Niu Technologies narrows annual loss despite fourth-quarter slump

Niu Technologies (NASDAQ:NIU) reported its unaudited financial results for the fourth quarter and full year 2025 on March 16, 2026, revealing a year of starkly different halves.

While the Beijing-based urban mobility leader saw its full-year revenue rise 31% to RMB 4,307.9 million, it struggled through a difficult final quarter as cooling consumer demand in its primary Chinese market pressured the top line.

For the fourth quarter, revenue fell 17.4% year-over-year to RMB 676.2 million.

The decline was driven primarily by a 23.8% drop in e-scooter units sold, which totaled 172,763 for the period.

The company recorded a net loss of RMB 88.1 million for the quarter, reflecting higher promotional expenses and shifts in the product mix toward more cost-competitive segments.

Despite the year-end slowdown, Niu's full-year performance showed a substantial recovery in its fundamental cost structure.

The annual net loss narrowed significantly to RMB 39.4 million, compared to a net loss of RMB 193.2 million in 2024.

The improvement was supported by a strong performance in the first three quarters of the year and successful efforts to optimize the global supply chain.

Niu ended 2025 with a healthy liquidity position, reporting RMB 1,115.6 million in cash, term deposits, and short-term investments.

Looking forward, management issued optimistic guidance for 2026, signaling an expected rebound in the spring sales season.

The company anticipates first-quarter 2026 revenue to land between RMB 887 million and RMB 1,023 million.

Furthermore, Niu has set an aggressive sales volume target for the full year 2026, aiming to sell between 1.7 million and 1.9 million units.