<p>小牛电动（NIU）已召开其 2025 年第三季度财报电话会议。以下是会议的主要亮点。</p>
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<p>小牛科技最近的财报电话会议描绘了中国市场强劲增长和成功的产品创新，尽管海外和微电动出行领域仍面临挑战。公司对其长期战略充满信心，即使在应对短期不确定性时也是如此。</p>
<h2>中国市场销售量强劲增长</h2>
<p>小牛科技报告称，2025 年第三季度销售量显著增加，总计售出 465,000 辆，同比增长 49.1%。这一增长主要得益于中国市场，销售量激增至 451,000 辆，较去年增长 74%。</p>
<h2>收入和毛利率扩张</h2>
<p>公司总收入大幅上升，同比增长 65%，达到人民币 16.9 亿元。此外，小牛科技的毛利率也有所扩大，增至 21.8%，较去年提高了 8.0 个百分点。</p>
<h2>成功的产品发布</h2>
<p>本季度的亮点之一是 FX Windstorm 车型的发布，该车型在前五小时内售出 14,000 辆，创造了人民币 6800 万元的交易总额（GMV）。该车型在多个电商平台上排名第一，突显了小牛的产品创新战略的成功。</p>
<h2>净利润和运营效率改善</h2>
<p>小牛科技报告称，2025 年第三季度净利润为人民币 8169 万元，延续了上个季度的盈利势头。这一改善归因于运营效率的提升，这在推动公司盈利方面发挥了关键作用。</p>
<h2>在低线城市和门店网络的扩展</h2>
<p>公司在本季度新增 238 家净新门店，几乎一半位于低线城市。这一战略扩展支持了更深层次的市场渗透，并与小牛的增长目标相一致。</p>
<h2>海外销售量下降</h2>
<p>尽管国内表现强劲，小牛科技在海外面临挑战，销售量下降至 14,000 辆。这一下降主要是由于微电动出行领域的疲软，影响了公司的国际销售。</p>
<h2>微电动出行市场的挑战</h2>
<p>微电动出行市场面临重大挑战，销售量同比下降 77%。这一下滑归因于美国、欧洲和亚洲的市场逆风，影响了小牛在该细分市场的整体表现。</p>
<h2>第四季度收入指引的不确定性</h2>
<p>展望未来，小牛科技提供了第四季度的指引，预计收入在人民币 7.37 亿元至 9.01 亿元之间。这代表了同比变化为负 10% 至正 10%，反映出由于中国的监管变化而带来的不确定性。</p>
<p>总之，小牛科技的财报电话会议强调了中国市场的强劲增长和成功的产品创新，尽管在海外市场和微电动出行领域面临挑战。公司对其长期战略保持乐观，并预计在 2026 年第一季度随着符合监管标准的新产品的推出，增长将重新加速。</p>

小牛电动

<p>小牛科技在第三季度报告了强劲的增长，销售量增长了 49.1%，主要受到中国市场的推动。收入增长了 65%，达到人民币 16.9 亿元，毛利率扩大至 21.8%。FX Windstorm 车型的发布非常成功，迅速售出 14,000 辆。尽管国内市场表现良好，但由于微型出行的挑战，海外销售有所下降。公司扩大了门店网络，并对其长期战略保持乐观，尽管第四季度的收入存在不确定性</p>

<p>Niu Tech ((NIU)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>小牛电动（NIU）已召开其 2025 年第三季度财报电话会议。以下是会议的主要亮点。</p>
</div><h3>Meet Your ETF AI Analyst</h3>
<div class="lb-trans"><h3>认识你的 ETF AI 分析师</h3>
</div><ul>
<li>Discover how TipRanks' <em>ETF</em> AI Analyst can help you make smarter investment decisions</li>
<li>Explore ETFs TipRanks' users love and see what insights the <strong><em>ETF</em> AI Analyst</strong> reveals about the ones you follow.</li>
</ul>
<div class="lb-trans"><ul>
<li>了解 TipRanks 的_ETF_ AI 分析师如何帮助你做出更明智的投资决策</li>
<li>探索 TipRanks 用户喜爱的 ETF，并查看 <strong><em>ETF</em> AI 分析师</strong> 对你关注的 ETF 所揭示的见解。</li>
</ul>
</div><p>The recent earnings call of Niu Technologies painted a picture of robust growth in the Chinese market and successful product innovations, despite ongoing challenges in the overseas and micromobility sectors. The company expressed confidence in its long-term strategy, even as it navigates short-term uncertainties.</p>
<div class="lb-trans"><p>小牛科技最近的财报电话会议描绘了中国市场强劲增长和成功的产品创新，尽管海外和微电动出行领域仍面临挑战。公司对其长期战略充满信心，即使在应对短期不确定性时也是如此。</p>
</div><h2>Strong Sales Volume Growth in China</h2>
<div class="lb-trans"><h2>中国市场销售量强劲增长</h2>
</div><p>Niu Technologies reported a significant increase in sales volume for Q3 2025, achieving a total of 465,000 units sold, which marks a 49.1% year-over-year increase. The majority of this growth was driven by the Chinese market, where sales surged to 451,000 units, reflecting a 74% increase from the previous year.</p>
<div class="lb-trans"><p>小牛科技报告称，2025 年第三季度销售量显著增加，总计售出 465,000 辆，同比增长 49.1%。这一增长主要得益于中国市场，销售量激增至 451,000 辆，较去年增长 74%。</p>
</div><h2>Revenue and Gross Margin Expansion</h2>
<div class="lb-trans"><h2>收入和毛利率扩张</h2>
</div><p>The company experienced a substantial rise in total revenue, which grew by 65% year-over-year to RMB 1.69 billion. Additionally, Niu Technologies saw an expansion in its gross margin, which increased to 21.8%, up by 8.0 percentage points compared to the prior year.</p>
<div class="lb-trans"><p>公司总收入大幅上升，同比增长 65%，达到人民币 16.9 亿元。此外，小牛科技的毛利率也有所扩大，增至 21.8%，较去年提高了 8.0 个百分点。</p>
</div><h2>Successful Product Launches</h2>
<div class="lb-trans"><h2>成功的产品发布</h2>
</div><p>One of the highlights of the quarter was the launch of the FX Windstorm model, which sold 14,000 units within the first five hours, generating RMB 68 million in GMV. This model achieved the top rank on several e-commerce platforms, underscoring the success of Niu’s product innovation strategy.</p>
<div class="lb-trans"><p>本季度的亮点之一是 FX Windstorm 车型的发布，该车型在前五小时内售出 14,000 辆，创造了人民币 6800 万元的交易总额（GMV）。该车型在多个电商平台上排名第一，突显了小牛的产品创新战略的成功。</p>
</div><h2>Improved Net Profit and Operational Efficiency</h2>
<div class="lb-trans"><h2>净利润和运营效率改善</h2>
</div><p>Niu Technologies reported a net profit of RMB 81.69 million for Q3 2025, continuing the profitability momentum from the previous quarter. This improvement was attributed to enhanced operational efficiency, which played a crucial role in boosting the company’s bottom line.</p>
<div class="lb-trans"><p>小牛科技报告称，2025 年第三季度净利润为人民币 8169 万元，延续了上个季度的盈利势头。这一改善归因于运营效率的提升，这在推动公司盈利方面发挥了关键作用。</p>
</div><h2>Expansion in Lower-Tier Cities and Store Network</h2>
<div class="lb-trans"><h2>在低线城市和门店网络的扩展</h2>
</div><p>The company expanded its store network by adding 238 net new stores during the quarter, with nearly half of these in lower-tier cities. This strategic expansion supports deeper market penetration and aligns with Niu’s growth objectives.</p>
<div class="lb-trans"><p>公司在本季度新增 238 家净新门店，几乎一半位于低线城市。这一战略扩展支持了更深层次的市场渗透，并与小牛的增长目标相一致。</p>
</div><h2>Decline in Overseas Sales Volume</h2>
<div class="lb-trans"><h2>海外销售量下降</h2>
</div><p>Despite strong domestic performance, Niu Technologies faced challenges overseas, with sales volume declining to 14,000 units. This decrease was primarily due to weaknesses in the micromobility sector, which affected the company’s international sales.</p>
<div class="lb-trans"><p>尽管国内表现强劲，小牛科技在海外面临挑战，销售量下降至 14,000 辆。这一下降主要是由于微电动出行领域的疲软，影响了公司的国际销售。</p>
</div><h2>Challenges in Micromobility Market</h2>
<div class="lb-trans"><h2>微电动出行市场的挑战</h2>
</div><p>The micromobility market posed significant challenges, with a 77% year-over-year decline in volume. This downturn was attributed to market headwinds in the U.S., Europe, and Asia, impacting Niu’s overall performance in this segment.</p>
<div class="lb-trans"><p>微电动出行市场面临重大挑战，销售量同比下降 77%。这一下滑归因于美国、欧洲和亚洲的市场逆风，影响了小牛在该细分市场的整体表现。</p>
</div><h2>Q4 Revenue Guidance Uncertainty</h2>
<div class="lb-trans"><h2>第四季度收入指引的不确定性</h2>
</div><p>Looking ahead, Niu Technologies provided guidance for Q4, with expected revenue ranging from RMB 737 million to RMB 901 million. This represents a year-over-year change of minus 10% to plus 10%, reflecting uncertainties due to regulatory changes in China.</p>
<div class="lb-trans"><p>展望未来，小牛科技提供了第四季度的指引，预计收入在人民币 7.37 亿元至 9.01 亿元之间。这代表了同比变化为负 10% 至正 10%，反映出由于中国的监管变化而带来的不确定性。</p>
</div><p>In summary, Niu Technologies’ earnings call highlighted strong growth in the Chinese market and successful product innovations, despite challenges in overseas markets and the micromobility sector. The company remains optimistic about its long-term strategy and anticipates a reacceleration of growth in Q1 2026 as new products compliant with regulatory standards are introduced.</p>
<div class="lb-trans"><p>总之，小牛科技的财报电话会议强调了中国市场的强劲增长和成功的产品创新，尽管在海外市场和微电动出行领域面临挑战。公司对其长期战略保持乐观，并预计在 2026 年第一季度随着符合监管标准的新产品的推出，增长将重新加速。</p>
</div>

小牛电动在挑战中报告了强劲的第三季度增长