Last week, Niu announced their Q4 and full-year 2025 results.
Q4 Numbers
It has been a dip quarter for the company as revenues declined by 17.4% year-over-year. Sales in Q4 2025 were RMB 676.2 million, compared to RMB 819.2 million in Q4 2024.
The decline in revenues came on a 23.8% dip in scooter sales, at about 173k units, from 227k units in Q4 2024.
Note: Niu does not differentiate between e-kick-scooters and e-seated-scooters/mopeds in its reporting. The above numbers are a mix of both.
Scooter sales in China were at 159k units, down 12.9% year-over-year. Meanwhile, international sales were at about 14k units, down 68.4% over Q4 2024. Earlier, the international operations had indicated that the dip in sales numbers was because of Niu focusing on a richer product mix.
On the positive side, the blended revenue per scooter was RMB 3914, an 8.3% improvement over RMB 3615 per scooter in Q4 2024, indicating that the customer is preferring more premium offerings from the company.
Full Year Results
Thanks to a strong showing in Q2 and Q3, Niu still closed the year with a 31% increase in revenue over 2024. Overall scooter sales were 1.23 million units, up 32.7% from 924,000 units in 2024.
Full-year revenues were RMB 4307.9 million, compared to RMB 3288.3 million in 2024.
On an annual basis, the blended revenue per scooter stood at RMB 3614, a modest 1.6% improvement over RMB 3557 per scooter in 2025.
On an annual basis, Niu reported a gross margin of 19.6% compared to 15.2% in 2024.
On a net basis, the company reported a loss of RMB 39.4 million, a significant improvement over RMB 193.2 million in 2024.
Impact
Niu’s Q2 and Q3 were tremendous, and that has more than compensated for the dip in Q4. Traditionally, the seasonality has always been against Q4 and Q1 for Niu, with Q2 and Q3 always being the strong quarters.
That said, what seems to be working well for the company is the focus on premium scooters. The blended revenue per scooter has been continuously rising, with the momentum stronger in Q4 than it was through the first three quarters. Q4 closed with blended revenue per scooter of RMB 3914, compared to RMB 3514 on a full-year basis.
Senior Executive Statements
Our China operations sustained robust growth throughout 2025, building strongly on last year’s momentum. Our latest products continue to set market trends by fusing pioneering technology with NIU’s signature design, ensuring the resilience of our business in a dynamic market. Our expanding portfolio is laying a highly scalable foundation to capture new consumer segments and drive the strategic expansion of our retail presence this year. – Dr. Yan Li, Chief Executive Officer, Niu