Niu Technologies (NIU) Q4 2025 earnings summary

Executive summary

• 2025 marked a year of strategic transformation, with regulatory shifts in China, a breakthrough in electric motorcycles, and international channel restructuring, laying a robust foundation for future growth.

• Achieved global sales of 6.4 million scooters since 2014, with a strong presence in China and expanding international markets.

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

• Maintains a competitive edge through smart technologies, user-centric design, and award-winning products.

• Full-year sales volume reached 1.19 million units, up 29% YoY, with China sales surging 46% to 1.11 million units, while international volume declined 51% due to channel realignment.

Financial highlights

• Q4 2025 sales volume was 173,000 units, down 24% YoY; China accounted for 92% of sales.

• Q4 2025 revenue was RMB 676 million, down 17% YoY; China scooter revenue was RMB 545 million, down 16% YoY.

• Full-year 2025 revenue rose 31% to RMB 4,307.9 million; China scooter revenue grew 42% YoY, while overseas scooter revenue fell 33%.

• Q4 gross margin was 15.3%, up 2.9 ppt YoY; full-year gross margin was 19.6%, up 4.4 ppt YoY.

• Q4 net loss was RMB 88 million; full-year net loss narrowed to RMB 39.4 million from RMB 193.2 million in 2024.

Outlook and guidance

• 2026 sales volume expected between 1.67 million and 1.91 million units, representing 40%–60% YoY growth.

• Q1 2026 revenue guidance: RMB 887–1,023 million, up 30–50% YoY.

• Anticipates measured demand in Q1 2026 for e-bicycles due to regulatory transition, with recovery expected as new standards stabilize.

• Electric motorcycle segment poised for major breakout in 2026, supported by favorable regulation and expanded product portfolio.

• Focus on omnichannel retail and international expansion, with Europe and North America as key overseas markets.