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Sep 30, 2025
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Niu Q3 2025 Earnings Report
Niu reported strong revenue and a return to profitability in Q3 FY25, driven by soaring China e-scooter sales and improved margins.
Key Takeaways
Niu Technologies delivered a robust third quarter with revenues up 65% YoY and a return to net income, fueled by a 74% surge in China e-scooter sales. Gross margin expanded significantly to 21.8%.
Revenue rose to RMB 1.69 billion, up 65% YoY, driven by growth in e-scooter sales volume and pricing.
Net income reached RMB 81.7 million, a turnaround from RMB 40.9 million net loss in Q3 2024.
China e-scooter sales surged 74.2% YoY, offsetting a 73% drop in international sales.
Gross margin improved to 21.8% from 13.8% YoY due to cost control and favorable sales mix.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Niu expects Q4 2025 revenues to range between RMB 737 million and RMB 901 million, indicating potential YoY decline or slight growth.
Positive Outlook
- Guidance range includes potential for positive YoY growth.
- Company is proactively advancing channel expansion.
- Transition to new product standards is on track.
- Strong brand presence internationally through events like EICMA.
- Healthy liquidity position supports strategic execution.
Challenges Ahead
- Q4 guidance range includes potential 10% YoY decline.
- Seasonal low period expected to dampen volumes.
- International sales continue to struggle.
- Transition costs could pressure margins.
- Macroeconomic uncertainty may impact consumer demand.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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