Niu Technologies Reports 71.1% Revenue Growth in Q4 2024, Reducing Net Loss to RMB 72.5 Million

Niu Technologies reported significant revenue growth and reduced net loss for Q4 2024 and the full year 2024.

Quiver AI Summary

Niu Technologies reported significant financial results for the fourth quarter and full year ending December 31, 2024. In the fourth quarter, revenues surged to RMB 819.2 million, reflecting a 71.1% year-over-year increase, while the company reduced its net loss to RMB 72.5 million from RMB 130.2 million a year earlier. For the full year, revenues reached RMB 3,288.3 million, a 24% increase, with a reduced net loss of RMB 193.2 million compared to RMB 271.8 million in 2023. The company attributed its growth to a substantial rise in e-scooter sales, particularly in China, alongside an expanding international presence through retail partnerships. Niu Technologies aims to continue this momentum, projecting first-quarter 2025 revenues to grow between 25% and 40% year-over-year.

Potential Positives

• Fourth quarter revenues of RMB 819.2 million represent a substantial increase of 71.1% year over year, indicating strong sales growth.
• Net loss for the fourth quarter decreased to RMB 72.5 million from RMB 130.2 million the previous year, suggesting improved financial performance.
• Full year revenues rose to RMB 3,288.3 million, a 24.0% increase year over year, reflecting overall business growth.
• The number of e-scooters sold increased by 64.9% year over year, demonstrating significant market demand and successful sales strategies.

Potential Negatives

• Gross margin decreased to 12.4%, down from 19.0% year over year, indicating worsening profitability dynamics.
• Despite a revenue increase of 71.1% in Q4, the net loss of RMB 72.5 million suggests continued financial instability.
• Revenues per e-scooter sold in international markets dropped significantly by 25%, raising concerns about pricing power and market competitiveness abroad.

FAQ

What were NIU's fourth quarter revenues in 2024?

NIU's fourth quarter revenues in 2024 were RMB 819.2 million, representing a 71.1% year-over-year increase.

How did NIU's full year revenues change in 2024?

NIU's full year revenues increased by 24.0% to RMB 3,288.3 million in 2024.

What was NIU's net loss in the fourth quarter of 2024?

NIU reported a net loss of RMB 72.5 million in the fourth quarter of 2024, an improvement from the previous year's loss.

How many e-scooters did NIU sell in the fourth quarter of 2024?

NIU sold 226,634 e-scooters in the fourth quarter of 2024, a 64.9% increase year-over-year.

What is NIU's revenue outlook for the first quarter of 2025?

NIU expects revenues for Q1 2025 to be between RMB 631 million and RMB 707 million, a 25%-40% increase.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$NIU Hedge Fund Activity

We have seen 21 institutional investors add shares of $NIU stock to their portfolio, and 34 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND added 730,800 shares (+140.2%) to their portfolio in Q4 2024, for an estimated $1,308,132
• CONNOR, CLARK & LUNN INVESTMENT MANAGEMENT LTD. removed 118,124 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $211,441
• BARCLAYS PLC added 94,794 shares (+285.1%) to their portfolio in Q4 2024, for an estimated $169,681
• AMERICAN CENTURY COMPANIES INC added 71,501 shares (+438.6%) to their portfolio in Q4 2024, for an estimated $127,986
• RENAISSANCE TECHNOLOGIES LLC added 66,100 shares (+21.0%) to their portfolio in Q4 2024, for an estimated $118,319
• MILLENNIUM MANAGEMENT LLC removed 56,138 shares (-77.0%) from their portfolio in Q4 2024, for an estimated $100,487
• GOLDMAN SACHS GROUP INC added 54,411 shares (+6.8%) to their portfolio in Q4 2024, for an estimated $97,395

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

-- 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:

• 
  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 margin

⁴

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:

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 margin

⁴

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 anearnings conference callon 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.

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

_________________________________

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

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.