Niu Technologies · NASDAQ:NIU
Niu Technologies — Q1 2026 Earnings Presentation
20 slides from Niu Technologies's earnings presentation, May 18, 2026
Slide 1: 1Q 2026
1Q 2026
Slide 2: NIU at a glance
NIU at a glance 2014 6.6mn Scooters Founded Sold Globally 4,542 40bn km Stores in China Riding Data Data as of March 31, 2025 2
Slide 3: China market: Enriched product matrix based on the existing product series
China market: Enriched product matrix based on the existing product series 3
Slide 4: Overseas: Enriched product series, with e-moped and e-motorcycle, kick-scooters and e-bike
Overseas : Enriched product series, with e-moped and e-motorcycle, kick- scooters and e-bike 4
Slide 5: Competitive edge in smart technologies with user-centric industrial design
Competitive edge in smart technologies with user-centric industrial design Our App Our Scooter Our battery 7th Portable battery pack Winner of seven major international design awards 5
Slide 6: Sales Network and Omnichannel Retail Model
Sales Network and Omnichannel Retail Model Offline Online Integration 3rd Party Platform NIU Store 541 City 4,542 Stores Partners in China in China Europe/North Covered 321 America as the Overseas key Citys in China market Data as of March 31, 2025. *We sell kick-scooters and e-bikes on Amazon and S
Slide 7: Total production capacity of 2 million units per year
Total production capacity of 2 million units per year Current Capacity (units) Total 2mn ~ 380,000 Data as of December 31, 2025. 7
Slide 8: Financial Highlights
ZPNIUN+azh Financial Highlights
Slide 9: Sales volume and Revenues
Sales volume and Revenues China Sales Volume Overseas Sales Volume Total Revenues (thousands) (thousands) (RMB millions) 910 YoY +33% YoY 248 682 35% YoY YoY +35% +6% YoY 183 YoY 20 505 66% 19 -32% 14 110 1Q2024 1Q2025 1Q2026 1Q2024 1Q2025 1Q2026 1Q2024 1Q2025 1Q2026 9
Slide 10: Gross margin and operating expenses
Gross margin and operating expenses Gross margin Operating expenses Adj. Operating expenses(1) (as % of revenues) (as % of revenues) (as % of revenues) 18.9% 17.3% 17.4% 1Q2024 1Q2025 1Q2026 Note: (1) Adj. operating expenses is defined as operating expenses excluding share-based compensation expense
Slide 11: Solid balance sheet with strong cash position
Solid balance sheet with strong cash position RMB(million) 2025/12/31 2026/03/31 Cash, restricted cash, deposits & short-term investment 1,326 1,374 Notes receivable & Accounts receivable, net 37 37 Inventories, net 653 728 PP&E and intangible assets 421 441 Land use rights and other operating lease
Slide 12: Net margin
Net margin Net margin Adj. Net margin(1) (as % of revenues) (as % of revenues) -5.7% -4.6% -10.9% -10.3% -9.6% -9.7% 1Q2024 1Q2025 1Q2026 1Q2024 1Q2025 1Q2026 Note: (1) Adjusted net margin is defined as net loss/income excluding share-based compensation expenses and change in fair value of a convert
Slide 13: Thank You
Thank You
Slide 14: Appendix
ZPNIUN+azh Appendix
Slide 15: 2022 - 2025: Sales volume growth
2022 - 2025: Sales volume growth E-scooter Sales Volume (thousands) (y-o-y growth %) Quarterly Volume Yearly Volume YoY +29% 1,192 YoY YoY -15% 30% 924 832 710 466 321 350 312 266 256 209 212 227 203 164 173 138 137 129 94 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q
Slide 16: Sales Volume Breakdown and Revenue (2023-2025)
Sales Volume Breakdown and Revenue (2023-2025) China Sales Volume Overseas Sales Volume Total Revenue (thousands) (thousands) (RMB millions) 4308 YoY YoY 1112 +31% 3288 +47% YoY YoY 24% +26% 165 2652 759 YoY YoY 601 +52% -52% 109 80 2023 2024 2025 2023 2024 2025 2023 2024 2025 16
Slide 17: Gross Margin and Operating Expenses (2023-2025)
Gross Margin and Operating Expenses (2023-2025) Gross Margin Operating Expenses Adj. Operating Expenses(1) (as % of revenues) (as % of revenues) (as % of revenues) S&M S&M R&D33.6% R&D 31.9% G&A G&A 9.2% 8.7% 22.8% 22.1% 21.5% 21.7% 21.0% 19.6% 5.7% 4.0% 2.1% 4.9% 3.7% 1.8% 4.0% 3.9% 3.6% 15.2% 3.7%
Slide 18: 2022 - 2025: Revenues
2022 - 2025: Revenues Revenues (RMB millions) (y-o-y growth %) Quarterly Revenues Yearly Revenues YoY 4,308 YoY +31% -16% YoY +24% 3,288 3,169 2,652 1,694 1,153 1,256 927 940 1,024 828 829 819 575 612 682 676 417 479 505 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25
Slide 19: 2022 - 2025: Revenues per scooter (ASP)
2022 - 2025: Revenues per scooter (ASP) Revenues per scooter (RMB) (y-o-y growth %) Quarterly ASP Yearly ASP YoY YoY 4,420 -2% YoY -5% +2% 3,910 3,908 3,908 3,914 3,810 3,736 3,671 3,615 3,671 3,615 3,587 3,636 3,486 3,482 3,557 3,614 3,277 3,277 3,354 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q24 2Q
Slide 20: 2022 - 2025: Margins
2022 - 2025: Margins Gross margin Net margin Adj. Net margin(1) (as % of revenues) (as % of revenues) (as % of revenues) 0.3% 21.1% 21.5% -0.9% 19.6% -1.6% -0.3% 15.2% -5.9% -5.1% -10.3% -8.5% 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 Note: (1) Adjusted net margin is defined as net