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 3.29 billion, up 24%.

• Full-year sales volume totaled 924,000 units, a 30% increase from 2023.

• Net loss for Q4 narrowed to RMB 72.5 million; full-year net loss was RMB 193 million, improved from RMB 271.8 million in 2023.

• Strategic focus on product innovation, channel expansion, and premium market positioning drove growth.

Financial highlights

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

• Q4 gross margin declined to 12.4%, mainly due to product mix, tariffs, and higher costs.

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

• Operating expenses for 2024 were RMB 750 million, 16% lower than 2023, representing 23% of revenue.

• Ended 2024 with RMB 1.1 billion in cash and equivalents; short-term bank borrowings increased to 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, representing 40–70% year-over-year growth.

• Expect return to profitability in Q2 2025, with positive net profit anticipated from April–June.

• Domestic ASP expected to remain stable or slightly increase in 2025, driven by premium product mix.

• Gross margin in China expected to improve due to scale and cost efficiencies.