In 2025, Niu Electric (NIU.US), known as the "Hermès of the eDonkey world", fell into losses again.
The financial report shows that Xiaoniu Electric’s revenue in 2025 is 4.308 billion yuan, a year-on-year increase of 31%; the net loss is 39.4 million yuan, which is narrower than the loss in the same period last year (193 million yuan), and the gross profit margin reaches 19.6%, an increase of 4.4 percentage points.
Since turning from profit to loss in 2022, Maverick Electric has been in the red for four consecutive years, with a cumulative loss of more than 500 million yuan. Looking back at the four-year loss trajectory, Maverick Electric turned from profit to loss for the first time in 2022 (loss of 49 million yuan). In 2023, the loss expanded to 272 million yuan, the largest loss since its listing. In 2024, the loss narrowed to 193 million yuan, and the loss continued to decrease in 2025.
In 2025, Mavericks electric sales will reach 1.198 million vehicles, a year-on-year increase of 29.09%. However, the pressure will be particularly obvious in the fourth quarter of 2025. Sales in the fourth quarter reached 172,800 vehicles, a year-on-year decrease of 23.8%; the single-quarter loss reached 88.1 million yuan, a year-on-year increase of 21.5%.
Xiaoniu Electric was founded in 2014, with the label of smart high-end. It has occupied segmentation advantages by virtue of differentiated design and brand tone, and has also relied on overseas markets to open up room for growth. In 2018, Mavericks Electric was listed on Nasdaq. In the past few years, Maverick Electric's revenue has grown significantly and it has turned a profit. But starting from 2022, Mavericks Electric will fall into a state of loss.
In 2022, the lithium battery industry will see price increases. Maverick Electric has made multiple price adjustments for its entire range of lithium battery products, with price increases ranging from 200 to 1,000 yuan. In the two-wheel electric vehicle industry, many companies use lead-acid batteries, which will be less affected. Mavericks Electric, which is positioned as a high-end product, uses ternary lithium batteries. After the price adjustment, it directly impacted the end market demand, which was an important factor in the decline in performance.
In the following years, the Mavericks electric market came under pressure. On the one hand, competition in the two-wheeled electric vehicle industry is fierce. Niu Electric has "traded price for volume" through price cuts, profit sharing, and the launch of mid- to low-end models, resulting in the loss of brand premium. At the same time, high-margin overseas business continues to shrink, and Maverick Electric has gradually shifted its business focus to the domestic market. In 2025, Maverick Electric's overseas market encountered Waterloo, and its annual overseas sales were cut in half year-on-year. The domestic electric two-wheeled vehicle market has long been a red ocean. Yadi and Emma have built scale barriers with tens of millions of annual sales and strong supply chain bargaining power. Niu Electric has difficulty in forming a competitive advantage in the mid- to low-end market, and at the same time, it is difficult to increase volume in the high-end market.
It is worth noting that in recent years, Maverick Electric has invested heavily in brand promotion and store expansion, with marketing investment far exceeding R&D investment. According to industry analysis, Mavericks Electric's resource investment structure is unbalanced, making it unable to build the core competitiveness of its products. From 2022 to 2025, Maverick Electric’s R&D expenses were 176 million yuan, 151 million yuan, 130 million yuan, and 170 million yuan respectively; during the same period, marketing expenses were 440 million yuan, 496 million yuan, 490 million yuan, and 680 million yuan respectively.
Entering 2026, Mavericks Electric’s marketing offensive has not diminished but increased. In January, Mavericks Electric officially announced Wu Lei and Song Yuqi as double spokespersons for the global brand.
In order to reverse the loss situation, Maverick Electric has launched measures in terms of products, supply chain, channels and other aspects. On the product side, the NX PRO flagship model priced at 8,499 yuan will be launched in 2025 in an attempt to reshape the high-end brand image. At the same time, the Lingxi AIOS smart car system will be released to bring L2 smart driving technology to mid-range models; on the supply chain side, production expenses will be compressed through large-scale procurement and raw material cost control, and administrative expenses will decrease year-on-year; on the channel side, the number of stores will increase to 4,540 by the end of 2025.
However, judging from market performance, although Maverick Electric's sales will increase in 2025, its average bicycle selling price only rebounded slightly by 2% to 3,614 yuan after three consecutive years of decline.
It is worth noting that with the performance losses, Mavericks Electric’s stock price has shown a sharp decline as a whole. The stock price of Niu Electric (NIU) has plummeted since its peak in 2021. As of the close of March 19, 2026 (Eastern Time), it has plummeted by approximately 94.5% (based on the intraday high) from the historical high on February 16, 2021.
