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- **China Dominance**: 74% unit growth in China, 95% of revenue, stable ASP at RMB 3,283.
- **High-End Success**: Ultra models capture 8% of sales, FX Windstorm motorcycle sold 14,000 units in 5 hours.
- **E-commerce Surge**: 70% of China sales via e-commerce, 30,000+ live streams in Q3.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue reached RMB 1 billion, up 65% YoY, driven by 74% unit sales growth in China. China revenue accounted for 95% of total, with ASP stable at RMB 3,283.
- **Product Innovation**: Launch of NXT Ultra 2025 and FXT Ultra 2025 models targeting high-end demand, contributing 8% of total sales. FX Windstorm motorcycle (RMB 4,799) sold 14,000 units in 5 hours, ranking #1 on e-commerce platforms.
- **Market Expansion**: Added 238 stores in Q3, 80% in lower-tier cities, total stores reaching 4,542. E-commerce sales account for 70% of China volume, with 30,000+ live streams generating 69 million impressions.
- **Strategic Initiatives**: 14% of revenue from electric motorcycles, expanding into lower-tier cities. Q4 2025 guidance: RMB 737-901 million (-10% to +10% YoY).

Niu Technologies (NIU) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NIU

NIU fundamentals

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