China's NIU Technologies Q4 revenue falls on lower volumes

Niu Technologies

16/03/2026 08:28

Overview

China e-scooter maker's Q4 revenue fell 17.4% yr/yr on lower sales volume

Adjusted net loss for Q4 widened to RMB 82.4 mln from RMB 66.7 mln yr/yr

Gross margin rose to 15.3% from 12.4%, helped by product mix and cost cuts in China

Outlook

NIU expects Q1 2026 revenue between RMB 887 mln and RMB 1,023 mln

Company expects 2026 sales volume of 1.7 mln to 1.9 mln units

Company says it is confident in delivering sustained performance in 2026

Result Drivers

LOWER SALES VOLUME - Co said Q4 revenue decline was mainly due to a 23.8% drop in e-scooter sales volume

INTERNATIONAL WEAKNESS - E-scooter sales in international markets fell 68.4% yr/yr, with lower revenues per kick-scooter cited as a factor

ACCESSORY AND SERVICE GROWTH - Accessories, spare parts and services revenue rose 10.9%, driven by higher Niu App and accessory sales in China

Company press release: ID:nGNX3dDC95

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Revenue
RMB 676.20 mln
Q4 Adjusted Net Income
-RMB 82.40 mln
Q4 Net Income
-RMB 88.10 mln
Q4 Gross Margin
15.30%
Q4 Operating Expenses
RMB 206.10 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the auto & truck manufacturers peer group is "buy"

Wall Street's median 12-month price target for NIU Technologies is $4.55, about 22% above its March 13 closing price of $3.73

The stock recently traded at 69 times the next 12-month earnings vs. a P/E of 64 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)