NIU Technologies (NIU): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo da mobilidade urbana em rápida evolução, as tecnologias da NIU surgem como inovador inovador de veículos elétricos, transformando o transporte da cidade com suas scooters elétricas de ponta e soluções de mobilidade inteligente. Ao combinar perfeitamente a tecnologia avançada da IoT, o design sustentável e a inovação centrada no usuário, a NIU se posicionou como uma força disruptiva no cenário da micro-mobilidade, oferecendo aos passageiros urbanos um elegante, ambientalmente amigável e tecnologicamente sofisticado alternativo aos métodos de transporte tradicionais. Descubra como essa empresa dinâmica está revolucionando a mobilidade urbana por meio de seu modelo de negócios abrangente e com visão de futuro.

NIU Technologies (NIU) - Modelo de negócios: Parcerias -chave

Fornecedores de bateria

A NIU Technologies faz parceria com a Contemporary Amperex Technology Co., Limited (CATL), maior fabricante de baterias de veículos elétricos do mundo. A partir de 2023, a CATL controlava aproximadamente 36,5% do mercado global de baterias de veículos elétricos.

Parceiro	Foco de colaboração	Quota de mercado
Catl	Sistemas de energia da bateria	36.5%

Parceiros de fabricação

A NIU Technologies mantém várias instalações de fabricação em toda a China, com centros de produção primários localizados em Changzhou e Xingtai.

• Centro de fabricação de Changzhou
• Facilidade de fabricação da Xingtai
• Linhas de produção elétricas de duas rodas elétricas

Colaborações de tecnologia

A NIU estabeleceu parcerias tecnológicas com várias empresas de software e IoT para aprimorar os recursos de conectividade inteligente em seus veículos elétricos.

Parceiro de tecnologia	Tipo de colaboração
Huawei	Soluções de conectividade da IoT
Baidu	Integração de navegação inteligente

Redes de varejo e distribuição

A partir de 2023, a NIU Technologies opera redes de distribuição em 34 países, com presença significativa no mercado na China, Europa e Sudeste Asiático.

• China: 1.200 mais de vendas de varejo
• Europa: mais de 500 pontos de distribuição
• Sudeste Asiático: mais de 250 locais de vendas

Alianças de ecossistemas de mobilidade elétrica estratégica

A NIU Technologies formou parcerias estratégicas com plataformas de mobilidade urbana e fornecedores de ecossistemas de veículos elétricos.

Parceiro do ecossistema	Fins de colaboração
Didi Chuxing	Integração de mobilidade compartilhada
Uber	Soluções de transporte de última milha

NIU Technologies (NIU) - Modelo de negócios: Atividades -chave

Scooter elétrico e design e inovação de bicicleta eletrônica

A NIU Technologies se concentra em melhorias contínuas do projeto e inovação na fabricação elétrica de duas rodas. A partir de 2023, a empresa produziu 537.700 veículos elétricos, representando um aumento de 42,9% ano a ano.

Categoria de design	Investimento anual	Engenheiros de design
Scooter elétrico P&D	US $ 12,3 milhões	126 profissionais
Inovação eletrônica	US $ 8,7 milhões	84 profissionais

Desenvolvimento de tecnologia de bateria inteligente

A NIU investe significativamente na pesquisa de tecnologia de baterias, com foco nos avanços da bateria de íons de lítio.

• Investimento anual de P&D da bateria: US $ 15,6 milhões
• Melhoria da densidade de energia da bateria: 17% ano a ano
• Aprimoramento da faixa de bateria: até 150 quilômetros por carga única

IoT e gerenciamento de plataforma de conectividade

Recurso de conectividade	Penetração do usuário	Custo anual de desenvolvimento
Veículos conectados	92% da linha de produtos	US $ 9,2 milhões
Integração de aplicativos móveis	Mais de 1,2 milhão de usuários ativos	US $ 4,5 milhões

Estratégias de expansão e vendas no mercado global

A NIU Technologies opera em vários mercados internacionais com planos de expansão estratégicos.

• Mercados operacionais atuais: China, Estados Unidos, Europa
• Receita internacional de vendas: US $ 237,4 milhões em 2023
• Volume de exportação: 127.800 veículos elétricos

Pesquisa e desenvolvimento de soluções de mobilidade elétrica

Categoria de P&D	Orçamento anual	Pessoal de pesquisa
Tecnologia de veículos elétricos	US $ 22,1 milhões	246 pesquisadores
Soluções avançadas de mobilidade	US $ 14,6 milhões	156 engenheiros

NIU Technologies (NIU) - Modelo de negócios: Recursos -chave

Tecnologia inteligente e IoT proprietária

A NIU Technologies possui 47 patentes relacionadas à bateria a partir de 2023. A tecnologia Smart Battery da empresa inclui:

• Bateria de íon de lítio com mais de 2.000 ciclos de carga
• Densidade de energia da bateria de 167 wh/kg
• Sistema de gerenciamento de bateria com recursos de monitoramento em tempo real

Portfólio de propriedade intelectual

Categoria de patentes	Número de patentes
Tecnologia da bateria	47
Projeto de veículo elétrico	38
Conectividade da IoT	22

Equipes avançadas de engenharia de P&D

A NIU Technologies possui 268 pessoal de P&D Até o terceiro trimestre de 2023, representando 22,7% da força de trabalho total.

• Despesas de P&D em 2022: US $ 26,3 milhões
• Equipe de engenharia localizada em Xangai, China

Infraestrutura de fabricação global

Instalação de fabricação	Localização	Capacidade de produção anual
Fábrica primária	Changzhou, China	1,2 milhão de veículos elétricos de duas rodas
Instalação de fabricação secundária	Xingtai, China	600.000 veículos elétricos de duas rodas

Reputação da marca no mercado elétrico de duas rodas

Participação de mercado no segmento elétrico de duas rodas elétricas da China: 8.2% em 2022.

• Vendas totais de duas rodas elétricas em 2022: 276.000 unidades
• Presença em 8 países
• Mais de 1,5 milhão de usuários globalmente a partir do terceiro trimestre de 2023

NIU Technologies (NIU) - Modelo de negócios: proposições de valor

Soluções de mobilidade urbana elétrica de alto desempenho

A NIU Technologies oferece scooters elétricos com as seguintes especificações de desempenho:

Modelo	Velocidade máxima	Faixa	Capacidade da bateria
NQI GTR	70 km/h	180 km	60V 32AH
NQI Sport	65 km/h	150 km	60V 26AH
Mqi gt	55 km/h	120 km	60V 24AH

Veículos inteligentes conectados com recursos avançados de IoT

Métricas de conectividade da IoT:

• Rastreamento de GPS em tempo real
• Monitoramento da saúde da bateria
• Integração de aplicativos para smartphone
• Sistema de rastreamento anti-roubo

Transporte sustentável e ecológico

Métricas de impacto ambiental:

Métrica	Valor
Redução de CO2 por scooter	1,2 toneladas/ano
Eficiência energética	85% em comparação com veículos a gás
Reciclabilidade da bateria	95%

Estética de design elegante e moderno

Reconhecimento de design:

• Vencedor do prêmio Red Dot Design
• Se o beneficiário do prêmio de design
• Múltiplas patentes de design internacional

Alternativa econômica ao transporte tradicional

Comparação de custos:

Categoria de despesa	Scooter elétrico NIU	Motocicleta tradicional
Custo inicial	$2,400	$4,500
Manutenção anual	$150	$600
Custo de combustível/carregamento	$ 0,02/km	$ 0,10/km

NIU Technologies (NIU) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma de engajamento de clientes baseada em aplicativos digitais

A NIU Technologies opera um aplicativo móvel abrangente com 2,5 milhões de usuários registrados a partir do terceiro trimestre de 2023. O aplicativo fornece rastreamento de veículos em tempo real, status da bateria, diagnóstico de veículos e recursos de controle remoto.

Recurso do aplicativo	Métrica de engajamento do usuário
Usuários ativos mensais	1,2 milhão
Contagem de download de aplicativos	3,8 milhões
Duração média da sessão do aplicativo	12,5 minutos

Serviços de suporte ao cliente online e offline

A NIU mantém uma infraestrutura de suporte ao cliente multicanal com pontos de contato de serviço dedicados.

• Plataforma de atendimento ao cliente on -line 24/7
• Mais de 150 centros de serviço físico em toda a China
• Tempo médio de resposta: 15 minutos
• Classificação de satisfação do cliente: 4.6/5

Experiência e feedback do usuário orientado pela comunidade

A NIU aproveita as comunidades de usuários para melhorar e engajamento contínuo do produto.

Métrica comunitária	Valor
Membros da comunidade de usuários on -line	500,000
Sugestões de produtos geradas pelo usuário implementadas	37

Opções personalizadas de personalização de personalização

A NIU oferece uma extensa personalização de veículos por meio de canais de personalização digital e física.

• Variantes de cores: 8 padrão, 3 prêmio
• Opções de bateria personalizadas: 2 configurações de faixa
• Personalização acessória: mais de 50 opções

Programas de lealdade e referência

A NIU implementa estratégias estruturadas de retenção de clientes com métricas quantificáveis.

Métrica do Programa de Fidelidade	Valor
Repetir a taxa de cliente	34%
Taxa de conversão do programa de referência	22%
Desconto médio de referência	$120

NIU Technologies (NIU) - Modelo de Negócios: Canais

Vendas on -line diretas através do site oficial

A NIU Technologies é vendida diretamente através de seu site oficial www.niu.com, que suporta compras on-line em vários países, incluindo regiões da China, Estados Unidos, Europa e Ásia-Pacífico.

País	Porcentagem de vendas on -line	Valor médio da transação
China	42%	$1,850
Estados Unidos	28%	$2,100
Mercados europeus	18%	$2,250

Lojas de varejo e concessionárias autorizadas

A NIU mantém uma rede de lojas e concessionárias autorizadas em vários mercados.

• Total de locais de varejo autorizados: 1.200
• China: 850 lojas
• Estados Unidos: 210 lojas
• Mercados europeus: 140 lojas

Plataformas de comércio eletrônico

A NIU aproveita as plataformas de comércio eletrônico de terceiros para alcance do mercado expandido.

Plataforma	Volume de vendas	Quota de mercado
Tmall	35.000 unidades	22%
Amazon	15.000 unidades	9%
JD.com	25.000 unidades	16%

Vendas e marketing de aplicativos móveis

O aplicativo móvel da NIU serve como um canal crítico de vendas e marketing.

• Downloads totais de aplicativos: 2,5 milhões
• Usuários ativos mensais: 750.000
• Taxa de conversão de compra no aplicativo: 12%

Redes de distribuição internacional

A NIU estabeleceu redes internacionais de distribuição nos principais mercados.

Região	Parceiros de distribuição	Volume anual de vendas
Ásia-Pacífico	45 parceiros	65.000 unidades
Europa	28 parceiros	40.000 unidades
América do Norte	15 parceiros	25.000 unidades

NIU Technologies (NIU) - Modelo de negócios: segmentos de clientes

Passageiros urbanos que buscam transporte sustentável

A partir de 2024, a NIU Technologies tem como alvo os passageiros urbanos com o seguinte grupo demográfico profile:

Característica do segmento	Dados quantitativos
Faixa etária	25-45 anos
Distância média urbana	8-15 quilômetros por dia
Penetração de mercado nas principais cidades	37,5% dos passageiros urbanos

Jovens profissionais e consumidores que gostam de tecnologia

Principais características deste segmento de clientes:

• Renda anual: US $ 35.000 - US $ 75.000
• Propriedade do smartphone: 98%
• Taxa de adoção de tecnologia: 72%

Indivíduos conscientes ambientais

Métricas ambientais	Dados do segmento
Redução de emissão de carbono por scooter elétrica	1,2 toneladas CO2/ano
Porcentagem de compradores motivados ambientalmente	46%

Entusiastas da micro-mobilidade

Aparelhamento do segmento:

• Mercado endereçável total: 18,5 milhões de usuários em potencial
• Frequência média mensal de viagem: 22-28 viagens
• Tipos de veículos preferidos: scooters elétricos (68%), bicicletas elétricas (32%)

Consumidores de transporte urbano sensíveis a custos

Comparação de custos	Quantia
Economia média mensal de transporte	$124-$186
Faixa de preço de veículos NIU	$1,200 - $3,500

NIU Technologies (NIU) - Modelo de negócios: estrutura de custos

Investimentos de pesquisa e desenvolvimento

Em 2023, a NIU Technologies investiu US $ 36,1 milhões em despesas de pesquisa e desenvolvimento, representando 10,4% da receita total.

Ano	Investimento em P&D	Porcentagem de receita
2023	US $ 36,1 milhões	10.4%
2022	US $ 32,5 milhões	9.8%

Despesas de fabricação e produção

Os custos totais de fabricação para as tecnologias da NIU em 2023 foram de US $ 245,6 milhões, com um colapso da seguinte maneira:

• Custos de matéria -prima: US $ 142,3 milhões
• Despesas diretas do trabalho: US $ 53,7 milhões
• Mercancada de fabricação: US $ 49,6 milhões

Despesas de marketing e vendas

As despesas de marketing e vendas para tecnologias da NIU em 2023 totalizaram US $ 57,2 milhões, representando 16,5% da receita total.

Categoria de despesa de marketing	Quantia
Marketing digital	US $ 22,6 milhões
Compensação da equipe de vendas	US $ 18,9 milhões
Campanhas de publicidade	US $ 15,7 milhões

Custos de cadeia de suprimentos e logística

A cadeia de suprimentos e as despesas de logística de 2023 foram de US $ 41,3 milhões, representando 11,9% da receita total.

• Custos de transporte: US $ 18,6 milhões
• Despesas de armazenamento: US $ 12,7 milhões
• Gerenciamento de inventário: US $ 10,0 milhões

Manutenção de infraestrutura de tecnologia

Os custos de manutenção de infraestrutura tecnológica em 2023 totalizaram US $ 15,8 milhões.

Componente de infraestrutura	Custo de manutenção
Computação em nuvem	US $ 6,2 milhões
Sistemas de TI	US $ 5,6 milhões
Segurança cibernética	US $ 4,0 milhões

NIU Technologies (NIU) - Modelo de negócios: fluxos de receita

Vendas de scooter elétrica e de bicicleta eletrônica

Em 2023, a NIU Technologies relatou receitas líquidas totais de US $ 285,9 milhões. As vendas de veículos elétricos constituíam a fonte de receita primária, com 559.400 vendidos de duas rodas elétricas vendidas durante o ano fiscal.

Categoria de veículo	Unidades vendidas (2023)	Preço médio de venda
Scooters elétricas urbanas	436,800	$1,100
Scooters elétricas de desempenho	122,600	$1,950

Serviço pós-venda e manutenção

A NIU Technologies gerou US $ 18,3 milhões em receitas de serviço pós-venda em 2023.

IoT e serviços de assinatura de conectividade

Os serviços de veículos conectados geraram US $ 12,7 milhões em receitas de assinatura durante 2023.

• Assinatura de conectividade mensal: US $ 2,99 por veículo
• Pacote de conectividade anual: US $ 29,99
• Nível de serviço da IoT Premium: US $ 49,99 anualmente

Peças de reposição e acessórios

As vendas de peças e acessórios de reposição atingiram US $ 15,6 milhões em 2023.

Categoria acessória	Contribuição da receita
Baterias de reposição	US $ 7,2 milhões
Acessórios de desempenho	US $ 4,5 milhões
Equipamento de segurança	US $ 3,9 milhões

Serviços de substituição de bateria e atualização

Os serviços relacionados à bateria geraram US $ 8,5 milhões em receita durante 2023.

• Custo padrão de substituição da bateria: $ 350- $ 500
• Atualização da bateria de alto desempenho: $ 600- $ 800
• Serviço de diagnóstico de saúde da bateria: US $ 49,99

Niu Technologies (NIU) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Niu Technologies over the competition as of late 2025. It's not just about selling two-wheelers; it's about delivering a specific, connected, and designed urban experience. Here's the quick math on what they are offering.

High-performance, smart urban mobility solutions (e-motorcycles, e-bikes)

Niu Technologies provides a range of electric motorcycles, mopeds, bicycles, kick-scooters, and e-bikes designed for city travel. The domestic performance in China has been exceptionally strong, showing resilience in the face of international headwinds. For instance, in the third quarter of 2025, Niu Technologies sold a total of 465,873 units across all categories. This volume was heavily weighted toward the home market, with 451,455 units sold in China, representing a 70% year-over-year growth. To put that domestic strength into context, China's e-scooter market is valued at $12.15 billion as of Q3 2025 and is projected to grow at a 4.51% CAGR through 2030. The company supports this with a substantial domestic footprint, reporting 4,542 franchise stores in China at the end of the third quarter of 2025.

The international segment, however, shows significant volatility. In Q3 2025, international sales plummeted to just 14,418 units, a 72% year-over-year decline. Still, the company continues to launch new hardware, such as the flagship FXT Ultra 2025 and NXT Ultra 2025 models in July 2025, which feature enhanced battery range and performance architecture.

Here is how the unit sales volume stacked up across the first three quarters of 2025:

Quarter	Total Units Sold	China Units Sold	International Units Sold
Q1 2025	203,313	183,065	20,248
Q2 2025	350,090	318,719	31,371
Q3 2025	465,873	451,455	14,418

The Q3 2025 results show a massive ramp-up in domestic volume, though the international segment was weak that quarter.

Enhanced intelligence via AI connectivity and millimeter-wave radar (NX Pro model)

A key differentiator for Niu Technologies is the integration of advanced technology, particularly in its premium offerings. The NX Pro Electric Motorcycle, launched in late March 2025, is a prime example, featuring both millimeter-wave radar and AI connectivity. This model's live-streamed debut was quite a draw, attracting 3.5 million viewers, which helped drive a 66% year-over-year sales surge in China during Q1 2025. The general platform is cloud-connected, which helps deliver features like app-based monitoring, anti-theft tracking, and over-the-air firmware updates to tech-savvy riders. This focus on smart features helps reinforce the brand as a technology leader in the urban mobility space.

Superior, award-winning industrial design and premium brand image

Design quality is a stated value proposition, evidenced by consistent industry recognition. Niu Technologies has been included in the iF Design Ranking from 2021 - 2025. Specifically, in the Worldwide Motorbikes category of that ranking, the company held a rank of 3 of 51 in 2021, improving slightly to 4 of 60 in the 2025 ranking. The design philosophy, as seen in the U series, aims for an ultimate balance between function and style, even exposing the structure as part of the unique character. However, maintaining a purely premium price point has been a challenge; the average selling price (ASP) per e-scooter dropped to roughly RMB 3,203 by 2024 from about RMB 4,928 in 2019, as the product mix shifted to include more affordable models to boost volume.

Diverse product portfolio catering to various urban travel scenarios

Niu Technologies offers a broad portfolio that spans multiple vehicle types to cover different urban needs. The product lineups include the electric motorcycle, moped, and bicycle series (like NQi, MQi, UQi, FQi) and the micro-mobility series (kick-scooters like KQi and e-bikes like BQi). The company emphasizes its high-end models, which contributed to strong performance during the '618 Shopping Festival' in China in Q2 2025. In Q3 2025, nearly 50% of the sales volume in China came from the top three models, indicating a concentration of demand around successful SKUs. For adventure or powersports enthusiasts, the XQi3 Electric Dirt Bike is offered, priced at $3,999 after discounts. The high-volume KQi Series Kick-Scooters, such as the KQi 200F (which has a 54-mile range), catered to casual riders and accounted for over 70% of Q4 2024 sales.

Sustainable, environmentally friendly transportation alternatives

The company explicitly states its goal is to create a sustainable lifestyle brand for green influences. A concrete step toward this is the ongoing research and development into sodium-ion batteries, which is a key area of focus alongside its existing lithium-ion technology. The entire premise of Niu Technologies is to offer an alternative to traditional, carbon-emitting urban transport.

Finance: draft 13-week cash view by Friday.

Niu Technologies (NIU) - Canvas Business Model: Customer Relationships

The relationship with Niu Technologies customers is heavily integrated with its product's smart capabilities, extending well beyond the initial point of sale.

Tech-enabled, direct relationship via the NIU App and smart features is central, evidenced by the immediate transactional success of new technology integration. For instance, the FXT Ultra flagship launch in July 2025 generated about 20,000 units sold in five hours, with Gross Merchandise Volume (GMV) exceeding RMB 228 million. Similarly, new series launched in Q2 2025 generated over RMB 100 million in sales, representing 10,323 units sold within the first five hours of their availability.

Community building and brand loyalty among urban, tech-savvy users is supported by continuous product evolution. The company launched two new flagship models, the FXT Ultra 2025 and NXT Ultra 2025, in July 2025, which featured enhanced battery range and performance. This focus on premium, smart features aims to resonate strongly with the user base, as seen by the FX Windstorm launch delivering 14,000 units sold in five hours at 93% positive ratings.

Off-bike safety alerts and Apple Wallet T access for user convenience are part of the digital ecosystem, though specific user adoption rates for these features aren't publicly itemized in the latest sales reports.

After-sales service relies on a growing physical footprint. As of the end of the third quarter of 2025, Niu Technologies surpassed 4,500 stores nationwide. Specifically, the number of franchised stores in China was 4,542 at the end of the third quarter. This domestic network expansion included 238 net new stores added in Q3 2025, contributing to 800 net new stores added year-to-date in 2025. Internationally, the sales network as of June 30, 2025, consisted of 57 distributors covering 53 countries.

Transactional sales through online and third-party e-commerce channels are a defined part of the international strategy. As of September 30, 2025, Niu Technologies sells kick-scooters and e-bikes on Amazon and Shopify channels in international markets.

Here's a look at the physical and digital network scale supporting customer relationships as of late 2025:

Relationship Channel Component	Metric	Latest Reported Figure	Reporting Period End Date
China Retail Network Size	Total Franchised Stores	4,542	September 30, 2025 (Q3 2025)
China Retail Expansion	Net New Stores Added in Q3	238	September 30, 2025 (Q3 2025)
China Retail Expansion	Stores Added Year-to-Date	800	September 30, 2025 (Q3 2025)
International Service Network	Number of Distributors	57	June 30, 2025 (Q2 2025)
International Service Network	Countries Covered	53	June 30, 2025 (Q2 2025)
Direct Transactional Channel	Third-Party E-commerce Platforms Used	Amazon and Shopify	September 30, 2025 (Q3 2025)
New Product Engagement (High-End)	FXT Ultra Units Sold (5 Hours)	20,000	July 2025
New Product Engagement (Volume)	Q2 New Series Units Sold (5 Hours)	10,323	Q2 2025 Launch Window

The company's total sales volume in Q3 2025 was 465,873 units, with the China market accounting for 451,455 units of that total. International sales volume for the same quarter was 14,418 units.

Niu Technologies (NIU) - Canvas Business Model: Channels

You're looking at how Niu Technologies gets its smart urban mobility solutions into the hands of customers as of late 2025. The channel strategy is clearly dual-focused: deep penetration in the domestic market and a broad, distributor-led approach overseas.

The backbone of the China sales effort remains the dedicated physical footprint. As of September 30, 2025, Niu Technologies operated 4,542 dedicated offline points of sale across China. This network expansion, which saw the domestic retail network grow to over 4,300 stores by June 30, 2025, is a key driver for the strong domestic sales volume growth, which exceeded 50% year-over-year for the third consecutive quarter in Q3 2025.

Internationally, the strategy relies heavily on established partnerships to manage market entry and logistics across diverse regulatory environments. This network has remained stable through the first three quarters of 2025.

Channel Component	Metric	Latest Reported Figure (as of 9/30/2025)
China Franchised Stores	Number of Dedicated Offline Points of Sale	4,542
International Distributors	Number of Partners	57
International Reach	Number of Countries Covered	53

The digital shelf space in China is critical, especially during peak sales periods. Niu Technologies leverages major Chinese e-commerce platforms to drive volume and brand visibility for its premium offerings. During the "618 Shopping Festival" in the second quarter of 2025, the company's high-end models secured top rankings across these digital storefronts.

The digital reach extends globally, supporting the international sales strategy which is described as omnichannel, blending offline and online touchpoints.

• Major Chinese E-commerce Platforms: Tmall, JD, and Douyin.
• International Online Channels: Use of platforms like Amazon and Shopify for micro-mobility segments.
• Direct-to-Consumer (D2C): Platforms are used for launching new models, such as the XQi3, to capture direct customer relationships.

The success in China's e-commerce events, where sales volume grew 74.2% year-over-year in Q3 2025, shows the effectiveness of this integrated approach in the home market.

Niu Technologies (NIU) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Niu Technologies as of late 2025, based on their latest delivery numbers from the third quarter of 2025. The business model clearly leans heavily on domestic volume, but international expansion and premium offerings are key strategic focuses.

The sheer scale of the primary segment in China is what drives the overall unit count. For the first three quarters of 2025, Niu Technologies delivered a total of 1,019,276 units globally. Of those, the vast majority, 953,239 units, were sold within China. That means China represented about 93.5% of the total volume year-to-date.

The international segment, while smaller in volume, shows a different story for specific product lines. For instance, in Q3 2025 alone, international markets accounted for 14,418 units, which contrasts with the 451,455 units sold in China that same quarter. Still, the company notes that for electric motorcycles specifically, the sales volume for the first three quarters of 2025 surpassed the total full-year 2024 unit sales for that category, showing traction overseas for the higher-end bikes.

Here's the quick math on the volume split for Q3 2025:

Segment Focus	Q3 2025 Unit Volume	YTD 2025 Unit Volume
Mass Market Urban Commuters (China)	451,455	953,239
International Consumers (All Segments)	14,418	66,037
Total Global Units Sold	465,873	1,019,276

The premium riders segment is targeted with new, advanced hardware. You saw the launch of flagship models like the FXT Ultra 2025 and NXT Ultra 2025 in July 2025, featuring significant advancements in battery range and performance architecture. This focus on high-end features is designed to capture consumers seeking more than basic transportation, which was evidenced by their high-end models ranking well during the Q2 2025 "618 Shopping Festival" in China.

For the B2B fleet sales and logistics services, while direct B2B unit numbers aren't broken out, the physical footprint suggests the necessary infrastructure to support them. As of June 30, 2025, Niu Technologies maintained 4,304 franchised stores in China. Internationally, they support their sales through a network of 57 distributors across 53 countries.

The Gen Z and adventure riders are addressed through product diversification, including models like the e-bike and kick-scooter series (KQi and BQi). The company is actively adjusting sales strategies in the micromobility segment to navigate what they describe as a complex and uncertain market environment, which suggests this segment requires careful management.

You can see the revenue split from Q2 2025 also highlights this domestic concentration:

• E-scooter sales from China market: RMB 1,056.9 million.
• E-scooter sales from international markets: RMB 103.1 million.
• Accessories, spare parts and services revenue: RMB 95.7 million.

Finance: draft 13-week cash view by Friday.

Niu Technologies (NIU) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that make up the operational spend for Niu Technologies as of their latest reporting. It's all about where the money goes to keep the smart urban mobility solutions flowing.

The Cost of Revenues (COGS) is a key metric here. For the third quarter of 2025, the cost per e-scooter, which is the cost of revenues divided by the number of e-scooters sold, settled at RMB 2,842 per unit. This was a slight tick up from RMB 2,824 in Q3 2024, driven by higher costs in international markets, though cost reductions in China helped offset some of that pressure.

Operating expenses for Q3 2025 totaled RMB 297 million, which represented 17.5% of revenues for the quarter. This was an increase of 48.1% from the same period in 2024.

Within those operating expenses, the spending on getting the product to market was substantial. Selling and marketing expenses reached RMB 215 million in Q3 2025. This was a significant year-over-year increase of 68.3% from RMB 127.7 million in Q3 2024, largely due to a RMB 74.7 million jump in spending on marketing and promotion within the China market.

Investment in the future, the Research and Development (R&D) expenses, totaled RMB 43 million in Q3 2025. More precisely, the reported figure was RMB 43.4 million, which included RMB 2.2 million in share-based compensation. This represented an increase of 43.2% from RMB 30.3 million in Q3 2024.

The core of the COGS relates directly to production. Manufacturing and raw material costs, which naturally include critical components like battery cells, feed directly into the Cost of Revenues. The total Cost of Revenues for Q3 2025 was RMB 1,324.1 million, marking a 50.1% increase year-over-year.

Here's a quick look at the major expense categories for the quarter:

Expense Category	Q3 2025 Amount (RMB)	Year-over-Year Change (Approximate)
Cost of Revenues (Total)	1,324.1 million	+50.1%
Selling and Marketing Expenses	215 million	+68.3%
Research and Development (R&D) Expenses	43 million	+43.2%
Total Operating Expenses	297 million	+48.1%

You can see the cost structure is heavily weighted toward getting the product sold, given the massive marketing spend. The breakdown of operating expenses, excluding share-based compensation, was RMB 290.6 million.

The composition of operating expenses excluding share-based compensation shows where the bulk of the cash was directed:

• Selling and marketing expenses: RMB 213.7 million
• Research and development expenses: RMB 41.2 million
• General and administrative expenses: RMB 35.7 million (excluding share-based compensation)

The company is definitely spending to drive volume, especially in China. If onboarding takes 14+ days, churn risk rises, but here the focus is on driving sales through promotion.

Niu Technologies (NIU) - Canvas Business Model: Revenue Streams

You're looking at how Niu Technologies brings in the money, and as of late 2025, the story is heavily weighted toward the domestic electric scooter market, though other streams are growing fast.

For the first nine months of 2025, total revenue hit CNY 3,631.62 million. That's a solid jump from the CNY 2,469.12 million seen in the same period last year. This top-line performance gives you a good sense of the overall business momentum heading into the final quarter.

The third quarter of 2025, which ended September 30, showed total revenues reaching RMB 1,693.9 million, a year-over-year increase of 65.4%. This revenue is segmented across several key areas, which you can see broken down here:

Revenue Stream Component	Q3 2025 Revenue (RMB million)	Year-over-Year Change	Percentage of Total E-Scooter Revenue
E-scooter Sales (China Market)	1,481.9	Increase of 85.8%	95.7%
E-scooter Sales (International Markets)	67.0	Decrease of 48.6%	4.3%
Accessories, Spare Parts, and Services	145.0	Increase of 50.8%	8.6% of total revenues

The sales of e-scooters and e-motorcycles in the China market are definitely the engine here. That RMB 1,481.9 million in Q3 2025 revenue from China alone accounted for 95.7% of the total e-scooter revenue for the quarter. This growth was fueled by a 74.2% increase in sales volume in that region.

International e-scooter sales, on the other hand, contributed RMB 67.0 million in Q3 2025, representing a significant drop of 48.6% year-over-year. This decline was attributed to lower sales volume and reduced revenues per kick-scooter overseas.

Don't overlook the recurring and supporting revenue streams. Sales of accessories, spare parts, and services generated RMB 145.0 million in Q3 2025, which was a strong increase of 50.8% year-over-year. This stream now makes up 8.6% of Niu Technologies' total revenues.

The business model also includes revenue from the sales of micro-mobility products, which covers items like kick-scooters and e-bikes. While the specific Q3 2025 revenue figure for this category isn't explicitly separated from the main e-scooter/motorcycle figures in the same way, the overall sales volume for Q3 2025 included these units, totaling 465,873 units sold across all categories.

Here's a quick look at the product mix contribution based on volume:

• Total e-scooters sold in Q3 2025: 465,873 units.
• E-scooters sold in China: 451,455 units.
• E-scooters sold in international markets: 14,418 units.

The revenue per e-scooter for the entire business in Q3 2025 was RMB 3,636, an increase of 11.0% year-over-year, helped by the higher proportion of sales coming from the China market.