Niu Technologies (NIU) Q3 2025 earnings summary

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.