Ninebot rode high-growth and a robot narrative to a rich valuation, then spent a year testing investor trust. The 2025 full-year numbers still looked strong: revenue of 21.278 billion yuan, up 49.89 per cent and the first year above 20 billion, with net profit of 1.758 billion, up 62.17 per cent. E-bikes reached 11.86 billion yuan on 4.09 million units and 10,000 stores; service robots, led by mowers, hit 2.002 billion, up 104.26 per cent.
Then the fourth quarter broke the story. Revenue fell to 2.888 billion yuan, down 12.22 per cent and 56.55 per cent from the third, with a net loss of 29.03 million yuan, the first negative quarter since 2021 and a 125.36 per cent drop. The exchange queried eight areas; Ninebot blamed the new e-bike standard (GB 17761-2024), effective 1 September 2025 with a sell-through grace to 30 November, which pulled demand into the first three quarters. Domestic e-bike sales of 4.937 million in Q4 fell nearly 80 per cent from the prior quarter, and rivals sagged too.
The market was unconvinced that policy alone explained it. From a 76.58 yuan high the stock fell below 35 yuan, ten straight monthly red candles, with value near 24.8 billion yuan, down more than 55 per cent from the August 2025 peak. The root, analysts argue, is over-reliance: e-bikes rose from 41.4 per cent of revenue in 2023 to 55.7 per cent in 2025, while the scooter and balance-bike base shrank. The 2026 first quarter brought revenue of 5.87 billion, up 14.82 per cent, but net profit of 203 million, down 55.42 per cent on FX, margin and cost.
The robot story went backwards. Ninebot swapped its delivery-robot unit for a 17.53 per cent stake in another firm, booking a 60.7192 million yuan non-cash gain, and the unit left the consolidation from August 2025. For European observers the case is a caution: a hardware brand can ride a robot multiple, but the multiple needs a robot business that compounds, not one sold for a stake. Ninebot’s mowers still grow, yet the group’s fate rests on e-bikes it cannot steer through a single rule change.
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Editor’s note: This is an adapted translation of the original OFweek report. It has been trimmed and restructured for readability for an international business audience.