Niu Technologies

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NIU Electric releases Q4 and full-year 2025 financial report

— Q4 revenue was RMB 676.2 million, a year-over-year decrease of 17.4%

— Q4 net loss was RMB 88.1 million, compared to RMB 72.5 million in the same period of 2024

— Full-year 2025 revenue was RMB 4.3079 billion, a year-over-year increase of 31.0%

— Full-year 2025 net loss was RMB 39.4 million, compared to RMB 193.2 million in 2024

Beijing, China, March 16, 2026 — NIU Electric (“NIU” or “the Company”) (NASDAQ: NIU), a global leader in smart urban mobility solutions, today announced its financial results for the fourth quarter and full year ended December 31, 2025.

Key Financial Highlights for Q4 2025:

· Revenue was RMB 676.2 million, a year-over-year decrease of 17.4%

· Gross margin was 15.3%, compared to 12.4% in the same period last year

Net loss was RMB 88.1 million, compared to RMB 72.5 million for the same period last year

Adjusted net loss (non-GAAP) was RMB 82.4 million, compared to RMB 66.7 million for the same period last year

Key operating data for Q4 2025:

Total vehicle sales were 172,763 units, a year-over-year decrease of 23.8%

Vehicle sales in the domestic market were 158,782 units, a year-over-year decrease of 12.9%

· Vehicle sales in overseas markets were 13,981 units, representing a 68.4% decrease year-over-year

As of December 31, 2025, the number of domestic stores reached 4,540.

Dr. Li Yan, the company's CEO, stated: 'Throughout 2025, we maintained strong momentum from the previous year in the Chinese market, achieving steady business growth. By integrating innovative technology with Niu Electric’s signature design, our latest products continue to lead market trends and help the company remain resilient amid a volatile environment. Our increasingly diversified product portfolio has also laid the foundation for scaling up by attracting new customer segments and strategically expanding the retail network this year.'

In overseas markets, we are accelerating the promotion of electric motorcycles and optimizing micro-mobility operations to improve efficiency, while continuously refining our retail presence. Overall, we remain highly confident about sustained robust performance across both domestic and international markets in 2026.'

Q4 2025 Earnings Report

RevenueRevenue amounted to RMB 676.2 million, representing a 17.4% decrease year-over-year, primarily due to a 23.8% drop in sales volume, partially offset by a 4.0% increase in average revenue per vehicle. Below is a breakdown of revenue and average revenue per vehicle:

Revenue from complete vehicles in the Chinese market was RMB 544.8 million, a year-on-year decrease of 15.7%, accounting for 93.7% of total vehicle revenue. The year-on-year decline was mainly due to a 12.9% drop in complete vehicle sales and a 3.2% reduction in average revenue per vehicle.

Revenue from complete vehicles in overseas markets was RMB 36.3 million, a year-on-year decrease of 58.3%, accounting for 6.3% of total vehicle revenue. The year-on-year decline was primarily driven by a drop in complete vehicle sales and a decrease in average revenue per electric scooter.

Revenue from peripheral products, accessories, and services reached RMB 95.1 million, a year-on-year increase of 10.9%, accounting for 14.1% of total revenue. This growth was mainly attributable to increased service revenue from the NIU app and higher revenue from peripheral products and accessories in the Chinese market.

Average revenue per vehicle was RMB 3,364, a year-on-year increase of 4.0%. This was mainly due to an improvement in the proportion of vehicle revenue from the Chinese market, partially offset by a slight decline in average revenue per vehicle.

Cost of goods soldTotal revenue was RMB 573 million, a year-on-year decrease of 20.1%, primarily due to a decline in sales volume. Average cost per vehicle (cost of operations divided by total vehicle sales) was RMB 3,317, an increase of 4.8% from RMB 3,165 in the same period last year, mainly due to provisions for unsold inventory and rising freight costs in overseas markets, partially offset by cost reduction measures in the Chinese market.

Gross marginGross margin was 15.3%, compared to 12.4% in the same period last year. The increase in gross margin was mainly driven by the Chinese market, benefiting from a shift in product mix towards higher-margin products and effective cost reduction measures, partially offset by a decline in gross margin for scooters in overseas markets.

Operating expensesOperating expenses were RMB 206.1 million, a year-on-year increase of 6.8%. Operating expenses accounted for 30.5% of total revenue, compared to 23.6% in the same period last year.

Sales expensesSales expenses were RMB 144.1 million (including share-based compensation expenses of RMB 900,000), an increase of 5.7% from RMB 136.3 million in the same period last year. This increase was mainly due to a rise of RMB 12.1 million in rental expenses (primarily from overseas markets), an increase of RMB 9.3 million in employee costs, and an increase of RMB 3.7 million in depreciation and amortization, partially offset by a reduction of RMB 19.1 million in sales promotion expenses in the Chinese market. Sales expenses accounted for 21.3% of total revenue, compared to 16.6% in the same period last year.

Research and development expensesRMB 49.5 million (including share-based compensation expenses of RMB 2.3 million), an increase of 28.2% compared to RMB 38.6 million in the same period last year, mainly due to an increase of RMB 6.5 million in employee costs and share-based compensation expenses, as well as an increase of RMB 4.4 million in design and testing expenses. Research and development expenses accounted for 7.3% of operating revenue, compared to 4.7% in the same period last year.

· Management expensesRMB 12.5 million (including share-based compensation expenses of RMB 2.4 million), a decrease of 31.0% compared to RMB 18.1 million in the same period last year, primarily due to a reduction of RMB 14.8 million in taxes and surcharges, partially offset by an increase of RMB 11.2 million in foreign exchange losses. General and administrative expenses accounted for 1.8% of operating revenue, compared to 2.2% in the same period last year.

Operating expenses excluding share-based compensationRMB 200.6 million, a year-on-year increase of 7.1%, accounting for 29.7% of operating revenue, compared to 22.9% in the same period last year.

· Sales expenses after deducting equity incentivesRMB 143.2 million, a year-on-year increase of 6.1%, accounting for 21.2% of operating revenue, compared to 16.5% in the same period last year.

· R&D expenses after deducting equity incentivesRMB 47.3 million, a year-on-year increase of 29.3%, accounting for 7.0% of operating revenue, compared to 4.5% in the same period last year.

· Management expenses after deducting equity incentivesRMB 10.1 million, a year-on-year decrease of 36.2%, accounting for 1.5% of operating revenue, compared to 1.9% in the same period last year.

Share-based compensation expensesRMB 5.7 million, compared to RMB 5.9 million in the same period last year.

Income tax benefitRMB 8 million, compared to RMB 9.8 million in the same period last year.

Net lossRMB 88.1 million, compared to RMB 72.5 million in the same period last year. The net loss rate was 13.0%, compared to 8.9% last year.

Adjusted net loss (non-GAAP)RMB 82.4 million, compared to RMB 66.7 million in the same period last year. The adjusted net loss rate was 12.2%, compared to 8.1% last year.

Basic and diluted net loss per American Depositary Share (ADS)Both were RMB 1.10 (USD 0.16).

Full-year 2025 financial report

RevenueRMB 4.3079 billion, representing a year-over-year increase of 31.0%, mainly driven by a 29.0% increase in sales volume and a 2.1% rise in average revenue per vehicle. Revenue from the domestic market and overseas markets accounted for 93.2% and 6.8% of total vehicle revenue, respectively. Below is a breakdown of operating income and average revenue per vehicle:

Cost of goods soldAmounted to RMB 3.4643 billion, reflecting a 24.2% year-over-year increase, mainly driven by higher sales volumes. The average cost per vehicle (cost of goods sold divided by total vehicle sales during the same period) was RMB 2,906, down 3.7% from RMB 3,018 in 2024.

Gross marginGross margin stood at 19.6%, compared to 15.2% in 2024. The improvement in gross margin was primarily attributed to the Chinese market, benefiting from a strategic shift towards higher-margin products and ongoing cost optimization initiatives, partly offset by declining scooter margins in overseas markets.

Operating expensesOperating expenses reached RMB 933.2 million, increasing by 24.4% from RMB 750.3 million in 2024. Operating expenses accounted for 21.7% of total revenue, compared to 22.8% in 2024.

Operating expenses excluding share-based compensationWere RMB 906.3 million, marking a 24.7% year-over-year increase, accounting for 21.0% of total revenue, compared to 22.1% in 2024.

Share-based compensation expensesAmounting to RMB 27.7 million, an increase of RMB 3.5 million compared to RMB 24.2 million in 2024.

Income tax benefitAmounting to RMB 23 million, compared to RMB 23.6 million in 2024.

Net lossAmounting to RMB 39.4 million, compared to RMB 193.2 million in 2024. The net loss ratio was 0.9%, compared to 5.9% in 2024.

Adjusted net loss (non-GAAP)Amounting to RMB 11.7 million, compared to RMB 169 million in 2024. The adjusted net loss ratio was 0.3%, compared to 5.1% in 2024.

Basic and diluted net loss per American Depositary Share (ADS)Both were RMB 0.49 (USD 0.07).

Balance sheet

As of December 31, 2025, the company's cash and cash equivalents, time deposits, and short-term investments totaled RMB 1.1156 billion. The company's restricted cash was RMB 210.9 million, and its short-term bank borrowings were RMB 240 million.

Guidance

Niu Electric expects its revenue for the first quarter of 2026 to be between RMB 887 million and RMB 1.023 billion, representing a year-over-year increase of 30% to 50%. The company forecasts full-year vehicle sales for 2026 to range between 1.7 million and 1.9 million units, reflecting a year-over-year growth of 40% to 60%.

The above guidance is based on information available as of the date of this earnings release and reflects the company’s current preliminary expectations, which are subject to change.

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