Core Viewpoint - Niu Technologies will report its financial results for Q4 and full year 2025 on March 16, 2026, before the U.S. market opens [1] Group 1: Financial Reporting - The financial results will be available on NIU's investor relations website [1] - An earnings conference call is scheduled for March 16, 2026, at 8:00 AM U.S. Eastern Time [1] - Participants must register in advance to join the conference call [2] Group 2: Company Overview - NIU is a leading provider of smart urban mobility solutions, offering high-performance electric motorcycles, mopeds, bicycles, kick-scooters, and e-bikes [3] - The company has a diversified product portfolio that addresses various urban travel scenarios [3] - NIU employs an omnichannel retail model, integrating both offline and online sales channels [3]

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Core Viewpoint - Niu Technologies reported a decline in sales volume for Q4 2025 compared to the previous year, but showed significant growth in annual sales for FY2025, indicating a mixed performance influenced by market conditions and product launches [1][4][6]. Sales Performance - In Q4 2025, Niu sold a total of 178,702 units, a decrease of 21.1% from 226,634 units in Q4 2024 [2][3]. - For FY2025, total sales reached 1,197,978 units, representing a 29.5% increase from 924,340 units in FY2024 [2][6]. - Sales in the China market for Q4 2025 were 158,782 units, down from 182,333 units in Q4 2024, while international sales were 19,920 units, down from 44,301 units in the same period [2][3]. Market Insights - The decline in Q4 sales was attributed to seasonal weakness in China's smart urban mobility sector and a high comparative base from the previous year [4]. - The launch of the FX "Windstorm" e-motorcycle resonated well with Gen Z riders, becoming the top-selling model in Q4 2025 [4]. - New e-bicycle models compliant with the latest National Standards received positive feedback, indicating a successful product strategy [4]. Strategic Outlook - The company plans to enhance its product portfolio with standards-compliant e-bicycles and new e-motorcycles to meet evolving market demands [4]. - In international markets, the e-motorcycle segment is expected to strengthen in 2026 due to ongoing portfolio enhancements and strategic regional penetration [5]. - Niu is actively optimizing its micromobility strategy to adapt to a challenging operating environment [5].

Core Viewpoint - Niu Technologies is expected to experience significant growth by the end of 2025, driven by a positive trend in its stock performance [1]. Company Overview - Niu Technologies specializes in urban mobility solutions, including electric bicycles (e-bikes) and scooters [1]. Market Trends - The stock of Niu Technologies is following an upward trendline, indicating potential for strong gains in the near future [1].

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]

Financial Data and Key Metrics Changes - Total sales volume reached 465,000 units, representing a 49.1% year-over-year increase, driven primarily by strong performance in China [8][32] - Total revenue grew 65% year-over-year to RMB 1.69 billion, with gross margin expanding to 21.8%, up 8 percentage points from the prior year [8][36] - Net profit for the quarter was RMB 81.69 million, reflecting continued profitability momentum [9][37] Business Line Data and Key Metrics Changes - In China, sales rose to 451,000 units, up 74% year-over-year, while overseas volume reached 14,000 units, declining year-over-year due to weakness in the micro mobility sector [8][24] - Sales of models priced above RMB 8,000 accounted for over 10% of China sales, indicating a shift towards higher value models [9] - Revenue from accessories, spare parts, and services increased by 51% year-over-year to RMB 145 million, driven by higher spare parts sales in China [36] Market Data and Key Metrics Changes - The China electric bicycle market entered a critical transition phase under new national standards, prompting a channel inventory buildup [10][11] - Overseas sales volume reached 14,000 units, with electric motorcycle sales up 160% year-over-year, despite a seasonal low for European two-wheeler demand [24][26] - Micro mobility volume decreased by 77% year-over-year, reflecting market headwinds in the U.S., Europe, and Asia [26][27] Company Strategy and Development Direction - The company emphasized upgrading existing high-end electric bicycle models and expanding into lower-tier cities as part of its growth strategy [12][13] - Significant R&D resources were dedicated to developing new standard-compliant electric bicycles and enhancing core technologies [17][19] - The company plans to ramp up the rollout of compliant products beginning in late November 2025, extending through Q1 2026 [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term strategy, highlighting the strong foundation for sustainable growth [9] - There is an expectation of some uncertainty and softening in Q4 due to the timing of new standard implementation, with a relative flat year-over-year volume anticipated [28][29] - Growth is expected to reaccelerate in Q1 2026 as the regulatory transition completes and the market stabilizes [29][30] Other Important Information - The company ended the quarter with RMB 1.8 billion in cash and short-term investments, reflecting a strong balance sheet [38] - Operating expenses increased by 48% year-over-year, but the operating expense ratio improved to 17.5% [36] Q&A Session Summary Question: What are the expectations for Q4 revenue? - The company expects Q4 revenue to be in the range of RMB 737 million to RMB 901 million, representing a year-over-year change of minus 10% to plus 10% [39]

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Company Overview - NIU was founded in 2014 [3] - The company has 4,542 stores in China [3, 29] and operates in 53 countries [3, 29] - NIU has sold 6.1 million scooters globally [3] Sales Performance (3Q2025) - China sales volume reached 451,000 units, a 74% year-over-year increase [41] - Overseas sales volume was 36,000 units, a 65% year-over-year increase [41] - Total revenue reached RMB 1,694 million, an 11% year-over-year increase [41] Financial Position (as of September 30, 2025) - Cash, restricted cash, deposits & short-term investment totaled RMB 1,796 million [47] - Total assets amounted to RMB 3,394 million [47] - Total liabilities reached RMB 2,406 million [47] Financial Metrics - Gross margin was 21.8% of revenues [45] - Adjusted operating expenses were 13.8% of revenues [45] - Net margin was -4.0% [50] - Adjusted net margin was 5.2% [53] Production Capacity - The company has a total production capacity of approximately 2 million units per year [33, 36]

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Core Insights - Niu Technologies reported third quarter revenues of RMB 1,693.9 million, marking a 65.4% increase year-over-year, driven by a 49.1% rise in sales volume and an 11.0% increase in revenues per e-scooter [1][3][4] - The company achieved a net income of RMB 81.7 million, a significant turnaround from a net loss of RMB 40.9 million in the same period last year [1][4][8] - The gross margin improved to 21.8%, up from 13.8% in Q3 2024, attributed to a higher proportion of e-scooter sales and cost-reduction initiatives [4][6] Financial Highlights - Revenues from e-scooter sales in the China market reached RMB 1,481.9 million, an increase of 85.8% year-over-year, while international market sales decreased by 48.6% to RMB 67.0 million [3][9] - The total number of e-scooters sold was 465,873, with 451,455 sold in China (up 74.2%) and 14,418 in international markets (down 73.0%) [4][9] - Adjusted net income (non-GAAP) was RMB 88.4 million, compared to an adjusted net loss of RMB 34.2 million in Q3 2024 [4][9] Operating Performance - Operating expenses increased by 48.1% to RMB 297.1 million, but as a percentage of revenues, they decreased to 17.5% from 19.6% in Q3 2024 [6][10] - Selling and marketing expenses rose by 68.3% to RMB 214.9 million, primarily due to increased marketing efforts in the China market [10] - Research and development expenses increased by 43.2% to RMB 43.4 million, reflecting higher design and testing costs [10] Market Position and Strategy - The company is focusing on channel expansion and product transition strategies as it prepares for the implementation of new national standards [2] - Niu Technologies celebrated its 10th anniversary at EICMA, a key global industry exhibition, enhancing its brand influence internationally [2] - The company operates 4,542 franchised stores in China and has 57 distributors in its international sales network, covering 53 countries [4][9] Business Outlook - Niu expects fourth quarter revenues to range between RMB 737 million and RMB 901 million, indicating a potential year-over-year change of -10% to +10% [13]