Wen | Qian Fang

In January of this year, Company 9 (689009. SH) achieved a milestone of shipping millions of two wheeled electric vehicles worldwide. From officially entering the field of intelligent electric two wheelers in 2020 to crossing this hurdle, it only took six years, setting a record for the fastest speed in the industry.

Following closely behind, on March 30th, the 2025 financial report released by Company 9 added a new footnote to this pace: the annual operating revenue was 21.28 billion yuan, a year-on-year increase of 49.9%; The net profit attributable to the parent company was 1.76 billion yuan, a year-on-year increase of 62.2%.

While traditional manufacturing is still struggling in the quagmire of the existing market, Company 9 has once again delivered a remarkable report to the market.

Behind this achievement of crossing the 20 billion threshold is a clear shift in the strategic focus of Company 9. According to a research report by Guojin Securities, No. 9 has successfully transformed into a development stage with independent brand electric vehicles as the basic base and continuous expansion of emerging businesses. Its core value lies in its platform capability - the ability to quickly target segmented tracks to solve user pain points and utilize deep intelligent genes to expand emerging businesses.

The founder and CEO of Company 9, Wang Ye, summarized the team's core proposition for the next decade as "electric fuel cutting": using intelligent electric two wheelers to leverage the global century old stock cake of fuel motorcycles. This is not an empty vision - in Southeast Asia, the electrification rate of the motorcycle market is less than 5%; European users are accelerating their embrace of green travel; The Latin American market is eager for energy-saving and cost-effective solutions. Securities research reports generally believe that with the global low-carbon transformation and the maturity of battery technology, there is a huge space for the replacement of fuel motorcycles, and Jiuhao, with its intelligent genes and global operational experience, is at the center of this opportunity.

After crossing "millions of units" at lightning speed

For a long time in the past, electric two wheelers were regarded as synonymous with "cheap means of transportation" in China. Industry giants are trapped in a price war and constantly fighting in the existing market, while competing on the streets and alleys through marketing advertisements.

Focusing on China's electric two wheeler market, it has gone through an era of relying on scale dividends to maintain meager profits, with serious product homogenization. Six years ago, Number 9 broke into the industry like an anomaly, and at that time, it opened a hole in the market with its genes of machine intelligence.

As Wang Ye said, Number 9 does not focus on stock, but on increment; Don't engage in internal competition, focus on innovation. Over the course of six years, it has shipped millions of units. Behind its scale and speed, No. 9 did not emerge from low prices in the red sea, but instead opened up a new ecological niche through its "true intelligence".

In the past 2025, the sales volume of the No. 9 electric two wheeler reached 4.09 million units, but the revenue reached 11.86 billion yuan, a year-on-year increase of 64.5%. This set of data means that while maintaining high growth, No. 9 still firmly holds the pricing power in the mid to high end market.

According to observation data from OvCloud Network, by 2025, No. 9 will rank first in online sales share in the electric two wheeler industry. This all confirms a business logic: when a product evolves from a simple "transportation tool" to a "mobile terminal", users are willing to pay for the experience. Compared to price, the young user group of No. 9 is more concerned about the intelligent experience brought by the product, such as unlocking without feeling when the phone is close, precise range algorithms up to meters, and a vehicle system that can continuously evolve through OTA.

It should also be mentioned that hidden behind the shipment of millions of units, Number 9 has offline operational capabilities in the "capillary" layer. By the end of 2025, the number of No. 9 electric two wheel car door stores has exceeded 10000, covering more than 2200 counties and cities across the country. These highly standardized stores are not just sales points, but also serve as the brand tentacles and intelligent service system of No. 9, completing the "maintenance management" of traditional electric vehicle stall sales.

Not only has Jiuhao achieved intelligent leadership in the Chinese market, but it has also extended this "smart manufacturing" concept overseas and found a vast hinterland for "electric cutting oil" in the process of promoting globalization.

Global Operational Experience

From the ancient cobblestone roads in Europe to the bustling streets of Southeast Asia, people's short distance movements were once dominated by the sound of gasoline motorcycles' engines. With the increasing maturity of battery technology and even the global push for low-carbon transformation, the century old traditional industry of fuel motorcycles has reached a turning point of transformation.

An African user once sent an email to Number 9, describing how he ran tens of thousands of kilometers using Number 9's electric motorcycle with a photovoltaic power generation system in an off grid environment. In the view of Company 9, this not only represents the demand of overseas users, but also presents opportunities for globalization.

Fortunately, No. 9 is not a newcomer in terms of going global. It already has a strong "globalization gene" and has gained entry to the brand and channels through the acquisition of Segway. It has also completed the initial education of overseas consumers by using two types of "lightweight" products, electric scooters and balance bikes.

According to the financial report, the No. 9 electric scooter and balance scooter have generated a revenue of 4.33 billion yuan in the past year, a year-on-year increase of 28.1%. As of now, the cumulative shipment of the No. 9 electric scooter has exceeded 15 million units, and the balance scooter has exceeded 4 million units. This also paves the way for electric two wheelers and all terrain vehicles with higher unit prices and thresholds to go global in the future.

Striving for globalization, Number 9 also focuses on differentiation to achieve precise "dimensionality reduction" in overseas markets. While some international fuel motorcycle giants were still refining their mechanical gears, Number 9 was already carrying RideyFUN ? Intelligent driving systems enter the market.

Through the brands Ninebot and Segway, Ninebot is advancing in both emerging and developed markets. Entering globalization and challenging fuel motorcycles is a very difficult road, but what No. 9 sees is not just the market that is being shrouded in "oil smoke". What No. 9 needs to do is to promote the century old internal combustion engine motorcycle industry to move towards the intelligent electric era.

Intelligent Platform Base

To promote the global market for "electric cutting oil", the wild hope of No. 9 is not a tree without roots. The battery safety and durability, intelligent interaction, vehicle intelligence system, and vehicle networking cloud edge collaboration technology accumulated by No. 9 constitute the core guarantee supporting the implementation of this strategy.

The reason why No. 9 can blossom in multiple sub categories such as electric two wheelers, electric scooters, balance bikes, and all terrain vehicles, and rank among the top in the category, is closely related to its strong competitiveness in product differentiation and intelligent innovation.

Unlike other manufacturers who believe that electric vehicles are "bicycles with batteries", No. 9 has been constantly developing new products around "robots with wheels", and even increasing investment in platform capabilities to build a universal base for "mobile robots".

According to the financial report, the R&D investment of Company 9 in 2025 reached 1.25 billion yuan, a year-on-year increase of 51.3%; Over the past five years since its listing, the company has invested nearly 3.8 billion yuan in research and development. Seemingly radical investment, but it has made the outside world see the significance of No. 9's persistence in the results.

Traditional transportation vehicles often have components pieced together, such as motor tubes, motors, battery tubes, and batteries. However, No.9 independently developed a global operating system called "Nimble OS", which deeply integrates motor control, battery management, multi-sensor sensing, and vehicle machine interaction with a unified underlying architecture. It's like putting a "brain" and "nervous system" on a motorcycle.

Based on Lingbo OS, Number 9 has the deepest moat. The Ninth Company also stated that in the future, the Ninth vehicle will no longer be a means of transportation, but an intelligent companion. An electric vehicle can also become a mobile "AI robot" around you, which knows your riding habits, can perceive the environment, interact naturally with you, and even make decisions on when to recharge.

Thanks to the software defined hardware capability, Nine's products have the vitality of self evolution, and because of its systematic platform capabilities, Nine's various business segments are no longer isolated islands, but a highly collaborative technological network.

The self balancing technology of the No. 9 balance car has now evolved into a posture perception algorithm for the entire vehicle. The shadow of the technology can be seen in the leap and landing protection of all terrain vehicles, as well as the anti-skid of two wheeled vehicles on curved roads; There is also a low-speed autonomous driving solution for the No. 9 lawn mower robot, which can be "replicated" and applied to safe obstacle avoidance scenarios for electric two wheelers when mature.

This "platformization" capability enables Jiuhao to face differentiated competition in various product segments, without the need for zero development. It only needs to mobilize underlying technological reserves for recombination to achieve rapid application innovation.

Opportunities that belong to the new decade

From the shipment of millions of units to the annual performance report, the 9th is entering a stage of explosive "economies of scale". What excites investors even more is the qualitative change in its operating quality: the net operating cash flow of 4.44 billion yuan means that this intelligent manufacturing enterprise has strong self generating ability, which is also the confidence for its global expansion.

Looking ahead to the new decade, the strategic path of No. 9 is clear and broad. According to research reports from multiple securities firms, the global annual sales of fuel motorcycles are about 50-60 million units, and the penetration rate of electrification is still at an extremely low level. Taking Southeast Asia as an example, the electrification rate is less than 5%; Although Europe has a strong cycling culture, the space for electric two wheelers to replace traditional fuel motorcycles has just begun to open up.

Huayuan Securities predicts that the overseas electric two wheeler market sales will reach 53.9 million units by 2027, and going global will become an important growth direction for Chinese enterprises. Guojin Securities emphasized that with its "breakthrough in the young market+intelligent positioning" strategy, Jiuhao has opened up an incremental blue ocean in the commuting and low-priced competition focused on by traditional leaders. The implementation of the new national standard and the trade in subsidy will further promote the high-end product structure, and Jiuhao has a clear first mover advantage among them.

At the same time, No.9 is extending its competitiveness from "smart products" to "smart ecology". The company's layout covers new generation battery technology, smart chassis, and fast charging network, and attempts to introduce third-party accessories and software developers to gradually build two wheeled vehicles into a "hardware app store" similar to mobile phones in an open ecosystem.

For No. 9, the core value of the company is not how many cars it sells, but rather to gradually transform the labor-intensive and traditional manufacturing industry chain, which is full of oil fumes, into a technology intensive, intelligent, and sustainable technology industry. This is a revolution about energy, technology, and global travel habits.

With the shipment of intelligent two wheeled electric vehicles exceeding 10 million units, Company 9 has taken the lead in sounding the horn of "electric fuel cutting". As Wang Ye said, "The commemoration of millions of vehicles belongs to every fellow traveler." Creating a record is just the prologue, and the opportunity for Company 9 is coming. At the same time, the curtain of "Made in China" reshaping the global short transportation map has also begun.