Niu Technologies filed its 2025 Form 20‑F on April 17, 2026, providing audited financial statements and required disclosures for the year ended December 31, 2025.
The filing shows total revenue of RMB 4.3 billion, up 31% year‑over‑year, driven by robust demand in China and a shift toward higher‑margin electric motorcycles. Gross margin rose to 19.6%, a 4.4‑point increase, reflecting a favorable product mix and cost efficiencies.
Net loss narrowed to RMB 39.4 million from RMB 193.2 million in 2024, a significant improvement that signals stronger profitability as the company scales. The narrowing loss is attributed to lower operating expenses and improved pricing power in core segments.
Management highlighted that China operations sustained robust growth and that the company is accelerating its transition to electric motorcycles and a direct‑to‑retailer overseas model, which is expected to lift margins and brand control.
For 2026, Niu projects sales volume of 1.67–1.91 million units and Q1 revenue guidance of RMB 887–1,023 million, indicating confidence in continued demand growth. The company also disclosed that its VIE structure in China accounts for 96.8% of revenue, underscoring ongoing regulatory exposure.
The Form 20‑F filing is available on Niu’s investor relations website and can be accessed by shareholders and ADS holders upon request.
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