九号公司上半年总营收增长22.28%，境外市场同比大增42.34%

This article discloses core operating information from Ninebot (Segway-Ninebot)’s 2026 H1 financial report, with key takeaways summarized below:

1. Core operating metrics: Ninebot posted total revenue of 14.358 billion yuan in H1, up 22.28% year-over-year. Overseas revenue surged 42.34% YoY, with its share of total revenue rising more than 6 percentage points to become the company’s key growth engine. Overall net profit attributable to shareholders dropped 18.79% YoY, but Q2 alone delivered a 2.47% positive growth in attributable net profit.

2. Business layout: Electric two-wheelers remain Ninebot’s largest revenue pillar, contributing 7.493 billion yuan in H1. Service robots led by smart robotic lawn mowers are growing rapidly. Weilantai, the subsidiary in charge of this business, has already posted higher net profit than Ninebot’s three other short-distance mobility-focused subsidiaries, becoming a key new growth curve for the company’s overseas business.

3. R&D and future plans: Ninebot invested 751 million yuan in R&D in H1, up 43.68% YoY. It added a large number of new intellectual property rights and launched multiple new products, and will continue expanding its presence in the European and U.S. markets going forward.

This article shares actionable insights on brand operations and product portfolio planning for brands, summarized below:

1. Product R&D: Ninebot has boosted its product competitiveness through sustained R&D investment. Its H1 R&D spending rose 43.68% YoY to 751 million yuan, accounting for 5.23% of total revenue, mainly allocated to core product iteration and new product development. Over the same period, the company filed 838 new intellectual property applications and launched multiple new products, demonstrating how R&D investment drives revenue growth — a model worth referencing for other brands.

2. Channel and market expansion: Ninebot focuses on independent brand sales as its core channel, which contributes over 90% of total revenue, with B2B custom business as a supplementary segment. It is also aggressively pursuing globalization, with overseas revenue growing 42.34% YoY and its revenue share rising more than 6 percentage points, making overseas markets the company’s core growth engine. Ninebot will continue expanding into European and U.S. markets going forward.

3. Consumer trends: Service robots such as smart robotic lawn mowers, which serve both residential and commercial scenarios, have emerged as a new profit driver that aligns with the current trend of overseas consumption upgrading, pointing out a clear direction for other brands’ product layout planning.

Sellers can draw the following insights on opportunities, risks, and operational best practices from Ninebot’s H1 report, summarized below:

1. Market opportunities: Overseas markets currently boast strong growth momentum: Ninebot’s overseas revenue jumped 42.34% YoY, and its share of total revenue rose more than 6 percentage points, with ample room for further expansion in Europe and the U.S. Meanwhile, the smart robotic lawn mower category sees robust demand across overseas residential and commercial scenarios, and has already become a new profit curve for this leading brand. Sellers can target this category to tap into new growth opportunities.

2. Operational best practices: Ninebot adopts a channel structure centered on independent brand sales, supplemented by B2B custom business, and has built an omni-channel marketing network that integrates online and offline touchpoints and aligns domestic and global operations. This channel layout model is a valuable reference for mobility and smart hardware sellers of all types.

3. Risk reminder: While growing its revenue, Ninebot recorded an overall year-over-year profit decline due to its sharp increase in R&D investment. When expanding into new products and new markets, sellers should prioritize cost control to mitigate the risk of profit erosion.

This article shares insights on business opportunities and transformation for component and manufacturing factories, summarized below:

1. Business cooperation opportunities: Leading brand Ninebot is in a phase of continuous product iteration, with new launches in core categories including electric two-wheelers and electric scooters that drive growing sales volume, generating stable order demand for supporting factories. Meanwhile, emerging categories such as smart robotic lawn mowers are growing rapidly: Ninebot’s subsidiary for this business already posts higher net profit than its traditional short-distance mobility business, with particularly strong demand in overseas markets. Relevant factories can seize the opportunity to connect with the brand for new product manufacturing partnerships.

2. Transformation insights: Ninebot’s sharp increase in R&D investment, product upgrading and intellectual property layout have raised higher requirements for upstream factories’ manufacturing processes and R&D supporting capabilities. Factories need to accelerate upgrades to their technical capabilities to keep pace with brand partners’ product iteration cycles and secure long-term cooperation opportunities.

3. Market expansion opportunities: As leading brands aggressively expand into European and American overseas markets, factories can align with brands’ globalization strategies to scale their own business and share in the dividends of overseas growth.

This article outlines industry opportunities and client demand for service providers in the smart hardware and mobility sectors, summarized below:

1. Industry development trends: China’s domestic smart short-distance mobility industry maintains steady overall growth, with leading player Ninebot posting 22.28% YoY total revenue growth in H1. The industry is also seeing a clear trend of global expansion: overseas markets delivered 42.34% YoY growth, far outpacing the domestic market, and leading brands are increasingly prioritizing overseas expansion, which has generated substantial new service demand.

2. Core client pain points and demand: Leading brands are now focused on product iteration and new product development: Ninebot’s R&D investment jumped 43.68% YoY, with new launches across multiple categories. It is also building a globally aligned marketing network and continuing to expand into European and U.S. markets, creating robust demand for R&D services, cross-border supply chain services, brand marketing services, intellectual property services and more.

3. New service opportunities: Service robots such as smart robotic lawn mowers have already become a new growth curve, and their supporting services still represent largely untapped market opportunity. Service providers can布局 this segment early to capture first-mover advantage.

This article shares insights on business opportunities and operations for e-commerce and industry platform providers, summarized below:

1. Brand client demand: Leading smart mobility brands like Ninebot are pursuing globalization and aggressively expanding into European and U.S. markets, and need to build an online-offline integrated, domestically-globally aligned marketing network. This has created new demand for platforms for cross-border traffic matching, overseas channel access, global operational support and more. Platforms can optimize their service offerings to meet the expansion needs of these brands.

2. Sourcing and recruitment opportunities: New categories such as Ninebot’s smart robotic lawn mowers are growing rapidly, and have already become a new profit curve for the leading brand. These technology-driven innovative brands and new category projects are high-quality recruitment targets. Platforms can launch tailored recruitment and support policies to attract similar brands to join their platforms.

3. Risk mitigation: When growing revenue and expanding into new markets, leading brands may face temporary profit declines due to sharp increases in R&D investment. Platforms should pay close attention to the cost pressure brands face during expansion, can launch cost-reduction support services, and should prepare risk response plans for overseas market expansion in advance to mitigate the risk of industry volatility.

This article shares insights on new industry trends and research cases for smart mobility industry researchers, summarized below:

1. New industry growth trends: Leading Chinese smart mobility companies maintain steady growth, with Ninebot posting 22.28% YoY total revenue growth in H1. Their growth focus has already shifted overseas: Ninebot’s overseas revenue grew 42.34% YoY, with its share of total revenue rising more than 6 percentage points, making overseas markets the core growth engine for leading players. Global expansion has become a key trend shaping industry development.

2. New shifts in product structure: Leading companies have successfully cultivated new growth curves. Service robots such as smart robotic lawn mowers serve both residential and commercial scenarios, and Ninebot’s subsidiary in charge of this business already posts higher net profit than its traditional short-distance mobility business, becoming a key growth driver in overseas markets and pointing out a new direction for industry product structure upgrading.

3. New characteristics of corporate operations: Leading players are universally increasing R&D investment and prioritizing intellectual property layout. Ninebot adheres to a business model centered on independent brand sales, supplemented by B2B custom business. At the same time, leading players are now facing the new challenge of revenue growth paired with temporary profit declines, creating a typical research sample for industry analysis that deserves in-depth study.