Niu Technologies (NASDAQ:NIU) management said 2025 marked a year of “continuous strategic transformation,” as the company navigated China’s regulatory shift to new national standards for electric bicycles, pushed further into electric motorcycles, and overhauled its overseas micro-mobility distribution model. Executives emphasized that while the fourth quarter reflected “temporary friction” from these structural changes, they believe the groundwork laid in 2025 positions the company for “accelerated high-quality and profitable growth” in 2026.
Fourth-quarter deliveries fell as China transitioned to new standards and overseas channels shifted
CEO Dr. Yan Li said fourth-quarter unit deliveries totaled 172,000 units, down 23.8% year over year, including 158,782 units in China (down 12%) and close to 14,000 units overseas (down 68%). CFO Fion Zhou separately cited fourth-quarter total sales volume of 173,000 units (down 24%), including 159,000 units in China and 14,000 units overseas.
Overseas, Yan said the steep decline was “deliberately driven” by a strategic realignment of micro-mobility channels in key markets such as the U.S. and Germany. The company has been moving away from a distributor-led model toward direct-to-retailer partnerships, prompting former distributors to pause orders while clearing legacy inventory. Yan said the shift is intended to improve margins and increase agility through closer relationships with retailers.
Full-year growth in China drove higher revenue and gross margin expansion
For full-year 2025, Yan said total sales volume reached 1.19 million units, up 29% year over year. China volume rose 46% to surpass 1.11 million units, while international volume declined 51% to 80,000 units amid channel restructuring.
Revenue for the year totaled RMB 4.31 billion, up 31% year over year, according to management. Zhou added that 2025 revenue increased from RMB 3.3 billion to RMB 4.3 billion, with China scooter revenue rising nearly 42% to RMB 3.6 billion (93% of total scooter revenues) and overseas scooter revenue falling 33% to RMB 267 million (7% of total scooter revenues). Accessories, spare parts, and services revenue in the fourth quarter rose 11% year over year to RMB 95 million, which Zhou said was driven by higher revenue from new smart services and accessories/spare parts sales in China.
Gross margin improved year over year. Zhou said fourth-quarter gross margin was 15.3%, up 2.9 percentage points, primarily due to continued margin improvement in the domestic market. For full-year 2025, gross margin was 19.6%, up from 15.2% in 2024, driven mainly by China product mix shifts toward higher-margin scooters and cost reductions, partly offset by lower gross margin in international kick scooters.
Electric motorcycle “Windstorm” platform became a larger mix of sales
Yan highlighted the company’s “breakthrough” in the electric motorcycle segment in China, saying electric motorcycles represented more than 23% of total annual sales in 2025, led by the FX Windstorm. He said the Windstorm line integrates features such as high-torque powertrains and technologies including dual-channel ABS and millimeter-wave radar, and targets a RMB 4,000–5,000 price range. Yan added that in the fourth quarter, Windstorm momentum rose to 42% of total sales.
Yan said Niu is using a “multimodal ladder strategy” to address the delivery rider segment, including the FX Windstorm and the NX Windstorm. He noted that the NX launched in the fourth quarter with a 40-liter compartment and contributed 10.5% of fourth-quarter volume in its debut quarter. Looking to 2026, he said the company plans to develop tailored e-motorcycle offerings for female riders and technology enthusiasts.
Product transition and technology roadmap: new-standard lineup by Q2 2026 and AI-enabled scooter announcement
In electric bicycles, Yan described 2025 as a transition year ahead of the new national standard, with a strategy to maintain a premium position while building a pipeline of compliant products. He cited launches including the NXT Ultra 2025 and FXT Ultra 2025, and said the company sold over 20,000 units within the first five hours, generating more than RMB 220 million in sales and ranking as a top-selling item across major e-commerce platforms.
Yan also outlined two new-standard compliant series: the U11 (priced RMB 4,199–RMB 4,699 with features such as TCS and keyless entry) and the K-series (starting at RMB 3,799 with a “sled-type ring arm skeleton frame,” a 4.3-inch TFT display, and “Magic Wheel” features). He said the full matrix of new-standard products is “on track” for a full rollout by the second quarter of 2026 and that the company would showcase upcoming products at a launch event the next day.
On technology, Yan said Niu has been migrating high-end intelligent safety features—such as ABS and radar—into mid-range and entry-level products, and is introducing additional smart functions like full-screen navigation and adaptive hill descent. He also said the company planned to unveil “the industry’s first AI-enabled smart scooter” at its product launch event on March 17.
International restructuring: electric motorcycles grew while kick scooters faced inventory overhang
Internationally, Yan said electric motorcycle deliveries exceeded 2,000 units in the fourth quarter, up 187% year over year, and reached 9,600 units for the full year, up 227% from 2024. He attributed this to the direct-to-retailer approach, which he said expanded the dealer network from 120 to close to 300 by the fourth quarter. Yan also pointed to product pipeline announcements at EICMA 2025 and a commercial launch in Algeria, including a first 900-unit CKD shipment in June.
In micro-mobility, Yan said the company prioritized “long-term health over short-term volume,” with full-year sales of 70,000 units and a year-over-year decline as channels were restructured in the U.S. and Germany. He also cited more than 100,000 consumer scooter activations during the year, which he said indicated demand at the retail end despite lower sell-in.
During Q&A, Zhou said year-end net inventory was around RMB 650 million, and that more than 50% of overall inventory was “aged kick scooters,” representing more than RMB 300 million. She said the company’s “top priority” for kick scooters in 2026 is improving turnover and clearing aged inventory, focusing on inventory rather than importing new models while shifting to a “more lean and straightforward” channel approach.
On China’s new national standards, Yan said the changes will lead to cost increases. He said Niu has raised retail prices “to cover part of the cost increase” and is pursuing cost-reduction initiatives through engineering, platform standardization, and commoditizing common parts to reduce bill-of-materials costs.
Looking ahead, management guided to total 2026 sales volume of 1.67 million to 1.91 million units. Zhou also guided first-quarter revenue of RMB 887 million to RMB 1,023 million, representing 30% to 50% year-over-year growth. Yan said he expects demand in China’s electric bicycle market to remain “measured” through the first quarter as the new standards are implemented, followed by a recovery as the regulatory framework stabilizes and supply chains adapt, while electric motorcycles are “poised for a major breakout.”
About Niu Technologies (NASDAQ:NIU)
Niu Technologies Co, Ltd., established in 2014 and headquartered in Beijing, is a leading designer and manufacturer of smart electric scooters and micro-mobility solutions. The company integrates Internet of Things (IoT) connectivity into its vehicles, enabling real-time monitoring of battery status, vehicle diagnostics, and location tracking through its proprietary mobile application. By leveraging lightweight materials and modular battery systems, Niu aims to deliver efficient urban transportation alternatives that reduce reliance on conventional gasoline-powered motorcycles and cars.
Niu’s product portfolio encompasses a range of electric scooters, motorcycles, and e-bikes marketed under its NQi, MQi, and UQi series.
