-- Fourth Quarter Total volume of e-scooter sales
up 77.9% year over year
Niu Technologies (“Niu”, or “the Company”) (NASDAQ: NIU), the
world’s leading provider of smart urban mobility solutions, today
announced its financial results for the fourth quarter and full
year ended December 31, 2018.
Fourth Quarter 2018 Financial Highlights
- Net revenues were RMB 427.5 million, an
increase of 95.0% year over year
- Gross margin was 13.5%, compared with 4.4% in
the fourth quarter of 2017
- Net loss was RMB 32.0 million, improved by RMB
16.7 million compared with net loss of RMB 48.7 million in the
fourth quarter of 2017
- Adjusted net loss (non-GAAP)1 was RMB 7.2
million, improved by RMB 20.3 million compared with adjusted net
loss of RMB 27.5 million in the fourth quarter of 2017
Fourth Quarter 2018 Operating Highlights
- The Company sold 93,611 e-scooters, up 77.9% year over
year
- Franchised stores in China reached 760, an increase of 118
sequentially
- Overseas sales network expanded to 22 distributors covering 27
countries
- IPO completed on October 19, 2018
Dr. Yan Li, Chief Executive Officer of the Company, commented:
“Our performance in the quarter was impressive, especially
considering that we were in a slower seasonal period. Solid demand
for e-scooters combined with our expanded product portfolio and
growing sales network drove volume growth at 78% and revenue growth
at 95% year over year, well ahead of our initial guidance.”
Dr. Li continued, “We accomplished much in our first quarter as
a publicly-traded company. The IPO helped lift user brand awareness
while also deepen distributor commitment. We opened 118 new
franchised stores in China. We now have 760 franchised stores
covering 178 cities. We also expanded overseas, adding 2 more
countries. Our international sales network now covers 27 countries.
These accomplishments position us for another year of strong growth
in 2019.”
Fourth Quarter 2018 Financial Results
Net revenues were RMB 427.5 million, an
increase of 95.0% year over year, driven by increase in e-scooter
sales volume of 77.9% and increase in net revenues per e-scooter of
9.6%.
- E-scooter sales represented 92.8% of net revenues, while the
accessories and spare parts sales and service revenues represented
7.2% of net revenues
- Higher e-scooter sales were mainly driven by sales of new
models launched in earlier quarters, as well as the expanded sales
network
- Increased net revenues per e-scooter was mainly driven by
higher retail prices for certain e-scooter models and a higher
proportion of overseas sales
- China represented 85.5% of the net revenues from e-scooter
sales, and overseas markets represented 14.5%, compared with 6.9%
from overseas markets in the fourth quarter of 2017
Cost of revenues were RMB 370.0 million, an
increase of 76.5% year over year, mainly due to higher e-scooter
sales volume. The cost per e-scooter, defined as cost of revenues
divided by the number of e-scooters sold in a specified period, was
RMB 3,952, 0.7% lower than RMB 3,982 in the fourth quarter 2017 as
a result of product mix change and declining raw material
costs.
Gross margin was 13.5%, a substantial increase
from 4.4% in the same period of 2017, mainly driven by higher
retail prices, lower raw material costs and a higher proportion of
revenue from overseas market.
Operating expenses were RMB 90.6 million, an
increase of 70.0% from the same period of 2017. Operating expenses
as a percentage of net revenues was 21.2%, compared with 24.3% in
the fourth quarter of 2017.
- Selling and marketing expenses were RMB 41.8
million (including RMB 0.5 million share-based compensation), an
increase of 70.4% from RMB 24.5 million in the fourth quarter of
2017. The increase was mainly attributable to the increases in
advertising and promotion expense of RMB 10.3 million, depreciation
and amortization expense of RMB 1.5 million and traveling expense
of RMB 1.4 million, which resulted from the growth in e-scooter
sales volume, the opening of new franchised stores and branding
activities for the Company IPO in October. The selling and
marketing expenses as a percentage of net revenues was 9.8%
compared with 11.2% in the fourth quarter of 2017.
- Research and development expenses were RMB
22.1 million (including RMB 9.2 million share-based compensation),
an increase of 153.4% from RMB 8.7 million in the fourth quarter of
2017, mainly attributable to the increases in share-based
compensation of RMB 5.8 million, staff cost of RMB 4.2 million and
design expense of RMB 2.1 million, which resulted from the
Company’s continued efforts to enhance the research and development
capability and accelerated vesting of certain restricted ordinary
shares. The research and development expenses as a percentage of
net revenues was 5.2%, compared with 4.0% in the fourth quarter of
2017.
- General and administrative expenses were RMB
26.7 million (including RMB 15.0 million share-based compensation),
an increase of 33.1% from RMB 20.1 million in the fourth quarter of
2017, mainly attributable to the increases of share-based
compensation expense of RMB 3.6 million, staff cost of RMB 1.9
million and professional fees of RMB 1.5 million as a result of
accelerated vesting of certain restricted ordinary shares,
increases in number of staff and engagement of professional firms
for post-IPO services. General and administrative expenses as a
percentage of net revenues was 6.3%, compared with 9.2% in the
fourth quarter of 2017.
Operating expenses excluding share-based
compensation was RMB 65.9 million, an increase of 73.1%
year over year, and represented 15.4% of net revenues, compared
with 17.4% in the fourth quarter of 2017.
- Selling and marketing expenses excluding share-based
compensation were RMB 41.3 million, an increase of 71.3%
year over year, and represented 9.7% of net revenues, compared with
11.0% in the fourth quarter of 2017
- Research and development expenses excluding share-based
compensation were RMB 12.9 million, an increase of 142.1%
year over year, and represented 3.0% of net revenues, compared with
2.4% in the fourth quarter of 2017
- General and administrative expenses excluding
share-based compensation were RMB 11.7 million, an
increase of 35.4% year over year, and represented 2.7% of net
revenues, compared with 3.9% in the fourth quarter of 2017
Change in fair value of a convertible loan was
nil, compared to a loss of RMB 5.9 million associated with change
in fair value of a convertible loan in the same period of 2017.
Share-based compensation was RMB 24.8 million,
an increase of RMB 9.5 million compared to RMB 15.3 million in the
same period of last year. The increase was mainly due to
accelerated vesting of certain restricted ordinary shares with
total expenses of RMB 22.8 million.
Net loss was RMB 32.0 million, improved by RMB
16.7 million compared with a net loss of RMB 48.7 million in the
fourth quarter of 2017.
Adjusted net loss (non-GAAP) was RMB 7.2
million, compared with an adjusted net loss of RMB 27.5 million in
the fourth quarter of 2017. The adjusted net loss margin2 was 1.7%,
compared with an adjusted net loss margin of 12.5% in the same
period of 2017.
Basic and diluted net loss per ADS were both
RMB 0.49 (US$ 0.07). Excluding share-based compensation expenses,
adjusted basic and diluted net loss per ADS (non-GAAP) were both
RMB 0.11 (US$0.02).
Recent Development
We have recently entered into a definitive Development
Collaboration Agreement with Volkswagen Group in Germany regarding
joint development of Micro-mobility solutions. We value the
opportunity to work with Volkswagen Group and believe such
collaboration will bring long term benefit to both parties.
Full Year 2018 Financial Results
Net revenues were RMB 1,477.8 million, an
increase of 92.1%, mainly driven by increases in e-scooter sales
volume of 79.2% and net revenues per e-scooter of 7.2%. China
represented 89.3% of net revenues from e-scooter sales, and
overseas markets represented 10.7%, compared with 5.3% from
overseas markets in 2017
Cost of revenues were RMB 1,279.2 million, an
increase of 79.0%, mainly driven by higher e-scooter sales volume.
The cost per e-scooter, defined as cost of revenues divided by the
number of e-scooters sold in a specified period, was RMB 3,767,
slightly lower than RMB 3,772 in 2017.
Gross margin was 13.4%, increased substantially
from 7.1% in 2017, mainly driven by higher retail prices and change
in product mix.
Operating expenses were RMB 516.1 million, an
increase of 159.4%. Operating expenses as a percentage of net
revenues was 34.9%, compared with 25.9% in 2017.
Operating expenses excluding share-based
compensation was RMB 250.4 million, an increase of 83.2%,
and represented 16.9% of net revenues, compared with 17.8% in
2017.
Change in fair value of a convertible loan was
a loss of RMB 34.5 million, compared to a loss of RMB 43.0 million
in 2017.
Share-based compensation was RMB 265.9 million,
an increase of RMB 203.4 million from RMB 62.5 million in 2017. The
increase was mainly due to Pre-IPO shareholding restructure and
change in management team, and post-IPO accelerated vesting of
certain restricted ordinary shares.
Net loss was RMB 349.0 million, an increase of
RMB 164.3 million from a net loss of RMB 184.7 million in 2017. The
increase was mainly caused by higher share-based compensation
expenses as described in above.
Adjusted net loss (non-GAAP) was RMB 48.7
million, compared with an adjusted net loss of RMB 79.1 million in
2017. The adjusted net loss margin3 was 3.3% in 2018, compared with
an adjusted net loss margin of 10.3% in 2017.
Balance SheetAs of December 31, 2018, the
Company had cash, term deposit and short-term
investments of RMB 716.8 million in aggregate. The Company
had restricted cash of RMB 179.3 million and short-term bank
borrowings of RMB 180.0 million.
Business OutlookFor the first quarter of 2019,
NIU expects net revenues to be in the range of RMB 285 million to
RMB 305 million, representing a year-over-year increase of 64.9% to
76.5%.
The above outlook is based on information available as of the
date of this press release and reflects the Company’s current and
preliminary expectation, which is subject to change.
Conference Call
The Company will host a conference call at 8:00 a.m. on March
18, 2019, Eastern Time (8:00 p.m. March 18, 2019 Beijing/Hong Kong
time), to discuss its fourth quarter and full year 2018 financial
results and provide a corporate update.
Participants may access the call via below dial-in
details:
United
States
+1-866-519-4004
Hong Kong
+852-800-906-601
Mainland
China
+86-400-620-8038Other International
+65-6713-5090Conference
ID
8141818
A replay will be accessible through March 26, 2019, by dialing
the following numbers
United States
+1-855-452-5696
Hong Kong
+852-800-963-117
Mainland China
+86-400-602-2065Other International
+61-281-990-299
Replay Access Code
8141818
Additionally, a live and archived webcast of the conference call
will also be available through the Company’s investor relations
website at https://ir.niu.com/.
About NIU
As the world’s leading provider of smart urban mobility
solutions, NIU designs, manufactures and sells high-performance
smart e-scooters. NIU has a streamlined product portfolio
consisting of three series, N, M and U that address the needs of
different segments of the modern urban resident, while being united
through a common design language that emphasizes style, freedom and
technology. NIU has adopted an omnichannel retail model,
integrating the offline and online channels, to sell its products
and provide services. For more information, please visit
www.niu.com.
Use of Non-GAAP Financial Measures
To supplement NIU’s consolidated financial results presented in
accordance with the accounting principles generally accepted in the
United States of America (“GAAP”), NIU uses the following non-GAAP
financial measures: adjusted net loss, adjusted net loss margin and
adjusted basic and diluted net loss per ADS. The presentation of
these non-GAAP financial measures is not intended to be considered
in isolation or as a substitute for the financial information
prepared and presented in accordance with GAAP.
NIU believes that these non-GAAP financial measures provide
meaningful supplemental information regarding its performance and
liquidity by excluding certain items that may not be indicative of
its operating results. The Company believes that both management
and investors benefit from referring to these non-GAAP financial
measures in assessing its performance and when planning and
forecasting future periods. These non-GAAP financial measures also
facilitate management’s internal comparisons to NIU’s historical
performance. The Company believes these non-GAAP financial measures
are useful to investors in allowing for greater transparency with
respect to supplemental information used by management in its
financial and operational decision making. A limitation of using
these non-GAAP financial measures is that these non-GAAP measures
exclude certain items that have been and will continue to be for
the foreseeable future a significant component in the Company’s
results of operations. These non-GAAP financial measures presented
here may not be comparable to similarly titled measures presented
by other companies. Other companies may calculate similarly titled
measures differently, limiting their usefulness as comparative
measures to the Company’s data.
Adjusted net loss is defined as net loss excluding share-based
compensation expenses and change in fair value of a convertible
loan. Adjusted net loss margin is defined as adjusted net loss as a
percentage of the net revenues. Adjusted basic and diluted net loss
per ADS is defined as basic and diluted net loss per ADS excluding
share-based compensation expenses and change in fair value of a
convertible loan.
For more information on non-GAAP financial measures, please see
the tables captioned “Reconciliations of non-GAAP financial
measures to the nearest comparable GAAP measures.”
Exchange Rate
This announcement contains translations of certain RMB amounts
into U.S. dollars (“US$”) at specified rates solely for the
convenience of the readers. Unless otherwise stated, all
translations from RMB to US$ were made at the rate of RMB6.8755 to
US$1.00, the exchange rate in effect as of December 31, 2018, as
set forth in the H.10 Statistical release of the Board of Governors
of the Federal Reserve System. The Company makes no representation
that the RMB or US$ amounts referred could be converted into US$ or
RMB, as the case may be, at any particular rate or at all.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
“will,” “expects,” “anticipates,” “aims,” “future,” “intends,”
“plans,” “believes,” “estimates,” “likely to” and similar
statements. Among other things, the business outlook and quotations
from management in this announcement, as well as NIU’s strategic
and operational plans, contain forward-looking statements. NIU may
also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission, in
its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about NIU’s beliefs, plans
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: NIU’s strategies; NIU’s future business
development, financial condition and results of operations; NIU’s
ability to maintain and enhance its “NIU” brand; its ability to
innovate and successfully launch new products and services; its
ability to maintain and expand its offline distribution network;
its ability to satisfy the mandated safety standards relating to
e-scooters; its ability to secure supply of components and raw
materials used in e-scooters; its ability to manufacture, launch
and sell smart e-scooters meeting customer expectations; its
ability to grow collaboration with operation partners; its ability
to control costs associated with its operations; general economic
and business conditions in China and globally; and assumptions
underlying or related to any of the foregoing. Further information
regarding these and other risks is included in NIU’s filings with
the Securities and Exchange Commission. All information provided in
this press release is as of the date of this press release, and NIU
does not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
Investor Relations Contacts:
NIUInvestor Relations ManagerJason YangE-mail:
ir@niu.com
The Blueshirt Group Gary Dvorchak, CFA E-mail:
gary@blueshirtgroup.com
NIU TECHNOLOGIES |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
|
|
|
|
As of December 31, |
As of December 31, |
|
2017 |
|
2018 |
|
|
RMB |
RMB |
US$ |
ASSETS |
|
|
|
Current assets |
|
|
|
Cash |
111,996,325 |
|
569,059,591 |
|
82,766,285 |
|
Term
deposit |
- |
|
27,452,663 |
|
3,992,824 |
|
Restricted cash-current |
104,547,200 |
|
179,262,714 |
|
26,072,680 |
|
Short-term investments |
85,187,718 |
|
120,241,425 |
|
17,488,390 |
|
Accounts receivable, net |
10,382,112 |
|
54,424,845 |
|
7,915,765 |
|
Inventories |
88,225,965 |
|
142,382,205 |
|
20,708,633 |
|
Prepayments and other current assets |
7,349,583 |
|
26,919,954 |
|
3,915,345 |
|
Total current assets |
407,688,903 |
|
1,119,743,397 |
|
162,859,922 |
|
|
|
|
|
Non-current assets |
|
|
|
Restricted cash-non current |
65,342,000 |
|
- |
|
- |
|
Property and equipment, net |
28,696,602 |
|
40,985,174 |
|
5,961,046 |
|
Intangible assets, net |
1,277,467 |
|
7,717,754 |
|
1,122,501 |
|
Other
non-current assets |
626,605 |
|
16,805,474 |
|
2,444,255 |
|
Total non-current assets |
95,942,674 |
|
65,508,402 |
|
9,527,802 |
|
|
|
|
|
Total assets |
503,631,577 |
|
1,185,251,799 |
|
172,387,724 |
|
|
|
|
|
LIABILITIES |
|
|
|
Current liabilities |
|
|
|
Short-term bank borrowings |
168,234,207 |
|
179,978,003 |
|
26,176,715 |
|
Convertible loan |
151,557,796 |
|
- |
|
- |
|
Accounts payable |
124,937,465 |
|
249,665,890 |
|
36,312,398 |
|
Advance from customers |
48,503,389 |
|
20,505,861 |
|
2,982,454 |
|
Deferred revenue-current |
9,853,361 |
|
12,666,330 |
|
1,842,241 |
|
Accrued expenses and other current liabilities |
75,412,869 |
|
134,184,026 |
|
19,516,257 |
|
Total current liabilities |
578,499,087 |
|
597,000,110 |
|
86,830,065 |
|
|
|
|
|
Warranty-non
current |
12,378,751 |
|
17,609,842 |
|
2,561,245 |
|
Deferred revenue - non current |
144,700 |
|
234,801 |
|
34,150 |
|
Total non-current liabilities |
12,523,451 |
|
17,844,643 |
|
2,595,395 |
|
|
|
|
|
Total liabilities |
591,022,538 |
|
614,844,753 |
|
89,425,460 |
|
|
|
|
|
MEZZANINE
EQUITY |
|
|
|
Series A-1 Redeemable
Convertible Preferred Shares |
130,684,003 |
|
- |
|
- |
|
Series A-2 Redeemable
Convertible Preferred Shares |
39,205,192 |
|
- |
|
- |
|
Series A-3 Redeemable
Convertible Preferred Shares |
67,955,320 |
|
- |
|
- |
|
Total mezzanine
equity |
237,844,515 |
|
- |
|
- |
|
|
|
|
|
SHAREHOLDERS’
(DEFICIT)/EQUITY: |
|
|
|
Ordinary Shares |
39,948 |
|
- |
|
- |
|
Class A ordinary
shares |
- |
|
83,120 |
|
12,089 |
|
Class B ordinary
shares |
- |
|
12,839 |
|
1,867 |
|
Series Seed Convertible
Preferred Shares |
18,436 |
|
- |
|
- |
|
Additional paid-in
capital |
440,265,896 |
|
1,717,483,548 |
|
249,797,622 |
|
Accumulated other
comprehensive income/(loss) |
5,596,238 |
|
(22,786,922 |
) |
(3,314,220 |
) |
Accumulated
deficit |
(771,155,994 |
) |
(1,124,385,539 |
) |
(163,535,094 |
) |
Total
shareholders’ (deficit)/equity |
(325,235,476 |
) |
570,407,046 |
|
82,962,264 |
|
|
|
|
|
Total
liabilities, mezzanine equity and shareholders’
(deficit)/equity |
503,631,577 |
|
1,185,251,799 |
|
172,387,724 |
|
|
|
|
|
|
|
|
NIU TECHNOLOGIES |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS |
|
|
|
|
|
|
|
|
Three months ended December 31, |
Twelve months ended December 31, |
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
|
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
Net revenues |
219,245,438 |
|
427,505,084 |
|
62,178,036 |
|
769,368,001 |
|
1,477,781,304 |
|
214,934,376 |
|
Cost of
revenues(a) |
(209,550,877 |
) |
(369,961,904 |
) |
(53,808,727 |
) |
(714,669,718 |
) |
(1,279,155,847 |
) |
(186,045,502 |
) |
Gross
profit |
9,694,561 |
|
57,543,180 |
|
8,369,309 |
|
54,698,283 |
|
198,625,457 |
|
28,888,874 |
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
Selling and marketing
expenses(a) |
(24,525,340 |
) |
(41,802,946 |
) |
(6,079,986 |
) |
(83,064,894 |
) |
(150,150,872 |
) |
(21,838,539 |
) |
Research and
development expenses(a) |
(8,724,895 |
) |
(22,105,334 |
) |
(3,215,087 |
) |
(39,492,743 |
) |
(91,811,892 |
) |
(13,353,486 |
) |
General and
administrative expenses(a) |
(20,082,841 |
) |
(26,733,610 |
) |
(3,888,242 |
) |
(76,411,871 |
) |
(274,110,654 |
) |
(39,867,741 |
) |
Operating
loss |
(43,638,515 |
) |
(33,098,710 |
) |
(4,814,006 |
) |
(144,271,225 |
) |
(317,447,961 |
) |
(46,170,892 |
) |
|
|
|
|
|
|
|
Changes in fair value
of a convertible loan |
(5,873,254 |
) |
- |
|
- |
|
(43,006,399 |
) |
(34,499,858 |
) |
(5,017,796 |
) |
Interest expense |
(1,250,223 |
) |
(1,458,859 |
) |
(212,182 |
) |
(3,153,521 |
) |
(7,721,675 |
) |
(1,123,071 |
) |
Interest income |
247,383 |
|
1,080,106 |
|
157,095 |
|
1,006,972 |
|
2,998,796 |
|
436,157 |
|
Investment income |
917,428 |
|
1,692,537 |
|
246,169 |
|
2,315,536 |
|
4,601,849 |
|
669,311 |
|
Foreign currency
exchange gain/(losses) |
887,229 |
|
(298,349 |
) |
(43,393 |
) |
1,612,766 |
|
1,646,173 |
|
239,426 |
|
Government grants |
- |
|
84,100 |
|
12,232 |
|
833,000 |
|
1,395,200 |
|
202,923 |
|
Loss before
income taxes |
(48,709,952 |
) |
(31,999,175 |
) |
(4,654,085 |
) |
(184,662,871 |
) |
(349,027,476 |
) |
(50,763,942 |
) |
Income tax expense |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
Net
loss |
(48,709,952 |
) |
(31,999,175 |
) |
(4,654,085 |
) |
(184,662,871 |
) |
(349,027,476 |
) |
(50,763,942 |
) |
|
|
|
|
|
|
|
Other comprehensive income/(losses) |
|
|
|
|
|
Foreign currency
translation adjustment, net of nil income taxes |
2,690,014 |
|
(10,117,727 |
) |
(1,471,562 |
) |
9,994,461 |
|
(28,436,867 |
) |
(4,135,971 |
) |
Unrealized gain on
available for sale securities, net of nil income taxes |
759,538 |
|
1,351,839 |
|
196,617 |
|
2,415,901 |
|
4,655,556 |
|
677,123 |
|
Less: reclassification
adjustment for gain on available for sale securities realized in
net income, net of nil income taxes |
(917,428 |
) |
(1,692,537 |
) |
(246,169 |
) |
(2,315,536 |
) |
(4,601,849 |
) |
(669,311 |
) |
Comprehensive
loss |
(46,177,828 |
) |
(42,457,600 |
) |
(6,175,199 |
) |
(174,568,045 |
) |
(377,410,636 |
) |
(54,892,101 |
) |
Net loss per
share |
|
|
|
|
|
|
—Basic and diluted |
(1.528 |
) |
(0.245 |
) |
(0.036 |
) |
(7.023 |
) |
(5.302 |
) |
(0.771 |
) |
Net loss per
ADS |
|
|
|
|
|
|
—Basic and diluted |
- |
|
(0.489 |
) |
(0.071 |
) |
- |
|
(10.603 |
) |
(1.542 |
) |
|
|
|
|
|
|
|
Weighted average number of shares outstanding used in
computing net loss per share |
|
—Basic and diluted |
31,881,510 |
|
130,780,142 |
|
130,780,142 |
|
26,295,181 |
|
65,834,876 |
|
65,834,876 |
|
Weighted average number of ADS outstanding used in
computing net loss per ADS |
|
—Basic and diluted |
- |
|
65,390,071 |
|
65,390,071 |
|
- |
|
32,917,438 |
|
32,917,438 |
|
|
|
|
|
|
|
|
Note: |
|
|
|
|
|
|
(a)
Includes share-based compensation expenses as follows: |
|
|
|
|
|
Three months ended December 31, |
Twelve months ended December 31, |
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
|
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
Cost of revenues |
62,493 |
|
62,208 |
|
9,048 |
|
253,545 |
|
246,947 |
|
35,917 |
|
Selling and marketing
expenses |
430,998 |
|
519,621 |
|
75,576 |
|
1,611,160 |
|
2,124,728 |
|
309,029 |
|
Research and
development expenses |
3,396,179 |
|
9,204,100 |
|
1,338,681 |
|
13,878,635 |
|
52,864,313 |
|
7,688,795 |
|
General and
administrative expenses |
11,448,415 |
|
15,046,141 |
|
2,188,370 |
|
46,783,758 |
|
210,638,939 |
|
30,636,163 |
|
Total
share-based compensation |
15,338,085 |
|
24,832,070 |
|
3,611,675 |
|
62,527,098 |
|
265,874,927 |
|
38,669,904 |
|
NIU TECHNOLOGIES |
RECONCILIATION OF GAAP AND NON-GAAP
RESULTS |
|
|
|
|
|
|
|
|
Three months ended December 31, |
Twelve months ended December 31, |
|
2017 |
|
2018 |
|
2017 |
|
2018 |
|
|
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
Net loss |
(48,709,952 |
) |
(31,999,175 |
) |
(4,654,085 |
) |
(184,662,871 |
) |
(349,027,476 |
) |
(50,763,942 |
) |
Add: |
|
|
|
|
|
|
Share-based
compensation |
15,338,085 |
|
24,832,070 |
|
3,611,675 |
|
62,527,098 |
|
265,874,927 |
|
38,669,904 |
|
Change in fair
value of a convertible loan |
5,873,254 |
|
- |
|
- |
|
43,006,399 |
|
34,499,858 |
|
5,017,796 |
|
Adjusted net
loss |
(27,498,613 |
) |
(7,167,105 |
) |
(1,042,410 |
) |
(79,129,374 |
) |
(48,652,691 |
) |
(7,076,242 |
) |
Adjusted net
loss per share |
|
|
|
|
|
|
—Basic and diluted |
(0.863 |
) |
(0.055 |
) |
(0.008 |
) |
(3.009 |
) |
(0.739 |
) |
(0.107 |
) |
Adjusted net
loss per ADS |
|
|
|
|
|
|
—Basic and diluted |
- |
|
(0.110 |
) |
(0.016 |
) |
- |
|
(1.478 |
) |
(0.215 |
) |
|
|
|
|
|
|
|
Weighted average number of shares outstanding used in
computing adjusted net loss per share |
—Basic and diluted |
31,881,510 |
|
130,780,142 |
|
130,780,142 |
|
26,295,181 |
|
65,834,876 |
|
65,834,876 |
|
Weighted average number of ADS outstanding used in
computing adjusted net loss per ADS |
|
—Basic and diluted |
- |
|
65,390,071 |
|
65,390,071 |
|
- |
|
32,917,438 |
|
32,917,438 |
|
_______________________________
1 Adjusted net loss (non-GAAP) is defined as net loss excluding
share-based compensation expenses and change in fair value of a
convertible loan.
2 Adjusted net loss margin is defined as adjusted net loss as a
percentage of the net revenues.
3 Adjusted net loss margin is defined as adjusted net loss as a
percentage of the net revenues.
Niu Technologies (NASDAQ:NIU)
過去 株価チャート
から 3 2024 まで 4 2024
Niu Technologies (NASDAQ:NIU)
過去 株価チャート
から 4 2023 まで 4 2024