E-bike Sales Slide as Yadea and Aima See Revenue and Profit Drop; Smart Brands Cut Prices to Drive Growth

In the first half of 2026, domestic sales of electric two-wheelers in China totaled 28.252 million units, down 12.6% year-on-year, with a steeper decline of 17.4% recorded in the first quarter. Industry leader Yadea reported revenue of RMB 18.236 billion, a 5% year-on-year decrease, and net profit attributable to shareholders of RMB 1.201 billion, down 27.2% year-on-year. Sales of its standard electric bicycles fell by 37.8%, while sales of electric scooters surged by 63.7%. During the same period, Aima Technology posted revenue of RMB 11.440 billion, down 12.21% year-on-year, and net profit of RMB 665 million, a 45.15% decline compared to the prior-year period. Its gross margin rebounded to 18.71% in the second quarter. Segway-Ninebot reported H1 revenue of RMB 14.358 billion, up 22.28% year-on-year, though net profit declined by 18.79%. Niu Technologies saw revenue rise 21.27% year-on-year to RMB 2.350 billion, but its net loss widened to RMB 1.96 billion. During the reporting period, Yadea announced its acquisition of Jinjian Technology for RMB 1.02 billion to expand into the commercial delivery market.