Niu Technologies (NIU) Q4 2025 earnings summary

Executive summary

• 2025 marked a year of strategic transformation, with regulatory shifts in China, a breakthrough in electric motorcycles, and international channel restructuring, leading to a robust foundation for future growth.

• Achieved global sales of 6.4 million scooters since 2014, with a strong presence in China and expanding international markets.

• Product portfolio expanded in both China and overseas, covering e-mopeds, e-motorcycles, kick-scooters, and e-bikes.

• Maintains a competitive edge through smart technologies, user-centric design, and award-winning products.

• Full year 2025 revenues rose 31.0% YoY to RMB 4,307.9 million, while net loss narrowed significantly to RMB 39.4 million from RMB 193.2 million in 2024.

Financial highlights

• Q4 2025 sales volume was 173,000 units, down 24% YoY; China accounted for 92% of sales.

• Q4 2025 revenue was RMB 676 million, down 17% YoY; China scooter revenue was RMB 545 million, down 16% YoY.

• Full-year revenue rose 31% to RMB 4.3 billion; China scooter revenue grew 42% YoY, while overseas scooter revenue fell 33%.

• Q4 gross margin was 15.3%, up 2.9 ppt YoY; full-year gross margin was 19.6%, up 4.4 ppt YoY.

• Q4 net loss was RMB 88 million; full-year net loss was RMB 39 million.

Outlook and guidance

• 2026 sales volume expected between 1.67 million and 1.91 million units, representing 40%–60% YoY growth.

• Q1 2026 revenue guidance: RMB 887–1,023 million, up 30–50% YoY.

• Focus on omnichannel retail and international expansion, with Europe and North America as key overseas markets.

• Production capacity remains at 2 million units per year, supporting future growth.

• Anticipates measured demand in Q1 2026 for e-bicycles in China, with recovery as new standards stabilize.