Niu(NIU) - 2025 Q3 - Quarterly Report

Financial Performance - Third quarter revenues reached RMB 1,693.9 million, representing a 65.4% year-over-year increase[1] - Net income for the third quarter was RMB 81.7 million, compared to a net loss of RMB 40.9 million in the same period last year[1] - Adjusted net income (non-GAAP) was RMB 88.4 million, compared to an adjusted net loss of RMB 34.2 million in the same period last year[14] - Revenues for Q3 2025 reached RMB 1,693,922,867, a 65.5% increase from RMB 1,023,896,776 in Q3 2024[30] - Gross profit for Q3 2025 was RMB 369,807,196, compared to RMB 141,544,233 in Q3 2024, reflecting a significant improvement in profitability[30] - Operating income for Q3 2025 was RMB 73,430,767, a turnaround from an operating loss of RMB 58,493,901 in Q3 2024[30] - Net income for Q3 2025 was RMB 81,687,224, compared to a net loss of RMB 40,946,493 in Q3 2024, indicating a strong recovery[30] - The company reported a comprehensive income of RMB 78,359,031 for Q3 2025, a significant improvement from a comprehensive loss of RMB 47,376,923 in Q3 2024[30] - Adjusted net income for Q3 2025 was RMB 88,372,316, compared to an adjusted net loss of RMB 34,248,500 in Q3 2024[34] Sales and Market Performance - The number of e-scooters sold was 465,873, up 49.1% year over year, with 451,455 sold in China, reflecting a 74.2% increase[5] - Revenues per e-scooter increased by 11.0% year over year, reaching RMB 3,636[8] - E-scooter sales revenues from international markets were RMB 67.0 million, a decrease of 48.6% year over year[8] - The number of franchised stores in China reached 4,542 as of September 30, 2025[5] Expenses and Liabilities - Operating expenses were RMB 297.1 million, an increase of 48.1% from the same period of 2024, but as a percentage of revenues, it decreased to 17.5%[9] - Total current assets as of September 30, 2025, were RMB 2,850,606,811, up from RMB 2,169,806,471 as of December 31, 2024[29] - Total liabilities decreased to RMB 2,405,744,952 as of September 30, 2025, from RMB 1,681,875,947 as of December 31, 2024[29] Future Outlook - The company expects fourth quarter revenues to be in the range of RMB 737 million to RMB 901 million, indicating a year-over-year change of -10% to +10%[17] - The company aims to continue expanding its product offerings and enhancing its brand presence in the market[26] Gross Margin - Gross margin improved to 21.8%, up from 13.8% in the third quarter of 2024[9] - Cash and cash equivalents increased to RMB 1,089,197,454 as of September 30, 2025, from RMB 630,021,303 as of December 31, 2024[29]