炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：木 2025年上半年，电动自行车在新国标过渡期结束与全国性以旧换新补贴政策的双重刺激下，电动自行车 行业迎来高速增长。奥维云网数据显示，2025年上半年电动两轮车全国内销量达3232.5万台，同比激增 29.5%。头部企业凭借渠道、技术与产品优势进一步扩大市场份额，市场集中度持续提升。 报告期内，电动自行车行业上市公司业绩表现亮眼，行业内6家代表上市公司均实现业绩双增。对于小 牛而言，2025年上半年，公司营收同比增长34.1%至19.38亿元，归母净亏损虽有所减少但仍亏损3296万 元。综合来看，无论是从营收规模，还是从归母净利润规模来看，小牛电动车均垫底，也是业内唯一一 家业绩亏损的上市公司。 公司年度销量自2021年后便有所下降，2021—2023年，小牛电动车的销量分别为103.8万辆、83.16万 辆、70.98万辆，2024年销量触底有所回升，但尚未到2021年水平。另外2021年后，公司的持续亏损， 2022年-2024年及2025年上半年，小牛电动净亏损分别为0.49亿元、2.72亿元 ...

常州推出"看球游城赢大奖"，大奖是理想新能源汽车、小牛电动车、九号平衡车等本地智造"土特 产"。网友惊呼"壕出天际"，背后是这座城市的产业实力。常州聚焦"1028"产业体系建设成果斐然，新 能源产业成为最具显示度的标签。去年，全市新能源整车产量近80万辆，占江苏省的比重近60%。 时光闪回上世纪80年代，金狮自行车、红梅照相机、幸福牌彩电、东风拖拉机都曾是全国响当当的 时尚单品……当年常州16个"工业一条龙"，曾掀起全国中小城市学常州的热潮。 9月13日，"苏超"第十一轮，常州队vs宿迁队。这是常州队最后一次主场比赛，虽已止步八强，但 常州仍是万众瞩目的"流量担当"。 在发展的竞技场，常州这座城市从不缺席，一着不让。同一天，2025国际新能源博览会正式启幕。 在这产业主场，常州动能充沛，剑指冠军。 新能源博览会首次与"苏超"联赛深度融合，"双IP"联名破圈，让更多人领略一座城市的"常也非 常"。 产业破圈，"土特产"折射城市荣光 7月20日，"苏超"第七轮，常州队主场迎战徐州队。理想汽车董事长兼CEO李想手执烤串，与东哈 烧烤店老板娘张敬宇在场外同框喊话。一句"常州容得下烧烤，容得下理想，容得下千千万万普通人 ...

Investment Rating - The report maintains a "Positive" investment rating for the electric two-wheeler industry [10]. Core Insights - The electric two-wheeler market is experiencing a high-end upgrade, with companies like Niu, Ninebot, and Jike leveraging technology and user needs to capture market share. Niu focuses on urban user demands for convenience, security, and safety, while Ninebot capitalizes on the 3C certification transition to enhance its market position. Jike emphasizes product reliability through extreme testing and community engagement [4][8][41]. Summary by Sections Review of the High-End Electric Two-Wheeler Journey - Niu Electric has effectively identified and addressed three key pain points: charging convenience, theft prevention, and safety. By utilizing Panasonic lithium batteries, Niu has reduced weight and improved performance, leading to significant revenue growth from 769 million yuan in 2017 to 3.288 billion yuan in 2024, with a CAGR of 23.07% [19][33]. Niu: Redefining High-End Electric Two-Wheelers - Niu's strategy includes using high-quality components like Bosch motors and advanced battery management systems to enhance performance and safety. The company has also implemented a user-friendly app for remote vehicle control, contributing to its brand recognition and market penetration [20][27]. Current Competitive Landscape of High-End Two-Wheelers - The competitive landscape features new brands like Jike, Ninebot, and Niu, which focus on community engagement and product reliability. Traditional brands like Yadi and Aima are improving core technologies but lag in smart features compared to new entrants [7][70]. Ninebot: Differentiated Positioning in the Mid-High-End Market - Ninebot has rapidly grown its revenue, reaching 14.196 billion yuan in 2024, with a 38.87% year-on-year increase. The company has successfully transitioned to a major player in the electric two-wheeler market, with a focus on smart technology and user engagement [44][41]. Investment Recommendations: New Force Brands Stand Out - The report recommends focusing on new force leaders like Ninebot and Chuncheng Power, which have demonstrated significant advantages in technology and market positioning. These companies are well-positioned to capture the growing demand for high-end electric two-wheelers [8][11].

Core Viewpoint - The electric two-wheeler market in China is evolving rapidly, with a shift towards high-end, smart electric vehicles that appeal to younger consumers, despite rising prices and concerns about the necessity of smart features [1][4][6]. Industry Overview - As of 2024, the number of electric two-wheelers in China has exceeded 350 million, indicating a significant penetration rate with an average of one vehicle for every 3-4 people [7]. - The demand for smart features is growing, with 76.4% of consumers aged 18-25 prioritizing smart functionalities when purchasing electric two-wheelers [4]. Company Performance - Niu Technologies, known as the "Tesla of two-wheelers," has seen its sales grow from 80,000 units in 2016 to over 1 million in 2021, but faced a decline in revenue and profit in 2022, with a revenue of 3.169 billion yuan, down 14.5% year-on-year, and a net loss of 49.46 million yuan [11]. - In the first half of 2025, Niu Technologies reported a revenue of 1.256 billion yuan, a 33.5% increase year-on-year, and a net profit of 5.9 million yuan, marking a turnaround after 13 consecutive quarters of losses [11]. - Ninebot, a competitor, achieved a revenue of 11.742 billion yuan in the first half of 2025, a 76.1% increase, with a net profit of 1.242 billion yuan, reflecting strong market performance [12]. Market Trends - The introduction of new national standards for electric bicycles in September 2025 is expected to benefit high-end brands like Niu and Ninebot while potentially disadvantaging lower-cost competitors [13][14]. - The average selling price (ASP) of Niu's products has decreased from over 4,900 yuan in 2019 to around 3,200 yuan in 2024, indicating a strategy to penetrate the mass market [14]. Consumer Sentiment - There is growing consumer frustration regarding the rising costs of smart features, with subscription service fees for Niu's smart services increasing from 38 yuan per year to 69 yuan per year [15]. - Reports of service issues, such as connectivity problems with Niu's smart features, have led to negative consumer sentiment, highlighting the importance of ongoing service quality in a competitive market [17]. International Expansion - China has become the largest exporter of electric two-wheelers, with exports reaching 20.63 billion yuan in the first seven months of 2024, growing over 9% year-on-year [18]. - Niu Technologies aims to expand its international presence, focusing on markets in the U.S., Europe, and Southeast Asia, despite overseas revenue accounting for only 8.2% of total revenue in Q2 2025 [20]. - Ninebot has already established a strong foothold in international markets, with overseas revenue contributing 37.7% of its total revenue in the first half of 2025 [20].

Group 1 - The match between Changzhou and Zhenjiang ended with a dramatic 1-0 victory for Changzhou, marking their first win and goal in the Suzhou Super League [1][3] - The event was dubbed the "Brushstroke Defense Battle," and the victory allowed Changzhou to reclaim its city nickname from "Diao Zhou" back to "A Chang" [3][4] - The attendance at Changzhou Olympic Sports Center reached 40,292, setting a new record for the Suzhou Super League [7] Group 2 - The local government is leveraging the match to boost tourism, offering free admission to certain attractions for visitors with match tickets, particularly targeting visitors with the surname Zhao [7][8] - The tourism sector in Changzhou has seen significant growth, with a 13.4% increase in visitors to key attractions in June, and the city is recognized as one of Jiangsu's "trillion GDP cities" [15][16] - The local economy is benefiting from the event, with a reported 5.8% year-on-year growth in GDP for the first half of the year, reaching 507.9 billion [15][16] Group 3 - Changzhou is implementing a "football+" strategy to integrate sports with tourism and local industry, including plans for a football industry park and themed tourism routes [16][17] - The city has seen a 25.5% increase in retail sales of cultural and sports goods, indicating a growing market for sports-related consumption [16] - The local government is actively promoting investment opportunities through events, inviting foreign executives to engage with the local economy [17][18]

小牛电动(NIU.US)盘中涨超13%，报4.875美元，创3月28日以来新高。公司公布财报显示，Q2营收为12.557亿元，同比增长33.5%；净利润为590万元，而上 年同期净亏损为2490万元。 ...

Group 1 - Global stock markets rose due to optimism regarding the US-China tariff truce and potential Federal Reserve interest rate cuts [1] - The S&P 500 and Nasdaq indices in the US both reached record closing highs [1] - The Nasdaq Golden Dragon China Index increased by 1.49%, with Chinese concept stocks like Tencent Music and NIO rising over 10% [1] Group 2 - European stock markets also saw gains, with the French CAC-40 index up by 0.71% and the UK FTSE 100 index slightly increasing by 0.2% [1] - In the A-share market, the Shanghai Composite Index and Shenzhen Component Index both rose by over 0.5%, marking a "seven consecutive days" increase for the Shanghai Composite Index [1]

（文章来源：每日经济新闻） 每经AI快讯，8月11日， 小牛电动发布2025年Q2财报：报告期内，公司实现营收12.557亿元，同比增长 33.5%，毛利率为20.1%，净利润为人民币590万元，扭亏为盈。 ...

Core Insights - Niu Technologies (NIU.US) reported a revenue of 1.2557 billion RMB for Q2 2025, representing a year-over-year growth of 33.5% [1] - The company achieved a gross margin of 20.1% and a net profit of 5.9 million RMB, successfully turning a profit [1] Revenue Breakdown - Revenue from the Chinese market for complete vehicles increased by 45.4%, reaching 1.0569 billion RMB [1] - The number of domestic stores increased to 4,304 [1] - The overseas sales network has expanded to cover 53 countries [1]

Core Viewpoint - The article discusses the challenges faced by Niu Technologies in maintaining its premium positioning in the electric two-wheeler market, particularly in light of rising subscription service costs and increased competition from other brands offering similar smart features at lower prices [4][14][26]. Group 1: Rising Costs of Smart Services - Niu Technologies initially positioned itself as a high-end, smart electric two-wheeler brand, attracting users with advanced features and a subscription model for services [5][6]. - Subscription fees for smart services have increased significantly, from 38 yuan per year in 2015 to 69 yuan per year currently, with multi-year packages also seeing price hikes [8][10]. - Users are beginning to question the value of these smart services, with some opting not to renew subscriptions after the initial free period [9][13]. Group 2: Competitive Landscape - The electric two-wheeler market has become increasingly competitive, with brands like XIAO and Yadi offering similar smart features at lower prices, making Niu's offerings appear less attractive [14][22][24]. - Niu's smart service fees are the highest in the industry, compared to competitors like Ninebot and Yadi, which charge 66 yuan and 42 yuan per year, respectively [16][26]. - Niu's sales have been impacted by this competitive pressure, with Ninebot rapidly increasing its market share and sales volume [24][25]. Group 3: Financial Performance and R&D Investment - Despite a temporary increase in sales due to favorable policies, Niu Technologies has not demonstrated the profitability expected from a premium brand, with a reported R&D investment of only 130 million yuan in 2024, significantly lower than competitors [25][31]. - Niu's average selling price has dropped from 4,928 yuan in 2019 to 3,203 yuan in 2024, indicating a shift towards a more price-sensitive market strategy [25][31]. - The company faces challenges in maintaining its high-end narrative while competing against brands that offer better value propositions [26][28].