AsianFin -- Thirteen years after its founding, Chinese mobility tech firm Ninebot is showing no signs of slowing down.
Once known primarily for its self-balancing scooters, the company has rapidly expanded its product portfolio and delivered record-breaking results in both 2024 and the first quarter of 2025.
Ninebot reported Q1 2025 revenue of 5.112 billion yuan ($705 million), up nearly 100% year-on-year, while net profit attributable to shareholders surged 236% to 456 million yuan. For full-year 2024, the company posted 14.196 billion yuan in revenue, an increase of 39%, and 1.084 billion yuan in net profit, up 81% year-on-year.
"All of our business lines have seen major breakthroughs," said Gao Lufeng, Ninebot's founder and chairman. The company shipped 7 million two-wheeled electric vehicles, 14 million electric scooters, and maintained its top industry position in robotic lawn mowers.
A key strategic focus is E-bikes—electric-assist bicycles that are gaining traction globally. According to Deloitte, sales of E-bikes in Europe and North America grew 156% from 2017 to 2021, with global annual sales surpassing 10 million units in 2024.
Ninebot began exploring E-bike technologies as early as 2014, but only formally entered the market recently. "Back then, E-bikes were niche. The market wasn't ready," Gao explained. "Now, the timing is right."
At CES 2024, Ninebot debuted two new E-bike models—Segway Xafari and Segway Xyber—targeting suburban leisure and high-performance riding, respectively. Gao emphasized that Ninebot's expansion strategy hinges on two key criteria: market readiness and proper timing.
The company's E-bike business spans both B2B and B2C segments. During the 2024 Paris Olympics, Ninebot deployed over 15,000 shared E-bikes in partnership with operators. On the consumer front, Ninebot is strengthening its branding and retail footprint to grow market share.
Ninebot is also accelerating in its core smart two-wheeled electric vehicle business. From 2021 to 2024, sales jumped from 450,000 to nearly 2.6 million units, while revenue soared from 1.33 billion yuan to 7.21 billion yuan. In Q1 2025 alone, the company sold over 1 million units.
In robotics, Ninebot's Segway Navimow robotic lawn mower is now used in 170,000 households, with 2024 revenue from this segment climbing nearly fourfold to 861 million yuan.
Later this year, Ninebot plans to launch "Nimble OS," a new technology brand, and expand its domestic retail network to 9,500 stores. It also plans to debut a BMW co-developed electric two-wheeler in 2026.
To support its growth, Ninebot is ramping up production. Its Segway-Ninebot smart electric vehicle plant spans 580,000 square meters, with an annual capacity of 2.5 million units across two operational phases. A third phase is under construction, which will eventually raise total output to 5 million units annually. A South China production base, slated to begin operations in 2026, will add another 2 million units of capacity.
With aggressive investments, diversified product lines, and a strategic eye on timing, Ninebot is positioning itself not just as a mobility brand—but as a full-stack smart hardware powerhouse with global ambitions.
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