Niu Technologies (NIU) Q2 2025 earnings summary

Executive summary

• Achieved Q2 2025 sales volume of 350,000 units, up 37% year-over-year, and revenue of RMB 1.26 billion, up 34% year-over-year, with China sales surging 54% and overseas sales declining 35–36% due to tariffs and competition.

• Net profit reached RMB 5.9 million, reversing a net loss from the prior year; adjusted net income (non-GAAP) was RMB 13.7 million.

• Product portfolio expanded with new high-end and entry-level electric motorcycle models, e-mopeds, e-bikes, and smart technologies.

• Maintains a competitive edge through user-centric design, smart battery technology, and international design awards.

• Expanded retail network to over 4,300 stores in China and 57 country distributors globally as of June 30, 2025.

Financial highlights

• Revenue: RMB 1.26 billion, up 34% year-over-year; China revenue: RMB 1.15 billion (91% of total); overseas revenue: RMB 110 million.

• Gross margin: 20.1%, up from 17% last year; cost per e-scooter decreased 6% to RMB 2,866.

• Net income: RMB 5.9 million (GAAP), non-GAAP net income: RMB 13.7 million; net income margin: 0.5% (GAAP), 1.1% (non-GAAP).

• Cash and equivalents: RMB 1.4 billion; operating cash inflow: RMB 519 million.

• Short-term bank borrowings: RMB 220 million as of June 30, 2025.

Outlook and guidance

• Q3 2025 revenue expected between RMB 1.4–1.6 billion, representing 40–60% year-over-year growth.

• Focus on expanding product offerings, omnichannel retail, and direct distribution in Europe and the US.

• Anticipates continued strong performance in China due to seasonal trends, new launches, and regulatory-driven demand.

• Production capacity stands at 2 million units per year.