Niu Technologies · NASDAQ:NIU
Niu Technologies — Q2 2025 Earnings Presentation
20 slides from Niu Technologies's earnings presentation, Aug 11, 2025
Slide 1: 2Q 2025
2Q 2025
Slide 2: NIU at a glance
NIU at a glance 2014 5.7mn 31bn km Scooters Founded Sold Globally Riding Data 4,304 53 Stores in China Countries Data as of June 30, 2025 2
Slide 3: China market: Enriched product matrix based on the existing product series
China market: Enriched product matrix based on the existing product series 3
Slide 4: Overseas: Enriched product series, with e-moped, e-motorcycle, kick-scooters and e-bike
Overseas : Enriched product series, with e-moped and e-motorcycle, kick- scooters and e-bike 4
Slide 5: Competitive edge in smart technologies with user-centric industrial design
Competitive edge in smart technologies with user-centric industrial design Our App Our Scooter Our battery 7th Portable battery pack Winner of seven major international design awards 5
Slide 6: Sales Network and Omnichannel Retail Model
Sales Network and Omnichannel Retail Model Offline Online Domestic International Integration 3rd Party Platform NIU Store 549 57 City Partners Country Distributors 4,304 53 Dedicated Stores Countries 311 Europe/US Cities as the Key Market Data as of June 30, 2025. *We sell kick-scooters and e-bikes
Slide 7: Total production capacity of 2 million units per year
Total production capacity of 2 million units per year Current Capacity (units) Total 2mn ~ 380,000 7
Slide 8: Financial Highlights
ZPNIUN+azh Financial Highlights
Slide 9: Sales volume and Revenues
Sales volume and Revenues China Sales Volume Overseas Sales Volume Total Revenues (thousands) (thousands) (RMB millions) YoY 1256 +34% 319 YoY YoY +54% +14% 940 YoY 49 YoY +45% YoY 829 16% 208 -36% 179 33 31 2Q2023 2Q2024 2Q2025 2Q2023 2Q2024 2Q2025 2Q2023 2Q2024 2Q2025 9
Slide 10: Gross margin and operating expenses
Gross margin and operating expenses Gross margin Operating expenses Adj. Operating expenses(1) (as % of revenues) (as % of revenues) (as % of revenues) 23.1% 20.1% 17.0% 2Q2023 2Q2024 2Q2025 Note: (1) Adj. operating expenses is defined as operating expenses excluding share-based compensation expense
Slide 11: Solid balance sheet with strong cash position
Solid balance sheet with strong cash position RMB(million) 2024/12/31 2025/06/30 Cash, restricted cash, deposits & short-term investment 1,121 1,441 Notes receivable & Accounts receivable, net 132 139 Inventories, net 649 719 PP&E and intangible assets 321 347 Land use rights and other operating lea
Slide 12: Net margin
Net margin Net margin Adj. Net margin(1) (as % of revenues) (as % of revenues) 1.1% 0.5% 1.7% -0.2% -2.6% -2.1% -27.2% 2Q2023 2Q2024 2Q2025 2Q2023 2Q2024 2Q2025 Note: (1) Adjusted net margin is defined as net loss/income excluding share-based compensation expenses and change in fair value of a conve
Slide 13: Thank You
Thank You
Slide 14: Appendix
ZPNIUN+azh Appendix
Slide 15: 2021 - 2024: Sales volume growth
2021 - 2024: Sales volume growth E-scooter Sales Volume (thousands) (y-o-y growth %) Quarterly Volume Yearly Volume 1,038 YoY -20% 924 YoY 832 -15% YoY 710 +30% 397 321 312 253 266 256 238 212 227 209 150 164 138 137 129 94 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4
Slide 16: Sales Volume Breakdown and Revenue (2022-2024)
Sales Volume Breakdown and Revenue (2022-2024) China Sales Volume Overseas Sales Volume Total Revenue (thousands) (thousands) (RMB millions) YoY 759 3169 YoY +24% 3288 YoY YoY 711 -16% -15% +26% 2652 601 165 YoY YoY 121 -10% 109 +52% 2022 2023 2024 2022 2023 2024 2022 2023 2024 16
Slide 17: Gross Margin and Operating Expenses (2022-2024)
Gross Margin and Operating Expenses (2022-2024) Gross Margin Operating Expenses Adj. Operating Expenses(1) (as % of revenues) (as % of revenues) (as % of revenues) S&M S&M R&D 33.6% R&D 31.9% G&A G&A 9.2% 8.7% 24.5% 22.8% 22.7% 22.1% 21.1% 21.5% 5.0% 5.7% 4.0% 4.4% 4.9% 3.7% 15.2% 5.6% 4.0% 3.7% 4.9
Slide 18: 2021 - 2024: Revenues
2021 - 2024: Revenues Revenues (RMB millions) (y-o-y growth %) Quarterly Revenues Yearly Revenues 3,705 YoY -14% 3,288 3,169 YoY -16% YoY +24% 2,652 1,226 1,153 945 986 927 940 1,024 828 829 819 547 575 612 479 505 417 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 2
Slide 19: 2021 - 2024: Revenues per scooter (ASP)
2021 - 2024: Revenues per scooter (ASP) Revenues per scooter (RMB) (y-o-y growth %) Yearly ASP Quarterly ASP 4,428 4,420 YoY YoY 4,140 YoY -2% 3,963 3,910 3,908 -5% +7% 3,810 3,657 3,734 3,671 3,736 3,595 3,615 3,569 3,557 3,516 3,486 3,482 3,277 3,089 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q
Slide 20: 2021 - 2024: Margins
2021 - 2024: Margins Gross margin Net margin Adj. Net margin(1) (as % of revenues) (as % of revenues) (as % of revenues) 6.1% 21.9% 21.5% 7.4% 21.1% 15.2% 0.3% -1.6% -5.9% -5.1% -10.3% -8.5% 2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024 Note: (1) Adjusted net margin is defined as net p