Niu(US:NIU) Newsfilterยท2024-05-20 07:00Core Insights - Niu Technologies reported first quarter revenues of RMB 504.7 million, marking a 21.0% increase year-over-year, driven primarily by a 36.8% rise in e-scooter sales volume [1][4][6] - The company experienced a net loss of RMB 54.8 million, an improvement from a net loss of RMB 60.3 million in the same period last year [4][12] - The gross margin decreased to 18.9% from 21.7% year-over-year, attributed to changes in product mix and increased sales of lower-margin kick-scooters [4][8] Revenue Breakdown - E-scooter sales from the China market reached RMB 392.9 million, up 28.8% year-over-year, accounting for 88.9% of total e-scooter revenues [2][7] - International e-scooter sales were RMB 49.0 million, down 8.1% year-over-year, representing 11.1% of total e-scooter revenues [2][7] - Accessories, spare parts, and services generated revenues of RMB 62.8 million, a 6.8% increase year-over-year [2][7] Sales Volume and Market Expansion - The total number of e-scooters sold was 129,139, reflecting a 36.8% increase year-over-year [5] - E-scooter sales in China were 110,115 units, up 35.1% year-over-year, while international sales reached 19,024 units, a 47.6% increase [5] - The company expanded its international sales network to 58 distributors across 54 countries as of March 31, 2024 [5] Operating Expenses - Total operating expenses were RMB 164.9 million, a 4.6% increase year-over-year, with selling and marketing expenses rising significantly by 45.6% to RMB 105.3 million [9][10] - Research and development expenses decreased by 17.3% to RMB 28.9 million, while general and administrative expenses fell by 39.2% to RMB 30.6 million [9][10] Financial Outlook - The company anticipates second quarter 2024 revenues to be between RMB 912 million and RMB 995 million, representing a year-over-year increase of 10% to 20% [13]