小牛电动系列 车中旭霞 《 小牛电动(NIU.O)-一季度亏损幅度收窄，产品及渠道变革有望促进底部反转》——20250523 核心观点 一季度收入较快增长，利润亏损幅度收窄 2016-2021年公司收入复合增速59.8%，2021年后碳酸锂涨价，公司主打锂电产品价格持续上涨，导致销量下滑，至 2023年收入下降至26.52亿元。2024年公司首次布局高端铅酸电动两轮车，加强终端渠道开拓及下沉，2024年收入 32.88亿元，同比增长24%，2025年一季度收入6.8亿元，同比增长35.1%，收入持续恢复。锂电成本增加导致公司2022 年净亏损0.49亿元，2023年公司受欧洲代理商资金短缺、运营停滞拖累，净亏损2.72亿元，随着销量及收入恢复， 2025年一季度净亏损0.39亿元，亏损幅度持续收窄。 一季度净利率恢复，费用率下降 公司过往通过涨价等方式传导成本增加，使整体毛利率稳定，2019-2023年毛利率都保持在20%以上，2024年毛利率下 滑部分受到滑板车等加征关税影响，2025年一季度毛利率17.3%，同比下降1.6pct，同样受加征关税影响；净利率方 面，2025年一季度净利率-5.7%，同比增长 ...

Group 1 - The core viewpoint of the article highlights the strong financial performance of Niu Technologies in Q1 2025, with significant growth in revenue and vehicle sales [1] - Niu Technologies reported a revenue of 682 million yuan, representing a year-on-year increase of 35.1%, and a total vehicle sales volume of over 203,000 units, a substantial year-on-year growth of 57.4% [1] - The company has expanded its domestic store count to 4,119 and its international sales network now covers 53 countries, indicating robust market penetration [1] Group 2 - In the Chinese market, Niu Technologies achieved a vehicle sales volume of 183,000 units, with a year-on-year growth rate of 66.2%, driven by technological innovations and cost optimization [1] - The international business also saw a revenue increase of 22.4%, with a focus on differentiated product strategies leading to a 14.9% increase in average revenue per unit [1] - Cost control measures have resulted in a 12.5% decrease in production costs per vehicle, and the operating expense ratio dropped from 32.7% to 24.2% [1] Group 3 - The net loss for the quarter narrowed to 38.8 million yuan, with a loss rate improvement of 5.2 percentage points year-on-year, indicating a trend towards breakeven [1] - As of the end of Q1, the company's cash and time deposits totaled 747 million yuan, providing a solid financial foundation [1] - Looking ahead, Niu Technologies is optimistic about market demand, projecting Q2 revenue between 1.317 billion and 1.411 billion yuan, reflecting a year-on-year growth of 40% to 50% [2]