Core Viewpoint - Niu Technologies has experienced significant stock gains in 2025, driven by its position as a manufacturer of urban mobility solutions, including electric bicycles and scooters [1]. Company Summary - Niu Technologies is focused on urban mobility solutions, particularly electric bicycles and scooters [1]. - The company's stock has shown remarkable performance in 2025, indicating strong market interest and potential growth [1]. Industry Summary - The urban mobility sector, particularly electric transportation, is gaining traction, as evidenced by Niu Technologies' stock performance [1].

Core Point - Southwest Airlines announced a new requirement for passengers to remove removable lithium batteries from powered wheelchairs and scooters before boarding due to fire risks [1] Group 1 - The decision is aimed at enhancing safety measures for air travel [1] - The airline is responding to increasing concerns regarding the potential fire hazards associated with lithium batteries [1]

Company Overview - NIU was founded in 2014[3] - The company has 4,304 stores in China[3] - NIU products are sold in 53 countries[3,29] - The company has sold 5.7 million scooters globally[3] Sales Performance (Q2 2025) - China sales volume reached 319,000 units, a 54% year-over-year increase[41] - Overseas sales volume reached 33,000 units, a 36% year-over-year decrease[41] - Total revenue was RMB 1,256 million, a 34% year-over-year increase[41] Financial Metrics (Q2 2025) - Gross margin was 20.1% of revenues[45] - Adjusted operating expenses were 17.0% of revenues[45] - Net margin was -27.2%[50] - Adjusted net margin was -2.1%[53] Balance Sheet (June 30, 2025) - Cash, restricted cash, deposits & short-term investment totaled RMB 1,441 million[48] - Total assets amounted to RMB 3,094 million[48] - Total liabilities amounted to RMB 2,190 million[48]

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]