NIU Technologies (“NIU”, or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, announced its financial results for the first quarter ended March 31, 2019. During the reporting period, the revenue of the Company reached RMB 355.2 million, a year-over-year (yoy) increase of 105.5%.
Robust Performance in Q1 2019: Achieved Profit with rapid growth in sales and income
The revenue and sales volume of NIU has continued to deliver a significant growth trend in Q1 2019. In the first quarter, the Company sold 66,284 units of e-scooters globally, up 75.7% yoy. Revenues doubled to RMB 355.2 million with an increase of 105.5% yoy. Gross margin also indicated great improvement to 21.3% from 12.7% in Q1 2018, mainly driven by lower raw material costs, higher retail prices and favorable changes in product model mix and increasing revenue from accessories and spare parts.
Q1 2019 witnessed a profitable quarter with net income RMB 12.0 million and adjusted net income (non-GAAP) was RMB 14.6 million.
As of March 31 2019, NIU has 881 franchised stores in China and sales network in 28 countries internationally. The Company is dedicated to providing high-quality products and premium product experience for customers worldwide. In March, NIU received US Federal Government approval to sell e-scooters nationwide. The first batch of e-scooters were already shipped and will be arrived in US soon. In addition, NIU has entered South Korea, Colombia recently. Initial interests in those markets are high, and the Company anticipated strong demand among those countries.
“Our business momentum continued in the first quarter. We achieved net income of RMB 12.0 million, a milestone for the Company that demonstrates our ability to grow profitably”, said Dr. Yan Li, Chief Executive Officer of NIU, “We are excited by our business prospects and look forward to continued growth in the quarters ahead.”
Upgraded Technologies to further enable smart solutions for urban mobility
The Company launched the new U+ and US with the upgraded smart battery technology, NIU EnergyTM in April. Featuring more power in a smaller, lighter form factor, NIU EnergyTM enabled an improved powertrain, greater endurance range and longer battery lifecycle. The Company also launched its new lifestyle category NIU AERO with the spirit of “BEYOND SPEED”. NIU believes the high-performance sports bicycle is greatly consistent with the healthy and positive attitude in urban life.
In earlier Q4 2018 earnings report, NIU announced that the Company has entered into a definitive Development Collaboration Agreement with Volkswagen Group in Germany regarding joint development of Micro-mobility solutions.
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