Segway-Ninebot’s 2024 Revenue Jumps 37%, Net Profit Soars 81%
[Micromobility Pro] Segway-Ninebot delivered solid financial results in 2024, with revenue growing to $1.97B and net profit of $151m. The company solidified its balance sheet, with positive cash flow.
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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.
Segway’s Urban B200 E-Bike in Paris | Image Credit: Dott 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).