Niu Technologies · NASDAQ:NIU
Niu Technologies — Q2 2026 Earnings Presentation
20 slides from Niu Technologies's earnings presentation, Aug 10, 2026
Slide 1: 2Q 2026
2Q 2026
Slide 2: NIU at a glance
NIU at a glance 2014 7mn Scooters Founded Sold Globally 4,570 Stores 43bn km in China Riding Data Data as of June 30, 2026 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 NQi MQi FQi UQi SQi RQi OQi GQi 3
Slide 4: Overseas: Enriched product series, with e-moped and e-motorcycle, kick-scooters and e-bike
Overseas : Enriched product series, with e-moped and e-motorcycle, kick-scooters and e-bike NQi MQi RQi XQi KQi BQi 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 Integration 3rd Party Platform NIU Store 631 4,570 的圖片 tmall 搜尋結果 logo City Stores Partners in China in China Europe/North Covered 471 America as the Overseas key Citys in China market Data as of June 30, 2026. *We sell kick-scooters and e-bi
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 Data as of June 30, 2026. 7
Slide 8: Financial Highlights
Pitan Financial Highlights
Slide 9: 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) 20.10% 17.0% 16.00% 2Q2024 2Q2025 2Q2026 Note: (1) Adj. operating expenses is defined as operating expenses excluding share-based compensation expen
Slide 10: Sales volume and Revenues
Sales volume and Revenues China Sales Volume Overseas Sales Volume Total Revenues (thousands) (thousands) (RMB millions) YoY 1440 +15% YoY 402 1256 YoY 26% +34% YoY 319 -36% 940 YoY YoY 49 54% +4% 208 31 32 2Q2024 2Q2025 2Q2026 2Q2024 2Q2025 2Q2026 2Q2024 2Q2025 2Q2026 10
Slide 11: Solid balance sheet with strong cash position
Solid balance sheet with strong cash position RMB(million) 2025/12/31 2026/06/30 Cash, restricted cash, deposits & short-term investment 1,326 1,694 Notes receivable & Accounts receivable, net 37 26 Inventories, net 653 724 PP&E and intangible assets 421 478 Land use rights and other operating lease
Slide 12: Net margin
Net margin Net margin Adj. Net margin(1) (as % of revenues) (as % of revenues) 0.50% 1.10% -2.6% -2.1% -7.10% -6.80% 2Q2024 2Q2025 2Q2026 2Q2024 2Q2025 2Q2026 Note: (1) Adjusted net margin is defined as net loss/income excluding share-based compensation expenses and change in fair value of a convert
Slide 13: Thank You
Thank You
Slide 14: Appendix
Pitan Appendix
Slide 15: 2022 - 2025: Sales volume growth
2022 - 2025: Sales volume growth E-scooter Sales Volume (thousands) (y-o-y growth %) Quarterly Volume Yearly Volume YoY +29% 1,192 YoY YoY -15% 30% 924 832 710 466 321 350 312 266 256 209 212 227 203 164 173 138 137 129 94 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q
Slide 16: Sales Volume Breakdown and Revenue (2023-2025)
Sales Volume Breakdown and Revenue (2023-2025) China Sales Volume Overseas Sales Volume Total Revenue (thousands) (thousands) (RMB millions) 4308 YoY YoY 1112 +31% +47% YoY YoY 24% 3288 +26% 165 759 2652 YoY YoY 601 +52% -52% 109 80 2023 2024 2025 2023 2024 2025 2023 2024 2025 16
Slide 17: Gross Margin and Operating Expenses (2023-2025)
Gross Margin and Operating Expenses (2023-2025) Gross Margin Operating Expenses Adj. Operating Expenses(1) (as % of revenues) (as % of revenues) (as % of revenues) S&M S&M R&D33.6% R&D 31.9% G&A G&A 9.2% 8.7% 22.8% 22.1% 21.5% 21.7% 21.0% 19.6% 5.7% 4.0% 2.1% 4.9% 3.7% 1.8% 15.2% 4.0% 3.9% 3.6% 3.7%
Slide 18: 2022 - 2025: Revenues
2022 - 2025: Revenues Revenues (RMB millions) (y-o-y growth %) Quarterly Revenues Yearly Revenues YoY 4,308 YoY +31% -16% YoY +24% 3,288 3,169 2,652 1,694 1,153 1,256 927 940 1,024 828 829 819 575 612 682 676 417 479 505 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25
Slide 19: 2022 - 2025: Revenues per scooter (ASP)
2022 - 2025: Revenues per scooter (ASP) Revenues per scooter (RMB) (y-o-y growth %) Quarterly ASP Yearly ASP YoY YoY -2% YoY -5% +2% 4,420 3,910 3,908 3,908 3,914 3,810 3,736 3,671 3,615 3,671 3,615 3,587 3,636 3,486 3,482 3,557 3,614 3,277 3,277 3,354 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q24 2Q
Slide 20: 2022 - 2025: Margins
2022 - 2025: Margins Gross margin Net margin Adj. Net margin(1) (as % of revenues) (as % of revenues) (as % of revenues) 0.3% 21.5% -0.9% 21.1% -1.6% 19.6% -0.3% 15.2% -5.9% -5.1% -10.3% -8.5% 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 Note: (1) Adjusted net margin is defined as net