Niu Technologies (NIU) Q2 2026 earnings summary

Executive summary

• Achieved total sales volume of 434,000 units in Q2 2026, up 24% year-over-year, with China sales up 26% and overseas shipments up 3.6%.

• Revenue reached RMB 1,440.4 million, a 14.7% year-over-year increase, driven by strong domestic growth and steady international recovery.

• Strategic pivot to electric motorcycles in China offset contraction in premium e-bicycle segment, with motorcycles now 60% of China sales volume.

• Maintained a competitive edge through smart technologies, advanced battery systems, and award-winning designs.

• Expanded omnichannel retail model, integrating offline and online sales, with store network reaching 4,570 in China.

Financial highlights

• China revenue was RMB 1.32 billion (92% of total), with scooter revenue up 15% year-over-year; China scooter ASP fell 9% due to product mix shift.

• Overseas revenue was RMB 160 million (8% of total); overseas scooter ASP was RMB 3,270.

• Gross profit was RMB 230 million, down from RMB 252 million year-over-year; gross margin declined to 16%, mainly due to product mix and higher costs.

• Operating expenses rose 29% year-over-year to RMB 341 million, with selling/marketing and G&A expenses increasing.

• Net loss of RMB 102.2 million (GAAP), compared to net income of RMB 5.9 million last year; non-GAAP net loss was RMB 98.2 million.

Outlook and guidance

• Q3 2026 revenue expected between RMB 1.86 billion and RMB 2.03 billion, representing 10%-20% year-over-year growth.

• Production capacity stands at 2 million units per year, supporting future growth.

• Continued focus on electric motorcycle growth, premium e-bicycle reintroduction, and international margin improvement.