6-K
Niu Technologies (NIU)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2025
Commission File Number: 001-38696
NIU TECHNOLOGIES
Building C, Rongxin Technology Center,
No. 34 Chuangyuan Road,
Chaoyang District, Beijing 100012
People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Exhibit Index
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| NIU TECHNOLOGIES | ||
|---|---|---|
| By | : | /s/ Fion Zhou |
| Name | : | Fion Zhou |
| Title | : | Director and Chief Financial Officer |
Date: May 19, 2025
Exhibit 99.1
Niu TechnologiesAnnounces Unaudited First Quarter 2025 Financial Results
-- First Quarter Revenues of RMB 682.0 million,increase 35.1% year over year
-- First Quarter Net Loss of RMB 38.8 million,compared to net loss of RMB 54.8 million in the same period of last year
BEIJING, China, May 19, 2025 – Niu Technologies (“NIU”, or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today announced its unaudited financial results for the first quarter ended March 31, 2025.
First Quarter 2025 Financial Highlights
| · | Revenues were RMB 682.0 million, an increase of 35.1% year over year |
|---|---|
| · | Gross margin was 17.3%, compared with 18.9% in the first quarter of 2024 |
| --- | --- |
| · | Net loss was RMB 38.8 million, compared with net loss of RMB 54.8 million in the first quarter<br>of 2024 |
| --- | --- |
| · | Adjusted net loss(non-GAAP)^1^ was RMB 31.4 million, compared<br>with adjusted net loss of RMB 48.5 million in the first quarter of 2024 |
| --- | --- |
First Quarter 2025 Operating Highlights
| · | The number of e-scooters sold was 203,313, up 57.4% year over year |
|---|---|
| · | The number of e-scooters sold in China was 183,065, up 66.2% year over year |
| --- | --- |
| · | The number of e-scooters sold in the international markets was 20,248, up 6.4% year over year |
| --- | --- |
| · | The number of franchised stores in China was 4,119 as of March 31, 2025 |
| --- | --- |
| · | The number of distributors in our international sales network was 57, covering 53 countries as of March<br>31, 2025 |
| --- | --- |
Dr. Yan Li, Chief Executive Officer of the Company, remarked: “In China, we are advancing our intelligent product development strategy by integrating automotive-grade technologies such as millimeter-wave radar, dual-channel ABS, and AI Smart Ecosystem to enhance the user experience. Our retail network has continued to expand in-line with our expectations, with new stores opening during the quarter. This synergistic combination of product innovation and omni-channel growth is driving measurable increases in domestic sales and market penetration.”
Dr. Li continued, “Globally, the market is undergoing structural shifts, with U.S. trade policies experiencing increased volatility. However, we are leveraging innovation and agile infrastructure to mitigate geopolitical challenges, enabling sustainable global growth through proactive production adjustments.”
^1^ Adjusted net income (loss) (non-GAAP) is defined as net income (loss) excluding share-based compensation expenses
First Quarter 2025 Financial Results
Revenues reached RMB 682.0 million, representing a 35.1% increase year-over-year. This growth was mainly driven by a 57.4% increase in sales volume, partially offset by a 14.2% decrease in revenues per e-scooter. The following table shows the revenue breakdown and revenues per e-scooter in the periods presented:
| Revenues <br> (in RMB million) | 2025<br> Q1 | 2024<br> Q1 | % change<br> YoY | ||||
|---|---|---|---|---|---|---|---|
| E-scooter sales from China market | 546.4 | 392.9 | +39.1 | % | |||
| E-scooter sales from international markets | 60.0 | 49.0 | +22.4 | % | |||
| E-scooter sales, sub-total | 606.4 | 441.9 | +37.2 | % | |||
| Accessories, spare parts and services | 75.6 | 62.8 | +20.3 | % | |||
| Total | 682.0 | 504.7 | +35.1 | % | |||
| Revenues per e-scooter<br> (in RMB) | 2025<br> Q1 | 2024<br> Q1 | % change<br> YoY | ||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| E-scooter sales from China market^2^ | 2,985 | 3,568 | -16.3 | % | |||
| E-scooter sales from international<br> markets^2^ | 2,962 | 2,577 | +14.9 | % | |||
| E-scooter sales | 2,983 | 3,422 | -12.8 | % | |||
| Accessories, spare parts and<br> services^3^ | 371 | 486 | -23.7 | % | |||
| Revenues per e-scooter | 3,354 | 3,908 | -14.2 | % | |||
| § | E-scooter sales revenues from China market were RMB 546.4 million, an increase of 39.1% year-over-year, and<br>represented 90.1% of total e-scooter revenues. The increase was mainly due to the increased sales volume, partially offset by decreased<br>revenues per e-scooter in China market. | ||||||
| --- | --- | ||||||
| § | E-scooter sales revenues from international markets were RMB 60.0 million, an increase of 22.4% year-over-year,<br>and represented 9.9% of total e-scooter revenues. The increase was mainly due to the increased sales volume of electric motorcycle and<br>moped with higher sales price in international markets. | ||||||
| --- | --- | ||||||
| § | Accessories, spare parts sales and services revenues were RMB 75.6 million, an increase of 20.3% year-over-year,<br>and represented 11.1% of total revenues. The increase was mainly due to an increase in accessories and spare parts sales in both China<br>and international markets. | ||||||
| --- | --- | ||||||
| § | Revenues per e-scooter was RMB 3,354, a decrease of 14.2% year-over-year, mainly due to decreased revenues<br>per e-scooter in China market. | ||||||
| --- | --- |
Cost of revenues was RMB 563.9 million, an increase of 37.8% year-over-year, in line with the growth trend of revenues. The cost per e-scooter, defined as cost of revenues divided by the number of e-scooters sold in a specific period, was RMB 2,774, a decrease of 12.5% from RMB 3,169 in the first quarter of 2024. This decrease was mainly due to changes in product mix, along with the cost-reduction impact in China market.
^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 market 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
Gross margin was 17.3%, compared with 18.9% in the same period of 2024. The decrease was mainly attributable to the international market, including changes in the product mix of kick-scooters, higher freight costs and tariffs, and inventory write-downs. This was partially offset by increased gross margin in China market, reflecting the positive impact of cost-reduction initiatives.
Operating expenses were RMB 165.1 million, a slight increase of 0.1% year over year. Operating expenses as a percentage of revenues was 24.2%, compared with 32.7% in the first quarter of 2024.
| § | Selling and marketing expenses were RMB 114.6 million (including RMB 1.7 million of share-based<br>compensation), an increase of 8.8% from RMB 105.3 million in the first quarter of 2024, mainly due to the increase of RMB 6.7 million<br>in staff cost, RMB 6.6 million in advertising and promotion activities and RMB 5.4 million in rental expenses, partially offset by the<br>decrease of RMB 10.2 million in depreciation and amortization. Selling and marketing expenses as a percentage of revenues was 16.8%, compared<br>with 20.9% in the first quarter of 2024. |
|---|---|
| § | Research and development expenses were RMB 29.8 million (including RMB 2.6 million of share-based<br>compensation), an increase of 3.0% from RMB 28.9 million in the first quarter of 2024, mainly due to an increase of RMB 0.9 million in<br>design and testing expenses. Research and development expenses as a percentage of revenues was 4.4%, compared with 5.7% in the first quarter<br>of 2024. |
| --- | --- |
| § | General and administrative expenses were RMB 20.7 million (including RMB 2.9 million of share-based<br>compensation), a decrease of 32.5% from RMB 30.6 million in the first quarter of 2024, mainly due to an increase in foreign exchange gain<br>of RMB 10.8 million. General and administrative expenses as a percentage of revenues was 3.0%, compared with 6.1% in the first quarter<br>of 2024. |
| --- | --- |
Operating expenses excluding share-based compensation were RMB 157.8 million, a slight decrease of 0.7% year over year, and represented 23.1% of revenues, compared with 31.5% in the first quarter of 2024.
| § | Selling and marketing expenses excluding share-based compensation were RMB 112.9 million, an increase<br>of 9.3% year over year, and represented 16.6% of revenues, compared with 20.5% in the first quarter of 2024. |
|---|---|
| § | Research and development expenses excluding share-based compensation were RMB 27.2 million, a decrease<br>of 1.1% year over year, and represented 4.0% of revenues, compared with 5.4% in the first quarter of 2024. |
| --- | --- |
| § | General and administrative expenses excluding share-based compensation were RMB 17.7 million, a<br>decrease of 36.9% year over year, and represented 2.6% of revenues, compared with 5.6% in the first quarter of 2024. |
| --- | --- |
Share-based compensation was RMB 7.5 million, compared with RMB 6.3 million in the same period of 2024.
Income tax benefit was RMB 2.2 million, compared with income tax benefit of RMB 6.2 million in the same period of 2024.
Net loss was RMB 38.8 million, compared with net loss of RMB 54.8 million in the first quarter of 2024. The net loss margin was 5.7%, compared with net loss margin of 10.9% in the same period of 2024.
Adjusted net loss (non-GAAP) was RMB 31.4 million, compared with an adjusted net loss of RMB 48.5 million in the first quarter of 2024. The adjusted net loss margin^4^ was 4.6%, compared with an adjusted net loss margin of 9.6% in the same period of 2024.
Basic and diluted net loss per ADS were both RMB 0.49 (US$ 0.07).
Balance Sheet
As of March 31, 2025, the Company had cashand cash equivalents and term deposits of RMB 747.2 million in aggregate. The Company had restricted cash of RMB 215.3 million and short-term bank borrowings of RMB 220.0 million.
Business Outlook
NIU expects revenues of the second quarter 2025 to be in the range of RMB 1,317 million to RMB 1,411 million, representing a year-over-year increase of 40% to 50%.
The above outlook is based on information available as of the date of this press release and reflects the Company’s current and preliminary expectation and is subject to change.
Conference Call
The Company will host an earnings conference call on Monday, May 19, 2025 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time) to discuss its first quarter 2025 financial and business results and provide a corporate update.
To join via phone, participants need to register in advance of the conference call using the link provided below. Upon registration, participants will receive dial-in numbers and a personal PIN, which will be used to join the conference call.
| Event: | Niu Technologies First Quarter 2025 Financial Results Conference Call |
|---|---|
| Registration Link: | https://register-conf.media-server.com/register/BI5022a0ed839a413e97e2f9706a242baa |
A live and archived webcast of the conference call will be available on the investor relations website at https://ir.niu.com/news-and-events/webcasts-and-presentations.
^4^ Adjusted net income (loss) margin is defined as adjusted net income (loss) (non-GAAP) as a percentage of the revenues
About NIU
As the world’s leading provider of smart urban mobility solutions, NIU designs, manufactures and sells high-performance electric motorcycles, mopeds, bicycles, as well as kick-scooters and e-bikes. NIU has a diversified product portfolio that caters to the various demands of our users and addresses different urban travel scenarios. Currently, NIU offers two model lineups, comprising a number of different vehicle types. These include (i) the electric motorcycle, moped and bicycle series, including the NQi, MQi, UQi, FQi series and others, and (ii) the micro-mobility series, including the kick-scooter series KQi and the e-bike series BQi. NIU has adopted an omnichannel retail model, integrating the offline and online channels, to sell its products and provide services to users.
For more information, please visit www.niu.com.
Use of Non-GAAP Financial Measures
To supplement NIU’s consolidated financial results presented in accordance with the accounting principles generally accepted in the United States of America (“GAAP”), NIU uses the following non-GAAP financial measures: adjusted net income (loss) and adjusted net income (loss) margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. NIU believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its operating results. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to NIU’s historical performance. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.
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 the revenues.
For more information on non-GAAP financial measures, please see the tables captioned “Reconciliation of GAAP and Non-GAAP Results”.
Exchange Rate
This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the readers. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB 7.2567 to US$ 1.00, the exchange rate in effect as of March 31, 2025, as set forth in the H.10 Statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as NIU’s strategic and operational plans, contain forward-looking statements. NIU may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about NIU’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIU’s strategies; NIU’s future business development, financial condition and results of operations; NIU’s ability to maintain and enhance its “NIU” brand; its ability to innovate and successfully launch new products and services; its ability to maintain and expand its offline distribution network; its ability to satisfy the 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 meeting customer expectations; its ability to grow collaboration with operation partners; its ability to control costs associated with its operations; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIU’s filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and NIU does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact:
Niu Technologies
E-mail: [email protected]
NIU TECHNOLOGIES
UNAUDITEDCONDENSED CONSOLIDATED BALANCE SHEETS
| As of | ||||||||
|---|---|---|---|---|---|---|---|---|
| December 31, | March 31, | March 31, | ||||||
| 2024 | 2025 | 2025 | ||||||
| RMB | RMB | US | ||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 630,021,303 | 540,498,601 | ||||||
| Term deposits | 274,351,895 | 206,727,395 | ||||||
| Restricted cash | 216,395,796 | 215,346,000 | ||||||
| Accounts receivable, net | 131,921,419 | 106,776,556 | ||||||
| Inventories | 649,177,719 | 699,910,793 | ||||||
| Prepayments and other current assets | 267,938,339 | 284,877,375 | ||||||
| Total current assets | 2,169,806,471 | 2,054,136,720 | ||||||
| Non-current assets | ||||||||
| Property, plant and equipment, net | 320,013,632 | 321,552,253 | ||||||
| Intangible assets, net | 1,043,801 | 977,327 | ||||||
| Operating lease right-of-use assets | 71,223,350 | 77,974,502 | ||||||
| Deferred income tax assets | 31,752,254 | 35,058,531 | ||||||
| Other non-current assets | 19,318,659 | 18,073,296 | ||||||
| Total non-current assets | 443,351,696 | 453,635,909 | ||||||
| Total assets | 2,613,158,167 | 2,507,772,629 | ||||||
| LIABILITIES | ||||||||
| Current liabilities | ||||||||
| Short-term bank borrowings | 200,000,000 | 220,000,000 | ||||||
| Notes payable | 294,348,768 | 360,000,000 | ||||||
| Accounts payable | 869,015,140 | 666,371,989 | ||||||
| Income taxes payable | 1,071,914 | 1,068,282 | ||||||
| Advances from customers | 35,892,860 | 67,601,763 | ||||||
| Deferred revenue-current | 50,247,103 | 48,612,166 | ||||||
| Accrued expenses and other current liabilities | 201,356,008 | 211,991,617 | ||||||
| Total current liabilities | 1,651,931,793 | 1,575,645,817 | ||||||
| Deferred revenue-non-current | 16,886,859 | 16,680,569 | ||||||
| Deferred income tax liabilities | 3,269,464 | 3,742,268 | ||||||
| Operating lease liabilities | 89,990 | 5,166,024 | ||||||
| Other non-current liabilities | 9,697,841 | 9,562,922 | ||||||
| Total non-current liabilities | 29,944,154 | 35,151,783 | ||||||
| Total liabilities | 1,681,875,947 | 1,610,797,600 | ||||||
| SHAREHOLDERS’ EQUITY: | ||||||||
| Class A ordinary shares | 90,549 | 90,749 | ||||||
| Class B ordinary shares | 10,316 | 10,316 | ||||||
| Additional paid-in capital | 1,988,638,160 | 1,996,170,699 | ||||||
| Accumulated other comprehensive loss | (3,129,362 | ) | (6,124,572 | ) | ) | |||
| Accumulated deficit | (1,054,327,443 | ) | (1,093,172,163 | ) | ) | |||
| Total shareholders’ equity | 931,282,220 | 896,975,029 | ||||||
| Total liabilities and shareholders’ equity | 2,613,158,167 | 2,507,772,629 |
All values are in US Dollars.
NIU TECHNOLOGIES
UNAUDITEDCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
| Three Months Ended March 31, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2025 | |||||||
| RMB | RMB | US | ||||||
| Revenues | 504,734,575 | 681,988,452 | ||||||
| Cost of revenues^(a)^ | (409,184,315 | ) | (563,907,241 | ) | ) | |||
| Gross profit | 95,550,260 | 118,081,211 | ||||||
| Operating expenses: | ||||||||
| Selling and marketing expenses^(a)^ | (105,333,173 | ) | (114,597,915 | ) | ) | |||
| Research and development expenses^(a)^ | (28,930,975 | ) | (29,801,606 | ) | ) | |||
| General and administrative expenses^(a)^ | (30,612,959 | ) | (20,650,614 | ) | ) | |||
| Total operating expenses | (164,877,107 | ) | (165,050,135 | ) | ) | |||
| Government grants | 3,756 | 386,890 | ||||||
| Operating loss | (69,323,091 | ) | (46,582,034 | ) | ) | |||
| Interest expenses | (966,400 | ) | (1,411,322 | ) | ) | |||
| Interest income | 9,254,711 | 6,893,472 | ||||||
| Investment income | - | 7,780 | ||||||
| Loss before income taxes | (61,034,780 | ) | (41,092,104 | ) | ) | |||
| Income tax benefit | 6,237,167 | 2,247,384 | ||||||
| Net loss | (54,797,613 | ) | (38,844,720 | ) | ) | |||
| Other comprehensive income (loss) | ||||||||
| Foreign currency translation adjustment, net of nil income taxes | 506,493 | (2,995,210 | ) | ) | ||||
| Comprehensive loss | (54,291,120 | ) | (41,839,930 | ) | ) | |||
| Net loss per ordinary share | **** | **** | ||||||
| —Basic | (0.35 | ) | (0.24 | ) | ) | |||
| —Diluted | (0.35 | ) | (0.24 | ) | ) | |||
| Net loss per ADS | **** | **** | ||||||
| —Basic | (0.69 | ) | (0.49 | ) | ) | |||
| —Diluted | (0.69 | ) | (0.49 | ) | ) | |||
| Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net loss per ordinary share | ||||||||
| —Basic | 157,713,699 | 159,329,261 | ||||||
| —Diluted | 157,713,699 | 159,329,261 | ||||||
| Weighted average number of ADS outstanding used in computing net loss per ADS | **** | **** | ||||||
| —Basic | 78,856,850 | 79,664,631 | ||||||
| —Diluted | 78,856,850 | 79,664,631 |
All values are in US Dollars.
Note:
(a) Includes share-based compensation expenses as follows:
| Three Months Ended March 31, | |||||
|---|---|---|---|---|---|
| 2024 | 2025 | ||||
| RMB | RMB | US | |||
| Cost of revenues | 303,535 | 253,508 | |||
| Selling and marketing expenses | 2,010,112 | 1,662,077 | |||
| Research and development expenses | 1,441,278 | 2,626,530 | |||
| General and administrative expenses | 2,555,850 | 2,947,992 | |||
| Total share-based compensation expenses | 6,310,775 | 7,490,107 |
All values are in US Dollars.
NIU TECHNOLOGIES
RECONCILIATIONOF GAAP AND NON-GAAP RESULTS
| Three Months Ended March 31, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2025 | |||||||
| RMB | RMB | US | ||||||
| Net loss | (54,797,613 | ) | (38,844,720 | ) | ) | |||
| Add: | ||||||||
| Share-based compensation expenses | 6,310,775 | 7,490,107 | ||||||
| Adjusted net loss | (48,486,838 | ) | (31,354,613 | ) | ) |
All values are in US Dollars.