Niu's Mixed Signals: Record 2025 Sales Tainted by Q4 Slump

BEIJING – January 05, 2026 – Niu Technologies, a leading name in smart urban mobility, announced a landmark year for sales in 2025, crossing the one-million-unit threshold for the first time. However, the celebratory mood is tempered by a significant downturn in the fourth quarter, revealing starkly different trajectories for its domestic and international operations.

The NASDAQ-listed company reported selling a total of 1,197,978 electric scooters, motorcycles, and bikes for the full year 2025, a robust 29.6% increase from the 924,340 units sold in 2024. This growth was overwhelmingly powered by its home market in China. Yet, the final quarter of the year told a different story. Niu sold 178,702 units in Q4, a steep 21.2% year-on-year decline, raising questions about market saturation, regulatory impacts, and the firm’s global strategy heading into the new year.

A Tale of Two Markets

The full-year and quarterly results paint a picture of a company operating in two vastly different environments. In China, Niu's performance was nothing short of dominant. Full-year sales in its domestic market surged by an impressive 46% to 1,112,021 units, up from 759,094 in 2024. This performance underscores the brand's powerful resonance with Chinese consumers and its ability to capitalize on a market buoyed by government incentives and a cultural shift towards electric mobility.

In stark contrast, Niu's international ambitions hit a significant speed bump. Overseas sales for the full year 2025 were nearly halved, falling to 85,957 units from 165,246 the previous year. The fourth quarter was particularly brutal, with international sales plummeting 55.1% to just 19,920 units compared to 44,301 in Q4 2024. This retreat marks a sharp reversal from the 65% international growth seen in the same quarter of the prior year.

The company acknowledged it is navigating a "challenging and fluid operating environment" abroad and is actively "optimizing its micromobility strategy." Industry analysis points to a confluence of factors behind this international decline. Persistent U.S. tariffs on Chinese goods have squeezed profitability, while rising global freight costs have further eroded margins. Moreover, competition has intensified in key European and Southeast Asian markets from both local players and other Chinese brands, leading to increased pricing pressure. In response, Niu appears to be undergoing a "multi-quarter structural adjustment" in its overseas micromobility segment, deliberately reducing shipments and promotions to protect margins rather than chasing volume at any cost.

The Regulatory Ripple Effect

A major factor shaping Niu's fourth-quarter performance in China was the implementation of new national electric bicycle standards. The new regulations (GB 17761-2024), which became fully mandatory on December 1, 2025, introduced stricter rules on everything from maximum speed and anti-tampering measures to braking performance and fire-retardant materials.

In anticipation of this deadline, a wave of "front-loaded demand" swept through the market in the third quarter. Consumers and retailers rushed to purchase existing models before the new rules took full effect, pulling sales forward from Q4. This effect was dramatic, as Niu’s Q3 sales in China had surged 74.2% year-on-year. The inevitable consequence was a quieter fourth quarter, which saw domestic sales dip 13% year-on-year. The company also noted it was up against a "higher prior-year comparative base," as Q4 2024 had been an exceptionally strong period.

The new standards are designed to push the entire industry towards higher-quality, safer, and smarter products, accelerating the elimination of substandard manufacturers. The regulations also encourage features like Beidou positioning for commercial-use e-bikes and advanced safety systems. Niu's ability to navigate this regulatory shift is a critical test, and the company is banking on its new lineup of compliant vehicles to win over consumers in this new, more stringent market landscape.

Innovation as a Bright Spot

Despite the headwinds, Niu highlighted key product successes that signal a path forward. The company's new FX "Windstorm" e-motorcycle, launched in late September, reportedly "resonated strongly with Gen Z riders" and became the top-selling model in the fourth quarter. This success demonstrates Niu's continued ability to tap into the youth market with products that blend style, performance, and technology.

Furthermore, the company reported "positive initial market feedback" for its new e-bicycle models designed to comply with the latest national standards. The favorable reception of these vehicles, praised for their distinctive design and advanced features, is crucial as it validates Niu's product development strategy in the face of the sweeping regulatory changes. While its international micromobility segment is under strategic review, Niu noted that its e-motorcycle segment abroad continued on a "favorable trajectory," which it expects to strengthen in 2026 through portfolio enhancements and deeper regional penetration.

This focus on higher-end e-motorcycles and technologically advanced, compliant e-bicycles appears to be the core of the company's plan to reinforce its strategic confidence. By enriching its product portfolio with vehicles that meet evolving market demands and regulatory requirements, Niu aims to solidify its premium positioning and drive future growth.

Contextualizing a Record Year

Niu's record-breaking annual performance, despite the Q4 dip, is deeply rooted in the fertile ground of China's burgeoning smart mobility market. The nation's push towards electrification is supported by a host of government policies, including trade-in programs launched in early 2025 that offer subsidies for consumers to replace older, non-compliant e-bikes. This, combined with accelerating urbanization that makes nimble two-wheelers a practical solution for congested cities, has created a powerful tailwind for the industry.

The booming instant-delivery sector, which relies heavily on electric two-wheelers, has further fueled demand. Niu has capitalized on these trends not only through product innovation but also by steadily expanding its retail footprint, which now exceeds 4,500 stores across China. The company's strong annual growth places it firmly among the leading players like Yadea and Aima in a market that is not just growing, but also upgrading. As the new national standards take hold, the competitive landscape is expected to favor established brands like Niu that possess the R&D and manufacturing capabilities to produce compliant, high-quality vehicles, potentially squeezing out smaller, less-regulated competitors.