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Niu Technologies (NIU) investor relations material
Niu Technologies Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary17 Nov, 2025
Executive summary
Achieved Q3 sales volume of 466,000 units, up 49% year-over-year, with strong growth in China and expanded product portfolio including e-mopeds, e-motorcycles, kick-scooters, and e-bikes.
Revenue rose 65.4% year-over-year to RMB 1.694 billion, driven by robust China market performance and new product launches.
Net profit reached RMB 82 million, reversing a net loss from the prior year, supported by scale efficiencies and operational excellence.
Maintains a competitive edge through smart technologies, user-centric design, and award-winning products.
E-scooter sales volume rose 49.1% year-over-year, with China sales up 74% and international sales down 73%.
Financial highlights
Gross margin improved to 21.8%, up 8 percentage points year-over-year, reflecting favorable product mix and cost reduction initiatives.
China revenues were RMB 1.62 billion, up 84% year-over-year; overseas revenue was RMB 77 million.
Operating expenses rose 48% year-over-year to RMB 297 million, but OpEx ratio declined to 17.5%.
Non-GAAP net income was RMB 88 million; operating cash inflow was RMB 433 million.
Ended Q3 with RMB 1.8 billion in cash, restricted cash, term deposits, and short-term investments.
Outlook and guidance
Q4 revenue guidance is RMB 737–901 million, representing a year-over-year change of -10% to +10%.
Expect flat year-over-year Q4 volume due to regulatory-driven inventory preloading in Q3 and transition to new standards.
Anticipate growth to re-accelerate in Q1 2026 as new standard-compliant products ramp up.
Management is advancing channel expansion and product transition strategies in response to evolving market dynamics.
Clarify international kick-scooter revenue trend
Detail China market cost reduction initiatives
Q4 new national standard product transition plan
Q4 China volume impact from demand shift?
Overseas micromobility: path to H2 2026 margin?
Gross margin drivers: sustainability into 2026?
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Next Niu Technologies earnings date
Q4 202516 Mar, 2026
Next Niu Technologies earnings date
Q4 202516 Mar, 2026
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Frequently asked questions
Niu Technologies designs, manufactures, and sells smart electric-scooters in the People's Republic of China. Niu Tech's scooters are deployed in Chinese metropolitan cities including Beijing, Tianjin, Shanghai and Shenzhen. The company offers its scooters for on-demand transportation in metropolises. It is focused primarily on small-scale vehicles. Niu Tech also provides cloud computing platform, which is applicable to information sharing among the scooters and their riders/locators with other entities including the city traffic administration departments.
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