Niu Technologies Posts Q4 Revenues Down 17.4%, Full Year Sales Up 31%
Niu Technologies reported Q4 2025 revenues of RMB 676.2 million, down 17.4% year-over-year, and widened its net loss to RMB 88.1 million. For full year 2025, revenues rose 31.0% to RMB 4,307.9 million while net loss narrowed to RMB 39.4 million from RMB 193.2 million.
1. Fourth Quarter Performance
Niu Technologies recorded Q4 2025 revenues of RMB 676.2 million, a 17.4% decline year-over-year, with gross margin rising to 15.3% from 12.4%. Net loss widened to RMB 88.1 million versus RMB 72.5 million a year earlier, and adjusted net loss reached RMB 82.4 million.
2. Full Year 2025 Results
The company achieved full year 2025 revenues of RMB 4,307.9 million, up 31.0% from 2024, while net loss narrowed sharply to RMB 39.4 million from RMB 193.2 million. This improvement reflects stronger top-line growth and enhanced operational efficiency.
3. Segment Sales Breakdown
In Q4, Niu sold 172,763 e-scooters, down 23.8% year-over-year, driven by a 12.9% domestic decline and a 68.4% international slump. China contributed RMB 544.8 million (93.7% of e-scooter sales), while international markets generated RMB 36.3 million.
4. Margin and Cost Initiatives
Gross margin expanded to 15.3%, aided by a favorable product mix and cost-reduction measures in China, offset by lower margins on kick-scooters overseas. Cost per unit rose on inventory provisions and freight expenses, while operating expenses increased 6.8% to RMB 206.1 million.