Industrials

Report by Horizon Insights

Ninebot (689009 CH) - Revenue +50% in 2025, electric two-wheeler profit +62%. The lawnmower robot business grew +124% and is structurally positioned to benefit from EU policy-driven industry consolidation. Dual-brand strategy (Ninebot + Segway) targeting 20% market share. This is a Chinese industrial with genuine European distribution infrastructure - a rare combination given current geopolitical sensitivities around China supply chains.

Orient Cable (603606 CH) - RMB 19.3bn order book, 60% in high-value submarine and high-voltage cable. Delivered UK Inchcape project ahead of schedule. China offshore wind accelerating to 12GW+ in 2026, European energy independence driving parallel demand and high-margin export cable mix rising. The 15th Five-Year Plan implies installed capacity doubling vs. the 14th. Order visibility is as clean as it gets in Chinese industrials.

Consumer Discretionary

Report by Horizon Insights

This year, regulation of two-wheeled EVs has intensified, with strict oversight on battery usage, onboard chargers and major component modifications. As the transition period concludes, manufacturers are speeding up the clearance of old vehicle inventories and developing new models that comply with the revised standards. The updated national standard is expected to ease restrictions on speed and vehicle weight but will impose the highest production qualification requirements in history. Consequently, many lower-tier manufacturers will struggle to survive. Horizon Insights believes Ninebot, which has established a strong reputation for its high-end products, looks set to benefit, even at the expense of market leaders including Yadea and Aima.