Ninebot Management Call: Improving E2W Demand and Growth

Goldman Sachs reiterates a Buy on Ninebot Ltd following a management call highlighting recovering domestic E2W demand and robust overseas expansion plans in Vietnam.

Key Takeaways

• 1.Domestic Electric Two-Wheeler (E2W) demand is nearing an inflection point of recovery after a narrowed decline in March.
• 2.Ninebot is outperforming industry peers through accelerated product launches and channel upgrades (Pilot 2.0 stores).
• 3.Price adjustments and new product mixes are expected to mitigate raw material cost inflation, with margin improvements anticipated in 2H26.

Table of Contents

• Investment Thesis, Valuation and Risks
• Disclosure Appendix
• Target price history table(s)
• Regulatory disclosures

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