Niu Technologies Announces Unaudited Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Niu Technologies (NASDAQ: NIU) reported unaudited Q4 2025 and full-year results on March 16, 2026. Q4 revenue was RMB 676.2 million, down 17.4% YoY, with a Q4 net loss of RMB 88.1 million. Full-year revenue rose 31.0% to RMB 4,307.9 million and full-year net loss narrowed to RMB 39.4 million from RMB 193.2 million in 2024.
Q4 e-scooter units sold were 172,763 (down 23.8% YoY); China remained the primary market. Cash, term deposits and short-term investments totaled RMB 1,115.6 million. Guidance: Q1 2026 revenue RMB 887–1,023 million; 2026 sales volume guide 1.7–1.9 million units.
Positive
- Full-year revenue +31.0% YoY to RMB 4,307.9 million
- Full-year net loss narrowed from RMB 193.2M to RMB 39.4M
- Full-year e-scooter volume +29.0% YoY
- Cash, term deposits and short-term investments of RMB 1,115.6 million
- 2026 sales volume guidance of 1.7–1.9 million units (+40%–60%)
Negative
- Q4 revenue declined 17.4% YoY to RMB 676.2 million
- Q4 net loss widened to RMB 88.1 million from RMB 72.5 million
- Q4 e-scooter sales volume down 23.8% YoY to 172,763 units
- International e-scooter revenue down 58.3% in Q4 and 32.9% for full year
Key Figures
Market Reality Check
Peers on Argus
NIU was down 3.12% while close peers showed mixed moves: NWTN up 16.81%, LVWR up 17.45%, VLCN down 7.28%, LOT down 5.83%, CYD down 1.92%. This points to stock-specific trading around the earnings release rather than a uniform sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 17 | Q3 2025 earnings | Positive | -6.9% | Strong Q3 growth and profitability but stock fell the next day. |
| Aug 11 | Q2 2025 earnings | Positive | +1.9% | Revenue growth and return to profitability with better gross margins. |
| Jul 04 | Q2 2025 volume | Positive | +1.8% | Strong unit growth led by China with festival-driven demand. |
| May 19 | Q1 2025 earnings | Neutral | -12.3% | Revenue growth and narrower loss but weaker margins and pricing. |
| Apr 04 | Q1 2025 volume | Positive | -16.2% | Very strong unit growth update followed by a sharp share decline. |
Earnings and sales updates with strong operational metrics have often seen volatile or negative next-day moves, indicating a history of market skepticism around NIU’s results.
Across recent 2025 earnings and volume updates, NIU reported strong China-led growth, improving gross margins, and periods of returning to profitability, while international business lagged. Despite this, several earnings releases on May 19, 2025 and November 17, 2025 were followed by notable share price declines. Today’s full-year 2025 report—showing higher revenues and sharply reduced net loss—continues that narrative of fundamental improvement paired with market caution around guidance, mix, and sustainability.
Historical Comparison
In the past year, NIU’s earnings-related releases saw an average next-day move of -6.36%, often skewing negative even when fundamentals showed revenue growth and margin improvement.
Through 2025, quarterly earnings showed sustained revenue growth, improving gross margins, and intermittent profitability, with China e-scooter strength offset by weaker international micromobility performance.
Market Pulse Summary
This announcement reports a weak Q4 but markedly stronger full-year 2025 revenue and margin profile, plus guidance for continued growth into 2026. Historical earnings releases, including on May 19 and November 17, 2025, triggered sharp price swings, underscoring market sensitivity to quarterly trends and outlook. Investors may watch execution on China-led growth, international restructuring, operating expense discipline, and adherence to the new 2026 revenue and volume targets.
Key Terms
gross margin financial
adjusted net loss financial
net loss margin financial
rule 144 regulatory
AI-generated analysis. Not financial advice.
-- Fourth Quarter Revenues of RMB 676.2 million, down
-- Fourth Quarter Net Loss of RMB 88.1 million, compared with RMB 72.5 million in the same period of 2024
-- Full Year Revenues of RMB 4,307.9 million, up
-- Full Year Net Loss of RMB 39.4 million, compared with RMB 193.2 million in 2024
BEIJING, March 16, 2026 (GLOBE NEWSWIRE) -- Niu Technologies (“NIU” or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.
Fourth Quarter 2025 Financial Highlights
- Revenues were RMB 676.2 million, a decrease of
17.4% year over year - Gross margin was
15.3% , compared with12.4% in the fourth quarter of 2024 - Net loss was RMB 88.1 million, compared with a net loss of RMB 72.5 million in the fourth quarter of 2024
- Adjusted net loss (non-GAAP)1 was RMB 82.4 million, compared with an adjusted net loss of RMB 66.7 million in the fourth quarter of 2024
Fourth Quarter 2025 Operating Highlights
- The number of e-scooters sold was 172,763, down
23.8% year over year2 - The number of e-scooters sold in China was 158,782, down
12.9% year over year - The number of e-scooters sold in the international markets was 13,981, down
68.4% year over year2 - The number of franchised stores in China was 4,540 as of December 31, 2025
Dr. Yan Li, Chief Executive Officer of the Company, remarked, "Our China operations sustained robust growth throughout 2025, building strongly on last year's momentum. Our latest products continue to set market trends by fusing pioneering technology with NIU’s signature design, ensuring the resilience of our business in a dynamic market. Our expanding portfolio is laying a highly scalable foundation to capture new consumer segments and drive the strategic expansion of our retail presence this year."
Dr. Li continued, "Internationally, we are optimizing our retail footprint by accelerating the roll-out of electric motorcycles while streamlining micromobility operations to maximize efficiency. Overall, we are confident to deliver a sustained performance across both our domestic and overseas markets in 2026."
Fourth Quarter 2025 Financial Results
Revenues reached RMB 676.2 million, representing a
| Revenues (in RMB million) | 2025 Q4 | 2024 Q4 | % change YoY | |||
| E-scooter sales from China market | 544.8 | 646.2 | - | |||
| E-scooter sales from international markets | 36.3 | 87.2 | - | |||
| E-scooter sales, sub-total | 581.1 | 733.4 | - | |||
| Accessories, spare parts and services | 95.1 | 85.8 | + | |||
| Total | 676.2 | 819.2 | - |
| Revenues per e-scooter (in RMB) | 2025 Q4 | 2024 Q4 | % change YoY | |||
| E-scooter sales from China market3 | 3,431 | 3,544 | - | |||
| E-scooter sales from international markets3 | 2,600 | 1,968 | + | |||
| Revenues per e-scooter | 3,364 | 3,236 | + | |||
| Accessories, spare parts and services4 | 550 | 379 | + | |||
| Blended revenues per e-scooter (including accessories, spare parts and services) | 3,914 | 3,615 | + | |||
- E-scooter sales revenues from China market were RMB 544.8 million, a decrease of
15.7% year over year, representing93.7% of total e-scooter revenues. The decrease was mainly due to a12.9% decline in sales volume and a3.2% decrease in revenues per e-scooter in China market. - E-scooter sales revenues from international markets were RMB 36.3 million, a decrease of
58.3% year over year, representing6.3% of total e-scooter revenues. The decrease was mainly due to lower sales volume and reduced revenues per e-scooter for kick-scooters in international markets.
- Accessories, spare parts and services revenues were RMB 95.1 million, an increase of
10.9% year over year, representing14.1% of total revenues. The increase was primarily driven by higher revenues from Niu App services, as well as from accessories and spare parts sales in China market. - Revenues per e-scooter were RMB 3,364, an increase of
4.0% year over year. This increase was primarily due to a higher sales proportion attributable to China market, partially offset by a slight decrease in revenues per e-scooter within China.
Cost of revenues was RMB 573.0 million, a decrease of
Gross margin was
Operating expenses were RMB 206.1 million, an increase of
- Selling and marketing expenses were RMB 144.1 million (including RMB 0.9 million of share-based compensation expenses), an increase of
5.7% from RMB 136.3 million in the fourth quarter of 2024, mainly due to an increase of RMB 12.1 million in rental expenses, primarily in international markets, RMB 9.3 million in staff costs, and RMB 3.7 million in depreciation and amortization, partially offset by a decrease of RMB 19.1 million in advertising and promotion expenses primarily in China market. Selling and marketing expenses as a percentage of revenues were21.3% , compared with16.6% in the fourth quarter of 2024. - Research and development expenses were RMB 49.5 million (including RMB 2.3 million of share-based compensation expenses), an increase of
28.2% from RMB 38.6 million in the fourth quarter of 2024, mainly due to an increase of RMB 6.5 million in staff costs and share-based compensation, and RMB 4.4 million in design and testing expenses. Research and development expenses as a percentage of revenues were7.3% , compared with4.7% in the fourth quarter of 2024. - General and administrative expenses were RMB 12.5 million (including RMB 2.4 million of share-based compensation expenses), a decrease of
31.0% from RMB 18.1 million in the fourth quarter of 2024, mainly due to a decrease 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 as a percentage of revenues were1.8% , compared with2.2% in the fourth quarter of 2024.
Operating expenses excluding share-based compensation expenses were RMB 200.6 million, an increase of
- Selling and marketing expenses excluding share-based compensation expenses were RMB 143.2 million, an increase of
6.1% year over year, representing21.2% of revenues, compared with16.5% in the fourth quarter of 2024. - Research and development expenses excluding share-based compensation expenses were RMB 47.3 million, an increase of
29.3% year over year, representing7.0% of revenues, compared with4.5% in the fourth quarter of 2024. - General and administrative expenses excluding share-based compensation were RMB 10.1 million, a decrease of
36.2% year over year, representing1.5% of revenues, compared with1.9% in the fourth quarter of 2024.
Share-based compensation expenses were RMB 5.7 million, compared with RMB 5.9 million in the same period of 2024.
Income tax benefit was RMB 8.0 million, compared with RMB 9.8 million in the same period of 2024.
Net loss was RMB 88.1 million, compared with RMB 72.5 million in the fourth quarter of 2024. The net loss margin was
Adjusted net loss (non-GAAP) was RMB 82.4 million, compared with RMB 66.7 million in the fourth quarter of 2024. The adjusted net loss margin5 was
Basic and diluted net loss per ADS were both RMB 1.10 (US
Full Year 2025 Financial Results
Revenues were RMB 4,307.9 million, representing a
| Revenues (in RMB million) | 2025 Full Year | 2024 Full Year | % change YoY | |||
| E-scooter sales from China market | 3,630.0 | 2,563.6 | + | |||
| E-scooter sales from international markets | 266.5 | 396.9 | - | |||
| E-scooter sales, sub-total | 3,896.5 | 2,960.5 | + | |||
| Accessories, spare parts and services | 411.4 | 327.8 | + | |||
| Total | 4,307.9 | 3,288.3 | + |
| Revenues per e-scooter (in RMB) | 2025 Full Year | 2024 Full Year | % change YoY | |||
| E-scooter sales from China market3 | 3,264 | 3,377 | - | |||
| E-scooter sales from international markets3 | 3,330 | 2,402 | + | |||
| Revenues per e-scooter | 3,269 | 3,203 | + | |||
| Accessories, spare parts and services4 | 345 | 354 | - | |||
| Blended revenues per e-scooter (including accessories, spare parts and services) | 3,614 | 3,557 | + | |||
Cost of revenues was RMB 3,464.3 million, an increase of
Gross margin was
Operating expenses were RMB 933.2 million, an increase of
Operating expenses excluding share-based compensation expenses were RMB 906.3 million, an increase of
Share-based compensation expenses were RMB 27.7 million, an increase of RMB 3.5 million from RMB 24.2 million in 2024.
Income tax benefit was RMB 23.0 million, compared with RMB 23.6 million in 2024.
Net loss was RMB 39.4 million, compared with RMB 193.2 million in 2024. The net loss margin was
Adjusted net loss (non-GAAP) was RMB 11.7 million, compared with RMB 169.0 million in 2024. The adjusted net loss margin5 was
Basic and diluted net loss per ADS were both RMB 0.49 (US
Balance Sheet
As of December 31, 2025, the Company had cash and cash equivalents, term deposits and short-term investments of RMB 1,115.6 million in aggregate. The Company had restricted cash of RMB 210.9 million and short-term bank borrowings of RMB 240.0 million.
Business Outlook
NIU expects revenues for the first quarter of 2026 to be in the range of RMB 887 million to RMB 1,023 million, representing a year-over-year increase of
The above outlook is based on information available as of the date of this press release and reflects the Company’s current and preliminary expectations and is subject to change.
Conference Call
The Company will host an earnings conference call on Monday, March 16, 2026 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time) to discuss its fourth quarter and full year 2025 financial and business results and provide a corporate update.
To join via phone, participants need to register in advance of the conference call using the link provided below. Upon registration, participants will receive dial-in numbers and a personal PIN, which will be used to join the conference call.
| Event: | Niu Technologies Fourth Quarter and Full Year 2025 Financial Results Conference Call |
| Registration Link: | https://register-conf.media-server.com/register/BI12f59df276994aebae3a0f8be5db53de |
A live and archived webcast of the conference call will be available on the investor relations website at https://ir.niu.com/news-and-events/webcasts-and-presentations.
About NIU
As the world’s leading provider of smart urban mobility solutions, NIU designs, manufactures and sells high-performance electric motorcycles, mopeds, bicycles, as well as kick-scooters and e-bikes. NIU has a diversified product portfolio that caters to the various demands of our users and addresses different urban travel scenarios. Currently, NIU offers two model lineups, comprising a number of different vehicle types. These include (i) the electric motorcycle, moped and bicycle series, including the NQi, MQi, UQi, FQi series and others, and (ii) the micro-mobility series, including the kick-scooter series KQi and the e-bike series BQi. NIU has adopted an omnichannel retail model, integrating the offline and online channels, to sell its products and provide services to users.
For more information, please visit www.niu.com.
Use of Non-GAAP Financial Measures
To supplement NIU’s consolidated financial results presented in accordance with the accounting principles generally accepted in the United States of America (“GAAP”), NIU uses the following non-GAAP financial measures: adjusted net income (loss) and adjusted net income (loss) margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. NIU believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its operating results. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to NIU’s historical performance. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.
Adjusted net income (loss) is defined as net income (loss) excluding share-based compensation expenses. Adjusted net income (loss) margin is defined as adjusted net income (loss) as a percentage of the revenues.
For more information on non-GAAP financial measures, please see the table captioned “Reconciliation of GAAP and Non-GAAP Results”.
Exchange Rate
This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the readers. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB 6.9931 to US
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as NIU’s strategic and operational plans, contain forward-looking statements. NIU may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about NIU’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIU’s strategies; NIU’s future business development, financial condition and results of operations; NIU’s ability to maintain and enhance its “NIU” brand; its ability to innovate and successfully launch new products and services; its ability to maintain and expand its offline distribution network; its ability to satisfy the mandated safety standards relating to e-scooters; its ability to secure supply of components and raw materials used in e-scooters; its ability to manufacture, launch and sell smart e-scooters meeting customer expectations; its ability to grow collaboration with operation partners; its ability to control costs associated with its operations; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIU’s filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and NIU does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact:
Niu Technologies
E-mail: ir@niu.com
| NIU TECHNOLOGIES | ||||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| As of | ||||||||
| December 31, | December 31, | December 31, | ||||||
| 2024 | 2025 | 2025 | ||||||
| RMB | RMB | US$ | ||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 630,021,303 | 924,738,132 | 132,235,794 | |||||
| Term deposits | 274,351,895 | 128,235,695 | 18,337,460 | |||||
| Restricted cash | 216,395,796 | 210,864,000 | 30,153,151 | |||||
| Short-term investments | - | 62,661,176 | 8,960,429 | |||||
| Accounts receivable, net | 131,921,419 | 37,372,044 | 5,344,131 | |||||
| Inventories | 649,177,719 | 652,579,651 | 93,317,649 | |||||
| Prepayments and other current assets | 267,938,339 | 343,536,572 | 49,125,076 | |||||
| Total current assets | 2,169,806,471 | 2,359,987,270 | 337,473,690 | |||||
| Non-current assets | ||||||||
| Property, plant and equipment, net | 320,013,632 | 420,173,035 | 60,083,945 | |||||
| Intangible assets, net | 1,043,801 | 776,328 | 111,013 | |||||
| Operating lease right-of-use assets | 71,223,350 | 75,954,225 | 10,861,310 | |||||
| Deferred income tax assets | 31,752,254 | 57,457,432 | 8,216,303 | |||||
| Other non-current assets | 19,318,659 | 35,988,114 | 5,146,232 | |||||
| Total non-current assets | 443,351,696 | 590,349,134 | 84,418,803 | |||||
| Total assets | 2,613,158,167 | 2,950,336,404 | 421,892,493 | |||||
| LIABILITIES | ||||||||
| Current liabilities | ||||||||
| Short-term bank borrowings | 200,000,000 | 240,000,000 | 34,319,544 | |||||
| Notes payable | 294,348,768 | 394,285,714 | 56,382,107 | |||||
| Accounts payable | 869,015,140 | 704,089,088 | 100,683,400 | |||||
| Income taxes payable | 1,071,914 | 2,197,710 | 314,268 | |||||
| Advances from customers | 35,892,860 | 182,598,444 | 26,111,230 | |||||
| Deferred revenue-current | 50,247,103 | 75,148,049 | 10,746,028 | |||||
| Accrued expenses and other current liabilities | 201,356,008 | 404,813,611 | 57,887,575 | |||||
| Total current liabilities | 1,651,931,793 | 2,003,132,616 | 286,444,152 | |||||
| Deferred revenue-non-current | 16,886,859 | 23,316,175 | 3,334,169 | |||||
| Deferred income tax liabilities | 3,269,464 | 2,057,892 | 294,275 | |||||
| Operating lease liabilities | 89,990 | 3,956,501 | 565,772 | |||||
| Other non-current liabilities | 9,697,841 | 12,941,916 | 1,850,669 | |||||
| Total non-current liabilities | 29,944,154 | 42,272,484 | 6,044,885 | |||||
| Total liabilities | 1,681,875,947 | 2,045,405,100 | 292,489,037 | |||||
| SHAREHOLDERS’ EQUITY: | ||||||||
| Class A ordinary shares | 90,549 | 91,796 | 13,127 | |||||
| Class B ordinary shares | 10,316 | 9,504 | 1,359 | |||||
| Additional paid-in capital | 1,988,638,160 | 2,016,533,709 | 288,360,485 | |||||
| Accumulated other comprehensive loss | (3,129,362 | ) | (17,990,674 | ) | (2,572,632 | ) | ||
| Accumulated deficit | (1,054,327,443 | ) | (1,093,713,031 | ) | (156,398,883 | ) | ||
| Total shareholders’ equity | 931,282,220 | 904,931,304 | 129,403,456 | |||||
| Total liabilities and shareholders’ equity | 2,613,158,167 | 2,950,336,404 | 421,892,493 | |||||
| NIU TECHNOLOGIES | |||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2024 | 2025 | 2024 | 2025 | ||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||
| Revenues | 819,179,677 | 676,247,493 | 96,702,105 | 3,288,296,344 | 4,307,865,498 | 616,016,573 | |||||||||
| Cost of revenues(a) | (717,195,572 | ) | (573,044,436 | ) | (81,944,264 | ) | (2,789,533,350 | ) | (3,464,294,613 | ) | (495,387,541 | ) | |||
| Gross profit | 101,984,105 | 103,203,057 | 14,757,841 | 498,762,994 | 843,570,885 | 120,629,032 | |||||||||
| Operating expenses: | |||||||||||||||
| Selling and marketing expenses(a) | (136,342,357 | ) | (144,124,497 | ) | (20,609,529 | ) | (489,577,690 | ) | (675,769,295 | ) | (96,633,724 | ) | |||
| Research and development expenses(a) | (38,622,708 | ) | (49,529,896 | ) | (7,082,681 | ) | (130,111,359 | ) | (166,452,286 | ) | (23,802,360 | ) | |||
| General and administrative expenses(a) | (18,075,985 | ) | (12,463,572 | ) | (1,782,267 | ) | (130,617,629 | ) | (90,963,018 | ) | (13,007,539 | ) | |||
| Total operating expenses | (193,041,050 | ) | (206,117,965 | ) | (29,474,477 | ) | (750,306,678 | ) | (933,184,599 | ) | (133,443,623 | ) | |||
| Government grants | 387,800 | 282,812 | 40,442 | 911,556 | 1,366,650 | 195,428 | |||||||||
| Operating loss | (90,669,145 | ) | (102,632,096 | ) | (14,676,194 | ) | (250,632,128 | ) | (88,247,064 | ) | (12,619,163 | ) | |||
| Interest expenses | (1,598,640 | ) | (1,807,591 | ) | (258,482 | ) | (5,623,544 | ) | (6,130,439 | ) | (876,641 | ) | |||
| Interest income | 9,559,430 | 6,329,914 | 905,166 | 37,089,488 | 26,464,512 | 3,784,375 | |||||||||
| Investment income | 371,460 | 2,001,403 | 286,197 | 2,358,995 | 5,543,812 | 792,755 | |||||||||
| Loss before income taxes | (82,336,895 | ) | (96,108,370 | ) | (13,743,313 | ) | (216,807,189 | ) | (62,369,179 | ) | (8,918,674 | ) | |||
| Income tax benefit | 9,798,826 | 7,999,794 | 1,143,955 | 23,606,550 | 22,983,591 | 3,286,610 | |||||||||
| Net loss | (72,538,069 | ) | (88,108,576 | ) | (12,599,358 | ) | (193,200,639 | ) | (39,385,588 | ) | (5,632,064 | ) | |||
| Other comprehensive income (loss) | |||||||||||||||
| Foreign currency translation adjustment, net of nil income taxes | 10,263,988 | (1,422,394 | ) | (203,400 | ) | 6,366,312 | (14,861,312 | ) | (2,125,139 | ) | |||||
| Comprehensive loss | (62,274,081 | ) | (89,530,970 | ) | (12,802,758 | ) | (186,834,327 | ) | (54,246,900 | ) | (7,757,203 | ) | |||
| Net loss per ordinary share | |||||||||||||||
| —Basic | (0.46 | ) | (0.55 | ) | (0.08 | ) | (1.22 | ) | (0.25 | ) | (0.04 | ) | |||
| —Diluted | (0.46 | ) | (0.55 | ) | (0.08 | ) | (1.22 | ) | (0.25 | ) | (0.04 | ) | |||
| Net loss per ADS | |||||||||||||||
| —Basic | (0.91 | ) | (1.10 | ) | (0.16 | ) | (2.44 | ) | (0.49 | ) | (0.07 | ) | |||
| —Diluted | (0.91 | ) | (1.10 | ) | (0.16 | ) | (2.44 | ) | (0.49 | ) | (0.07 | ) | |||
| Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net loss per ordinary share | |||||||||||||||
| —Basic | 158,924,842 | 160,034,451 | 160,034,451 | 158,460,242 | 159,714,698 | 159,714,698 | |||||||||
| —Diluted | 158,924,842 | 160,034,451 | 160,034,451 | 158,460,242 | 159,714,698 | 159,714,698 | |||||||||
| Weighted average number of ADS outstanding used in computing net loss per ADS | |||||||||||||||
| —Basic | 79,462,421 | 80,017,226 | 80,017,226 | 79,230,121 | 79,857,349 | 79,857,349 | |||||||||
| —Diluted | 79,462,421 | 80,017,226 | 80,017,226 | 79,230,121 | 79,857,349 | 79,857,349 | |||||||||
| Note: | |||||||||||||||
| (a) Includes share-based compensation expenses as follows: | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2024 | 2025 | 2024 | 2025 | ||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||
| Cost of revenues | 155,177 | 156,745 | 22,414 | 751,445 | 858,055 | 122,700 | |||||||||
| Selling and marketing expenses | 1,363,601 | 896,134 | 128,145 | 7,110,420 | 5,396,473 | 771,685 | |||||||||
| Research and development expenses | 2,054,764 | 2,258,971 | 323,029 | 7,325,327 | 9,890,499 | 1,414,323 | |||||||||
| General and administrative expenses | 2,281,042 | 2,383,925 | 340,897 | 9,045,786 | 11,586,370 | 1,656,829 | |||||||||
| Total share-based compensation expenses | 5,854,584 | 5,695,775 | 814,485 | 24,232,978 | 27,731,397 | 3,965,537 | |||||||||
| NIU TECHNOLOGIES | |||||||||||||||
| RECONCILIATION OF GAAP AND NON-GAAP RESULTS | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2024 | 2025 | 2024 | 2025 | ||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||
| Net loss | (72,538,069 | ) | (88,108,576 | ) | (12,599,358 | ) | (193,200,639 | ) | (39,385,588 | ) | (5,632,064 | ) | |||
| Add: | |||||||||||||||
| Share-based compensation expenses | 5,854,584 | 5,695,775 | 814,485 | 24,232,978 | 27,731,397 | 3,965,537 | |||||||||
| Adjusted net loss | (66,683,485 | ) | (82,412,801 | ) | (11,784,873 | ) | (168,967,661 | ) | (11,654,191 | ) | (1,666,527 | ) | |||
________________
1 Adjusted net income (loss) (non-GAAP) is defined as net income (loss) excluding share-based compensation expenses
2 The discrepancy in the total number of e-scooters sold in the fourth quarter of 2025 disclosed herein and the sales volume disclosed in the Company's press release on sales volume update dated January 5, 2026 was due to adjustments made for certain product returns in international markets that occurred subsequently in the first quarter of 2026. This adjustment was made in order to better align with the revenue recognized for product sales during the fourth quarter of 2025.
3 Revenues per e-scooter on e-scooter sales from China or international markets is defined as e-scooter sales revenues from China or international markets divided by the number of e-scooters sold in China or international market in a specific period
4 Revenues per e-scooter on accessories, spare parts and services is defined as accessories, spare parts and services revenues divided by the total number of e-scooters sold in a specific period
5 Adjusted net income (loss) margin is defined as adjusted net income (loss) (non-GAAP) as a percentage of the revenues
FAQ
What were NIU's Q4 2025 revenues and net loss?
How did NIU perform for full year 2025 (revenues, net loss, volume)?
What guidance did NIU give for Q1 and full-year 2026?
How did NIU's China and international e-scooter revenue trends differ in 2025?
What drove NIU's improved full-year gross margin in 2025?
