand fully acquired by Ninebot in 2015 and now primarily targets professional riding enthusiasts.

In terms of sales volume, the electric two-wheeler, which contributed the most revenue, reached annual sales of 4.0903 million units in 2025, a year-on-year increase of 57.39%. Annual sales of electric self-balancing vehicles and scooters were 1.8239 million units, a year-on-year increase of 16.13%. Sales of all-terrain vehicles were 26,700 units, a year-on-year increase of 12.26%. Annual sales of service robots were only 338,900 units but achieved a year-on-year doubling (105.63%), indicating rapid scaling in overseas markets. Furthermore, the financial report stated that as of January 2026, the cumulative shipments of the company's electric two-wheeler products in the domestic market had exceeded 10 million units.

Regarding sales channels, the report pointed out that the company has built an omni-channel marketing network characterized by deep online-offline integration and dual-drive domestic and international operations.

In the domestic market, the company has integrated online resources from major e-commerce platforms like JD.com, Tmall, and Douyin, building a direct-to-consumer (DTC) operation system relying on the Ninebot Travel app. During major promotional events like the 2025 "618" and "Double 11" shopping festivals, it repeatedly achieved top sales rankings on various e-commerce platforms. Offline, it has deployed over 10,000 electric two-wheeler stores, building a nationwide sales and service network. Short-distance mobility products have successfully entered various high-end retail formats like Sam's Club and Decathlon, and the company has opened Ninebot go-kart experience centers in cities like Chongqing and Shanghai, achieving full offline scenario coverage.

In the international market, the company sells online through international mainstream e-commerce platforms like Amazon, Otto, DNS, Lazada, and its own brand websites, building online sales channels covering major global markets. Offline, it has entered globally renowned key account (KA) retailers and various specialty stores, including Walmart, Costco, Target, Best Buy, Sam's Club, Scheels, MediaMarkt, Euronics, Fnac&Darty, Big 5, OBI, and Bauhaus. Additionally, the company has established subsidiaries and offices in core regions of Europe and America, forming localized operation teams.

Looking ahead to the new year, Ninebot stated it will firmly advance its electric two-wheeler strategy of "Dual Brands, Globalization, and Electrification Replacing Gasoline," focusing on intelligent, practical, and high-quality product positioning. In the short-distance mobility sector, it aims to "replace 50% of bicycles within 10 years," focusing on synergistic development of E-bikes, scooters, and commercial mobility solutions. The ATV business will focus on a few key markets, achieving structural substitution of competing products through value competition rather than relying on price wars.

In 2026, Ninebot will comprehensively pursue growth opportunities in four areas: "New Markets, New User Groups, New Technologies, and New Experiences." In China, the focus will be on "New User Groups + New Scenarios," deeply exploring segmented needs like urban commuting and outdoor sports to create highly suitable products and service models. In Europe, the focus will be on expanding new channels and regions, building integrated sales-and-service localized operation bases to enhance brand penetration and user operation capabilities. In North America, innovative E-bike products will be launched to capture the high-end electric mobility market with differentiated positioning. At the technological level, the company will continue to break through core bottlenecks, focusing on the implementation of battery range improvements, intelligent chassis, the Lingbo OS EEA plug-and-play system, CTC technology, and fast-charging networks.

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