Niu Technologies (NIU) Q1 2025 earnings summary

Executive summary

• Q1 2025 sales volume reached 203,000 units, up 57.4% year-over-year, with China sales up 66% and overseas up 6.4%.

• Total revenue was RMB 682 million, a 35% increase year-over-year.

• Net loss narrowed to RMB 39 million (GAAP), with adjusted net loss at RMB 31 million.

• Maintained a robust omnichannel retail network with 4,119 stores in China and presence in 53 countries.

• Continued product innovation with new models, smart battery technology, and automotive-grade features.

Financial highlights

• China revenue was RMB 608 million (89% of total), with scooter revenue up 39% year-over-year.

• Overseas revenue was RMB 74 million, with scooter ASP rising to RMB 2,962.

• Gross profit exceeded RMB 118 million, up from RMB 96 million last year.

• Operating expenses were RMB 165 million, flat year-over-year, but OpEx ratio declined to 24.2%.

• Ended Q1 with RMB 963 million in cash, down from RMB 1.1 billion last year.

Outlook and guidance

• Q2 2025 revenue expected at RMB 1.3–1.4 billion, up 40–50% year-over-year.

• Annual sales volume guidance of 30–50% year-over-year growth maintained.

• Gross margin for 2025 expected to recover above last year’s 15.2%.

• Net profit expected in Q2 2025.

• ASP in Q2 expected to rebound to RMB 3,000–3,500 in China.