Niu Technologies (NIU) Q4 2024 earnings summary

Executive summary

• Q4 2024 sales volume reached 226,600 units, up 65% year-over-year, with strong growth in both China and overseas markets.

• Q4 revenue was RMB 819 million, a 71% increase year-over-year; full-year revenue reached RMB 3,288 million, up 24%.

• Full-year sales volume was 924,000 units, a 30% increase from 2023, with international markets offsetting a decline in China.

• Net loss for Q4 narrowed to RMB 72.5 million; full-year net loss was RMB 193 million, with net margin at -8.9% in Q4.

• Store expansion and new product launches drove significant volume growth and brand visibility.

Financial highlights

• Q4 China scooter revenue: RMB 646 million, up 82% year-over-year; overseas scooter revenue: RMB 87 million.

• Q4 gross margin: 12.4%, down from 19.0% in Q4 2023, mainly due to product mix and tariffs.

• Full-year gross margin: 15.2%, down from 21.5% in 2023.

• Operating expenses for 2024: RMB 750 million, 16% lower than 2023; OPEX as % of revenue: 23%.

• Cash and equivalents at year-end: RMB 1.1 billion; short-term bank borrowings: RMB 200 million.

Outlook and guidance

• Q1 2025 revenue expected between RMB 631–707 million, up 25–40% year-over-year.

• 2025 sales volume guidance: 1.3–1.6 million units, with net profit anticipated from Q2 onward.

• Domestic ASP expected to remain stable or slightly increase, with gross margin improvement anticipated.