-- Fourth Quarter Total Volume of e-scooter sales up 58.3% year over year

-- Fourth Quarter Revenues of RMB 986.1 million, up 46.7% year over year

-- Fourth Quarter Net Income of RMB 47.6 million, compared with RMB 58.2 million in the same period of last year

-- Full Year Total volume of e-scooter sales up 72.5% year over year

-- Full Year Revenues of RMB 3,704.5 million, up 51.6% year over year

-- Full Year Net income of RMB 225.8 million, compared with net income of RMB 168.7 million in 2020

BEIJING, China, March 07, 2022 (GLOBE NEWSWIRE) -- Niu Technologies (“NIU”, or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today announced its financial results for the fourth quarter and full year ended December 31, 2021.

Fourth Quarter 2021 Financial Highlights

  • Revenues were RMB 986.1 million, an increase of 46.7% year over year
  • Gross margin was 22.6%, compared with 25.2% in the fourth quarter of last year
  • Net income was RMB 47.6 million, a decrease of 18.1% compared with RMB 58.2 million in the fourth quarter of last year
  • Adjusted net income (non-GAAP)1 was RMB 60.2 million, a decrease of 12.2% compared with RMB 68.6 million in the fourth quarter of last year

Fourth Quarter 2021 Operating Highlights

  • The number of e-scooters sold reached 238,188, up 58.3% year over year
  • The number of e-scooters sold in China reached 205,239, up 49.2% year over year
  • The number of e-scooters sold in the international markets was 32,949, up 155.8% year over year
  • The number of franchised stores in China was 3,108 as of December 31, 2021, an increase of 422 from September 30, 2021
  • International sales network expanded to 42 distributors covering 50 countries

Dr. Yan Li, Chief Executive Officer of the Company, commented: “We are very pleased to see another quarter of outstanding performance with 49.2% and 155.8% increase in domestic and international sales volume, respectively, amid weaker economic conditions. We further expanded our retail sales network in China and opened 422 stores during the fourth quarter. We expect our sales volume and market penetration rate will continue to increase in 2022 as we execute on growth strategy and further diversify our product offerings and expand our sales network.”

Dr. Li continued, “In Q4, we successfully delivered 14,916 units of kick-scooters in the international markets. Furthermore, we debuted five exciting new products at EICMA 2021 in Milan for the global markets, including our most powerful 125cc electric moped, the MQiGT-EVO, our first 150cc hybrid moped, the YQi, our e-bike BQi and two additional KQi series kick scooters. The launch of these new products demonstrated our continued commitment in global sustainable micro-mobility markets. We believe our diversified product portfolio and omnichannel retail network position us favorably for 2022 and beyond.”

Fourth Quarter 2021 Financial Results

Revenues were RMB 986.1 million, an increase of 46.7% year over year, due to 58.3% higher sales volume, partially offset by decreased revenues per e-scooter of 7.3%. The following table shows the revenues breakdown and revenues per e-scooter in the periods presented:

Revenues
(in RMB million)		 2021
Q4		 2020
Q4		 % change
YoY
E-scooter sales from China market 682.7 461.7 +47.9%
E-scooter sales from international markets 189.4 115.6 +63.8%
E-scooter sales, sub-total 872.1 577.3 +51.1%
Accessories, spare parts and services 114.0 94.7 +20.4%
Total 986.1 672.0 +46.7%


Revenues per e-scooter
(in RMB)		 2021
Q4		 2020
Q4		 % change
YoY
E-scooter sales from China market2 3,326 3,355 -0.9%
E-scooter sales from international markets2 5,749 8,979 -36.0%
E-scooter sales 3,661 3,837 -4.6%
Accessories, spare parts and services3   479   629 -23.8%
Revenues per e-scooter 4,140 4,466 -7.3%
  • E-scooter sales revenues from China market were RMB 682.7 million, an increase of 47.9%, and represented 78.3% 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 189.4 million, an increase of 63.8%, and represented 21.7% of total e-scooter revenues. The increase was mainly due to the launch of our new e-motorcycles and sales of kick-scooter in overseas markets.
  • Accessories, spare parts sales and services revenues were RMB 114.0 million, an increase of 20.4% and represented 11.6% of total revenues. The increase was mainly driven by higher battery pack sales from overseas shared mobility operators.
  • The decrease of revenues per e-scooter was mainly due to sales of kick-scooters which has a lower average sales price compared with that of other e-scooters.

Cost of revenues was RMB 763.6 million, an increase of 51.8% 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 3,206, down 4.1% from RMB 3,343 in the fourth quarter 2020, mainly due to sales of kick-scooters which has a lower average cost compared with that of other e-scooters.

Gross margin was 22.6%, compared with 25.2% in the same period of 2020. The decrease was mainly due to higher raw material cost and different product mix.

Operating expenses were RMB 188.5 million, an increase of 57.1% from the same period of 2020. Operating expenses as a percentage of revenues was 19.1%, compared with 17.8% in the fourth quarter of 2020.

  • Selling and marketing expenses were RMB 99.8 million (including RMB 4.0 million of share-based compensation), an increase of 65.9% from RMB 60.1 million in the fourth quarter of 2020. The increase was mainly due to the increase in advertising and promotion expense of RMB 17.3 million, the increase in depreciation and amortization expense of RMB 13.2 million as a result of opening new franchised stores, and the increase in staff cost of RMB 9.7 million. Selling and marketing expenses as a percentage of revenues was 10.1% compared with 9.0% in the fourth quarter of 2020.
  • Research and development expenses were RMB 45.0 million (including RMB 4.6 million of share-based compensation), an increase of 51.5% from RMB 29.7 million in the fourth quarter of 2020, mainly due to the increase of professional fee for system development of RMB 7.5 million, the increase in staff cost of RMB 6.4 million, and the increase in share-based compensation expenses of RMB 1.7 million. Research and development expenses as a percentage of revenues was 4.6%, compared with 4.4% in the fourth quarter of 2020.
  • General and administrative expenses were RMB 43.7 million (including RMB 3.7 million of share-based compensation), an increase of 45.2% from RMB 30.1 million in the fourth quarter of 2020, mainly due to the increase in financial service fee of RMB 9.7 million, the increase in staff cost of RMB 5.0 million and the increase in provision for credit losses of RMB 0.9 million, partially offset by the decrease in rental expenses of RMB 1.8 million. General and administrative expenses as a percentage of revenues was 4.4%, compared with 4.5% in the fourth quarter of 2020.

Operating expenses excluding share-based compensation were RMB 176.2 million, increased by 60.6% year over year, and represented 17.9% of revenues, compared with 16.3% in the fourth quarter of 2020.

  • Selling and marketing expenses excluding share-based compensation were RMB 95.8 million, an increase of 66.7% year over year, and represented 9.7% of revenues, compared with 8.6% in the fourth quarter of 2020.
  • Research and development expenses excluding share-based compensation were RMB 40.4 million, an increase of 50.5% year over year, and represented 4.1% of revenues, compared with 4.0% in the fourth quarter of 2020.
  • General and administrative expenses excluding share-based compensation were RMB 40.0 million, an increase of 57.5% year over year, and represented 4.1% of revenues, compared with 3.8% in the fourth quarter of 2020.

Government grants were RMB 16.3 million, increased by RMB 3.0 million from the same period of 2020.

Share-based compensation was RMB 12.5 million, compared with RMB 10.4 million in the same period of 2020.

Income tax expense was RMB 9.3 million, compared with RMB 13.6 million in the same period of 2020.

Net income was RMB 47.6 million, compared with RMB 58.2 million in the fourth quarter of 2020. The net income margin was 4.8%, compared with 8.7% in the same period of 2020.

Adjusted net income (non-GAAP) was RMB 60.2 million, compared with RMB 68.6 million in the fourth quarter of 2020. The adjusted net income margin4 was 6.1%, compared with 10.2% in the same period of 2020.

Basic and diluted net income per ADS were RMB 0.62 (US$ 0.10) and RMB 0.60 (US$ 0.09), respectively.

Full Year 2021 Financial Results

Revenues were RMB 3,704.5 million, an increase of 51.6% year over year, mainly driven by 72.5% increases in e-scooter sales volume. E-scooter sales revenues from China market represented 89.9% of our total revenues from e-scooter sales, and e-scooter sales revenues from overseas markets represented 10.1% of our total revenues from e-scooter sales. The following table shows the revenues breakdown and revenues per e-scooter in the periods presented:

Revenues
(in RMB million)		 2021
Full Year		 2020
Full Year		 % change
YoY
E-scooter sales from China market 2,923.9 1,857.3 +57.4%
E-scooter sales from international markets 329.1 286.0 +15.1%
E-scooter sales, sub-total 3,253.0 2,143.3 +51.8%
Accessories, spare parts and services 451.5 301.0 +50.0%
Total 3,704.5 2,444.3 +51.6%


Revenues per e-scooter
(in RMB)		 2021
Full Year		 2020
Full Year		 % change
YoY
E-scooter sales from China market2 2,959 3,246 -8.8%
E-scooter sales from international markets2 6,597 9,694 -31.9%
E-scooter sales 3,134 3,562 -12.0%
Accessories, spare parts and services3 435 500 -13.0%
Revenues per e-scooter 3,569 4,062 -12.1%

Cost of revenues were RMB 2,891.8 million, an increase of 53.4% year over year, mainly driven by 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 2,786, down 11.1% from RMB 3,133 in 2020.

Gross margin was 21.9%, decreased from 22.9% in 2020, mainly due to higher raw material cost and change in product mix as a result of the launch of various new products.

Operating expenses were RMB 609.0 million, an increase of 48.2% from RMB 411.0 million in 2020. Operating expenses as a percentage of revenues was 16.4%, compared with 16.8% in 2020.

Operating expenses excluding share-based compensation were RMB 562.7 million, an increase of 51.3% year over year, and represented 15.2% of revenues, compared with 15.2% in 2020.

Government grants were RMB 48.7 million, increased by 26.3 million compared with the year of 2020.

Share-based compensation was RMB 47.2 million, an increase of RMB 7.6 million from RMB 39.6 million in 2020.

Income tax expense was RMB 47.0 million, an increase of RMB 25.9 million from the RMB 21.1 million in 2020.

Net income was RMB 225.8 million, an increase of RMB 57.1 million from a net income of RMB 168.7 million in 2020. The net income margin was 6.1%, compared with 6.9% in 2020.

Adjusted net income (non-GAAP) was RMB 273.0 million, compared with an adjusted net income of RMB 208.3 million in 2020. The adjusted net income margin4 was 7.4% in 2021, compared with an adjusted net income margin of 8.5% in 2020.

Basic and diluted net income per ADS were RMB 2.94 (US$ 0.46) and RMB 2.81 (US$ 0.44) respectively.

Balance Sheet
As of December 31, 2021, the Company had cash, term deposits and short-term investments of RMB 1,113.6 million in aggregate. The Company had restricted cash of RMB 224.0 million and short-term bank borrowings of RMB 180.0 million.

Business Outlook
NIU expects revenues of the first quarter 2022 to be in the range of RMB 657 million to RMB 712 million, representing a year-over-year increase of 20% to 30%. NIU expects the sales volume for full year 2022 to be in the range of 1.5 million to 1.7 million units, representing a year-over-year increase of 45% to 64%.

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, March 7, 2022 at 8:00 AM U.S. Eastern Time (9:00 PM Beijing/Hong Kong Time) to discuss its fourth quarter and full year 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 Fourth Quarter and Full Year 2021 Earnings Conference Call
Registration Link:http://apac.directeventreg.com/registration/event/9290059
Conference ID:9290059

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 March 14, 2022.

United States+1-855-452-5696
International+61-281-990-299
Hong Kong800-963-117
Mainland China400-602-2065
Conference ID9290059

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 ten series, four e-scooter series, including NQi, MQi and UQi and Gova, two urban commuter electric motorcycles series RQi and TQi, a hybrid motorcycles series YQi, a performance bicycle series NIU Aero, two micro-mobility series, the kick-scooter series, KQi, and the e-bike series, BQi. 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 6.3726 to US$ 1.00, the exchange rate in effect as of December 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 Technologies
E-mail: ir@niu.com
　　

NIU TECHNOLOGIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
　　　　　　
　As of
　December 31,　December 31,　December 31,
　2020 　2021 　2021 
　 RMB 　 RMB 　US$
ASSETS　　　　　
Current assets　　　　　
Cash227,004,137 　208,373,759 　32,698,390 
Term deposits-current130,498,000 　95,635,500 　15,007,297 
Restricted cash168,469,077 　223,971,197 　35,145,968 
Short-term investments745,608,877 　773,678,455 　121,407,032 
Accounts receivable, net101,320,063 　268,557,176 　42,142,481 
Inventories142,166,179 　269,637,042 　42,311,936 
Prepayments and other current assets32,832,088 　56,061,263 　8,797,236 
Total current assets 1,547,898,421  　 1,895,914,392  　 297,510,340  
　　　　　　
Non-current assets　　　　　
Term deposits-non-current- 　35,939,250 　5,639,653 
Property, plant and equipment, net199,045,061 　397,215,911 　62,331,844 
Intangible assets, net5,607,101 　3,668,189 　575,619 
Operating lease right-of-use assets, net- 　94,201,263 　14,782,234 
Land use rights, net48,835,120 　- 　- 
Deferred income tax assets14,593,376 　11,907,344 　1,868,522 
Other non-current assets30,830,304 　2,367,064 　371,444 
Total non-current assets 298,910,962  　 545,299,021  　 85,569,316  
　　　　　　
Total assets 1,846,809,383  　 2,441,213,413  　 383,079,656  
　　　　　　
LIABILITIES　　　　　
Current liabilities　　　　　
Short-term bank borrowings180,000,000 　180,000,000 　28,245,928 
Notes payable- 　143,622,874 　22,537,563 
Accounts payable395,826,435 　538,930,163 　84,569,903 
Income taxes payable14,555,094 　17,601,525 　2,762,063 
Advances from customers40,062,189 　17,266,994 　2,709,568 
Deferred revenue-current21,155,634 　32,757,740 　5,140,404 
Accrued expenses and other current liabilities171,657,604 　198,904,558 　31,212,466 
Total current liabilities 823,256,956  　 1,129,083,854  　 177,177,895  
　　　　　　
Deferred revenue-non-current4,176,458 　10,693,692 　1,678,074 
Deferred income tax liabilities1,109,479 　1,992,388 　312,649 
Operating lease liabilities-non-current- 　13,921,859 　2,184,643 
Other non-current liabilities24,892,246 　20,967,430 　3,290,247 
Total non-current liabilities 30,178,183  　 47,575,369  　 7,465,613  
　　　　　　
Total liabilities 853,435,139  　 1,176,659,223  　 184,643,508  
　　　　　　
SHAREHOLDERS’ EQUITY:　　　　　
Class A ordinary shares87,300 　89,038 　13,972 
Class B ordinary shares11,202 　10,316 　1,619 
Additional paid-in capital1,801,940,071 　1,855,403,759 　291,153,338 
Accumulated other comprehensive loss(43,016,027)　(51,121,030)　(8,022,005)
Accumulated deficit(765,648,302)　(539,827,893)　(84,710,776)
Total shareholders’ equity 993,374,244  　 1,264,554,190  　 198,436,148  
　　　　　　
Total liabilities and shareholders’ equity 1,846,809,383  　 2,441,213,413  　 383,079,656  
      


NIU TECHNOLOGIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
　　　　　　　　　　
　Three Months Ended December 31,　Year ended December 31,
　2020 　2021 　2020 　2021 
　RMB　RMBUS$　RMB　RMBUS$
Revenues671,989,578 　986,059,243 154,734,213 　2,444,328,764 　3,704,537,419 581,322,760 
Cost of revenues(a)(502,944,163)　(763,551,340)(119,817,867)　(1,885,180,256)　(2,891,758,188)(453,779,962)
Gross profit 169,045,415  　 222,507,903   34,916,346  　 559,148,508  　 812,779,231   127,542,798  
　　　　　　　　　　
Operating expenses:　　　　　　　　　
Selling and marketing expenses(a)(60,147,102)　(99,766,838)(15,655,594)　(200,761,383)　(332,007,462)(52,099,216)
Research and development expenses(a)(29,723,694)　(45,022,809)(7,065,061)　(105,335,357)　(135,218,399)(21,218,717)
General and administrative expenses(a)(30,078,909)　(43,681,411)(6,854,567)　(104,858,814)　(141,798,910)(22,251,343)
Total operating expenses (119,949,705)　 (188,471,058) (29,575,222)　 (410,955,554)　 (609,024,771) (95,569,276)
Government grants13,239,121 　16,269,976 2,553,114 　22,441,492 　48,726,818 7,646,301 
Operating income 62,334,831  　 50,306,821   7,894,238  　 170,634,446  　 252,481,278   39,619,823  
　　　　　　　　　　
Interest expense(1,770,944)　(1,266,391)(198,724)　(7,380,833)　(6,167,805)(967,863)
Interest income1,714,191 　1,538,551 241,432 　8,787,309 　5,375,969 843,607 
Investment income9,488,916 　6,327,170 992,871 　17,697,800 　21,167,575 3,321,654 
Income before income taxes 71,766,994  　 56,906,151   8,929,817  　 189,738,722  　 272,857,017   42,817,221  
Income tax expense(13,571,895)　(9,259,409)(1,453,003)　(21,086,256)　(47,036,608)(7,381,070)
Net income 58,195,099  　 47,646,742   7,476,814  　 168,652,466  　 225,820,409   35,436,151  
　　　　　　　　　　
Other comprehensive income (loss)　　　　　　　　　
Foreign currency translation adjustment(15,473,522)　(7,080,675)(1,111,112)　(30,137,470)　(9,657,187)(1,515,423)
Unrealized gain (loss) on available for sale securities, net(2,709,593)　823,602 129,241 　(510,333)　1,552,184 243,572 
Comprehensive income 40,011,984  　 41,389,669   6,494,943  　 138,004,663  　 217,715,406   34,164,300  
Net income per ordinary share　　　　　　　　　
—Basic0.38 　0.31 0.05 　1.12 　1.47 0.23 
—Diluted0.36 　0.30 0.05 　1.07 　1.41 0.22 
Net income per ADS　　　　　　　　　
—Basic0.76 　0.62 0.10 　2.24 　2.94 0.46 
—Diluted0.73 　0.60 0.09 　2.14 　2.81 0.44 
　　　　　　　　　　
Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net income per ordinary share　　　　　
—Basic152,144,872 　154,385,703 154,385,703 　150,897,412 　153,672,358 153,672,358 
—Diluted159,878,440 　159,588,209 159,588,209 　157,835,868 　160,460,976 160,460,976 
Weighted average number of ADS outstanding used in computing net income per ADS　　　　　　　　　
—Basic76,072,436 　77,192,852 77,192,852 　75,448,706 　76,836,179 76,836,179 
—Diluted79,939,220 　79,794,105 79,794,105 　78,917,934 　80,230,488 80,230,488 
　　　　　　　　　　
Note:　　　　　　　　　
(a) Includes share-based compensation expense as follows:　　　　　　　　　
　Three Months Ended December 31,　Year ended December 31,
　2020 　2021 　2020 　2021 
　RMB　RMBUS$　RMB　RMBUS$
Cost of revenues163,783 　256,904 40,314 　643,683 　846,833 132,887 
Selling and marketing expenses2,671,595 　3,973,140 623,472 　9,945,473 　13,292,632 2,085,904 
Research and development expenses2,849,169 　4,586,137 719,665 　10,917,637 　17,062,024 2,677,404 
General and administrative expenses4,704,964 　3,722,178 584,091 　18,102,122 　16,016,667 2,513,365 
Total share-based compensation expense 10,389,511  　 12,538,359   1,967,542  　 39,608,915  　 47,218,156   7,409,560  
          


NIU TECHNOLOGIES
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
　　　　　　　　　　
　Three Months Ended December 31,　Year ended December 31,
　2020　2021　2020　2021
　RMB　 RMB US$　RMB　 RMB US$
Net Income 58,195,099 　 47,646,742 7,476,814 　 168,652,466 　 225,820,409 35,436,151
Add:　　　　　　　　　
Share-based compensation expense10,389,511　12,538,3591,967,542　39,608,915　47,218,1567,409,560
Adjusted net income 68,584,610 　 60,185,101 9,444,356 　 208,261,381 　 273,038,565 42,845,711
          

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1 Adjusted net income (non-GAAP) is defined as net income 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 margin is defined as adjusted net income (non-GAAP) as a percentage of the revenues