Niu Technologies Q3 FY2025 earnings call

• In Q3, solid progress across key strategic priorities with disciplined execution in product innovation, channel expansion, and brand elevation. - China was the primary growth engine with unit sales rising 74% year-over-year to 451,000 units, driven by channel inventory buildup ahead of new electric bicycle standard, successful product launches like upgraded flagship models, and channel expansion. - Overseas operations saw transition with electric motorcycle sales growth despite micromobility decline, and product road map unveiled at EICMA. - Significant R&D efforts in smart riding systems, powertrain innovation, and platformization. - Brand elevation through lifestyle campaigns and large-scale test rides. - Channel expansion with over 4,500 stores nationwide, 238 net new stores in Q3, and digital ecosystem scaling with 30,000+ live streams in Q3.

In the third quarter of 2025, Niu Technologies' total sales volume reached 465,000 units, a strong 49.1% year-over-year increase. China sales were 451,000 units, up 74% year-over-year, while overseas sales were 14,000 units, declining year-over-year mainly due to weakness in the micromobility sector. Total revenue grew 65% year-over-year to RMB 1.69 billion. Gross margin expanded to 21.8%, up 8.0 percentage points from the prior year. Net profit for the quarter was RMB 81.69 million. China was the primary growth engine, contributing significantly to sales, and motorcycle sales had a 14% revenue contribution in Q3.

• Expected Q4 revenue to be in the range of RMB 737 million to RMB 901 million, representing a year-over-year change of minus 10% to plus 10%. This outlook is based on current and preliminary expectations subject to change due to uncertainties.

• Market dynamics in the overseas micromobility sector. - Regulatory transitions affecting sales timing. - Inventory adjustment challenges in Europe and the US. - Potential softening in Q4 due to new standard implementation shifting demand.