Niu Technologies Announces Unaudited Fourth Quarter and Full Year 2024 Financial Results
Niu Technologies (NIU) reported strong Q4 2024 results with revenues reaching RMB 819.2 million, up 71.1% year-over-year, driven by a 64.9% increase in e-scooter sales volume. The company sold 226,634 units, with 182,333 in China and 44,301 in international markets.
Despite revenue growth, Q4 gross margin declined to 12.4% from 19.0% in Q4 2023, primarily due to product mix changes and increased costs. The company reported a Q4 net loss of RMB 72.5 million, improving from RMB 130.2 million loss in Q4 2023.
For full year 2024, revenues increased 24.0% to RMB 3,288.3 million, while net loss improved to RMB 193.2 million from RMB 271.8 million in 2023. Looking ahead, NIU projects Q1 2025 revenues between RMB 631-707 million and expects 2025 sales volume to grow 40-70% year-over-year to 1.3-1.6 million units.
Niu Technologies (NIU) ha riportato risultati solidi per il quarto trimestre del 2024, con ricavi che hanno raggiunto RMB 819,2 milioni, in aumento del 71,1% rispetto all'anno precedente, grazie a un incremento del 64,9% nel volume delle vendite di e-scooter. L'azienda ha venduto 226.634 unità, di cui 182.333 in Cina e 44.301 nei mercati internazionali.
Nonostante la crescita dei ricavi, il margine lordo del quarto trimestre è diminuito al 12,4% rispetto al 19,0% del quarto trimestre 2023, principalmente a causa dei cambiamenti nel mix di prodotti e dell'aumento dei costi. L'azienda ha riportato una perdita netta di RMB 72,5 milioni, in miglioramento rispetto alla perdita di RMB 130,2 milioni nel quarto trimestre 2023.
Per l'intero anno 2024, i ricavi sono aumentati del 24,0% a RMB 3.288,3 milioni, mentre la perdita netta è migliorata a RMB 193,2 milioni rispetto ai RMB 271,8 milioni del 2023. Guardando al futuro, NIU prevede ricavi per il primo trimestre 2025 compresi tra RMB 631-707 milioni e si aspetta che il volume delle vendite nel 2025 cresca del 40-70% rispetto all'anno precedente, raggiungendo 1,3-1,6 milioni di unità.
Niu Technologies (NIU) informó resultados sólidos para el cuarto trimestre de 2024, con ingresos que alcanzaron RMB 819,2 millones, un aumento del 71,1% interanual, impulsado por un incremento del 64,9% en el volumen de ventas de e-scooters. La compañía vendió 226,634 unidades, de las cuales 182,333 en China y 44,301 en mercados internacionales.
A pesar del crecimiento de los ingresos, el margen bruto del cuarto trimestre disminuyó al 12,4% desde el 19,0% en el cuarto trimestre de 2023, principalmente debido a cambios en la mezcla de productos y mayores costos. La empresa reportó una pérdida neta en el cuarto trimestre de RMB 72,5 millones, mejorando desde una pérdida de RMB 130,2 millones en el cuarto trimestre de 2023.
Para todo el año 2024, los ingresos aumentaron un 24,0% a RMB 3,288.3 millones, mientras que la pérdida neta mejoró a RMB 193,2 millones desde RMB 271,8 millones en 2023. De cara al futuro, NIU proyecta ingresos para el primer trimestre de 2025 entre RMB 631-707 millones y espera que el volumen de ventas en 2025 crezca entre un 40-70% interanual, alcanzando entre 1,3-1,6 millones de unidades.
니우 테크놀로지스 (NIU)는 2024년 4분기 실적을 발표하며 수익이 RMB 819.2 백만에 달해 전년 대비 71.1% 증가했다고 보고했습니다. 이는 전기 스쿠터 판매량이 64.9% 증가한 데 따른 것입니다. 회사는 226,634대를 판매했으며, 이 중 182,333대는 중국에서, 44,301대는 국제 시장에서 판매되었습니다.
수익 성장에도 불구하고, 4분기 총 마진은 2023년 4분기 19.0%에서 12.4%로 감소했습니다. 이는 주로 제품 믹스 변화와 비용 증가 때문입니다. 회사는 4분기 순손실이 RMB 72.5 백만으로, 2023년 4분기 손실 RMB 130.2 백만에서 개선되었다고 보고했습니다.
2024년 전체 연간 수익은 RMB 3,288.3 백만으로 24.0% 증가했으며, 순손실은 2023년 RMB 271.8 백만에서 RMB 193.2 백만으로 개선되었습니다. 앞으로 NIU는 2025년 1분기 수익을 RMB 631-707 백만으로 예상하며, 2025년 판매량이 전년 대비 40-70% 증가해 1.3-1.6 백만 대에 이를 것으로 예상하고 있습니다.
Niu Technologies (NIU) a annoncé de solides résultats pour le quatrième trimestre 2024, avec des revenus atteignant RMB 819,2 millions, en hausse de 71,1 % par rapport à l'année précédente, grâce à une augmentation de 64,9 % du volume des ventes de trottinettes électriques. L'entreprise a vendu 226 634 unités, dont 182 333 en Chine et 44 301 sur les marchés internationaux.
Malgré la croissance des revenus, la marge brute du quatrième trimestre a diminué à 12,4 % contre 19,0 % au quatrième trimestre 2023, principalement en raison des changements dans le mix de produits et de l'augmentation des coûts. L'entreprise a enregistré une perte nette de 72,5 millions de RMB au quatrième trimestre, en amélioration par rapport à une perte de 130,2 millions de RMB au quatrième trimestre 2023.
Pour l'ensemble de l'année 2024, les revenus ont augmenté de 24,0 % pour atteindre RMB 3 288,3 millions, tandis que la perte nette s'est améliorée à 193,2 millions de RMB contre 271,8 millions de RMB en 2023. En regardant vers l'avenir, NIU prévoit des revenus pour le premier trimestre 2025 compris entre 631 et 707 millions de RMB et s'attend à ce que le volume des ventes en 2025 augmente de 40 à 70 % par rapport à l'année précédente, atteignant entre 1,3 et 1,6 million d'unités.
Niu Technologies (NIU) hat starke Ergebnisse für das vierte Quartal 2024 gemeldet, mit Einnahmen von RMB 819,2 Millionen, was einem Anstieg von 71,1% im Vergleich zum Vorjahr entspricht, angetrieben durch einen Anstieg des Verkaufsvolumens von E-Scootern um 64,9%. Das Unternehmen verkaufte 226.634 Einheiten, davon 182.333 in China und 44.301 in internationalen Märkten.
Trotz des Umsatzwachstums sank die Bruttomarge im vierten Quartal auf 12,4% von 19,0% im vierten Quartal 2023, hauptsächlich aufgrund von Änderungen im Produktmix und gestiegenen Kosten. Das Unternehmen berichtete von einem Nettoverlust im vierten Quartal von RMB 72,5 Millionen, eine Verbesserung gegenüber dem Nettoverlust von RMB 130,2 Millionen im vierten Quartal 2023.
Für das gesamte Jahr 2024 stiegen die Einnahmen um 24,0% auf RMB 3.288,3 Millionen, während der Nettoverlust sich auf RMB 193,2 Millionen von RMB 271,8 Millionen im Jahr 2023 verbesserte. Ausblickend prognostiziert NIU für das erste Quartal 2025 Einnahmen zwischen RMB 631-707 Millionen und erwartet, dass das Verkaufsvolumen 2025 im Vergleich zum Vorjahr um 40-70% auf 1,3-1,6 Millionen Einheiten wachsen wird.
- Q4 revenue increased 71.1% YoY to RMB 819.2 million
- E-scooter sales volume grew 64.9% YoY to 226,634 units
- Operating expenses decreased 21.6% YoY
- Net loss improved from RMB 130.2M to RMB 72.5M in Q4
- Strong 2025 guidance: 40-70% sales volume growth expected
- Q4 gross margin declined to 12.4% from 19.0% YoY
- Full year 2024 net loss of RMB 193.2 million
- Cost per e-scooter increased 12.2% YoY in Q4
- Revenue per e-scooter decreased 4.8% for full year 2024
Insights
Niu Technologies' Q4 and FY2024 results present a notable improvement in revenue growth while still working toward profitability. Q4 revenues surged
The company significantly narrowed its losses, with Q4 net loss improving to
The margin compression stemmed from multiple factors: a shift in product mix toward premium models with higher costs, increased international freight expenses, U.S. tariffs, and holiday season sales incentives. Cost per e-scooter rose
Operationally, Niu demonstrated improved efficiency, reducing operating expenses by
Management's guidance suggests continued momentum, projecting Q1 2025 revenue growth of
Niu's results reveal a company executing effectively on volume growth while navigating margin challenges - a common pattern in scaling consumer hardware businesses. The
The significant reduction in operating expenses as a percentage of revenue (from
While gross margin compression is concerning, the primary drivers appear to be strategic decisions (premium model mix, holiday incentives) and external factors (freight costs, tariffs) rather than fundamental competitive pressures. The
The expansion of franchised stores to 3,735 in China represents a substantial increase in distribution capacity, while international expansion through strategic retail partnerships (like Best Buy) positions the company for continued global growth. This multi-channel approach enhances brand visibility in both established and emerging markets.
The aggressive guidance for 2025 (
-- Fourth Quarter Revenues of RMB 819.2 million, increase
-- Fourth Quarter Net Loss of RMB 72.5 million, compared to net loss of RMB 130.2 million in the same period of last year
-- Full Year Revenues of RMB 3,288.3 million, increase
-- Full Year Net loss of RMB 193.2 million, compared to net loss of RMB 271.8 million in 2023
BEIJING, March 17, 2025 (GLOBE NEWSWIRE) -- Niu Technologies (“NIU”, or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.
Fourth Quarter 2024 Financial Highlights
- Revenues were RMB 819.2 million, an increase of
71.1% year over year - Gross margin was
12.4% , compared with19.0% in the fourth quarter of 2023 - Net loss was RMB 72.5 million, compared with net loss of RMB 130.2 million in the fourth quarter of 2023
- Adjusted net loss (non-GAAP)1 was RMB 66.7 million, compared with adjusted net loss of RMB 122.4 million in the fourth quarter of 2023
Fourth Quarter 2024 Operating Highlights
- The number of e-scooters sold was 226,634, up
64.9% year over year - The number of e-scooters sold in China was 182,333, up
65.1% year over year - The number of e-scooters sold in the international markets was 44,301, up
63.9% year over year - The number of franchised stores in China was 3,735 as of December 31, 2024
- The number of distributors in our international sales network was 57, covering 53 countries as of December 31, 2024
Dr. Yan Li, Chief Executive Officer of the Company, remarked: “In 2024, we experienced significant volume growth in China, driven by strong consumer demand for our new models. By rapidly improving our design and technological capabilities, we have developed a diversified portfolio that addresses a broad range of market needs. Our store expansion has been a key growth driver, increasing the visibility of the NIU brand in previously underserved areas. Building on this momentum, we are confident in our ability to sustain the strong consumer appeal of our products in 2025.”
Dr. Li continued, “Internationally, our micro-mobility segment expanded its retail presence in 2024 through strategic partnerships with major retailers such as Best Buy. The increased visibility of our electric motorcycles and mopeds has further strengthened our global footprint, solidifying our position in key markets.”
Fourth Quarter 2024 Financial Results
Revenues reached RMB 819.2 million, representing a
Revenues (in RMB million) | 2024 Q4 | 2023 Q4 | % change YoY | ||||
E-scooter sales from China market | 646.2 | 355.2 | + | ||||
E-scooter sales from international markets | 87.2 | 59.0 | + | ||||
E-scooter sales, sub-total | 733.4 | 414.2 | + | ||||
Accessories, spare parts and services | 85.8 | 64.5 | + | ||||
Total | 819.2 | 478.7 | + |
Revenues per e-scooter (in RMB) | 2024 Q4 | 2023 Q4 | % change YoY | ||||
E-scooter sales from China market2 | 3,544 | 3,216 | + | ||||
E-scooter sales from international markets2 | 1,968 | 2,183 | - | ||||
E-scooter sales | 3,236 | 3,013 | + | ||||
Accessories, spare parts and services3 | 379 | 469 | - | ||||
Revenues per e-scooter | 3,615 | 3,482 | + | ||||
- E-scooter sales revenues from China market were RMB 646.2 million, an increase of
81.9% year-over-year, and represented88.1% of total e-scooter revenues. The increase was mainly due to the increased sales volume and revenues per e-scooter in China market. - E-scooter sales revenues from international markets were RMB 87.2 million, an increase of
47.8% year-over-year, and represented11.9% of total e-scooter revenues. The increase was mainly due to the increased sales volume of kick-scooters with lower sales price in international markets. - Accessories, spare parts sales and services revenues were RMB 85.8 million, an increase of
33.1% year-over-year, and represented10.5% of total revenues. The increase was mainly due to an increase in accessories and spare parts sales in both China and international markets. - Revenues per e-scooter was RMB 3,615, an increase of
3.8% year-over-year, mainly due to increased revenues per e-scooter in China market.
Cost of revenues was RMB 717.2 million, an increase of
Gross margin was
Operating expenses were RMB 193.0 million, a decrease of
- Selling and marketing expenses were RMB 136.3 million (including RMB 1.4 million of share-based compensation), a decrease of
28.7% from RMB 191.2 million in the fourth quarter of 2023, mainly due to the decrease of RMB 34.2 million and RMB 22.3 million in rental expenses and advertising and promotion activities, respectively, primarily in international markets. Selling and marketing expenses as a percentage of revenues was16.6% , compared with39.9% in the fourth quarter of 2023. - Research and development expenses were RMB 38.6 million (including RMB 2.1 million of share-based compensation), an increase of
8.4% from RMB 35.6 million in the fourth quarter of 2023, mainly due to an increase of RMB 2.6 million in staff cost and share-based compensation. Research and development expenses as a percentage of revenues was4.7% , compared with7.4% in the fourth quarter of 2023. - General and administrative expenses were RMB 18.1million (including RMB 2.3 million of share-based compensation), a decrease of
6.8% from RMB 19.4 million in the fourth quarter of 2023, mainly due to the decrease in allowance for doubtful accounts of RMB 1.0 million, and the increase in foreign exchange gain of 2.5 million. General and administrative expenses as a percentage of revenues was2.2% , compared with4.1% in the fourth quarter of 2023.
Operating expenses excluding share-based compensation were RMB 187.3 million, decreased by
- Selling and marketing expenses excluding share-based compensation were RMB 135.0million, a decrease of
28.7% year over year, and represented16.5% of revenues, compared with39.6% in the fourth quarter of 2023. - Research and development expenses excluding share-based compensation were RMB 36.6 million, an increase of
12.0% year over year, and represented4.5% of revenues, compared with6.8% in the fourth quarter of 2023. - General and administrative expenses excluding share-based compensation were RMB 15.8 million, a decrease of
5.8% year over year, and represented1.9% of revenues, compared with3.5% in the fourth quarter of 2023.
Share-based compensation was RMB 5.9 million, compared with RMB 7.7 million in the same period of 2023.
Income tax benefit was RMB 9.8 million, compared with income tax benefit of RMB 14.4 million in the same period of 2023.
Net loss was RMB 72.5 million, compared with net loss of RMB 130.2 million in the fourth quarter of 2023. The net loss margin was
Adjusted net loss (non-GAAP) was RMB 66.7 million, compared with an adjusted net loss of RMB 122.4 million in the fourth quarter of 2023. The adjusted net loss margin4 was
Basic and diluted net loss per ADS were both RMB 0.91 (US
Full Year 2024 Financial Results
Revenues were RMB 3,288.3 million, representing a
Revenues (in RMB million) | 2024 Full Year | 2023 Full Year | % change YoY | ||||
E-scooter sales from China market | 2,563.6 | 2,010.0 | + | ||||
E-scooter sales from international markets | 396.9 | 348.7 | + | ||||
E-scooter sales, sub-total | 2,960.5 | 2,358.7 | + | ||||
Accessories, spare parts and services | 327.8 | 293.1 | + | ||||
Total | 3,288.3 | 2,651.8 | + |
Revenues per e-scooter (in RMB) | 2024 Full Year | 2023 Full Year | % change YoY | ||||
E-scooter sales from China market2 | 3,377 | 3,344 | + | ||||
E-scooter sales from international markets2 | 2,402 | 3,204 | - | ||||
E-scooter sales | 3,203 | 3,323 | - | ||||
Accessories, spare parts and services3 | 354 | 413 | - | ||||
Revenues per e-scooter | 3,557 | 3,736 | - | ||||
Cost of revenues were RMB 2,789.5 million, an increase of
Gross margin was
Operating expenses were RMB 750.3 million, a decrease of
Operating expenses excluding share-based compensation were RMB 726.8 million, a decrease of
Share-based compensation was RMB 24.2 million, a decrease of RMB 23.4 million from RMB 47.7 million in 2023.
Income tax benefit was RMB 23.6 million, compared with income tax benefit of RMB 10.2 million in 2023.
Net loss was RMB 193.2 million, compared with net loss of RMB 271.8 million in 2023. The net loss margin was
Adjusted net loss (non-GAAP) was RMB 169.0 million, compared with an adjusted net loss of RMB 224.2 million in 2023. The adjusted net loss margin4 was
Basic and diluted net loss per ADS were both RMB 2.44 (US
Balance Sheet
As of December 31, 2024, the Company had cash and cash equivalents and term deposits of RMB 904.4 million in aggregate. The Company had restricted cash of RMB 216.4 million and short-term bank borrowings of RMB 200.0 million.
Business Outlook
NIU expects revenues of the first quarter 2025 to be in the range of RMB 631 million to RMB 707 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 and is subject to change.
Conference Call
The Company will host an earnings conference call on Monday, March 17, 2025 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time) to discuss its fourth quarter and full year 2024 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 a personal PIN, which will be used to join the conference call.
Event: | Niu Technologies Fourth Quarter and Full Year 2024 Financial Results Conference Call |
Registration Link: | https://register-conf.media-server.com/register/BI427237b63fc249579b187787482439fd |
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, as well as kick-scooters and e-bikes. NIU has a diversified product portfolio that caters to the various demands of our users and addresses different urban travel scenarios. Currently, NIU offers two model lineups, comprising a number of different vehicle types. These include (i) the electric motorcycle, moped and bicycle series, including the NQi, MQi, UQi, FQi series and others, and (ii) the micro-mobility series, including the kick-scooter series KQi and the e-bike series BQi. NIU has adopted an omnichannel retail model, integrating the offline and online channels, to sell its products and provide services to users.
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 (loss) and adjusted net income (loss) 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 (loss) is defined as net income (loss) excluding share-based compensation expenses. Adjusted net income (loss) margin is defined as adjusted net income (loss) 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 7.2993 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, | ||||||
2023 | 2024 | 2024 | ||||||
RMB | RMB | US$ | ||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | 872,573,460 | 630,021,303 | 86,312,565 | |||||
Term deposits | 97,555,565 | 274,351,895 | 37,586,056 | |||||
Restricted cash | 107,666,733 | 216,395,796 | 29,646,103 | |||||
Accounts receivable, net | 94,956,170 | 131,921,419 | 18,073,160 | |||||
Inventories | 392,790,141 | 649,177,719 | 88,936,983 | |||||
Prepayments and other current assets | 195,072,129 | 267,938,339 | 36,707,402 | |||||
Total current assets | 1,760,614,198 | 2,169,806,471 | 297,262,269 | |||||
Non-current assets | ||||||||
Property, plant and equipment, net | 323,112,366 | 320,013,632 | 43,841,688 | |||||
Intangible assets, net | 1,306,401 | 1,043,801 | 143,000 | |||||
Operating lease right-of-use assets | 76,821,285 | 71,223,350 | 9,757,559 | |||||
Deferred income tax assets | 20,747,021 | 31,752,254 | 4,350,041 | |||||
Other non-current assets | 6,730,378 | 19,318,659 | 2,646,645 | |||||
Total non-current assets | 428,717,451 | 443,351,696 | 60,738,933 | |||||
Total assets | 2,189,331,649 | 2,613,158,167 | 358,001,202 | |||||
LIABILITIES | ||||||||
Current liabilities | ||||||||
Short-term bank borrowings | 100,000,000 | 200,000,000 | 27,399,888 | |||||
Notes payable | 167,282,688 | 294,348,768 | 40,325,616 | |||||
Accounts payable | 575,724,288 | 869,015,140 | 119,054,586 | |||||
Income taxes payable | 1,357,913 | 1,071,914 | 146,852 | |||||
Advances from customers | 19,304,488 | 35,892,860 | 4,917,302 | |||||
Deferred revenue-current | 41,755,097 | 50,247,103 | 6,883,825 | |||||
Accrued expenses and other current liabilities | 165,511,396 | 201,356,008 | 27,585,659 | |||||
Total current liabilities | 1,070,935,870 | 1,651,931,793 | 226,313,728 | |||||
Deferred revenue-non-current | 13,168,111 | 16,886,859 | 2,313,490 | |||||
Deferred income tax liabilities | 2,362,494 | 3,269,464 | 447,915 | |||||
Operating lease liabilities | 280,421 | 89,990 | 12,329 | |||||
Other non-current liabilities | 8,968,519 | 9,697,841 | 1,328,599 | |||||
Total non-current liabilities | 24,779,545 | 29,944,154 | 4,102,333 | |||||
Total liabilities | 1,095,715,415 | 1,681,875,947 | 230,416,061 | |||||
SHAREHOLDERS’ EQUITY: | ||||||||
Class A ordinary shares | 90,031 | 90,549 | 12,405 | |||||
Class B ordinary shares | 10,316 | 10,316 | 1,413 | |||||
Additional paid-in capital | 1,964,138,365 | 1,988,638,160 | 272,442,311 | |||||
Accumulated other comprehensive loss | (9,495,674 | ) | (3,129,362 | ) | (428,721 | ) | ||
Accumulated deficit | (861,126,804 | ) | (1,054,327,443 | ) | (144,442,267 | ) | ||
Total shareholders’ equity | 1,093,616,234 | 931,282,220 | 127,585,141 | |||||
Total liabilities and shareholders’ equity | 2,189,331,649 | 2,613,158,167 | 358,001,202 | |||||
NIU TECHNOLOGIES | |||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2023 | 2024 | 2023 | 2024 | ||||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||
Revenues | 478,687,794 | 819,179,677 | 112,227,156 | 2,651,757,646 | 3,288,296,344 | 450,494,752 | |||||||||
Cost of revenues(a) | (387,743,580 | ) | (717,195,572 | ) | (98,255,391 | ) | (2,081,010,633 | ) | (2,789,533,350 | ) | (382,164,502 | ) | |||
Gross profit | 90,944,214 | 101,984,105 | 13,971,765 | 570,747,013 | 498,762,994 | 68,330,250 | |||||||||
Operating expenses: | |||||||||||||||
Selling and marketing expenses(a) | (191,169,312 | ) | (136,342,357 | ) | (18,678,826 | ) | (495,734,694 | ) | (489,577,690 | ) | (67,071,869 | ) | |||
Research and development expenses(a) | (35,634,011 | ) | (38,622,708 | ) | (5,291,289 | ) | (150,985,739 | ) | (130,111,359 | ) | (17,825,183 | ) | |||
General and administrative expenses(a) | (19,396,568 | ) | (18,075,985 | ) | (2,476,400 | ) | (244,518,817 | ) | (130,617,629 | ) | (17,894,542 | ) | |||
Total operating expenses | (246,199,891 | ) | (193,041,050 | ) | (26,446,515 | ) | (891,239,250 | ) | (750,306,678 | ) | (102,791,594 | ) | |||
Government grants | 1,071,262 | 387,800 | 53,128 | 2,968,735 | 911,556 | 124,883 | |||||||||
Operating loss | (154,184,415 | ) | (90,669,145 | ) | (12,421,622 | ) | (317,523,502 | ) | (250,632,128 | ) | (34,336,461 | ) | |||
Interest expenses | (817,656 | ) | (1,598,640 | ) | (219,013 | ) | (1,423,924 | ) | (5,623,544 | ) | (770,422 | ) | |||
Interest income | 9,946,526 | 9,559,430 | 1,309,637 | 35,492,190 | 37,089,488 | 5,081,239 | |||||||||
Investment income | 441,028 | 371,460 | 50,890 | 1,426,370 | 2,358,995 | 323,181 | |||||||||
Loss before income taxes | (144,614,517 | ) | (82,336,895 | ) | (11,280,108 | ) | (282,028,866 | ) | (216,807,189 | ) | (29,702,463 | ) | |||
Income tax benefit | 14,444,605 | 9,798,826 | 1,342,434 | 10,192,884 | 23,606,550 | 3,234,084 | |||||||||
Net loss | (130,169,912 | ) | (72,538,069 | ) | (9,937,674 | ) | (271,835,982 | ) | (193,200,639 | ) | (26,468,379 | ) | |||
Other comprehensive (loss) income | |||||||||||||||
Foreign currency translation adjustment, net of nil income taxes | (5,456,486 | ) | 10,263,988 | 1,406,161 | 7,386,368 | 6,366,312 | 872,181 | ||||||||
Unrealized gain on available-for-sale securities, net of reclassification | - | - | - | (345,356 | ) | - | - | ||||||||
Comprehensive loss | (135,626,398 | ) | (62,274,081 | ) | (8,531,513 | ) | (264,794,970 | ) | (186,834,327 | ) | (25,596,198 | ) | |||
Net loss per ordinary share | |||||||||||||||
—Basic | (0.83 | ) | (0.46 | ) | (0.06 | ) | (1.73 | ) | (1.22 | ) | (0.17 | ) | |||
—Diluted | (0.83 | ) | (0.46 | ) | (0.06 | ) | (1.73 | ) | (1.22 | ) | (0.17 | ) | |||
Net loss per ADS | |||||||||||||||
—Basic | (1.65 | ) | (0.91 | ) | (0.13 | ) | (3.47 | ) | (2.44 | ) | (0.33 | ) | |||
—Diluted | (1.65 | ) | (0.91 | ) | (0.13 | ) | (3.47 | ) | (2.44 | ) | (0.33 | ) | |||
Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net loss per ordinary share | |||||||||||||||
—Basic | 157,474,523 | 158,924,842 | 158,924,842 | 156,816,105 | 158,460,242 | 158,460,242 | |||||||||
—Diluted | 157,474,523 | 158,924,842 | 158,924,842 | 156,816,105 | 158,460,242 | 158,460,242 | |||||||||
Weighted average number of ADS outstanding used in computing net loss per ADS | |||||||||||||||
—Basic | 78,737,262 | 79,462,421 | 79,462,421 | 78,408,053 | 79,230,121 | 79,230,121 | |||||||||
—Diluted | 78,737,262 | 79,462,421 | 79,462,421 | 78,408,053 | 79,230,121 | 79,230,121 | |||||||||
Note: | |||||||||||||||
(a) Includes share-based compensation expenses as follows: | |||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2023 | 2024 | 2023 | 2024 | ||||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||
Cost of revenues | 335,225 | 155,177 | 21,259 | 1,237,902 | 751,445 | 102,948 | |||||||||
Selling and marketing expenses | 1,784,011 | 1,363,601 | 186,813 | 9,991,688 | 7,110,420 | 974,124 | |||||||||
Research and development expenses | 2,997,597 | 2,054,764 | 281,502 | 21,653,946 | 7,325,327 | 1,003,566 | |||||||||
General and administrative expenses | 2,623,526 | 2,281,042 | 312,501 | 14,775,768 | 9,045,786 | 1,239,268 | |||||||||
Total share-based compensation expenses | 7,740,359 | 5,854,584 | 802,075 | 47,659,304 | 24,232,978 | 3,319,906 | |||||||||
NIU TECHNOLOGIES | |||||||||||||||
RECONCILIATION OF GAAP AND NON-GAAP RESULTS | |||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2023 | 2024 | 2023 | 2024 | ||||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||
Net loss | (130,169,912 | ) | (72,538,069 | ) | (9,937,674 | ) | (271,835,982 | ) | (193,200,639 | ) | (26,468,379 | ) | |||
Add: | |||||||||||||||
Share-based compensation expenses | 7,740,359 | 5,854,584 | 802,075 | 47,659,304 | 24,232,978 | 3,319,906 | |||||||||
Adjusted net loss | (122,429,553 | ) | (66,683,485 | ) | (9,135,599 | ) | (224,176,678 | ) | (168,967,661 | ) | (23,148,473 | ) | |||
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1 Adjusted net income (loss) (non-GAAP) is defined as net income (loss) excluding share-based compensation expenses
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
