Niu Technologies (NIU) had a rough Monday, with shares sliding after the electric two-wheeler maker revealed a sales slowdown that no amount of China strength could fully offset. The Beijing-based company disclosed fourth quarter unit sales of 178,702 across its portfolio of e-motorcycles, e-mopeds, e-bicycles, kick scooters, and e-bikes. That's down from 226,634 units in the same quarter a year earlier, representing a 21% decline that caught investors off guard.
The story gets more interesting when you split the geography. China sales came in at 158,782 units during Q4, down from 182,333 units the previous year. But the real pain showed up internationally, where sales plummeted to just 19,920 units from 44,301 units in the fourth quarter of 2024. That's a 55% drop in overseas markets, which is the kind of number that makes CFOs nervous.
The Full Year Tells a Different Story
Looking at the complete 2025 picture, though, things don't look quite so dire. Total unit sales for the year climbed to 1,197,978 units, up from 924,340 units in 2024. That's nearly 30% growth, and it was powered almost entirely by the home market. China sales surged to 1,112,021 units compared with 759,094 units the year before—a 46% jump. International sales, meanwhile, collapsed to 85,957 units from 165,246 units in 2024. The pattern is clear: Niu is crushing it at home while struggling everywhere else.
Why China Slowed Down
So what happened in Q4? Niu pointed to seasonal weakness in China's smart urban mobility market, which makes sense given that people don't love buying scooters in winter. But there were other factors at play. Demand got pulled forward as buyers rushed to purchase before new national e-bicycle standards kicked in, creating a tough comparison for the quarter. The result was that 13% decline in total unit sales that spooked the market.
There's a bright spot, though. The FX "Windstorm" e-motorcycle, which Niu launched in late September, became the quarter's best-selling model. Gen Z riders apparently love it, which suggests the company still knows how to create products that resonate. Plus, Niu's newly introduced standards-compliant e-bicycles got a strong early reception, supporting the company's plans to expand its product lineup as regulations and market preferences evolve.
Looking Ahead
The company thinks it's gaining momentum in international markets and expects further growth in 2026, driven by product upgrades and targeted regional expansion. Management is also refining its micromobility strategy to navigate what it acknowledges is a challenging and dynamic operating environment. Translation: the global market is tough right now, and they're adjusting accordingly.
The Recent Financial Picture
Back in November 2025, Niu reported quarterly revenue growth of 65.4% year-over-year to $237.94 million (1.69 billion Chinese yuan). That growth came from a 49.1% increase in sales volume plus an 11.0% bump in revenues per e-scooter. Adjusted earnings per share hit 14 cents, a nice reversal from the 7-cent loss the company posted a year earlier. The financials looked solid, which makes the Q4 volume decline all the more notable.
NIU Price Action: Niu shares were down 3.59% at $3.02 during premarket trading on Monday.
