Niu Technologies (NASDAQ:NIU) Q2 2023 Earnings Conference Call August 14, 2023 8:00 AM ET Company Participants Yan Li - Chief Executive Officer Fion Zhou - Chief Financial Officer Conference Call Participants Yating Chen - CICC Operator Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Niu Technologies Second Quarter 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session and instructions will fol ...

Company Overview - NIU has sold 3.8 million scooters globally [2] - The company has a sales network that includes 2,844 dedicated stores in China [23] and 55 country distributors [22], covering 53 countries [23] - NIU's current production capacity is 2 million units [26] Financial Performance - In 2022, the company's total revenues reached RMB 3705 million [46] - The company's gross margin was 23.1% [32] - The company's S&M expenses accounted for 13.2% of revenues [32], R&D expenses accounted for 3.4% of revenues [32], and G&A expenses accounted for 7.0% of revenues [32] Balance Sheet - As of June 30, 2023, the company had RMB 1,132 million in cash, restricted cash, deposits & short-term investments [37] - As of June 30, 2023, the company's total assets were RMB 2,385 million [37] and total liabilities were RMB 1,091 million [37] - As of June 30, 2023, the company's total equity was RMB 1,294 million [37]

[Financial and Operational Highlights](index=1&type=section&id=Second%20Quarter%202023%20Financial%20Highlights) Niu Technologies reported flat Q2 2023 revenue at RMB 828.8 million, a net loss of RMB 1.9 million, with e-scooter sales up 1.5% driven by international growth | Financial Metric | Q2 2023 | Q2 2022 | YoY Change | | :--- | :--- | :--- | :--- | | Revenues | RMB 828.8 million | RMB 827.6 million | +0.1% | | Gross Margin | 23.1% | 20.3% | +2.8pp | | Net Income (Loss) | (RMB 1.9 million) | RMB 14.4 million | - | | Adjusted Net Income | RMB 14.4 million | RMB 31.2 million | -53.8% | | Operational Metric | Q2 2023 | YoY Change | | :--- | :--- | :--- | | Total E-scooters Sold | 211,996 | +1.5% | | E-scooters Sold (China) | 178,567 | -1.0% | | E-scooters Sold (International) | 33,429 | +17.1% | | Franchised Stores in China | 2,844 | - | | International Distributors | 55 | - | [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Dr. Yan Li noted strong market reception for new products, including MQiL and GOVA G400/G400T, supporting future sales and stable micro-mobility growth - New products, such as the MQiL and GOVA G400/G400T models, have been successfully launched and well-received by the market[3](index=3&type=chunk) - The MQiL model has become a key product, contributing to **one-third of domestic sales** in the quarter[3](index=3&type=chunk) - The micro-mobility segment, specifically kick-scooters, achieved stable growth during the second quarter[3](index=3&type=chunk) [Detailed Financial Performance](index=2&type=section&id=Second%20Quarter%202023%20Financial%20Results) Stable revenue at RMB 828.8 million and improved gross margin to 23.1% were offset by a 14.9% rise in operating expenses, leading to a net loss of RMB 1.9 million [Revenue Analysis](index=2&type=section&id=Revenues) Q2 2023 total revenue marginally increased by 0.1% to RMB 828.8 million, driven by China's e-scooter sales growth, largely offset by a decline in international e-scooter sales due to product mix shifts | Revenue Breakdown (RMB Million) | Q2 2023 | Q2 2022 | YoY Change | | :--- | :--- | :--- | :--- | | E-scooter sales (China) | 638.7 | 596.6 | +7.1% | | E-scooter sales (International) | 114.7 | 146.3 | -21.6% | | Accessories, spare parts & services | 75.4 | 84.7 | -11.0% | | **Total** | **828.8** | **827.6** | **+0.1%** | - The **7.1% revenue increase** in the China market was primarily driven by strategic optimization of the premium product mix, which increased the revenue per e-scooter by **8.1% to RMB 3,577**[6](index=6&type=chunk) - The **21.6% revenue decrease** in international markets was mainly due to a decline in sales of higher-priced e-motorcycles and e-mopeds, partially offset by increased sales of lower-priced kick-scooters, leading to a **33.0% drop in revenue per e-scooter internationally**[6](index=6&type=chunk) [Cost, Gross Margin, and Operating Expenses](index=3&type=section&id=Cost%20of%20revenues) Gross margin improved to 23.1% due to product mix and lower battery costs, but total operating expenses rose 14.9% to RMB 198.8 million, driven by increased selling, marketing, and G&A costs - Gross margin increased to **23.1%** from **20.3%** in Q2 2022, mainly due to the strategic optimization of the premium product mix and increased revenue per e-scooter in China[8](index=8&type=chunk) - Cost per e-scooter decreased by **4.9% to RMB 3,006**, primarily due to the increased proportion of kick-scooters and decreased cost of battery packs[8](index=8&type=chunk) | Operating Expenses (RMB Million) | Q2 2023 | Q2 2022 | YoY Change | | :--- | :--- | :--- | :--- | | Selling and marketing | 109.5 | 92.5 | +18.4% | | Research and development | 41.3 | 44.5 | -7.1% | | General and administrative | 48.0 | 36.0 | +33.2% | | **Total Operating Expenses** | **198.8** | **173.0** | **+14.9%** | [Net Income and Earnings Per Share (EPS)](index=4&type=section&id=Net%20loss) The company reported a net loss of RMB 1.9 million, a significant decline from prior-year net income, with adjusted net income also decreasing to RMB 14.4 million | Profitability Metric (RMB Million) | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | Net Income (Loss) | (1.9) | 14.4 | | Adjusted Net Income (Non-GAAP) | 14.4 | 31.2 | - Basic and diluted net loss per ADS were both **RMB 0.02 (US$ 0.00)**[11](index=11&type=chunk) [Balance Sheet Summary](index=4&type=section&id=Balance%20Sheet) As of June 30, 2023, Niu Technologies maintained solid liquidity with RMB 1,022.2 million in cash and investments, total assets of RMB 2,385.3 million, and total liabilities of RMB 1,091.5 million - As of June 30, 2023, the company had cash, term deposits, and short-term investments totaling **RMB 1,022.2 million**[12](index=12&type=chunk) | Key Balance Sheet Items (RMB Million) | June 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Current Assets | 1,930.1 | 2,012.1 | | Total Assets | 2,385.3 | 2,536.7 | | Total Current Liabilities | 1,064.0 | 1,192.8 | | Total Liabilities | 1,091.5 | 1,226.6 | | Total Shareholders' Equity | 1,293.8 | 1,310.1 | [Business Outlook](index=4&type=section&id=Business%20Outlook) For Q3 2023, Niu Technologies forecasts revenues between RMB 1,153 million and RMB 1,326 million, representing a 0% to 15% year-over-year increase - The company expects Q3 2023 revenues to be between **RMB 1,153 million and RMB 1,326 million**[12](index=12&type=chunk) - This guidance corresponds to a year-over-year growth rate of **0% to 15%**[12](index=12&type=chunk) [Appendix: Financial Statements](index=7&type=section&id=Appendix) This section presents detailed unaudited financial statements for Q2 and H1 2023, including consolidated balance sheets, income statements, and GAAP to non-GAAP net income reconciliation | Unaudited Income Statement (RMB Million) | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | Revenues | 828.8 | 827.6 | | Gross Profit | 191.5 | 167.6 | | Operating Loss | (6.8) | (5.1) | | Net Income (Loss) | (1.9) | 14.4 | | GAAP to Non-GAAP Reconciliation (RMB Million) | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | Net Income (Loss) (GAAP) | (1.9) | 14.4 | | Add: Share-based compensation | 16.3 | 16.8 | | **Adjusted Net Income (Non-GAAP)** | **14.4** | **31.2** |

Niu Technologies (NASDAQ:NIU) Q1 2023 Earnings Conference Call May 22, 2023 8:00 AM ET Company Participants Wendy Zhao - Investor Relations Manager Yan Li - Chief Executive Officer Fion Zhou - Chief Financial Officer Conference Call Participants Yating Chen - CICC Jing Chang - CICC Scarlett Ge - Credit Suisse Operator Good day and thank you for standing by. Welcome to the Niu Technologies First Quarter 2023 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. After the ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITI ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of April 2023 Commission File Number: 001-38696 NIU TECHNOLOGIES No.1 Building, No. 195 Huilongguan East Road, Changping District, Beijing 102208 People's Republic of China (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of ...

Niu Technologies (NASDAQ:NIU) Q4 2022 Earnings Conference Call March 20, 2023 8:00 AM ET Company Participants Wendy Zhao - Senior Investor Relations Manager Yan Li - Chief Executive Officer Fion Zhou - Chief Financial Officer Conference Call Participants Alice Ma - UBS Operator Good day, and thank you for standing by. Welcome to Niu Technologies Fourth Quarter 2022 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a qu ...

Financial Data and Key Metrics Changes - Total sales volume decreased by 19.2% year-over-year, reaching 321,000 units in Q3 2022 [5][28] - Sales volume in the international market was nearly 58,000 units, while sales volume in China was 263,000 units, down by 32.9% year-over-year [5][28] - Total revenue for Q3 was RMB 1.15 billion, a decrease of 6% compared to the same period last year [30] - Gross margin improved to 22.1%, up by 2.1 percentage points year-over-year [32] Business Line Data and Key Metrics Changes - Premium series sales volume remained stable at 224,000 units, accounting for 85% of total sales volume in China [28] - Kick-scooter sales volume surged to 55,000 units, a growth of 162% quarter-over-quarter [16][28] - E-motorcycle sales volume in the international market decreased by one third to 3,000 units [28] Market Data and Key Metrics Changes - Sales volume in the Southeast Asia market grew by 166.5% year-over-year, driven by Indonesia and Thailand [15] - The kick-scooter category saw significant growth, with models ranking as best sellers on platforms like Amazon [16][18] Company Strategy and Development Direction - The company is focusing on premium and high-end products to improve gross margins and strengthen its brand [12][22] - Plans to expand product offerings and sales channels, including offline retail partnerships [18][25] - The strategy includes exploring battery swapping solutions to enhance market penetration in Southeast Asia [15][26] Management's Comments on Operating Environment and Future Outlook - The management acknowledged challenges from rising raw material prices, market demand fluctuations, and COVID-19 impacts [5][20] - A cautious outlook for Q4 2022, anticipating continued low demand and price increases [20] - Despite challenges, the company is optimistic about recovery and growth in 2023, focusing on premium products [26] Other Important Information - The company has made significant investments in marketing and product development, with a focus on enhancing brand recognition [19][34] - The total operating expenses for Q3 were RMB 263 million, a 72% increase year-over-year [32] Q&A Session Summary Question: Selling and marketing expenses outlook - Management indicated that selling and marketing expenses are expected to remain around RMB 100 million to RMB 130 million for the next two to three quarters, with a potential 20% decrease thereafter [42][45] Question: Product strategy for next year - The focus will be on premium and mass premium products, particularly in the RMB 3,500 to RMB 5,000 range, due to low gross margin contributions from entry-level products [48][49] Question: Product strategy for overseas markets - The company plans to grow in Southeast Asia and explore battery swapping solutions to lower upfront costs for consumers [53][54]

Financial Data and Key Metrics Changes - In Q2 2022, total sales volume decreased by 17.4% year-over-year to 209,000 units, with the China market down by 26.7% to 180,000 units [5][24] - Total revenue for Q2 was RMB 828 million, a decline of 12.4% year-over-year, while the average selling price (ASP) increased by more than 10% from RMB 3,222 to RMB 3,557 [25][26] - Gross margin for the quarter was 20.3%, down 2.4 percentage points year-over-year but up 1.2 percentage points from the previous quarter [29] Business Line Data and Key Metrics Changes - International sales volume surged by 200% year-over-year, reaching nearly 29,000 units, primarily driven by kick-scooter sales [5][24] - Kick-scooter sales volume doubled quarter-over-quarter to 21,000 units, marking a record high since its launch [25] - E-motorcycles and e-mopeds sales volume increased by nearly 10% to over 7,700 units [25] Market Data and Key Metrics Changes - The China market was significantly impacted by COVID-19 lockdowns, particularly in top-tier cities, which account for 35% to 55% of total sales [6][24] - International markets showed robust growth, with kick-scooter sales growing rapidly, especially during promotional events like Amazon Prime Day [7][25] Company Strategy and Development Direction - The company launched three new electric bicycle products in August, targeting various market segments and reinforcing its position as an innovation leader [8][14] - Niu Technologies is expanding its offline sales network, aiming to grow its point of sales to nearly 2,000 stores in the U.S. and Europe by the end of Q3 [21] - The company is optimistic about sales growth in international markets, particularly in kick-scooters and e-bikes [20] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the sales rebound in Q3 due to ongoing COVID impacts and rising lithium-ion battery prices [19] - Despite challenges, the company anticipates positive market responses to new product launches, which are expected to fuel growth in late Q3 and Q4 [18] - The company has adjusted its full-year volume guidance to 1 million to 1.2 million units due to uncertainties in economic recovery [33] Other Important Information - The company released its inaugural ESG report, highlighting its commitment to low carbon operations and corporate governance [22] - Operating expenses increased by 26.4% year-over-year, primarily due to higher selling and marketing expenses [30] Q&A Session Summary - No specific questions or answers were documented in the provided content, as the call concluded without a detailed Q&A segment [34]

Company Overview - NIU has sold 3 million scooters globally as of June 30, 2022[1] - The company operates in 52 countries with 3,329 dedicated stores[5, 19] - NIU has 53 country distributors and 336 city partners[18] Product and Market Expansion - NIU is expanding its product lines in China, targeting the mass-medium market with models like NQi, MQi, UQi, and G series[7] - The company is extending its brand into new categories in the EU and US markets with products like KQi, BQi, and RQi series[11] - NIU introduced high-end and mid-end models in Indonesia as a starter in Asian markets[12] Financial Performance - The company has a solid balance sheet with a strong cash position, holding RMB 1,050 million in cash, restricted cash, deposits, and short-term investments as of June 30, 2022[38] - Total assets amounted to RMB 2,453 million, with total liabilities and equity also at RMB 2,453 million[38] - As of June 30, 2022, notes and accounts payable were RMB 690 million, and short-term bank borrowings were RMB 180 million[36]