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.
Niu expects Q4 2025 revenues to range between RMB 737 million and RMB 901 million, indicating potential YoY decline or slight growth.
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