传统主打女性消费者的产品多以颜色亮丽、外形可爱等为主，而看似"浪漫化"的设计实则忽略了真正的骑行痛点。而此次九号电动全新Q系列，主打女性 友好元素，比如在面对地库上下坡、天桥等场景时，女性用户往往面临骑行与推行的"两难选择"——骑行存在控车难度、推车又力不从心，而九号行业首 创的"零力推行"功能，遇到陡坡可自动识别并激活，还能车随人速，彻底解决女性用户低速挪车痛点。 还有标配TCS牵引力控制系统，有效解决了雨雪路面打滑问题。九号这次新品增加了行业首创的SOS专属紧急呼叫功能，以往这种功能只会在四轮车上才 会有。九号对于两轮电动车行业的深耕，为整个行业做出了表率。九号从安全首创到行业深耕，从底层技术到功能创新，做到了女性友好。 大众新闻·齐鲁壹点 任磊磊 近年来，两轮电动车女性用户数量呈现爆发趋势。2023年电动车消费报告显示，两轮电动车女性用户占比已突破45%，较三年前激增18个百分点。业内预 测，到2025年这一数字将飙升至55%。 但传统品牌对女性需求的回应长期停留在"粉色涂装""圆润曲线"等表面设计，甚至在安全性能、操控体验等核心维度对比同级车型存在明显短板。此次九 号发布的九号电动全新Q系列新品，将女 ...

来源：环球网 【环球网消费综合报道】2025年5月8日，九号电动发布多款新车，进一步完善其全场景出行产品矩阵， 同时带来多项行业首创的智能化功能，为智能出行领域树立新标杆。 全新Q系列：聚焦女性骑行，打造专属体验 发布会上，九号电动推出重新定义和设计的Q系列四大新品：Qz1、Q3、Q5、Q70c ，精准覆盖大学 生、职场新人等不同女性群体。该系列基于对327位女性用户累计8926小时骑行数据的分析，首创零力 推行、护航模式、SOS专属紧急呼叫等功能，用智能关怀解决女性骑行痛点。 Qz1延续DIY透明装扮橱窗和前面板氛围灯设计，支持个性化装饰。它轴距1035mm，转弯灵活，前后加 宽"胖胖胎"搭配舒芙蕾座垫，乘坐舒适。陡坡缓降、一键倒车等功能保障出行安全，首发价2799元起。 Q3采用CUTE泡泡美学设计，标配透明装扮橱窗。元气点仪表支持动态壁纸和情绪盲盒，还具备防晒提 醒功能。其首创的护航模式可自定义骑行参数，零力推行功能预计6月OTA推送。Q3还首次搭载SOS紧 急呼叫，安全性能升级。该车有三款车型，首发价4299元起，还有联名款推出。 Q5运用零重力悬浮设计主题，高定质感突出。双通道阀式ABS、CBS等配 ...

74.11亿市值 88.55亿市值 76.47亿市值 3.91 46.76 17.73 -0.95(-1.99%) +0.15(+0.85%) +0.07(+1.83%) SON 名创优品 唯品会 唯品会 s ) 可富科技 72.19亿市值 60.28亿市值 55.72亿市值 14.02 42.96 17.81 -0.17(-1.20%) +0.32(+0.75%) +0.15(+0.85%) 好未来 再鼎医药 # =2 汽车之家 zai. Po TAL 好未来 55.44亿市值 31.49亿市值 31.04亿市值 9.15 26.59 28.14 -0.04(-0.49%) +0.96(+3.75%) -0.23(-0.79%) 陆金所控股 雾芯科技 ttps:// REL X O 微博 23.49亿市值 22.36亿市值 21.25亿市值 2.71 1.83 8.49 +0.08(+0.95%) -0.05(-1.81%) +0.03(+1.38%) 乐信 乐信 tory 爱奇艺 m | 老虎证券 LEXIN 18.49亿市值 13.93亿市值 16.28亿市值 1.92 9.25 8.28 +0.03( ...

24&25Q1 电动两轮车板块综述：受益供需合力拉动， 25Q1 表现靓丽 证券研究报告 行业研究 [Table_ReportType] 行业事项点评 [Table_StockAndRank] 轻工制造 投资评级 看好 上次评级 看好 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 05 月 06 日 骆峥 新消费行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 24&25Q1 电动两轮车板块综述：受益供需合力 拉动，25Q1 表现靓丽 [Table_ReportDate] 2025 年 05 月 06 日 [Table_S [Table_Summary ummary] ] 25Q ...

+0.01(+0.51%) +0.14(+4.80%) 0.00(0.00%) 搜狐 搜狐 7 小牛电动 ▼ 进雷 3.60亿市值 2.86亿市值 2.81亿市值 11.97 4.50 3.67 -0.01(-0.08%) +0.06(+1.52%) +0.12(+2.76%) 金融壹账通 斗鱼 宝尊电商 2740 2.42亿市值 2.32亿市值 1.78亿市值 6.20 7.70 3.03 +0.10(+1.64%) +0.08(+1.05%) +0.18(+6.32%) 第九城市 猎豹移动 途牛 # 选手 he at user 1.48亿市值 1.21亿市值 1.11亿市值 10.56 3.93 0.96 -0.58(-5.21%) +0.05(+5.24%) +0.18(+4.80%) y 云米 9821.91万市值 O Hote 天境生物 新氧 新氧 8407.86万市值 7275.94万市值 0.89 1.44 0.83 +0.01(+0.98%) 0.00(-0.01%) +0.04(+4.21%) 华米科技 磨菇街 2 极光 huami 3663.86万市值 1840.39万市值 5310.61 ...

4月29日，小牛电动(NIU)盘中上涨2.12%，截至21:37，报3.615美元/股，成交13.7万美元，总市值2.82亿 美元。 本文源自：金融界 作者：行情君 5月19日，小牛电动将披露2025财年一季报（数据来源于纳斯达克官网，预计披露日期为美国当地时 间，实际披露日期以公司公告为准）。 资料显示，小牛电动有限公司(NASDAQ: NIU,又称"小牛电动"),成立于2014年,是全球领先的智能城市出 行解决方案提供商,公司致力于为全球用户提供更便捷环保的智能城市出行工具,改变出行,让城市生活更 美好。小牛电动是中国城市出行领域第一家 lifestyle 品牌公司,传播科技、潮流、自由(technology, style, freedom)的品牌理念。目前,已推出小牛电动NQi、MQi、UQi三个系列多款电动车和周边文化产品NIU POWER以及专业户外运动自行车NIU AERO等。小牛电动MQi、UQi在过去20年中是仅有的两款获得德 国红点、德国IF、美国IDEA、日本G-Mark、中国红星、台湾Golden pin、香港DFA全球7项最主要设计 奖项大满贯的出行产品。 财务数据显示，截至2024年 ...

Core Insights - Niu Technologies has launched the KQi 200 Series, featuring two new electric scooters aimed at providing premium performance and comfort at an accessible price point [1][14] - The KQi 200 Series includes the KQi200P and KQi200F models, designed for different user needs, with enhanced specifications compared to previous models [2][4] Product Features - The KQi200P offers a top speed of 19.5 mph, which is 2 mph faster than its predecessor, and an extended range of 32 miles, a 7-mile improvement [2][9] - The KQi200F is designed for daily commuters, featuring a foldable design for easy storage and transport, and is available exclusively online [4][8] - Both models incorporate advanced safety features, including a front drum brake and rear e-brake system, along with a dual-tube suspension for a smoother ride [9] Pricing and Availability - The KQi200P is priced at an MSRP of $649 and will be available at select Best Buy locations starting May 1 [3][8] - The KQi200F is priced at an MSRP of $699 and is available exclusively online at NIU.com [4][8] Company Overview - Niu Technologies is recognized as a leading provider of smart urban mobility solutions, offering a diverse product portfolio that includes electric motorcycles, mopeds, bicycles, and kick-scooters [6][10] - The company employs an omnichannel retail model, integrating both online and offline sales channels to enhance customer accessibility [10]

Group 1 - Niu Technologies will report its financial results for the first quarter of 2025 on May 19, 2025, before the U.S. market opens [1] - An earnings conference call will be held on May 19, 2025, at 8:00 AM U.S. Eastern Time to discuss the financial and business results [1][2] - Participants must register in advance to join the conference call and will receive dial-in numbers and a personal PIN upon registration [2] Group 2 - Niu Technologies is a leading provider of smart urban mobility solutions, designing, manufacturing, and selling high-performance electric motorcycles, mopeds, bicycles, kick-scooters, and e-bikes [3] - The company has a diversified product portfolio that includes electric motorcycle, moped, and bicycle series, as well as a micro-mobility series [3] - Niu has adopted an omnichannel retail model, integrating both offline and online channels for product sales and services [3]

VIE Contributions and Financial Impact - The VIE contributed 99.7%, 99.6%, and 98.8% of total revenues for the years ended December 31, 2022, 2023, and 2024, respectively[25]. - The VIE paid service fees of RMB112.2 million, RMB56.8 million, and RMB58.1 million (US$8.0 million) to the WFOE for the years ended December 31, 2022, 2023, and 2024, respectively[31]. - Niu Technologies did not provide any capital contributions or loans to its mainland China subsidiaries for the years ended December 31, 2022, 2023, and 2024[29]. - The ability to pay dividends is dependent on the profits of mainland China subsidiaries and the VIE, which are subject to restrictions on foreign exchange and cash transfers[38]. - A 10% withholding tax applies to dividends paid by foreign-invested enterprises to foreign non-resident investors, unless a tax treaty provides for a reduced rate[32]. - The VIE and its subsidiary qualify for a 15% preferential income tax rate in mainland China, but this rate is temporary and may not be available in the future[35]. - The VIE contributed a majority of the consolidated total revenues for the company in 2022, 2023, and 2024[166]. - The shareholders of the VIE hold 89.74%, 5.26%, and 5.00% of the equity interest, which may lead to potential conflicts of interest[172]. - The PRC tax authorities may challenge the VIE contractual arrangements, potentially leading to increased tax liabilities and penalties[176]. - The legal system in mainland China presents uncertainties that could limit the enforceability of contractual arrangements with the VIE[171]. - The company relies on contractual arrangements with the VIE, which may not be as effective as direct ownership, posing operational risks[166]. Financial Performance and Revenue - For the year ended December 31, 2024, total revenues amounted to RMB 3,288,296 thousand, a significant increase compared to RMB 2,651,758 thousand for the year ended December 31, 2023[43]. - The gross profit for the year ended December 31, 2024 was RMB 498,763 thousand, while for the year ended December 31, 2023, it was RMB 570,747 thousand, indicating a decrease in profitability[43]. - The net loss for the year ended December 31, 2024 was RMB 193,201 thousand, compared to a net loss of RMB 271,836 thousand for the year ended December 31, 2023, showing an improvement in financial performance[43]. - Selling and marketing expenses for the year ended December 31, 2024 were RMB 489,578 thousand, a slight decrease from RMB 495,735 thousand in the previous year[43]. - Research and development expenses for the year ended December 31, 2024 were RMB 130,111 thousand, compared to RMB 150,986 thousand for the year ended December 31, 2023, reflecting a reduction in investment in R&D[43]. - The company reported interest income of RMB 37,090 thousand for the year ended December 31, 2024, compared to RMB 35,492 thousand for the year ended December 31, 2023, indicating stable income from interest[43]. Cash Flow and Assets - As of December 31, 2024, total assets amounted to RMB 2,613,158,000, a decrease from RMB 2,189,331,000 as of December 31, 2023[47][48]. - Total current assets for 2024 were RMB 2,169,806,000, compared to RMB 1,760,614,000 in 2023, reflecting an increase of approximately 23.2%[47][48]. - Total liabilities decreased to RMB 1,681,876,000 in 2024 from RMB 1,095,715,000 in 2023, indicating a significant reduction of approximately 53.4%[47][48]. - Cash and cash equivalents at the end of 2024 were RMB 630,021,000, down from RMB 872,573,000 in 2023, representing a decline of about 27.8%[47][48]. - Net cash provided by operating activities for 2024 was RMB 52,287,000, compared to a net cash used of RMB 21,089,000 in 2023[50]. - The company reported a net cash outflow from investing activities of RMB 292,429,000 for 2024, a significant increase from the previous year's outflow[50]. - Total shareholders' equity remained stable at RMB 931,282,000 in 2024, unchanged from 2023[47][48]. - The company had short-term bank borrowings of RMB 200,000,000 as of December 31, 2024, consistent with the previous year[47][48]. - The company experienced a net decrease in cash, cash equivalents, and restricted cash of RMB 133,823,000 for the year ended December 31, 2024[50]. Regulatory and Compliance Risks - The PCAOB's ability to inspect auditors in mainland China and Hong Kong affects the trading status of Niu Technologies' shares under the Holding Foreign Companies Accountable Act[28]. - The company is not currently required to obtain permissions from the CSRC or undergo cybersecurity reviews for previous securities issuances to foreign investors[42]. - The Cybersecurity Review Measures require network platform operators holding personal information of over one million users to apply for a cybersecurity review before any public offering at a foreign stock exchange[41]. - The company may face uncertainties regarding future regulatory requirements that could impact its ability to operate or offer securities to foreign investors[41]. - The company must comply with extensive legal and regulatory requirements for manufacturing and product distribution, and failure to do so could materially affect its operations and financial results[92]. - Future changes in industry standards and regulations may increase operating costs and impact ordinary operations, potentially adversely affecting financial results[94]. - The company must navigate complex customs and trade regulations, which could pose additional compliance challenges and costs[146]. - The PRC government has implemented regulations requiring daily monitoring of algorithm data use and security assessments for internet companies[147]. - The company must apply for cybersecurity review if it processes personal information of over 1 million users when seeking foreign listing[147]. - The new Personal Information Protection Compliance Audit Management Measures mandate biennial audits for handlers of data from over 10 million individuals[149]. - The company faces potential penalties, including fines and business license revocation, if found in violation of PRC regulations[161]. - The Foreign Investment Law of the PRC, effective January 1, 2020, introduces uncertainties regarding the company's corporate structure and operations[162]. Market and Competitive Environment - The company faced intense competition in the electric two-wheeled vehicles industry, which may impact future sales and market share[62]. - The company relies heavily on city partners and franchised stores for sales and distribution, indicating a strategic focus on offline distribution networks[60]. - Maintaining and enhancing the "NIU" brand is critical for the company's success, as brand strength directly influences customer retention and expansion[65][66]. - The company may face challenges in managing relationships with city partners and franchised stores, which could impact sales performance[72]. - The company’s marketing strategy aims to appeal to a more diversified group of users, but future success is uncertain[82]. - The company’s ability to maintain profitability depends on increasing sales and managing operating expenses effectively[76]. - International expansion represents a significant opportunity for growth, but it also involves risks such as limited brand recognition and compliance with local laws[103]. Operational Challenges and Risks - The company relies on external suppliers for key components, with one supplier accounting for over 10% of total purchases in each of 2022, 2023, and 2024[73]. - The company has invested significantly in product development but may not achieve expected sales levels for new products[69]. - The company relies on third-party logistics for distribution, and disruptions could impair its ability to sell products and harm its reputation[105]. - Production difficulties due to mechanical failures or natural disasters could adversely affect the company's operations and financial condition[107]. - The company faces challenges in attracting and retaining highly skilled personnel, which may lead to significant costs and impact business operations[131]. - The company may need additional capital in the future for investments or acquisitions, and financing may not be available on acceptable terms[124]. - The company’s performance is sensitive to economic conditions, and an economic downturn could adversely affect consumer discretionary spending on its products[127]. - The company’s growth may be impacted by its ability to effectively manage operational challenges and maintain a reliable supply chain[120]. Employee and Labor Considerations - The company anticipates that employee costs, including wages and benefits, will continue to increase due to rising average wage levels in mainland China, which may adversely affect profitability if these costs cannot be passed on to consumers[121]. - Compliance with mainland China's regulations on employee stock incentive plans is crucial to avoid fines and legal sanctions[212]. - Companies must contribute to various employee benefit plans, with penalties for inadequate contributions potentially affecting financial results[213]. - Stricter labor laws in mainland China may limit the company's ability to manage employment practices cost-effectively, impacting profitability[214][215]. - Registration for social insurance and housing funds is mandatory, with potential administrative fines for non-compliance[216]. - Evolving labor-related laws may lead to disputes or investigations, affecting financial condition and operations[217]. Currency and Economic Risks - Exchange rate fluctuations pose risks to revenues and earnings, with significant impacts from Renminbi appreciation or depreciation against the U.S. dollar[218][219]. - Limited hedging options in mainland China increase exposure to currency exchange risks, potentially affecting investments[220]. - Discontinuation of government subsidies or new taxes could adversely impact financial condition and operational results[221]. - Classification as a mainland China resident enterprise could result in a 25% enterprise income tax on global income, affecting returns for shareholders[222][223].