NIU

Interested in Niu Technologies? Here are five stocks we like better. Revenue and sales increased: Q2 revenue rose 14.7% year over year to RMB 1.44 billion, while total unit sales climbed 24% to more than 434,000. Domestic growth was driven by electric motorcycles, which represented about 60% of China sales volume. Profitability deteriorated: Gross margin fell to 16% as the product mix shifted toward lower-margin motorcycles, input costs increased and overseas inventory was cleared. Niu reported a GAAP net loss of RMB 102 million, compared with net income of RMB 5.9 million a year earlier. Growth initiatives remain in place: Online domestic sales rose 50%, international electric motorcycle sales increased 50%, and the overseas dealer network expanded to 417 locations. Niu expects Q3 revenue of RMB 1.86 billion to RMB 2.03 billion and aims to normalize overseas inventory by year-end. Niu Technologies (NASDAQ:NIU) reported second-quarter 2026 revenue growth and higher unit sales, although the electric two-wheeler maker recorded a net loss as product mix changes, higher input costs and overseas inventory clearance weighed on margins. Total sales volume rose 24% year over year to more than 434,000 units. Sales in China reached about 400,000 units, up 26%, while overseas shipments increased 3.6% to approximately 32,000 units. Revenue climbed 14.7% to RMB 1.44 billion. → MarketBeat Week in Review – 08/03 - 08/07 CEO Yan Li said the company’s domestic growth was led by its electric motorcycle category as China’s two-wheeler market undergoes a structural shift. The premium e-bicycle segment, historically a key category for Niu, declined an estimated 25% to 30% industrywide in the first half, he said, amid enforcement of new national standards for electric bicycles and weaker demand in top-tier cities. Electric motorcycles accounted for roughly 60% of Niu’s China sales volume during the quarter, according to Li. The company has redirected research, development and product resources toward the category, which has gained demand particularly in lower-tier cities where motorcycles are not banned. → Quantum Earnings Week: Winners and Losers Are Finally Emerging Li highlighted the N Fengchi series, aimed at delivery workers and cargo use, which was priced at RMB 3,399 and generated 32,000 online pre-orders on its first day. The NX Marathon series, launched in April with a stated full-throttle range of 146 kilometers, accounted for 11% of domestic sales volume in the second quarter. The shift supported unit growth but reduced average selling prices and profitability. CFO Fion Zhou said China scooter average selling price fell 9% year over year to RMB 3,010, largely because electric motorcycles represented a greater share of sales. These products generally carry lower margins than Niu’s premium e-bicycles. → Take-Two’s Q1 Results Leave GTA 6 Bulls Stuck in the Fog of War Niu said it continues to support the e-bicycle market through entry-level Y-series products and intends to reintroduce compliant mid- to high-end models priced between RMB 5,000 and RMB 7,000 in the third quarter. The company said the refreshed models will incorporate premium features and its AI operating-system and AI-assisted riding capabilities in an effort to improve average selling prices and defend margins. Gross profit fell to RMB 230 million from RMB 252 million a year earlier, while gross margin declined 4.1 percentage points to 16%. Zhou attributed 2.5 percentage points of the decline to product mix changes and higher costs in China, with the remaining 1.6 percentage points tied to lower margins on overseas kick scooters. Li said the company used promotional activity and inventory write-offs to clear legacy international micromobility inventory. He described the resulting margin pressure as a deliberate, short-term measure intended to restore a healthier operating path. Overseas micromobility wholesale shipments were about 27,000 units, while end-user retail activations exceeded 36,000 units, up 21% year over year. Activations rose 21% in May and 37% in June, according to Li, who said the figures showed that inventory-clearance initiatives were gaining traction. Operating expenses increased 29% year over year to RMB 341 million. Selling and marketing expenses rose to RMB 239 million, reflecting increased domestic e-commerce advertising and branding investments as well as depreciation and amortization tied to store expansion. Research and development spending increased to RMB 52 million, and general and administrative expenses rose to RMB 51 million, primarily due to foreign-exchange losses on foreign-currency-denominated assets. The company reported a GAAP net loss of RMB 102 million, compared with net income of RMB 5.9 million a year earlier. Its non-GAAP net loss was RMB 98 million. Niu said same-store sales in China increased 24% year over year. Its nationwide store network stood at 4,570 locations at the end of the quarter, with lower-tier cities representing 36% of the footprint. Online sales increased 50% and represented 64% of total domestic retail sales. In addition to Tmall and JD.com, Niu expanded on Douyin through nine official flagship accounts and 1,600 dealer-operated accounts. The company said it conducted 57,000 livestreams and produced 90,000 short-form videos during the quarter, generating more than 720 million impressions. International electric motorcycle sales rose 50% to 4,800 units. Niu expanded its overseas dealer network to 417 active locations at the end of the quarter from 307 at the beginning of the year. Higher-displacement 125cc-plus products accounted for about half of European sales volume, and Li said the improved mix helped the regional business reach local profitability. The company also reported sales of more than 1,000 units in each of Algeria and Thailand, where it is pursuing an asset-light, profitability-first expansion strategy. Niu ended the quarter with RMB 1.7 billion in cash, restricted cash, term deposits and short-term investments, up RMB 36 million from year-end. Operating cash inflow was RMB 392 million, while capital expenditures totaled RMB 53 million, driven primarily by new store openings and module costs in China. For the third quarter, Niu forecast revenue of RMB 1.86 billion to RMB 2.03 billion, representing expected year-over-year growth of 10% to 20%. The company said it plans to continue expanding electric motorcycle offerings, including a female-focused product line, while working to normalize overseas inventory by the end of the year. Niu Technologies Co, Ltd., established in 2014 and headquartered in Beijing, is a leading designer and manufacturer of smart electric scooters and micro-mobility solutions. The company integrates Internet of Things (IoT) connectivity into its vehicles, enabling real-time monitoring of battery status, vehicle diagnostics, and location tracking through its proprietary mobile application. By leveraging lightweight materials and modular battery systems, Niu aims to deliver efficient urban transportation alternatives that reduce reliance on conventional gasoline-powered motorcycles and cars. Niu's product portfolio encompasses a range of electric scooters, motorcycles, and e-bikes marketed under its NQi, MQi, and UQi series. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Niu Technologies Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

-- Second Quarter Revenues of RMB 1,440.4 million, up 14.7% year over year -- Second Quarter Net Loss of RMB 102.2 million, compared with Net Income of RMB 5.9 million in the same period of 2025 BEIJING, Aug. 10, 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 second quarter ended June 30, 2026. Second Quarter 2026 Financial Highlights Revenues were RMB 1,440.4 million, an increase of 14.7% year over year Gross margin was 16.0%, compared with 20.1% in the second quarter of 2025 Net loss was RMB 102.2 million, compared with net income of RMB 5.9 million in the second quarter of 2025 Adjusted net loss (non-GAAP)1 was RMB 98.2 million, compared with adjusted net income of RMB 13.7 million in the second quarter of 2025 Second Quarter 2026 Operating Highlights The number of e-scooters sold was 434,687, an increase of 24.2% year over year The number of e-scooters sold in China was 402,202, an increase of 26.2% year over year The number of e-scooters sold in the international markets was 32,485, an increase of 3.6% year over year The number of franchised stores in China was 4,570 as of June 30, 2026 Dr. Yan Li, Chief Executive Officer of the Company, remarked, “In China, by incorporating AI-enabled riding features into a broader range of everyday riding needs, we continued to develop our smart mobility roadmap and strengthen the connected riding experience.” Dr. Li continued, “Internationally, we maintained a selective approach and continued to align our product offerings with local demand to support the stability of our global operation.” Second Quarter 2026 Financial Results Revenues reached RMB 1,440.4 million, representing a 14.7% increase year over year. This increase was primarily driven by a 24.2% increase in sales volume, partially offset by an 8.6% decrease in revenues per e-scooter. The following table shows the revenue breakdown and revenues per e-scooter in the periods presented: E-scooter sales revenues from China market were RMB 1,210.6 million, an increase of 14.6% year over year, representing 91.9% of total e-scooter revenues. The increase was mainly due to a 26.2% rise in sales volume, partially offset by a 9.2% decrease in revenues per e-scooter in China market. E-scooter sales revenues from international markets were RMB 106.3 million, an increase of 3.0% year over year, representing 8.1% of total e-scooter revenues. The increase was mainly due to higher sales volume of electric motorcycles and mopeds in international markets. Accessories, spare parts and services revenues were RMB 123.5 million, an increase of 29.0% year over year, representing 8.6% of total revenues. The increase was primarily driven by higher revenues from Niu App services, as well as accessories and spare parts sales in China market. Revenues per e-scooter were RMB 3,029, a decrease of 8.6% year over year. This decrease was primarily attributable to a shift in product mix in China market. Cost of revenues was RMB 1,210.0 million, an increase of 20.6% year over year, mainly due to higher sales volume. The cost per e-scooter, defined as cost of revenues divided by the number of e-scooters sold in a specific period, was RMB 2,784, a decrease of 2.9% from RMB 2,866 in the second quarter of 2025. This decrease was mainly due to a shift in product mix in China market, partially offset by rising upstream supply chain costs. Gross margin was 16.0%, compared with 20.1% in the same period of 2025. The decrease was primarily driven by shifts in product mix in China market, and higher product costs across the upstream supply chain, which put additional pressure on domestic gross margin. The decrease also resulted from lower gross margin on kick-scooters in international markets. Operating expenses were RMB 340.6 million, an increase of 28.6% from the same period of 2025. Operating expenses as a percentage of revenues were 23.6%, compared with 21.1% in the second quarter of 2025. Selling and marketing expenses were RMB 238.6 million (including RMB 1.0 million of share-based compensation expenses), an increase of 18.0% from RMB 202.2 million in the second quarter of 2025, mainly due to an increase of RMB 21.9 million in advertising and promotional expenses in China market, including the quarterly allocation of annual marketing plan, and RMB 12.2 million in depreciation and amortization. Selling and marketing expenses as a percentage of revenues were 16.6%, compared with 16.1% in the second quarter of 2025. Research and development expenses were RMB 51.5 million (including RMB 0.8 million of share-based compensation expenses), an increase of 17.8% from RMB 43.7 million in the second quarter of 2025, mainly due to an increase of RMB 4.4 million in design and testing expenses, and RMB 2.0 million in staff costs and share-based compensation. Research and development expenses as a percentage of revenues were 3.6%, compared with 3.5% in the second quarter of 2025. General and administrative expenses were RMB 50.5 million (including RMB 2.0 million of share-based compensation expenses), an increase of 165.2% from RMB 19.1 million in the second quarter of 2025, mainly attributable to an increase of RMB 44.2 million in foreign exchange gains or losses, consisting of foreign exchange losses of RMB 19.0 million in this quarter versus foreign exchange gains of RMB 25.3 million in the second quarter of 2025. General and administrative expenses as a percentage of revenues were 3.5%, compared with 1.5% in the second quarter of 2025. Operating expenses excluding share-based compensation expenses were RMB 336.8 million, an increase of 30.9% year over year, representing 23.4% of revenues, compared with 20.5% in the second quarter of 2025. Selling and marketing expenses excluding share-based compensation expenses were RMB 237.6 million, an increase of 18.5% year over year, representing 16.5% of revenues, compared with 16.0% in the second quarter of 2025. Research and development expenses excluding share-based compensation expenses were RMB 50.7 million, an increase of 23.8% year over year, representing 3.5% of revenues, compared with 3.3% in the second quarter of 2025. General and administrative expenses excluding share-based compensation expenses were RMB 48.5 million, an increase of 205.9% year over year, representing 3.4% of revenues, compared with 1.3% in the second quarter of 2025. Share-based compensation expenses were RMB 4.0 million, compared with RMB 7.9 million in the same period of 2025. Income tax benefit was RMB 0.9 million, compared with RMB 12.5 million in the same period of 2025. Net loss was RMB 102.2 million, compared with net income of RMB 5.9 million in the second quarter of 2025. The net loss margin was 7.1%, compared with net income margin of 0.5% in the same period of 2025. Adjusted net loss (non-GAAP) was RMB 98.2 million, compared with adjusted net income of RMB 13.7 million in the second quarter of 2025. The adjusted net loss margin4 was 6.8%, compared with adjusted net income margin of 1.1% in the same period of 2025. Basic and diluted net loss per ADS were both RMB 1.26 (US$ 0.19). Balance Sheet As of June 30, 2026, the Company had cash and cash equivalents, term deposits and short-term investments of RMB 1,475.8 million in aggregate. The Company had restricted cash of RMB 217.9 million and short-term bank borrowings of RMB 220.0 million. Business Outlook NIU expects revenues for the third quarter of 2026 to be in the range of RMB 1,863 million to RMB 2,033 million, representing a year-over-year increase of 10% to 20%. 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, August 10, 2026 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time) to discuss its second quarter 2026 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. 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 6.7851 to US$ 1.00, the exchange rate in effect as of June 30, 2026, as set forth in the H.10 Statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. 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 TechnologiesE-mail: [email protected] __________________________1 Adjusted net income (loss) (non-GAAP) is defined as net income (loss) excluding share-based compensation expenses2 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 markets in a specific period3 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 period4 Adjusted net income (loss) margin is defined as adjusted net income (loss) (non-GAAP) as a percentage of the revenues

This article first appeared on GuruFocus. Total Sales Volume: 434,000 units, up 24% year-over-year. China Sales Volume: 400,000 units, up 26% year-over-year. Overseas Sales Volume: 32,000 units, up 3.6% year-over-year. Total Revenue: RMB1.44 billion, up 14.7% year-over-year. China Revenue: RMB1.32 billion, accounting for 92% of total revenue. Overseas Revenue: RMB116 million, representing 8% of total revenue. Scooter Revenue (China): RMB1.21 billion, up 15% year-over-year. China Scooter ASP: RMB3,010, down 9% year-over-year. Overseas Scooter ASP: RMB3,270. Accessories, Spare Parts and Services Revenue: RMB124 million, up 29% year-over-year. Gross Profit: RMB230 million, down from RMB252 million in the same period last year. Gross Margin: 16%, down 4.1 percentage points year-over-year. Operating Expenses: RMB341 million, up 29% year-over-year. Selling and Marketing Expenses: RMB239 million, up RMB36 million year-over-year. R&D Expenses: RMB52 million, up RMB8 million year-over-year. G&A Expenses: RMB51 million, up RMB31 million year-over-year. Net Loss (GAAP): RMB102 million, with a net loss margin of 7.1%. Non-GAAP Net Loss: RMB98 million, with a non-GAAP net loss margin of 6.8%. Cash and Investments: RMB1.7 billion, up RMB36 million compared to the end of last year. Operating Cash Flow: Inflow of RMB392 million. CapEx: RMB53 million, up RMB21 million year-over-year. Store Network: 4,570 stores nationwide, with lower-tier cities accounting for 36% of total footprint. Same-Store Sales: Up 24% year-over-year. Online Sales: Up 50% year-over-year, accounting for 64% of total domestic retail sales. Overseas Electric Motorcycle Sales: 4,800 units, up 50% year-over-year. Overseas Dealer Network: Expanded from 307 stores at the beginning of the year to 417 active locations by end of Q2. Overseas Micromobility Wholesale Shipments: 27,000 units. Overseas Micromobility Retail Activation: Exceeded 36,000 units, up 21% year-over-year. Q3 Revenue Guidance: Expected to be in the range of RMB1.86 billion to RMB2.03 billion, up 10% to 20% year-over-year. Warning! GuruFocus has detected 3 Warning Signs with NIU. Is NIU fairly valued? Test your thesis with our free DCF calculator. Release Date: August 10, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Total sales volume grew 24% year-over-year to 434,000 units, driven by a 26% increase in China sales. Electric motorcycle category surged, contributing 60% of China sales volume, with strong demand for new models like the NX Marathon. International electric motorcycle business grew 50% year-over-year, with the 125cc+ category reaching 50% of European sales and achieving local profitability. Online sales in China grew 50% year-over-year, with successful Douyin expansion and strong same-store sales growth of 24%. Overseas micromobility retail activation grew 21% year-over-year, indicating successful inventory clearance and channel transition. Gross margin declined 4.1 percentage points to 16%, due to product mix shift, higher raw material costs, and overseas inventory clearance. Net loss of RMB102 million in Q2, compared to a net income of RMB5.9 million in the same period last year. China scooter ASP fell 9% year-over-year to RMB3,010, reflecting a shift to lower-priced electric motorcycles. Operating expenses increased 29% year-over-year, with higher selling and marketing costs and foreign exchange losses impacting G&A. Premium e-bicycle segment experienced industry-wide contraction of 25-30% in the first half, pressuring NIU's historical stronghold. Q: What were the key drivers behind NIU's Q2 2026 financial results, and how did the company navigate the challenging domestic market conditions?A: CEO Yan Li explained that NIU achieved a total sales volume of 434,000 units, a 24% year-over-year increase, driven by a 26% surge in China sales to 400,000 units. However, total revenue grew by 14.7% to RMB1.44 billion, while gross margin contracted to 16%. This margin decline was attributed to promotional sales and inventory write-offs in the international micromobility business, a product mix shift towards higher-volume but lower-margin electric motorcycles in China, and elevated raw material costs. These headwinds were partially offset by component platformization and cost reduction initiatives. Q: How is NIU's product mix shifting in China, and what is the strategic rationale behind this shift?A: CEO Yan Li stated that the domestic market is undergoing a structural transformation due to the full enforcement of new national standards for electric bicycles and declining demand in top-tier cities. The premium e-bicycle segment contracted by 25% to 30% in the first half, while demand shifted decisively towards electric motorcycles, especially in lower-tier cities. NIU proactively reallocated R&D and product resources to pivot aggressively into this high-growth segment. In Q2, electric motorcycles contributed approximately 60% of China sales volume, successfully offsetting the pressure in the premium e-bicycle segment and establishing a foundation for the next growth phase. Q: Can you elaborate on the performance of the international business and the progress of its strategic realignment?A: CEO Yan Li reported that overseas sales reached 32,485 units, a 3.6% year-over-year growth, signaling a steady recovery. The international electric motorcycle business delivered 4,800 units, a substantial 50% year-over-year increase, driven by the direct-to-retailer strategy. The dealer network expanded from 307 to 417 active locations, and the high-performance 125cc+ category now accounts for approximately 50% of European sales volume, leading to local profitability. In the micromobility segment, while wholesale shipments were 27,000 units, end-user retail activation exceeded 36,000 units, a 21% year-over-year growth, proving that inventory clearance initiatives are working effectively. Q: What is the company's strategy for the premium e-bicycle segment, and how does it plan to regain its edge?A: CEO Yan Li emphasized a strong long-term commitment to the e-bicycle market. While maintaining prudent discipline during the current market downturn, NIU is systematically strengthening its product matrix under the new national standard. The company is enhancing entry-level offerings with the Y-Series and actively reintroducing key models in the RMB5,000 to RMB7,000 price range to reestablish technological leadership. In Q3, they are launching a refreshed lineup of mid-to-high-end compliant e-bicycles with premium features and AI integration to lift ASP and improve the margin profile as the market stabilizes. Q: How is NIU's AI and technology strategy progressing, and what tangible results have been achieved?A: CEO Yan Li highlighted that NIU moved decisively in Q2 to convert AI capabilities into mass-market user experiences. Core features like the new AI OS, screen navigation, integrated triple camera systems, AI pets, and AI voice interaction are now integrated across multiple production models. User data confirms frequent usage, with screen navigation reaching approximately 190,000 monthly active users. Furthermore, the new AIOS won the prestigious 2026 Red Dot Award for interface and user experience design, marking the first time a two-wheeler operating system has received this international recognition. Q: What were the main drivers of the gross margin decline in Q2 2026?A: CFO Fion Zhou detailed that gross margin fell by 4.1 percentage points year-over-year to 16%. Of this decline, 2.5 percentage points were driven by changes in product mix and higher costs in the China market, as electric motorcycles carry lower gross margins than e-bicycles. The remaining 1.6 percentage points decrease was due to lower margins on overseas kick scooters resulting from inventory clearance programs. The company views these inventory clearance initiatives as a necessary investment to restore long-term operational health. Q: How did the company's operating expenses change, and what were the primary reasons?A: CFO Fion Zhou reported that operating expenses increased by 29% year-over-year to RMB341 million, with the OpEx ratio rising to 24% from 21%. Selling and marketing expenses increased by RMB36 million to RMB239 million, driven by intensified marketing plans in the domestic market, including e-commerce, advertising, and branding. R&D expenses rose by RMB8 million to RMB52 million due to higher design, testing, and staff costs. G&A expenses increased by RMB31 million to RMB51 million, primarily due to foreign exchange losses related to the remeasurement of foreign currency-denominated assets. Excluding FX losses, G&A expenses actually decreased to RMB32 million from RMB44 million. Q: What is the company's financial position and outlook for the third quarter of 2026?A: CFO Fion Zhou stated that NIU ended the quarter with RMB1.7 billion in cash, restricted cash, term deposits, and short-term investments, an increase of RMB36 million from the end of last year. Operating cash inflow amounted to RMB392 million. For Q3 2026, the company expects revenue to be in the range of RMB1.86 billion to RMB2.03 billion, representing a 10% to 20% year-over-year increase. This outlook reflects the company's current expectations and is subject to change based on market uncertainties. Q: How is NIU's retail channel strategy evolving, and what is the performance of its online channels?A: CEO Yan Li explained that in light of market uncertainties, NIU focused on same-store sales growth and the operational health of its retail ecosystem. The store network stood at 4,570 stores, with lower-tier cities accounting for 36% of the footprint. Same-store sales surged by 24% year-over-year. Online channels delivered a standout performance, with Q2 online sales growing by 50% year-over-year and accounting for 64% of total domestic retail sales. The company expanded to Douyin with nine official flagship accounts and 1,600 dealer-operated accounts, executing 57,000 live streams and producing 90,000 short-form videos, generating over 720 million impressions. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

BEIJING, July 03, 2026 (GLOBE NEWSWIRE) -- Niu Technologies (“NIU” or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today provided its sales volume results for the second quarter of 2026. In the second quarter of 2026, NIU sold 434,687 units, including e-motorcycles, e-mopeds, e-bicycles, kick-scooters and e-bikes. Sales in the China and international markets were 402,202 and 32,485 units, respectively. In China, sales volume increased by over 25% year-over-year, driven by continued demand for our core models and recent new product launches. During the quarter, we continued to advance our intelligent mobility strategy through deeper ecosystem collaboration with leading technology companies, integrating AI-enabled riding features into more practical riding scenarios and further strengthening the smart riding experience. Our NX 2026 model, positioned as a preferred long-range electric motorcycle, resonated strongly with consumers, reflecting market recognition of its real-world range and overall value proposition. In overseas markets, we maintained a disciplined operating approach amid an uneven external environment, with a continued focus on improving operational efficiency and prioritizing key markets to support sustainable long-term development. Our sales volume count disclosed above is based on the delivery from our manufacturing facility, which may vary slightly from the sales volume measured from a financial accounting and reporting point of view. NIU’s sales volume represents only one measure of the Company’s financial performance and should not be relied upon as an indicator of quarterly financial results, which depend on a variety of factors, including revenues from accessories, spare parts and services, cost of sales, operating expenses, etc. 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. 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. For investor and media inquiries, please contact: Niu TechnologiesE-mail: [email protected]

This article first appeared on GuruFocus. Release Date: May 18, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Niu Technologies (NASDAQ:NIU) reported a 28.7% year-over-year increase in total sales volume, reaching 261,000 units. Revenue for the quarter increased by 33.4% year-over-year, reaching RMB909.52 million. Sales volume in China increased by 35.4%, driven by a significant breakthrough in the electric motorcycle segment. The company successfully expanded its footprint into Tier 2 and Tier 3 cities, marking a strategic milestone. Niu Technologies (NASDAQ:NIU) launched the industry's first AI-enabled electric bicycles, the NXT2 Ultra, showcasing its commitment to innovation. Overseas sales declined by 32.4%, reflecting challenges in international markets. The electric bicycle segment experienced a contraction due to new national standards. The company reported a net loss of $94 million for the quarter, with a net loss margin of 10.3%. Operating expenses increased by 60% year-over-year, driven by intensified marketing initiatives. The micromobility segment saw a 37% year-over-year decline in international sales, impacting overall performance. Warning! GuruFocus has detected 3 Warning Signs with NIU. Is NIU fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide an overview of Niu Technologies' sales performance in the first quarter of 2026? A: CEO Dr. Yan Lee reported that the total sales volume reached 261,000 units, marking a 28.7% year-over-year increase. Revenue for the quarter was RMB909.52 million, up 33.4% year-over-year. In China, sales volume increased by 35.4% to nearly 248,000 units, driven by a breakthrough in the electric motorcycle segment. However, overseas sales declined by 32.4% due to channel structure optimization and inventory management. Q: What strategic initiatives did Niu Technologies undertake in Q1 2026? A: CEO Dr. Yan Lee highlighted several strategic initiatives, including front-loading investments in branding, R&D, and new product launches. The company executed major branding campaigns, including appointing global ambassadors and launching a Spring Festival saturation campaign. Additionally, they introduced the next-generation AI mobility strategy, focusing on AI operating systems and intelligent chassis systems. Q: How did Niu Technologies' product strategy evolve in Q1 2026? A: CEO Dr. Yan Lee explained that the product strategy focused on aggressive growth in the electric motorcycle segment and building a dominant portfolio for electric bicycles. Key product launches included the NX-T2 series, the Y Series targeting female mobility, and the NX Marathon, which generated significant sales shortly after launch. Q: What were the financial highlights for Niu Technologies in Q1 2026? A: CFO Ms. Deong Zhou reported that total revenue for the first quarter was RMB910 million, a 33% increase year-over-year. The gross profit exceeded RMB159 million, with a gross margin of 17.4%. Operating expenses increased by 60% to RMB264 million, driven by intensified marketing initiatives and higher R&D expenses. Q: What are Niu Technologies' expectations for the second quarter of 2026? A: CFO Ms. Deong Zhou provided guidance for Q2 2026, expecting revenue to be in the range of RMB1.57 billion to RMB1.82 billion, representing a 25% to 45% year-over-year increase. The company plans to focus on sustainable and quality-driven growth, with a continued emphasis on electric motorcycles and inventory normalization in international markets. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Image source: The Motley Fool. Monday, March 16, 2026 at 8 a.m. ET Chief Executive Officer — Yan Li Chief Financial Officer — Wenjuan Zhou Yan Li: Thank you, Kristal, and hello, everyone. Thank you for joining our fourth quarter 2025 result call. 2025 was a year of continued strategic transformation for Niu. We navigate a complex regulatory shift in China, executed a successful breakthrough in electric motorcycle segment and overhaul our international distribution for micro mobility, all while significantly expand our gross margins. While our fourth quarter volume reflect the temporary friction inherent in those structural changes, the robust foundation we have built positions us perfectly for accelerated high-quality and profitable growth in 2026. Now let's turn to the numbers. In the fourth quarter, we delivered 172,000 (sic) [ 172,763 ] units, represents a 23.8% year-over-year decline. This comprised of 158,782 units in China, down 12% (sic) [ 12.9% ] year-over-year, and close to 14,000 units overseas, down 68% (sic) [ 68.4% ] year-over-year. I want to spend a minute to dive deep in both figures as they are direct results of a proactive strategic transition we outlined earlier this year. First, regarding the China market. This decline was fully anticipated results of the transition to the new national standards for the electric bicycles. As we highlighted in our previous call, production of old standard models ceased on August 31, while the retail window closed on November 30. This led to a significant inventory front-loading by our distributors and retailers in Q3 2025. Naturally, this puts the sales forward, temporarily reducing our selling volumes for Q4. However, if we evaluate the second half of 2025 as a whole, our China deliveries actually grew 38% year-over-year, confirming that our continued growth momentum for the entire year. Now turning to our overseas performance. The volume decline was deliberately driven by a strategic realignment of our micro mobility channels. In the key markets like the U.S. and Germany, we have transitioned away from a traditional distributor-led model in favor of direct-to-retailer partnerships. While this structure shift meant our formal distributors pause orders to clear legacy inventories, it is a necessary evolution. It allowed us to capture higher margins and establish a closer, more agile relationship with our customers. Now zooming out to the full year 2025. The success of our broader strategy is clear. The total sales volume reached 1.19 million units, a robust of 29% year-on-year increase. This was fueled by exceptional performance in China, where sales surged 46% to surpass 1.11 million units. While our international volume of 80,000 units, a 51% decline, reflects a year of delivery channel restructuring, we successfully prioritized the long-term profitability over empty volume. The total revenue for the year reached RMB 4.31 billion, up 31% year-over-year. Most impressively, our full year gross margin reached 19.6%, expanding by a massive 4.4 percentage points year-over-year, reflecting our premium product mix and operational efficiencies. Now let me dive deeper into the specific operation dynamics of our China and international markets. Let's first look at China operations. We concluded the fiscal year with the exceptional performance across the China market. Total domestic sales volume successfully surpassed 1 million milestone, reached 1.11 million units, representing a robust of 46.5% year-over-year increase. This was the direct result of our highly integrated domestic strategy. Our momentum was propelled by 4 key pillars: one, the portfolio optimization, expanding into high-growth category like electric motorcycles, while maintaining our high-end market positions in electric bicycles. Second, technological leadership, sustained investment in cutting-edge smart riding innovation. Third, brand elevation, targeted campaigns that solidified our premium position, particularly among the Gen Z demographics. And the last, the channel expansion, aggressive scaling of retail network into the lower-tier cities. Together, those initiatives allowed us to capture significant market share and drive high volume growth in our home market. Now first, in 2025, we further fortified our product foundation late in 2024. Our core NMUF matrix has become the backbone of our business, representing nearly all of total volume. The N-Series continued to be our standout performers, delivering 43% of our total sales and successfully capturing every tier of the market. Throughout 2025, our focus remains on hero-SKU development and rapid innovations. This disciplined approach where 9 major products now account for more than 70% of sales allowed us to iterate it faster and deploy our technology platform more effectively, resulting in a leaner and a highly responsive product structure. Perhaps the most defining structural evolution for Niu in 2025 was our breakthrough into the electric motorcycle segment, led by a phenomenal success of FX Windstorm. The e-motorcycle now represent more than 23% of our total annual sales. This achievement validates our diversification strategy, improves our unique capability to accelerate the Niu market categories. The FX Windstorm has democratized high-end performance by integrating high-torque powertrains, strong durable frame supporting a top speed of 80-kilometer per hour and the flagship technologies like dual-channel ABS and the millimeter-wave radar into accessible RMB 4,000 to RMB 5,000 range. We've created an unmatched competitive moat. As the first high-speed e-motorcycle for the Gen Z segment, its momentum surge to a remarkable of 42% of our total sales in the fourth quarter. Beyond its appeal to young enthusiast, the Windstorm spec defined by high-torque powertrain and durability served as our primary engine to break through the high-growth delivery segment. Recognizing that professional riders were underserved, we responded with a targeted multimodal ladder strategy. The FX Windstorm, with this robust frame and the high-performance motor, the FX was our first model to successfully penetrate the delivery market, proving our consumer tech could meet intensive commercial demand. The NX Windstorm. In Q4, we launched the NX specifically for the delivery professional who requires higher capacity storage, build on our newly developed high durability frames, with the class leading 40 liters compartment. The NX contributed 10.5% to our Q4 volume in its debut quarter. And lastly, the NX and FX Windstorm, the entry-level anchors. To complete our coverage, those entry-level anchors serve as our high-value entry level performance offerings, allowing us to capture the budget-conscious professionals and daily commuters while maintaining a core Windstorm DNA. This expansion, alongside with our premium daily commute specs, has built a highly resilient and diversified revenue base for electric motorcycle segments. Now looking ahead to 2026, we'll continue to scale this leadership by developing a tailored e-motorcycle offerings, fulfillment riders and technology enthusiasts, accelerating our growth in the segment. Now moving to our electric bicycle segment. The 2025 was a pivotal transition year as the industry prepared for the China's new national standard. Our strategy was twofold: maintaining our dominance in the premium tier while aggressively populating our pipeline with the next-generation compliant products. Now to capture the high-end demand, we launched the NXT Ultra 2025 and FXT Ultra 2025. The NXT Ultra features the 10 major upgrades, with 77% core components redesigned to solidify its position as the premium market leaders. Meanwhile, FXT Ultra also add safety benchmarks such as millimeter-wave radars and dual-channel ABS. The market response was exceptional. We achieved over 20,000 units sold within the first 5 hours, generating more than RMB 220 million in sales, and ranking as a top-selling item across major e-commerce platform. We also continue to iterate our key models. The MT, our best-selling urban commuter, now accounts for 20 -- more than 20% of our total annual sales. With its compact design, a vibrant style, and the OkGo assist system. It has become particularly popular with our female demographics, proving our ability to design a specific lifestyle segments. The U3 Pro, we upgraded Gen Z favorites with a fine-tuned duel-channel ABS, offering the perfect plan of a trend-driven design and high-performance safety. Now to lead the transition to our new national standard, we strategically launched 2 key compliance series. The first one, the U1 one, as our first new standard compliant bicycle. The U1 redefined urban style, priced between RMB 4,199 to RMB 4,699, it features the lightweight design and smart integration like TCS and keyless entry. The K-Series. Launch in late 2025, the K-Series is a lifestyle-first platform. Starting on RMB 3,799, it features an innovative sled-type ring-arm skeleton frame for unmatched stability. With a 4.3 inch TFT display and magic wheel smart features, it is a personalized mobility statement that drives the trend towards intelligent commuting. Our full matrix of Niu standard products is progressing steadily, with a complete portfolio on track for a full rollout by Q2 2026. And in fact, we'll be showcasing a selection of those upcoming products at our launch event tomorrow. Now beyond our product expansion, 2025 was also a year of rapid advancement in our core technology stack. Our R&D strategy focused on the 2 primary objectives: democratizing the intelligent technology and pioneering the next generation of system mobility. In 2025, we successfully migrated high-end intelligent safety features previously exclusive to our flagship models down into our midrange entry level product. This includes a broader implementation of ABS braking system and radar technology, significantly raising the safety floor for the entire industry. Furthermore, we have introduced a suite of advanced smart functions across more product tiers, including full-screen navigation and our signature magic wheel interface, the dual direction smart throttles and adaptive hill descent system. Those features ensure a broader demographic of Niu riders can enjoy a premium flagship level experience regardless of their price points. At the high end of our R&D, we continue to push the boundary of what is possible in the 2-wheel industry. Looking ahead to 2026, our focus shift towards a collaborative and experienced intelligence. We are integrating scenario-based interactions and AI agent capabilities across our entire product ecosystem to create a more intuitive interaction between the rider and the machine. In fact, we're incredibly excited to announce that we'll be availing the industry's first AI-enabled smart scooter at our product launch event tomorrow, on March 17. We look forward to sharing more details during this event. And finally, our product -- our platform-based R&D strategy continued to deliver a significant operational benefit throughout 2025. By really standardizing the core components and the chassis architecture, we have not only accelerated our product development cycles, but also improve the manufacturing consistency and the cost efficiency. Now throughout 2025, we proactively leverage event-driven initiatives to expand our core user communities while making a targeted effort to solidify our position among the critical Gen Z demographics. Over the past year, we host more than 50 integrated brand activities, directly engaging over 0.5 million off-line participants and generate a 346 million total impressions. Those initiatives were strategically synchronized with our product launches to maximize impact. Key highlights included a high-profile crossovers such, as partnering with popular titles like Game for Peace online gaming to resonate with the younger gamers. The performance validation, setting up a lab record for electric toolers at Shanghai F1 event, showing case our engineering power. Community milestones, our 10th anniversary play for festivals and dedicated outdoor scenario-based campaigns, ranging from high-teens to competitive cycling, which embedded the Niu brand deeply within the outdoor enthusiast community. As we enter 2026, we are strategically pivoting back to the brand-driven growth. We initiated this shift with a high-profile announcement of our 2 global brand ambassadors, Wu Lei and Song Yuqi. Niu is the first in our industry to launch 2 global ambassadors simultaneously, perfectly embody our core value of performance, trends and use. This appointment ignites a media blitz that generated over 3.4 billion online impressions. We leveraged this momentum through a saturate offline presence, activating landmark digital displays and dominating a high-speed rail hubs across 35 cities, reaching an estimate of 500 million travelers. Now this integrated brand campaign served a clear purpose, to really reinforce Niu's position as the leading premium electric mobility brand. By combining a massive digital reach with a physical presence, we are building the brand equity necessary to support our next phase of expansion. Now in 2025, we continue to aggressively strengthen both our retail footprint and our digital ecosystem. Our nationwide store network has now surpassed 4,500 locations. Throughout this year, we added over 800 Niu stores, with a strategic focus on lower-tier cities. This delivery expansion is driving a deeper market coverage. Our digital channels maintain exceptional momentum in 2025. The total online sales reached approximately 0.5 million units, supported by remarkable high online conversion rate of near 50%. This metric is a testament to the health of our consumer demand and seamless efficiency of our online to offline model, which successfully bridge the online purchase with the physical retail fulfillment. Now with the social e-commerce, Douyin has solidified its position as our primary social e-commerce engine. Our ecosystem, they are powered by a 9 official flagship account and close to 1,000 dealer-operated accounts, generated over 95,000 live streams and 2.51 billion annual impressions. Having a perfected social e-commerce playbook, we plan to rapidly replicate the success model on Kuaishou in 2026. We are also expanding our online coverage to Meituan with 73 of our retail stores with Meituan accounts, another mass online channel for broader reach. Now moving to our international operation. While 2025 was a transition year for our overseas market, the underlying data reviews a significant structural improvement and a much healthier foundation for the year ahead. For the full year, overseas sales totaled 80,000 units, with close to 14,000 units delivered in the fourth quarter. First, our performance in international electric motorcycle segment was a major highlight. In Q4, we have delivered more than 2,000 units, 187% year-over-year increase. For the full year, the sales unit surged to 9,600 units, up to a 227% increase compared with 2024. This success was directly driven by our direct-to-retailer model. By bypassing the traditional [indiscernible], we significantly expand our dealer networks from 120 to close to 300 by Q4, surpassing our initial expansion target and giving us a direct control of the brand experience and the pricing. We also use 2025 to exceed our future growth. At ACMA 2025, we unveiled a strong global pipeline, including FQiX urban series, the NQiX 1000 high-performance motorcycle and XQi 500 offroad series. Those models will enter global markets through our DTR channels in 2026. Furthermore, we pioneered new territories such as North Africa, marked by our successful commercial launch in Algeria with our first 900 units CKD shipment in June. With this operational foundation in place, we expect a continued rapid growth in the electric motorcycle segment throughout 2026. Now in the micro mobility segment, we executed a planned transition to prioritize long-term health over short-term volume. Full year sales total of 70,000 units with a year-over-year decline, reflecting our strategic decision to restructure channels in the U.S. and Germany. We have successfully moved away from distributor heavy models in favor of our direct retail partnership. This transition allows us to capture higher margin, either greater control of our brands, and respond with much more agility to shifting retail trends. Now the most critical indicator of brand health is on the retail end. We sold over 100,000 scooters activated on consumers this year. The fact that activation are significantly higher our sales in volume is definitely a sign of a robust consumer demand. With this new channel model, our priority is to finalize the inventory normalization and position this business for sustainable and profitable growth. Now looking ahead, we see 2026 as a year defined by strategic acceleration across our entire diversified portfolio. Our groundwork in 2025 has set the stage for significant scale in both our domestic and international operations. In the China market in the electric bicycle segment, we expect the market to continue navigating a transitional phase through the Q1 of 2026 this year as the new standards are fully implemented. We anticipate consumer demand to remain measured in Q1, followed by a pronounced recovery as the regulatory framework stabilized and the supply chain adapts. To lead this recovery, we'll execute a phased rollout of our new standard product matrix, with a full compliant lineup on track for completion by Q2 2026. Conversely, our electric motorcycle segment is poised for a major breakout, supported by an increasing favorable record environment and the powerful market validation of our Windstorm platform. We are strategically positioned to capture the accelerated growth in this category. With the expanded product portfolio to cover more consumer segments, we believe we have built the most resilient and comprehensive e-motorcycle lineup, capable of capturing market shares across both professional and the lifestyle segments. Now turning into our international operations. We are transitioning from a period of restructuring to one of profitable scaling. In the electric motorcycle segments, we project a continued and disciplined expansion, fueled by our measured direct-to-retail network. By owning those dealer relationships directly, we are seeing a significant improvement in brand consistency and the service quality, which we expect to translate into higher volume growth. In the micro mobility segment, our primary objective for 2026 remains the finalization of the inventory normalization by prioritizing healthy sell-through over our artificial selling volume and maintaining a lean, agile channel structure while establishing a sustainable baseline for the near future. Now in summary, based on our current market visibility and momentum for our new product launches, we expect the total sales volume for the full year 2026 to reach between 1.67 million to 1.91 million units. Now with that, let me turn the call to Fion. Wenjuan Zhou: Thank you, Yan, and hello, everyone. Please note that our press release contains all the figures and comparisons you need, and we have also uploaded Excel format figures to our IR website for your easy reference. As I review our financial results, I'm referring to the fourth quarter figures, unless say otherwise. And all monetary figures are in RMB, if not specified. As Yan just mentioned, our total sales volume for the fourth quarter was 173,000 (sic) [ 172,763 ] units, a decrease of 24% (sic) [ 23.8% ] compared to the same period of last year. Specifically, China sales volume was 159,000 (sic) [ 158,782 ] units accounted for 92% of total sales volume. And overseas volume were 14,000 (sic) [ 13,981 ] units. For the full year 2025, total sales volume was nearly 1.2 million units, including 1.1 million units in China market and 80,000 units overseas. At the end of 2025, the number of franchise awards in China was 4,540. Total revenue in the fourth quarter was RMB 676 million (sic) [ RMB 676.2 million ], down 17% (sic) [ 17.4% ] compared to the same period of last year. To break down scooter revenues by ranging, the scooter revenues in China were RMB 545 million (sic) [ RMB 544.8 million ], down 16% (sic) [ 15.7% ] year-over-year and accounted for 94% of total scooter revenues. The decrease was mainly due to the lower gross volume and revenue per scooter. China's scooter ASP was RMB 3,431, down 3% (sic) [ 3.2% ] year-over-year and up 5% sequentially, mainly driven by the changes in product mix, with the shift from models such as MP, NLP and NSP to FX, U1 and NX models. Overseas scooter revenues, including electronic motorcycles, mopeds and e-scooters were RMB 36 million, representing 6% of total scooter revenues. Blended scooter ASP increased to RMB 2,600, up 32% year-over-year, mainly driven by the greater sales mix contribution from electronic motorcycles, which command a higher retail prices. Accessories, spare parts and services revenue were 95%, up 11% year-over-year and accounted for 14% of total revenues. This increase was primarily driven by the higher revenue from new smart services as well as from accessories, spare part sales in China market. For the full year 2025, the total revenue increased by 31%, from RMB 3.3 billion last year to RMB 4.3 billion this year. And China's scooter revenue as a whole saw a nearly 42% year-over-year increase, from RMB 2.6 billion last year to RMB 3.6 billion this year, taking 93% of total scooter revenues. Overseas scooter revenue decreased by 33%, from RMB 397 million last year to RMB 267 million this year, taking 7% of total scooter revenues. The total overseas revenues, including scooters and non scooters, contributing to nearly 7% of the total revenues. Let's take a look at ASP in 2025. The overall scooter ASP increased slightly from RMB 3,203 last year to RMB 3,269 this year. Among this, the China scooter ASP decreased slightly from RMB 3,377 last year to RMB 3,264 this year, primarily due to the changes in the product mix we mentioned in the previous quarters. In 2024, large-scale scooters like NXP, MT and N-play dominating our best sellers, with the average retail price exceeding RMB 5,000, while the more compact model, MP scooters, with a retail price ranging from RMB 3,700 to RMB 4,600 emerged as the best seller in 2025. While in the meanwhile, the large scale scooter like NXP, NLP still maintain a strong sales momentum in 2025. The overseas lending scooter ASP was RMB 3,330, nearly 40% increase year-over-year and driven by the greater proportion of revenue.... So we continue to buy the overseas blending scooter ASP. The overseas blending scooter ASP in 2025 was RMB 3,330, a nearly 40% increase year-over-year and driven by a greater proportion of revenue contribution from higher-priced electronic motorcycles and mopeds. The gross margin for the fourth quarter was 15.3%, up 2.9 ppt compared to the same period of last year. And the increase was primarily attributed to the continued margin improvement in the domestic market. For the full year 2025, our gross margin was 19.6%, up from 15.2% in the previous year, representing a year-over-year increase of 4.4 ppt. And this increase was primarily driven by the China market, reflecting a strategic shift in the product mix towards the higher-margin scooters. For example, the MT, NXT, FXT and et cetera, along with our continued cost reduction in the domestic market. This was partially offset by a lower gross margin of kick scooters in international markets. The fourth quarter OpEx was RMB 206 million (sic) [ RMB 206.1 million ], RMB 13 million higher than the same period of last year, and the OpEx ratio was 30.5% compared to 23.6% in the fourth quarter of 2024. Selling and marketing expenses were RMB 144 million (sic) [ 144.1 million ], RMB 8 million higher than the same period of last year, primarily due to the higher rental expenses in the international markets, along with the increased staff cost and higher depreciation and amortization expenses. These were partially offset by a decrease in advertising and promotion expenses in China market. Selling and marketing expenses accounted for 21.3% of revenue compared to 16.6% in the same period of last year and 12.7% last quarter. Research and development expenses were nearly RMB 50 million, RMB 11 million higher than the same period of last year, mainly due to the higher staff costs, share-based compensation and increased design and testing expenses. Research and development expenses accounted for 7.3% of revenue compared to 4.7% in the same period last year and 2.6% last quarter. General and administrative expenses were nearly RMB 13 million, around RMB 6 million lower than the same period of last year, mainly due to a decrease in taxes and surcharges, which were partially offset by an increase in foreign exchange losses. G&A expenses accounted for 1.8% of revenue and compared to 2.2% in the same period of last year and 2.3% last quarter. For the full year 2025, the OpEx were RMB 933 million (sic) [ RMB 933.2 million ], 24% (sic) [ 24.4% ] higher than last year, and OpEx ratio was nearly 21.7% compared to 22.8% last year. Selling and marketing expenses were RMB 676 million, RMB 186 million or 38% higher than last year, and about 15.7% of revenue compared to 14.9% in 2024. R&D expenses were RMB 166 million, RMB 36 million or 28% higher than last year, and about 3.9% of revenue compared to 4% in 2024. G&A expenses were RMB 91 million, RMB 40 million or 30% lower than last year and about 2.1 percentage of revenue compared to 4% in 2024. Non-GAAP operating expenses were RMB 906 million accounted for 21% of revenues compared to 22.1% last year. In the fourth quarter, we had a net loss of RMB 88 million and a non-GAAP net loss of RMB 82 million. On a full year basis, we had a net loss of RMB 39 million and a non-GAAP net loss of RMB 12 million. Turning to our balance sheet and cash flow. We ended the year with RMB 1.3 billion in cash, restricted cash, term deposit and short-term investments. On an annual basis, the operating inflow was around RMB 350 million, primarily reflecting the net income after adjusting for noncash items. Our fourth quarter CapEx was RMB 48 million. And for the full year 2025, the CapEx was RMB 178 million, RMB 58 million higher than last year because of the module cost and store expansion in the domestic market. And now let's turn to guidance. We expect the first quarter revenue to be in the range of RMB 887 million to RMB 1,023 million, an increase of 30% to 50% year-over-year. And the sales volume for 2026 was expected in the range of 1.67 million to 1.91 million units, as Yan just mentioned. Please be aware that this outlook is based in -- based on the information available as of the date, and reflects the company's current and preliminary expectations, which is subject to change due to the uncertainty related to various factors. And with that, we'll now open the call for any questions that you may have for us. Operator, please go ahead. Operator: [Operator Instructions] Our first question comes from the line of Yating Chen from CICC. Yating Chen: Yan and Fion, this is Yating from CICC, and I have 2 quick questions. First, could you share the current inventory situation for your kick scooters in the overseas market? And how you are thinking about the kick scooter business in 2026? Second, with the implementation of the new national standard for scooters in China, how should we think about the potential cost increase and the company's response? Wenjuan Zhou: Okay. This is Fion, I'll take the first question. Regarding to the inventory, actually, we already released the balance sheet figures in our earnings release, and the amount is around RMB 650 million for the whole inventory -- net inventory level. And I should say that more than 50% of our overall inventory are the aged kick scooters, which means more than RMB 300 million inventory are coming from the aged kick scooters. And that's why Yan just mentioned in the call is that in 2026, our top priority on the kick scooters is to improve the turnover of the aged inventory, especially the kick scooters, to change the business model into a more lean and straightforward and with our channel partners. And on top of that, I think for the whole year 2026 for the kick scooters, we are we are going to focus on the inventory itself instead of the new models import. And so we are -- we expected to spend the whole year 2026 to improve the inventory clearance and also to change the channel into a more healthier business model to support our going-forward kick scooter business. Yan Li: Yating, this is Yan. So to address your second question on the cost increase. So we have done a few things. First, I think with the new standard, because there are material changes, yes, there will be cost increase. We also have increased our retail price, not exactly proportionally, but have increased our price to cover partial of the cost increase. Second, we are also, through our cost reduction initiatives, really through engineering to figure out what are the -- really the cost out initiatives to be implemented on each of the scooters basically through a platform standardization and also commoditize some of the common parts. That will help us to actually to reduce the BOM cost. So by doing so, I think we're in very good hands to sort of handle the cost increase with the new standard. Operator: There are no further questions at this time. So I'll hand the call back to Dr. Yan Li for closing remarks. Yan Li: All right. Thank you, operator, and thank you all for participating on today's call, and for your support. We appreciate your interest and look forward to reporting to you again next quarter on our progress. Thank you. Operator: This concludes today's conference call. Thank you for participating. You may now disconnect. Speakers, please stand by. Before you buy stock in Niu Technologies, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Niu Technologies wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $462,983!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,375,447!* That performance is why people listen. With a track record of beating the S&P 500 by nearly 5x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of June 2, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Niu (NIU) Q4 2025 Earnings Call Transcript was originally published by The Motley Fool

Image source: The Motley Fool. Monday, May 18, 2026 at 8 a.m. ET Chief Executive Officer — Yan Li Chief Financial Officer — Wenjuan Zhou Yan Li: Thank you, Kristal. Hello, everyone. Thank you for joining our first quarter 2026 results call. The first quarter of 2026 was a period of high-quality execution and strategic resilience within a complex regulatory environment. The total sales volume reached 261,000 units, representing a robust of 28.7% year-over-year increase. Revenue for the quarter reached RMB 909.52 million, up 33.4% year-over-year. In China, the sales volume increased 35.4% to nearly 248,000 units. This growth was powered by a major structural breakthrough in our electric motorcycle segment, which successfully offset a tempered contraction in the electric bicycle market as a new national standard took full effect. Overseas, the sales of 13,686 units reflected a 32.4% decline. This remains a planned result of our ongoing channel structure optimization and disciplined inventory management. We're staying completely focused on our core objective, prioritizing healthy retail sell-through and long-term profitability over short-term shipment volume. Now let me walk through our China and overseas operation in more detail. In China, our first quarter sales volume reached 247,938 units, a 35.4% increase year-over-year. While this growth is robust, internal data reveals a significant positive structural evolution of our brand. To end this quarter, we must look at the divergence between 2 product categories. First, in the electric motorcycle category, the segment surged by a staggering 3x year-over-year increase. Building on our momentum that began in Q4 last year with our Windstorm product line, we further accelerate our growth in the electric motorcycle market, expanding our footprint directly into Tier 2 and Tier 3 cities. This is no longer just a temporary trend. It's a definitive market breakthrough proving Niu's ability to rapid scale and capture the meaningful volume in this segment. In the electric bicycle segment, the sales has soften. This was fully anticipated as the market remain a transitional weaning period as the new standard rolling out last December. We're managing this period deliberately by our new product lines in a phased approach, ensuring we are perfectly positioned to capture the high-quality volume as consumer demand returns. Now this shift has fundamentally redefined our geographic footprint as well. Historically, Niu has been perceived as Tier 1 city brand with the market represents 60% of sales. In Q1, we saw the Tier 1 and new Tier 1 cities softened with the Tier 2 and Tier 3 cities grow at a faster pace, fueled by the rapid adoption of electric motorcycles. This represents a massive strategic milestone and proves Niu's brand equity successfully scaling beyond the urban elites and penetrating the broader mass premium China market. Now this shift has set a powerful foundation for 2026. By breaking through the lower-tier motorcycle market, we have added a new growth engine. When the electric motorcycle market inevitably recovers, our total growth will rebound with double the force. To ensure we're the first to capture that recovery, we made deliberate strategic decision to front-load our investment in branding, R&D and the new product launch in Q1. Now in branding and marketing, recognizing 2026 is a pivotal year for our brand revolution, we made a proactive decision to front-load our marketing investment in this quarter. We chose to capture the consumer mind share ahead of the curve by building a massive brand awareness in Q1. We have ensured as the new national standard transition stabilized, Niu is well positioned to capture this unmet demand. In Q1, we executed 3 major saturation initiatives. First, our global 2 global ambassadors strategy. In late January, we officially announced Wu Lei and Song Yuqi as Niu's global brand ambassadors, the first strategy of its kind in our industry. Wu Lei's image as a high-performance outdoor enthusiast resonate with our core premium users, while Song Yuqi's significantly extend our reach among Gen Z and female audiences. This campaign was activated across 40-plus cities and 80-plus global landmarks, generating an unprecedented 3.4 billion impressions. Second, our Spring Festival saturation campaign, we capitalized on the highest frequency travel period in China and large-scale off-line campaign across 37 cities, 42 transportation clubs and nearly 3,000 cinemas. This generated over 400 million impressions firmly embedded message premium smart equals Niu in the mind of travelers. Third, the 2026 technology launch event. On March 17, we unveiled our next-generation AI mobility strategy. This event was not just a product review, but also repositioned Niu as a technology leader in the AI era. With over 130 media outlets and 460 million impressions, we have redefined what smart 2-wheelers can be. Now those intensive branding activities led to a 4x plus year-over-year increase in the marketing expense for Q1. So this was a onetime front-loading of our annual budget. Historically, the first quarter has seen a lower marketing spend due to seasonal retail trends. However, we choose to strategically shift our marketing weights in Q1 this year to ignite the brand momentum for the entire fiscal year. Now as we move into Q2 and beyond, you will see that our marketing to revenue ratio normalize. We have already established the brand equity required to drive our 2026 growth target. Now we'll transition directly from this investment phase to execution in the harvest phase. Now in terms of R&D and technology, the technology and continuous innovation remain core to Niu's long-term strategy as they are fundamental to our ability to compete far beyond simple pricing and basic hardware specifications. Our primary technology focus this year is to bring the power of AI to the electric 2-wheeler industry, zeroing in on 3 major development areas: the AI operating system, intelligent chassis system and intelligent riding technology. First on the Niu's AIOS launch on March 17 event, the Niu AIOS is our cornerstone to defining the next era of intelligent writing as the industry's first mass-produced AI dashboard system, it represents a technology milestone integrating AI-enabled voice assistant with high-performance automotive grade operating system. Now the second is the intelligent chassis platform. We also introduced our next-generation intelligent chassis platform. This platform is engineered to integrate advanced safety and performance system, including ABS, TCS continuous damping control, battery management system and lighting system into a single unified vehicle level architecture. Based on this platform, we aim to introduce several industry-first features for mass-produced 2-wheelers such as adaptive driving beam AI headlights and adaptive DCC suspension. And lastly, through a strategic partnership with the leading automotive-grade technology companies, we're bringing advanced rider system functionality to the 2-wheeler segment. This included integrating cutting-edge hardwares like advanced visual recognition systems and high-performance processing chips. Now supported directly by those core technologies, we launched the industry first AI-enabled electric bicycles NXT2 Ultra as our flagship model. Now talking about our product metrics, our product strategy in Q1 was clear. It's driving an aggressive growth in the electric motorcycle segment while building a dominant portfolio for the electric bicycle recovery. Now, first, to lead the electric bicycle transition, we launched NXT2 series price from RMB 5,299 to RMB 12,999. The flagship NXT2 Ultra is the industry's first AI-powered e-bicycles featuring our AIOS, 2-channel ABS and millimeter wave radar. This isn't just a bike, it's a statement that Niu's on the high-end market. Second, we expand our total addressable market with the Y Series. We officially entered the female mobility segment with the Y Series endorsed by our ambassador Song Yuqi at a competitive RMB 3,000 to RMB 4,000 price point. And third, the NX Marathon, our new volume engine to capitalize our 3x growth in the electric motorcycle market, we launched NX Marathon at RMB 6,499. This model target a long-range family commuters, offers a 146-kilometer drive range of flagship features such as magic wheel at a mainstream price point. The market response was immediate. Within just 5 hours of the launch, the NX Marathon generated over RMB 91 million in sales, ranking the #1 across major e-commerce platforms. Those performance proves our hero product strategy is working. In Q1, we continued to strengthen both the offline retail sales and online ecosystem operations. In terms of online channels, it delivered another standout quarter. The online sales increased by 53%, accounting for approximately 46% of domestic retail sales, demonstrating a continuous strength of our online to offline operation model. Also on Douyin, we conducted more than 32,000 live streams, generating over 370 million impressions. We also continue to expand on Kuaishou and Meituan and further broaden our digital retail coverage. Now turning to our international operations. We're navigating a deliberate structural transition to prioritize the healthy fundamentals. Our high-margin electric motorcycle business remains a key strategic priority and is showing a strong momentum. Shipment reached more than 2,000 units and 29% year-over-year increase. Our European dealer network expanded from 307 to 360 active locations this quarter. Now in the micro-mobility segment, international sales was down 37% year-over-year. First, this is regarding the channel distribution restructuring. During the first quarter, we completed a major structural shift to a leaner distribution model in our key markets like Germany and U.S. This critical action allows us to significantly minimize the ongoing channel operation expenses. Consequently, Q1 served as a transition phase where the major retail partners, such as Best Buy in the United States and MediaMarkt in Germany focused primarily on sellout of their existing retail inventories. The fresh stock-up period under the new distribution model is only in the beginning now in Q2. Second, reflecting on our current inventory positions, we're holding an elevated volume of micro-mobility inventories in Europe and the United States, stemming from lower-than-anticipated sales in 2025. Our primary mandate for the remainder of 2026 is clear, is to accelerate unit sales volume and aggressively reduce the inventory backlog back to a lean and healthy baseline. To execute this inventory clearance swiftly and protect against long-term operation drag, we're implementing targeted price promotions throughout the rest of the year, especially on older model products. So those efforts will depress our micro-mobility contribution margin throughout the year. While this discounting strategy present a short-term headwind to our profitability metrics, it is necessary to bring our global micro-mobility operation back to a clean optimized and highly stable foundation for the course of 2026. Now looking ahead, we will continue executing our strategy with a focus on sustainable and quality-driven growth. In China, we expect the electric bicycle market will recover gradually throughout Q2. We're taking a cautious view. To lead this market, we're executing a phaseout rollout of our full compound product mix anchored by the NXT2 and Y Series. Those position us with a comprehensive premium lineup ahead of a critical June end Q3 selling season. Meanwhile, our electric motorcycle category will continue to be our primary growth engine. We have additional model targeting female riders and technology enthusiasts planned for Q2 and second half of the year. And the upcoming 618 shopping festival will be the first major retail test of those expanded portfolios. Now overseas, our direct-to-retail strategy in the electric motorcycles is gaining speed. We expect our dealer count to surpass 400 locations by the year-end, supporting both volume growth and improved profitability. In the micro-mobility, as I detailed a moment ago, our operational priority for the remainder of 2026 is to aggressive inventory normalization and maximizing retail sell-through. We expect our leaner operating channel transition to finalize throughout the first half of this year with our broadened promotional clearance and inventory normalization largely conclude by the second half of 2026. So in summary, we have used the first quarter to do the heavy lifting required for a transformative year. By front-loading our marketing, investing deeply in our AI technology road map and diversifying our product portfolio and clean up our global channels, we have moved beyond the transition phase. We believe those strategic actions have laid a solid foundation to drive sustainable and high-quality growth in Q2 and will serve as a catalyst to accelerate growth in the latter half of the year. We're confident in our path and focus on execution. Now I will turn over to our CFO, Wenjuan Zhou, to talk about the financials. Wenjuan Zhou: Thank you, Yan, and hello, everyone. Please note that our press release contains all the figures and comparisons you need, and we have also uploaded Excel format figures to our IR website for your easy reference. As I review our financial results, I'm referring the first quarter figures unless I say otherwise, and all monetary figures are in RMB, if not specified. As Yan just mentioned, our total sales volume for the first quarter was 262,000 units, up 29% compared to the same period of last year. 248,000 units were sold in China, while the remaining 14,000 units sold overseas. Over 60% of our sales volume in China came from the top 3 best sellers. The total revenue for the first quarter amounted to RMB 910 million, an increase of RMB 228 million or 33% compared to the same period of last year. China revenue were RMB 854 million, accounting for 94% of the total revenue. Of this, the scooter revenue was RMB 774 million, a year-over-year increase of 42%, and this growth was primarily driven by a sales volume and improvement in the revenue per e-scooters. China scooter ASP were RMB 3,120, up nearly 5% year-over-year. While the overseas revenue was RMB 56 million, representing a 6% of the total revenue, the scooter revenue, including electronic motorcycles, mopeds, kick scooters and e-bikes amounted to RMB 51 million, down from RMB 60 million in the same period of last year, and this decline was driven by the lower sales volume and reduced revenue per kick scooters, partially offset by a higher revenue per electronic motorcycle and mopeds, which command higher retail prices. The sales volume in the international market shifted in favor of the electronic motorcycle and mopeds category. The premium pricing of these products further contributed to a year-over-year increase in the ASP of overseas scooters, which rose from RMB 2,962 to RMB 3,716. The revenue from accessories, spare parts and services were RMB 85 million, a 13% increase compared to the same period of last year, mainly driven by the higher revenue from Niu Services. And the gross profit for this quarter exceeded RMB 159 million, marking a significant improvement compared to RMB 118 million during the same period of last year. The gross margin was 17.4%, 0.1 ppt higher compared to the same period of last year and 2.1 ppt higher than the previous quarter. The domestic gross margin improved due to a favorable high-margin product mix, which boosted overall gross margin by 2 ppts. However, these gains were offset by a 1.9 ppt drag from the lower kick scooters margin. The operating expenses for the first quarter were RMB 264 million, increased RMB 99 million or 60% compared to the same period of last year. The OpEx ratio was 29% compared from the 24.2% in the same period of last year, but down from 30.5% in the last quarter. Selling and marketing expenses rose by RMB 65 million year-over-year to RMB 180 million, primarily driven by the intensified marketing initiatives in domestic market during the holiday season as well as a higher depreciation and amortization expenses and staff costs. Selling and marketing expenses accounted for 19.8% of revenue, up from 16.8% in the same period of last year, but down from 21.3% in last quarter. R&D expenses increased by RMB 12 million year-over-year to RMB 41 million, primarily due to an increase in design and testing costs as well as the staff cost. The R&D expenses representing 4.5% of revenue compared to 4.4% in the same period of last year, but down from 7.3% in last quarter. G&A expenses increased by RMB 22 million year-over-year to RMB 42 million, largely driven by an increase from foreign currency exchange losses. The G&A expenses constitute 4.7% of revenue, up from 3% in the same period of last year and 1.8% in last quarter. Excluding the impact of foreign currency exchanges, the G&A expenses were RMB 23 million compared to RMB 30 million in the same period of last year. In the first quarter, we had a net loss of RMB 94 million with a net loss margin of 10.3% on the GAAP accounting compared to a net loss of RMB 39 million with a net loss margin of 5.7% for the same period of last year. And the non-GAAP net loss was RMB 88 million with a non-GAAP net loss margin of 9.7%. Turning to our balance sheet and cash flow. We ended this quarter with RMB 1.4 billion, remained flat compared to the end of last year in cash, restricted cash, term deposits and short-term investments. Our operating cash inflow amounted to RMB 131 million. CapEx for the first quarter amounted to RMB 70 million, reflecting an increase of RMB 46 million compared to the same period of last year, and this can be primarily attributed to an increase in opening of new stores and mold cost in China. And now let's turn to guidance. We expected the second quarter revenue in the range -- to be in the range of RMB 1.57 billion to RMB 1.82 billion, an increase of 25% to 45% year-over-year. Please be aware that this outlook is based on the information available as of the date and reflects the company's current and preliminary expectation, which is subject to change due to uncertainties relating to various factors. And with that, let's now open the call for any questions that you may have for us. Operator, please go ahead. Operator: [Operator Instructions] Let me turn the call back to Mr. Li for closing remarks. Yan Li: Thank you, operator, and thank you all for participating on today's call and for your support. We appreciate your interest and look forward to reporting to you again next quarter on our progress. Thank you. Operator: This concludes today's conference call. Thank you for participating. You may now disconnect. Speakers, please stand by. Before you buy stock in Niu Technologies, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Niu Technologies wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $472,852!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,317,207!* Now, it’s worth noting Stock Advisor’s total average return is 984% — a market-crushing outperformance compared to 210% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 27, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Niu (NIU) Q1 2026 Earnings Call Transcript was originally published by The Motley Fool

-- First Quarter Revenues of RMB 909.5 million, up 33.4% year over year -- First Quarter Net Loss of RMB 93.9 million, compared with RMB 38.8 million in the same period of 2025 BEIJING, May 18, 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 first quarter ended March 31, 2026. First Quarter 2026 Financial Highlights Revenues were RMB 909.5 million, an increase of 33.4% year over year Gross margin was 17.4%, compared with 17.3% in the first quarter of 2025 Net loss was RMB 93.9 million, compared with RMB 38.8 million in the first quarter of 2025 Adjusted net loss (non-GAAP)1 was RMB 88.0 million, compared with RMB 31.4 million in the first quarter of 2025 First Quarter 2026 Operating Highlights The number of e-scooters sold was 261,624, an increase of 28.7% year over year The number of e-scooters sold in China was 247,938, an increase of 35.4% year over year The number of e-scooters sold in the international markets was 13,686, down 32.4% year over year The number of franchised stores in China was 4,542 as of March 31, 2026 Dr. Yan Li, Chief Executive Officer of the Company, remarked, “We continued to expand our presence among younger consumers in China, leveraging a targeted strategy featuring dual Gen Z brand ambassadors to deepen engagement. In the first quarter of 2026, we launched AI-integrated flagship models. Powered by the NIU AIOS intelligent operating system, these models highlight our industry-leading position in AI technology, delivering a seamless, smart riding ecosystem focused on safety, convenience, and personalized user experiences.” Dr. Li continued, “Internationally, we continued to refine our market strategy. By prioritizing our electric motorcycle position and optimizing our micro-mobility footprint, we are driving the operational improvements that reinforce our foundation for sustainable, long-term growth.” First Quarter 2026 Financial Results Revenues reached RMB 909.5 million, representing a 33.4% increase year over year. This increase was primarily driven by a 28.7% increase in sales volume, complemented by a 5.6% increase in revenues per e-scooter. The following table shows the revenue breakdown and revenues per e-scooter in the periods presented: E-scooter sales revenues from China market were RMB 773.6 million, an increase of 41.6% year over year, representing 93.8% of total e-scooter revenues. The increase was mainly due to a 35.4% increase in sales volume and a 4.5% increase in revenues per e-scooter in China market. E-scooter sales revenues from international markets were RMB 50.9 million, a decrease of 15.2% year over year, representing 6.2% of total e-scooter revenues. The decrease was mainly due to lower sales volume of kick-scooters in international markets. Accessories, spare parts and services revenues were RMB 85.0 million, an increase of 12.5% year over year, representing 9.4% 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 3,151, an increase of 5.6% year over year. This increase was primarily driven by a higher sales proportion from China market, coupled with higher revenues per e-scooter in China. Cost of revenues was RMB 751.0 million, an increase of 33.2% year over year, mainly due to increased sales volume. The cost per e-scooter, defined as cost of revenues divided by the number of e-scooters sold in a specific period, was RMB 2,870, an increase of 3.5% from RMB 2,774 in the first quarter of 2025. This increase was mainly due to provisions for slow-moving inventory in international markets. Gross margin was 17.4%, compared with 17.3% in the same period of 2025. The slight increase was primarily attributable to solid performance in China market, driven by a favorable product mix and effective cost-control efforts. This was partially offset by lower gross margin on kick-scooters in international markets. Operating expenses were RMB 263.6 million, an increase of 59.7% from the same period of 2025. Operating expenses as a percentage of revenues were 29.0%, compared with 24.2% in the first quarter of 2025. Selling and marketing expenses were RMB 179.7 million (including RMB 0.9 million of share-based compensation expenses), an increase of 56.8% from RMB 114.6 million in the first quarter of 2025, mainly due to an increase of RMB 45.9 million in advertising and promotion expenses, primarily driven by intensified marketing initiatives in China market during the Chinese New Year holiday season, RMB 8.5 million in staff costs, and RMB 8.3 million in depreciation and amortization. Selling and marketing expenses as a percentage of revenues were 19.8%, compared with 16.8% in the first quarter of 2025. Research and development expenses were RMB 41.4 million (including RMB 1.9 million of share-based compensation expenses), an increase of 38.8% from RMB 29.8 million in the first quarter of 2025, mainly due to an increase of RMB 5.4 million in design and testing expenses, and RMB 4.9 million in staff costs and share-based compensation. Research and development expenses as a percentage of revenues were 4.5%, compared with 4.4% in the first quarter of 2025. General and administrative expenses were RMB 42.5 million (including RMB 2.9 million of share-based compensation expenses), an increase of 105.8% from RMB 20.7 million in the first quarter of 2025, mainly attributable to an increase of RMB 28.4 million in foreign exchange losses, consisting of foreign exchange losses of RMB 19.2 million in this quarter versus foreign exchange gains of RMB 9.1 million in the first quarter of 2025. General and administrative expenses as a percentage of revenues were 4.7%, compared with 3.0% in the first quarter of 2025. Operating expenses excluding share-based compensation expenses were RMB 257.8 million, an increase of 63.4% year over year, representing 28.3% of revenues, compared with 23.1% in the first quarter of 2025. Selling and marketing expenses excluding share-based compensation expenses were RMB 178.8 million, an increase of 58.3% year over year, representing 19.7% of revenues, compared with 16.6% in the first quarter of 2025. Research and development expenses excluding share-based compensation expenses were RMB 39.5 million, an increase of 45.2% year over year, representing 4.3% of revenues, compared with 4.0% in the first quarter of 2025. General and administrative expenses excluding share-based compensation expenses were RMB 39.6 million, an increase of 123.4% year over year, representing 4.3% of revenues, compared with 2.6% in the first quarter of 2025. Share-based compensation expenses were RMB 5.9 million, compared with RMB 7.5 million in the same period of 2025. Income tax benefit was RMB 6.4 million, compared with RMB 2.2 million in the same period of 2025.Net loss was RMB 93.9 million, compared with RMB 38.8 million in the first quarter of 2025. The net loss margin was 10.3%, compared with 5.7% in the same period of 2025. Adjusted net loss (non-GAAP) was RMB 88.0 million, compared with RMB 31.4 million in the first quarter of 2025. The adjusted net loss margin4 was 9.7%, compared with 4.6% in the same period of 2025. Basic and diluted net loss per ADS were both RMB 1.16 (US$ 0.17). Balance Sheet As of March 31, 2026, the Company had cash and cash equivalents, term deposits and short-term investments of RMB 1,163.3 million in aggregate. The Company had restricted cash of RMB 211.0 million and short-term bank borrowings of RMB 230.0 million. Business Outlook NIU expects revenues for the second quarter of 2026 to be in the range of RMB 1,570 million to RMB 1,821 million, representing a year-over-year increase of 25% to 45%. 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, May 18, 2026 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time) to discuss its first quarter 2026 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. 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 6.8980 to US$ 1.00, the exchange rate in effect as of March 31, 2026, as set forth in the H.10 Statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. 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 TechnologiesE-mail: [email protected] __________________________________________ 1 Adjusted net income (loss) (non-GAAP) is defined as net income (loss) excluding share-based compensation expenses2 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 markets in a specific period3 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 period4 Adjusted net income (loss) margin is defined as adjusted net income (loss) (non-GAAP) as a percentage of the revenues

Interested in Niu Technologies? Here are five stocks we like better. Niu’s Q1 2026 revenue and volume surged, with total sales volume rising about 29% year over year to roughly 261,000 units and revenue increasing 33.4% to RMB 909.5 million. Growth was driven mainly by a strong performance in China. China demand was boosted by electric motorcycles, which helped offset softer electric bicycle sales during a regulatory transition. Management said the company is expanding beyond tier-1 cities, with especially fast growth in tier-2 and tier-3 markets. International sales remain in transition as Niu trims inventory and shifts to a new distribution model, weighing on overseas micro-mobility sales. The company guided Q2 revenue to RMB 1.57 billion–RMB 1.82 billion, implying 25% to 45% growth year over year. Niu Technologies (NASDAQ:NIU) reported a sharp increase in first-quarter 2026 revenue and China sales volume, as management said growth in electric motorcycles offset weakness in electric bicycles during a period of regulatory transition. Chief Executive Officer Yan Li said total sales volume reached about 261,000 units, up 28.7% year over year, while revenue rose 33.4% to RMB 909.52 million. Chief Financial Officer Fion Zhou later cited total sales volume of 262,000 units, including 248,000 units sold in China and 14,000 units overseas. → 3 Crucial Aerospace Component Makers That Analysts Love “The first quarter of 2026 was a period of high-quality execution and strategic resilience within a complex regulatory environment,” Li said. In China, Niu’s sales volume increased 35.4% year over year to 247,938 units. Li said the company saw a “significant positive structural evolution” in its domestic business, with electric motorcycle sales rising threefold from the prior-year period. → McDonald's Is the Cheapest It’s Been in Years—Does That Make It a Buy? Li said the growth built on momentum from the company’s Windstorm product line and reflected expansion into tier 2 and tier 3 cities. He described the performance as a “definitive market breakthrough” that showed Niu’s ability to scale beyond its historical base in tier 1 cities. At the same time, Li said electric bicycle sales softened, which management had anticipated as China’s market adjusted to a new national standard that took effect last December. He said Niu is introducing new product lines in phases as demand stabilizes. → 3 Stocks to Own If Gas Prices Keep Rising “Historically, NIU has been perceived as a tier 1 city brand,” Li said. “In Q1, we saw the tier 1, the new tier 1 city softened, where the tier 2 and tier 3 cities grow on a faster pace, fueled by the rapid adoption of electric motorcycles.” Management said the company made a deliberate decision to front-load marketing, research and development, and product launch investments in the first quarter. Li said marketing expenses rose more than fourfold year over year, calling the spending a “one-time front-loading” of the annual budget. The company highlighted three major branding initiatives during the quarter: A global ambassador campaign featuring Wu Lei and Song Yuqi, which Li said generated 3.4 billion impressions across more than 40 cities and more than 80 global landmarks. A Spring Festival campaign across 37 cities, 42 transportation hubs and nearly 3,000 cinemas, which generated more than 400 million impressions. A March 17 technology launch event focused on Niu’s next-generation AI mobility strategy, which Li said drew more than 130 media outlets and 450 million impressions. Li said the company expects the marketing-to-revenue ratio to normalize in the second quarter and beyond. Niu also emphasized AI-related product development. Li said the company is focused on an AI operating system, an intelligent chassis platform and intelligent riding technology. The company launched the NQi2 series, priced from RMB 5,299 to RMB 12,999, including the NQi2 Ultra, which Li described as the industry’s first AI-powered electric bicycle. Niu also introduced the Y series, aimed at female mobility users at a RMB 3,000 to RMB 4,000 price point, and the NX Marathon electric motorcycle, priced at RMB 6,499. Li said the NX Marathon generated more than RMB 91 million in sales within five hours of launch and ranked first across major e-commerce platforms. International sales totaled 13,686 units, down 32.4% year over year. Li said the decline was a planned result of channel optimization and inventory discipline, with the company prioritizing retail sales growth and long-term profitability over short-term shipments. Li said the high-margin electric motorcycle business overseas remained a priority, with shipments of more than 2,000 units, up 29% year over year. The company’s active European dealer locations increased from 307 to 360 during the quarter. However, micro-mobility sales overseas declined 37% year over year. Li said the company completed a shift to a linear distribution model in key markets including Germany and the United States, with partners such as Best Buy and MediaMarkt focused on selling existing inventory during the first quarter. He said fresh stocking under the new model began in the second quarter. Niu is also working through elevated micro-mobility inventory in Europe and the U.S. Li said the company will use targeted promotions, particularly on older models, to reduce inventory during 2026. He warned that the strategy will weigh on micro-mobility contribution margins for the year. Zhou said first-quarter revenue rose by RMB 228 million from the prior-year period to RMB 910 million. China revenue was RMB 854 million, representing 94% of total revenue. China scooter revenue rose 42% year over year to RMB 774 million, driven by higher sales volume and improved revenue per e-scooter. China scooter average selling price increased nearly 5% to RMB 3,120. Overseas revenue was RMB 56 million, or 6% of total revenue. Overseas scooter revenue, including electric motorcycles, mopeds, kick scooters and e-bikes, declined to RMB 51 million from RMB 60 million a year earlier. Zhou said the decrease reflected lower sales volume and reduced revenue per kick scooter, partly offset by higher revenue per electric motorcycle and moped. Overseas scooter ASP increased to RMB 3,716 from RMB 2,962. Revenue from accessories, spare parts and services rose 13% year over year to RMB 85 million, mainly due to higher revenue from new services. Gross profit exceeded RMB 159 million, and gross margin was 17.4%, up 0.1 percentage point from the prior-year period and 2.1 percentage points from the previous quarter. Zhou said domestic gross margin benefited from a favorable higher-margin product mix, though gains were offset by lower kick scooter margins. Operating expenses increased 60% year over year to RMB 264 million. Selling and marketing expenses rose to RMB 180 million, R&D expenses increased to RMB 41 million, and general and administrative expenses rose to RMB 42 million, largely due to foreign currency exchange losses. Niu reported a GAAP net loss of RMB 94 million, with a net loss margin of 10.3%, compared with a net loss of RMB 39 million and a 5.7% net loss margin a year earlier. Non-GAAP net loss was RMB 88 million, with a non-GAAP net loss margin of 9.7%. Niu ended the quarter with RMB 1.4 billion in cash, restricted cash, term deposits and short-term investments, which Zhou said was flat compared with the end of last year. Operating cash inflow was RMB 131 million, and capital expenditures were RMB 70 million, mainly due to new store openings and module costs in China. For the second quarter, the company guided for revenue of RMB 1.57 billion to RMB 1.82 billion, representing year-over-year growth of 25% to 45%. Zhou said the outlook reflects information available as of the call date and remains subject to change. No analysts asked questions during the conference call. Niu Technologies Co, Ltd., established in 2014 and headquartered in Beijing, is a leading designer and manufacturer of smart electric scooters and micro-mobility solutions. The company integrates Internet of Things (IoT) connectivity into its vehicles, enabling real-time monitoring of battery status, vehicle diagnostics, and location tracking through its proprietary mobile application. By leveraging lightweight materials and modular battery systems, Niu aims to deliver efficient urban transportation alternatives that reduce reliance on conventional gasoline-powered motorcycles and cars. Niu's product portfolio encompasses a range of electric scooters, motorcycles, and e-bikes marketed under its NQi, MQi, and UQi series. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Niu Technologies Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.