-- Second Quarter Revenues of RMB 1,440.4 million, up 14.7% year over year

-- Second Quarter Net Loss of RMB 102.2 million, compared with Net Income of RMB 5.9 million in the same period of 2025

BEIJING, Aug. 10, 2026 (GLOBE NEWSWIRE) -- Niu Technologies (“NIU” or the “Company”) (NASDAQ: NIU), a provider of smart urban mobility solutions, on Monday announced its unaudited financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Financial Highlights

• Revenues were RMB 1,440.4 million, up 14.7% year over year
• Gross margin was 16.0%, compared with 20.1% in the second quarter of 2025
• Net loss was RMB 102.2 million, compared with net income of RMB 5.9 million in the second quarter of 2025
• Adjusted net loss (non-GAAP) 1 was RMB 98.2 million, compared with adjusted net income of RMB 13.7 million in the second quarter of 2025

Second Quarter 2026 Operating Highlights

• The number of e-scooters sold was 434,687, an increase of 24.2% year over year
• The number of e-scooters sold in China was 402,202, an increase of 26.2% year over year
• The number of e-scooters sold in international markets was 32,485, an increase of 3.6% year over year
• The number of franchised stores in China was 4,570 as of June 30, 2026

Dr. Yan Li, Chief Executive Officer of the Company, said, “In China, by incorporating AI-enabled riding features into a broader range of everyday riding needs, we continued to develop our smart mobility roadmap and strengthen the connected riding experience.”

Dr. Li added, “Internationally, we maintained a selective approach and continued to align our product offerings with local demand to support the stability of our global operation.”

Second Quarter 2026 Financial Results

Revenues reached RMB 1,440.4 million, an increase of 14.7% year over year. The gain was mainly driven by a 24.2% increase in sales volume, partly offset by an 8.6% decline in revenues per e-scooter.

E-scooter sales revenues from the China market were RMB 1,210.6 million, up 14.6% year over year and accounting for 91.9% of total e-scooter revenues. The increase was mainly due to a 26.2% rise in sales volume, partly offset by a 9.2% decrease in revenues per e-scooter in China.

E-scooter sales revenues from international markets were RMB 106.3 million, up 3.0% year over year and accounting for 8.1% of total e-scooter revenues. The increase was mainly due to higher sales volume of electric motorcycles and mopeds in international markets.

Accessories, spare parts and services revenues were RMB 123.5 million, an increase of 29.0% year over year, representing 8.6% of total revenues. The increase was primarily driven by higher revenues from Niu App services, as well as accessories and spare parts sales in the China market.

Revenues per e-scooter were RMB 3,029, down 8.6% year over year, mainly because of a shift in product mix in the China market.

Cost of revenues was RMB 1,210.0 million, up 20.6% year over year, mainly due to higher sales volume. Cost per e-scooter, defined as cost of revenues divided by the number of e-scooters sold in a given period, was RMB 2,784, down 2.9% from RMB 2,866 in the second quarter of 2025. NIU said the decline was mainly due to a shift in product mix in China, partly offset by rising upstream supply chain costs.

Gross margin was 16.0%, down from 20.1% in the same period of 2025. NIU said the decline was mainly driven by changes in product mix in China and higher product costs across the upstream supply chain, which added pressure to domestic gross margin. The decrease also reflected lower gross margin on kick-scooters in international markets.

Operating expenses were RMB 340.6 million, an increase of 28.6% from the same period of 2025. Operating expenses as a percentage of revenues were 23.6%, compared with 21.1% in the second quarter of 2025.

Selling and marketing expenses were RMB 238.6 million, including RMB 1.0 million of share-based compensation expenses, up 18.0% from RMB 202.2 million in the second quarter of 2025. NIU attributed the increase mainly to a RMB 21.9 million rise in advertising and promotional expenses in the China market, including the quarterly allocation of the annual marketing plan, and RMB 12.2 million in depreciation and amortization. Selling and marketing expenses as a percentage of revenues were 16.6%, compared with 16.1% a year earlier.

Research and development expenses were RMB 51.5 million, including RMB 0.8 million of share-based compensation expenses, up 17.8% from RMB 43.7 million in the second quarter of 2025. The increase was mainly due to a RMB 4.4 million rise in design and testing expenses and RMB 2.0 million in staff costs and share-based compensation. Research and development expenses as a percentage of revenues were 3.6%, compared with 3.5% in the second quarter of 2025.

General and administrative expenses were RMB 50.5 million, including RMB 2.0 million of share-based compensation expenses, up 165.2% from RMB 19.1 million in the second quarter of 2025. NIU said the increase was mainly attributable to a RMB 44.2 million change in foreign exchange gains or losses, including foreign exchange losses of RMB 19.0 million in the quarter versus foreign exchange gains of RMB 25.3 million in the second quarter of 2025. General and administrative expenses as a percentage of revenues were 3.5%, compared with 1.5% in the second quarter of 2025.

Operating expenses excluding share-based compensation expenses were RMB 336.8 million, up 30.9% year over year, representing 23.4% of revenues, compared with 20.5% in the second quarter of 2025.

Selling and marketing expenses excluding share-based compensation expenses were RMB 237.6 million, up 18.5% year over year, representing 16.5% of revenues, compared with 16.0% in the second quarter of 2025.

Research and development expenses excluding share-based compensation expenses were RMB 50.7 million, up 23.8% year over year, representing 3.5% of revenues, compared with 3.3% in the second quarter of 2025.

General and administrative expenses excluding share-based compensation expenses were RMB 48.5 million, up 205.9% year over year, representing 3.4% of revenues, compared with 1.3% in the second quarter of 2025.

Share-based compensation expenses were RMB 4.0 million, compared with RMB 7.9 million in the same period of 2025.

Income tax benefit was RMB 0.9 million, compared with RMB 12.5 million in the same period of 2025.

Net loss was RMB 102.2 million, compared with net income of RMB 5.9 million in the second quarter of 2025. The net loss margin was 7.1%, compared with a net income margin of 0.5% in the same period of 2025.

Adjusted net loss (non-GAAP) was RMB 98.2 million, compared with adjusted net income of RMB 13.7 million in the second quarter of 2025. The adjusted net loss margin 4 was 6.8%, compared with an adjusted net income margin of 1.1% in the same period of 2025.

Basic and diluted net loss per ADS were both RMB 1.26 (US$ 0.19).

Balance Sheet

As of June 30, 2026, the Company had RMB 1,475.8 million in aggregate cash and cash equivalents, term deposits and short-term investments. The Company also had RMB 217.9 million in restricted cash and RMB 220.0 million in short-term bank borrowings.

Business Outlook

NIU expects third-quarter 2026 revenues to be between RMB 1,863 million and RMB 2,033 million, representing year-over-year growth of 10% to 20%.

The outlook is based on information available as of the date of this press release and reflects the Company’s current preliminary expectations. It is subject to change.

Conference Call

The Company will host an earnings conference call on Monday, August 10, 2026 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time) to discuss its second quarter 2026 financial and business results and provide a corporate update.

To join by phone, participants must register in advance using the link provided below. After registration, participants will receive dial-in numbers and a personal PIN to join the call.

A live and archived webcast of the conference call will be available on the investor relations website at

About NIU

NIU describes itself as the world’s leading provider of smart urban mobility solutions. The company designs, manufactures and sells high-performance electric motorcycles, mopeds, bicycles, kick-scooters and e-bikes.

NIU says it offers a diversified product portfolio designed to meet different user needs and urban travel scenarios. Its current model lineup includes: (i) electric motorcycle, moped and bicycle series, including the NQi, MQi, UQi, FQi series and others; and (ii) micro-mobility series, including the KQi kick-scooter series and the BQi e-bike series.

The company says it uses an omnichannel retail model that integrates offline and online channels to sell products and provide services.

For more information, visit www.niu.com.

Use of Non-GAAP Financial Measures

To supplement its consolidated financial results prepared in accordance with U.S. GAAP, NIU uses adjusted net income (loss) and adjusted net income (loss) margin as non-GAAP financial measures. The company says these measures are not intended to be considered in isolation or as a substitute for GAAP financial information.

NIU says the non-GAAP measures provide supplemental information on performance and liquidity by excluding certain items that may not be indicative of operating results. The company says management and investors may find the measures useful when assessing performance and planning or forecasting future periods, and that they facilitate internal comparisons with historical performance.

NIU also noted that these measures exclude items that have been, and will continue to be for the foreseeable future, a significant component of its results of operations. The company said the measures may not be comparable with similarly titled measures used by other companies, which may calculate them differently.

Adjusted net income (loss) is defined as net income (loss) excluding share-based compensation expenses. Adjusted net income (loss) margin is defined as adjusted net income (loss) as a percentage of revenues.

For more information, see the table captioned “Reconciliation of GAAP and Non-GAAP Results.”

Exchange Rate

This announcement includes translations of certain RMB amounts into U.S. dollars solely for reader convenience. Unless otherwise stated, all RMB-to-U.S. dollar translations were made at the rate of RMB 6.7851 to US$1.00, the exchange rate in effect as of June 30, 2026, according to the H.10 Statistical Release of the Board of Governors of the Federal Reserve System.

The company said it makes no representation that RMB or U.S. dollar amounts can be converted at any particular rate or at all.

Safe Harbor Statement

This press release contains forward-looking statements under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. NIU said such statements can be identified by terms including “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates” and “likely to,” among others.

The business outlook and management quotations in the announcement, as well as NIU’s strategic and operational plans, contain forward-looking statements. NIU may also make such statements in filings with the U.S. Securities and Exchange Commission, in annual reports to shareholders, in press releases, and in other written or oral communications.

Forward-looking statements involve risks and uncertainties. NIU said actual results could differ materially because of factors including its strategies; future business development, financial condition and results of operations; its ability to maintain and enhance the NIU brand; its ability to innovate and launch new products and services; its ability to maintain and expand its offline distribution network; its ability to meet mandated safety standards relating to e-scooters; its ability to secure supply of components and raw materials used in e-scooters; its ability to manufacture, launch and sell smart e-scooters that meet customer expectations; its ability to grow collaboration with operating partners; its ability to control costs associated with operations; general economic and business conditions in China and globally; and the assumptions underlying those factors.

Further information about these and other risks is included in NIU’s filings with the Securities and Exchange Commission. NIU said all information in the press release is as of the date of the release, and it does not undertake any obligation to update forward-looking statements except as required by law.

Investor Relations Contact:

Niu Technologies
E-mail: ir@niu.com

1 Adjusted net income (loss) (non-GAAP) is defined as net income (loss) excluding share-based compensation expenses.
2 Revenues per e-scooter on e-scooter sales from China or international markets is defined as e-scooter sales revenues from China or international markets divided by the number of e-scooters sold in China or international markets in a specific period.
3 Revenues per e-scooter on accessories, spare parts and services is defined as accessories, spare parts and services revenues divided by the total number of e-scooters sold in a specific period.
4 Adjusted net income (loss) margin is defined as adjusted net income (loss) (non-GAAP) as a percentage of revenues.