Welcome to our dedicated page for Niu Technologies SEC filings (Ticker: NIU), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Niu Technologies filings document its foreign private issuer reporting as a Nasdaq-listed smart urban mobility company. Form 6-K current reports furnish press releases on sales-volume updates and unaudited financial results, including China and international unit sales, revenue trends, margins, net income or loss, and related operating highlights.
The company’s annual Form 20-F reporting covers audited consolidated financial statements and its business in electric motorcycles, mopeds, bicycles, kick-scooters and e-bikes. These disclosures describe NIU’s product lineups, omnichannel retail model, geographic markets, and public-company reporting framework.
Niu Technologies reported strong revenue growth but wider losses for the first quarter of 2026. Revenues reached RMB 909.5 million, up 33.4% year over year, driven by a 28.7% increase in e-scooter sales volume and a 5.6% rise in revenue per e-scooter.
China e-scooter revenue grew to RMB 773.6 million, up 41.6%, while international e-scooter revenue declined 15.2% to RMB 50.9 million. Gross margin was stable at 17.4%. Operating expenses rose 59.7% to RMB 263.6 million, increasing their share of revenue.
Net loss expanded to RMB 93.9 million from RMB 38.8 million, with net loss margin worsening to 10.3%. Adjusted non-GAAP net loss was RMB 88.0 million. Niu ended March 31, 2026 with RMB 1,163.3 million in cash, term deposits and short-term investments, and guided second quarter 2026 revenue to RMB 1,570–1,821 million, implying 25–45% growth.
Niu Technologies files its annual Form 20-F as a Cayman holding company with operations in mainland China conducted mainly through subsidiaries and a consolidated VIE structure. The VIE contributed 96.8% of total revenues in 2025, highlighting dependence on contractual arrangements.
The report stresses PRC legal, regulatory and enforcement risks around the VIE, data security, anti‑monopoly oversight and foreign offering approvals, any of which could disrupt operations or make ADSs significantly less valuable. Niu reports net losses of RMB271.8 million in 2023, RMB193.2 million in 2024 and RMB39.4 million (US$5.6 million) in 2025, alongside positive operating cash flow and detailed intra‑group cash‑flow controls.
The company outlines exposure to the HFCAA, noting it was previously identified as a Commission‑Identified Issuer but is not currently so after PCAOB regained inspection access. Extensive segment tables show that most assets, licenses and cash generation sit within the VIE and its subsidiaries, while Niu faces competition, margin pressure, product quality obligations and extensive PRC licensing and certification requirements.
Niu Technologies reported first quarter 2026 unit sales of 261,624 vehicles, up from 203,313 a year earlier, driven by growth in China. Sales in the China market reached 247,938 units, a 35% year-over-year increase, while international sales declined to 13,686 units, down 32%.
The MT2026 model continues to perform strongly, accounting for nearly 30% of domestic sales. Niu also launched its new NXT2.0 intelligent model in late March, featuring a three-camera surround-view system and an integrated AI riding agent with full voice control as it pursues sustainable growth through 2026.
Niu Technologies reported unaudited fourth quarter and full year 2025 results, with full year revenues of RMB 4,307.9 million, up 31.0% year over year. Full year net loss narrowed sharply to RMB 39.4 million from RMB 193.2 million, as gross margin improved to 19.6% from 15.2%, helped by higher-margin e-scooters and cost optimization in China.
In the fourth quarter, revenues fell 17.4% to RMB 676.2 million as total e-scooter sales dropped 23.8%, and net loss widened to RMB 88.1 million. International markets were weak, with Q4 e-scooter revenues there down 58.3% year over year, while accessories, spare parts and services grew 10.9%.
As of December 31, 2025, the company held RMB 1,115.6 million in cash, cash equivalents, term deposits and short-term investments, against RMB 240.0 million of short-term bank borrowings. For 2026, NIU expects first quarter revenues of RMB 887 million to RMB 1,023 million and full year sales volume of 1.7 million to 1.9 million units.
Niu Technologies reported insider equity activity by its Chief Financial Officer, Fion Wenjuan Zhou
NIU Technologies submitted a Form 144 notice for proposed sales of ADSs, each representing two Class A ordinary shares, dated 03/16/2026. The filing lists 22113 ADS in the securities-to-be-sold section and describes the shares as "ACQUIRED STOCK UNDER COMPANY SHARE INCENTIVE PLAN" with "VESTING OF SHARE INCENTIVE PLAN".
The filing also records recent activity by Zhou Fion Wenjuan: a sale entry dated 01/12/2026 showing 10521 ADS and the figure 33918.65 adjacent to that row. The document identifies the broker as Citigroup Global Markets located at 390 Greenwich St, New York.
Niu Technologies’ major shareholders have updated their ownership report. Glory Achievement Fund Limited, Bull Group Limited and BULL TRUST together report beneficial ownership of 60,243,535 ordinary shares, representing 38.6% of Niu’s ordinary shares, based on 155,927,944 ordinary shares outstanding as of February 28, 2025.
From March 4 to March 12, 2026, Glory Achievement Fund Limited bought 780,964 ADSs, representing 1,561,928 Class A ordinary shares, in open-market transactions for approximately US$3.1 million using its own working capital. The positions are held for investment purposes, and the group may increase or decrease its stake depending on market conditions and company developments.
Niu Technologies director and Chief Executive Officer Li Yan filed an initial statement of beneficial ownership, detailing existing equity interests rather than new trades. He reports 930,000 fully vested options granted under the 2018 Share Incentive Plan on August 1, 2019.
Li Yan also holds 1,125,000 unvested RSUs granted on January 10, 2025, vesting in three equal annual installments of 375,000 RSUs on January 10, 2027, January 10, 2028 and January 10, 2029. A further 1,000,000 unvested RSUs granted on January 20, 2026 will vest in four equal annual installments of 250,000 RSUs on January 20, 2027, January 20, 2028, January 20, 2029 and January 20, 2030. Each RSU converts into one Class A ordinary share upon vesting.
The filing also lists 292,500 American depositary shares, with each ADS representing two Class A ordinary shares, and 6,615,000 Class B ordinary shares held indirectly through ELLY Holdings Limited, a BVI company owned by Li Yan and his spouse.
Niu Technologies director and Chief Financial Officer Zhou Fion Wenjuan filed an initial ownership report showing equity incentives and share exposure. She holds 90,000 unvested restricted share units (RSUs) granted on March 15, 2022 that vest on March 15, 2026, plus 225,000 unvested RSUs granted on January 10, 2025 that vest in three annual installments of 75,000 RSUs each from January 10, 2027 through January 10, 2029. An additional 150,000 unvested RSUs granted on January 20, 2026 vest in four annual installments of 37,500 RSUs each from January 20, 2027 through January 20, 2030. Each RSU represents the right to receive one Class A ordinary share, and she directly holds 119,284 American depositary shares, with each ADS representing two Class A ordinary shares.
Niu Technologies director Ye Changqing has filed an initial statement of beneficial ownership. The filing reports 40,000 unvested restricted share units (RSUs), granted on October 19, 2024 under the 2018 Share Incentive Plan and scheduled to vest on October 19, 2026.
The filing also shows ownership of 50,000 American depositary shares (ADSs), with each ADS representing two Class A ordinary shares. Each RSU represents the contingent right to receive one Class A ordinary share upon vesting. The filing records current holdings rather than new market transactions.