Core Insights - Niu Technologies has made significant advancements in its Environmental, Social, and Governance (ESG) performance for 2024, with its S&P Global ESG Score increasing by 14 points year-over-year to 43, ranking first in China's two-wheeler segment [1][2] - The company outperformed 68% of global automotive companies in the S&P Global Corporate Sustainability Assessment (CSA), highlighting its leadership in sustainable development [1][2] - NIU has enhanced its ESG transparency by disclosing comprehensive data on greenhouse gas emissions and conducting a climate risk assessment, resulting in a significant increase in its CSA Score [3] ESG Performance - NIU's S&P Global ESG Score ranked first in China's two-wheeler segment and was among the top 4 in the broader automotive industry, surpassing the industry average by 11 points [2] - The company's Environmental score exceeded more than half of global automotive companies, while its Social and Governance scores outperformed 65% and 77% of global peers, respectively [2] Transparency and Data-Driven Leadership - In 2024, NIU disclosed comprehensive data on direct and indirect greenhouse gas emissions for the first time, leading to an increase in its S&P Global CSA Score from 0 to 75 in TCFD Disclosure criteria [3] - The company has disclosed energy consumption data for three consecutive years, raising its CSA score in Energy Consumption criteria from 42 to 90 [3] Decarbonization Initiatives - NIU achieved a perfect S&P Global CSA Score for the second consecutive year in Product Quality & Recall Management, Information Security, Low-Carbon Products, and Product Stewardship criteria [4] - The company's smart two-wheelers feature low-carbon designs and green manufacturing, setting industry standards for sustainability [4] Comprehensive ESG Practices - NIU established a comprehensive value chain management system, introducing a "Supplier Code of Conduct" and "Conflict Minerals Policy" to ensure ethical standards in raw material sourcing [5] - The company implemented 24/7 customer support, achieving a perfect score in Customer Satisfaction Measurement criteria [5] - NIU's "Employee Rights and Interests Policy" prohibits discrimination and harassment, and its newly introduced "Human Rights Policy" received a perfect assessment score [5] Climate Disclosure and Future Commitment - NIU is one of the first electric two-wheeler companies in China to participate in the CDP assessment, publicly disclosing its carbon emissions data and earning an "Awareness Level" rating [6] - The company remains committed to sustainable development and plans to increase investments in research and innovation related to environmental management and carbon emissions control [7]

Core Insights - Niu Technologies has made significant advancements in its Environmental, Social, and Governance (ESG) performance for 2024, with its S&P Global ESG Score increasing by 14 points year-over-year to 43, ranking first in China's two-wheeler segment [1][2] - The company outperformed 68% of global automotive companies in the S&P Global Corporate Sustainability Assessment (CSA) and achieved a perfect score in several key criteria [1][2][4] ESG Performance - NIU's S&P Global ESG Score ranked first in China's two-wheeler segment and was among the top 4 in the broader automotive industry, surpassing the industry average by 11 points [2] - The company's Environmental score exceeded more than half of global automotive companies, while its Social and Governance scores outperformed 65% and 77% of global peers, respectively [2] Transparency and Data Disclosure - In 2024, NIU enhanced its ESG transparency by disclosing comprehensive data on greenhouse gas emissions and conducting a climate risk assessment aligned with the TCFD framework, resulting in a CSA Score increase from 0 to 75 in TCFD Disclosure criteria [3] - The company has disclosed energy consumption data for three consecutive years, raising its CSA score in Energy Consumption criteria from 42 to 90 [3] Decarbonization Initiatives - NIU achieved a perfect S&P Global CSA Score for the second consecutive year in Product Quality & Recall Management, Information Security, Low-Carbon Products, and Product Stewardship criteria [4] - The company's smart two-wheelers feature low-carbon designs and green manufacturing, significantly improving resource efficiency through lightweight designs and lithium battery adoption [4] Value Chain Management - NIU established a comprehensive value chain management system, introducing a "Supplier Code of Conduct" and "Conflict Minerals Policy" to ensure ethical and environmental standards in raw material sourcing [5] - The company implemented a "Human Rights Policy" that received a perfect assessment score, reflecting its commitment to diversity and inclusion [5] Industry Leadership - NIU is one of the first electric two-wheeler companies in China to participate in the CDP assessment, publicly disclosing its carbon emissions data and earning an "Awareness Level" rating [6][7] - The company plans to increase investments in research and innovation related to environmental management and carbon emissions control, aiming to lead the smart two-wheeler segment toward a more sustainable future [7]

Core Insights - Niu Technologies experienced a significant increase in its China unit sales, rising 66% in the first quarter, while global sales growth was limited to 6% due to tariff challenges in the U.S. market [2][9] - The company is focusing on the premium segment of the Chinese market, which constitutes over 85% of its sales, while also expanding its international sales network through partnerships with major retailers [5][6] - Despite returning to revenue growth with a 24% increase to 3.29 billion yuan ($451 million) last year, the company is still facing losses, although the loss narrowed in the fourth quarter [6][7] China Market Performance - Niu's China scooter sales reached 183,065 units in the first quarter, marking a 66% year-on-year increase, continuing a trend of strong growth from the previous quarter [12][13] - The growth is attributed to a government program that incentivizes consumer spending through subsidies for trade-ins, which has expanded to include e-scooters [13][14] - The company forecasts a sales volume increase of 40% to 70% for the year, projecting total sales between 1.3 million and 1.7 million units [15] International Market Challenges - International unit sales grew only 6% year-on-year to 20,248 units in the first quarter, a significant slowdown compared to previous quarters [16] - The slowdown is attributed to a new 25% tariff imposed by the U.S. on Chinese imports, prompting the company to establish a manufacturing facility in Southeast Asia [17][18] - Despite the challenges, Niu's stock has increased by 70% this year, reflecting investor confidence in its strong domestic prospects [19]

Chinese electric scooter company Niu Technologies NIU disclosed its sales volume results for the first-quarter.In the first quarter, the company sold a total of 203,313 units, comprising e-motorcycles, e-mopeds, e-bikes, kick-scooters, and e-bikes.Of these, 183,065 units were sold in China, while 20,248 units were sold in international markets.Driven primarily by domestic momentum, Niu saw sales increase 57% in the first-quarter, from the 129,139 units sold in the same period last year.The share of the grow ...

Core Insights - Niu Technologies reported a significant increase in sales volume for Q1 2025, with a total of 203,313 units sold, representing a 57% year-over-year growth compared to Q1 2024 [2][3] - The company achieved a remarkable 66% growth in the Chinese market, selling 183,065 units, while international markets saw a modest 6% increase with 20,248 units sold [2][3] Sales Performance - In Q1 2025, Niu's sales volume in China reached 183,065 units, up from 110,115 units in Q1 2024, indicating strong demand and effective product strategies [2][3] - International sales increased from 19,024 units in Q1 2024 to 20,248 units in Q1 2025, reflecting ongoing progress in expanding electric motorcycle and micromobility channels [2][4] Product Launch and Market Reception - The launch of the NX Pro in late March 2025 received positive market feedback, generating significant pre-order demand and attracting over 3.5 million viewers during its live debut [3] - The company has a robust pipeline of new product launches and upgrades planned for the year, contributing to its strong first-quarter performance [3] Business Model and Product Portfolio - Niu Technologies operates an omnichannel retail model, integrating both offline and online sales channels to enhance customer reach and service [6] - The company offers a diversified product portfolio, including electric motorcycles, mopeds, bicycles, kick-scooters, and e-bikes, catering to various urban mobility needs [6]

证券研究报告 | 2025年04月03日 小牛电动（NIU.O） 优于大市 积极推进产品及渠道变革，有望迎来底部反转 小牛电动是全球化的智能城市出行解决方案提供商。小牛电动成立于 2014 年，公司开创了智能电动车两轮车的新品类，重点定位高端智能锂电产 品，2024 年后推出高端智能铅酸产品补足短板。2024 年公司电动两轮 车国内销售 75.9 万辆，国内市占率约 1.5%，产品平均单价 3500 元以上。 公司在国内有 3735 家品牌体验店及专卖店，重点布局一二线城市，进 入海外 52 个国家，是全球化的智能城市出行解决方案提供商。 2024 年收入恢复，利润亏损幅度收窄。2021 年之前公司收入快速增长， 2016-2021 年收入复合增速达 59.8%，2021 年后由于碳酸锂涨价，公司 主打的锂电产品价格持续上涨，导致销量下滑，至 2023 年收入下降至 26.52 亿元。2024 年公司首次布局高端铅酸电动两轮车，加强终端渠道 开拓及下沉，2024 年收入 32.88 亿元，同比增长 24%。锂电成本增加导 致公司 2022 年净亏损 0.49 亿元，2023 年公司受欧洲代理商资金短缺、 运营 ...

证券研究报告 | 公司深度报告 2025 年 03 月 27 日 小牛电动（NIU.O） 高端两轮车鼻祖，静待困境反转 消费品/家电 小牛电动作为国内锂电高端电动两轮车鼻祖，2022-2023 年受监管趋严、市场 错配和竞争加剧影响，陷入营收瓶颈、盈利亏损阶段，2024 年重新推动产品和 渠道下沉，国内市场重视铅酸车型开发、全渠道营销赋能、门店加速开拓，海 外加快电动滑板车出货调整，有望推动公司经营困境反转，首次覆盖给与"增 持"投资评级。 ❑ 风险提示：行业竞争加剧、成本提升风险、费用投放失控风险、行业销量下 滑影响、政策相关风险。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2652 | 3288 | 4934 | 6286 | 7938 | | 同比增长 | -16% | 24% | 50% | 27% | 26% | | 营业利润(百万元) | -320 | -252 | 183 | 346 | 472 | | 同比增长 | 203 ...

Group 1 - Niu Technologies (NASDAQ: NIU) is considered significantly undervalued with growth acceleration anticipated in the near future [1] - Coverage on Niu Technologies was initiated on December 19, 2024, with a "Buy" rating [1] Group 2 - No stock, option, or similar derivative positions are held by the analyst in any of the companies mentioned [1] - The article expresses the analyst's own opinions and is not influenced by compensation from any company [1]

Group 1 - The research service "Asia Value & Moat Stocks" targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value, focusing on deep value balance sheet bargains and wide moat stocks [1][2] - Niu Technologies (NASDAQ: NIU) is viewed positively, with an emphasis on its strategy of offering more expensive bikes and the influence of industry policies, as previously discussed in a September 23, 2024 update [1]

Financial Data and Key Metrics Changes - In Q4 2024, the company achieved total sales volume of 226,600 units, a significant 65% year-over-year growth, with total revenue reaching RMB819 million, reflecting a 71% increase compared to the same period last year [7][51] - For the full year 2024, total sales volume was 924,000 units, representing a 30% year-over-year increase, and total revenue reached RMB3.29 billion, up 24% from 2023 [8][53] - The gross margin for Q4 was 12.4%, a decrease of 6.6 percentage points compared to the same period last year, while the full year gross margin was 15.2%, down from 21.5% in the previous year [56][58] Business Line Data and Key Metrics Changes - In Q4 2024, sales volume in China reached 182,000 units, marking an 80% share of total sales, while overseas sales volume was 44,000 units, accounting for 20% [50] - The ASP for China e-scooters reached RMB3,544, a 15% increase quarter-over-quarter and a 10% increase year-over-year [52] - The N series accounted for 39% of total sales volume in China, a substantial increase from just 5% in 2023, demonstrating strong market demand [15] Market Data and Key Metrics Changes - The overseas market saw a substantial 54% growth in sales volume in Q4 and a 52% growth for the full year 2024 [33] - The overseas branded scooter ASP decreased to nearly RMB2,000, down around 10% year-over-year, primarily due to a higher sales contribution from kick-scooters [52] Company Strategy and Development Direction - The company remains focused on expanding its product offerings, strengthening sales channels, and broadening market reach, with a commitment to refine its strategy to achieve ambitious targets [9][23] - In 2024, the company opened approximately 900 new stores, with plans to open another 1,000 to 1,500 stores in 2025 to strengthen market presence [26][27] - The company plans to enhance its core product series while ensuring broader market coverage to meet diverse rider needs [23][40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the China market and overseas market, expecting to reach sales volume of 1.3 million to 1.6 million units in 2025 [39][47] - The company anticipates a recovery in profitability in 2025, with expectations for quarterly profits starting in Q2 2025 [81][85] Other Important Information - The company received a five-star safety certification from China Merchant Vehicle Research Institute, reinforcing its commitment to product safety [12] - The company has made significant strides in expanding its sales channels, ensuring broader consumer base access [26] Q&A Session Summary Question: What is your sales target for kick-scooters in 2025? - The company targets a sales growth of 30% to 50% for kick-scooters in 2025, expecting profitability to return due to adjustments in pricing related to tariffs [67][69] Question: What is your outlook for average selling price and gross profit margin in the domestic market in 2025? - The company expects a slight increase in ASP in the domestic market and improved gross margins due to economies of scale and increased sales volume [72][74] Question: Can you provide guidance on expected net profit margin by 2025? - The company is not sharing specific net profit margin guidance yet but anticipates overall profitability in 2025 [81] Question: Which quarter in 2025 is expected to see the company's net profit turn from loss to profit? - The company expects to achieve quarterly profits starting in Q2 2025, which is typically a peak quarter for revenue [85]