Ninebot (A): E2W business update: expect stronger volume and GPM recovery in 2H26E

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Ninebot (A): E2W business update: expect stronger volume and GPM recovery in 2H26E

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Ninebot (A)

E2W business update: expect stronger

volume and GPM recovery in 2H26E

Maintain Rating: BUY | PO: 55.00 CNY | Price: 40.76 CNY

Overseas update; domestic demand recovery in 2H26E 14 May 2026

Ninebot hosted an analyst meeting on 13 May to provide an update on its E2W (electric Equity

two wheeler) business. Ninebot is accelerating its E2W overseas push, with Vietnam as

the first destination, focusing on lithium‑battery products and prioritizing the rollout of Joey Yang, CFA >> Research Analyst

Segway-branded models. Looking at China domestic E2W industry demand, 2025 pulled Merrill Lynch (Hong Kong)

forward part of 1H26 consumption, but industry sales has showed improvement from joey.z.yang@bofa.com

March to May. Importantly, 2H26 is unlikely to be affected by this pull-forward effect, MingResearchHsunAnalystLee, CFA >>

with June–September volumes potentially exceeding last year. Ninebot believes that it is Merrill Lynch (Hong Kong)

positioned to outperform China E2W industry in 2026, and its 5.5mn units sales full-year Fiona Liang >>

sales target may be revised upward. ResearchMerrill LynchAnalyst(Hong Kong)

Premium e‑bicycles recently launched; Segway initiatives JessieResearchLoAnalyst>>

On the product front, Ninebot emphasized that its E2W core volume segment remains Merrill Lynch (Singapore)

concentrated at RMB 3,500–4,500, alongside a rising mix of electric motorcycles.

NInebot’s premium national standard-compliant e‑bicycles were launched in late May

2026, while the Segway products are set to play a larger role domestically, with 2–3 Stock Data

frontier models to be unveiled at the Milan show in 2026. These will initially be tested

Price 40.76 CNY