-- Second Quarter Revenues of RMB 940.5 million, an increase of 13.5% year-over-year -- Second Quarter Net Loss of RMB 24.9 million, compared to Net Loss of RMB 1.9 million in the same period of last year BEIJING, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Niu Technologies (“NIU”, or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today announced its unaudited financial results for the second quarter ended June 30, 2024. Second Quarter 2024 Financial Highlights Revenues ...

BEIJING, July 15, 2024 (GLOBE NEWSWIRE) -- Niu Technologies ("NIU" or "the Company") (NASDAQ:NIU), the world's leading provider of smart urban mobility solutions, today announced that it will report its financial results for the second quarter 2024 before the U.S. market opens on Monday, August 12, 2024. The corporate presentation and financial spreadsheets will be posted on NIU's investor relations website at:https://ir.niu.com/financial-information/quarterly-results The Company will host an earnings confe ...

BEIJING, July 15, 2024 (GLOBE NEWSWIRE) -- Niu Technologies (“NIU” or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today announced that it will report its financial results for the second quarter 2024 before the U.S. market opens on Monday, August 12, 2024. The corporate presentation and financial spreadsheets will be posted on NIU’s investor relations website at:https://ir.niu.com/financial-information/quarterly-results The Company will host an earnings conf ...

MINNEAPOLIS, July 08, 2024 (GLOBE NEWSWIRE) -- Niu Technologies ("NIU", or "the Company") (NASDAQ:NIU), the world's leading provider of smart urban mobility solutions, today announced its large-scale retail expansion to over 800+ Best Buy stores, across the United States. This strategic expansion marks a pivotal milestone for the company and will accelerate the widespread adoption of two-wheel electric vehicles across America. Consumers can now shop for NIU's high-performance electric kick-scooters (KQi ser ...

Niu Technologies (NASDAQ:NIU) Q1 2024 Earnings Conference Call May 20, 2024 8:00 AM ET Company Participants Kristal Li - IR Manager Yan Li - CEO Fion Zhou - CFO Conference Call Participants Yating Chen - CICC Operator Good day, ladies and gentlemen. Thank you for standing by. And welcome to the Niu Technologies First Quarter 2024 Earnings Conference Call. At this time, all participants are in listen-only mode. Later, we'll conduct a question-and-answer session, and instructions will follow at that time. As ...

1Q 2024 NIU at a glance ...

-- First Quarter Revenues of RMB 504.7 million, an increase of 21.0% year-over-year -- First Quarter Net Loss of RMB 54.8 million, compared to Net Loss of RMB 60.3 million in the same period of last year BEIJING, May 20, 2024 (GLOBE NEWSWIRE) -- Niu Technologies ("NIU", or "the Company") (NASDAQ:NIU), the world's leading provider of smart urban mobility solutions, today announced its unaudited financial results for the first quarter ended March 31, 2024. First Quarter 2024 Financial Highlights Revenues were ...

-- First Quarter Revenues of RMB 504.7 million, an increase of 21.0% year-over-year -- First Quarter Net Loss of RMB 54.8 million, compared to Net Loss of RMB 60.3 million in the same period of last year BEIJING, May 20, 2024 (GLOBE NEWSWIRE) -- Niu Technologies (“NIU”, or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today announced its unaudited financial results for the first quarter ended March 31, 2024. First Quarter 2024 Financial Highlights Revenues wer ...

BEIJING, April 24, 2024 (GLOBE NEWSWIRE) -- Niu Technologies ("NIU", or "the Company") (NASDAQ:NIU), the world's leading provider of smart urban mobility solutions, today filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the U.S. Securities and Exchange Commission. The annual report on Form 20-F can be accessed on the Company's investor relations website at ir@niu.com. The Company will provide a hard copy of the Form 20-F containing the audited consolidated financial stat ...

Sales and Distribution - The company sold a total of 709,802 units in 2023, including e-motorcycles, e-scooters, kick-scooters, and e-bikes, with 600,994 units sold in the China market and 108,808 units in international markets[289] - The company operates through 288 city partners with 2,856 franchised stores in 251 cities in China and 56 distributors in 54 countries overseas as of December 31, 2023[289] - Total e-scooter sales decreased by 19.9% from 1,037,914 units in 2021 to 831,593 units in 2022, and further decreased to 709,802 units in 2023[449] - Revenues from e-scooters accounted for 88.9% of net revenues in 2023, with domestic sales in China contributing 600,994 units and international markets contributing 108,808 units[445] - The F series e-scooter sales increased significantly from 79,747 units in 2022 to 209,554 units in 2023, representing 29.5% of total e-scooter sales[450] - The company operates 2,856 franchised stores in 251 cities in China through 288 city partners and has 56 distributors in 54 countries overseas as of December 31, 2023[445][454] - As of December 31, 2023, the company sold smart e-scooters through 56 distributors in 54 countries overseas, with international market revenues accounting for 14.7%, 18.5%, and 15.2% of total revenues in 2021, 2022, and 2023, respectively[455] - The company plans to expand its distribution network, launch new products tailored to local markets, and explore additional business opportunities in Europe, the U.S., and Southeast Asia[455] Product Portfolio and Innovation - The company's product portfolio includes two main lineups: electric motorcycles, mopeds, and bicycles (NQi, MQi, UQi, F series) and micro-mobility products (KQi kick-scooters and BQi e-bikes)[293] - The company's RQi series features high-performance electric motorcycles with advanced features such as removable batteries, front and rear cameras, and a 5kW mid-mounted motor[298] - The company's SQi series is positioned as its most high-end electric bicycle product in China, featuring aerospace magnesium alloy materials and a futuristic design[299] - The company's KQi series offers a range of electric kick-scooters, including the high-end KQi Air and entry-level KQi1 and KQi2 models[300] - The company's R&D expenses include payroll and related costs for employees, design and development expenses, and facility and equipment costs, with plans to continue innovation and expand the product portfolio[469] Financial Performance - The company raised approximately US$55.2 million in net proceeds from its initial public offering on Nasdaq in October 2018[288] - Revenues from accessories and spare parts accounted for 7.5% of net revenues in 2023, while services revenue increased to 3.6% of total revenues[451] - The company's gross margin remained stable at 21.5% in 2023, despite challenges from lithium battery price hikes and macroeconomic conditions[452] - Selling and marketing expenses increased to 18.7% of revenues in 2023, driven by international market expansion, particularly in kick-scooters[453] - Revenues decreased by 16.3% from RMB3,168.6 million in 2022 to RMB2,651.8 million (US$373.5 million) in 2023, primarily due to a 14.6% decrease in e-scooter sales volume[480] - E-scooter sales revenue decreased by 17.4% from RMB2,853.9 million in 2022 to RMB2,358.7 million (US$332.2 million) in 2023[480] - Revenues per e-scooter decreased from RMB3,810.3 in 2022 to RMB3,735.9 (US$526.2) in 2023, mainly due to decreased sales of higher-priced e-motorcycles and e-mopeds in international markets[481] - Accessory and spare parts sales revenue decreased from RMB242.3 million in 2022 to RMB197.6 million (US$27.8 million) in 2023, driven by reduced battery pack sales and lower e-motorcycle and e-moped sales[482] - Service revenues increased from RMB72.4 million in 2022 to RMB95.5 million (US$13.4 million) in 2023, attributed to growth in the user base[482] - Cost of revenues decreased by 16.7% from RMB2,498.9 million in 2022 to RMB2,081.0 million (US$293.1 million) in 2023, in line with the decrease in e-scooter sales volume[483] - Cost per e-scooter decreased from RMB3,005.0 in 2022 to RMB2,931.8 (US$412.9) in 2023, primarily due to lower freight costs for overseas sales[483] - Gross profit decreased to RMB570.7 million (US$80.4 million) in 2023 from RMB669.7 million in 2022, but gross margin increased from 21.1% to 21.5% due to lower raw material costs and new product launches[484] - Operating income (loss) worsened from a loss of RMB89.3 million in 2022 to a loss of RMB317.5 million (US$44.7 million) in 2023[478] - Net income (loss) worsened from a loss of RMB49.5 million in 2022 to a loss of RMB271.8 million (US$38.3 million) in 2023[478] Technology and Data Analytics - The company's NIU app synchronizes with smart e-scooters and collects user behavioral data to enhance customer engagement and brand loyalty[292] - NIU app connected with approximately 2,704,500 smart e-scooters, accumulating 21.4 billion kilometers of riding distance data as of December 31, 2023[314] - NIU collects 462 types of data points covering 72 dimensions, including humidity, lighting, and temperature, from Cloud ECU and up to 32 sensors per e-scooter[314] - NIU's cloud system handles over a million persistent connections concurrently and supports TB-level database queries[315] - NIU's proprietary big data platform, NIU Inspire, analyzes data to improve product performance, firmware updates, and targeted marketing[316] - NIU's Cloud ECU supports OTA updates, enabling users to benefit from performance improvements and feature enhancements[328] - NIU's Field Oriented Control (FOC) system optimizes motor performance and power consumption using real-time data analytics[331] - NIU's Electronic Braking System (EBS) recycles kinetic energy and enhances braking efficiency[332] - NIU is developing advanced systems, including active safety systems, self-balancing systems, and L2 autonomous driving systems[335] Regulatory Compliance and Legal - The company has obtained China Compulsory Certification for all current for-sale products and aims to obtain certification for future products[387] - The company complies with the Product Quality Law of the PRC, ensuring no production or sale of counterfeit products or false information[386] - The company adheres to the Production Safety Law of the PRC, maintaining safety facilities and procedures to ensure employee and public safety[385] - The company has not initiated any product recalls under the Interim Provisions on the Administration of Recall of Consumer Goods[388] - The company operates its website and app through Beijing Niudian, complying with foreign investment regulations in telecommunications[392] - The company is subject to the Foreign Trade Law of the PRC and has made necessary filings with authorities for import and export activities[390] - The company is not restricted or prohibited under the 2021 Negative List for foreign investment in electric bicycle design, manufacture, and sale[391] - The company monitors regulations under the NDRC Order 11 for potential overseas investments exceeding $300 million[393] - The company is subject to foreign debt regulations, including the Interim Provisions on the Management of Foreign Debts and PBOC Circular 9[395] - The company complies with the Network Security Law of the PRC, ensuring data integrity, confidentiality, and availability[398] - The amended Counterespionage Law of China, effective July 1, 2023, links data security to national security, prohibiting unauthorized data provision and cyberattacks against specific authorities[399] - The Data Security Law, effective September 1, 2021, mandates data processors to establish a whole-process data security management system and imposes penalties for violations[402] - The Personal Information Protection Law, effective November 1, 2021, regulates personal information processing and requires consent for data collection and use[401] - Data processors handling over one million users' personal information must undergo cybersecurity review before listing abroad[404] - The Data Export Measures, effective September 1, 2022, require security assessments for exporting personal information exceeding certain thresholds[405] - The Standard Contract Measures, effective June 1, 2023, regulate outbound transfer of personal information through standard contracts[407] - Companies processing personal information in China must undergo regular compliance audits, as per the Measures for the Administration of Personal Information Protection Compliance Audits (for Public Comments)[409] - Cross-border data transfer exemptions include transfers for contract performance, HR management, emergencies, and non-sensitive data involving less than 100,000 people[412] - Mobile app information service providers must comply with the Administrative Provisions on Mobile Internet Applications Information Services, effective August 1, 2022[415] - The Telecommunications Regulations require value-added telecommunication service providers to obtain an ICP License before operations[414] Taxation and Financial Regulations - Mainland China employers are required to contribute to social insurance for employees, including basic pension, medical, unemployment, maternity, and injury insurance, as well as housing funds[423] - Mainland China residents must register with SAFE for offshore investment and financing through special purpose vehicles, with penalties for non-compliance including restrictions on profit distributions and capital contributions[424] - Mainland China residents participating in overseas stock incentive plans must register with SAFE and remit foreign exchange proceeds into mainland China bank accounts[425] - Foreign-invested enterprises in mainland China must allocate 10% of after-tax profits to statutory common reserves until reserves reach 50% of registered capital[426] - Mainland China resident enterprises are subject to a 25% enterprise income tax rate, while non-resident enterprises without mainland China branches pay a 10% tax rate on mainland China-sourced income[427] - Dividends to non-resident enterprises are subject to a 10% withholding tax, which may be reduced to 5% under certain tax treaties[428] - VAT rates for goods and services in mainland China were adjusted to 13% and 9% respectively, effective April 1, 2019[429] - Advanced manufacturing enterprises can claim an additional 5% input tax credit against tax payable[429] - The company's subsidiaries in mainland China, Jiangsu Xiaoniu and Beijing Niudian, enjoy a preferential income tax rate of 15% as High and New Technology Enterprises (HNTE) for the fiscal years 2021-2023 and 2022-2024, respectively[474] - The company's Hong Kong subsidiary, Niu Technologies Group Limited, is taxed at 8.25% on the first HK$2 million of profits and 16.5% on the remaining profits, with no provision for Hong Kong profits tax made in 2021, 2022, or 2023[473] Manufacturing and Operations - A new manufacturing facility in Changzhou, with a total building area of 123,500 square meters, was completed in August 2021 to meet increasing demand for e-scooters[441] - The company prepaid RMB39.4 million in 2020 and RMB2.0 million in 2019 to acquire land use rights for a 61,148 square meter plot in Changzhou, where the new facility was built[441] - The company's PRC legal counsel confirmed that the VIE structure and contractual arrangements comply with current PRC laws, but noted uncertainties regarding future regulatory interpretations[439][440] Customer Engagement and Loyalty - The company's NIU app provides services such as online repair requests, smart checks, service station locators, and NIU Cover insurance services[306] - The company's NIU Points loyalty program allows users to earn points through activities and redeem them for exclusive NIU badges, accessories, and coupons[308] - Over 75% of NIU users rode their e-scooters on a monthly basis in 2023[311] Warranty and After-Sales Services - NIU's battery packs feature a 24-month or 20,000-kilometer warranty, with some models offering a 36-month or 30,000-kilometer warranty[318] Corporate Structure and Agreements - Beijing Niudian's shareholders have pledged 100% equity interests to the company's WFOE to guarantee performance under contractual agreements[434] - The company's WFOE has exclusive rights to provide operational support and consulting services to Beijing Niudian, with service fees equal to 100% of net profits[436]