Niu has been on a comeback trail, and the previous annual results indicated that the company is sacrificing some margins for an anomaly, as volumes rebounded sharply. We wrote about this a few weeks back.

Niu Sacrifices Margins for Volumes
After two continuous years of decline in vehicle sales and revenue, Niu posted a relatively strong 2024 with a 24% improvement in revenue, riding on an increase in volumes in both China and international markets. However, the per unit revenue declined and the gross margin has collapsed.
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The strategy seems to be paying off for now, as in Q1 2025, the company reported a 57% jump in volumes to more than 203k units. In Q1 2024, volumes were 129k. However, we should consider Q1 2024 an anomaly, as volumes rebounded sharply after that. Looking at the last four quarters in isolation, Q1 2025 registered the lowest volume in sales.

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