Ninebot's performance in the first half of 2026 revealed that the company secured a revenue of RMB 14.358 billion, marking a year-on-year surge of 22.28%. However, the net profit attributable to the parent company dipped to RMB 1.008 billion, reflecting a year-on-year decline of 18.79%. Notably, sales of intelligent electric two-wheeled vehicles soared to 2.844 million units, a 19% increase year-on-year, generating revenue of RMB 7.49 billion, up by 10% from the previous year. Despite the sales growth rate outpacing the revenue growth rate, the revenue per unit experienced a downturn. Nevertheless, the revenue growth rates for the company's self-branded retail electric scooters and all-terrain vehicles outstripped the overall average, thereby diversifying its income streams.
As of the first half of the year, Ninebot's exclusive stores for electric two-wheeled vehicles in China have burgeoned to over 11,500, with cumulative domestic shipments exceeding 13 million units by July 31st. The channel competition has now transitioned to a phase where the focus is on enhancing single-store efficiency and other key metrics. Amidst a 12.6% year-on-year decrease in domestic sales of electric two-wheeled vehicles in the first half of 2026, Ninebot's two-wheeled vehicle sales achieved a remarkable counter-trend growth.
The profit decline was primarily attributed to exchange rate fluctuations and heightened R&D investment, with R&D expenditure reaching approximately RMB 750 million, a 44% increase year-on-year. Looking ahead, it is crucial to monitor Ninebot's product mix for two-wheeled vehicles, fluctuations in revenue per unit, as well as channel efficiency and operational quality.