Niu Technologies

Niu reported Q1 total sales volume of about 261,000-262,000 units, up 28.7%-29% year over year. Revenue was RMB 909.52 million / RMB 910 million, up 33.4% year over year, with China revenue of RMB 854 million and overseas revenue of RMB 56 million. Gross profit exceeded RMB 159 million versus RMB 118 million a year ago, and gross margin was 17.4%, up 0.1 percentage point year over year and 2.1 points sequentially. Operating expenses were RMB 264 million, up 60% year over year; GAAP net loss was RMB 94 million versus RMB 39 million last year, and non-GAAP net loss was RMB 88 million. The company ended the quarter with RMB 1.4 billion in cash, restricted cash, term deposits and short-term investments, generated RMB 131 million of operating cash inflow, and spent RMB 70 million on CapEx. For Q2, management guided revenue to RMB 1.57 billion to RMB 1.82 billion, up 25% to 45% year over year.

The CEO framed Q1 as a “high-quality execution and strategic resilience” quarter, emphasizing that Niu is shifting beyond a simple scooter brand into a broader premium mobility and technology platform. He highlighted the surge in electric motorcycles, especially in Tier 2 and Tier 3 cities, and said the company deliberately front-loaded branding, R&D, and product launches to build brand equity for the rest of 2026. He sounded confident that the company is laying the foundation for faster growth later in the year, especially if the electric bicycle market recovers and the new portfolio gains traction.

The CFO focused on the hard numbers and the cost structure. She said revenue was RMB 910 million, gross profit exceeded RMB 159 million, and gross margin was 17.4%; operating expenses were RMB 264 million, up 60% year over year, with selling and marketing at RMB 180 million, R&D at RMB 41 million, and G&A at RMB 42 million, including foreign exchange losses. She noted cash and investments were flat at RMB 1.4 billion, operating cash inflow was RMB 131 million, and CapEx was RMB 70 million. On guidance, she forecast Q2 revenue of RMB 1.57 billion to RMB 1.82 billion, up 25% to 45% year over year.

There was no substantive analyst Q&A in the transcript provided; after management remarks, the operator returned to closing remarks and ended the call. The only forward-looking item reiterated in the prepared remarks was Q2 revenue guidance of RMB 1.57 billion to RMB 1.82 billion, with management also saying marketing spending should normalize after Q1’s front-loaded investment and that micro-mobility inventory cleanup will continue through 2026.