NIU Technologies Q1 2026 Revenue Jumps 33.4% as China Sales Surge, But Loss Widens

BEIJING, May 18, 2026 — NIU Technologies reported a stronger top line for the first quarter of 2026, with revenue rising to RMB 909.5 million, up 33.4% year over year, supported by higher electric scooter sales and firmer revenue per vehicle. However, the company’s losses widened as marketing, research, administrative costs, and foreign exchange losses weighed on profitability.

China Remains the Main Growth Driver

NIU sold 261,624 electric mobility units in the quarter, an increase of 28.7% from the same period last year. The strongest performance came from China, where sales reached 247,938 units, up 35.4% year over year. This shows that domestic demand remains the company’s most important growth engine.

International sales moved in the opposite direction. NIU sold 13,686 units outside China, down 32.4% year over year. The decline suggests that overseas markets remain challenging, even as the company continues to focus on smart urban mobility products such as e-motorcycles, e-mopeds, e-bicycles, kick-scooters, and e-bikes.

Revenue Growth Outpaces Unit Sales

The company said revenue growth was helped not only by higher sales volume but also by a 5.6% increase in revenue per e-scooter. This means NIU generated more income per unit sold, which may reflect product mix, pricing, or stronger demand for higher-value models.

Gross margin was 17.4%, nearly flat compared with 17.3% in the first quarter of 2025. While the margin improvement was small, it shows that NIU maintained pricing and cost control at the gross profit level despite rapid sales growth.

Losses Widen Despite Higher Sales

Even with stronger revenue, NIU posted a net loss of RMB 93.9 million, compared with a net loss of RMB 38.8 million a year earlier. The adjusted net loss, which excludes certain items, was RMB 88.0 million, compared with RMB 31.4 million in the first quarter of 2025.

The bigger loss was mainly tied to higher operating expenses. Selling and marketing expenses rose sharply to RMB 179.7 million, driven by increased advertising and promotional activity in China, especially around the Chinese New Year season. Research and development expenses also climbed to RMB 41.4 million, while general and administrative expenses increased to RMB 42.5 million.

Store Network and Cash Position

As of March 31, 2026, NIU operated 4,542 franchised stores in China. This wide retail network gives the company an important channel to reach customers in major cities and smaller markets.

NIU also reported RMB 1.16 billion in cash and cash equivalents, term deposits, and short-term investments. The company had RMB 211.0 million in restricted cash and RMB 230.0 million in short-term bank borrowings.

Q2 Outlook Points to Continued Growth

Looking ahead, NIU expects second-quarter 2026 revenue of RMB 1.57 billion to RMB 1.82 billion. That would represent year-over-year growth of 25% to 45%. The forecast suggests management expects demand to remain solid, especially in China, even though cost pressure and international weakness remain important risks.

What It Means for Investors

NIU’s first-quarter results present a mixed picture. On one side, the company is showing strong revenue growth, higher unit sales, stable gross margin, and positive guidance for the next quarter. On the other side, the wider net loss highlights the challenge of turning sales growth into sustainable profit.

For investors, the key issue is whether NIU can control expenses while continuing to expand. If marketing investments help build stronger brand awareness and long-term sales, the near-term spending may be easier to justify. However, if expenses keep rising faster than profit, pressure on earnings could continue.

Overall, NIU Technologies entered 2026 with strong domestic momentum and a larger sales base, but the company still needs to prove that its growth strategy can lead to better profitability over time.

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