Niu Technologies Announces Fourth Quarter and Full Year 2021 Financial Results
Niu Technologies (NIU) reported strong financial results for Q4 and full year 2021. Q4 revenues surged 46.7% year-over-year to RMB 986.1 million, driven by a 58.3% increase in e-scooter sales volume. However, net income fell 18.1% to RMB 47.6 million, attributed to rising costs and lower margins, with a gross margin of 22.6%. For the full year, revenues increased 51.6% to RMB 3,704.5 million, with net income rising to RMB 225.8 million. Looking ahead, NIU expects Q1 2022 revenues between RMB 657 million to RMB 712 million, reflecting a 20%-30% increase year-over-year.
- Q4 revenues increased 46.7% year-over-year to RMB 986.1 million.
- Full year revenues rose 51.6% to RMB 3,704.5 million.
- Q4 e-scooter sales volume up 58.3% year-over-year, reaching 238,188 units.
- International e-scooter sales increased by 155.8% year-over-year.
- Q4 net income decreased 18.1% to RMB 47.6 million, down from RMB 58.2 million.
- Gross margin dropped to 22.6% from 25.2% in Q4 2020.
- Operating expenses surged 57.1% year-over-year, leading a higher expense ratio.
-- Fourth Quarter Total Volume of e-scooter sales up
-- Fourth Quarter Revenues of RMB 986.1 million, up
-- Fourth Quarter Net Income of RMB 47.6 million, compared with RMB 58.2 million in the same period of last year
-- Full Year Total volume of e-scooter sales up
-- Full Year Revenues of RMB 3,704.5 million, up
-- Full Year Net income of RMB 225.8 million, compared with net income of RMB 168.7 million in 2020
BEIJING, China, March 07, 2022 (GLOBE NEWSWIRE) -- Niu Technologies (“NIU”, or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today announced its financial results for the fourth quarter and full year ended December 31, 2021.
Fourth Quarter 2021 Financial Highlights
- Revenues were RMB 986.1 million, an increase of
46.7% year over year - Gross margin was
22.6% , compared with25.2% in the fourth quarter of last year - Net income was RMB 47.6 million, a decrease of
18.1% compared with RMB 58.2 million in the fourth quarter of last year - Adjusted net income (non-GAAP)1 was RMB 60.2 million, a decrease of
12.2% compared with RMB 68.6 million in the fourth quarter of last year
Fourth Quarter 2021 Operating Highlights
- The number of e-scooters sold reached 238,188, up
58.3% year over year - The number of e-scooters sold in China reached 205,239, up
49.2% year over year - The number of e-scooters sold in the international markets was 32,949, up
155.8% year over year - The number of franchised stores in China was 3,108 as of December 31, 2021, an increase of 422 from September 30, 2021
- International sales network expanded to 42 distributors covering 50 countries
Dr. Yan Li, Chief Executive Officer of the Company, commented: “We are very pleased to see another quarter of outstanding performance with
Dr. Li continued, “In Q4, we successfully delivered 14,916 units of kick-scooters in the international markets. Furthermore, we debuted five exciting new products at EICMA 2021 in Milan for the global markets, including our most powerful 125cc electric moped, the MQiGT-EVO, our first 150cc hybrid moped, the YQi, our e-bike BQi and two additional KQi series kick scooters. The launch of these new products demonstrated our continued commitment in global sustainable micro-mobility markets. We believe our diversified product portfolio and omnichannel retail network position us favorably for 2022 and beyond.”
Fourth Quarter 2021 Financial Results
Revenues were RMB 986.1 million, an increase of
| Revenues (in RMB million) | 2021 Q4 | 2020 Q4 | % change YoY | ||||
| E-scooter sales from China market | 682.7 | 461.7 | +47.9 | % | |||
| E-scooter sales from international markets | 189.4 | 115.6 | +63.8 | % | |||
| E-scooter sales, sub-total | 872.1 | 577.3 | +51.1 | % | |||
| Accessories, spare parts and services | 114.0 | 94.7 | +20.4 | % | |||
| Total | 986.1 | 672.0 | +46.7 | % | |||
| Revenues per e-scooter (in RMB) | 2021 Q4 | 2020 Q4 | % change YoY | ||||
| E-scooter sales from China market2 | 3,326 | 3,355 | -0.9 | % | |||
| E-scooter sales from international markets2 | 5,749 | 8,979 | -36.0 | % | |||
| E-scooter sales | 3,661 | 3,837 | -4.6 | % | |||
| Accessories, spare parts and services3 | 479 | 629 | -23.8 | % | |||
| Revenues per e-scooter | 4,140 | 4,466 | -7.3 | % | |||
- E-scooter sales revenues from China market were RMB 682.7 million, an increase of
47.9% , and represented78.3% of total e-scooter revenues. The increase was mainly driven by retail network expansion and new product launches in China. - E-scooter sales revenues from international markets were RMB 189.4 million, an increase of
63.8% , and represented21.7% of total e-scooter revenues. The increase was mainly due to the launch of our new e-motorcycles and sales of kick-scooter in overseas markets. - Accessories, spare parts sales and services revenues were RMB 114.0 million, an increase of
20.4% and represented11.6% of total revenues. The increase was mainly driven by higher battery pack sales from overseas shared mobility operators. - The decrease of revenues per e-scooter was mainly due to sales of kick-scooters which has a lower average sales price compared with that of other e-scooters.
Cost of revenues was RMB 763.6 million, an increase of
Gross margin was
Operating expenses were RMB 188.5 million, an increase of
- Selling and marketing expenses were RMB 99.8 million (including RMB 4.0 million of share-based compensation), an increase of
65.9% from RMB 60.1 million in the fourth quarter of 2020. The increase was mainly due to the increase in advertising and promotion expense of RMB 17.3 million, the increase in depreciation and amortization expense of RMB 13.2 million as a result of opening new franchised stores, and the increase in staff cost of RMB 9.7 million. Selling and marketing expenses as a percentage of revenues was10.1% compared with9.0% in the fourth quarter of 2020. - Research and development expenses were RMB 45.0 million (including RMB 4.6 million of share-based compensation), an increase of
51.5% from RMB 29.7 million in the fourth quarter of 2020, mainly due to the increase of professional fee for system development of RMB 7.5 million, the increase in staff cost of RMB 6.4 million, and the increase in share-based compensation expenses of RMB 1.7 million. Research and development expenses as a percentage of revenues was4.6% , compared with4.4% in the fourth quarter of 2020. - General and administrative expenses were RMB 43.7 million (including RMB 3.7 million of share-based compensation), an increase of
45.2% from RMB 30.1 million in the fourth quarter of 2020, mainly due to the increase in financial service fee of RMB 9.7 million, the increase in staff cost of RMB 5.0 million and the increase in provision for credit losses of RMB 0.9 million, partially offset by the decrease in rental expenses of RMB 1.8 million. General and administrative expenses as a percentage of revenues was4.4% , compared with4.5% in the fourth quarter of 2020.
Operating expenses excluding share-based compensation were RMB 176.2 million, increased by
- Selling and marketing expenses excluding share-based compensation were RMB 95.8 million, an increase of
66.7% year over year, and represented9.7% of revenues, compared with8.6% in the fourth quarter of 2020. - Research and development expenses excluding share-based compensation were RMB 40.4 million, an increase of
50.5% year over year, and represented4.1% of revenues, compared with4.0% in the fourth quarter of 2020. - General and administrative expenses excluding share-based compensation were RMB 40.0 million, an increase of
57.5% year over year, and represented4.1% of revenues, compared with3.8% in the fourth quarter of 2020.
Government grants were RMB 16.3 million, increased by RMB 3.0 million from the same period of 2020.
Share-based compensation was RMB 12.5 million, compared with RMB 10.4 million in the same period of 2020.
Income tax expense was RMB 9.3 million, compared with RMB 13.6 million in the same period of 2020.
Net income was RMB 47.6 million, compared with RMB 58.2 million in the fourth quarter of 2020. The net income margin was
Adjusted net income (non-GAAP) was RMB 60.2 million, compared with RMB 68.6 million in the fourth quarter of 2020. The adjusted net income margin4 was
Basic and diluted net income per ADS were RMB 0.62 (US
Full Year 2021 Financial Results
Revenues were RMB 3,704.5 million, an increase of
| Revenues (in RMB million) | 2021 Full Year | 2020 Full Year | % change YoY | ||||
| E-scooter sales from China market | 2,923.9 | 1,857.3 | +57.4 | % | |||
| E-scooter sales from international markets | 329.1 | 286.0 | +15.1 | % | |||
| E-scooter sales, sub-total | 3,253.0 | 2,143.3 | +51.8 | % | |||
| Accessories, spare parts and services | 451.5 | 301.0 | +50.0 | % | |||
| Total | 3,704.5 | 2,444.3 | +51.6 | % | |||
| Revenues per e-scooter (in RMB) | 2021 Full Year | 2020 Full Year | % change YoY | ||||
| E-scooter sales from China market2 | 2,959 | 3,246 | -8.8 | % | |||
| E-scooter sales from international markets2 | 6,597 | 9,694 | -31.9 | % | |||
| E-scooter sales | 3,134 | 3,562 | -12.0 | % | |||
| Accessories, spare parts and services3 | 435 | 500 | -13.0 | % | |||
| Revenues per e-scooter | 3,569 | 4,062 | -12.1 | % | |||
Cost of revenues were RMB 2,891.8 million, an increase of
Gross margin was
Operating expenses were RMB 609.0 million, an increase of
Operating expenses excluding share-based compensation were RMB 562.7 million, an increase of
Government grants were RMB 48.7 million, increased by 26.3 million compared with the year of 2020.
Share-based compensation was RMB 47.2 million, an increase of RMB 7.6 million from RMB 39.6 million in 2020.
Income tax expense was RMB 47.0 million, an increase of RMB 25.9 million from the RMB 21.1 million in 2020.
Net income was RMB 225.8 million, an increase of RMB 57.1 million from a net income of RMB 168.7 million in 2020. The net income margin was
Adjusted net income (non-GAAP) was RMB 273.0 million, compared with an adjusted net income of RMB 208.3 million in 2020. The adjusted net income margin4 was
Basic and diluted net income per ADS were RMB 2.94 (US
Balance Sheet
As of December 31, 2021, the Company had cash, term deposits and short-term investments of RMB 1,113.6 million in aggregate. The Company had restricted cash of RMB 224.0 million and short-term bank borrowings of RMB 180.0 million.
Business Outlook
NIU expects revenues of the first quarter 2022 to be in the range of RMB 657 million to RMB 712 million, representing a year-over-year increase of
The above outlook is based on information available as of the date of this press release and reflects the Company’s current and preliminary expectation, which is subject to change in light of uncertainties and situations related to how COVID-19 develops.
Conference Call
The Company will host an earnings conference call on Monday, March 7, 2022 at 8:00 AM U.S. Eastern Time (9:00 PM Beijing/Hong Kong Time) to discuss its fourth quarter and full year 2021 financial and business results and provide a corporate update.
To join via phone, participants need to register in advance of the conference call using the link provided below. Upon registration, participants will receive dial-in numbers, an event passcode, and a unique registrant ID, which will be used to join the conference call.
| Event: | Niu Technologies Fourth Quarter and Full Year 2021 Earnings Conference Call |
| Registration Link: | http://apac.directeventreg.com/registration/event/9290059 |
| Conference ID: | 9290059 |
A live and archived webcast of the conference call will be available on the investor relations website at https://ir.niu.com/news-and-events/webcasts-and-presentations.
A replay of the conference call can be accessed by phone two hours later at the following numbers until March 14, 2022.
| United States | +1-855-452-5696 |
| International | +61-281-990-299 |
| Hong Kong | 800-963-117 |
| Mainland China | 400-602-2065 |
| Conference ID | 9290059 |
About NIU
As the world’s leading provider of smart urban mobility solutions, NIU designs, manufactures and sells high-performance electric motorcycles, mopeds, bicycles and kick-scooters. NIU has a product portfolio consisting of ten series, four e-scooter series, including NQi, MQi and UQi and Gova, two urban commuter electric motorcycles series RQi and TQi, a hybrid motorcycles series YQi, a performance bicycle series NIU Aero, two micro-mobility series, the kick-scooter series, KQi, and the e-bike series, BQi. Different series of products address the needs of different segments of modern urban residents and resolve the demands of different scenarios of urban travel, while being united through a common design language that emphasizes style, freedom and technology. NIU has adopted an omnichannel retail model, integrating the offline and online channels, to offer the products and services. For more information, please visit www.niu.com.
Use of Non-GAAP Financial Measures
To supplement NIU’s consolidated financial results presented in accordance with the accounting principles generally accepted in the United States of America (“GAAP”), NIU uses the following non-GAAP financial measures: adjusted net income and adjusted net income margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. NIU believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its operating results. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to NIU’s historical performance. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.
Adjusted net income is defined as net income excluding share-based compensation expenses. Adjusted net income margin is defined as adjusted net income as a percentage of the revenues.
For more information on non-GAAP financial measures, please see the tables captioned “Reconciliation of GAAP and Non-GAAP Results”.
Exchange Rate
This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the readers. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB 6.3726 to US
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as NIU’s strategic and operational plans, contain forward-looking statements. NIU may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about NIU’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIU’s strategies; NIU’s future business development, financial condition and results of operations; NIU’s ability to maintain and enhance its “NIU” brand; its ability to innovate and successfully launch new products and services; its ability to maintain and expand its offline distribution network; its ability to satisfy the mandated safety standards relating to e-scooters; its ability to secure supply of components and raw materials used in e-scooters; its ability to manufacture, launch and sell smart e-scooters meeting customer expectations; its ability to grow collaboration with operation partners; its ability to control costs associated with its operations; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIU’s filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and NIU does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact:
Niu Technologies
E-mail: ir@niu.com
| NIU TECHNOLOGIES | ||||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| As of | ||||||||
| December 31, | December 31, | December 31, | ||||||
| 2020 | 2021 | 2021 | ||||||
| RMB | RMB | US$ | ||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash | 227,004,137 | 208,373,759 | 32,698,390 | |||||
| Term deposits-current | 130,498,000 | 95,635,500 | 15,007,297 | |||||
| Restricted cash | 168,469,077 | 223,971,197 | 35,145,968 | |||||
| Short-term investments | 745,608,877 | 773,678,455 | 121,407,032 | |||||
| Accounts receivable, net | 101,320,063 | 268,557,176 | 42,142,481 | |||||
| Inventories | 142,166,179 | 269,637,042 | 42,311,936 | |||||
| Prepayments and other current assets | 32,832,088 | 56,061,263 | 8,797,236 | |||||
| Total current assets | 1,547,898,421 | 1,895,914,392 | 297,510,340 | |||||
| Non-current assets | ||||||||
| Term deposits-non-current | - | 35,939,250 | 5,639,653 | |||||
| Property, plant and equipment, net | 199,045,061 | 397,215,911 | 62,331,844 | |||||
| Intangible assets, net | 5,607,101 | 3,668,189 | 575,619 | |||||
| Operating lease right-of-use assets, net | - | 94,201,263 | 14,782,234 | |||||
| Land use rights, net | 48,835,120 | - | - | |||||
| Deferred income tax assets | 14,593,376 | 11,907,344 | 1,868,522 | |||||
| Other non-current assets | 30,830,304 | 2,367,064 | 371,444 | |||||
| Total non-current assets | 298,910,962 | 545,299,021 | 85,569,316 | |||||
| Total assets | 1,846,809,383 | 2,441,213,413 | 383,079,656 | |||||
| LIABILITIES | ||||||||
| Current liabilities | ||||||||
| Short-term bank borrowings | 180,000,000 | 180,000,000 | 28,245,928 | |||||
| Notes payable | - | 143,622,874 | 22,537,563 | |||||
| Accounts payable | 395,826,435 | 538,930,163 | 84,569,903 | |||||
| Income taxes payable | 14,555,094 | 17,601,525 | 2,762,063 | |||||
| Advances from customers | 40,062,189 | 17,266,994 | 2,709,568 | |||||
| Deferred revenue-current | 21,155,634 | 32,757,740 | 5,140,404 | |||||
| Accrued expenses and other current liabilities | 171,657,604 | 198,904,558 | 31,212,466 | |||||
| Total current liabilities | 823,256,956 | 1,129,083,854 | 177,177,895 | |||||
| Deferred revenue-non-current | 4,176,458 | 10,693,692 | 1,678,074 | |||||
| Deferred income tax liabilities | 1,109,479 | 1,992,388 | 312,649 | |||||
| Operating lease liabilities-non-current | - | 13,921,859 | 2,184,643 | |||||
| Other non-current liabilities | 24,892,246 | 20,967,430 | 3,290,247 | |||||
| Total non-current liabilities | 30,178,183 | 47,575,369 | 7,465,613 | |||||
| Total liabilities | 853,435,139 | 1,176,659,223 | 184,643,508 | |||||
| SHAREHOLDERS’ EQUITY: | ||||||||
| Class A ordinary shares | 87,300 | 89,038 | 13,972 | |||||
| Class B ordinary shares | 11,202 | 10,316 | 1,619 | |||||
| Additional paid-in capital | 1,801,940,071 | 1,855,403,759 | 291,153,338 | |||||
| Accumulated other comprehensive loss | (43,016,027 | ) | (51,121,030 | ) | (8,022,005 | ) | ||
| Accumulated deficit | (765,648,302 | ) | (539,827,893 | ) | (84,710,776 | ) | ||
| Total shareholders’ equity | 993,374,244 | 1,264,554,190 | 198,436,148 | |||||
| Total liabilities and shareholders’ equity | 1,846,809,383 | 2,441,213,413 | 383,079,656 | |||||
| NIU TECHNOLOGIES | |||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||
| Three Months Ended December 31, | Year ended December 31, | ||||||||||||||
| 2020 | 2021 | 2020 | 2021 | ||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||
| Revenues | 671,989,578 | 986,059,243 | 154,734,213 | 2,444,328,764 | 3,704,537,419 | 581,322,760 | |||||||||
| Cost of revenues(a) | (502,944,163 | ) | (763,551,340 | ) | (119,817,867 | ) | (1,885,180,256 | ) | (2,891,758,188 | ) | (453,779,962 | ) | |||
| Gross profit | 169,045,415 | 222,507,903 | 34,916,346 | 559,148,508 | 812,779,231 | 127,542,798 | |||||||||
| Operating expenses: | |||||||||||||||
| Selling and marketing expenses(a) | (60,147,102 | ) | (99,766,838 | ) | (15,655,594 | ) | (200,761,383 | ) | (332,007,462 | ) | (52,099,216 | ) | |||
| Research and development expenses(a) | (29,723,694 | ) | (45,022,809 | ) | (7,065,061 | ) | (105,335,357 | ) | (135,218,399 | ) | (21,218,717 | ) | |||
| General and administrative expenses(a) | (30,078,909 | ) | (43,681,411 | ) | (6,854,567 | ) | (104,858,814 | ) | (141,798,910 | ) | (22,251,343 | ) | |||
| Total operating expenses | (119,949,705 | ) | (188,471,058 | ) | (29,575,222 | ) | (410,955,554 | ) | (609,024,771 | ) | (95,569,276 | ) | |||
| Government grants | 13,239,121 | 16,269,976 | 2,553,114 | 22,441,492 | 48,726,818 | 7,646,301 | |||||||||
| Operating income | 62,334,831 | 50,306,821 | 7,894,238 | 170,634,446 | 252,481,278 | 39,619,823 | |||||||||
| Interest expense | (1,770,944 | ) | (1,266,391 | ) | (198,724 | ) | (7,380,833 | ) | (6,167,805 | ) | (967,863 | ) | |||
| Interest income | 1,714,191 | 1,538,551 | 241,432 | 8,787,309 | 5,375,969 | 843,607 | |||||||||
| Investment income | 9,488,916 | 6,327,170 | 992,871 | 17,697,800 | 21,167,575 | 3,321,654 | |||||||||
| Income before income taxes | 71,766,994 | 56,906,151 | 8,929,817 | 189,738,722 | 272,857,017 | 42,817,221 | |||||||||
| Income tax expense | (13,571,895 | ) | (9,259,409 | ) | (1,453,003 | ) | (21,086,256 | ) | (47,036,608 | ) | (7,381,070 | ) | |||
| Net income | 58,195,099 | 47,646,742 | 7,476,814 | 168,652,466 | 225,820,409 | 35,436,151 | |||||||||
| Other comprehensive income (loss) | |||||||||||||||
| Foreign currency translation adjustment | (15,473,522 | ) | (7,080,675 | ) | (1,111,112 | ) | (30,137,470 | ) | (9,657,187 | ) | (1,515,423 | ) | |||
| Unrealized gain (loss) on available for sale securities, net | (2,709,593 | ) | 823,602 | 129,241 | (510,333 | ) | 1,552,184 | 243,572 | |||||||
| Comprehensive income | 40,011,984 | 41,389,669 | 6,494,943 | 138,004,663 | 217,715,406 | 34,164,300 | |||||||||
| Net income per ordinary share | |||||||||||||||
| —Basic | 0.38 | 0.31 | 0.05 | 1.12 | 1.47 | 0.23 | |||||||||
| —Diluted | 0.36 | 0.30 | 0.05 | 1.07 | 1.41 | 0.22 | |||||||||
| Net income per ADS | |||||||||||||||
| —Basic | 0.76 | 0.62 | 0.10 | 2.24 | 2.94 | 0.46 | |||||||||
| —Diluted | 0.73 | 0.60 | 0.09 | 2.14 | 2.81 | 0.44 | |||||||||
| Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net income per ordinary share | |||||||||||||||
| —Basic | 152,144,872 | 154,385,703 | 154,385,703 | 150,897,412 | 153,672,358 | 153,672,358 | |||||||||
| —Diluted | 159,878,440 | 159,588,209 | 159,588,209 | 157,835,868 | 160,460,976 | 160,460,976 | |||||||||
| Weighted average number of ADS outstanding used in computing net income per ADS | |||||||||||||||
| —Basic | 76,072,436 | 77,192,852 | 77,192,852 | 75,448,706 | 76,836,179 | 76,836,179 | |||||||||
| —Diluted | 79,939,220 | 79,794,105 | 79,794,105 | 78,917,934 | 80,230,488 | 80,230,488 | |||||||||
| Note: | |||||||||||||||
| (a) Includes share-based compensation expense as follows: | |||||||||||||||
| Three Months Ended December 31, | Year ended December 31, | ||||||||||||||
| 2020 | 2021 | 2020 | 2021 | ||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||
| Cost of revenues | 163,783 | 256,904 | 40,314 | 643,683 | 846,833 | 132,887 | |||||||||
| Selling and marketing expenses | 2,671,595 | 3,973,140 | 623,472 | 9,945,473 | 13,292,632 | 2,085,904 | |||||||||
| Research and development expenses | 2,849,169 | 4,586,137 | 719,665 | 10,917,637 | 17,062,024 | 2,677,404 | |||||||||
| General and administrative expenses | 4,704,964 | 3,722,178 | 584,091 | 18,102,122 | 16,016,667 | 2,513,365 | |||||||||
| Total share-based compensation expense | 10,389,511 | 12,538,359 | 1,967,542 | 39,608,915 | 47,218,156 | 7,409,560 | |||||||||
| NIU TECHNOLOGIES | |||||||||
| RECONCILIATION OF GAAP AND NON-GAAP RESULTS | |||||||||
| Three Months Ended December 31, | Year ended December 31, | ||||||||
| 2020 | 2021 | 2020 | 2021 | ||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||
| Net Income | 58,195,099 | 47,646,742 | 7,476,814 | 168,652,466 | 225,820,409 | 35,436,151 | |||
| Add: | |||||||||
| Share-based compensation expense | 10,389,511 | 12,538,359 | 1,967,542 | 39,608,915 | 47,218,156 | 7,409,560 | |||
| Adjusted net income | 68,584,610 | 60,185,101 | 9,444,356 | 208,261,381 | 273,038,565 | 42,845,711 | |||
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1 Adjusted net income (non-GAAP) is defined as net income excluding share-based compensation expense
2 Revenues per e-scooter on e-scooter sales from China or international markets is defined as e-scooter sales revenues from China or international markets divided by the number of e-scooters sold in China or international market in a specific period
3 Revenues per e-scooter on accessories, spare parts and services is defined as accessories, spare parts and services revenues divided by the total number of e-scooters sold in a specific period
4 Adjusted net income margin is defined as adjusted net income (non-GAAP) as a percentage of the revenues
FAQ
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