revenue-non-current 13,168,111 16,022,221 2,283,148
Deferred income tax
liabilities 2,362,494 5,014,454 714,554
Operating lease
liabilities 280,421 119,331 17,005
Other non-current
liabilities 8,968,519 9,539,200 1,359,325
Total non-current
liabilities 24,779,545 30,695,206 4,374,032
------------- ------------- ------------
Total liabilities 1,095,715,415 1,839,471,020 262,122,524
============= ============= ============
SHAREHOLDERS' EQUITY:
Class A ordinary
shares 90,031 90,450 12,889
Class B ordinary
shares 10,316 10,316 1,470
Additional paid-in
capital 1,964,138,365 1,982,764,831 282,541,728
Accumulated other
comprehensive loss (9,495,674) (13,393,350) (1,908,537)
Accumulated deficit (861,126,804) (981,789,374) (139,903,867)
------------- ------------- ------------
Total shareholders'
equity 1,093,616,234 987,682,873 140,743,683
------------- ------------- ------------
Total liabilities and
shareholders'
equity 2,189,331,649 2,827,153,893 402,866,207
============= ============= ============
NIU TECHNOLOGIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME (LOSS)
Three Months Ended September 30, Nine Months Ended September 30,
-------------------------------------------- -------------------------------------------------
2023 2024 2023 2024
------------ ---------------------------- -------------- -----------------------------
RMB RMB US$ RMB RMB US$
Revenues 927,022,630 1,023,896,776 145,904,123 2,173,069,852 2,469,116,667 351,846,310
Cost of revenues(a) (729,071,439) (882,352,543) (125,734,232) (1,693,267,053) (2,072,337,778) (295,305,771)
------------ ------------- ------------ -------------- -------------- ------------
Gross profit 197,951,191 141,544,233 20,169,891 479,802,799 396,778,889 56,540,539
Operating expenses:
Selling and
marketing
expenses(a) (122,663,357) (127,674,970) (18,193,538) (304,565,382) (353,235,333) (50,335,632)
Research and
development
expenses(a) (39,059,530) (30,299,955) (4,317,709) (115,351,728) (91,488,651) (13,037,028)
General and
administrative
expenses(a) (126,821,515) (42,583,209) (6,068,059) (225,122,249) (112,541,644) (16,037,056)
------------ ------------- ------------ -------------- -------------- ------------
Total operating
expenses (288,544,402) (200,558,134) (28,579,306) (645,039,359) (557,265,628) (79,409,716)
Government grants 1,070,500 520,000 74,099 1,897,473 523,756 74,635
------------ ------------- ------------ -------------- -------------- ------------
Operating loss (89,522,711) (58,493,901) (8,335,316) (163,339,087) (159,962,983) (22,794,542)
Interest expenses (524,748) (1,537,621) (219,109) (606,268) (4,024,904) (573,544)
Interest income 10,282,848 9,512,697 1,355,548 25,545,664 27,530,058 3,923,002
Investment income 558,506 985,634 140,452 985,342 1,987,535 283,221
------------ ------------- ------------ -------------- -------------- ------------
Loss before income
taxes (79,206,105) (49,533,191) (7,058,425) (137,414,349) (134,470,294) (19,161,863)
Income tax
(expense) benefit (216,221) 8,586,698 1,223,595 (4,251,721) 13,807,724 1,967,585
------------ ------------- ------------ -------------- -------------- ------------
Net loss (79,422,326) (40,946,493) (5,834,830) (141,666,070) (120,662,570) (17,194,278)
============ ============= ============ ============== ============== ============
Other comprehensive
(loss) income
Foreign currency
translation
adjustment, net of
nil income taxes (2,644,910) (6,430,430) (916,329) 12,842,854 (3,897,676) (555,414)
Unrealized gain on
available-for-sale
securities, net of
reclassification - - - (345,356) - -
------------ ------------- ------------ -------------- -------------- ------------
Comprehensive loss (82,067,236) (47,376,923) (6,751,159) (129,168,572) (124,560,246) (17,749,692)
============ ============= ============ ============== ============== ============
Net loss per
ordinary share
--Basic (0.51) (0.26) (0.04) (0.90) (0.76) (0.11)
--Diluted (0.51) (0.26) (0.04) (0.90) (0.76) (0.11)
Net loss per ADS
--Basic (1.01) (0.52) (0.07) (1.81) (1.52) (0.22)
--Diluted (1.01) (0.52) (0.07) (1.81) (1.52) (0.22)
Weighted average number of ordinary shares and
ordinary shares equivalents outstanding used in
computing net loss per ordinary share
--Basic 157,165,708 158,808,425 158,808,425 156,594,219 158,356,359 158,356,359
--Diluted 157,165,708 158,808,425 158,808,425 156,594,219 158,356,359 158,356,359
Weighted average
number of ADS
outstanding used in
computing net loss
per ADS
--Basic 78,582,854 79,404,213 79,404,213 78,297,110 79,178,180 79,178,180
--Diluted 78,582,854 79,404,213 79,404,213 78,297,110 79,178,180 79,178,180
Note:
(a) Includes share-based compensation expenses as
follows:
Three Months Ended September 30, Nine Months Ended September 30,
-------------------------------------------- -------------------------------------------------
2023 2024 2023 2024
------------ ---------------------------- -------------- -----------------------------
RMB RMB US$ RMB RMB US$
Cost of revenues 311,157 154,379 21,999 902,677 596,268 84,968
Selling and
marketing
expenses 2,374,275 2,408,003 343,138 8,207,677 5,746,819 818,915
Research and
development
expenses 3,550,989 1,997,306 284,614 18,656,349 5,270,563 751,049
General and
administrative
expenses 3,224,049 2,138,305 304,706 12,152,242 6,764,744 963,968
------------ ------------- ------------ -------------- -------------- ------------
Total share-based
compensation
expenses 9,460,470 6,697,993 954,457 39,918,945 18,378,394 2,618,900
NIU TECHNOLOGIES
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
Three Months Ended September 30, Nine Months Ended September 30,
--------------------------------------- --------------------------------------------
2023 2024 2023 2024
----------- ------------------------ ------------ --------------------------
RMB RMB US$ RMB RMB US$
Net loss (79,422,326) (40,946,493) (5,834,830) (141,666,070) (120,662,570) (17,194,278)
Add:
Share-based
compensation
expenses 9,460,470 6,697,993 954,457 39,918,945 18,378,394 2,618,900
----------- ----------- ---------- ------------ ------------ -----------
Adjusted net
loss (69,961,856) (34,248,500) (4,880,373) (101,747,125) (102,284,176) (14,575,378)
____________________
(1) Adjusted net income (loss) (non-GAAP) is defined as net income (loss) excluding share-based compensation expenses
(2) Revenues per e-scooter on e-scooter sales from China or international markets is defined as e-scooter sales revenues from China or international markets divided by the number of e-scooters sold in China or international markets in a specific period
(3) Revenues per e-scooter on accessories, spare parts and services is defined as accessories, spare parts and services revenues divided by the total number of e-scooters sold in a specific period
(4) Adjusted net income (loss) margin is defined as adjusted net income (loss) (non-GAAP) as a percentage of the revenues
(END) Dow Jones Newswires
November 18, 2024 03:00 ET (08:00 GMT)
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