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• Total Sales Volume (Q4 2024): 226,600 units, 65% year-over-year growth.

• China Sales Volume (Q4 2024): 182,000 units, 65% year-over-year growth.

• Overseas Sales Volume (Q4 2024): 44,000 units, 64% year-over-year growth.

• Total Revenue (Q4 2024): RMB819 million, 71% increase year-over-year.

• Total Revenue (Full Year 2024): RMB3.29 billion, 24% increase from 2023.

• China Scooter Revenue (Q4 2024): RMB646 million, 82% year-over-year increase.

• Overseas Scooter Revenue (Q4 2024): RMB87 million, 12% of total scooter revenues.

• Gross Margin (Q4 2024): 12.4%, a decrease of 6.6 percentage points year-over-year.

• Gross Margin (Full Year 2024): 15.2%, down from 21.5% in 2023.

• Operating Expenses (Q4 2024): RMB193 million, RMB53 million lower year-over-year.

• Net Loss (Q4 2024): RMB73 million.

• Cash and Short-term Investments (End of 2024): RMB1.1 billion.

• CapEx (Full Year 2024): RMB120 million, RMB41 million higher than last year.

• Guidance for Q1 2025 Revenue: RMB631 million to RMB707 million, 25% to 40% year-over-year increase.

• Sales Volume Guidance for 2025: 1.3 million to 1.6 million units.

• Warning! GuruFocus has detected 4 Warning Signs with NIU.

Release Date: March 17, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Niu Technologies (NASDAQ:NIU) achieved a significant 65% year-over-year growth in total sales volume for Q4 2024, with 226,600 units sold.

• Total revenue for Q4 2024 increased by 71% year-over-year, reaching RMB819 million.

• The company expanded its product offerings with the introduction of the new F-Series and high-performance NX and NXT Series, enhancing its competitive product portfolio.

• Niu Technologies (NASDAQ:NIU) successfully opened approximately 900 new stores in 2024, with plans to open another 1,000 to 1,500 stores in 2025, strengthening its market presence.

• The overseas market saw a substantial 64% growth in sales volume in Q4 2024, driven by strategic market expansion and operational optimization.

Negative Points

• The overall gross margin for Q4 2024 decreased to 12.4%, down 6.6 percentage points compared to the same period last year.

• The overseas branded scooter ASP decreased by 25% due to a change in product mix, with kick-scooters accounting for 98% of total overseas scooter sales volume.

• The company faced significant headwinds in the micro mobility market due to a 25% US tariff increase on key products, impacting margins.

• Niu Technologies (NASDAQ:NIU) reported a net loss of RMB73 million for Q4 2024 and a full-year net loss of RMB193 million.

• The company experienced a decline in gross margin for the full year 2024, down from 21.5% in 2023 to 15.2%, primarily due to overseas factors and domestic market challenges.