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 first quarter 2021.
First Quarter 2021 Financial Highlights
- Revenues were RMB 547.3 million, an increase
of 135.0% year over year
- Gross margin was 23.8%, compared with 23.6% in
the first quarter of last year
- Net loss was RMB 5.4 million, compared with
net loss of RMB 26.4 million in the first quarter of last year
- Adjusted net income (non-GAAP)1 was RMB 6.7
million, compared with adjusted net loss of RMB 18.6 million in the
first quarter of last year
First Quarter 2021 Operating Highlights
- The number of e-scooters sold reached 149,649, up 272.6% year
over year
- The number of e-scooters sold in China reached 144,654, up
321.5% year over year
- The number of e-scooters sold in the international markets
reached 4,995, down 14.5% year over year
- The number of franchised stores in China was 1,916, an increase
of 300 since December 31, 2020
- International sales network expanded to 39 distributors
covering 48 countries
Dr. Yan Li, Chief Executive Officer of the Company, commented:
“Our sales volume increased by 272.6% in the first quarter driven
by retail network expansion and effective branding and marketing
activities in China. The international sales volume however
decreased mainly due to COVID-19, especially the recent lockdowns
in Europe, and a more challenging environment for international
shipping. Since April, the international markets began to recover
gradually, and we delivered approximately 3,800 units in
April”.
Dr. Li continued, “on April 6th, we launched 4 new products, F0,
F2, F4 and C0 models, in the e-scooter category mainly for the
China market, and one new product series, the KQi, entering the
kick-scooter category mainly for international markets. We began
the pre-sale for the F0 model from April 6th and received more than
41,000 orders throughout April. Considering the recent raw
materials cost increase, on May 6th, we increased retail sales
price by RMB 100 to 300, or 1.5% to 7.5% for selected models in
China market and we may do so for additional models with
performance upgrades in the coming months. We are very excited
about the growth prospective of our business and look forward to
the continued growth.”
First Quarter 2021 Financial Results
Revenues were RMB 547.3 million, an increase of
135.0% year over year, due to higher sales volume of 272.6%,
partially offset by decreased revenues per e-scooter of 35.8%. The
following table shows the revenues breakdown and revenues per
e-scooter in the periods presented:
Revenues (in RMB million) |
|
2021Q1 |
|
2020Q1 |
|
% change YoY |
E-scooter sales from China market |
|
406.3 |
|
132.2 |
|
+207.3% |
E-scooter sales from
international markets |
|
38.9 |
|
53.8 |
|
-27.7% |
E-scooter sales, sub-total |
|
445.2 |
|
186.0 |
|
+139.3% |
Accessories, spare parts and services |
|
102.1 |
|
46.9 |
|
+117.6% |
Total |
|
547.3 |
|
232.9 |
|
+135.0% |
Revenues per e-scooter(in
RMB) |
|
2021Q1 |
|
2020Q1 |
|
% changeYoY |
E-scooter sales from China market2 |
|
2,809 |
|
3,853 |
|
-27.1% |
E-scooter sales from international markets2 |
|
7,786 |
|
9,203 |
|
-15.4% |
E-scooter sales |
|
2,975 |
|
4,632 |
|
-35.8% |
Accessories, spare parts and services3 |
|
682 |
|
1,168 |
|
-41.6% |
Revenues per e-scooter |
|
3,657 |
|
5,800 |
|
-36.9% |
- E-scooter sales revenues from China market were RMB 406.3
million, an increase of 207.3%, and represented 91.3% of total
e-scooter revenues. The increase was mainly driven by retail
network expansion and effective branding and marketing activities
in China.
- E-scooter sales revenues from international markets were RMB
38.9 million, a decrease of 27.7%, and represented 8.7% of total
e-scooter revenues. The decrease was mainly caused by COVID-19 and
by a more challenging environment for international shipping.
- Accessories, spare parts and services revenues were RMB 102.1
million, an increase of 117.6% and represented 18.7% of total
revenues. The increase was mainly driven by higher e-scooter sales
volume in China and higher spare parts sales from international
markets.
- Decreased revenues per e-scooter was mainly due to 1) in China
market, the sales of product G0 which has a lower sales price
compared with other models; 2) in international markets, the
depreciation of US dollar against RMB and 3) lower revenues per
e-scooter from accessories, spare parts and services as a result of
the much faster growth in e-scooters sales volume this quarter,
especially considering the low sales volume in Q1 2020 due to the
impact of COVID-19. Comparing with Q4 2020, the revenues per
e-scooter from accessories, spare parts and services increased by
8.4%.
Cost of revenues was RMB 417.0 million, an
increase of 134.2% 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 2,787, down 37.1% from RMB 4,433 in the first quarter 2020
mainly due to change in product mix.
Gross margin was 23.8%, compared with 23.6% in
the same period of 2020. The increase was mainly due to cost
savings, partially offset by change in product mix.
Operating expenses were RMB 130.4 million, an
increase of 43.1% from the same period of 2020. Operating expenses
as a percentage of revenues was 23.8%, compared with 39.1% in the
first quarter of 2020.
- Selling and marketing expenses were RMB 73.5
million (including RMB 3.0 million of share-based compensation), an
increase of 66.4% from RMB 44.2 million in the first quarter of
2020. The increase was mainly due to the increase in advertising
and promotion expense of RMB 20.3 million, the increase in
depreciation and amortization expense of RMB 4.2 million which was
due to opening of new franchised stores, the increase in staff cost
of RMB 2.7 million, the increase of share-based compensation
expenses of RMB 1.4 million, and the increase of online sales
promotion expense of RMB 0.4 million. Selling and marketing
expenses as a percentage of revenues was 13.4% compared with 19.0%
in the first quarter of 2020.
- Research and development expenses were RMB
25.6 million (including RMB 4.0 million of share-based
compensation), an increase of 12.6% from RMB 22.7 million in the
first quarter of 2020, mainly due to the increase in staff cost of
RMB 4.3 million, the increase in share-based compensation expenses
of RMB 2.0 million, and the increase in depreciation and
amortization expense and professional fee of RMB 0.4 million. The
higher expenses were partially offset by the decrease in design
expense of RMB 4.2 million. Research and development expenses as a
percentage of revenues was 4.7%, compared with 9.8% in the first
quarter of 2020.
- General and administrative expenses were RMB
31.3 million (including RMB 4.8 million of share-based
compensation), an increase of 29.1% from RMB 24.2 million in the
first quarter of 2020, mainly due to the increase in foreign
currency exchange loss of RMB 5.7 million, the increase in staff
cost of RMB 1.6 million, and the increase in tax and surcharges of
RMB 1.3 million. The higher expenses were partially offset by the
decrease of rental expense of RMB 1.4 million. General and
administrative expenses as a percentage of revenues was 5.7%,
compared with 10.4% in the first quarter of 2020.
Operating expenses excluding share-based
compensation were RMB 118.6 million, increased by 42.0%
year over year, and represented 21.7% of revenues, compared with
35.8% in the first quarter of 2020.
- Selling and marketing expenses excluding share-based
compensation were RMB 70.5 million, an increase of 65.6%
year over year, and represented 12.9% of revenues, compared with
18.3% in the first quarter of 2020.
- Research and development expenses excluding share-based
compensation were RMB 21.6 million, an increase of 4.1%
year over year, and represented 3.9% of revenues, compared with
8.9% in the first quarter of 2020.
- General and administrative expenses excluding
share-based compensation were RMB 26.5 million, an
increase of 31.3% year over year, and represented 4.8% of revenues,
compared with 8.7% in the first quarter of 2020.
Government grants were RMB 0.4 million,
decreased by RMB 6.9 million from the same period of 2020.
Share-based compensation was RMB 12.1 million,
an increase of RMB 4.3 million from the same period of 2020.
Income tax expense was RMB 9.2 million,
compared with income tax benefit of RMB 0.2 million in the same
period of 2020.Net loss was RMB 5.4 million,
compared with net loss of RMB 26.4 million in the first quarter of
2020. The net loss margin was 1.0%, compared with net loss margin
of 11.3% in the same period of 2020.
Adjusted net income (non-GAAP) was RMB 6.7
million, compared with adjusted net loss (non-GAAP) of RMB 18.6
million in the first quarter of 2020. The adjusted net income
margin4 was 1.2%, compared with adjusted net loss margin of 8.0% in
the same period of 2020.
Basic and diluted net loss per ADS were both
RMB 0.07 (US$ 0.01).Balance SheetAs of March 31,
2021, the Company had cash, term deposits and short-term
investments of RMB 1,019.6 million in aggregate. The
Company had restricted cash of RMB 178.3 million and short-term
bank borrowings of RMB 180.0 million.
Business OutlookNIU expects revenues of the
second quarter 2021 to be in the range of RMB 900 million to RMB
1,030 million, representing a year-over-year increase of 40% to
60%.
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, May
17, 2021 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong
Time) to discuss its first 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 First Quarter 2021 Earnings Conference Call |
|
Registration
Link: |
http://apac.directeventreg.com/registration/event/4984085 |
|
Conference
ID: |
4984085 |
|
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 May 25, 2021.
United States |
+1-855-452-5696 |
International |
+61-281-990-299 |
Hong Kong |
800-963-117 |
Mainland
China |
400-602-2065 |
Conference
ID |
4984085 |
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 6.5518 to
US$ 1.00, the exchange rate in effect as of March 31, 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, |
|
March 31, |
|
March 31, |
|
2020 |
|
2021 |
|
2021 |
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash |
227,004,137 |
|
|
182,793,981 |
|
|
27,899,811 |
|
Term deposits-current |
130,498,000 |
|
|
131,426,000 |
|
|
20,059,526 |
|
Restricted cash |
168,469,077 |
|
|
178,251,503 |
|
|
27,206,493 |
|
Short-term investments |
745,608,877 |
|
|
635,375,784 |
|
|
96,977,286 |
|
Accounts receivable, net |
101,320,063 |
|
|
42,574,776 |
|
|
6,498,180 |
|
Inventories |
142,166,179 |
|
|
173,086,301 |
|
|
26,418,130 |
|
Prepayments and other current assets |
32,832,088 |
|
|
74,022,879 |
|
|
11,298,098 |
|
Total current assets |
1,547,898,421 |
|
|
1,417,531,224 |
|
|
216,357,524 |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Term deposits-non-current |
- |
|
|
70,000,000 |
|
|
10,684,087 |
|
Property, plant and equipment, net |
199,045,061 |
|
|
258,115,017 |
|
|
39,396,046 |
|
Intangible assets, net |
5,607,101 |
|
|
5,158,432 |
|
|
787,331 |
|
Operating lease right-of-use assets, net |
- |
|
|
103,448,824 |
|
|
15,789,375 |
|
Land use rights, net |
48,835,120 |
|
|
- |
|
|
- |
|
Deferred income tax assets |
14,593,376 |
|
|
13,287,411 |
|
|
2,028,055 |
|
Other non-current assets |
30,830,304 |
|
|
3,256,884 |
|
|
497,098 |
|
Total non-current assets |
298,910,962 |
|
|
453,266,568 |
|
|
69,181,992 |
|
|
|
|
|
|
|
Total assets |
1,846,809,383 |
|
|
1,870,797,792 |
|
|
285,539,516 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Short-term bank borrowings |
180,000,000 |
|
|
180,000,000 |
|
|
27,473,366 |
|
Accounts payable |
395,826,435 |
|
|
352,517,661 |
|
|
53,804,704 |
|
Income taxes payable |
14,555,094 |
|
|
1,239,773 |
|
|
189,226 |
|
Advances from customers |
40,062,189 |
|
|
53,157,038 |
|
|
8,113,349 |
|
Deferred revenue-current |
21,155,634 |
|
|
22,855,386 |
|
|
3,488,413 |
|
Accrued expenses and other current liabilities |
171,657,604 |
|
|
206,997,180 |
|
|
31,593,941 |
|
Total current liabilities |
823,256,956 |
|
|
816,767,038 |
|
|
124,662,999 |
|
|
|
|
|
|
|
Deferred revenue-non-current |
4,176,458 |
|
|
5,226,689 |
|
|
797,749 |
|
Deferred income tax liabilities |
1,109,479 |
|
|
1,263,338 |
|
|
192,823 |
|
Operating lease liabilities-non-current |
- |
|
|
19,499,249 |
|
|
2,976,167 |
|
Other non-current
liabilities |
24,892,246 |
|
|
24,773,991 |
|
|
3,781,251 |
|
Total non-current liabilities |
30,178,183 |
|
|
50,763,267 |
|
|
7,747,990 |
|
|
|
|
|
|
|
Total liabilities |
853,435,139 |
|
|
867,530,305 |
|
|
132,410,989 |
|
|
|
|
|
|
|
SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
Class A ordinary shares |
87,300 |
|
|
87,423 |
|
|
13,343 |
|
Class B ordinary shares |
11,202 |
|
|
11,202 |
|
|
1,710 |
|
Additional paid-in
capital |
1,801,940,071 |
|
|
1,814,102,842 |
|
|
276,886,175 |
|
Accumulated other
comprehensive loss |
(43,016,027 |
) |
|
(39,912,111 |
) |
|
(6,091,778 |
) |
Accumulated deficit |
(765,648,302 |
) |
|
(771,021,869 |
) |
|
(117,680,923 |
) |
Total shareholders’
equity |
993,374,244 |
|
|
1,003,267,487 |
|
|
153,128,527 |
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity |
1,846,809,383 |
|
|
1,870,797,792 |
|
|
285,539,516 |
|
|
|
|
|
|
|
|
NIU TECHNOLOGIES |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS) |
|
|
|
|
|
|
Three Months Ended March 31, |
|
2020 |
|
2021 |
|
RMB |
|
RMB |
US$ |
Revenues |
232,940,508 |
|
|
547,336,565 |
|
83,539,877 |
|
Cost of revenues(a) |
(178,023,007 |
) |
|
(417,002,269 |
) |
(63,646,978 |
) |
Gross
profit |
54,917,501 |
|
|
130,334,296 |
|
19,892,899 |
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
Selling and marketing
expenses(a) |
(44,172,610 |
) |
|
(73,518,484 |
) |
(11,221,112 |
) |
Research and development
expenses(a) |
(22,735,585 |
) |
|
(25,609,234 |
) |
(3,908,733 |
) |
General and administrative
expenses(a) |
(24,249,242 |
) |
|
(31,313,799 |
) |
(4,779,419 |
) |
Total operating
expenses |
(91,157,437 |
) |
|
(130,441,517 |
) |
(19,909,264 |
) |
Government grants |
7,265,883 |
|
|
352,342 |
|
53,778 |
|
Operating income
(loss) |
(28,974,053 |
) |
|
245,121 |
|
37,413 |
|
|
|
|
|
|
Interest expense |
(2,172,474 |
) |
|
(1,732,700 |
) |
(264,462 |
) |
Interest income |
2,989,437 |
|
|
1,216,578 |
|
185,686 |
|
Investment income |
1,593,055 |
|
|
4,128,940 |
|
630,199 |
|
Income (loss) before
income taxes |
(26,564,035 |
) |
|
3,857,939 |
|
588,836 |
|
Income tax benefit
(expense) |
188,109 |
|
|
(9,231,506 |
) |
(1,409,003 |
) |
Net loss |
(26,375,926 |
) |
|
(5,373,567 |
) |
(820,167 |
) |
|
|
|
|
|
Other comprehensive
loss |
|
|
|
|
Foreign currency translation
adjustment |
6,486,957 |
|
|
2,903,736 |
|
443,197 |
|
Unrealized gain on available
for sale securities, net |
523,696 |
|
|
200,180 |
|
30,553 |
|
Comprehensive
loss |
(19,365,273 |
) |
|
(2,269,651 |
) |
(346,417 |
) |
Net loss per ordinary
share |
|
|
|
|
—Basic |
(0.18 |
) |
|
(0.04 |
) |
(0.01 |
) |
—Diluted |
(0.18 |
) |
|
(0.04 |
) |
(0.01 |
) |
Net loss per
ADS |
|
|
|
|
—Basic |
(0.35 |
) |
|
(0.07 |
) |
(0.01 |
) |
—Diluted |
(0.35 |
) |
|
(0.07 |
) |
(0.01 |
) |
|
|
|
|
|
Weighted
average number of ordinary shares and ordinary shares equivalents
outstanding used in computing net loss per ordinary
share |
|
—Basic |
149,701,680 |
|
|
152,645,455 |
|
152,645,455 |
|
—Diluted |
149,701,680 |
|
|
152,645,455 |
|
152,645,455 |
|
Weighted
average number of ADS outstanding used in computing net loss per
ADS |
|
|
|
—Basic |
74,850,840 |
|
|
76,322,728 |
|
76,322,728 |
|
—Diluted |
74,850,840 |
|
|
76,322,728 |
|
76,322,728 |
|
|
|
|
|
|
Note: |
|
|
|
|
(a) Includes share-based
compensation expense as follows: |
|
|
|
|
|
Three Months Ended March 31, |
|
2020 |
|
|
2021 |
|
|
RMB |
|
RMB |
US$ |
Cost of revenues |
76,622 |
|
|
183,337 |
|
27,983 |
|
Selling and marketing
expenses |
1,602,642 |
|
|
3,031,862 |
|
462,753 |
|
Research and development
expenses |
1,972,691 |
|
|
4,001,487 |
|
610,746 |
|
General and administrative
expenses |
4,084,222 |
|
|
4,837,552 |
|
738,355 |
|
Total share-based
compensation expense |
7,736,177 |
|
|
12,054,238 |
|
1,839,837 |
|
|
|
|
|
|
|
NIU TECHNOLOGIES |
RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
|
|
|
|
|
|
Three Months Ended December 31, |
|
2020 |
|
|
2021 |
|
|
RMB |
|
RMB |
US$ |
Net loss |
(26,375,926 |
) |
|
(5,373,567 |
) |
(820,167 |
) |
Add: |
|
|
|
|
Share-based compensation
expense |
7,736,177 |
|
|
12,054,238 |
|
1,839,837 |
|
Adjusted net income
(loss) |
(18,639,749 |
) |
|
6,680,671 |
|
1,019,670 |
|
_________________________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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