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Niu (NIU) investor relations material
Niu Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenues rose 33.5% to RMB 1,256 million in Q2 2025, with net income of RMB 5.9 million reversing a prior-year loss and non-GAAP net income at RMB 13.7 million.
E-scooter sales volume increased 36.7%, with China sales up 54% and international sales down 35–36%.
Product portfolio expanded in China and overseas, including new high-end and entry-level models and enhanced smart technology features.
Domestic retail network grew to over 4,300 franchised stores as of June 30, 2025, with international distribution in 53 countries.
Profitability and margin improvements were driven by product optimization and cost reduction initiatives.
Financial highlights
Gross margin improved to 20.1% from 17.0% year-over-year, with cost per e-scooter down 6% to RMB 2,866.
Operating expenses increased 38% year-over-year, mainly from higher marketing and R&D spending; OpEx ratio rose to 21.1%.
Cash and equivalents totaled RMB 1,226.6–1,441 million as of June 30, 2025, with operating cash inflow of RMB 519 million.
Basic and diluted net income per ADS were RMB 0.07 (US$0.01).
China revenue accounted for 91% of total, with overseas revenue at 9% and overseas scooter ASP up 23%.
Outlook and guidance
Q3 2025 revenue expected between RMB 1,433 million and RMB 1,638 million, a 40–60% year-over-year increase.
Confident in maintaining healthy gross margin and stable ASP in the second half of the year.
Anticipates demand surge in Q3 and Q4 due to new national electric bicycle regulations and continued channel expansion.
Focus on expanding product offerings and omnichannel retail, with Europe and the US as key international markets.
Production capacity stands at 2 million units per year, supporting future growth.
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