Segway-Ninebot's H1 Total Revenue Rises 22.28%, Overseas Markets Surge 42.34% Year-over-Year

Segway-Ninebot (689009.SH) recently released its 2026 semi-annual report. The report shows that the company's total revenue in the first half of the year reached 14.358 billion yuan, up 22.28% year-over-year; total profit stood at 1.221 billion yuan, down 29.17% from the same period last year; net profit attributable to the parent company was 1.008 billion yuan, representing a 18.79% year-over-year decline. Looking at the second quarter alone, Segway-Ninebot generated 8.488 billion yuan in revenue, up 28.03% year-over-year, with net profit attributable to the parent company reaching 805 million yuan, a 2.47% year-over-year increase.

During the reporting period, revenue growth was primarily driven by iterative upgrades of core products including electric two-wheelers, electric scooters and all-terrain vehicles, which boosted product competitiveness and expanded sales scale. In terms of product structure, electric two-wheelers served as the revenue pillar, contributing 7.493 billion yuan in revenue; followed by service robots and accessories represented by robotic lawnmowers, which recorded 2.558 billion yuan in operating revenue; electric self-balancing scooters and electric scooters together generated 2.5 billion yuan in revenue. As the largest revenue contributor, electric two-wheelers sold 1.6164 million units in the second quarter alone, bringing in 4.112 billion yuan in revenue for Segway-Ninebot.

On the market front, Segway-Ninebot has strengthened its global operation capabilities. In the first half of the year, domestic and overseas revenue accounted for 56.16% and 43.84% of total revenue respectively, with overseas market revenue rising 42.34% year-over-year and its share of total revenue increasing by more than 6 percentage points, making overseas markets a key growth engine for the company. Sales of its own brands remain the dominant sales channel, generating 13.111 billion yuan in revenue, while B2B and customized product sales serve as supplementary channels, contributing 8.69% of total revenue.

In addition, the semi-annual report shows that among Segway-Ninebot's major holding subsidiaries, four are responsible for product R&D, production and sales, namely Ninebot, Segway-Ninebot, Segway and Weilan Dalu. The first three focus primarily on short-distance mobility products, while Weilan Dalu specializes in intelligent robotic lawnmowers. The subsidiary posted a net profit of 269 million yuan during the reporting period, successfully outperforming the other three subsidiaries. Its robotic lawnmower products cover both residential and commercial scenarios, forming an important overseas growth curve for Segway-Ninebot.

In terms of operating costs, it is worth noting that R&D expenses increased significantly by 43.68% year-over-year, with a total investment of 751 million yuan in the first half of the year, accounting for 5.23% of total revenue. This expenditure is mainly used for product iteration upgrades and new product R&D and commercialization, with visible R&D results. During the reporting period, multiple new products were launched in categories such as electric two-wheelers, eBikes and robotic lawnmowers, with 838 new intellectual property applications filed and 690 new intellectual property rights obtained.

According to information, Segway-Ninebot has established a marketing network that integrates online and offline channels and coordinates domestic and international operations, and will continue to expand its presence in the European and US markets.