Niu Technologies Reports Q4 Earnings: Fourth-Quarter Deliveries Down 23.8% YoY, Full-Year Growth in China Drives Higher Revenue and Gross Margin Expansion.

Niu Technologies reported Q4 deliveries of 172,000 units, down 23.8% YoY, due to China's new national standard transition and overseas channel restructuring. Full-year 2025 sales volume reached 1.19 million units, up 29% YoY, driven by a 46% increase in China volume. Revenue for the year totaled RMB 4.31 billion, up 31% YoY, with China scooter revenue rising 42%. Gross margin improved to 19.6% for full-year 2025, up from 15.2% in 2024.