-- Fourth Quarter Revenues of
-- Fourth Quarter Net Loss of
-- Full Year Revenues of
-- Full Year Net loss of
Fourth Quarter 2023 Financial Highlights
- Revenues were
RMB 478.7 million , a decrease of 21.8% year over year - Gross margin was 19.0%, compared with 22.5% in the fourth quarter of 2022
- Net loss was
RMB 130.2 million , compared with net loss ofRMB 37.1 million in the fourth quarter of 2022 - Adjusted net loss (non-GAAP)1 was
RMB 122.4 million , compared with adjusted net loss ofRMB 26.2 million in the fourth quarter of 2022
Fourth Quarter 2023 Operating Highlights
- The number of e-scooters sold was 137,476, down 0.6% year over year
- The number of e-scooters sold in
China was 110,454, down 6.4% year over year - The number of e-scooters sold in the international markets was 27,022, up 33.7% year over year
- The number of franchised stores in
China was 2,856 as ofDecember 31, 2023 - International sales network expanded to 56 distributors covering 54 countries as of
December 31, 2023
Dr.
Fourth Quarter 2023 Financial Results
Revenues were
Revenues (in RMB million) | 2023 Q4 | 2022 Q4 | % change YoY | ||||
E-scooter sales from | 355.2 | 446.7 | -20.5% | ||||
E-scooter sales from international markets | 59.0 | 86.7 | -32.0% | ||||
E-scooter sales, sub-total | 414.2 | 533.4 | -22.3% | ||||
Accessories, spare parts and services | 64.5 | 78.9 | -18.3% | ||||
Total | 478.7 | 612.3 | -21.8% |
Revenues per e-scooter (in RMB) | 2023 Q4 | 2022 Q4 | % change YoY | ||||
E-scooter sales from | 3,216 | 3,783 | -15.0% | ||||
E-scooter sales from international markets2 | 2,183 | 4,289 | -49.1% | ||||
E-scooter sales | 3,013 | 3,857 | -21.9% | ||||
Accessories, spare parts and services3 | 469 | 571 | -17.9% | ||||
Revenues per e-scooter | 3,482 | 4,428 | -21.4% |
- E-scooter sales revenues from
China market wereRMB 355.2 million , a decrease of 20.5%, and represented 85.8% of total e-scooter revenues. The decrease was mainly due to the decline in sales volume of premium series, partially offset by the increased sales volume and revenues of mass-premium series inChina market. - E-scooter sales revenues from international markets were
RMB 59.0 million , a decrease of 32.0%, and represented 14.2% of total e-scooter revenues. The decrease was mainly due to changes in product mix, partially offset by the increase of sales volume in international markets. - Accessories, spare parts sales and services revenues were
RMB 64.5 million , a decrease of 18.3% and represented 13.5% of total revenues. The decrease was mainly due to the decrease of spare parts sales in international markets. - Revenues per e-scooter decreased by 21.4% year over year, was mainly due to the increased proportion of mass-premium series and kick-scooter in
China and international markets, respectively.
Cost of revenues was
Gross margin was 19.0%, compared with 22.5% in the same period of 2022. The decrease was mainly due to the increased proportion of mass-premium series in
Operating expenses were
- Selling and marketing expenses were
RMB 191.2 million (includingRMB 1.8 million of share-based compensation), an increase of 77.9% fromRMB 107.5 million in the fourth quarter of 2022, mainly due to the increase ofRMB 45.8 million andRMB 42.6 million in advertising and promotion activities and rental expenses, respectively, primarily result from the expansion into international markets. Selling and marketing expenses as a percentage of revenues was 39.9%, compared with 17.6% in the fourth quarter of 2022. - Research and development expenses were
RMB 35.6 million (includingRMB 3.0 million of share-based compensation), a decrease of 11.7% fromRMB 40.3 million in the fourth quarter of 2022, mainly due to the decrease in staff cost and share-based compensation ofRMB 7.6 million , partially offset by the increase in design and testing expenses ofRMB 4.0 million . Research and development expenses as a percentage of revenues was 7.4%, compared with 6.6% in the fourth quarter of 2022. - General and administrative expenses were
RMB 19.4 million (includingRMB 2.6 million of share-based compensation), a decrease of 59.4% fromRMB 47.8 million in the fourth quarter of 2022, mainly due to the decrease in provision for credit losses ofRMB 22.1 million , and the decrease in staff cost and share-based compensation ofRMB 5.2 million . General and administrative expenses as a percentage of revenues was 4.1%, compared with 7.8% in the fourth quarter of 2022.
Operating expenses excluding share-based compensation were
- Selling and marketing expenses excluding share-based compensation were
RMB 189.4 million , an increase of 80.7% year over year, and represented 39.6% of revenues, compared with 17.1% in the fourth quarter of 2022. - Research and development expenses excluding share-based compensation were
RMB 32.6 million , a decrease of 12.2% year over year, and represented 6.8% of revenues, compared with 6.1% in the fourth quarter of 2022. - General and administrative expenses excluding share-based compensation were
RMB 16.8 million , a decrease of 61.0% year over year, and represented 3.5% of revenues, compared with 7.0% in the fourth quarter of 2022.
Government grants were
Share-based compensation was
Income tax benefit was
Net loss was
Adjusted net loss (non-GAAP) was
Basic and diluted net loss per ADS were both
Full Year 2023 Financial Results
Revenues were
Revenues (in RMB million) | 2023 Full Year | 2022 Full Year | % change YoY | ||||
E-scooter sales from | 2,010.0 | 2,360.2 | -14.8% | ||||
E-scooter sales from international markets | 348.7 | 493.7 | -29.4% | ||||
E-scooter sales, sub-total | 2,358.7 | 2,853.9 | -17.4% | ||||
Accessories, spare parts and services | 293.1 | 314.7 | -6.9% | ||||
Total | 2,651.8 | 3,168.6 | -16.3% |
Revenues per e-scooter (in RMB) | 2023 Full Year | 2022 Full Year | % change YoY | ||||
E-scooter sales from | 3,344 | 3,322 | +0.7% | ||||
E-scooter sales from international markets2 | 3,204 | 4,079 | -21.5% | ||||
E-scooter sales | 3,323 | 3,432 | -3.2% | ||||
Accessories, spare parts and services3 | 413 | 378 | +9.3% | ||||
Revenues per e-scooter | 3,736 | 3,810 | -1.9% |
Cost of revenues were
Gross margin was 21.5%, compared with 21.1% in 2022. The increase mainly attributable to the strategic launch of our new premium product in
Operating expenses were
Operating expenses excluding share-based compensation were
Government grants were
Share-based compensation was
Income tax benefit was
Net loss was
Adjusted net loss (non-GAAP) was
Basic and diluted net loss per ADS were both
Balance Sheet
As of
Business Outlook
NIU expects revenues of the first quarter 2024 to be in the range 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
To join via phone, participants need to register in advance of the conference call using the link provided below. Upon registration, participants will receive dial-in numbers and a personal PIN, which will be used to join the conference call.
Event: | Niu Technologies Fourth Quarter and Full Year 2023 Earnings Conference Call |
Registration Link: | https://register.vevent.com/register/BI6840b01bbb844af0b4fda82f3ff1cb2b |
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 and kick-scooters. NIU has a diversified product portfolio that caters to the various demands of our users and addresses different urban travel scenarios. NIU’s product portfolio comprises its (i) six electric scooter and motorcycle series, RQi, NQi, MQi, SQi, UQi, and Gova, and (ii) two micro-mobility series, including kick-scooter series, KQi, and e-bike series, BQi. NIU has adopted an omnichannel retail model, integrating the offline and online channels, to sell its products and provide 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
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
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the
Investor Relations Contact:
E-mail: ir@niu.com
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
As of | ||||||||
2022 | 2023 | 2023 | ||||||
RMB | RMB | US$ | ||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | 534,286,849 | 872,573,460 | 122,899,401 | |||||
Term deposits-current | 208,589,770 | 97,555,565 | 13,740,414 | |||||
Restricted cash | 186,340,321 | 107,666,733 | 15,164,542 | |||||
Short-term investments | 160,406,301 | - | - | |||||
Accounts receivable, net | 299,742,923 | 94,956,170 | 13,374,297 | |||||
Inventories | 417,009,148 | 392,790,141 | 55,323,334 | |||||
Prepayments and other current assets | 205,695,717 | 195,072,129 | 27,475,335 | |||||
Total current assets | 2,012,071,029 | 1,760,614,198 | 247,977,323 | |||||
Non-current assets | ||||||||
Term deposits-non-current | 20,000,000 | - | - | |||||
Property, plant and equipment, net | 397,356,795 | 323,112,366 | 45,509,425 | |||||
Intangible assets, net | 1,857,320 | 1,306,401 | 184,003 | |||||
Operating lease right-of-use assets | 86,597,121 | 76,821,285 | 10,820,052 | |||||
Deferred income tax assets | 6,132,499 | 20,747,021 | 2,922,157 | |||||
Other non-current assets | 12,683,090 | 6,730,378 | 947,954 | |||||
Total non-current assets | 524,626,825 | 428,717,451 | 60,383,591 | |||||
Total assets | 2,536,697,854 | 2,189,331,649 | 308,360,914 | |||||
LIABILITIES | ||||||||
Current liabilities | ||||||||
Short-term bank borrowings | 160,000,000 | 100,000,000 | 14,084,705 | |||||
Notes payable | 316,832,113 | 167,282,688 | 23,561,274 | |||||
Accounts payable | 459,466,937 | 575,724,288 | 81,089,070 | |||||
Income taxes payable | 1,898,065 | 1,357,913 | 191,258 | |||||
Advances from customers | 24,931,897 | 19,304,488 | 2,718,980 | |||||
Deferred revenue-current | 37,539,733 | 41,755,097 | 5,881,082 | |||||
Accrued expenses and other current liabilities | 192,092,943 | 165,511,396 | 23,311,795 | |||||
Total current liabilities | 1,192,761,688 | 1,070,935,870 | 150,838,164 | |||||
Deferred revenue-non-current | 11,429,500 | 13,168,111 | 1,854,690 | |||||
Deferred income tax liabilities | 1,398,279 | 2,362,494 | 332,750 | |||||
Operating lease liabilities | 7,569,128 | 280,421 | 39,496 | |||||
Other non-current liabilities | 13,441,382 | 8,968,519 | 1,263,189 | |||||
Total non-current liabilities | 33,838,289 | 24,779,545 | 3,490,125 | |||||
Total liabilities | 1,226,599,977 | 1,095,715,415 | 154,328,289 | |||||
SHAREHOLDERS’ EQUITY: | ||||||||
Class A ordinary shares | 89,428 | 90,031 | 12,681 | |||||
Class B ordinary shares | 10,316 | 10,316 | 1,453 | |||||
Additional paid-in capital | 1,915,825,641 | 1,964,138,365 | 276,643,103 | |||||
Accumulated other comprehensive loss | (16,536,686 | ) | (9,495,674 | ) | (1,337,438 | ) | ||
Accumulated deficit | (589,290,822 | ) | (861,126,804 | ) | (121,287,174 | ) | ||
Total shareholders’ equity | 1,310,097,877 | 1,093,616,234 | 154,032,625 | |||||
Total liabilities and shareholders’ equity | 2,536,697,854 | 2,189,331,649 | 308,360,914 | |||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||
2022 | 2023 | 2022 | 2023 | |||||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||
Revenues | 612,271,193 | 478,687,794 | 67,421,766 | 3,168,597,334 | 2,651,757,646 | 373,492,253 | ||||||||||
Cost of revenues(a) | (474,737,508 | ) | (387,743,580 | ) | (54,612,541 | ) | (2,498,916,443 | ) | (2,081,010,633 | ) | (293,104,217 | ) | ||||
Gross profit | 137,533,685 | 90,944,214 | 12,809,225 | 669,680,891 | 570,747,013 | 80,388,036 | ||||||||||
Operating expenses: | ||||||||||||||||
Selling and marketing expenses(a) | (107,463,926 | ) | (191,169,312 | ) | (26,925,634 | ) | (440,408,982 | ) | (495,734,694 | ) | (69,822,771 | ) | ||||
Research and development expenses(a) | (40,341,909 | ) | (35,634,011 | ) | (5,018,945 | ) | (176,478,130 | ) | (150,985,739 | ) | (21,265,897 | ) | ||||
General and administrative expenses(a) | (47,773,658 | ) | (19,396,568 | ) | (2,731,949 | ) | (158,460,764 | ) | (244,518,817 | ) | (34,439,755 | ) | ||||
Total operating expenses | (195,579,493 | ) | (246,199,891 | ) | (34,676,528 | ) | (775,347,876 | ) | (891,239,250 | ) | (125,528,423 | ) | ||||
Government grants | 14,980,000 | 1,071,262 | 150,884 | 16,385,038 | 2,968,735 | 418,138 | ||||||||||
Operating loss | (43,065,808 | ) | (154,184,415 | ) | (21,716,419 | ) | (89,281,947 | ) | (317,523,502 | ) | (44,722,249 | ) | ||||
Interest expenses | (1,337,935 | ) | (817,656 | ) | (115,164 | ) | (5,715,878 | ) | (1,423,924 | ) | (200,556 | ) | ||||
Interest income | 6,009,766 | 9,946,526 | 1,400,939 | 12,860,216 | 35,492,190 | 4,998,970 | ||||||||||
Investment income | 1,578,877 | 441,028 | 62,117 | 10,917,736 | 1,426,370 | 200,900 | ||||||||||
Loss before income taxes | (36,815,100 | ) | (144,614,517 | ) | (20,368,527 | ) | (71,219,873 | ) | (282,028,866 | ) | (39,722,935 | ) | ||||
Income tax benefit (expense) | (317,209 | ) | 14,444,605 | 2,034,480 | 21,756,944 | 10,192,884 | 1,435,638 | |||||||||
Net loss | (37,132,309 | ) | (130,169,912 | ) | (18,334,047 | ) | (49,462,929 | ) | (271,835,982 | ) | (38,287,297 | ) | ||||
Other comprehensive loss | ||||||||||||||||
Foreign currency translation adjustment, net of nil income taxes | (8,013,103 | ) | (5,456,486 | ) | (768,530 | ) | 37,342,724 | 7,386,368 | 1,040,348 | |||||||
Unrealized gain on available-for-sale securities, net of reclassification | 193,707 | - | - | (2,758,380 | ) | (345,356 | ) | (48,642 | ) | |||||||
Comprehensive loss | (44,951,705 | ) | (135,626,398 | ) | (19,102,577 | ) | (14,878,585 | ) | (264,794,970 | ) | (37,295,591 | ) | ||||
Net loss per ordinary share | ||||||||||||||||
—Basic | (0.24 | ) | (0.83 | ) | (0.12 | ) | (0.32 | ) | (1.73 | ) | (0.24 | ) | ||||
—Diluted | (0.24 | ) | (0.83 | ) | (0.12 | ) | (0.32 | ) | (1.73 | ) | (0.24 | ) | ||||
Net loss per ADS | ||||||||||||||||
—Basic | (0.48 | ) | (1.65 | ) | (0.23 | ) | (0.64 | ) | (3.47 | ) | (0.49 | ) | ||||
—Diluted | (0.48 | ) | (1.65 | ) | (0.23 | ) | (0.64 | ) | (3.47 | ) | (0.49 | ) | ||||
Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net loss per ordinary share | ||||||||||||||||
—Basic | 155,584,223 | 157,474,523 | 157,474,523 | 155,176,922 | 156,816,105 | 156,816,105 | ||||||||||
—Diluted | 155,584,223 | 157,474,523 | 157,474,523 | 155,176,922 | 156,816,105 | 156,816,105 | ||||||||||
Weighted average number of ADS outstanding used in computing net loss per ADS | ||||||||||||||||
—Basic | 77,792,112 | 78,737,262 | 78,737,262 | 77,588,461 | 78,408,053 | 78,408,053 | ||||||||||
—Diluted | 77,792,112 | 78,737,262 | 78,737,262 | 77,588,461 | 78,408,053 | 78,408,053 | ||||||||||
Note: | ||||||||||||||||
(a) Includes share-based compensation expenses as follows: | ||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||
2022 | 2023 | 2022 | 2023 | |||||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||
Cost of revenues | 311,071 | 335,225 | 47,215 | 1,224,796 | 1,237,902 | 174,355 | ||||||||||
Selling and marketing expenses | 2,684,492 | 1,784,011 | 251,273 | 15,433,684 | 9,991,688 | 1,407,300 | ||||||||||
Research and development expenses | 3,182,290 | 2,997,597 | 422,203 | 22,361,742 | 21,653,946 | 3,049,895 | ||||||||||
General and administrative expenses | 4,712,681 | 2,623,526 | 369,516 | 19,198,964 | 14,775,768 | 2,081,123 | ||||||||||
Total share-based compensation expenses | 10,890,534 | 7,740,359 | 1,090,207 | 58,219,186 | 47,659,304 | 6,712,673 |
RECONCILIATION OF GAAP AND NON-GAAP RESULTS | |||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||
2022 | 2023 | 2022 | 2023 | ||||||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||
Net loss | (37,132,309 | ) | (130,169,912 | ) | (18,334,047 | ) | (49,462,929 | ) | (271,835,982 | ) | (38,287,297 | ) | |||||
Add: | |||||||||||||||||
Share-based compensation expenses | 10,890,534 | 7,740,359 | 1,090,207 | 58,219,186 | 47,659,304 | 6,712,673 | |||||||||||
Adjusted net income (loss) | (26,241,775 | ) | (122,429,553 | ) | (17,243,840 | ) | 8,756,257 | (224,176,678 | ) | (31,574,624 | ) | ||||||
___________________
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
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
Source:
2024 GlobeNewswire, Inc., source