In the first half of 2025, the electric bicycle industry experienced rapid growth driven by the dual stimulus of the end of the new national standard transition period and nationwide trade-in subsidy policies. According to AVC data, domestic sales of electric two-wheelers reached 32.325 million units in the first half of 2025, surging 29.5% year-over-year. Leading companies further expanded their market share leveraging channel, technology, and product advantages, with market concentration continuing to rise.

During the reporting period, listed companies in the electric bicycle industry delivered impressive performance, with all six representative listed companies achieving double growth in revenue and profits. For Niu Technologies, revenue in the first half of 2025 grew 34.1% year-over-year to 1.938 billion yuan, though the company still posted a net loss attributable to shareholders of 32.96 million yuan, albeit reduced from previous periods. Overall, whether measured by revenue scale or net profit attributable to shareholders, Niu Technologies ranked at the bottom and remains the only loss-making listed company in the industry.

The company's annual sales have declined since 2021. From 2021-2023, Niu Technologies' sales were 1.038 million, 831,600, and 709,800 units respectively. Sales bottomed out in 2024 with some recovery, but have not yet returned to 2021 levels. Additionally, the company has sustained continuous losses since 2021. From 2022-2024 and the first half of 2025, Niu Technologies posted net losses of 49 million yuan, 272 million yuan, 193 million yuan, and 33 million yuan respectively, with cumulative losses exceeding 500 million yuan.

**Over 500 Million Yuan Loss in Three Years, Industry's Only Loss-Making Listed Company**

Niu Technologies was established in September 2014, dedicated to the R&D, production, and sales of high-end smart electric two-wheelers, electric scooters, and related ecosystem products. Leveraging its internet background, tech appeal, and design aesthetics, Niu Technologies successfully attracted numerous users to purchase its products and went public on NASDAQ in 2018, enjoying considerable popularity.

Youth orientation and intelligence represent Niu's two fundamental pillars. Niu positioned itself in the high-end smart market through features like extended range, super-fast charging, IoT ecosystem integration, intelligent anti-theft, real-time positioning, vehicle diagnostics, one-touch start/stop, smart unlocking, and after-sales services, gradually establishing its image as an "industry disruptor."

From 2018-2021, Niu Technologies' sales maintained steady growth, with units sold reaching 339,600, 421,400, 600,900, and 1.038 million respectively. However, after 2021, the company's sales became increasingly volatile. From 2022-2024, sales were 831,600, 709,800, and 924,300 units respectively. In the first half of 2025, Niu Technologies sold 553,000 units.

From a store count perspective, Niu Technologies' franchise stores experienced consecutive declines in 2022 and 2023 before recovering by the end of 2024. From 2021-2024, the company operated 3,108, 3,102, 2,856, and 3,735 franchise stores respectively.

Alongside sales volatility, the company's financial performance has become increasingly unstable. Starting from early 2022 when the company was forced to raise prices due to rising battery raw material costs, Niu Technologies began showing signs of declining performance. Since 2022, Niu Technologies has been loss-making for over three years. From 2022-2024 and the first half of 2025, net losses reached 49 million yuan, 272 million yuan, 193 million yuan, and 33 million yuan respectively, with cumulative losses exceeding 500 million yuan.

The company's stock performance has been even more volatile. Niu Technologies went public at $9 per share. In early 2021, the stock price once climbed to $53.38 per share, but subsequently declined with fluctuations. As of the close on September 19, 2025, the stock price was $4.31 per share, trading below its IPO price.

**Easy "Invisible Speeding", New National Standard Anti-Tampering Regulations Brake Modification Market as Giants' Pursuit Dims Smart Technology Halo**

"Speed display shows 25km/h, actual speed can reach 80km/h."

"I tested on a national highway driving a car at 80km/h, and couldn't catch up with a young man on a Niu with flashing lights."

Leveraging smart technology, fashionable tech aesthetics, and youth-oriented marketing, Niu Technologies has gained popularity among young people. However, in recent years, Niu Technologies has been embroiled in controversies over illegal modifications and racing stunts. There's even a saying in some Niu owner circles: "Buying a Niu without modification is like throwing it into the sea." The core logic treats unmodified vehicles as "waste of resources." For more stylish appearance and higher speeds, illegal modifications of Niu electric bicycles are commonplace.

As early as the 2022 CCTV 315 Consumer Rights Day program, Niu and other electric vehicle brands were named for violations including speed limit removal and battery fires. Reports showed that many Niu electric bicycle dealer staff indicated that new national standard electric vehicles could have speed limits removed at stores after registration, with speeds typically reaching 35-40 km/h after removal - far exceeding the mandatory national standard "Electric Bicycle Safety Technical Specifications" requirement that electric bicycles not exceed 25km/h.

After being named by CCTV, Niu officially responded by launching nationwide dealer network inspections. Despite Niu Technologies' claims of strictly prohibiting modifications, offline execution differed significantly. When we inquired at multiple Niu stores as consumers, we found that many Niu stores could still provide illegal modification services. When we asked store sales personnel whether speed limits could be removed, the answers were all affirmative, with staff uniformly stating to register first, then speed limits could be removed after registration.

On social platforms like Xiaohongshu and Bilibili, content related to Niu modifications proliferates. On Xiaohongshu, one blogger claimed their Niu NT (new national standard electric vehicle with maximum speed of 25km/h) could reach a maximum speed of 70km/h after modification, with an average speed of 46.5km/h. Ironically, this speed information was all displayed within the Niu Technologies app. Many users in the comments asked how to modify themselves, clearly indicating that Niu modification issues are quite common among users. Since the Niu app can display user riding speeds, given Niu's smart technology capabilities, eliminating modification issues would presumably not be difficult.

With the official implementation of the electric bicycle "new national standard," Niu Technologies, which attracted users through intelligence and personalization, stands at a crossroads of transformation and upgrading. On September 1, 2025, the new version of "Electric Bicycle Safety Technical Specifications" (GB17761-2024) was officially implemented. This "new national standard" policy comprehensively tightens safety controls from production to consumption ends, specifically targeting illegal assembly and modification behaviors. How Niu Technologies balances user modification demands with safety compliance requirements will be a key factor determining its future development.

Additionally, Niu Technologies, which once stood out through smart high-end positioning, faces the predicament of its core advantages fading. When Niu Technologies was established in 2014, it quickly distinguished itself in the traditional two-wheeler electric vehicle market through smart and high-end positioning. It became an industry benchmark by providing smart functions like vehicle positioning, remote control, and trajectory recording through mobile apps. However, as time passed, traditional electric vehicle giants quickly followed suit. Yadea and Aima now provide similar smart functions through their respective apps, including remote lock/unlock, GPS positioning, and OTA upgrades, with these features offered free to users.

Facing the scale advantages of traditional giants like Yadea and Aima and the innovative offensive of new forces like Segway-Ninebot, Niu Technologies' smart technology halo is fading. In this marathon race of two-wheeler electric vehicles, whether technological accessibility can translate into sustainable profit models will be key to determining whether Niu Technologies can regain trust from capital and markets.