➀ The market for electric bicycles in China is becoming saturated with intense competition, leading to the decline of Niu, known as the 'Hermes of the E-bike world'. ➁ The company's market value dropped by 96% in just three years, with a loss of 270 million yuan. ➂ Niu Electric, founded by Li Yinan, a former Huawei executive, initially gained popularity for its technology, design, and brand culture. However, it has struggled to maintain its competitive edge as other companies catch up.