小牛电动 20251119 摘要 2025 年前九个月，小牛电动整车销量突破 100 万台，同比增长 46%， 中国区销量为 95 万台，同比增长 65%，海外销量为 6.6 万台。中国市 场门店数量达到 4,542 家，三季度总营收 16.94 亿元，同比增长 65%。 中国区整车收入同比增长 86%至 14.82 亿元，主要受益于整车销量及 ASP 提升，国内整车 ASP 为 3,283 元，同比增加 6.7%。MT 车型、 NLT 和 NS NST 等中高端车型合计占总销量的 50%左右。 海外整车收入同比下降 48%至 6,700 万元，主要由于滑板车销量及 ASP 下降，但高价位电摩和电轻摩产品占比提升，使得海外整车 ASP 提 升至 4,648 元。非车收入 1.45 亿元，同比增长 51%。 三季度毛利 3.7 亿元，毛利率同比上升 8 个百分点至 21.8%，主要归因 于成本优化及中国区销售增长带来的规模效应。营运费用 2.97 亿元， 费比 17.5%低于去年同期。净利润 8,200 万元，净利率 7,8%。 受新旧国标切换影响，九月份出货量增速放缓，但国内市场仍保持强劲 增长。公司对滑板车 ...

Summary of Niu Technologies Conference Call Company Overview - **Company**: Niu Technologies - **Industry**: Electric Two-Wheelers Key Points Sales Performance - In Q2 2025, Niu Technologies achieved total vehicle sales of approximately 350,000 units, a year-on-year increase of 37% [3] - Domestic sales reached 319,000 units, up 54% year-on-year, while overseas sales were 31,000 units, down 35% [3] - The electric motorcycle category saw sales of 3,259 units, with over 300% growth year-on-year, while short-distance travel products declined by about 40% [3] Promotional Activities - The 618 promotional event significantly boosted sales, with a nearly 100% year-on-year increase in sales during this period, indicating improved online channel penetration [4] - Niu aims to increase market share in the 3,500 RMB and above price range from under 10% to 20-30% [4] Average Selling Price (ASP) - The average selling price (ASP) in Q2 2025 increased compared to Q1, with popular models priced above 4,000 RMB, and high-end versions reaching 8,000-9,000 RMB [5] New National Standard Models - New national standard models will be gradually launched starting September 2025, with dealers expected to stock old models in July and August to meet sales until December 1 [6] - The new models will have minor differences in the simplified versions, while luxury versions will use aluminum or magnesium alloys instead of plastic [7] Sales Forecast - Q3 sales growth is expected to rise from 40% to 45%, while Q4 growth is projected to decrease from 20% to 18%, with the second half of the year expected to account for 63% of total annual sales [9] Competitive Advantages - Niu's competitive edge in the high-end electric motorcycle market lies in unique design and technological features, such as long-range capabilities and advanced safety systems [11] Market Share Goals - Niu targets to increase its market share in the 3,500 RMB and above segment, which has a total market capacity of approximately 16 million units [12] Channel Expansion - Niu currently operates around 4,000 stores and plans to add 1,000 to 1,500 more by the end of 2025 [13] Profit Margins - Domestic gross margin has improved to around 20%, but overall gross margin is affected by low-margin overseas scooter business [15] Overseas Market Strategy - Niu plans to continue expanding its electric motorcycle business overseas, which saw significant growth in the first half of 2025, with a gross margin close to 30% [16] Product Diversification - Niu's product range includes electric motorcycles, scooters, and both lead-acid and lithium battery vehicles, with a focus on expanding into lower-tier cities [23] Impact of Lithium-Ion Cost Reduction - The decrease in lithium-ion battery costs has allowed Niu to offer competitive pricing for high-performance electric motorcycles, enhancing their market appeal [21] Design and Innovation - Niu emphasizes unique design through a cross-disciplinary team, ensuring aesthetic appeal while balancing functionality [25] Supply Chain Management - Niu focuses on operational expenses (OPEX) to improve profit margins, balancing cost control with supplier profitability [26][27]