<p>小牛電動（NIU）已召開其 2025 年第三季度財報電話會議。以下是會議的主要亮點。</p>
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<p>小牛科技最近的財報電話會議描繪了中國市場強勁增長和成功的產品創新，儘管海外和微電動出行領域仍面臨挑戰。公司對其長期戰略充滿信心，即使在應對短期不確定性時也是如此。</p>
<h2>中國市場銷售量強勁增長</h2>
<p>小牛科技報告稱，2025 年第三季度銷售量顯著增加，總計售出 465,000 輛，同比增長 49.1%。這一增長主要得益於中國市場，銷售量激增至 451,000 輛，較去年增長 74%。</p>
<h2>收入和毛利率擴張</h2>
<p>公司總收入大幅上升，同比增長 65%，達到人民幣 16.9 億元。此外，小牛科技的毛利率也有所擴大，增至 21.8%，較去年提高了 8.0 個百分點。</p>
<h2>成功的產品發佈</h2>
<p>本季度的亮點之一是 FX Windstorm 車型的發佈，該車型在前五小時內售出 14,000 輛，創造了人民幣 6800 萬元的交易總額（GMV）。該車型在多個電商平台上排名第一，突顯了小牛的產品創新戰略的成功。</p>
<h2>淨利潤和運營效率改善</h2>
<p>小牛科技報告稱，2025 年第三季度淨利潤為人民幣 8169 萬元，延續了上個季度的盈利勢頭。這一改善歸因於運營效率的提升，這在推動公司盈利方面發揮了關鍵作用。</p>
<h2>在低線城市和門店網絡的擴展</h2>
<p>公司在本季度新增 238 家淨新門店，幾乎一半位於低線城市。這一戰略擴展支持了更深層次的市場滲透，並與小牛的增長目標相一致。</p>
<h2>海外銷售量下降</h2>
<p>儘管國內表現強勁，小牛科技在海外面臨挑戰，銷售量下降至 14,000 輛。這一下降主要是由於微電動出行領域的疲軟，影響了公司的國際銷售。</p>
<h2>微電動出行市場的挑戰</h2>
<p>微電動出行市場面臨重大挑戰，銷售量同比下降 77%。這一下滑歸因於美國、歐洲和亞洲的市場逆風，影響了小牛在該細分市場的整體表現。</p>
<h2>第四季度收入指引的不確定性</h2>
<p>展望未來，小牛科技提供了第四季度的指引，預計收入在人民幣 7.37 億元至 9.01 億元之間。這代表了同比變化為負 10% 至正 10%，反映出由於中國的監管變化而帶來的不確定性。</p>
<p>總之，小牛科技的財報電話會議強調了中國市場的強勁增長和成功的產品創新，儘管在海外市場和微電動出行領域面臨挑戰。公司對其長期戰略保持樂觀，並預計在 2026 年第一季度隨着符合監管標準的新產品的推出，增長將重新加速。</p>

小牛電動

<p>小牛科技在第三季度報告了強勁的增長，銷售量增長了 49.1%，主要受到中國市場的推動。收入增長了 65%，達到人民幣 16.9 億元，毛利率擴大至 21.8%。FX Windstorm 車型的發佈非常成功，迅速售出 14,000 輛。儘管國內市場表現良好，但由於微型出行的挑戰，海外銷售有所下降。公司擴大了門店網絡，並對其長期戰略保持樂觀，儘管第四季度的收入存在不確定性</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>小牛電動（NIU）已召開其 2025 年第三季度財報電話會議。以下是會議的主要亮點。</p>
</div><h3>Meet Your ETF AI Analyst</h3>
<div class="lb-trans"><h3>認識你的 ETF AI 分析師</h3>
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<div class="lb-trans"><ul>
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</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>小牛科技最近的財報電話會議描繪了中國市場強勁增長和成功的產品創新，儘管海外和微電動出行領域仍面臨挑戰。公司對其長期戰略充滿信心，即使在應對短期不確定性時也是如此。</p>
</div><h2>Strong Sales Volume Growth in China</h2>
<div class="lb-trans"><h2>中國市場銷售量強勁增長</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>小牛科技報告稱，2025 年第三季度銷售量顯著增加，總計售出 465,000 輛，同比增長 49.1%。這一增長主要得益於中國市場，銷售量激增至 451,000 輛，較去年增長 74%。</p>
</div><h2>Revenue and Gross Margin Expansion</h2>
<div class="lb-trans"><h2>收入和毛利率擴張</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>公司總收入大幅上升，同比增長 65%，達到人民幣 16.9 億元。此外，小牛科技的毛利率也有所擴大，增至 21.8%，較去年提高了 8.0 個百分點。</p>
</div><h2>Successful Product Launches</h2>
<div class="lb-trans"><h2>成功的產品發佈</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>本季度的亮點之一是 FX Windstorm 車型的發佈，該車型在前五小時內售出 14,000 輛，創造了人民幣 6800 萬元的交易總額（GMV）。該車型在多個電商平台上排名第一，突顯了小牛的產品創新戰略的成功。</p>
</div><h2>Improved Net Profit and Operational Efficiency</h2>
<div class="lb-trans"><h2>淨利潤和運營效率改善</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>小牛科技報告稱，2025 年第三季度淨利潤為人民幣 8169 萬元，延續了上個季度的盈利勢頭。這一改善歸因於運營效率的提升，這在推動公司盈利方面發揮了關鍵作用。</p>
</div><h2>Expansion in Lower-Tier Cities and Store Network</h2>
<div class="lb-trans"><h2>在低線城市和門店網絡的擴展</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 家淨新門店，幾乎一半位於低線城市。這一戰略擴展支持了更深層次的市場滲透，並與小牛的增長目標相一致。</p>
</div><h2>Decline in Overseas Sales Volume</h2>
<div class="lb-trans"><h2>海外銷售量下降</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>儘管國內表現強勁，小牛科技在海外面臨挑戰，銷售量下降至 14,000 輛。這一下降主要是由於微電動出行領域的疲軟，影響了公司的國際銷售。</p>
</div><h2>Challenges in Micromobility Market</h2>
<div class="lb-trans"><h2>微電動出行市場的挑戰</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>微電動出行市場面臨重大挑戰，銷售量同比下降 77%。這一下滑歸因於美國、歐洲和亞洲的市場逆風，影響了小牛在該細分市場的整體表現。</p>
</div><h2>Q4 Revenue Guidance Uncertainty</h2>
<div class="lb-trans"><h2>第四季度收入指引的不確定性</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>展望未來，小牛科技提供了第四季度的指引，預計收入在人民幣 7.37 億元至 9.01 億元之間。這代表了同比變化為負 10% 至正 10%，反映出由於中國的監管變化而帶來的不確定性。</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>總之，小牛科技的財報電話會議強調了中國市場的強勁增長和成功的產品創新，儘管在海外市場和微電動出行領域面臨挑戰。公司對其長期戰略保持樂觀，並預計在 2026 年第一季度隨着符合監管標準的新產品的推出，增長將重新加速。</p>
</div>

小牛電動在挑戰中報告了強勁的第三季度增長