-- Third Quarter Total Volume of e-scooter sales down 19.2% year over year
-- Third Quarter Revenues of RMB 1,153.2 million, down 6.0% year over year
-- Third Quarter Net income of RMB 2.9 million, compared with net income of RMB 91.7 million in the same period of last year
Niu Technologies (NASDAQ: NIU), the provider of smart urban mobility solutions, today announced its financial results for the third quarter ended September 30, 2022.
Third Quarter 2022 Financial Highlights
Revenues were RMB 1,153.2 million, a decrease of 6.0% year over year
Gross margin was 22.1%, compared with 20.0% in the third quarter of last year
Net income was RMB 2.9 million, compared with net income of RMB 91.7 million in the third quarter of last year
Adjusted net income (non-GAAP) was RMB 20.2 million, compared with adjusted net income of RMB 102.2 million in the third quarter of last year
Third Quarter 2022 Operating Highlights
The number of e-scooters sold was 320,798, down 19.2% year over year
The number of e-scooters sold in China was 263,189, down 32.9% year over year
The number of e-scooters sold in the international markets was 57,609, up 1059.8% year over year
The number of franchised stores in China was 3,303 as of September 30, 2022
International sales network consisted of 53 distributors covering 52 countries as of September 30, 2022
Dr. Yan Li, Chief Executive Officer of the Company, commented: “Our new products reinforced our Company as a well-recognized premium lifestyle brand in China market. Our high-end straddle electric bicycle SQi gained huge popularity among the consumers and media, and was recognized as 'revolutionary and first-of-its-kind'. The 2022 UQi+ also received extremely warm responses since its release, ranked as No.1 best-seller product in the electric scooter category by Taobao during Double 11 Shopping festival, although for the rest of the quarter, we still faced challenges from lower-than-expected consumer sentiment recovery in top-tier cities.”
For the overseas markets, Dr. Li said, "Sales volume of kick-scooters reached 55 thousand units in the third quarter, more than doubled compared to the previous quarter. We were ranked No.1 in the product sector for July Amazon Prime day sales in multiple countries. Our exceptional online performance also helped us get into major top electronics retailers’ offline channels. At the recent Milan EICMA, we showcased more lightweight kick-scooter models and the new BQi C3 Pro e-bike. These product introductions allow NIU to cover a wide-range of urban mobility categories. Together with our experienced international team, strong overseas presence and extensive sales network, we are on the right path to grow into a global urban mobility company.”
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