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Niu Technologies reported unaudited results for the quarter ended June 30, 2026. Revenues were RMB 1,440.4 million, up 14.7% year over year, driven by a 24.2% increase in e-scooter sales volume to 434,687 units, partially offset by lower revenue per scooter.
Gross margin fell to 16.0% from 20.1%, as product mix shifts in China, higher upstream supply chain costs and lower margins on international kick-scooters pressured profitability. Operating expenses rose 28.6% to RMB 340.6 million, with general and administrative expenses up sharply due mainly to adverse foreign-exchange movements.
The company recorded a net loss of RMB 102.2 million versus net income of RMB 5.9 million a year earlier; adjusted net loss (non-GAAP) was RMB 98.2 million. Cash, cash equivalents, term deposits and short-term investments totaled RMB 1,475.8 million with short-term bank borrowings of RMB 220.0 million. Management expects third-quarter 2026 revenue of RMB 1,863–2,033 million, a projected increase of 10–20% year over year.
Glory Achievement Fund Limited, Bull Group Limited and BULL TRUST report beneficial ownership of 65,693,947 Niu Technologies ordinary shares, representing 41.9% of the company based on 156,872,176 ordinary shares outstanding as of February 28, 2026, assuming conversion of all Class B ordinary shares into Class A ordinary shares.
From June 25 to July 23, 2026, Glory Achievement Fund Limited bought 837,918 ADSs (1,675,836 Class A shares) in open‑market transactions for approximately US$2.1 million, using its own working capital. The investors state they hold the position for investment purposes and may acquire or dispose of securities over time, subject to Niu Technologies' policies, including its insider trading policy.
Niu Technologies reported that it sold 434,687 electric two-wheelers in the second quarter of 2026, up from 350,090 units in the same quarter of 2025. China accounted for 402,202 units and international markets 32,485 units.
China sales volume increased by over 25% year-over-year, supported by demand for core models and new launches such as the long-range NX 2026 motorcycle. First-half 2026 sales reached 696,311 units versus 553,403 a year earlier, while management emphasized ongoing AI-enabled features and an omnichannel sales model. The company cautions that unit volume is only one element of overall financial performance.
Glory Achievement Fund Limited, Bull Group Limited and BULL TRUST report a 40.8% stake in Niu Technologies. They beneficially own 64,018,111 ordinary shares with sole voting and dispositive power, based on 156,872,176 ordinary shares outstanding as of February 28, 2026.
From June 12 to June 25, 2026, Glory Achievement Fund Limited purchased 823,178 ADSs, representing 1,646,356 Class A ordinary shares, in open-market transactions for approximately US$1.8 million, using its own working capital. The group states these holdings are for investment purposes and may increase or decrease its position over time.
Niu Technologies’ major shareholder Glory Achievement Fund Limited reports beneficial ownership of 62,371,755 ordinary shares, representing 39.8% of the company’s outstanding ordinary shares, including Class A and Class B on an as-converted basis as of February 28, 2026.
From March 13, 2026 through June 12, 2026, Glory Achievement Fund Limited purchased 1,064,110 ADSs, representing 2,128,220 Class A ordinary shares, in open-market transactions for approximately US$2.5 million using its own working capital. The reporting persons state the holdings are for investment purposes and may increase or decrease their position over time depending on market conditions and company developments.
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