CORPORATE VALUE
AND RETURN
ENHANCEMENT
NINEBOT LIMITED
ACTION PLAN 2026
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
FOREWORD
Ninebot Limited (hereinafter referred to as "the Company") has proactively responded to the Shanghai
Stock Exchange's "Initiative on Carrying out a Special Action of Corporate Value and Return
Enhancement for the SSE-Listed Companies". In line with the "investor-oriented" development concept
for listed companies, the Company has been committed to continuously optimizing operations,
standardizing corporate governance, and delivering proactive investor returns. In April 2025, it disclosed
its "Corporate Value and Return Enhancement Action Plan 2025 " (hereinafter referred to as the "Action
Plan"). Throughout 2025, the Company diligently implemented the measures outlined in the Action Plan,
achieving significant results in improving operational efficiency, strengthening market competitiveness,
safeguarding investors' rights and interests, and establishing a positive corporate image within the
capital market.
To build upon the achievements of the 2025 Action Plan, further elevate corporate quality, and
contribute to boosting market confidence, stabilizing the capital market, and fostering high-quality
economic development, the Company has formulated the "Corporate Value and Return Enhancement
Action Plan 2026". This plan summarizes the execution of the 2025 Action Plan and outlines measures
designed to further enhance operational efficiency, reinforce market competitiveness, protect investors'
rights and interests, and cultivate a reputable standing in the capital market.
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
FOCUSING ON STRENGTHENING
CORE BUSINESS :
ENHANCING OPERATIONAL
EFFICIENCY AND PROFITABILITY
The Company's principal business encompasses the design, R&D,
production, sales, and service of intelligent short-distance mobility
and service robot products. After years of development, the
Company has leveraged its competitive strengths in technological
innovation, industrial design, supply chain management, brand
promotion, and other areas to establish a diverse portfolio of
products, including Self-Balancing Vehicles, eKickScooters, Electric
Two-Wheelers, Off-Road Vehicles, Service Robots, and E-Bikes.
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening ey Minority Accounta ility
K b Enhancing nvestor eturns
I R
Strengthening nvestor Communication
I R is arning
k W
BUSINESS PERFORMANCE
Operating revenue ( RMB ) YoY growth
Net profit attributable to shareholders of the
listed company ( RMB ) YoY growth
Net profit attributable to shareholders of the
listed company after deducting non-recurring
gains and losses ( RMB ) YoY growth
The YoY growth of the basic earnings per share/
depositary receipt was
Net cash flow from operating activities ( RMB ) YoY growth
Gross profit margin YoY Increase
Net profit margin YoY Increase
Total assets YoY growth
Net assets attributable to shareholders ( RMB ) YoY growth
ata source Ninebot imited nnual Report
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
As of the end of 2025, driven by robust business performance, steady growth potential, and exceptional market
value and liquidity, the Company was successfully included in the SSE STAR Market Growth Index. It also
maintained its status as a constituent of core indices such as the STAR 50 and CSI 500, further enhancing its
recognition and representativeness in the capital market. In 2025, the Company was recognized by the China
Association for Public Companies in the 2025 "Best Practice Cases for Board Offices of Listed Companies" and
"2025 Excellent Practice Cases for Boards of Directors of Listed Companies", and earned a "5A Rating for Duty
Performance Evaluation of Board Secretaries of Listed Companies in 2025".
In 2025, the Company continued to deepen its strategic alignment across its two core business segments:
intelligent short-distance mobility and service robotics, driving synchronized growth in both sales volume and
profitability. In 2026, the Company will remain committed to "doing what is difficult yet right". Guided by the core
principle of "sustained differentiation, effective innovation, and incremental growth over zero-sum competition",
the Company will initiate a comprehensive strategic transformation from scale expansion to value creation. This
high-quality, sustainable growth will be driven across five dimensions: product strategy, organizational
transformation, talent development, R&D innovation, and operational efficiency.
In terms of product and market strategy, the Company will remain committed to advancing the dual-brand,
globalization, and "electricity over oil" strategy for electric vehicles, focusing on intelligent, practical, and high-
quality positioning. Through advanced planning and disciplined execution, it is expected to gain deep insights
into niche segments and "key battlefields", build a clear product roadmap and technical pathway, and develop
systematic, process-driven action plans. Meanwhile, in the short-distance mobility sector, the Company's goal is
to replace 50% of bicycles within 10 years. It will prioritize the synergy between E-bikes, eKickscooters, and
commercial mobility, deepening channel construction and expanding into new regions. Such efforts are expected
to enable refined product offerings, technology platform upgrades, and standardized services (such as 12-hour
response and 72-hour repair, with rates kept below 5%), ultimately delivering an easy-to-use, reliable, durable,
and easily maintained user experience. The SPS business focuses on a select number of key markets, guided by
the core philosophy of "surpassing ourselves and outpacing competitors". Through rigorous market and user
research, the Company will drive product experience innovation to significantly enhance the competitiveness of
its core products. With "value-driven rather than price-driven competition", the Company looks forward to
achieving "structural replacement" of competitors.
In 2026, the Company will target major future growth opportunities through "new markets, new demographics,
new technologies, and new experiences". In China, it will focus on "new demographics + new scenarios", delving
into underserved niches such as urban commuting and outdoor sports to develop highly tailored products and
service models. In Europe, the Company will expand into new channels and regions, establishing localized "sales
+ service" hubs to improve brand penetration and user engagement. In North America, it will launch a "new
species" E-bike, a category-defining product designed to capture the high-end electric mobility market. On the
technical front, the Company will continue to break through key bottlenecks, with a particular focus on advancing
core technologies such as "doubling the range at no additional cost", intelligent chassis, 04
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
the NimbleOS + Nimble EEA plug-and-play system, CTC technology, and fast charging networks. Its goal
is to create a complete innovation closed loop, spanning hardware to software and from individual
vehicles to the entire ecosystem. By systematically deploying global opportunities across the "four new"
areas, the Company will achieve a strategic leap in 2026 from scale expansion to value-driven
leadership, laying a solid foundation for long-term sustainable growth.
For capability building, the Company will adhere to the principle of "three persistent commitments and
three balanced priorities", steadfastly advancing efficiency improvements, strengthening production
capacity, and optimizing the return mechanism. To increase the success rate and development efficiency
of disruptive products, the Company plans to fully implement the Integrated Product Development (IPD)
process and simultaneously align with the IPMS system, creating a seamless end-to-end business closed
loop from user insights to product sales success. It will accelerate the shift from traditional departmental
silos to "business flow heavy-duty brigades", intensifying a management model centered on business
value and results. Meanwhile, by deepening the reform of decentralization and profit-sharing
mechanisms, outstanding contributors will be granted greater decision-making authority and more
competitive income, fully unleashing frontline vitality and achieving breakthroughs in both product
success rate and operational efficiency.
In terms of talent upgrading and development, the Company will continue to advance the "100 Leaders
Program". It plans to bring in more than 50 experts and leaders at the Level 13+ in key technology and
core competence domains, driving current participants to take on greater responsibilities and unlocking
their full potential for value creation. At the same time, the Company will establish a more robust and
mature talent development system, perfecting selection, training, incentive, and promotion mechanisms,
and building a sustainable talent supply chain. Meanwhile, it will continue to raise the income levels of
employees above the 75th percentile, increase rewards for high-performers, and foster a talent
ecosystem where "the capable and the strivers thrive".
In terms of R&D and innovation-driven development, the Company will continue to expand the P14+
leading expert team, treating special projects as battlefields and initiatives as bases, to drive the
transformation of major special projects from short-term breakthroughs into long-term capability
centers. The evaluation criteria will place greater emphasis on brand value, commercial value, and
leadership. The Company will prioritize vehicle engineering and fundamental technology R&D, direct
resources towards the three-electric power domain and core chassis technologies, and require R&D to
connect closely with the market frontline, calibrating direction and creating value in real-world scenarios.
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
Regarding operational efficiency and cost control, the Company will pursue a dual-track strategy of
"enhancing efficiency while reducing costs and expenses", while making the enhancement of overall
operational efficiency a key lever. It will align product efficiency, material efficiency, and supply efficiency
with strategic goals, striving to shorten the operational cycle by over 10%, reduce annual costs by 5%,
and ensure high-quality deliveries. The Company especially stresses that "cost reduction" must go hand-
in-hand with "quality assurance"—together forming the core criteria for efficiency improvement. Quality
will never be compromised for short-term cost savings. At the same time, the Company will optimize the
workforce structure by simultaneously increasing "high-value talent density" and streamlining inefficient
processes, creating a compact, agile, and high-output organizational foundation to support the
implementation of its strategies.
In 2026, the Company will turn strategies into actionable steps, measurable results, and sustainable
capabilities through these five dimensions, making steady and substantial progress across all business
lines.
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
TECHNOLOGY INNOVATION-DRIVEN
DEVELOPMENT : ACCELERATING
THE GROWTH OF NEW QUALITY
PRODUCTIVE FORCES
In 2025, the Company remained committed to an innovation-driven
development path. It continuously enhanced the commercialization and
industrialization of scientific and technological achievements, sped up
the development of new quality productive forces, and fostered new
engines for growth. Staying true to its core commitment to science and
technology, the Company maintained high R&D investment while
delivering high-quality products and experiences that exceed user
expectations, achieving significant milestones across multiple fronts.
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
Invention Patent Utility Model Patent Others Design Patent Copyright
Invention Patent Utility Model Patent Others Design Patent Copyright
ote Other intelletal property rights are tradears 08
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
MAINTAINING HIGH R&D INVESTMENT
R&D Investment of the Company (RMB，million) R&D Personnel of the Company Person
TOTAL INTELLECTUAL PROPERTY RIGHTS
Intellectual Property｜Number of Applications :
Copyright
Invention Patent
Utility Model Patent
Design Patent
Others
Total : 9,123
:
Intellectual Property｜Number of Grants
Invention Patent
Copyright
Utility Model Patent
Design Patent
Others
Total : 6,480
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
TECHNOLOGY AS CORNERSTONE AND DEFINING FEATURE 01
To date, the Company has been deeply engaged in innovation in short-distance mobility and service
robotics for over a decade. As of December 2025, it had led or participated in the formulation and
revision of more than 130 technical standards, both domestic and international. These include 9
international standards (ISO, IEC, etc.), 7 foreign/regional standards, 41 national standards, 8 industry
standards, 3 local standards, 48 group standards, and 18 enterprise standards. These efforts have filled
numerous industry gaps across sectors such as electric Motorcycles, E-bikes, Self-Balancing vehicles,
eKickScooters, Robotic Lawn mowers, service robots, batteries, and chargers, contributing significantly
to the high-quality development of the industry.
LAUNCHING FLAGSHIP NEW PRODUCTS 02
The year 2025 saw the release of several heavyweight products. This includes the all-new Q series,
which is redefining riding for female users: the vibrant Qz1, the versatile Q3, the tech-savvy and
luxurious flagship Q5, and the urban essential Q70c; the all-new M series, which delivers breakthroughs
in both professional performance and intelligence: M+ Mk2, M3, Mz 110, M5 100, M5 125, M5 200, and
the M5 P First Edition co-branded limited model; and the Fz series, responding strongly to the new
national standards market with its "intelligent driving as standard" and pioneering "real-world range"
concept: Fz3 110, Fz1, Fz2, and Fz3. The newly upgraded third-generation eScooters G3 series, F3 series,
and E3 series, as well as "boundary-less" robotic lawn mowers like the Segway Navimow X3 series, the
Segway E-bike Xyber, and the Segway E-bike Xafari, among others. This diverse lineup targets various
market segments, significantly enriching the Company's product portfolio to meet the needs of a
broader customer base.
S&T COMMERCIALIZATION RESULTS 03
Taking intelligent electric Two-Wheelers as an example, in 2025, the sales volume exceeded 4.09 million
units, a YoY increase of 57.39%. Under the "True Intelligence 3.0" technology system, the application of
achievements such as Ninebot SIGHT (AI Visual Assistance System) and Ninebot ESP (Electronic Stability
Program) has markedly enhanced product competitiveness, effectively translating into increased market
share and economic returns.
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
INDUSTRY-ACADEMIA-RESEARCH COLLABORATION 04
The Company has fostered the deep integration of industry, academia, and research. Through
systematic internship programs, specialized technical training, and scenario-based hands-on exercises,
the Company has accelerated the development of talent pipelines in core fields and ensured a precise
alignment between academic research and industry needs.
As a leader in both intelligent mobility and robotics, the Company has remained committed to
innovation-driven growth. It dares to push industry boundaries and strives for further breakthroughs in
integrating intelligent mobility with robotics. In 2026, the Company will continue to thoroughly
understand and respect user needs, prioritize user value, strengthen efforts to address industry pain
points, and consistently increase investment in R&D. At the same time, it will uphold rigorous quality
standards and stay true to its commitment to science and technology. By integrating "software +
hardware" ecosystems, the Company will continuously deliver high-quality, innovative products and
experiences that exceed user expectations and further enhance the core competitiveness.
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
COMMITMENT TO STANDARDIZED
OPERATIONS AND ENHANCED
CORPORATE GOVERNANCE
In strict compliance with the "Securities Law of the People's
Republic of China, the Listing Rules of the Shanghai Stock
Exchange", and other relevant laws and regulations, the Company
has continuously improved its corporate governance structure to
effectively safeguard the legitimate rights and interests of all
investors. At the same time, the Company has continued to refine
its governance system and strengthen institutional development.
By enhancing institutional mechanisms, independent directors
and minority investors are ensured opportunities to understand
and participate in the Company's internal governance and related
corporate affairs.
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
S/N Rules and Policies Changes
Revised
Committee of the Board of Directors"
"Rules of Procedure for the Remuneration and Appraisal Committee of the
Revised
Board of Directors"
Formulated
Senior Management Personnel"
Revised
Senior Management, and Core Technical Staff and Their Changes"
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
OVERVIEW OF BOARD AND COMMITTEES MEETINGS IN 2025
Meeting Number
Meeting of the Board of Directors 10
General Meeting of Shareholders 2
Audit Committee Meeting 8
Remuneration and Appraisal Committee Meeting 7
Strategy and Sustainable Development Committee Meeting 2
Nomination Committee Meeting 2
Special Meeting of Independent Directors 8
In the Company ill eep optimiing its internal governance systems in alignment ith the latest
legislative and regulatory updates argeted training for ey Minority ill be carried out in a timely
manner to ensure the governance mechanism remains robust and effective ey Minority ill be ell
versed in the system adhere to rules and diligently fulfill their duties thereby solidifying the foundation
of internal controls to support standardied operations and the Companys highuality development At
the same time the Company ill strengthen compliance training for all employees and elevate overall
compliance aareness and ris prevention capabilities through activities such as compliance noledge
seminars and case studies
he Company ill continuously refine its internal control and compliance mechanisms as a listed
company By regularly conducting internal selfassessments of the compliance management system it is
epected to promptly identify and rectify problems By establishing a longterm monitoring mechanism
for significant riss it can further optimie the compliance management frameor
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
PRACTICING THE CONCEPT OF
SUSTAINABLE DEVELOPMENT AND
CONTINUOUSLY ENHANCING
ESG MANAGEMENT
The Company has established a three-tier management structure, composed of the Board of Directors,
the Strategy and Sustainable Development Committee, and the Sustainable Development Working
Group, to ensure the effective implementation of its sustainable development initiatives. Through
measures such as organizing special training on sustainable development and improving the supporting
learning materials at the Ninebot Academy, the Company has been deepening all employees'
understanding and practice of sustainable development concepts, promoting the thorough integration of
sustainable development requirements into all business processes. The Board of Directors has
supported and comprehensively advanced the Company's sustainable development efforts, continuously
upgrading corporate governance capabilities to ensure the achievement of sustainable development.
Under the leadership of the Strategy and Sustainable Development Committee the Sustainable
Development Working Group has executed ESG initiatives to elevate the Company's ESG performance
and industry influence.
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
ESG Rating System ESG Rating Agency Current Company Rating
CSI Rating China Securities Index Co., Ltd. AA → AAA
China Guoxin Guoxin Consulting Co., Ltd. AA
QuantData Rating Beijing QuantData Technology Co., Ltd. AA
China Chengxin Green Finance China Chengxin International Credit Rating Co., Ltd. AA- → AA
IIGF International Institute of Green Finance A+
Wind Wind Information Co., Ltd. A → AA
Yi Dong Shenzhen Value Online Information Technology Co., Ltd. A
LSEG ESG Score LSEG (London Stock Exchange Group) 59 → 64
ESG AWARDS AND CERTIFICATES
E
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
STRENGTHENING THE
ACCOUNTABILITY OF THE
"KEY MINORITY" AND ENHANCING
STRATEGIC EXECUTION
In 2025, the Company continued to reinforce the awareness of risk-sharing and benefit-sharing between
the "key minority"—including the de facto controller, directors, and senior management—and the
Company's minority investors. To further align the long-term interests of the "key minority" with those of
the broader investor base, the Company has continually refined its compensation system, dynamically
linking senior management remuneration to industry developments, its business performance, and job
responsibilities. This approach aims to motivate creativity and initiative among senior management,
thereby driving the Company's operational efficiency and management excellence. Meanwhile, executive
compensation is tied to the achievement of the Company's operational targets, fostering shared
responsibility with shareholders and strengthening the sense of accountability and commitment of the
"key minority" to the Company's operational development.
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
The Company has consistently optimized its performance evaluation and incentive-constraint
mechanisms, reasonably linking management compensation to business performance, thus fostering a
deep integration of management and investor interests. Prior to listing, the Company successively
implemented the 2015 Stock Option Plan, the 2019 Stock Option Plan, and the Founders' Stock Option
Plan, granting a cumulative total of 55.62 million stock options to over 367 incentive recipients. Since its
listing on October 29, 2020, the Company has launched annual Restricted Stock Incentive Plans,
cumulatively granting over 31.13 million restricted shares to more than 801 incentive recipients across 4
phases. These initiatives cover the Company's directors, middle and senior management, as well as core
technical, business, and management personnel. This approach deeply aligns the interests of the
Company, investors, and employees, fully mobilizing the initiative, enthusiasm, and creativity of key
management, core staff, and other employees, thereby stimulating the Company's internal drivers of
growth.
The Company has maintained sound and close communication with the aforementioned "key minority",
proactively organizing relevant personnel to participate in various special training sessions and briefings
on the latest laws, regulations, and case studies. This has continuously enhanced the sense of
responsibility, as well as risk prevention and control awareness among the "key minority". In 2025, the
Company recorded 109 participant-times in training sessions, achieving 100% coverage. These sessions
covered critical topics such as laws and regulations, compliance in fulfilling duties, market value
management, information disclosure, M&A and reorganization, shareholding changes management,
investor relations, ESG practices, and internal control risk prevention. The relevant personnel and entities
of the Company strictly and consciously abide by their commitments, continuously improving their
professional competence and ethics and jointly contributing to the standardized operation of the
Company.
In 2026, the Company will further strengthen the accountability of the "key minority", establish effective
internal communication and information-sharing mechanisms, enhance compliance reminders and
studies of regulatory cases, promote the internalization of external regulations, and ensure that the "key
minority" maintains a strong sense of responsibility. It will conduct no fewer than 10 relevant training
sessions. The Company will supervise directors and senior management to strictly honor their
commitments and fulfill their duties with integrity and diligence; continuously perfect the mechanisms
that support independent directors in performing their duties, enabling them to fully exercise their
capabilities; ensure that the vesting conditions of equity incentives remain strictly tied to the
achievement of performance targets; and refine compensation policies to build incentive-constraint
mechanisms that align with the Company's long-term interests and connects with compliance
management, realizing the vision of "co-construction, sharing, and growing together" with employees.
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
PRIORITIZING INVESTOR RETURNS
AND SHARING DEVELOPMENT
SUCCESS
The Company has placed a high priority on shareholder returns and
has been committed to sharing the fruits of its growth with investors.
While striking a balance between business performance and
sustainable development, the Company has pursued cash dividend
and profit distribution policies to deliver long-term, stable
investment returns for investors.
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
PROACTIVELY IMPLEMENTING CASH DIVIDENDS 01
On June 13, 2025, the Company completed its 2024 equity distribution, distributing a total of RMB
through centralized bidding amounting to RMB 300,013,959.12 (excluding stamp duty, trading
commissions and other transaction costs). In 2024, the aggregate amount of cash dividends and share
repurchases totaled RMB 1,100,639,032.99, which represented 101.52% of the net profit attributable to
shareholders of the listed company for 2024.
Meanwhile, the Company has optimized its dividend mechanism in active response to the initiative of
"multiple dividends throughout the year".
In the first half of 2025, the Company implemented its inaugural interim dividend. Basing the calculation
on the total of 717,278,218 depositary receipts registered as of the equity distribution record date
(October 30, 2025), and after deducting 3,409,705 depositary receipts in the Company's dedicated
repurchase account, a final base of 713,868,513 depositary receipts was used. A cash dividend of RMB
holders, totaling RMB 300,345,899.47. This represented 24.19% of the net profit attributable to the
shareholders of listed companies for the first half of 2025, further strengthening investors' sense of value
and returns.
Since its listing, the Company has cumulatively distributed cash dividends totaling RMB 1,300,969,259.26
and repurchased shares through centralized bidding amounting to RMB 499,911,897.18 (excluding stamp
duty, trading commissions and other transaction costs). The aggregate amount of cash dividends and
share repurchases totals RMB 1,800,881,156.44, which has exceeded the total proceeds raised from the
Company's initial public offering. The Company remains committed to rewarding investors with tangible
returns, continuously enhancing investor confidence and sense of gain, and creating long-term stable
investment returns for our shareholders.
To effectively carry out the investor return strategy, the Company, based on its business performance
and financial standing of 2025, plans to implement the following profit distribution plan for the year:
The Company propses to distribute a cash dividend of RMB 12.514 (tax inclusive) for every 10 depositary
receipts to all depositary receipt holders. This distribution will be based on the total number of
depositary receipts registered on the record date for equity distribution, excluding those held in the
Company's dedicated repurchase account. As of March 30, 2026, the Company has a total of 722,657,051
depositary receipts. After deducting 3,409,705 depositary receipts in its dedicated repurchase account,
the remaining 719,247,346 depositary receipts will serve as the base for distribution. Based on this, the
total proposed cash dividend amounts to RMB 900,066,128.78 (tax inclusive).
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening ey Minority Accountability
K Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
The Company's total cash dividend for the first half of 2025 was RMB 300,345,899.47. The Company
propses to distribute a cash dividend of RMB 900,066,128.78 for the whole year 2025, making the total
annual cash dividend RMB 1,200,412,028.25 , which would represent 68.28% of the net profit
attributable to the shareholders of the listed company for the year.
ACTIVELY CANCELLING REPURCHASED SHARES 02
Driven by confidence in the Company's ongoing development and strong recognition of its value, and
taking into account the Company's actual operating conditions, overall strategic planning, and the status
of treasury shares, the Third Meeting of the Third Board of Directors, convened on August 1, 2025,
followed by the First Extraordinary General Meeting of Shareholders for 2025 on September 15, 2025,
reviewed and approved the "Proposal on Adjusting the Use of Repurchased Shares and Cancellation". It
was agreed to adjust the use of 6,000,000 depositary receipts out of 9,409,705 held in the dedicated
repurchase account from "intended for equity incentive plan or employee stock ownership plan" to "for
cancellation", with the cancellation completed on September 17, 2025.
DEVELOPING "THE MARKET VALUE MANAGEMENT RULES" 03
The Company has placed great emphasis on market value management. In January 2025, to effectively
enhance the Company's investment value, increase investor returns, and safeguard the legitimate rights
and interests of the Company, investors, and other stakeholders, the "Market Value Management Rules"
was formulated based on the "Securities Law of the People's Republic of China"" Several Opinions of the
State Council on Strengthening Supervision and Preventing Risks to Promote High-quality Development
of the Capital Market""Measures for the Administration of Information Disclosure by Listed
Companies""Guidelines for the Supervision of Listed Companies No. 10—Market Value
Management""Self-Regulatory Guidelines for STAR Market Listed Companies of Shanghai Stock
Exchange No. 1—Standardized Operation" the "Articles of Association", and the Company's actual
circumstances. This system was established to further standardize the Company's market value
management practices, improve the Company's quality, and protect the legitimate rights and interests of
the Company, investors, and other stakeholders.
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
In 2026, the Company will conscientiously uphold the "investor-oriented" development philosophy and, in
accordance with relevant laws and regulations, strike a dynamic balance between performance growth
and shareholder returns. It will, while ensuring its healthy development and meeting capital requirements
for strategic implementation, give priority in principle to cash dividends as the preferred profit distribution
method. It will ensure that investors can promptly share in the Company's value creation achievements,
continuously enhancing their sense of benefit and satisfaction.
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
STRENGTHENING INVESTOR
COMMUNICATION AND EFFECTIVELY
CONVEYING CORPORATE VALUE
The Company has been committed to engaging with investors through a variety of channels, combining
both online and offline communication methods to offer virtual attendance opportunities for investors
who are unable to participate in person. Additionally, the Company has also enhanced interactive
communication with investors via platforms such as SSE E-interactive, Guba, and Xueqiu.
In 2025, the Company held 3 performance briefings, welcoming more than 1,200 investor visits in total.
On investor open days, investors were invited onsite for direct communication and to experience the
Company's products. Throughout the year, a total of 9 records of investor relations activities were
released.
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
In its regular operations, the Company has offered convenient services to investors via a dedicated
hotline and an IR e-mail address to promptly address investor inquiries. During the reporting period, the
Company responded to investors over 600 times through the hotline, IR e-mail address, and platforms
such as SSE E-interactive. Meanwhile, the Company has actively managed its official accounts on
financial platforms, releasing 1,053 posts—including images, articles, updates, and videos—across
platforms such as Xueqiu, Eastmoney, and Tonghuashun, thereby promoting long-term value.
Regarding information disclosure, the Company has been improving the authenticity, accuracy,
completeness, and readability of its disclosures to ensure that investors receive sufficient information. To
help investors better understand, the Company has also presented information visually in regular
reports, produced financial report videos, and offered four bilingual (Chinese and English) infographic
summaries of financial reports, and lowered the barrier to information access.
一图读懂
九号公司 2025 年
Financial Report
第一季度报告 at a Glance
股票代码 : 689009 Stock Code : 689009
During the reporting period, the Company actively participated in brokerage strategy meetings, and the
securities research institutes published more than 120 research reports related to the Company.
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
The Company has attached great emphasis to investor relations management. It will continue to strictly
comply with relevant laws, regulations, normative documents such as the "Securities Law of the People's
Republic of China and the Listing Rules of the Shanghai Stock Exchange", as well as the Articles of
Association. While continuously enhancing the transparency and accuracy of information disclosure, the
Company will further strengthen communication with investors, optimize the investor relations
management mechanism and content, and upgrade the relevance and effectiveness of communication.
This will enhance investors' understanding and recognition of the Company's intrinsic value and long-
term development philosophy, further consolidating market trust.
The Company will interpret periodic reports through visual presentations such as graphic briefings to
enhance the readability of announcements. After the disclosure of periodic reports, the Company will
regularly organize performance briefings, with core personnel such as the chairman, independent
directors, and the secretary to the Board of Directors in attendance, to strengthen meaningful
interaction with investors. The Company will continue to optimize its investor communication channels
by building a multi-level and multi-dimensional communication system through diversified avenues such
as the Company's website, email, SSE E-interactive, investor service hotline, performance briefings,
roadshows, and reverse roadshows. It will actively explore innovative approaches to investor relations
management, enhance communication efficiency and responsiveness, and promptly address investor
concerns to ensure positive and effective interactions.
Foreword Strengthening Core Business Accelerating New Quality Productive Forces Enhancing Corporate Governance
ESG Management Strengthening Key Minority Accountability Enhancing Investor Returns
Strengthening Investor Communication Risk Warning
RISK
WARNING
The Company will remain focused on its core business and continuously improve
its core competitiveness, profitability, and risk management capabilities. Through
satisfying business performance and standardized corporate governance, it will
actively reward investors and share business development achievements. The
Company will also uphold investor-oriented information disclosure, strengthen
communication and engagement with investors, and safeguard its positive market
image.
The Company's planning, development strategy, and other aspects mentioned in
this action plan are forward-looking statements, not accomplished facts, and do
not constitute substantive commitments to investors. Investors are strongly
advised to fully recognize the risks involved, clearly distinguish the essential
differences between plans, forecasts, and commitments, and make investment
decisions with caution.
Ninebot Limited
Board of Directors
March 31, 2026
首页
微信公众号
证券之星APP
