Group 1 - The research service "Asia Value & Moat Stocks" targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value, focusing on deep value balance sheet bargains and wide moat stocks [1][2] - Niu Technologies (NASDAQ: NIU) is viewed positively, with an emphasis on its strategy of offering more expensive bikes and the influence of industry policies, as previously discussed in a September 23, 2024 update [1]

Financial Data and Key Metrics Changes - In Q4 2024, the company achieved total sales volume of 226,600 units, a significant 65% year-over-year growth, with total revenue reaching RMB819 million, reflecting a 71% increase compared to the same period last year [7][51] - For the full year 2024, total sales volume was 924,000 units, representing a 30% year-over-year increase, and total revenue reached RMB3.29 billion, up 24% from 2023 [8][53] - The gross margin for Q4 was 12.4%, a decrease of 6.6 percentage points compared to the same period last year, while the full year gross margin was 15.2%, down from 21.5% in the previous year [56][58] Business Line Data and Key Metrics Changes - In Q4 2024, sales volume in China reached 182,000 units, marking an 80% share of total sales, while overseas sales volume was 44,000 units, accounting for 20% [50] - The ASP for China e-scooters reached RMB3,544, a 15% increase quarter-over-quarter and a 10% increase year-over-year [52] - The N series accounted for 39% of total sales volume in China, a substantial increase from just 5% in 2023, demonstrating strong market demand [15] Market Data and Key Metrics Changes - The overseas market saw a substantial 54% growth in sales volume in Q4 and a 52% growth for the full year 2024 [33] - The overseas branded scooter ASP decreased to nearly RMB2,000, down around 10% year-over-year, primarily due to a higher sales contribution from kick-scooters [52] Company Strategy and Development Direction - The company remains focused on expanding its product offerings, strengthening sales channels, and broadening market reach, with a commitment to refine its strategy to achieve ambitious targets [9][23] - In 2024, the company opened approximately 900 new stores, with plans to open another 1,000 to 1,500 stores in 2025 to strengthen market presence [26][27] - The company plans to enhance its core product series while ensuring broader market coverage to meet diverse rider needs [23][40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the China market and overseas market, expecting to reach sales volume of 1.3 million to 1.6 million units in 2025 [39][47] - The company anticipates a recovery in profitability in 2025, with expectations for quarterly profits starting in Q2 2025 [81][85] Other Important Information - The company received a five-star safety certification from China Merchant Vehicle Research Institute, reinforcing its commitment to product safety [12] - The company has made significant strides in expanding its sales channels, ensuring broader consumer base access [26] Q&A Session Summary Question: What is your sales target for kick-scooters in 2025? - The company targets a sales growth of 30% to 50% for kick-scooters in 2025, expecting profitability to return due to adjustments in pricing related to tariffs [67][69] Question: What is your outlook for average selling price and gross profit margin in the domestic market in 2025? - The company expects a slight increase in ASP in the domestic market and improved gross margins due to economies of scale and increased sales volume [72][74] Question: Can you provide guidance on expected net profit margin by 2025? - The company is not sharing specific net profit margin guidance yet but anticipates overall profitability in 2025 [81] Question: Which quarter in 2025 is expected to see the company's net profit turn from loss to profit? - The company expects to achieve quarterly profits starting in Q2 2025, which is typically a peak quarter for revenue [85]

4Q 2024 NIU at a glance 2014 Founded 8 Series of electric two wheelers 3,735 Stores in China 53 Countries 5mn Scooters Sold Globally 28bn km Riding Data Data as of December 31, 2024. 2 China market: Enriched product matrix based on the existing product series Series Premium Year introduced EU and US: We started with e-moped and e-motorcycle, now extend to kick-scooters and e-bike 2019 2020 Year introduced Data as of December 31, 2024. 2021 2021/2023/2024* 2022 4 South East Asia: We have introduced a high-en ...

-- Fourth Quarter Revenues of RMB 819.2 million, increase 71.1% year over year -- Fourth Quarter Net Loss of RMB 72.5 million, compared to net loss of RMB 130.2 million in the same period of last year -- Full Year Revenues of RMB 3,288.3 million, increase 24.0% year over year -- Full Year Net loss of RMB 193.2 million, compared to net loss of RMB 271.8 million in 2023 BEIJING, March 17, 2025 (GLOBE NEWSWIRE) -- Niu Technologies ("NIU", or "the Company") (NASDAQ:NIU), the world's leading provider of smart ur ...

Core Viewpoint - Niu Technologies will report its financial results for Q4 and full year 2024 on March 17, 2025, before the U.S. market opens [1] Group 1: Financial Reporting - The financial results will be available on the investor relations website [1] - An earnings conference call is scheduled for March 17, 2025, at 8:00 AM U.S. Eastern Time [1] Group 2: Conference Call Details - Participants must register in advance to join the conference call [2] - A live and archived webcast of the conference call will be accessible on the investor relations website [2] Group 3: Company Overview - Niu Technologies is a leading provider of smart urban mobility solutions, offering high-performance electric motorcycles, mopeds, bicycles, kick-scooters, and e-bikes [3] - The company has a diversified product portfolio catering to various urban travel scenarios [3] - Niu employs an omnichannel retail model, integrating both offline and online sales channels [3]

Core Insights - NIU Technologies is expanding into the powersports industry and will showcase its innovations at AIMExpo 2025 in Las Vegas from February 5-7, 2025 [1] - The company aims to redefine urban mobility and has built a global community of users while partnering with leading brands [2] - Attendees at AIMExpo will preview NIU's latest powersports vehicles, including the XQi3 electric dirt bike, designed for both on-road and off-road use [3][4] Company Overview - NIU is a global leader in electric two-wheeled vehicles, available in 52 countries, and has sold over 4.6 million electric vehicles since 2015 [7] - The company has a mission to redefine urban mobility and enhance the quality of life through innovative transportation solutions [7] - As of October 2024, NIU's users have collectively traveled over 25 billion kilometers worldwide [7] Event Details - NIU will have a booth at AIMExpo located in the South Hall of the Las Vegas Convention Center, booth 9109, where attendees can see prototypes and test legacy models [5] - Event registration is open to all industry professionals, with discounted accommodation rates available through AIMExpo's partnership with local hotels [6]

Market Overview - The electric kick scooter market is projected to grow from US$3.71 billion in 2024 to US$8.62 billion by 2033, with a CAGR of 9.83% during 2025-2033 [2] - Key drivers include urbanization, traffic congestion, supportive regulations, environmental awareness, and the rise of shared mobility services [2] Driving Forces Urbanization and Traffic Congestion - Urbanization is increasing globally, with 5 billion people expected to live in cities by 2030, up from 3.9 billion in 2015 [3] - Electric kick scooters offer an efficient solution for short-distance transportation, addressing traffic congestion and parking issues [3] - Governments and city planners are supporting micro-mobility solutions like e-scooters to alleviate urban transit problems [3] Sustainability and Environmental Awareness - Electric kick scooters are zero-emission vehicles, aligning with global environmental goals and carbon neutrality initiatives [4] - Consumer awareness of eco-friendly transportation options is boosting e-scooter adoption [4] - Initiatives like India's Smart Cities Mission and Streets4People Challenges are promoting green mobility solutions [4] Technological Developments - Advancements in battery life, regenerative braking, smart connectivity, and mobile app integration are enhancing e-scooter performance and user experience [5] - Features like GPS tracking, anti-theft systems, and foldable designs are increasing safety and portability [5] - Falling costs due to improvements in materials and manufacturing are boosting demand [5] Regional Market Analysis Canada - Growing demand for eco-friendly transport solutions is driving the Canadian e-scooter market [6] - Cities like Toronto and Vancouver are becoming hubs for shared mobility services [6] - Government support and technological advancements are further increasing adoption [6] France - France's focus on environmentally friendly urban mobility is fueling rapid market growth [7] - Shared e-scooter services are widespread in major cities like Paris [7] - Regulations, safety standards, and technological advancements are supporting market expansion [7] India - The Indian market is growing rapidly due to increasing demand for sustainable transportation and solutions to urban congestion [8] - Large cities like Bengaluru, Delhi, and Mumbai are embracing e-scooters for short-distance commuting [8] - Government initiatives and shared mobility services are driving market growth [8] UAE - The UAE market is expanding with rising demand for environmentally friendly and convenient transport solutions [9] - Cities like Dubai and Abu Dhabi are seeing increased e-scooter usage for short-distance travel [9] - Government sustainability initiatives and advancements in battery technology are boosting market growth [9] Market Segmentation By Battery - Lead Acid, Lithium-ion (Li-ion), and others [12] By Drive - Belt Drive, Chain Drive, and Hub Drive [12] By Voltage - Below 24V, 36V, 48V, and Greater than 48V [12] By Application - Personal and Rental [12] By Countries - North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa [13][14] Key Players - Jiangsu Xinri E-Vehicle Co Ltd, Enphase Energy Inc, YADEA Technology Group Co Ltd, NIU International, Bird Rides Inc, SWAGTRON, Segway Inc, and Xiaomi [14]

Core Viewpoint - Niu Technologies reported significant growth in sales volume for Q4 and FY2024, driven by new product launches and strong demand in both domestic and international markets [1][2][3]. Sales Performance - In Q4 2024, the company sold a total of 226,634 units, a 65% increase from Q4 2023, with 182,333 units sold in China and 44,301 units in international markets [2][5]. - For the full year 2024, total sales reached 924,340 units, up from 709,802 units in 2023, with 759,094 units sold in China and 165,246 units internationally [2][5]. Market Dynamics - The 65% year-over-year growth in China was attributed to the successful launch of new models and the fulfillment of backlog orders following new safety standards [3]. - Over 70% of Q4 sales were from new models tailored to various consumer segments, particularly appealing to Gen Z and female riders [3]. International Growth - The micro-mobility segment saw a 65% year-over-year growth in Q4 and a 57% increase for the full year [4]. - The company celebrated its 10th anniversary at EICMA with the introduction of innovative products, enhancing its global brand presence [4]. Product Portfolio - Niu Technologies offers a diverse range of products, including electric motorcycles, mopeds, bicycles, kick-scooters, and e-bikes, catering to various urban mobility needs [7]. - The company employs an omnichannel retail model, integrating both offline and online sales channels [7].

Core Viewpoint - Niu Technologies is being initiated with a "Buy" rating and a 24-month investment horizon, indicating a positive outlook for the manufacturer and seller of electric scooters [1]. Company Summary - Niu Technologies operates in the electric scooter market, which is experiencing growth due to increasing demand for eco-friendly transportation options [1]. Investment Thesis - The investment thesis is based on the anticipated growth in the electric scooter sector, driven by urbanization and a shift towards sustainable mobility solutions [1].

Core Insights - NIU Technologies has launched a nationwide direct-to-consumer (D2C) sales platform for its electric dirt bikes, the XQi3 Wild and XQi3 Street, enhancing accessibility for customers [1][2] - The NIU Moto Sales Platform (NMSP) integrates e-commerce with a dealer network, allowing customers to shop, finance, and finalize purchases online [2][3] - The platform aims to revolutionize the electric vehicle (EV) industry by providing a seamless purchasing experience, regardless of local dealer adaptation [3] Company Developments - The NMSP allows for real-time titling, registration, and financing options, with bikes shipped directly to customers or local dealers for assembly [2] - NIU has partnered with Ekho Dealer to enhance the sales processing engine and assist dealers in digitizing transactions [4] - The company has sold over 4.6 million electric vehicles since its inception in 2015, with users traveling over 25 billion kilometers globally [6] Industry Impact - The launch of the NMSP is seen as a significant milestone for both NIU and the broader EV industry, promoting innovation and accessibility [3][5] - The platform is expected to drive online-to-offline traffic, benefiting both NIU and its network of over 100 dealers across the U.S. [3]