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 third quarter 2021.
Third Quarter 2021 Financial Highlights
- Revenues were RMB 1,226.4 million, an increase
of 37.1% year over year
- Gross margin was 20.0%, compared with 20.9% in
the third quarter of last year
- Net income was RMB 91.7 million, an increase
of 14.6% compared with RMB 80.0 million in the third quarter of
last year
- Adjusted net income (non-GAAP)1 was RMB 102.2
million, an increase of 12.9% compared with RMB 90.6 million in the
third quarter of last year
Third Quarter 2021 Operating Highlights
- The number of e-scooters sold reached 397,079, up 58.3% year
over year
- The number of e-scooters sold in China reached 392,112, up
59.9% year over year
- The number of e-scooters sold in the international markets was
4,967, down 11.2% year over year
- The number of franchised stores in China was 2,686 as of
September 30, 2021, an increase of 320 from June 30, 2021
- International sales network expanded to 41 distributors
covering 49 countries
Dr. Yan Li, Chief Executive Officer of the Company, commented:
“We delivered a strong quarter with China sales volume up by 59.9%
amid weaker economic conditions. Our expansion strategy in product
offerings and retail coverage combined with targeted marketing and
promotional activities continued to be effective in driving sales
volume growth and increasing our market share. Our cost
optimization initiatives have shown positive results since
September and we expect to benefit more in the future quarters. The
widened product portfolio and channel coverage also laid a strong
foundation for our growth in Q4 and 2022.”
Dr. Li continued, “The decrease of sales volume in the
international markets was mainly caused by the impact of COVID-19
during the third quarter and the ongoing difficulties in
international shipping, which we expect to improve in Q4. In Q3, we
successfully launched our kick-scooter KQi3 in the international
markets and received orders for more than 15,000 units during the
third quarter. In September, we started to deliver kick-scooters to
the international markets and there will be more deliveries in the
fourth quarter. Furthermore, we will be debuting five exciting new
products at EICMA 2021, in Milan just for the global markets,
including our most powerful 125cc electric moped, the MQiGT-EVO,
our first 150cc hybrid moped, the YQi, our upgraded e-bike BQi and
two additional KQi series kick scooters, demonstrating our
continued commitment in global sustainable micro-mobility markets.
With these new products, we are very excited about the growth
prospects of our business for the global markets and look forward
to continued growth.”
Third Quarter 2021 Financial Results
Revenues were RMB 1,226.4 million, an increase
of 37.1% year over year, due to 58.3% higher sales volume,
partially offset by decreased revenues per e-scooter of 13.4%. The
following table shows the revenues breakdown and revenues per
e-scooter in the periods presented:
Revenues (in RMB million) |
|
2021Q3 |
|
2020Q3 |
|
% changeYoY |
E-scooter sales from China market |
|
1,077.3 |
|
740.8 |
|
+45.4% |
E-scooter sales from
international markets |
|
43.2 |
|
59.6 |
|
-27.5% |
E-scooter sales, sub-total |
|
1,120.5 |
|
800.4 |
|
+40.0% |
Accessories, spare parts and services |
|
105.9 |
|
94.1 |
|
+12.6% |
Total |
|
1,226.4 |
|
894.5 |
|
+37.1% |
Revenues per e-scooter(in
RMB) |
|
2021Q3 |
|
2020Q3 |
|
% changeYoY |
E-scooter sales from China market2 |
|
2,748 |
|
3,020 |
|
-9.0% |
E-scooter sales from international markets2 |
|
8,693 |
|
10,647 |
|
-18.4% |
E-scooter sales |
|
2,822 |
|
3,190 |
|
-11.5% |
Accessories, spare parts and services3 |
|
267 |
|
375 |
|
-28.8% |
Revenues per e-scooter |
|
3,089 |
|
3,565 |
|
-13.4% |
- E-scooter sales revenues from China market were RMB 1,077.3
million, an increase of 45.4%, and represented 96.1% 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
43.2 million, a decrease of 27.5%, and represented 3.9% of total
e-scooter revenues. The decrease was mainly due to the impact of
COVID-19 and the ongoing difficulties in international
shipping.
- Accessories, spare parts sales and services revenues were RMB
105.9 million, an increase of 12.6% and represented 8.6% of total
revenues. The increase was mainly driven by higher e-scooter sales
volume in China.
- The decrease of revenues per e-scooter was mainly due to change
in product mix.
Cost of revenues was RMB 981.2 million, an
increase of 38.7% year over year, mainly due to higher e-scooter
sales volume. The cost per e-scooter, defined as cost of revenues
divided by the number of e-scooters sold in a specified period, was
RMB 2,471, down 12.4% from RMB 2,819 in the third quarter 2020
mainly due to change in product mix.
Gross margin was 20.0%, compared with 20.9% in
the same period of 2020. The decrease was mainly due to
weaker international sales.
Operating expenses were RMB 153.2 million, an
increase of 42.8% from the same period of 2020. Operating expenses
as a percentage of revenues was 12.5%, compared with 12.0% in the
third quarter of 2020.
- Selling and marketing expenses were RMB 89.8
million (including RMB 3.3 million of share-based compensation), an
increase of 76.7% from RMB 50.8 million in the third quarter of
2020. The increase was mainly due to the increase in advertising
and promotion expense of RMB 24.6 million, the increase in
depreciation and amortization expense of RMB 10.5 million as a
result of opening of new franchised stores, and the increase in
staff cost of RMB 6.8 million. Selling and marketing expenses as a
percentage of revenues was 7.3% compared with 5.7% in the third
quarter of 2020.
- Research and development expenses were RMB
33.7 million (including RMB 4.2 million of share-based
compensation), an increase of 16.7% from RMB 28.9 million in the
third quarter of 2020, mainly due to the increase in staff cost of
RMB 4.8 million and the increase in share-based compensation
expenses of RMB 1.2 million, partially offset by the decrease in
design expense and material expenditure of RMB 1.6 million.
Research and development expenses as a percentage of revenues was
2.8%, compared with 3.2% in the third quarter of 2020.
- General and administrative
expenses were RMB 29.6 million (including RMB 2.8 million
of share-based compensation), an increase of 7.6% from RMB 27.5
million in the third quarter of 2020, mainly due to the increase in
professional fee of RMB 2.4 million and the increase in staff cost
of RMB 1.5 million, partially offset by the decrease in share-based
compensation expenses of RMB 1.8 million. General and
administrative expenses as a percentage of revenues was 2.4%,
compared with 3.1% in the third quarter of 2020.
Operating expenses excluding share-based
compensation were RMB 142.9 million, increased by 47.5%
year over year, and represented 11.7% of revenues, compared with
10.8% in the third quarter of 2020.
- Selling and marketing expenses excluding share-based
compensation were RMB 86.5 million, an increase of 80.1%
year over year, and represented 7.1% of revenues, compared with
5.4% in the third quarter of 2020.
- Research and development expenses excluding share-based
compensation were RMB 29.5 million, an increase of 14.0%
year over year, and represented 2.4% of revenues, compared with
2.9% in the third quarter of 2020.
- General and administrative expenses excluding
share-based compensation were RMB 26.8 million, an
increase of 17.1% year over year, and represented 2.2% of revenues,
compared with 2.6% in the third quarter of 2020.
Government grants were RMB 10.6 million,
increased by RMB 9.5 million from the same period of 2020.
Share-based compensation was RMB 10.5 million,
compared with RMB 10.6 million in the same period of 2020.
Income tax expense was RMB 17.0 million, an
increase of RMB 11.9 million from the same period of
2020.Net income was RMB 91.7 million, compared
with RMB 80.0 million in the third quarter of 2020. The net income
margin was 7.5%, compared with 8.9% in the same period of 2020.
Adjusted net income (non-GAAP) was RMB 102.2
million, compared with RMB 90.6 million in the third quarter of
2020. The adjusted net income margin4 was 8.3%, compared with 10.1%
in the same period of 2020.
Basic and diluted net income per ADS were RMB
1.19 (US$ 0.18) and RMB 1.15 (US$ 0.18),
respectively.Balance SheetAs of September 30,
2021, the Company had cash, term deposits and short-term
investments of RMB 1,552.6 million in aggregate. The
Company had restricted cash of RMB 147.5 million and short-term
bank borrowings of RMB 140.0 million.
Business OutlookNIU expects revenues of the
fourth quarter 2021 to be in the range of RMB 840 million to RMB
910 million, representing a year-over-year increase of 25% to
35%.
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,
November 22, 2021 at 8:00 AM U.S. Eastern Time (9:00 PM
Beijing/Hong Kong Time) to discuss its third quarter 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 Third Quarter 2021 Earnings Conference Call |
Registration
Link: |
http://apac.directeventreg.com/registration/event/1922118 |
Conference
ID: |
1922118 |
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 November 30, 2021.
United States |
+1-855-452-5696 |
International |
+61-281-990-299 |
Hong Kong |
800-963-117 |
Mainland
China |
400-602-2065 |
Conference
ID |
2198233 |
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 eight series, four e-scooter
series, including NQi, MQi and UQi with smart functions and Gova,
two urban commuter electric motorcycles series RQi and TQi, a
performance bicycle series, NIU Aero, and a kick-scooter series,
KQi. 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 6.4434 to
US$ 1.00, the exchange rate in effect as of September 30, 2021, as
set forth in the H.10 Statistical release of the Board of Governors
of the Federal Reserve System. The Company makes no representation
that the RMB or US$ amounts referred could be converted into US$ or
RMB, as the case may be, at any particular rate or at all.
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 TechnologiesJason YangInvestor Relations ManagerE-mail:
ir@niu.com
NIU TECHNOLOGIES |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
|
|
|
|
|
|
As of |
|
December 31, |
|
September 30, |
|
September 30, |
|
2020 |
|
2021 |
|
2021 |
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash |
227,004,137 |
|
|
293,949,109 |
|
|
45,620,186 |
|
Term deposits-current |
130,498,000 |
|
|
175,105,800 |
|
|
27,175,994 |
|
Restricted cash |
168,469,077 |
|
|
147,512,195 |
|
|
22,893,534 |
|
Short-term investments |
745,608,877 |
|
|
1,063,580,320 |
|
|
165,065,077 |
|
Accounts receivable, net |
101,320,063 |
|
|
63,806,419 |
|
|
9,902,601 |
|
Inventories |
142,166,179 |
|
|
304,363,682 |
|
|
47,236,503 |
|
Prepayments and other current assets |
32,832,088 |
|
|
52,482,982 |
|
|
8,145,231 |
|
Total current assets |
1,547,898,421 |
|
|
2,100,800,507 |
|
|
326,039,126 |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Term deposits-non-current |
- |
|
|
20,000,000 |
|
|
3,103,951 |
|
Property, plant and equipment, net |
199,045,061 |
|
|
366,446,253 |
|
|
56,871,567 |
|
Intangible assets, net |
5,607,101 |
|
|
4,173,937 |
|
|
647,785 |
|
Operating lease right-of-use assets, net |
- |
|
|
97,087,733 |
|
|
15,067,780 |
|
Land use rights, net |
48,835,120 |
|
|
- |
|
|
- |
|
Deferred income tax assets |
14,593,376 |
|
|
12,615,297 |
|
|
1,957,863 |
|
Other non-current assets |
30,830,304 |
|
|
2,282,018 |
|
|
354,164 |
|
Total non-current assets |
298,910,962 |
|
|
502,605,238 |
|
|
78,003,110 |
|
|
|
|
|
|
|
Total assets |
1,846,809,383 |
|
|
2,603,405,745 |
|
|
404,042,236 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Short-term bank borrowings |
180,000,000 |
|
|
140,000,000 |
|
|
21,727,659 |
|
Notes payable |
- |
|
|
101,410,228 |
|
|
15,738,621 |
|
Accounts payable |
395,826,435 |
|
|
794,735,291 |
|
|
123,340,983 |
|
Income taxes payable |
14,555,094 |
|
|
11,158,916 |
|
|
1,731,837 |
|
Advances from customers |
40,062,189 |
|
|
48,822,633 |
|
|
7,577,154 |
|
Deferred revenue-current |
21,155,634 |
|
|
30,298,439 |
|
|
4,702,244 |
|
Accrued expenses and other current liabilities |
171,657,604 |
|
|
215,884,609 |
|
|
33,504,766 |
|
Total current liabilities |
823,256,956 |
|
|
1,342,310,116 |
|
|
208,323,264 |
|
|
|
|
|
|
|
Deferred revenue-non-current |
4,176,458 |
|
|
9,708,660 |
|
|
1,506,760 |
|
Deferred income tax liabilities |
1,109,479 |
|
|
1,934,518 |
|
|
300,232 |
|
Operating lease liabilities-non-current |
- |
|
|
17,154,448 |
|
|
2,662,329 |
|
Other non-current
liabilities |
24,892,246 |
|
|
21,670,969 |
|
|
3,363,281 |
|
Total non-current liabilities |
30,178,183 |
|
|
50,468,595 |
|
|
7,832,602 |
|
|
|
|
|
|
|
Total liabilities |
853,435,139 |
|
|
1,392,778,711 |
|
|
216,155,866 |
|
|
|
|
|
|
|
SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
Class A ordinary shares |
87,300 |
|
|
89,019 |
|
|
13,816 |
|
Class B ordinary shares |
11,202 |
|
|
10,316 |
|
|
1,601 |
|
Additional paid-in
capital |
1,801,940,071 |
|
|
1,842,866,291 |
|
|
286,008,364 |
|
Accumulated other
comprehensive loss |
(43,016,027 |
) |
|
(44,863,957 |
) |
|
(6,962,777 |
) |
Accumulated deficit |
(765,648,302 |
) |
|
(587,474,635 |
) |
|
(91,174,634 |
) |
Total shareholders’
equity |
993,374,244 |
|
|
1,210,627,034 |
|
|
187,886,370 |
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity |
1,846,809,383 |
|
|
2,603,405,745 |
|
|
404,042,236 |
|
|
|
|
|
|
|
NIU TECHNOLOGIES |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
RMB |
|
RMB |
US$ |
|
RMB |
|
RMB |
US$ |
Revenues |
894,464,268 |
|
|
1,226,396,601 |
|
190,333,768 |
|
|
1,772,339,186 |
|
|
2,718,478,176 |
|
421,901,198 |
|
Cost of revenues(a) |
(707,360,744 |
) |
|
(981,194,347 |
) |
(152,278,975 |
) |
|
(1,382,236,093 |
) |
|
(2,128,206,848 |
) |
(330,292,524 |
) |
Gross
profit |
187,103,524 |
|
|
245,202,254 |
|
38,054,793 |
|
|
390,103,093 |
|
|
590,271,328 |
|
91,608,674 |
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses(a) |
(50,837,916 |
) |
|
(89,848,749 |
) |
(13,944,307 |
) |
|
(140,614,281 |
) |
|
(232,240,624 |
) |
(36,043,180 |
) |
Research and development
expenses(a) |
(28,899,391 |
) |
|
(33,738,673 |
) |
(5,236,160 |
) |
|
(75,611,663 |
) |
|
(90,195,590 |
) |
(13,998,136 |
) |
General and administrative
expenses(a) |
(27,520,025 |
) |
|
(29,618,276 |
) |
(4,596,684 |
) |
|
(74,779,905 |
) |
|
(98,117,499 |
) |
(15,227,597 |
) |
Total operating
expenses |
(107,257,332 |
) |
|
(153,205,698 |
) |
(23,777,151 |
) |
|
(291,005,849 |
) |
|
(420,553,713 |
) |
(65,268,913 |
) |
Government grants |
1,110,121 |
|
|
10,600,000 |
|
1,645,094 |
|
|
9,202,371 |
|
|
32,456,842 |
|
5,037,223 |
|
Operating
income |
80,956,313 |
|
|
102,596,556 |
|
15,922,736 |
|
|
108,299,615 |
|
|
202,174,457 |
|
31,376,984 |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
(1,860,930 |
) |
|
(1,527,066 |
) |
(236,997 |
) |
|
(5,609,889 |
) |
|
(4,901,414 |
) |
(760,688 |
) |
Interest income |
1,705,239 |
|
|
990,553 |
|
153,731 |
|
|
7,073,118 |
|
|
3,837,418 |
|
595,558 |
|
Investment income |
4,312,634 |
|
|
6,669,406 |
|
1,035,076 |
|
|
8,208,884 |
|
|
14,840,405 |
|
2,303,195 |
|
Income before income
taxes |
85,113,256 |
|
|
108,729,449 |
|
16,874,546 |
|
|
117,971,728 |
|
|
215,950,866 |
|
33,515,049 |
|
Income tax expense |
(5,106,812 |
) |
|
(17,017,065 |
) |
(2,641,007 |
) |
|
(7,514,361 |
) |
|
(37,777,199 |
) |
(5,862,929 |
) |
Net
income |
80,006,444 |
|
|
91,712,384 |
|
14,233,539 |
|
|
110,457,367 |
|
|
178,173,667 |
|
27,652,120 |
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss) |
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustment |
(21,210,855 |
) |
|
1,728,517 |
|
268,262 |
|
|
(14,663,948 |
) |
|
(2,576,512 |
) |
(399,868 |
) |
Unrealized gain (loss) on
available for sale securities, net |
1,033,589 |
|
|
(369,258 |
) |
(57,308 |
) |
|
2,199,260 |
|
|
728,582 |
|
113,074 |
|
Comprehensive
income |
59,829,178 |
|
|
93,071,643 |
|
14,444,493 |
|
|
97,992,679 |
|
|
176,325,737 |
|
27,365,326 |
|
Net income per
ordinary share |
|
|
|
|
|
|
|
|
|
—Basic |
0.53 |
|
|
0.60 |
|
0.09 |
|
|
0.73 |
|
|
1.16 |
|
0.18 |
|
—Diluted |
0.50 |
|
|
0.57 |
|
0.09 |
|
|
0.71 |
|
|
1.11 |
|
0.17 |
|
Net income per
ADS |
|
|
|
|
|
|
|
|
|
—Basic |
1.06 |
|
|
1.19 |
|
0.18 |
|
|
1.47 |
|
|
2.32 |
|
0.36 |
|
—Diluted |
1.01 |
|
|
1.15 |
|
0.18 |
|
|
1.41 |
|
|
2.22 |
|
0.34 |
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of ordinary shares and ordinary shares equivalents
outstanding used in computing net income per ordinary
share |
—Basic |
151,421,638 |
|
|
153,933,264 |
|
153,933,264 |
|
|
150,478,559 |
|
|
153,431,962 |
|
153,431,962 |
|
—Diluted |
158,776,078 |
|
|
159,943,770 |
|
159,943,770 |
|
|
156,297,293 |
|
|
160,327,408 |
|
160,327,408 |
|
Weighted
average number of ADS outstanding used in computing net income per
ADS |
|
|
|
—Basic |
75,710,819 |
|
|
76,966,632 |
|
76,966,632 |
|
|
75,239,280 |
|
|
76,715,981 |
|
76,715,981 |
|
—Diluted |
79,388,039 |
|
|
79,971,885 |
|
79,971,885 |
|
|
78,148,647 |
|
|
80,163,704 |
|
80,163,704 |
|
|
|
|
|
|
|
|
|
|
|
Note: |
|
|
|
|
|
|
|
|
|
(a) Includes share-based
compensation expense as follows: |
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
RMB |
|
RMB |
US$ |
|
RMB |
|
RMB |
US$ |
Cost of revenues |
192,396 |
|
|
223,427 |
|
34,675 |
|
|
479,900 |
|
|
589,929 |
|
91,556 |
|
Selling and marketing
expenses |
2,782,878 |
|
|
3,310,173 |
|
513,731 |
|
|
7,273,878 |
|
|
9,319,492 |
|
1,446,362 |
|
Research and development
expenses |
2,986,491 |
|
|
4,190,424 |
|
650,344 |
|
|
8,068,468 |
|
|
12,475,887 |
|
1,936,227 |
|
General and administrative
expenses |
4,595,381 |
|
|
2,771,071 |
|
430,063 |
|
|
13,397,158 |
|
|
12,294,489 |
|
1,908,075 |
|
Total share-based
compensation expense |
10,557,146 |
|
|
10,495,095 |
|
1,628,813 |
|
|
29,219,404 |
|
|
34,679,797 |
|
5,382,220 |
|
|
|
|
|
|
|
|
|
|
|
NIU TECHNOLOGIES |
RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
RMB |
|
RMB |
US$ |
|
RMB |
|
RMB |
US$ |
Net
Income |
80,006,444 |
|
91,712,384 |
14,233,539 |
|
110,457,367 |
|
178,173,667 |
27,652,120 |
Add: |
|
|
|
|
|
|
|
|
|
Share-based compensation
expense |
10,557,146 |
|
10,495,095 |
1,628,813 |
|
29,219,404 |
|
34,679,797 |
5,382,220 |
Adjusted net
income |
90,563,590 |
|
102,207,479 |
15,862,352 |
|
139,676,771 |
|
212,853,464 |
33,034,340 |
|
|
|
|
|
|
|
|
|
|
_________________________
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
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