Niu Technologies (NIU) Q2 2026 earnings summary

Executive summary

• Achieved Q2 2026 sales volume of 434,000 units, up 24% year-over-year, with China sales up 26% and overseas up 3.6%.

• Total revenue reached RMB 1,440.4 million, a 14.7% year-over-year increase, driven by strong e-scooter sales.

• Net loss was RMB 102.2 million (GAAP), with a net loss margin of 7.1%.

• Strategic pivot to electric motorcycles in China offset contraction in premium e-bicycles; international business returned to growth.

• Product portfolio broadened in China and overseas, including e-mopeds, e-motorcycles, kick-scooters, and e-bikes.

Financial highlights

• China revenue was RMB 1.32 billion (92% of total), with scooter revenue up 15% year-over-year; overseas revenue was RMB 160 million (8% of total).

• Gross margin declined to 16.0% from 20.1% year-over-year, mainly due to product mix shifts and higher supply chain costs.

• Operating expenses rose 29% year-over-year to RMB 341 million, or 23.6% of revenues.

• Non-GAAP net loss was RMB 98 million.

• Cash, restricted cash, deposits, and short-term investments totaled RMB 1,694 million as of June 30, 2026.

Outlook and guidance

• Q3 2026 revenue expected between RMB 1,863 million and RMB 2,033 million, up 10%-20% year-over-year.

• Continued focus on electric motorcycle growth and premium e-bicycle recovery.

• Overseas inventory normalization expected by year-end.

• Production capacity stands at 2 million units per year, supporting future growth.