Ninebot Ltd (689009.SS): Chairman meeting takeaways: A clear five-year growth roadmap with continued outperformance; Buy

Research evidence excerpt

Ninebot Ltd (689009.SS): Chairman meeting takeaways: A clear five-year growth roadmap with continued outperformance; Buy

Goldman Sachs Ninebot Ltd (689009.SS)

o E-kickscooters: Management highlighted their global leading position in

e-kickscooters, with cumulative shipments exceeding 15mn units, a 40%

market share in Europe, and presence in 160+ countries/regions.

Management expects future growth opportunities to come from enriched

usage scenarios (from pure commuting to sports, leisure, and urban travel),

replacement demand, and continuous market share gain, a trend already

visible YTD.

o E-bike: Management plans to redefine the e-bike user experience, backed by

their accumulated electric vehicle technology, intelligent functions, and

expanding product lines to include lightweight designs and longer-range

batteries.

Management is targeting the US (with total annual shipment of 1mn+ units) as

their initial focus. Management noted that while the US market is smaller than

Europe, it features unified regulations, a single language, and standardized

sales channels.

Management commented on solid progress in channel expansion and

launched two generations of products in 1.5 years. Per management,

production capacity is being shifted to Southeast Asia to prepare for entry

into the European market. Management plans to launch products for Europe

by end of 1Q27, generating business synergies with e-kickscooters.

n Robotic lawn mower: Management commented that they have benefited from a

first-mover advantage such as strong presence in both online and offline channels,

comprehensive product matrix catering to diverse scenarios (residential,

commercial, small/medium-sized yards, and ultra-large estates) and economies of

scale.