Financial Performance - Q1 2025 - Total revenue reached RMB 682 million in 1Q25[42] - China sales volume increased to 110 thousand units in 1Q25, a 35% year-over-year increase[42] - Overseas sales volume increased to 183 thousand units in 1Q25, a 66% year-over-year increase[42] - Gross margin was 173% of revenues in 1Q25[46] - Net margin was -272% in 1Q25[51] - Adjusted net margin was -46% in 1Q25[54] Assets and Liabilities - End of Period - Cash, restricted cash, deposits & short-term investment was RMB 963 million as of March 31, 2025[49] - Total assets were RMB 2508 million as of March 31, 2025[49] - Total liabilities were RMB 1611 million as of March 31, 2025[49] - Total equity was RMB 897 million as of March 31, 2025[49]

Company Overview - NIU was founded in 2014 and has sold 5 million scooters globally[2] - The company has a total production capacity of approximately 2 million units per year[22] Sales Performance - China sales volume in 4Q24 was 182 thousand units, a 65% year-over-year increase[29] - Overseas sales volume in 4Q24 was 44 thousand units, a 64% year-over-year increase[29] - Total revenue for 4Q24 was RMB 819 million[29], representing a 71% year-over-year increase[29] - Total revenue in 2024 reached RMB 3288 million, a 24% year-over-year increase[47] Financial Metrics - Gross margin in 4Q24 was 124% of revenues[33] - Adjusted operating expenses in 4Q24 were 190% of revenues[33] - Net margin in 4Q24 was -272%[37] - Adjusted net margin in 4Q24 was -256%[39] Balance Sheet - As of December 31, 2024, cash, restricted cash, deposits & short-term investment totaled RMB 1121 million[35] - Total assets as of December 31, 2024, were RMB 2613 million[35] - Total liabilities as of December 31, 2024, were RMB 1682 million[35]