Niu Technologies (NIU, Financial) released its financial results for the fourth quarter and full year ending December 31, 2024. The company reported a Q4 revenue of RMB 819.2 million, marking a 71.1% increase compared to the previous year. The net loss for the quarter was RMB 72.5 million, an improvement from the RMB 130.2 million loss in 2023. Adjusted net loss stood at RMB 66.7 million, compared to RMB 122.4 million in the previous year.
For the entire year, Niu Technologies achieved a revenue of RMB 3.2883 billion, up 24.0% from 2023. The net loss was reduced to RMB 193.2 million from RMB 271.8 million in 2023. Adjusted net loss for the year was RMB 169.0 million, down from RMB 224.2 million in the prior year.
In Q4, electric scooter sales reached 226,634 units, a 64.9% increase year-over-year. Sales in the Chinese market accounted for 182,333 units, while international sales were 44,301 units, reflecting a 65.1% and 63.9% growth, respectively. By the end of 2024, Niu had 3,735 exclusive stores in China and 57 international distributors covering 53 countries.
The revenue growth in Q4 was largely driven by the increased sales of electric scooters and a 3.8% rise in revenue per scooter to RMB 3,615. Domestic scooter revenue was RMB 646.2 million, up 81.9%, making up 88.1% of total scooter revenue. International scooter revenue was RMB 87.2 million, a 47.8% increase, contributing 11.9% of total scooter revenue. Revenue from accessories, parts, and services reached RMB 85.8 million, up 33.1%, representing 10.5% of total revenue.
Operating expenses for Q4 were RMB 193.0 million, down 21.6% from the previous year. The gross margin decreased to 12.4% from 19.0% in 2023. The company anticipates Q1 2025 revenue between RMB 631 million and RMB 707 million, with a projected 40% to 70% increase in annual scooter sales, reaching 1.3 million to 1.6 million units.
