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Niu Technologies Announces Unaudited Fourth Quarter and Full Year 2024 Financial Results

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Niu Technologies (NIU) reported strong Q4 2024 results with revenues reaching RMB 819.2 million, up 71.1% year-over-year, driven by a 64.9% increase in e-scooter sales volume. The company sold 226,634 units, with 182,333 in China and 44,301 in international markets.

Despite revenue growth, Q4 gross margin declined to 12.4% from 19.0% in Q4 2023, primarily due to product mix changes and increased costs. The company reported a Q4 net loss of RMB 72.5 million, improving from RMB 130.2 million loss in Q4 2023.

For full year 2024, revenues increased 24.0% to RMB 3,288.3 million, while net loss improved to RMB 193.2 million from RMB 271.8 million in 2023. Looking ahead, NIU projects Q1 2025 revenues between RMB 631-707 million and expects 2025 sales volume to grow 40-70% year-over-year to 1.3-1.6 million units.

Niu Technologies (NIU) ha riportato risultati solidi per il quarto trimestre del 2024, con ricavi che hanno raggiunto RMB 819,2 milioni, in aumento del 71,1% rispetto all'anno precedente, grazie a un incremento del 64,9% nel volume delle vendite di e-scooter. L'azienda ha venduto 226.634 unità, di cui 182.333 in Cina e 44.301 nei mercati internazionali.

Nonostante la crescita dei ricavi, il margine lordo del quarto trimestre è diminuito al 12,4% rispetto al 19,0% del quarto trimestre 2023, principalmente a causa dei cambiamenti nel mix di prodotti e dell'aumento dei costi. L'azienda ha riportato una perdita netta di RMB 72,5 milioni, in miglioramento rispetto alla perdita di RMB 130,2 milioni nel quarto trimestre 2023.

Per l'intero anno 2024, i ricavi sono aumentati del 24,0% a RMB 3.288,3 milioni, mentre la perdita netta è migliorata a RMB 193,2 milioni rispetto ai RMB 271,8 milioni del 2023. Guardando al futuro, NIU prevede ricavi per il primo trimestre 2025 compresi tra RMB 631-707 milioni e si aspetta che il volume delle vendite nel 2025 cresca del 40-70% rispetto all'anno precedente, raggiungendo 1,3-1,6 milioni di unità.

Niu Technologies (NIU) informó resultados sólidos para el cuarto trimestre de 2024, con ingresos que alcanzaron RMB 819,2 millones, un aumento del 71,1% interanual, impulsado por un incremento del 64,9% en el volumen de ventas de e-scooters. La compañía vendió 226,634 unidades, de las cuales 182,333 en China y 44,301 en mercados internacionales.

A pesar del crecimiento de los ingresos, el margen bruto del cuarto trimestre disminuyó al 12,4% desde el 19,0% en el cuarto trimestre de 2023, principalmente debido a cambios en la mezcla de productos y mayores costos. La empresa reportó una pérdida neta en el cuarto trimestre de RMB 72,5 millones, mejorando desde una pérdida de RMB 130,2 millones en el cuarto trimestre de 2023.

Para todo el año 2024, los ingresos aumentaron un 24,0% a RMB 3,288.3 millones, mientras que la pérdida neta mejoró a RMB 193,2 millones desde RMB 271,8 millones en 2023. De cara al futuro, NIU proyecta ingresos para el primer trimestre de 2025 entre RMB 631-707 millones y espera que el volumen de ventas en 2025 crezca entre un 40-70% interanual, alcanzando entre 1,3-1,6 millones de unidades.

니우 테크놀로지스 (NIU)는 2024년 4분기 실적을 발표하며 수익이 RMB 819.2 백만에 달해 전년 대비 71.1% 증가했다고 보고했습니다. 이는 전기 스쿠터 판매량이 64.9% 증가한 데 따른 것입니다. 회사는 226,634대를 판매했으며, 이 중 182,333대는 중국에서, 44,301대는 국제 시장에서 판매되었습니다.

수익 성장에도 불구하고, 4분기 총 마진은 2023년 4분기 19.0%에서 12.4%로 감소했습니다. 이는 주로 제품 믹스 변화와 비용 증가 때문입니다. 회사는 4분기 순손실이 RMB 72.5 백만으로, 2023년 4분기 손실 RMB 130.2 백만에서 개선되었다고 보고했습니다.

2024년 전체 연간 수익은 RMB 3,288.3 백만으로 24.0% 증가했으며, 순손실은 2023년 RMB 271.8 백만에서 RMB 193.2 백만으로 개선되었습니다. 앞으로 NIU는 2025년 1분기 수익을 RMB 631-707 백만으로 예상하며, 2025년 판매량이 전년 대비 40-70% 증가해 1.3-1.6 백만 대에 이를 것으로 예상하고 있습니다.

Niu Technologies (NIU) a annoncé de solides résultats pour le quatrième trimestre 2024, avec des revenus atteignant RMB 819,2 millions, en hausse de 71,1 % par rapport à l'année précédente, grâce à une augmentation de 64,9 % du volume des ventes de trottinettes électriques. L'entreprise a vendu 226 634 unités, dont 182 333 en Chine et 44 301 sur les marchés internationaux.

Malgré la croissance des revenus, la marge brute du quatrième trimestre a diminué à 12,4 % contre 19,0 % au quatrième trimestre 2023, principalement en raison des changements dans le mix de produits et de l'augmentation des coûts. L'entreprise a enregistré une perte nette de 72,5 millions de RMB au quatrième trimestre, en amélioration par rapport à une perte de 130,2 millions de RMB au quatrième trimestre 2023.

Pour l'ensemble de l'année 2024, les revenus ont augmenté de 24,0 % pour atteindre RMB 3 288,3 millions, tandis que la perte nette s'est améliorée à 193,2 millions de RMB contre 271,8 millions de RMB en 2023. En regardant vers l'avenir, NIU prévoit des revenus pour le premier trimestre 2025 compris entre 631 et 707 millions de RMB et s'attend à ce que le volume des ventes en 2025 augmente de 40 à 70 % par rapport à l'année précédente, atteignant entre 1,3 et 1,6 million d'unités.

Niu Technologies (NIU) hat starke Ergebnisse für das vierte Quartal 2024 gemeldet, mit Einnahmen von RMB 819,2 Millionen, was einem Anstieg von 71,1% im Vergleich zum Vorjahr entspricht, angetrieben durch einen Anstieg des Verkaufsvolumens von E-Scootern um 64,9%. Das Unternehmen verkaufte 226.634 Einheiten, davon 182.333 in China und 44.301 in internationalen Märkten.

Trotz des Umsatzwachstums sank die Bruttomarge im vierten Quartal auf 12,4% von 19,0% im vierten Quartal 2023, hauptsächlich aufgrund von Änderungen im Produktmix und gestiegenen Kosten. Das Unternehmen berichtete von einem Nettoverlust im vierten Quartal von RMB 72,5 Millionen, eine Verbesserung gegenüber dem Nettoverlust von RMB 130,2 Millionen im vierten Quartal 2023.

Für das gesamte Jahr 2024 stiegen die Einnahmen um 24,0% auf RMB 3.288,3 Millionen, während der Nettoverlust sich auf RMB 193,2 Millionen von RMB 271,8 Millionen im Jahr 2023 verbesserte. Ausblickend prognostiziert NIU für das erste Quartal 2025 Einnahmen zwischen RMB 631-707 Millionen und erwartet, dass das Verkaufsvolumen 2025 im Vergleich zum Vorjahr um 40-70% auf 1,3-1,6 Millionen Einheiten wachsen wird.

Positive
  • Q4 revenue increased 71.1% YoY to RMB 819.2 million
  • E-scooter sales volume grew 64.9% YoY to 226,634 units
  • Operating expenses decreased 21.6% YoY
  • Net loss improved from RMB 130.2M to RMB 72.5M in Q4
  • Strong 2025 guidance: 40-70% sales volume growth expected
Negative
  • Q4 gross margin declined to 12.4% from 19.0% YoY
  • Full year 2024 net loss of RMB 193.2 million
  • Cost per e-scooter increased 12.2% YoY in Q4
  • Revenue per e-scooter decreased 4.8% for full year 2024

Insights

Niu Technologies' Q4 and FY2024 results present a notable improvement in revenue growth while still working toward profitability. Q4 revenues surged 71.1% year-over-year to RMB 819.2 million, driven by a 64.9% increase in e-scooter sales volume and a 3.8% rise in revenue per unit. Similarly, full-year revenues increased 24.0% to RMB 3,288.3 million.

The company significantly narrowed its losses, with Q4 net loss improving to RMB 72.5 million from RMB 130.2 million in Q4 2023, and full-year net loss decreasing to RMB 193.2 million from RMB 271.8 million. However, gross margins declined considerably to 12.4% in Q4 (vs. 19.0% in Q4 2023) and 15.2% for the full year (vs. 21.5% in 2023).

The margin compression stemmed from multiple factors: a shift in product mix toward premium models with higher costs, increased international freight expenses, U.S. tariffs, and holiday season sales incentives. Cost per e-scooter rose 12.2% year-over-year in Q4 to RMB 3,165.

Operationally, Niu demonstrated improved efficiency, reducing operating expenses by 21.6% year-over-year in Q4, now representing 23.6% of revenues compared to 51.4% a year ago. The company has established a strong retail presence with 3,735 franchised stores in China and distribution across 53 countries.

Management's guidance suggests continued momentum, projecting Q1 2025 revenue growth of 25-40% and full-year 2025 unit sales growth of 40-70%. This indicates confidence in sustaining the growth trajectory despite margin pressures.

Niu's results reveal a company executing effectively on volume growth while navigating margin challenges - a common pattern in scaling consumer hardware businesses. The 65.1% surge in China sales and 63.9% jump in international markets demonstrate strong product-market fit and effective distribution expansion.

The significant reduction in operating expenses as a percentage of revenue (from 51.4% to 23.6% in Q4) indicates successful scaling of the business model. Particularly noteworthy is the 28.7% reduction in selling and marketing expenses despite the sales volume increase, suggesting improving marketing efficiency and brand strength. R&D expenses grew 8.4%, reflecting continued investment in product development.

While gross margin compression is concerning, the primary drivers appear to be strategic decisions (premium model mix, holiday incentives) and external factors (freight costs, tariffs) rather than fundamental competitive pressures. The 3.8% increase in revenue per e-scooter suggests the company maintains pricing power.

The expansion of franchised stores to 3,735 in China represents a substantial increase in distribution capacity, while international expansion through strategic retail partnerships (like Best Buy) positions the company for continued global growth. This multi-channel approach enhances brand visibility in both established and emerging markets.

The aggressive guidance for 2025 (40-70% unit growth) suggests management sees a clear path to continued expansion. The key question for investors is whether Niu can balance growth with margin recovery as it achieves greater scale. The reduction in net loss margin from 27.2% to 8.9% in Q4 indicates progress toward eventual profitability despite current margin headwinds.

-- Fourth Quarter Revenues of RMB 819.2 million, increase 71.1% year over year

-- Fourth Quarter Net Loss of RMB 72.5 million, compared to net loss of RMB 130.2 million in the same period of last year

-- Full Year Revenues of RMB 3,288.3 million, increase 24.0% year over year

-- Full Year Net loss of RMB 193.2 million, compared to net loss of RMB 271.8 million in 2023

BEIJING, March 17, 2025 (GLOBE NEWSWIRE) -- Niu Technologies (“NIU”, or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Financial Highlights

  • Revenues were RMB 819.2 million, an increase of 71.1% year over year
  • Gross margin was 12.4%, compared with 19.0% in the fourth quarter of 2023
  • Net loss was RMB 72.5 million, compared with net loss of RMB 130.2 million in the fourth quarter of 2023
  • Adjusted net loss (non-GAAP)1 was RMB 66.7 million, compared with adjusted net loss of RMB 122.4 million in the fourth quarter of 2023

Fourth Quarter 2024 Operating Highlights

  • The number of e-scooters sold was 226,634, up 64.9% year over year
  • The number of e-scooters sold in China was 182,333, up 65.1% year over year
  • The number of e-scooters sold in the international markets was 44,301, up 63.9% year over year
  • The number of franchised stores in China was 3,735 as of December 31, 2024
  • The number of distributors in our international sales network was 57, covering 53 countries as of December 31, 2024

Dr. Yan Li, Chief Executive Officer of the Company, remarked: “In 2024, we experienced significant volume growth in China, driven by strong consumer demand for our new models. By rapidly improving our design and technological capabilities, we have developed a diversified portfolio that addresses a broad range of market needs. Our store expansion has been a key growth driver, increasing the visibility of the NIU brand in previously underserved areas. Building on this momentum, we are confident in our ability to sustain the strong consumer appeal of our products in 2025.”

Dr. Li continued, “Internationally, our micro-mobility segment expanded its retail presence in 2024 through strategic partnerships with major retailers such as Best Buy. The increased visibility of our electric motorcycles and mopeds has further strengthened our global footprint, solidifying our position in key markets.”

Fourth Quarter 2024 Financial Results

Revenues reached RMB 819.2 million, representing a 71.1% increase year-over-year. This growth was mainly driven by a 64.9% increase in sales volume, along with a 3.8% increase in revenues per e-scooter. The following table shows the revenue breakdown and revenues per e-scooter in the periods presented:

Revenues
(in RMB million)
 2024
Q4
 2023
Q4
 % change
YoY
E-scooter sales from China market 646.2 355.2 +81.9%
E-scooter sales from international markets 87.2 59.0 +47.8%
E-scooter sales, sub-total 733.4 414.2 +77.0%
Accessories, spare parts and services 85.8 64.5 +33.1%
Total 819.2 478.7 +71.1%


Revenues per e-scooter
(in RMB)
 2024
Q4
 2023
Q4
 % change
YoY
E-scooter sales from China market2 3,544 3,216 +10.2%
E-scooter sales from international markets2 1,968 2,183 -9.8%
E-scooter sales 3,236 3,013 +7.4%
Accessories, spare parts and services3 379 469 -19.2%
Revenues per e-scooter 3,615 3,482 +3.8%
       
  • E-scooter sales revenues from China market were RMB 646.2 million, an increase of 81.9% year-over-year, and represented 88.1% of total e-scooter revenues. The increase was mainly due to the increased sales volume and revenues per e-scooter in China market.
  • E-scooter sales revenues from international markets were RMB 87.2 million, an increase of 47.8% year-over-year, and represented 11.9% of total e-scooter revenues. The increase was mainly due to the increased sales volume of kick-scooters with lower sales price in international markets.
  • Accessories, spare parts sales and services revenues were RMB 85.8 million, an increase of 33.1% year-over-year, and represented 10.5% of total revenues. The increase was mainly due to an increase in accessories and spare parts sales in both China and international markets.
  • Revenues per e-scooter was RMB 3,615, an increase of 3.8% year-over-year, mainly due to increased revenues per e-scooter in China market.

Cost of revenues was RMB 717.2 million, an increase of 85.0% year-over-year, mainly due to the increase in sales volume. The cost per e-scooter, defined as cost of revenues divided by the number of e-scooters sold in a specific period, was RMB 3,165, an increase of 12.2% from RMB 2,820 in the last quarter of 2023. This increase was mainly due to a higher proportion of premium series sales in China market with higher cost per e-scooter, the increased freight costs in international markets, and tariffs in U.S. market.

Gross margin was 12.4%, compared with 19.0% in the same period of 2023. The decrease was mainly due to changes in the product mix of kick-scooters, sales incentives offered during the holiday season, increased freight costs in international markets, and tariffs in U.S. market.

Operating expenses were RMB 193.0 million, a decrease of 21.6% from the same period of 2023. Operating expenses as a percentage of revenues was 23.6%, compared with 51.4% in the fourth quarter of 2023.

  • Selling and marketing expenses were RMB 136.3 million (including RMB 1.4 million of share-based compensation), a decrease of 28.7% from RMB 191.2 million in the fourth quarter of 2023, mainly due to the decrease of RMB 34.2 million and RMB 22.3 million in rental expenses and advertising and promotion activities, respectively, primarily in international markets. Selling and marketing expenses as a percentage of revenues was 16.6%, compared with 39.9% in the fourth quarter of 2023.
  • Research and development expenses were RMB 38.6 million (including RMB 2.1 million of share-based compensation), an increase of 8.4% from RMB 35.6 million in the fourth quarter of 2023, mainly due to an increase of RMB 2.6 million in staff cost and share-based compensation. Research and development expenses as a percentage of revenues was 4.7%, compared with 7.4% in the fourth quarter of 2023.
  • General and administrative expenses were RMB 18.1million (including RMB 2.3 million of share-based compensation), a decrease of 6.8% from RMB 19.4 million in the fourth quarter of 2023, mainly due to the decrease in allowance for doubtful accounts of RMB 1.0 million, and the increase in foreign exchange gain of 2.5 million. General and administrative expenses as a percentage of revenues was 2.2%, compared with 4.1% in the fourth quarter of 2023.

Operating expenses excluding share-based compensation were RMB 187.3 million, decreased by 21.5% year over year, and represented 22.9% of revenues, compared with 49.9% in the fourth quarter of 2023.

  • Selling and marketing expenses excluding share-based compensation were RMB 135.0million, a decrease of 28.7% year over year, and represented 16.5% of revenues, compared with 39.6% in the fourth quarter of 2023.
  • Research and development expenses excluding share-based compensation were RMB 36.6 million, an increase of 12.0% year over year, and represented 4.5% of revenues, compared with 6.8% in the fourth quarter of 2023.
  • General and administrative expenses excluding share-based compensation were RMB 15.8 million, a decrease of 5.8% year over year, and represented 1.9% of revenues, compared with 3.5% in the fourth quarter of 2023.

Share-based compensation was RMB 5.9 million, compared with RMB 7.7 million in the same period of 2023.

Income tax benefit was RMB 9.8 million, compared with income tax benefit of RMB 14.4 million in the same period of 2023.

Net loss was RMB 72.5 million, compared with net loss of RMB 130.2 million in the fourth quarter of 2023. The net loss margin was 8.9%, compared with net loss margin of 27.2% in the same period of 2023.

Adjusted net loss (non-GAAP) was RMB 66.7 million, compared with an adjusted net loss of RMB 122.4 million in the fourth quarter of 2023. The adjusted net loss margin4 was 8.1%, compared with an adjusted net loss margin of 25.6% in the same period of 2023.

Basic and diluted net loss per ADS were both RMB 0.91 (US$ 0.13).

Full Year 2024 Financial Results

Revenues were RMB 3,288.3 million, representing a 24.0% increase year over year. This growth was mainly attributable to a 30.2% increase in sales volume, partially offset by a 4.8% decrease in revenues per e-scooter. E-scooter sales revenues from China market and international markets represented 86.6% and 13.4% of our total revenues from e-scooter sales, respectively. The following table shows the revenue breakdown and revenues per e-scooter in the years presented:

Revenues
(in RMB million)
 2024
Full Year
 2023
Full Year
 % change
YoY
E-scooter sales from China market 2,563.6 2,010.0 +27.5%
E-scooter sales from international markets 396.9 348.7 +13.8%
E-scooter sales, sub-total 2,960.5 2,358.7 +25.5%
Accessories, spare parts and services 327.8 293.1 +11.8%
Total 3,288.3 2,651.8 +24.0%


Revenues per e-scooter
(in RMB)
 2024
Full Year
 2023
Full Year
 % change
YoY
E-scooter sales from China market2 3,377 3,344 +1.0%
E-scooter sales from international markets2 2,402 3,204 -25.0%
E-scooter sales 3,203 3,323     -3.6%
Accessories, spare parts and services3 354 413 -14.3%
Revenues per e-scooter 3,557 3,736    -4.8%
       

Cost of revenues were RMB 2,789.5 million, an increase of 34.0% year over year, mainly resulting from increased e-scooter sales volume. The cost per e-scooter, defined as cost of revenues divided by the number of e-scooters sold in a specific period, was RMB 3,018, an increase of 2.9% from RMB 2,932 in 2023.

Gross margin was 15.2%, compared with 21.5% in 2023. The decrease was mainly due to a higher proportion of kick-scooters sales with lower sales prices and margin in international markets, changes in product mix of e-scooters, and increased sales incentives to franchisees in China market.

Operating expenses were RMB 750.3 million, a decrease of 15.8% from RMB 891.2 million in 2023. Operating expenses as a percentage of revenues was 22.8%, compared with 33.6% in 2023.

Operating expenses excluding share-based compensation were RMB 726.8 million, a decrease of 14.0% year over year, and represented 22.1% of revenues, compared with 31.9% in 2023.

Share-based compensation was RMB 24.2 million, a decrease of RMB 23.4 million from RMB 47.7 million in 2023.

Income tax benefit was RMB 23.6 million, compared with income tax benefit of RMB 10.2 million in 2023.

Net loss was RMB 193.2 million, compared with net loss of RMB 271.8 million in 2023. The net loss margin was 5.9%, compared with net loss margin of 10.3% in 2023.

Adjusted net loss (non-GAAP) was RMB 169.0 million, compared with an adjusted net loss of RMB 224.2 million in 2023. The adjusted net loss margin4 was 5.1%, compared with an adjusted net loss margin of 8.5% in 2023.

Basic and diluted net loss per ADS were both RMB 2.44 (US$ 0.33).

Balance Sheet

As of December 31, 2024, the Company had cash and cash equivalents and term deposits of RMB 904.4 million in aggregate. The Company had restricted cash of RMB 216.4 million and short-term bank borrowings of RMB 200.0 million.

Business Outlook

NIU expects revenues of the first quarter 2025 to be in the range of RMB 631 million to RMB 707 million, representing a year-over-year increase of 25% to 40%. NIU expects the sales volume for full year 2025 to be in the range of 1.3 million to 1.6 million units, representing a year-over-year increase of approximately 40% to 70%.

The above outlook is based on information available as of the date of this press release and reflects the Company’s current and preliminary expectation and is subject to change.

Conference Call

The Company will host an earnings conference call on Monday, March 17, 2025 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time) to discuss its fourth quarter and full year 2024 financial and business results and provide a corporate update.

To join via phone, participants need to register in advance of the conference call using the link provided below. Upon registration, participants will receive dial-in numbers and a personal PIN, which will be used to join the conference call.

Event:Niu Technologies Fourth Quarter and Full Year 2024 Financial Results Conference Call
Registration Link:https://register-conf.media-server.com/register/BI427237b63fc249579b187787482439fd 
  

A live and archived webcast of the conference call will be available on the investor relations website at https://ir.niu.com/news-and-events/webcasts-and-presentations.

About NIU

As the world’s leading provider of smart urban mobility solutions, NIU designs, manufactures and sells high-performance electric motorcycles, mopeds, bicycles, as well as kick-scooters and e-bikes. NIU has a diversified product portfolio that caters to the various demands of our users and addresses different urban travel scenarios. Currently, NIU offers two model lineups, comprising a number of different vehicle types. These include (i) the electric motorcycle, moped and bicycle series, including the NQi, MQi, UQi, FQi series and others, and (ii) the micro-mobility series, including the kick-scooter series KQi and the e-bike series BQi. NIU has adopted an omnichannel retail model, integrating the offline and online channels, to sell its products and provide services to users.
For more information, please visit www.niu.com.

Use of Non-GAAP Financial Measures

To supplement NIU’s consolidated financial results presented in accordance with the accounting principles generally accepted in the United States of America (“GAAP”), NIU uses the following non-GAAP financial measures: adjusted net income (loss) and adjusted net income (loss) margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. NIU believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its operating results. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to NIU’s historical performance. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.

Adjusted net income (loss) is defined as net income (loss) excluding share-based compensation expenses. Adjusted net income (loss) margin is defined as adjusted net income (loss) as a percentage of the revenues.

For more information on non-GAAP financial measures, please see the tables captioned “Reconciliation of GAAP and Non-GAAP Results”.

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the readers. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB 7.2993 to US$ 1.00, the exchange rate in effect as of December 31, 2024, as set forth in the H.10 Statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as NIU’s strategic and operational plans, contain forward-looking statements. NIU may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about NIU’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIU’s strategies; NIU’s future business development, financial condition and results of operations; NIU’s ability to maintain and enhance its “NIU” brand; its ability to innovate and successfully launch new products and services; its ability to maintain and expand its offline distribution network; its ability to satisfy the mandated safety standards relating to e-scooters; its ability to secure supply of components and raw materials used in e-scooters; its ability to manufacture, launch and sell smart e-scooters meeting customer expectations; its ability to grow collaboration with operation partners; its ability to control costs associated with its operations; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIU’s filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and NIU does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact:

Niu Technologies
E-mail: ir@niu.com

 
NIU TECHNOLOGIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
      
 As of
 December 31, December 31, December 31,
 2023  2024  2024 
  RMB   RMB  US$
ASSETS     
Current assets     
Cash and cash equivalents872,573,460  630,021,303  86,312,565 
Term deposits97,555,565  274,351,895  37,586,056 
Restricted cash107,666,733  216,395,796  29,646,103 
Accounts receivable, net94,956,170  131,921,419  18,073,160 
Inventories392,790,141  649,177,719  88,936,983 
Prepayments and other current assets195,072,129  267,938,339  36,707,402 
Total current assets1,760,614,198  2,169,806,471  297,262,269 
      
Non-current assets     
Property, plant and equipment, net323,112,366  320,013,632  43,841,688 
Intangible assets, net1,306,401  1,043,801  143,000 
Operating lease right-of-use assets76,821,285  71,223,350  9,757,559 
Deferred income tax assets20,747,021  31,752,254  4,350,041 
Other non-current assets6,730,378  19,318,659  2,646,645 
Total non-current assets428,717,451  443,351,696  60,738,933 
      
Total assets2,189,331,649  2,613,158,167  358,001,202 
      
LIABILITIES     
Current liabilities     
Short-term bank borrowings100,000,000  200,000,000  27,399,888 
Notes payable167,282,688  294,348,768  40,325,616 
Accounts payable575,724,288  869,015,140  119,054,586 
Income taxes payable1,357,913  1,071,914  146,852 
Advances from customers19,304,488  35,892,860  4,917,302 
Deferred revenue-current41,755,097  50,247,103  6,883,825 
Accrued expenses and other current liabilities165,511,396  201,356,008  27,585,659 
Total current liabilities1,070,935,870  1,651,931,793  226,313,728 
      
Deferred revenue-non-current13,168,111  16,886,859  2,313,490 
Deferred income tax liabilities2,362,494  3,269,464  447,915 
Operating lease liabilities280,421  89,990  12,329 
Other non-current liabilities8,968,519  9,697,841  1,328,599 
Total non-current liabilities24,779,545  29,944,154  4,102,333 
      
Total liabilities1,095,715,415  1,681,875,947  230,416,061 
      
SHAREHOLDERS’ EQUITY:     
Class A ordinary shares90,031  90,549  12,405 
Class B ordinary shares10,316  10,316  1,413 
Additional paid-in capital1,964,138,365  1,988,638,160  272,442,311 
Accumulated other comprehensive loss(9,495,674) (3,129,362) (428,721)
Accumulated deficit(861,126,804) (1,054,327,443) (144,442,267)
Total shareholders’ equity1,093,616,234  931,282,220  127,585,141 
      
Total liabilities and shareholders’ equity2,189,331,649  2,613,158,167  358,001,202 
      


NIU TECHNOLOGIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
          
 Three Months Ended December 31, Year Ended December 31,
 2023  2024 2023  2024
 RMB RMBUS$ RMB RMBUS$
Revenues478,687,794  819,179,677 112,227,156  2,651,757,646  3,288,296,344 450,494,752 
Cost of revenues(a)(387,743,580) (717,195,572)(98,255,391) (2,081,010,633) (2,789,533,350)(382,164,502)
Gross profit90,944,214  101,984,105 13,971,765  570,747,013  498,762,994 68,330,250 
          
Operating expenses:         
Selling and marketing expenses(a)(191,169,312) (136,342,357)(18,678,826) (495,734,694) (489,577,690)(67,071,869)
Research and development expenses(a)(35,634,011) (38,622,708)(5,291,289) (150,985,739) (130,111,359)(17,825,183)
General and administrative expenses(a)(19,396,568) (18,075,985)(2,476,400) (244,518,817) (130,617,629)(17,894,542)
Total operating expenses(246,199,891) (193,041,050)(26,446,515) (891,239,250) (750,306,678)(102,791,594)
Government grants1,071,262  387,800 53,128  2,968,735  911,556 124,883 
Operating loss(154,184,415) (90,669,145)(12,421,622) (317,523,502) (250,632,128)(34,336,461)
          
Interest expenses(817,656) (1,598,640)(219,013) (1,423,924) (5,623,544)(770,422)
Interest income9,946,526  9,559,430 1,309,637  35,492,190  37,089,488 5,081,239 
Investment income441,028  371,460 50,890  1,426,370  2,358,995 323,181 
Loss before income taxes(144,614,517) (82,336,895)(11,280,108) (282,028,866) (216,807,189)(29,702,463)
Income tax benefit14,444,605  9,798,826 1,342,434  10,192,884  23,606,550 3,234,084 
Net loss(130,169,912) (72,538,069)(9,937,674) (271,835,982) (193,200,639)(26,468,379)
          
Other comprehensive (loss) income         
Foreign currency translation adjustment, net of nil income taxes(5,456,486) 10,263,988 1,406,161  7,386,368  6,366,312 872,181 
Unrealized gain on available-for-sale securities, net of reclassification-  - -  (345,356) - - 
Comprehensive loss(135,626,398) (62,274,081)(8,531,513) (264,794,970) (186,834,327)(25,596,198)
Net loss per ordinary share         
—Basic(0.83) (0.46)(0.06) (1.73) (1.22)(0.17)
—Diluted(0.83) (0.46)(0.06) (1.73) (1.22)(0.17)
Net loss per ADS         
—Basic(1.65) (0.91)(0.13) (3.47) (2.44)(0.33)
—Diluted(1.65) (0.91)(0.13) (3.47) (2.44)(0.33)
          
Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net loss per ordinary share           
—Basic157,474,523  158,924,842 158,924,842  156,816,105  158,460,242 158,460,242 
—Diluted157,474,523  158,924,842 158,924,842  156,816,105  158,460,242 158,460,242 
Weighted average number of ADS outstanding used in computing net loss per ADS         
—Basic78,737,262  79,462,421 79,462,421  78,408,053  79,230,121 79,230,121 
—Diluted78,737,262  79,462,421 79,462,421  78,408,053  79,230,121 79,230,121 
          
Note:         
(a) Includes share-based compensation expenses as follows: 
 Three Months Ended December 31, Year Ended December 31,
 2023  2024 2023  2024
 RMB RMBUS$ RMB RMBUS$
Cost of revenues335,225  155,177 21,259  1,237,902  751,445 102,948 
Selling and marketing expenses1,784,011  1,363,601 186,813  9,991,688  7,110,420 974,124 
Research and development expenses2,997,597  2,054,764 281,502  21,653,946  7,325,327 1,003,566 
General and administrative expenses2,623,526  2,281,042 312,501  14,775,768  9,045,786 1,239,268 
Total share-based compensation expenses 7,740,359    5,854,584   802,075    47,659,304    24,232,978   3,319,906  
          


NIU TECHNOLOGIES
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
          
 Three Months Ended December 31, Year Ended December 31,
 2023 2024 2023 2024
 RMB RMBUS$ RMB RMBUS$
Net loss(130,169,912) (72,538,069)(9,937,674) (271,835,982) (193,200,639)(26,468,379)
Add:         
Share-based compensation expenses7,740,359  5,854,584 802,075  47,659,304  24,232,978 3,319,906 
Adjusted net loss(122,429,553) (66,683,485)(9,135,599) (224,176,678) (168,967,661)(23,148,473)
          

_________________________________

1 Adjusted net income (loss) (non-GAAP) is defined as net income (loss) excluding share-based compensation expenses
2 Revenues per e-scooter on e-scooter sales from China or international markets is defined as e-scooter sales revenues from China or international markets divided by the number of e-scooters sold in China or international market in a specific period
3 Revenues per e-scooter on accessories, spare parts and services is defined as accessories, spare parts and services revenues divided by the total number of e-scooters sold in a specific period
4 Adjusted net income (loss) margin is defined as adjusted net income (loss) (non-GAAP) as a percentage of the revenues


FAQ

What was NIU's revenue growth in Q4 2024?

NIU's Q4 2024 revenues grew 71.1% year-over-year to RMB 819.2 million.

How many e-scooters did NIU sell in Q4 2024?

NIU sold 226,634 e-scooters in Q4 2024, up 64.9% year-over-year, with 182,333 units in China and 44,301 in international markets.

What is NIU's sales volume guidance for 2025?

NIU expects 2025 sales volume to reach 1.3-1.6 million units, representing 40-70% year-over-year growth.

Why did NIU's gross margin decline in Q4 2024?

Gross margin fell to 12.4% from 19.0% due to kick-scooter product mix changes, holiday sales incentives, increased freight costs, and U.S. tariffs.

What is NIU's Q1 2025 revenue forecast?

NIU expects Q1 2025 revenues between RMB 631-707 million, representing 25-40% year-over-year growth.
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