Niu Technologies Announces Second Quarter 2022 Financial Results
Niu Technologies reported a 12.4% year-over-year decline in revenues, totaling RMB 827.6 million for Q2 2022. The net income also fell to RMB 14.4 million, down from RMB 91.8 million in Q2 2021. E-scooter sales volume dipped 17.4% overall, with a notable 26.7% drop in China, partially offset by a 309.1% surge in international sales. The gross margin decreased to 20.3% from 22.7%. Despite challenges, the company anticipates a recovery with new product launches and adjusts its annual sales volume guidance to 1-1.2 million.
- International e-scooter sales increased 309.1% year-over-year.
- Average selling price (ASP) rose, contributing to a 6.1% increase in revenues per e-scooter.
- Total e-scooter sales volume down 17.4% year-over-year.
- Revenue down 12.4% year-over-year to RMB 827.6 million.
- Net income decreased significantly to RMB 14.4 million from RMB 91.8 million.
-- Second Quarter Total Volume of e-scooter sales down
-- Second Quarter Revenues of RMB 827.6 million, down
-- Second Quarter Net income of RMB 14.4 million, compared with net income of RMB 91.8 million in the same period of last year
BEIJING, Aug. 15, 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 second quarter ended June 30, 2022.
Second Quarter 2022 Financial Highlights
- Revenues were RMB 827.6 million, a decrease of
12.4% year over year - Gross margin was
20.3% , compared with22.7% in the second quarter of last year - Net income was RMB 14.4 million, compared with net income of RMB 91.8 million in the second quarter of last year
- Adjusted net income (non-GAAP)1 was RMB 31.2 million, compared with adjusted net income of RMB 104.0 million in the second quarter of last year
Second Quarter 2022 Operating Highlights
- The number of e-scooters sold was 208,857, down
17.4% year over year - The number of e-scooters sold in China was 180,299, down
26.7% year over year - The number of e-scooters sold in the international markets was 28,558, up
309.1% year over year - The number of franchised stores in China was 3,329 as of June 30, 2022, an increase of 81 from March 31, 2022
- International sales network expanded to 53 distributors covering 52 countries as of June 30, 2022
Other Highlights
- On August 15, 2022, the Company released its Inaugural Environmental, Social and Governance (ESG) Report (https://ir.niu.com/environmental-social-and-governance-report-0), highlighting the Company’s ESG policies and sustainability initiatives.
Dr. Yan Li, Chief Executive Officer of the Company, commented: “We delivered mixed results for the second quarter. In China market, our sales were heavily hit and our product development was disrupted by the Covid-19 lockdowns. However, average sales price (ASP) and gross margin both rose due to increase of retail sales prices starting from April 1 and improvement of product mix. In the overseas market, our kick-scooter series continued to receive positive feedback, and the sales volume reached over 20,000 units, another record high since its debut last year.”
Facing the second half of this year, Dr Li said, "with the coming of peak season, we will make every effort to get back on the growth track. We just released our brand new series SQi and new version of the most popular series UQi+ earlier this month in China market, and will commence deliveries of our BQi e-bike series later this month in the overseas markets. We expect these new products will help us recover from the previous hit. For the rest of this year, since uncertainty remains over the pace of an economic recovery, we here adjust our full year sales volume guidance to 1-1.2 million.”
Second Quarter 2022 Financial Results
Revenues were RMB 827.6 million, a decrease of
| Revenues (in RMB million) | 2022 Q2 | 2021 Q2 | % change YoY | |||
| E-scooter sales from China market | 596.6 | 757.5 | - | |||
| E-scooter sales from international markets | 146.3 | 57.7 | + | |||
| E-scooter sales, sub-total | 742.9 | 815.2 | - | |||
| Accessories, spare parts and services | 84.7 | 129.5 | - | |||
| Total | 827.6 | 944.7 | - |
| Revenues per e-scooter (in RMB) | 2022 Q2 | 2021 Q2 | % change YoY | |||
| E-scooter sales from China market2 | 3,309 | 3,079 | + | |||
| E-scooter sales from international markets2 | 5,122 | 8,259 | - | |||
| E-scooter sales | 3,557 | 3,222 | + | |||
| Accessories, spare parts and services3 | 406 | 512 | - | |||
| Revenues per e-scooter | 3,963 | 3,734 | + |
- E-scooter sales revenues from China market were RMB 596.6 million, a decrease of
21.2% , and represented80.3% of total e-scooter revenues. The decrease was mainly driven by the sales volume decreases by26.7% in China. - E-scooter sales revenues from international markets were RMB 146.3 million, an increase of
153.8% , and represented19.7% of total e-scooter revenues. The increase was mainly driven by the increase in sales of kick-scooter, and the increase in sales volume and unit price of electric motorcycle. - Accessories, spare parts sales and services revenues were RMB 84.7 million, a decrease of
34.6% and represented10.2% of total revenues. The decrease was mainly due to the overseas battery pack sales reduction. - The increase of revenues per e-scooter was mainly due to the increase in unit price of e-scooter, and a better product mix in China market.
Cost of revenues was RMB 660.0 million, a decrease of
Gross margin was
Operating expenses were RMB 173.0 million, an increase of
- Selling and marketing expenses were RMB 92.5 million (including RMB 4.4 million of share-based compensation), an increase of
34.3% from RMB 68.9 million in the second quarter of 2021. The increase was mainly due to the increase in depreciation and amortization expense of RMB 12.0 million as a result of opening of new franchised stores, the increase in advertising and promotion expense of RMB 7.4 million, and the increase in staff cost of RMB 3.9 million. Selling and marketing expenses as a percentage of revenues was11.2% compared with7.3% in the second quarter of 2021. - Research and development expenses were RMB 44.5 million (including RMB 7.0 million of share-based compensation), an increase of
44.1% from RMB 30.8 million in the second quarter of 2021, mainly due to the increase in staff cost of RMB 7.4 million, the increase in design and testing expense of RMB 3.1 million, and the increase in share-based compensation expenses of RMB 2.7 million. Research and development expenses as a percentage of revenues was5.4% , compared with3.3% in the second quarter of 2021. - General and administrative expenses were RMB 36.0 million (including RMB 5.1 million of share-based compensation), a decrease of
3.1% from RMB 37.2 million in the second quarter of 2021, mainly due to the foreign currency exchange gain of RMB 11.0 million as compared to the foreign currency exchange loss of RMB 1.4 million in the second quarter of 2021, partially offset by the increase in provision for credit losses of RMB 6.2 million, and the increase in staff cost of RMB 4.3 million. General and administrative expenses as a percentage of revenues was4.4% , compared with3.9% in the second quarter of 2021.
Operating expenses excluding share-based compensation were RMB 156.5 million, increased by
- Selling and marketing expenses excluding share-based compensation were RMB 88.1 million, an increase of
33.7% year over year, and represented10.6% of revenues, compared with7.0% in the second quarter of 2021. - Research and development expenses excluding share-based compensation were RMB 37.5 million, an increase of
41.0% year over year, and represented4.5% of revenues, compared with2.8% in the second quarter of 2021. - General and administrative expenses excluding share-based compensation were RMB 30.9 million, a decrease of
4.8% year over year, and represented3.7% of revenues, compared with3.4% in the second quarter of 2021.
Government grants were RMB 0.3 million, decreased by RMB 21.2 million from the same period of 2021.
Share-based compensation was RMB 16.8 million, compared with RMB 12.1 million in the same period of 2021.
Income tax benefit was RMB 16.8 million, compared with income tax expense of RMB 11.5 million in the same period of 2021.
Net income was RMB 14.4 million, compared with RMB 91.8 million in the second quarter of 2021. The net income margin was
Adjusted net income (non-GAAP) was RMB 31.2 million, compared with RMB 104.0 million in the second quarter of 2021. The adjusted net income margin4 was
Basic and diluted net income per ADS were RMB 0.19 (US
Balance Sheet
As of June 30, 2022, the Company had cash, term deposits and short-term investments of RMB 861.0 million in aggregate. The Company had restricted cash of RMB 189.2 million and short-term bank borrowings of RMB 180.0 million.
Business Outlook
In light of the current market conditions, including the on-going COVID resurgence in China, NIU expects its revenues for the third quarter of 2022 to be in the range of RMB 1,165 million (representing a year-over-year decrease of
This 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 due to uncertainties relating to a various factors, such as the pace of COVID-19 pandemic recovery, among others.
Conference Call
The Company will host an earnings conference call on Monday, Aug 15, 2022 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time) to discuss its second quarter 2022 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 and an event passcode(PIN), which will be used to join the conference call.
| Event: | Niu Technologies Second Quarter 2022 Earnings Conference Call |
| Registration Link: | https://register.vevent.com/register/BI5679fea7c16f492ba50c567ffd3f4ad1 |
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.
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 diversified product portfolio that caters to the various demands of our users and addresses different urban travel scenarios. NIU’s product portfolio comprises its (i) four electric scooter and motorcycle series, NQi, MQi, UQi and Gova, (ii) one kick-scooter series, KQi, (iii) one high performance motorcycle series, RQi, (iv) one hybrid motorcycle series, YQi and (v) one e-bike series, BQi. 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 6.6981 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 first 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, | June 30, | June 30, | ||||||
| 2021 | 2022 | 2022 | ||||||
| RMB | RMB | US$ | ||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash | 208,373,759 | 367,164,224 | 54,816,175 | |||||
| Term deposits-current | 95,635,500 | 218,120,500 | 32,564,533 | |||||
| Restricted cash | 223,971,197 | 189,213,375 | 28,248,813 | |||||
| Short-term investments | 773,678,455 | 255,748,785 | 38,182,288 | |||||
| Notes receivable | - | 2,889,538 | 431,397 | |||||
| Accounts receivable, net | 268,557,176 | 267,053,157 | 39,869,987 | |||||
| Inventories | 269,637,042 | 471,976,698 | 70,464,266 | |||||
| Prepayments and other current assets | 56,061,263 | 131,613,097 | 19,649,318 | |||||
| Total current assets | 1,895,914,392 | 1,903,779,374 | 284,226,777 | |||||
| Non-current assets | ||||||||
| Term deposits-non-current | 35,939,250 | 20,000,000 | 2,985,921 | |||||
| Property, plant and equipment, net | 397,215,911 | 413,954,582 | 61,801,792 | |||||
| Intangible assets, net | 3,668,189 | 2,812,960 | 419,964 | |||||
| Operating lease right-of-use assets | 94,201,263 | 90,496,335 | 13,510,747 | |||||
| Deferred income tax assets | 11,907,344 | 10,773,996 | 1,608,515 | |||||
| Other non-current assets | 2,367,064 | 11,516,028 | 1,719,298 | |||||
| Total non-current assets | 545,299,021 | 549,553,901 | 82,046,237 | |||||
| Total assets | 2,441,213,413 | 2,453,333,275 | 366,273,014 | |||||
| LIABILITIES | ||||||||
| Current liabilities | ||||||||
| Short-term bank borrowings | 180,000,000 | 180,000,000 | 26,873,292 | |||||
| Notes payable | 143,622,874 | 175,612,699 | 26,218,286 | |||||
| Accounts payable | 538,930,163 | 514,086,844 | 76,751,145 | |||||
| Income taxes payable | 17,601,525 | 2,405,109 | 359,073 | |||||
| Advances from customers | 17,266,994 | 29,413,170 | 4,391,271 | |||||
| Deferred revenue-current | 32,757,740 | 33,761,838 | 5,040,510 | |||||
| Accrued expenses and other current liabilities | 198,904,558 | 177,420,561 | 26,488,192 | |||||
| Total current liabilities | 1,129,083,854 | 1,112,700,221 | 166,121,769 | |||||
| Deferred revenue-non-current | 10,693,692 | 10,530,020 | 1,572,091 | |||||
| Deferred income tax liabilities | 1,992,388 | 1,441,686 | 215,238 | |||||
| Operating lease liabilities | 13,921,859 | 10,802,360 | 1,612,750 | |||||
| Other non-current liabilities | 20,967,430 | 17,532,325 | 2,617,507 | |||||
| Total non-current liabilities | 47,575,369 | 40,306,391 | 6,017,586 | |||||
| Total liabilities | 1,176,659,223 | 1,153,006,612 | 172,139,355 | |||||
| SHAREHOLDERS’ EQUITY: | ||||||||
| Class A ordinary shares | 89,038 | 89,295 | 13,331 | |||||
| Class B ordinary shares | 10,316 | 10,316 | 1,540 | |||||
| Additional paid-in capital | 1,855,403,759 | 1,887,444,914 | 281,788,106 | |||||
| Accumulated other comprehensive loss | (51,121,030 | ) | (32,176,060 | ) | (4,803,759 | ) | ||
| Accumulated deficit | (539,827,893 | ) | (555,041,802 | ) | (82,865,559 | ) | ||
| Total shareholders’ equity | 1,264,554,190 | 1,300,326,663 | 194,133,659 | |||||
| Total liabilities and shareholders’ equity | 2,441,213,413 | 2,453,333,275 | 366,273,014 | |||||
| NIU TECHNOLOGIES | |||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2021 | 2022 | 2021 | 2022 | ||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||
| Revenues | 944,745,010 | 827,619,915 | 123,560,400 | 1,492,081,575 | 1,403,097,817 | 209,476,989 | |||||||||
| Cost of revenues(a) | (730,010,232 | ) | (659,994,763 | ) | (98,534,624 | ) | (1,147,012,501 | ) | (1,125,788,331 | ) | (168,075,772 | ) | |||
| Gross profit | 214,734,778 | 167,625,152 | 25,025,776 | 345,069,074 | 277,309,486 | 41,401,217 | |||||||||
| Operating expenses: | |||||||||||||||
| Selling and marketing expenses(a) | (68,873,391 | ) | (92,531,147 | ) | (13,814,537 | ) | (142,391,875 | ) | (162,578,383 | ) | (24,272,313 | ) | |||
| Research and development expenses(a) | (30,847,683 | ) | (44,450,826 | ) | (6,636,334 | ) | (56,456,917 | ) | (86,299,410 | ) | (12,884,163 | ) | |||
| General and administrative expenses(a) | (37,185,424 | ) | (36,024,525 | ) | (5,378,320 | ) | (68,499,223 | ) | (67,084,960 | ) | (10,015,521 | ) | |||
| Total operating expenses | (136,906,498 | ) | (173,006,498 | ) | (25,829,191 | ) | (267,348,015 | ) | (315,962,753 | ) | (47,171,997 | ) | |||
| Government grants | 21,504,500 | 254,668 | 38,021 | 21,856,842 | 523,038 | 78,088 | |||||||||
| Operating income (loss) | 99,332,780 | (5,126,678 | ) | (765,394 | ) | 99,577,901 | (38,130,229 | ) | (5,692,692 | ) | |||||
| Interest expenses | (1,641,648 | ) | (1,464,438 | ) | (218,635 | ) | (3,374,348 | ) | (2,918,902 | ) | (435,781 | ) | |||
| Interest income | 1,630,287 | 925,854 | 138,226 | 2,846,865 | 2,109,777 | 314,981 | |||||||||
| Investment income | 4,042,059 | 3,248,458 | 484,982 | 8,170,999 | 8,295,350 | 1,238,463 | |||||||||
| Income (loss) before income taxes | 103,363,478 | (2,416,804 | ) | (360,821 | ) | 107,221,417 | (30,644,004 | ) | (4,575,029 | ) | |||||
| Income tax benefit (expense) | (11,528,628 | ) | 16,779,140 | 2,505,060 | (20,760,134 | ) | 15,430,095 | 2,303,653 | |||||||
| Net income (loss) | 91,834,850 | 14,362,336 | 2,144,239 | 86,461,283 | (15,213,909 | ) | (2,271,376 | ) | |||||||
| Other comprehensive income (loss) | |||||||||||||||
| Foreign currency translation adjustment, net of nil income taxes | (7,208,765 | ) | 23,106,426 | 3,449,699 | (4,305,029 | ) | 21,412,240 | 3,196,763 | |||||||
| Unrealized gain/(reclassification adjustment for gains) on available for sale securities, net | 897,660 | (87,078 | ) | (13,000 | ) | 1,097,840 | (2,467,270 | ) | (368,354 | ) | |||||
| Comprehensive income | 85,523,745 | 37,381,684 | 5,580,938 | 83,254,094 | 3,731,061 | 557,033 | |||||||||
| Net income (loss) per ordinary share | |||||||||||||||
| —Basic | 0.60 | 0.09 | 0.01 | 0.56 | (0.10 | ) | (0.01 | ) | |||||||
| —Diluted | 0.57 | 0.09 | 0.01 | 0.54 | (0.10 | ) | (0.01 | ) | |||||||
| Net income (loss) per ADS | |||||||||||||||
| —Basic | 1.20 | 0.19 | 0.03 | 1.13 | (0.20 | ) | (0.03 | ) | |||||||
| —Diluted | 1.14 | 0.18 | 0.03 | 1.08 | (0.20 | ) | (0.03 | ) | |||||||
| Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net income (loss) per ordinary share | |||||||||||||||
| —Basic | 153,528,657 | 155,223,662 | 155,223,662 | 153,177,159 | 154,887,972 | 154,887,972 | |||||||||
| —Diluted | 160,860,781 | 157,998,918 | 157,998,918 | 160,751,121 | 154,887,972 | 154,887,972 | |||||||||
| Weighted average number of ADS outstanding used in computing net income (loss) per ADS | |||||||||||||||
| —Basic | 76,764,329 | 77,611,831 | 77,611,831 | 76,588,580 | 77,443,986 | 77,443,986 | |||||||||
| —Diluted | 80,430,391 | 78,999,459 | 78,999,459 | 80,375,561 | 77,443,986 | 77,443,986 | |||||||||
| Note: | |||||||||||||||
| (a) Includes share-based compensation expense as follows: | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2021 | 2022 | 2021 | 2022 | ||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||
| Cost of revenues | 183,165 | 307,095 | 45,848 | 366,502 | 593,072 | 88,543 | |||||||||
| Selling and marketing expenses | 2,977,457 | 4,421,095 | 660,052 | 6,009,319 | 8,338,551 | 1,244,913 | |||||||||
| Research and development expenses | 4,283,976 | 6,988,758 | 1,043,394 | 8,285,463 | 11,906,652 | 1,777,616 | |||||||||
| General and administrative expenses | 4,685,866 | 5,076,711 | 757,933 | 9,523,418 | 9,199,001 | 1,373,375 | |||||||||
| Total share-based compensation expense | 12,130,464 | 16,793,659 | 2,507,227 | 24,184,702 | 30,037,276 | 4,484,447 | |||||||||
| NIU TECHNOLOGIES | |||||||||||
| RECONCILIATION OF GAAP AND NON-GAAP RESULTS | |||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
| 2021 | 2022 | 2021 | 2022 | ||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||
| Net Income (loss) | 91,834,850 | 14,362,336 | 2,144,239 | 86,461,283 | (15,213,909 | ) | (2,271,376 | ) | |||
| Add: | |||||||||||
| Share-based compensation expense | 12,130,464 | 16,793,659 | 2,507,227 | 24,184,702 | 30,037,276 | 4,484,447 | |||||
| Adjusted net income | 103,965,314 | 31,155,995 | 4,651,466 | 110,645,985 | 14,823,367 | 2,213,071 | |||||
_____________________
1 Adjusted net income/loss (non-GAAP) is defined as net income/loss 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/loss margin is defined as adjusted net income/loss (non-GAAP) as a percentage of the revenues
FAQ
What are the revenue results for Niu Technologies for Q2 2022?
How did Niu's e-scooter sales perform in Q2 2022?
What is Niu's adjusted net income for Q2 2022?
What is the future outlook for Niu Technologies?
