Segway-Ninebot Posts H1 Revenue of RMB 14.358 Billion, Overseas Revenue Up 42%

Ebrun Exclusive - Segway-Ninebot has released its 2026 semi-annual report. The report shows that the company recorded total operating revenue of RMB 14.358 billion in the first half of this year, representing a 22.28% year-on-year increase. Net profit attributable to shareholders of the listed company stood at RMB 1.008 billion, down 18.79% year-on-year, while non-GAAP net profit attributable to shareholders reached RMB 969 million, a 26.21% year-on-year decline.

In response, Segway-Ninebot noted in its semi-annual report that exchange rate fluctuations were a major factor behind the year-on-year profit dip in the first half. During the period, the company's financial expenses rose to RMB 321 million from -RMB 313 million in the same period last year. Specifically, foreign exchange losses hit RMB 371 million, compared to a foreign exchange gain of RMB 257 million a year earlier, a difference of approximately RMB 628 million between the two periods.

Meanwhile, Segway-Ninebot's operating costs increased 25.49% year-on-year, outpacing revenue growth. Calculated based on financial statements, the company's overall gross margin stood at roughly 28.56%, down approximately 1.83 percentage points from the same period last year.

Sales and R&D investments also climbed. In the first half, sales expenses reached RMB 1.189 billion, up 33.12% year-on-year; R&D expenses hit RMB 751 million, a 43.68% year-on-year increase, lifting R&D spending as a share of total revenue from 4.45% in the same period last year to 5.23%. As of the end of June, Segway-Ninebot had 2,646 R&D staff, accounting for 33.27% of its total workforce.

The company stated that going forward, it will focus closely on raw material procurement costs and exchange rate fluctuations, while continuing to optimize its product mix, supply chain management and cost input efficiency.

From a business structure perspective, electric two-wheelers remain Segway-Ninebot's largest revenue source.

In the first half of 2026, the company's electric two-wheeler segment generated approximately RMB 7.493 billion in revenue, up around 9.8% year-on-year, accounting for more than half of total revenue. Sales volume in the segment reached 2.844 million units over the period, a 18.9% year-on-year increase.

Beyond two-wheelers, Segway-Ninebot's other short-distance mobility businesses also maintained growth.

In the first half, sales revenue of the company's own-brand retail electric scooters stood at approximately RMB 1.7 billion, up 28% year-on-year. On a financial statement basis, combined revenue from businesses including electric self-balancing vehicles and electric scooters reached roughly RMB 2.5 billion, up around 14.6% year-on-year. As of the end of June, the company's cumulative global shipments of electric scooters had exceeded 16 million units.

All-terrain vehicles are the fast-growing category within the short-distance mobility portfolio. In the first half of 2026, this segment posted RMB 710 million in revenue, up 31.9% year-on-year, with revenue reaching RMB 285 million in the first quarter and rising to RMB 424 million in the second quarter.

At the same time, service robots are emerging as a larger-scale new business segment in Segway-Ninebot's revenue structure. The semi-annual report shows that the company's service robot and accessories revenue hit RMB 2.558 billion in the first half, accounting for approximately 17.8% of total revenue.

It is understood that Segway-Ninebot's service robot business currently focuses primarily on intelligent robotic lawn mowers. During CES 2026, the company launched four product lines: the i2, H2, X4 and Terranox, further covering residential yards as well as commercial scenarios such as sports fields, golf courses and large estates. On April 24 this year, Segway-Ninebot rolled its 1 millionth intelligent robotic lawn mower off the production line at its Changzhou factory.

The company is also continuing to expand its overseas distribution channels. In Europe, its robotic lawn mowers have entered retail channels including Leroy Merlin and MediaMarkt; in the U.S., they are available at Lowe’s stores, with expanded distribution partnerships with dealers including Ace Hardware and SiteOne.

From a regional market perspective, overseas operations have become a more prominent growth driver for Segway-Ninebot in the first half of the year.

In the first half of 2026, the company generated RMB 8.064 billion in revenue in mainland China, up around 10.2% year-on-year, while revenue outside mainland China reached RMB 6.294 billion, a roughly 42.3% year-on-year increase. Overseas revenue as a share of total revenue rose to 43.8% from approximately 37.7% in the same period last year, an increase of around 6 percentage points.

On the product front, Segway-Ninebot is also continuing to expand its overseas product portfolio. During CES 2026, in addition to robotic lawn mowers, the company launched two eBike models, the Myon and MUXI, along with matching rearview radar accessories; it also developed two shared eBike models, the E5 and EL2, for European shared mobility operator Voi.

Currently, Segway-Ninebot's overseas sales network covers both online and offline channels. Online, it has entered platforms including Amazon, Otto and Lazada; offline, its products are available at retail outlets including Walmart, Costco, Target, Best Buy, MediaMarkt, The Home Depot and Lowe’s, with local teams established in some core European and American markets.

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