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    Kai Kang

    Research Analyst at CITIC Limited

    Kai Kang is an Analyst at CITIC Limited specializing in equity research with a focus on the Hong Kong and Greater China markets. He covers a range of leading companies in the financial services and real estate sectors, providing actionable investment recommendations that have contributed to successful outcomes for institutional clients. Since joining CITIC Limited in 2017 after prior experience at Haitong International Securities, Kai Kang has developed a reputation for detailed fundamental analysis and sector insights, with a notable track record of generating alpha for portfolio managers. He holds regulatory licenses recognized by the Hong Kong Securities and Futures Commission and is known for his rigorous approach to market research.

    Kai Kang's questions to Niu Technologies (NIU) leadership

    Kai Kang's questions to Niu Technologies (NIU) leadership • Q2 2025

    Question

    Kai Kang from CITIC Limited asked if the overseas market has bottomed out and is poised for recovery in the second half of the year, driven by e-scooters and the direct selling channel. He also inquired about the pace of dealer network expansion in China and whether it would continue rapidly into the next year.

    Answer

    CEO Yan Li confirmed that the overseas market is recovering, stating that a two-year investment in building a direct distribution model is now yielding results, with Niu achieving number one market share in Germany and Italy. He expects this growth to continue. Regarding the China dealer network, Li affirmed the strategy of rapid expansion, targeting approximately 4,700 stores by year-end 2025 with a long-term potential ceiling of 8,000-9,000 stores. He noted that per-store sales have also increased, indicating a healthy expansion.

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