小牛电动车三年多亏超5亿 非法改装电动自行车现象尚存、巨头猛追下智能化光环有所褪色

Core Viewpoint - The electric bicycle industry is experiencing rapid growth in the first half of 2025, driven by the end of the transition period for new national standards and a nationwide trade-in subsidy policy, with a significant increase in sales volume and market concentration among leading companies [1][17]. Industry Overview - In the first half of 2025, the national sales volume of electric two-wheelers reached 32.325 million units, a year-on-year increase of 29.5% [1]. - The performance of listed companies in the electric bicycle sector has been strong, with six representative companies achieving double growth in performance [1]. Company Performance - Niu Technologies reported a revenue increase of 34.1% year-on-year to 1.938 billion yuan in the first half of 2025, but still recorded a net loss of 32.96 million yuan, making it the only listed company in the industry with a loss [1][2]. - Niu's sales figures have fluctuated since 2021, with sales of 1.038 million units in 2021, dropping to 0.83 million in 2022, and 0.7098 million in 2023, before a slight recovery in 2024 [2][5]. Financial Challenges - Niu Technologies has accumulated losses exceeding 500 million yuan over three years, with net losses of 49 million yuan in 2022, 272 million yuan in 2023, 193 million yuan in 2024, and 33 million yuan in the first half of 2025 [2][7]. - The company's stock price has been volatile, dropping from an initial public offering price of $9 to $4.31 as of September 19, 2025, indicating a significant decline in market confidence [10]. Market Dynamics - Niu Technologies faces increasing competition from traditional giants like Yadea and Aima, which have adopted similar smart features, diminishing Niu's competitive edge in the market [17][18]. - The implementation of the new national standard for electric bicycles on September 1, 2025, aims to tighten safety controls and curb illegal modifications, posing a challenge for Niu to balance user demands with compliance [17]. Consumer Behavior - There is a growing trend of illegal modifications among Niu users, with reports of significant speed increases post-modification, raising safety concerns and regulatory scrutiny [12][14][15].