Niu Technologies (NIU) Q1 2026 earnings summary

Executive summary

• Achieved total sales volume of 262,000 units in Q1 2026, up 29% year-over-year, with China sales up 35.4% and overseas sales down 32.4%.

• Revenue reached RMB 910 million, a 33% increase year-over-year, driven by strong electric motorcycle growth in China.

• Net loss widened to RMB 94 million (GAAP), with a net loss margin of 10.3%; non-GAAP net loss was RMB 88 million.

• Launched AI-powered flagship models and expanded product portfolio, targeting Gen Z and enhancing smart riding ecosystem.

• Strategic focus on high-quality growth, brand expansion into Tier 2/3 cities, and front-loaded marketing and R&D investments.

Financial highlights

• China revenue was RMB 854 million (94% of total), with scooter revenue up 42% year-over-year and ASP up nearly 5%.

• Overseas revenue was RMB 56 million, down from RMB 60 million year-over-year, but ASP for overseas scooters rose from RMB 2,962 to RMB 3,716.

• Gross margin was 17.4%, up 0.1 percentage points year-over-year and 2.1 points sequentially.

• Operating expenses rose 60% year-over-year to RMB 264 million, mainly due to a 4x increase in marketing spend.

• Net loss margin increased to 10.3% from 5.7% in Q1 2025; adjusted net loss margin was 9.7%.

Outlook and guidance

• Q2 2026 revenue expected between RMB 1.57 billion and RMB 1.82 billion, representing 25%-45% year-over-year growth.

• Anticipates gradual recovery in China's electric bicycle market and continued growth in electric motorcycles.

• Overseas focus on dealer expansion and inventory clearance, with profitability expected to improve post-normalization.

• Continued focus on enriching product matrix and expanding omnichannel retail, especially in key overseas markets.

• Production capacity remains at 2 million units per year as of December 31, 2025.