来源 | 美股研究社 最近，比亚迪带着 "刀片电池"跨界而来，雅迪、爱玛加速海外扩张，而小牛电动则用"汽车级技术 下放"死守高端阵地。在这场由技术、渠道与生态构建的混战中，最新一季的行业数据，已然成为 观察未来格局的关键切片。 在此背景下，小牛电动发布 2025 年一季度财报，营收同比增长 35.1% ，亏损收窄 29.1% ，看似 逆势突围。然而，高端化争议未消、成本压力加剧、新竞争者虎视眈眈，小牛的复苏之路仍充满变 数。 营 收 增 长 与 市 场 扩 张 高 端 化 战 略 的 短 期 胜 利 小牛电动最新发布的财报数据显示， 2025 年第一季度实现营收 6.820 亿元（人民币，下同），同 比大幅增长 35.1% 。不过，毛利率有所下滑，从上年同期的 18.9% 降至 17.3% 。 在盈利方面，虽仍处于亏损状态，但亏损幅度明显收窄，净亏损 3880 万元，较上年同期的 5480 万元减少了 1600 万元；调整后的净亏损也从 4850 万元降至 3140 万元。 销量方面，小牛电动 Q1 电动滑板车销量达 203,313 辆，同比增长 57.4% 。其中，中国市场表现 尤为亮眼，销量为 183,0 ...

展望未来，小牛电动对市场需求充满信心，公司预计第二季度的营业收入在13.17亿元至14.11亿元之 间，对应同比增长40%至50%。 本文源自：金融界 国际市场方面，一季度，小牛电动国际整车业务收入同比增长22.4%。公司通过差异化产品策略推动结 构性升级，电动摩托车等高单价车型占比提升带动海外市场单车收入同比增长14.9%。 公司本季度成本控制成效显著，单车生产成本同比下降12.5%。运营费用占收入比例从去年同期的 32.7%降至24.2%。净亏损收窄至3,880万元，亏损率较去年同期下降5.2个百分点，调整后净亏损率进一 步降至4.6%，显现出向盈亏平衡加速迈进的趋势。截至一季度末，公司现金及定期存款规模达7.47亿 元。 进入二季度以来，小牛电动以"技术无差别普惠"为核心理念，发布FX、NXL、NL三大电摩系列及NLT 电自产品，首发价覆盖4799-9999元全价位段。 全球智能电动车品牌小牛电动今日公布了截至3月31日的2025年第一季度财务报告。报告期内，小牛电 动实现营收6.82亿元，同比增长35.1%，发展势头迅猛；国内门店数量已增至4,119家，海外销售网络已 覆盖53个国家；全球整车销量突破 ...

摘要 • NIU achieved a 57.4% year-over-year increase in total sales volume in Q1 2025, reaching 203,000 units, driven by strong growth in the China market (66%) and a smaller increase in overseas markets (6.4%). • Q1 2025 revenue increased by 35% year-over-year to RMB 682 million, with gross margin rebounding to 17.3%, a 4.9% increase attributed to production cost reductions through product visualization, component standardization, and procurement efficiency. • NIU's product strategy in Q1 2025 focused on enha ...

Niu (NIU) Q1 2025 Earnings Call May 19, 2025 08:00 AM ET Company Participants Kristal Li - Investor Relations ManagerYan Li - Chairman, CEO & COOFion Zhou - Chief Financial OfficerYating Chen - Equity ResearchDaniel Farag - Managing Partner Conference Call Participants Kyle Wu - AnalystNone - Analyst Operator Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Newha Technologies First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a liste ...

Financial Data and Key Metrics Changes - Total sales volume for Q1 2025 reached 203,000 units, representing a 57.4% year-over-year growth [7] - Total revenue for Q1 was RMB 682 million, reflecting a 35% increase compared to the same period last year [8] - Gross margin improved to 17.3%, a 4.9% year-over-year increase, driven by cost reductions and procurement improvements [8][33] - The net loss for Q1 was RMB 39 million, with a net loss margin of 5.7%, an improvement from a net loss of RMB 55 million in the same period last year [37] Business Line Data and Key Metrics Changes - In China, sales volume reached 183,000 units, with a 66% year-over-year increase [7] - Overseas sales volume was 20,000 units, with a 6.4% year-over-year growth [7] - Revenue from scooters in China was RMB 46 million, a 39% year-over-year increase, despite a decrease in average selling price (ASP) [31] Market Data and Key Metrics Changes - The overseas market saw a significant increase in electric two-wheeler sales, achieving over 3x growth due to direct distribution operations in key countries [21] - The ASP for overseas scooters rose from RMB 2,577 to RMB 2,962, driven by stronger demand for electric motorcycles and mopeds [33] - The micromobility market underperformed in Q1, with flat volume growth attributed to tariff issues in the U.S. and inventory challenges in Europe [23] Company Strategy and Development Direction - The company is focusing on expanding its product portfolio, particularly in the N, N, U, and F series, to enhance brand recognition among premium consumers and Gen Z [26] - A strategic emphasis on standardizing key product platforms has shown progress, enhancing R&D processes and reducing costs [17] - The company plans to open an additional 300 to 400 stores in Q2 to drive sales growth and improve distribution networks [27] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the China market in Q2 2025, building on strong product channel development and brand momentum [25] - The company anticipates a steady growth in the overseas market and a turnaround in profitability for the year [28] - Management expects the second quarter revenue to be in the range of RMB 1.3 billion to RMB 1.4 billion, representing a 40% to 50% year-over-year increase [38] Other Important Information - The company launched several new electric motorcycle models, including the NX Pro and NL, which have received positive market reception [12][13] - A partnership with ScaldoMaps has led to the development of a dynamic safety warning system, enhancing driving safety features [17] - The company has expanded its retail footprint by opening 384 new stores in Q1, focusing on tier three and tier four cities [19] Q&A Session Summary Question: Sales volume guidance for 2025 - Management confirmed that the guidance for 30% to 50% year-on-year growth in sales volume remains unchanged [41] Question: Margin outlook for upcoming quarters - Management expects gross margin to recover from last year's levels, with a positive outlook for net profit in Q2 [42] Question: Average selling price (ASP) changes - ASP decreased due to the launch of new models, but is expected to stabilize and recover in subsequent quarters [48][50] Question: Cash position outlook - Management anticipates an improvement in cash position by the end of the year, starting from Q2 due to increased sales volume [56][58] Question: Overseas business growth despite tariffs - Management maintains a positive outlook for electric motorcycle sales growth, while expecting moderate growth in the micromobility segment [60][64]

1Q 2025 NIU at a glance 2014 Founded 4,119 Stores in China 53 Countries 5.4mn Scooters Sold Globally 29bn km Riding Data Data as of March 31, 2025 2 China market: Enriched product matrix based on the existing product series 3 Overseas : Enriched product series, with e-moped and e-motorcycle, kick- scooters and e-bike 4 Competitive edge in smart technologies with user-centric industrial design Our App Our Scooter Our battery 7th Winner of seven major international design awards Portable battery pack 5 Sales ...

小牛电动第一季度实现营收6.82亿元，同比增长35.1%，发展势头迅猛；国内门店数量已增至4,119家， 海外销售网络已覆盖53个国家；全球整车销量突破20.3万辆，同比大幅增长57.4%，创下历史同期新 高。展望未来，基于销售旺季与新品放量的双重助力，小牛电动对市场需求充满信心，公司预计第二季 度的营业收入在13.17亿元至14.11亿元之间，对应同比增长40%至50%。 ...

Financial Performance - First quarter revenues reached RMB 682.0 million, marking a 35.1% increase year-over-year, driven by a 57.4% increase in sales volume, despite a 14.2% decrease in revenues per e-scooter [1][4][5] - The net loss for the first quarter was RMB 38.8 million, an improvement from a net loss of RMB 54.8 million in the same period last year [1][14] - Adjusted net loss (non-GAAP) was RMB 31.4 million, compared to an adjusted net loss of RMB 48.5 million in the first quarter of 2024 [5][14] Sales and Market Performance - The number of e-scooters sold was 203,313, representing a 57.4% increase year-over-year, with 183,065 sold in China (up 66.2%) and 20,248 in international markets (up 6.4%) [5][11] - E-scooter sales revenues from the China market were RMB 546.4 million, a 39.1% increase year-over-year, while international market sales revenues were RMB 60.0 million, up 22.4% [11][14] Cost and Margin Analysis - Gross margin for the first quarter was 17.3%, down from 18.9% in the same period of 2024, primarily due to international market challenges [5][8] - Cost of revenues was RMB 563.9 million, a 37.8% increase year-over-year, with the cost per e-scooter decreasing by 12.5% to RMB 2,774 [7][8] Operating Expenses - Total operating expenses were RMB 165.1 million, a slight increase of 0.1% year-over-year, with operating expenses as a percentage of revenues decreasing to 24.2% from 32.7% [9][10] - Selling and marketing expenses increased by 8.8% to RMB 114.6 million, while research and development expenses rose by 3.0% to RMB 29.8 million [12][13] Business Outlook - The company expects second quarter 2025 revenues to be in the range of RMB 1,317 million to RMB 1,411 million, representing a year-over-year increase of 40% to 50% [17]

智通财经5月17日电，热门中概股多数上涨，纳斯达克中国金龙指数收涨0.52%。小牛电动涨12%，哔哩 哔哩涨近7%，蔚来涨近3%，网易、京东跌超2%。 纳斯达克中国金龙指数收涨0.52% ...

金十图示：2025年05月16日（周五）热门中概股行情一览（美股盘中） 149.53亿市值 92.06亿市值 79.59亿市值 107.40 4.07 48.67 +1.64(+1.55%) +0.07(+1.88%) -0.16(-0.33%) 降層降暖 TALHAR 好未来 唯品会 的比较 77.44亿市值 79.33亿市值 63.55亿市值 18.98 15.04 10.49 +1.24(+6.99%) +0.54(+3.72%) +0.34(+3.30%) 金山区 So 名创优品 C ) 奇富科技 63.27亿市值 61.78亿市值 37.20亿市值 20.23 44.03 13.53 -0.55(-2.62%) -0.18(-0.41%) +0.25(+1.88%) 再鼎医药 陆金所控股 asza 汽车之家 zal-ab the may 26.09亿市值 32.74亿市值 30.39亿市值 30.18 25.66 3.01 +1.44(+4.99%) -0.09(-0.35%) +0.09(+3.08%) 雾芯科技 tom 爱奇艺 RELX 21.22亿市值 18.30亿市值 24.31亿市值 1. ...