Ninebot Q1 profit falls 55%

Ninebot reported Q1 2026 net profit of RMB 203 million, down 55.42% YoY, as revenue rose 14.82% to RMB 5.87 billion. The decline was driven by RMB 248 million in exchange losses, higher raw material costs, and a 46.66% increase in R&D spending to RMB 371 million. Operating cash flow was negative RMB 477 million due to inventory buildup and higher operating expenses.