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Jun 30
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Niu Q2 2025 Earnings Report
Niu Technologies reported strong revenue growth and a return to profitability in Q2 2025, driven by higher e-scooter sales in China despite weaker international performance.
Key Takeaways
Niu Technologies delivered RMB 1.26B in revenue for Q2 2025, up 33.5% year-over-year, as China e-scooter sales surged 53.6% in volume. Net income reached RMB 5.9M compared to a loss last year, and adjusted net income rose to RMB 13.7M. International e-scooter sales volumes fell, but gross margin improved to 20.1%.
Revenue grew 33.5% year-over-year to RMB 1.26B
Gross margin improved to 20.1% from 17.0% last year
China e-scooter sales volume rose 53.6% while international sales dropped 35.5%
Returned to profitability with RMB 5.9M net income
Niu
Niu
Niu Revenue by Segment
Niu Revenue by Geographic Location
Revenue by Segment
E-scooter China Revenue
CapyFin.comE-scooter International Revenue
CapyFin.comAccessories, Parts & Services Revenue
CapyFin.comRevenue by Geographic Location
China Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Niu expects Q3 2025 revenues between RMB 1.433B and RMB 1.638B, representing 40%–60% growth year-over-year.
Positive Outlook
- Forecasted Q3 revenue growth of 40%–60% YoY
- Continued strong performance in China e-scooter market
- Ongoing cost-reduction initiatives boosting margins
- Domestic retail network expansion to over 4,300 stores
- Improved gross margin versus prior year
Challenges Ahead
- International e-scooter sales volume decline
- Micromobility segment weakness due to geopolitical and economic factors
- Operating expenses increased 38.1% YoY
- Slight decrease in revenues per e-scooter in China
- International market headwinds impacting growth
Revenue & Expenses
Visualization of income flow from segment revenue to net income