BUSINESS

China E-Scooter Makers Post 2025 Profit Surge on Higher Prices

Published: Apr. 1, 2026 12:11 a.m. GMT+8

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Yadea Group Holdings Ltd., the market leader, said net profit rose 128.8% to 2.9 billion yuan ($420 million) on revenue of 37 billion yuan. Photo: VCG

China’s listed electric two-wheeler makers logged strong revenue and profit growth in 2025 as higher prices and a rush of purchases ahead of tighter safety rules lifted sales.

Four of the country’s six publicly traded electric scooter manufacturers had released full-year results as of Tuesday. All reported higher average selling prices, citing product upgrades and a shift toward more advanced models.

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China's electric two-wheeler sales rose 16.6% to 58.8M units in 2025; four listed makers reported profit/revenue growth from higher ASPs (e.g., Yadea +4.5% to 2,270 yuan).
Yadea profit +128.8% to 2.9B yuan (16.3M units); Ninebot sales +57.4% to 4.1M; Niu loss narrowed 79.6% to 39.4M yuan.
Tighter Sept 2025 safety rules spurred pre-Dec rush; 2026 price hikes planned amid raw-material cost rises.

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Who’s Who

Yadea Group Holdings Ltd.: Yadea Group Holdings Ltd., market leader, reported 2025 net profit up 128.8% to 2.9B yuan ($420M) on 37B yuan revenue (+31.1%). Sold 16.3M units (+25.4%), ASP +4.5% to 2,270 yuan. Plans >300 yuan price hikes from April 1, 2026. Positioning as smart lifestyle products: "Modern" for women, "Guanneng" for style/performance.

Luyuan Group Holding (Cayman) Ltd.: Luyuan Group Holding (Cayman) Ltd., ranked fifth by sales, reported net profit of 175 million yuan (up 50%), with sales volume up 13.8% to 3.5 million units. Average selling price rose 3.4% to 1,687 yuan. It signed a BMW Group licensing agreement in 2025 to bolster technology.

Ninebot Ltd.: Ninebot Ltd. saw electric two-wheeler sales rise 57.4% to 4.1 million units, with segment revenue up 64.5% to 11.9 billion yuan. Average selling price increased 4.5% to 2,899 yuan. Higher-end models, offline expansion, proprietary battery system, and OS lifted market share by 1.8 points, ranking it top four in 2025.

Niu Technologies: Niu Technologies sold 1.2 million electric two-wheelers in 2025, narrowing net loss by 79.6% to 39.4 million yuan on 4.3 billion yuan revenue. Average selling price rose 1.6% to 3,614 yuan amid upgrades for tighter safety rules, including smart features and material shifts.