Niu Technologies Q4 FY2025 earnings call

Product expansion: Electric motorcycle segment expanded with new models like NS, FS, and tailored offerings for female riders and technology enthusiasts. Electric bicycle segment had pivotal 2025 with premium models like NXT Ultra 2025 and FXT Ultra 2025 achieving over 20,000 units sold in first five hours generating over RMB 220 million, best-selling MT accounting for over 20% of annual sales, U3 Pro upgraded, and launched new standard compliant series U11 and K series. Technology R&D: Focused on democratizing intelligent technology and pioneering next-gen assistive mobility, migrating high-end features to mid-range/entry-level products, and planning AI-enabled smart scooter. Brand activities: Hosted over 50 integrated brand activities in 2025, pivoted to brand-driven growth in 2026 with global brand ambassadors generating over 3.4 billion online impressions. Retail and digital ecosystem: Nationwide store network surpassed 4,500 locations, online sales totaled approx. half a million units with near 50% conversion rate, Douyin as primary social e-commerce engine. International operations: Electric motorcycle segment had strong growth in 2025 with overseas sales 80,000 units, Q4 delivery over 2,000 units +187% YOY, full year 9,600 units +227% YOY, and planned global pipeline for 2026; micromobility segment restructured channels for long-term health with 70,000 units sold and over 100,000 scooters activated.

In the electric motorcycle segment, the NS contributed 10.5% to Q4 volume in its debut quarter. For 2025, China scooter revenue saw a nearly 42% year-over-year increase from RMB 2.6 billion to RMB 3.6 billion, taking 93% of total scooter revenues. Overseas scooter revenues increased by 33%, from RMB 397 million to RMB 267 million, taking 7% of total scooter revenues. The overall scooter ASP in 2025 increased slightly from RMB 3,203 to RMB 3,269. China scooter ESP decreased slightly from RMB 3,377 to RMB 3,264. Overseas blended scooter ESP was 3,330, a nearly 40% increase year-over-year. Accessories, spare parts, and services revenue was up 11% year-over-year, accounting for 14% of total revenues in Q4, and up 31% for the full year 2025 from RMB 3.3 billion to RMB 4.3 billion.

Expected 2026 sales volume in the range of 1.67 million to 1.91 million units. First quarter revenue expected in the range of RMB 887 million to 1,023 million, an increase of 30% to 50% year over year. This outlook is based on current and preliminary expectations subject to change due to various uncertainties.

Overseas kick scooters have over 50% of inventory as aged units, over 300 million RMB inventory from aged kick scooters; implementation of new national standard in China may lead to cost increases.

Q: Could you share the current inventory situation for your kick scooters in overseas market and how you are thinking about the kick scooter business in 2026?

A: More than 50% of overall inventory are aged kick scooters, over 300 million RMB inventory from aged kick scooters. In 2026, top priority is to improve turnover of aged inventory, focus on inventory clearance and change channel to healthier model.

Q: With the implementation of the new national standard for scooters in China, How should we think about the potential cost increase and the company's response?

A: There will be cost increases with new standard, increased retail price to cover partial cost increase, and through cost reduction initiatives like platform standardization and common parts to reduce BOM cost