Niu Technologies Announces Unaudited Third Quarter 2024 Financial Results
Niu Technologies reported Q3 2024 financial results with revenues of RMB 1,023.9 million, up 10.5% year-over-year. E-scooter sales volume increased 17.5% to 312,405 units, with China sales up 12.4% and international sales up 50.3%. However, the company faced challenges with gross margin declining to 13.8% from 21.4% in Q3 2023. Net loss improved to RMB 40.9 million compared to RMB 79.4 million in the same period last year. The company maintains 3,345 franchised stores in China and has 57 distributors across 53 countries. For Q4 2024, NIU expects revenues between RMB 622-718 million, projecting 30-50% year-over-year growth.
Niu Technologies ha riportato i risultati finanziari del terzo trimestre 2024, con ricavi di 1.023,9 milioni di RMB, in aumento del 10,5% rispetto all'anno precedente. Il volume delle vendite di e-scooter è aumentato del 17,5%, raggiungendo 312.405 unità, con vendite in Cina in aumento del 12,4% e vendite internazionali in crescita del 50,3%. Tuttavia, l'azienda ha affrontato sfide con il margine lordo che è sceso al 13,8% rispetto al 21,4% del terzo trimestre 2023. La perdita netta è migliorata, scendendo a 40,9 milioni di RMB rispetto ai 79,4 milioni di RMB nello stesso periodo dell'anno scorso. L'azienda mantiene 3.345 punti vendita in franchising in Cina e ha 57 distributori in 53 paesi. Per il quarto trimestre 2024, NIU prevede ricavi tra 622 e 718 milioni di RMB, con una crescita prevista del 30-50% su base annua.
Niu Technologies reportó los resultados financieros del tercer trimestre de 2024, con ingresos de 1.023,9 millones de RMB, un aumento del 10,5% interanual. El volumen de ventas de e-scooters aumentó un 17,5% alcanzando las 312.405 unidades, con ventas en China subiendo un 12,4% y ventas internacionales incrementándose un 50,3%. Sin embargo, la compañía enfrentó desafíos con el margen bruto que cayó al 13,8% desde el 21,4% en el tercer trimestre de 2023. La pérdida neta mejoró a 40,9 millones de RMB en comparación con 79,4 millones de RMB en el mismo período del año pasado. La empresa mantiene 3.345 tiendas franquiciadas en China y cuenta con 57 distribuidores en 53 países. Para el cuarto trimestre de 2024, NIU espera ingresos entre 622 y 718 millones de RMB, proyectando un crecimiento interanual del 30-50%.
니우 테크놀로지스는 2024년 3분기 재무 결과를 보고했으며, 매출은 1,023.9백만 RMB로 전년 대비 10.5% 증가했습니다. 전기 스쿠터 판매량은 17.5% 증가하여 312,405대에 달했으며, 중국 내 판매는 12.4%, 국제 판매는 50.3% 증가했습니다. 그러나 회사는 2023년 3분기 21.4%에서 13.8%로 감소한 총 마진과 관련하여 어려움에 직면했습니다. 순 손실은 지난해 같은 기간 79.4백만 RMB에 비해 40.9백만 RMB로 개선되었습니다. 회사는 중국에 3,345개의 가맹점을 운영하고 있으며, 53개국에 57명의 유통업체가 있습니다. 2024년 4분기 동안 NIU는 622~718백만 RMB의 매출을 기대하고 있으며, 전년 대비 30-50%의 성장을 예측하고 있습니다.
Niu Technologies a annoncé ses résultats financiers du troisième trimestre 2024, avec des revenus de 1.023,9 millions de RMB, en hausse de 10,5 % par rapport à l'année précédente. Le volume des ventes de scooters électriques a augmenté de 17,5 %, atteignant 312.405 unités, les ventes en Chine augmentant de 12,4 % et les ventes internationales de 50,3 %. Cependant, l'entreprise a rencontré des difficultés avec une marge brute en baisse, passant de 21,4 % au troisième trimestre 2023 à 13,8 %. La perte nette s'est améliorée, passant de 79,4 millions de RMB l'année dernière à 40,9 millions de RMB cette année. L'entreprise maintient 3.345 magasins franchisés en Chine et dispose de 57 distributeurs dans 53 pays. Pour le quatrième trimestre 2024, NIU s'attend à des revenus compris entre 622 et 718 millions de RMB, prévoyant une croissance de 30 à 50 % par rapport à l'année précédente.
Niu Technologies hat die Finanzergebnisse für das dritte Quartal 2024 bekannt gegeben, mit einem Umsatz von 1.023,9 Millionen RMB, was einem Anstieg von 10,5 % im Vergleich zum Vorjahr entspricht. Das Verkaufsvolumen von E-Scootern stieg um 17,5 % auf 312.405 Einheiten, wobei die Verkäufe in China um 12,4 % und die internationalen Verkäufe um 50,3 % zunahmen. Das Unternehmen sah sich jedoch Herausforderungen gegenüber, da die Bruttomarge von 21,4 % im dritten Quartal 2023 auf 13,8 % fiel. Der Nettoverlust verbesserte sich auf 40,9 Millionen RMB im Vergleich zu 79,4 Millionen RMB im gleichen Zeitraum des Vorjahres. Das Unternehmen betreibt 3.345 zertifizierte Geschäfte in China und hat 57 Distributoren in 53 Ländern. Für das vierte Quartal 2024 erwartet NIU einen Umsatz zwischen 622 und 718 Millionen RMB und prognostiziert ein Wachstum von 30-50 % im Vergleich zum Vorjahr.
- Revenue increased 10.5% YoY to RMB 1,023.9 million
- E-scooter sales volume grew 17.5% YoY to 312,405 units
- International market sales volume increased 50.3% YoY
- Net loss improved from RMB 79.4 million to RMB 40.9 million YoY
- Strong Q4 guidance of 30-50% revenue growth
- Gross margin declined from 21.4% to 13.8% YoY
- Revenue per e-scooter decreased 6.0% YoY
- Cost per e-scooter increased 3.0% YoY
- Continued net loss of RMB 40.9 million in Q3
Insights
NIU Technologies' Q3 results show mixed signals. While revenue grew
Notable improvements in operational efficiency are evident with operating expenses decreasing
The expanding international presence across 53 countries through 57 distributors represents a strategic diversification from the Chinese market. However, the decline in revenue per e-scooter by
-- Third Quarter Revenues of RMB 1,023.9 million, an increase of
-- Third Quarter Net Loss of RMB 40.9 million, compared to Net Loss of RMB 79.4 million in the same period of last year
BEIJING, Nov. 18, 2024 (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 third quarter ended September 30, 2024.
Third Quarter 2024 Financial Highlights
- Revenues were RMB 1,023.9 million, an increase of
10.5% year-over-year - Gross margin was
13.8% , compared with21.4% in the third quarter of 2023 - Net loss was RMB 40.9 million, compared with net loss of RMB 79.4 million in the third quarter of 2023
- Adjusted net loss (non-GAAP)1 was RMB 34.2 million, compared with adjusted net loss of RMB 70.0 million in the third quarter of 2023
Third Quarter 2024 Operating Highlights
- The number of e-scooters sold was 312,405, up
17.5% year-over-year - The number of e-scooters sold in China was 259,094, up
12.4% year-over-year - The number of e-scooters sold in the international markets was 53,311, up
50.3% year-over-year - The number of franchised stores in China was 3,345 as of September 30, 2024
- The number of distributors of our international sales network was 57, covering 53 countries as of September 30, 2024
Dr. Yan Li, Chief Executive Officer of the Company, remarked, “Our Q3 sales growth fell short of expectations, primarily due to recent policy changes in China that have impacted sales timing. Nevertheless, our retail sales momentum remains strong, and our upcoming product lineup fully complies with the new standards, positioning us to navigate these changes effectively. In the electric motorcycle segment, the launch of the NX Hyper marks a significant milestone, showcasing our commitment to performance and innovation.”
Dr. Li continued, “We continue to maintain a rapid pace of new store openings this year, laying a solid foundation for driving future sales growth. Earlier this month we continued our annual presence at Milan EICMA where we introduced a range of new scooters highlighting our advanced design capabilities and innovative technologies. Those models will be available in the EU and the US in the coming weeks. Overall, we are well-equipped to embrace changes and are confident in our ability to deliver strong performance in the future.”
Third Quarter 2024 Financial Results
Revenues were RMB 1,023.9 million, an increase of
| Revenues (in RMB million) | 2024 Q3 | 2023 Q3 | % change YoY | ||||
| E-scooter sales from China market | 797.5 | 710.9 | +12.2 | % | |||
| E-scooter sales from international markets | 130.2 | 121.7 | +7.1 | % | |||
| E-scooter sales, sub-total | 927.7 | 832.6 | +11.4 | % | |||
| Accessories, spare parts and services | 96.2 | 94.4 | +1.8 | % | |||
| Total | 1,023.9 | 927.0 | +10.5 | % | |||
| Revenues per e-scooter (in RMB) | 2024 Q3 | 2023 Q3 | % change YoY | ||||
| E-scooter sales from China market2 | 3,078 | 3,085 | -0.2 | % | |||
| E-scooter sales from international markets2 | 2,444 | 3,430 | -28.7 | % | |||
| E-scooter sales | 2,970 | 3,131 | -5.1 | % | |||
| Accessories, spare parts and services3 | 307 | 355 | -13.5 | % | |||
| Revenues per e-scooter | 3,277 | 3,486 | -6.0 | % | |||
- E-scooter sales revenues from China market were RMB 797.5 million, an increase of
12.2% year-over-year, and represented86.0% of total e-scooter revenues. The increase was mainly due to the increased sales volume of e-scooter in China market. - E-scooter sales revenues from international markets were RMB 130.2 million, an increase of
7.1% year-over-year, and represented14.0% of total e-scooter revenues. The increase was mainly due to increased sales of kick-scooters, partially offset by a decrease in revenues per e-scooter in international markets. - Accessories, spare parts sales and services revenues were RMB 96.2 million, an increase of
1.8% year-over-year and represented9.4% of total revenues. The increase was mainly due to an increase in accessories and spare parts sales in China market. - Revenues per e-scooter was RMB 2,970, a decrease of
5.1% year-over-year, mainly due to higher proportion and changes in product mix of kick-scooter in international markets.
Cost of revenues was RMB 882.4 million, an increase of
Gross margin was
Operating expenses were RMB 200.6 million, a decrease of
- Selling and marketing expenses were RMB 127.7 million (including RMB 2.4 million of share-based compensation), an increase of
4.1% from RMB 122.7 million in the third quarter of 2023, mainly due to increased promotions of RMB 6.2 million for offline marketing activities in international markets. Selling and marketing expenses as a percentage of revenues was12.5% , compared with13.2% in the third quarter of 2023. - Research and development expenses were RMB 30.3 million (including RMB 2.0 million of share-based compensation), a decrease of
22.4% from RMB 39.1 million in the third quarter of 2023, mainly due to a decrease of RMB 4.1 million in staff cost and share-based compensation, and a decrease of RMB 3.3 million in sample purchase fees. Research and development expenses as a percentage of revenues was3.0% , compared with4.2% in the third quarter of 2023. - General and administrative expenses were RMB 42.6 million (including RMB 2.1 million of share-based compensation), a decrease of
66.4% from RMB 126.8 million in the third quarter of 2023, mainly due to the decrease in allowance for doubtful accounts of RMB 87.1 million. General and administrative expenses as a percentage of revenues was4.2% , compared with13.7% in the third quarter of 2023.
Operating expenses excluding share-based compensation were RMB 194.0 million, decreased by
- Selling and marketing expenses excluding share-based compensation were RMB 125.3 million, an increase of
4.1% year-over-year, and represented12.2% of revenues, compared with13.0% in the third quarter of 2023. - Research and development expenses excluding share-based compensation were RMB 28.3 million, a decrease of
20.3% year-over-year, and represented2.8% of revenues, compared with3.8% in the third quarter of 2023. - General and administrative expenses excluding share-based compensation were RMB 40.4 million, a decrease of
67.3% year-over-year, and represented4.0% of revenues, compared with13.3% in the third quarter of 2023.
Share-based compensation was RMB 6.7 million, compared with RMB 9.5 million in the same period of 2023.
Income tax benefit was RMB 8.6 million, compared with income tax expense of RMB 0.2 million in the same period of 2023.
Net loss was RMB 40.9 million, compared with RMB 79.4 million in the third quarter of 2023. The net loss margin was
Adjusted net loss (non-GAAP) was RMB 34.2 million, compared with RMB 70.0 million in the third quarter of 2023. The adjusted net loss margin4 was
Basic and diluted net loss per ADS were both RMB 0.52 (US
Balance Sheet
As of September 30, 2024, the Company had cash and cash equivalents, term deposits and short-term investments of RMB 1,045.2 million in aggregate. The Company had restricted cash of RMB 210.2 million and short-term bank borrowings of RMB 200.0 million.
Business Outlook
NIU expects revenues of the fourth quarter 2024 to be in the range of RMB 622 million to RMB 718 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, November 18, 2024 at 8:00 AM U.S. Eastern Time (9:00 PM Beijing/Hong Kong Time) to discuss its third quarter 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 Third Quarter 2024 Financial Results Conference Call |
| Registration Link: | https://register.vevent.com/register/BI290f95e1806f442f8f27dbbdded0c229 |
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, F 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 7.0176 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, | September 30, | September 30, | ||||||
| 2023 | 2024 | 2024 | ||||||
| RMB | RMB | US$ | ||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 872,573,460 | 743,347,527 | 105,926,175 | |||||
| Term deposits | 97,555,565 | 291,844,595 | 41,587,522 | |||||
| Restricted cash | 107,666,733 | 210,222,000 | 29,956,395 | |||||
| Short-term investments | - | 10,002,510 | 1,425,346 | |||||
| Accounts receivable, net | 94,956,170 | 185,531,113 | 26,437,972 | |||||
| Inventories | 392,790,141 | 699,311,558 | 99,651,100 | |||||
| Prepayments and other current assets | 195,072,129 | 260,622,686 | 37,138,436 | |||||
| Total current assets | 1,760,614,198 | 2,400,881,989 | 342,122,946 | |||||
| Non-current assets | ||||||||
| Property, plant and equipment, net | 323,112,366 | 313,739,089 | 44,707,463 | |||||
| Intangible assets, net | 1,306,401 | 1,106,369 | 157,656 | |||||
| Operating lease right-of-use assets | 76,821,285 | 72,148,758 | 10,281,116 | |||||
| Deferred income tax assets | 20,747,021 | 29,352,611 | 4,182,714 | |||||
| Other non-current assets | 6,730,378 | 9,925,077 | 1,414,312 | |||||
| Total non-current assets | 428,717,451 | 426,271,904 | 60,743,261 | |||||
| Total assets | 2,189,331,649 | 2,827,153,893 | 402,866,207 | |||||
| LIABILITIES | ||||||||
| Current liabilities | ||||||||
| Short-term bank borrowings | 100,000,000 | 200,000,000 | 28,499,772 | |||||
| Notes payable | 167,282,688 | 249,991,484 | 35,623,501 | |||||
| Accounts payable | 575,724,288 | 1,026,271,878 | 146,242,573 | |||||
| Income taxes payable | 1,357,913 | 1,054,237 | 150,228 | |||||
| Advances from customers | 19,304,488 | 71,339,217 | 10,165,757 | |||||
| Deferred revenue-current | 41,755,097 | 47,552,465 | 6,776,172 | |||||
| Accrued expenses and other current liabilities | 165,511,396 | 212,566,533 | 30,290,489 | |||||
| Total current liabilities | 1,070,935,870 | 1,808,775,814 | 257,748,492 | |||||
| Deferred revenue-non-current | 13,168,111 | 16,022,221 | 2,283,148 | |||||
| Deferred income tax liabilities | 2,362,494 | 5,014,454 | 714,554 | |||||
| Operating lease liabilities | 280,421 | 119,331 | 17,005 | |||||
| Other non-current liabilities | 8,968,519 | 9,539,200 | 1,359,325 | |||||
| Total non-current liabilities | 24,779,545 | 30,695,206 | 4,374,032 | |||||
| Total liabilities | 1,095,715,415 | 1,839,471,020 | 262,122,524 | |||||
| SHAREHOLDERS’ EQUITY: | ||||||||
| Class A ordinary shares | 90,031 | 90,450 | 12,889 | |||||
| Class B ordinary shares | 10,316 | 10,316 | 1,470 | |||||
| Additional paid-in capital | 1,964,138,365 | 1,982,764,831 | 282,541,728 | |||||
| Accumulated other comprehensive loss | (9,495,674 | ) | (13,393,350 | ) | (1,908,537 | ) | ||
| Accumulated deficit | (861,126,804 | ) | (981,789,374 | ) | (139,903,867 | ) | ||
| Total shareholders’ equity | 1,093,616,234 | 987,682,873 | 140,743,683 | |||||
| Total liabilities and shareholders’ equity | 2,189,331,649 | 2,827,153,893 | 402,866,207 | |||||
| NIU TECHNOLOGIES | |||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2023 | 2024 | 2023 | 2024 | ||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||
| Revenues | 927,022,630 | 1,023,896,776 | 145,904,123 | 2,173,069,852 | 2,469,116,667 | 351,846,310 | |||||||||
| Cost of revenues(a) | (729,071,439 | ) | (882,352,543 | ) | (125,734,232 | ) | (1,693,267,053 | ) | (2,072,337,778 | ) | (295,305,771 | ) | |||
| Gross profit | 197,951,191 | 141,544,233 | 20,169,891 | 479,802,799 | 396,778,889 | 56,540,539 | |||||||||
| Operating expenses: | |||||||||||||||
| Selling and marketing expenses(a) | (122,663,357 | ) | (127,674,970 | ) | (18,193,538 | ) | (304,565,382 | ) | (353,235,333 | ) | (50,335,632 | ) | |||
| Research and development expenses(a) | (39,059,530 | ) | (30,299,955 | ) | (4,317,709 | ) | (115,351,728 | ) | (91,488,651 | ) | (13,037,028 | ) | |||
| General and administrative expenses(a) | (126,821,515 | ) | (42,583,209 | ) | (6,068,059 | ) | (225,122,249 | ) | (112,541,644 | ) | (16,037,056 | ) | |||
| Total operating expenses | (288,544,402 | ) | (200,558,134 | ) | (28,579,306 | ) | (645,039,359 | ) | (557,265,628 | ) | (79,409,716 | ) | |||
| Government grants | 1,070,500 | 520,000 | 74,099 | 1,897,473 | 523,756 | 74,635 | |||||||||
| Operating loss | (89,522,711 | ) | (58,493,901 | ) | (8,335,316 | ) | (163,339,087 | ) | (159,962,983 | ) | (22,794,542 | ) | |||
| Interest expenses | (524,748 | ) | (1,537,621 | ) | (219,109 | ) | (606,268 | ) | (4,024,904 | ) | (573,544 | ) | |||
| Interest income | 10,282,848 | 9,512,697 | 1,355,548 | 25,545,664 | 27,530,058 | 3,923,002 | |||||||||
| Investment income | 558,506 | 985,634 | 140,452 | 985,342 | 1,987,535 | 283,221 | |||||||||
| Loss before income taxes | (79,206,105 | ) | (49,533,191 | ) | (7,058,425 | ) | (137,414,349 | ) | (134,470,294 | ) | (19,161,863 | ) | |||
| Income tax (expense) benefit | (216,221 | ) | 8,586,698 | 1,223,595 | (4,251,721 | ) | 13,807,724 | 1,967,585 | |||||||
| Net loss | (79,422,326 | ) | (40,946,493 | ) | (5,834,830 | ) | (141,666,070 | ) | (120,662,570 | ) | (17,194,278 | ) | |||
| Other comprehensive (loss) income | |||||||||||||||
| Foreign currency translation adjustment, net of nil income taxes | (2,644,910 | ) | (6,430,430 | ) | (916,329 | ) | 12,842,854 | (3,897,676 | ) | (555,414 | ) | ||||
| Unrealized gain on available-for-sale securities, net of reclassification | - | - | - | (345,356 | ) | - | - | ||||||||
| Comprehensive loss | (82,067,236 | ) | (47,376,923 | ) | (6,751,159 | ) | (129,168,572 | ) | (124,560,246 | ) | (17,749,692 | ) | |||
| Net loss per ordinary share | |||||||||||||||
| —Basic | (0.51 | ) | (0.26 | ) | (0.04 | ) | (0.90 | ) | (0.76 | ) | (0.11 | ) | |||
| —Diluted | (0.51 | ) | (0.26 | ) | (0.04 | ) | (0.90 | ) | (0.76 | ) | (0.11 | ) | |||
| Net loss per ADS | |||||||||||||||
| —Basic | (1.01 | ) | (0.52 | ) | (0.07 | ) | (1.81 | ) | (1.52 | ) | (0.22 | ) | |||
| —Diluted | (1.01 | ) | (0.52 | ) | (0.07 | ) | (1.81 | ) | (1.52 | ) | (0.22 | ) | |||
| Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net loss per ordinary share | |||||||||||||||
| —Basic | 157,165,708 | 158,808,425 | 158,808,425 | 156,594,219 | 158,356,359 | 158,356,359 | |||||||||
| —Diluted | 157,165,708 | 158,808,425 | 158,808,425 | 156,594,219 | 158,356,359 | 158,356,359 | |||||||||
| Weighted average number of ADS outstanding used in computing net loss per ADS | |||||||||||||||
| —Basic | 78,582,854 | 79,404,213 | 79,404,213 | 78,297,110 | 79,178,180 | 79,178,180 | |||||||||
| —Diluted | 78,582,854 | 79,404,213 | 79,404,213 | 78,297,110 | 79,178,180 | 79,178,180 | |||||||||
| Note: | |||||||||||||||
| (a) Includes share-based compensation expenses as follows: | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2023 | 2024 | 2023 | 2024 | ||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||
| Cost of revenues | 311,157 | 154,379 | 21,999 | 902,677 | 596,268 | 84,968 | |||||||||
| Selling and marketing expenses | 2,374,275 | 2,408,003 | 343,138 | 8,207,677 | 5,746,819 | 818,915 | |||||||||
| Research and development expenses | 3,550,989 | 1,997,306 | 284,614 | 18,656,349 | 5,270,563 | 751,049 | |||||||||
| General and administrative expenses | 3,224,049 | 2,138,305 | 304,706 | 12,152,242 | 6,764,744 | 963,968 | |||||||||
| Total share-based compensation expenses | 9,460,470 | 6,697,993 | 954,457 | 39,918,945 | 18,378,394 | 2,618,900 | |||||||||
| NIU TECHNOLOGIES | |||||||||||||||
| RECONCILIATION OF GAAP AND NON-GAAP RESULTS | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2023 | 2024 | 2023 | 2024 | ||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||
| Net loss | (79,422,326 | ) | (40,946,493 | ) | (5,834,830 | ) | (141,666,070 | ) | (120,662,570 | ) | (17,194,278 | ) | |||
| Add: | |||||||||||||||
| Share-based compensation expenses | 9,460,470 | 6,697,993 | 954,457 | 39,918,945 | 18,378,394 | 2,618,900 | |||||||||
| Adjusted net loss | (69,961,856 | ) | (34,248,500 | ) | (4,880,373 | ) | (101,747,125 | ) | (102,284,176 | ) | (14,575,378 | ) | |||
____________________
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 markets 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
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