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Welcome to Micromobility Pro, a bi-weekly publication which is part of The Micromobility Newsletter, where we deep-dive into the financials of micromobility companies and share exclusive insights tailored for professionals and members.
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Contents
- About Segway-Ninebot
- Operations
- Ownership Structure
- Chart: Shareholding Split
- 2024 Financial Performance
- Chart: Sales Revenue vs Net Income (2019-2025)
- Revenue Breakdown by Product and Geography
- Chart: Vehicles produced vs sold
- Chart: Revenue Split by Category & Geography
- Cost Structure and Cost Reductions
- Table: P&L
- Cash Position & Debt
- Table: Balance Sheet
- 2025 Interim Update & Outlook
- Segway-Ninebot Stock Performance
- Conclusion
About Segway-Ninebot
Segway-Ninebot, officially Ninebot Limited, is a global technology company with a mission to simplify the movement of people and objects. The company is a leader in the design, research, development, production, and sale of intelligent short-distance transportation and service robotics products.
Its diverse portfolio includes electric scooters, electric two-wheelers, all-terrain vehicles (ATVs), E-bikes, robotic lawn mowers, and commercial service robots.
Operations
The company operates through two core segments:
- Intelligent Short-distance Mobility: This is the primary revenue driver, encompassing electric two-wheelers, electric scooters, balance bikes, all-terrain vehicles, and E-bikes. In 2024, the company sold 2.59m electric two-wheelers in China and expanded its domestic specialty store network to over 7,600 stores. The all-terrain vehicle business also saw significant growth, with cumulative production surpassing 100k units.
- Recently through a strategic partnership with Dott, launched the Urban B200 e-bike in Paris in October 2025. This co-developed model, deployed under Dott’s renewed four-year contract with the City of Paris, features a high-visibility dashboard, torque sensor for smooth acceleration, and a durable design for urban environments. With a 918Wh battery offering up to 120 km range and reduced standby power consumption, the e-bike enhances operational efficiency for large-scale sharing services.
- Service Robots: This segment includes commercial delivery robots for hotels and restaurants and the Navimow intelligent robotic lawn mower. The robot business saw explosive growth in 2024, with revenue increasing by 278% year-on-year, albeit from a smaller base.
The company employs a Make-to-Order (MTO) production model, supplemented by inventory production, and utilizes a global sales network combining direct sales and agency distribution.
Ownership Structure
As of the end of 2024, the actual controllers, Gao Lufeng and Wang Ye, collectively controlled 59.25% of the company’s voting rights through their holding entities (Putech Limited, Colwang Limited, Hsinch I/II/III LP).
2024 Financial Performance
Segway-Ninebot delivered a year of good financial performance in 2024, characterized by strong top-line growth and even stronger bottom-line profitability. The company’s operating revenue surged to $1.97B, up from $1.44B in 2023, a significant increase of 37% over the previous year. This growth was largely propelled by the successful market reception of its newer product categories.
Net profit attributable to shareholders surged by 81.29%, climbing to $151M from $82.5M in the previous year. The company also generated a strong operating cash flow of $467.1M, a 44.59% increase. Total assets expanded to $2,183.6M. Basic earnings per share rose to $0.21, an 83.03% increase year-on-year.
Revenue Breakdown by Product and Geography
The company’s revenue is diversified across product lines, with electric two-wheelers being the dominant contributor.
Revenue by Product:
- Electric Two-wheelers: $1B, up 68% YoY from $598.8M in 2023
- Retail Sale of e-Scooters: $345.32M, up by 15.5% YoY, from $298.8M in 2023
- All-terrain Vehicles: $135.9M, up 37.65% YoY, from $98.76M in 2023
- B2B Business: $169.52M, down by 24.9% YoY, from $225.9M in 2023
- Robotic Lawn Mowers: $119.93M, up 278% YoY, from $31.6M in 2023
- Other Products & Accessories Revenue: $202.26M, up by 54.8% YoY, from $130.6M in 2023
Revenue by Geography:
- Domestic (China):$1,173.2M, accounting for 59.3% of total revenue.
- Overseas: $804.1M, accounting for 40.7% of total revenue. The overseas segment also showed a stronger gross profit margin of 35.77% compared to 23.07% domestically.
The overseas market not only contributes a significant portion of revenue but also operates at a substantially higher gross margin.
Cost Structure and Cost Reductions
The company’s costs rose in line with business expansion, but it improved its gross margin through effective management.
- Operating Costs: Rose to $1.4BM.
- R&D Spending: $115.1M, up 34.13%.
- Selling Expenses: $153.3M, up 29.95%.
- Administrative Expenses: $116.5M, up 23.81%.
Despite these increases, the gross profit margin improved by 3.06 percentage points to 28.24%, achieved through platform standardization and supply chain optimization.
Cash Position & Debt
- Cash Position: Cash and cash equivalents surged by 50.24% to $1.04B. This was primarily due to strong operating cash flow and the company’s active management of working capital, including faster sales collection.
- Debt & Liabilities: The balance sheet shows no significant interest-bearing debt. Major liabilities are operational:
- Total Non-Current Liabilities stood at $43.99M
- Current Liabilities were $1.27B
- Total Liabilities were $1.315B
In 2024, the company demonstrated its commitment to shareholder returns through a combined $153.3M in cash distributions. This was executed via a $111.5M cash dividend and a $41.8M share repurchase program.
2025 Interim Update & Outlook
In the first half of 2025, building directly upon its strong 2024 performance, the company reported H1 revenue of approximately $1.62B, a surge of 76.14% compared to the same period last year. Profitability increased even faster, with net profit attributable to shareholders more than doubling to $172.1 M, marking a 108.45% year-on-year increase.
This financial performance was underpinned by strong operational expansion. The domestic store network expanded to over 8,700 locations. A key milestone was reached as cumulative shipments of its smart electric two-wheelers in China surpassed 8 million units. The product portfolio was also enhanced with the launch of the advanced Segway Navimow X3 series of robotic lawnmowers.
A major strategic development was the introduction of “Lingbo OS,” a proprietary, AI-powered operating system. This shows the company’s strategic evolution from a hardware manufacturer to an integrated “smart mobility + service robot” ecosystem player.
Financially, the company remains strong, with cash and equivalents of $1.17B and robust operating cash flow of $506.2M in the first six months alone.
Segway-Ninebot Stock Performance
Ninebot-Segway’s market capitalization increased from roughly $4.8B to about $6.5B USD over the past two years, reflecting steady share-price growth
Stock price performance: Over the prior 12 months, the share gained ~29.5% from ~$5.96 to $8.87 as of 23rd October 2025.
Conclusion
Segway-Ninebot’s 2024 results mark a powerful financial turnaround, moving the company beyond its capital-intensive growth phase.
The company now operates from a position of market leadership and exceptional financial strength, with a cash position of $1.04B and no significant interest-bearing debt. However, it remains exposed to its complex corporate governance (VIE structure) and intense global competition.
The strategic priorities for 2025 are clear: deepen its technological moat through sustained R&D, protect margins through operational efficiency, and scale its robotics and all-terrain vehicle businesses globally.
If successful, Segway-Ninebot is positioned to solidify its status as a profitable, globally dominant platform in intelligent short-distance transportation and robotics.
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