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 first quarter 2019.
First Quarter 2019 Financial Highlights
- Revenues were RMB 355.2 million, an increase
of 105.5% year over year
- Gross margin was 21.3%, compared with 12.7% in
the first quarter of 2018
- Net income was RMB 12.0 million, compared with
net loss of RMB 61.9 million in the first quarter of 2018
- Adjusted net income (non-GAAP)1 was RMB 14.6
million, compared with adjusted net loss of RMB 12.5 million in the
first quarter of 2018
First Quarter 2019 Operating Highlights
- The number of e-scooters sold reached 66,284, up 75.7% year
over year
- Franchised stores in China reached 881, an increase of 121 or
16% since December 31, 2018
- Overseas sales network expanded to 23 distributors covering 28
countries
- NIU entered into a definitive Development Collaboration
Agreement with Volkswagen Group in Germany regarding the joint
development of Micro-mobility solutions
Dr. Yan Li, Chief Executive Officer of the Company, commented:
“Our business momentum continued in the first quarter. Sales volume
grew 76% and revenues grew 106%. Gross margin increased
significantly to 21.3%, a result of cost reduction and favorable
changes in product and revenue mix. We achieved net income of RMB
12 million, a milestone for the Company that demonstrates our
ability to grow profitably.”
Dr. Li continued, “We are committed to providing high-quality
products to our customers. In April, we launched two all-new
e-scooter models, the U+ and US, together with our new lifestyle
brand category, Niu Aero bicycles. Meanwhile, we are expanding our
global presence. In March, we attended the Seoul Motor Show and saw
the potential for robust demand in South Korea. In April, we made
our first shipment of scooters to the U.S. We are excited by our
business prospects and look forward to continued growth in the
quarters ahead.”
First Quarter 2019 Financial Results
Revenues were RMB 355.2 million, an increase of
105.5% year over year, due to increased sales volume of 75.7% and
increased revenues per e-scooter of 17.0%.
- E-scooter sales represented 87.5% of revenues, while
accessories, spare parts sales and service revenues represented
12.5% of revenues.
- Higher e-scooter sales volume was mainly driven by the expanded
sales network and higher demand on certain products ahead of the
implementation of the new national standards. After the new
national standards for electric bicycles became effective on April
15, 2019, certain existing models could no longer be sold in the
category of electric bicycles. We accommodated some demand for
these models during the first quarter.
- Increased revenues per e-scooter was mainly driven by higher
sales price of NGT model, a larger proportion of high-end model
sales in the N and M series, and higher sales volume in accessories
and spare parts.
- China represented 81.2% of total e-scooter revenue, while
overseas markets represented 18.8% of total e-scooter revenue,
compared with 18.5% in the first quarter of 2018.
Cost of revenues were RMB 279.5 million, an
increase of 85.3% 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 4,217, up 5.5% from RMB 3,998 in the first quarter 2018 as a
result of product mix change.
Gross margin was 21.3%, up substantially from
12.7% in the same period of 2018, mainly due to lower raw material
costs, higher retail prices, favorable changes in product mix and a
greater proportion of revenue from accessories and spare parts.
Operating expenses were RMB 64.8 million, an
increase of 35.0% from the same period of 2018. Operating expenses
as a percentage of revenues was 18.2%, compared with 27.8% in the
first quarter of 2018.
- Selling and marketing expenses were RMB 29.8
million (including RMB 0.7 million of share-based compensation), an
increase of 54.8% from RMB 19.3 million in the first quarter of
2018. The increase was mainly due to the increases in staff cost of
RMB 4.0 million, depreciation and amortization expense of RMB 1.7
million, and advertising and promotion expense of RMB 1.4 million,
which resulted from the growth in e-scooter sales volume, the
opening of new franchised stores and an increased number of sales
staffs. Selling and marketing expenses as a percentage of revenues
was 8.4% compared with 11.1% in the first quarter of 2018.
- Research and development expenses were RMB
14.3 million (including RMB 0.4 million of share-based
compensation), an increase of 41.7% from RMB 10.1 million in the
first quarter of 2018, mainly driven by the increases in staff cost
of RMB 3.3 million and design expense of RMB 3.6 million, which was
partially offset by the decrease of share-based compensation
expenses of RMB 2.8 million. The share-based compensation was lower
due to the full vesting of certain founders’ restricted ordinary
shares in 2018. Research and development expenses as a percentage
of revenues was 4.0%, compared with 5.9% in the first quarter of
2018.
- General and administrative expenses were RMB
20.7 million (including RMB 1.5 million of share-based
compensation), an increase of 10.9% from RMB 18.6 million in the
first quarter of 2018, mainly due to increase in staff cost of RMB
5.4 million, professional fees of RMB 3.9 million, travelling and
other expenses of RMB 2.4 million, as a result of increased number
of staffs and engagement of professional firms to meet the
regulatory requirements as a public company. The higher expenses
were partially offset by decreases of share-based compensation
expense of RMB 9.6 million due to the full vesting of certain
founders’ restricted ordinary shares. General and administrative
expenses as a percentage of revenues was 5.8%, compared with 10.8%
in the first quarter of 2018.
Operating expenses excluding share-based
compensation was RMB 62.2 million, increased by 87.5% year
over year, and represented 17.5% of revenues, compared with 19.2%
in the first quarter of 2018.
- Selling and marketing expenses excluding share-based
compensation were RMB 29.1 million, an increase of 55.1%
year over year, and represented 8.2% of revenues, compared with
10.9% in the first quarter of 2018
- Research and development expenses excluding share-based
compensation were RMB 13.9 million, an increase of 103.2%
year over year, and represented 3.9% of revenues, compared with
4.0% in the first quarter of 2018
- General and administrative expenses excluding
share-based compensation were RMB 19.2 million, an
increase of 153.2% year over year, and represented 5.4% of
revenues, compared with 4.4% in the first quarter of 2018
Change in fair value of a convertible loan was
nil, compared to a loss of RMB 34.5 million associated with change
in fair value of a convertible loan in the same period of 2018.
Share-based compensation was RMB 2.6 million, a
decrease of RMB 12.3 million compared to RMB 14.9 million in the
same period of last year mainly because certain founders’
restricted ordinary shares have been fully vested during 2018.
Net income was RMB 12.0 million, an improvement
of RMB 73.9 million compared with a net loss of RMB 61.9 million in
the first quarter of 2018.
Adjusted net income (non-GAAP) was RMB 14.6
million, compared with an adjusted net loss of RMB 12.5 million in
the first quarter of 2018. The adjusted net income margin2 was
4.1%, compared with an adjusted net loss margin of 7.2% in the same
period of 2018.
Basic and diluted net income per ADS were RMB
0.161 (US$ 0.024) and RMB 0.157 (US$ 0.023) respectively.
Balance SheetAs of March 31, 2019, the Company
had cash, term deposit and short-term investments
of RMB 694.1 million in aggregate. The Company had restricted cash
of RMB 205.1 million and short-term bank borrowings of RMB 208.5
million.
Business OutlookBecause certain distributors
advanced their purchase in the first quarter ahead of the
implementation of the new national standard in April, NIU expects
revenues of second quarter to be in the range of RMB 580 million to
RMB 660 million, representing a year-over-year increase of 50.9% to
71.8%. The revenue for the first half of 2019 will be in the range
of RMB 935 million to RMB 1,015 million, representing a
year-over-year increase of 67.9% to 82.2%.
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.
1 Adjusted net income/loss (non-GAAP) is defined as net
income/loss excluding share-based compensation expenses and change
in fair value of a convertible loan.
2 Adjusted net income/loss margin is defined as adjusted net
income/loss as a percentage of the revenues.
Conference Call
The Company will host a conference call at 8:00 a.m. on May 13,
2019, Eastern Time (8:00 p.m. May 13, 2019 Beijing/Hong Kong time),
to discuss its first quarter 2019 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 |
+86-400-620-8038 |
Other International |
+65-6713-5090 |
Conference ID |
8141818 |
A replay will be accessible through May 21, 2019, by dialing the
following numbers:
United States |
+1-855-452-5696 |
Hong Kong |
+852-800-963-117 |
Mainland China |
+86-400-602-2065 |
Other 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 income/loss, adjusted net
income/loss margin and adjusted basic and diluted net income 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 income/loss is defined as net income/loss excluding
share-based compensation expenses and change in fair value of a
convertible loan. Adjusted net income/loss margin is defined as
adjusted net income/loss as a percentage of the revenues.
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 RMB6.7112 to
US$1.00, the exchange rate in effect as of March 29, 2019, as set
forth in the H.10 Statistical release of the Board of Governors of
the Federal Reserve System. The Company makes no representation
that the RMB or US$ 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 March 31, |
|
2018 |
|
2019 |
|
RMB |
|
RMB |
US$ |
ASSETS |
|
|
|
|
Current assets |
|
|
|
|
Cash |
569,059,591 |
|
|
490,172,614 |
|
73,037,998 |
|
Term
deposit |
27,452,663 |
|
|
134,669,636 |
|
20,066,402 |
|
Restricted cash-current |
179,262,714 |
|
|
205,071,000 |
|
30,556,532 |
|
Short-term investments |
120,241,425 |
|
|
69,213,580 |
|
10,313,145 |
|
Accounts
receivable, net |
54,424,845 |
|
|
81,462,030 |
|
12,138,221 |
|
Inventories |
142,382,205 |
|
|
153,094,732 |
|
22,811,827 |
|
Prepayments and other current assets |
26,919,954 |
|
|
46,336,261 |
|
6,904,318 |
|
Total current assets |
1,119,743,397 |
|
|
1,180,019,853 |
|
175,828,443 |
|
|
|
|
|
|
Non-current assets |
|
|
|
|
Property
and equipment, net |
40,985,174 |
|
|
59,845,866 |
|
8,917,312 |
|
Intangible assets, net |
7,717,754 |
|
|
9,016,984 |
|
1,343,573 |
|
Other
non-current assets |
16,805,474 |
|
|
14,708,292 |
|
2,191,604 |
|
Total non-current assets |
65,508,402 |
|
|
83,571,142 |
|
12,452,489 |
|
|
|
|
|
|
Total assets |
1,185,251,799 |
|
|
1,263,590,995 |
|
188,280,932 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Current liabilities |
|
|
|
|
Short-term bank borrowings |
179,978,003 |
|
|
208,461,336 |
|
31,061,708 |
|
Accounts
payable |
249,665,890 |
|
|
275,862,207 |
|
41,104,751 |
|
Advance
from customers |
20,505,861 |
|
|
44,845,236 |
|
6,682,149 |
|
Deferred
revenue-current |
12,666,330 |
|
|
13,629,057 |
|
2,030,793 |
|
Accrued
expenses and other current liabilities |
134,184,026 |
|
|
130,829,930 |
|
19,494,268 |
|
Total current liabilities |
597,000,110 |
|
|
673,627,766 |
|
100,373,669 |
|
|
|
|
|
|
Warranty-non current |
17,609,842 |
|
|
16,173,789 |
|
2,409,970 |
|
Deferred
revenue-non current |
234,801 |
|
|
383,181 |
|
57,096 |
|
Total non-current liabilities |
17,844,643 |
|
|
16,556,970 |
|
2,467,066 |
|
|
|
|
|
|
Total liabilities |
614,844,753 |
|
|
690,184,736 |
|
102,840,735 |
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
Class A ordinary shares |
83,120 |
|
|
83,120 |
|
12,385 |
|
Class B ordinary shares |
12,839 |
|
|
12,839 |
|
1,913 |
|
Additional paid-in capital |
1,717,483,548 |
|
|
1,720,122,258 |
|
256,306,213 |
|
Accumulated other comprehensive loss |
(22,786,922 |
) |
|
(34,408,629 |
) |
(5,127,046 |
) |
Accumulated deficit |
(1,124,385,539 |
) |
|
(1,112,403,329 |
) |
(165,753,268 |
) |
Total shareholders’ equity |
570,407,046 |
|
|
573,406,259 |
|
85,440,197 |
|
|
|
|
|
|
Total liabilities and shareholders’
equity |
1,185,251,799 |
|
|
1,263,590,995 |
|
188,280,932 |
|
|
|
|
|
|
|
|
|
|
NIU
TECHNOLOGIES |
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
(LOSS)/INCOME |
|
|
|
|
|
|
Three months ended March 31, |
|
2018 |
|
2019 |
|
RMB |
|
RMB |
US$ |
Revenues |
172,822,924 |
|
|
355,219,700 |
|
52,929,387 |
|
Cost of revenues(a) |
(150,847,182 |
) |
|
(279,547,894 |
) |
(41,653,936 |
) |
Gross profit |
21,975,742 |
|
|
75,671,806 |
|
11,275,451 |
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
Selling and marketing expenses(a) |
(19,260,806 |
) |
|
(29,822,193 |
) |
(4,443,645 |
) |
Research and development expenses(a) |
(10,117,070 |
) |
|
(14,332,580 |
) |
(2,135,621 |
) |
General and administrative
expenses(a) |
(18,622,625 |
) |
|
(20,658,720 |
) |
(3,078,245 |
) |
Operating
(loss)/income |
(26,024,759 |
) |
|
10,858,313 |
|
1,617,940 |
|
|
|
|
|
|
Changes in fair value of a convertible
loan |
(34,499,858 |
) |
|
- |
|
- |
|
Interest expense |
(1,922,303 |
) |
|
(2,407,633 |
) |
(358,749 |
) |
Interest income |
371,620 |
|
|
4,125,349 |
|
614,696 |
|
Investment income |
476,150 |
|
|
517,836 |
|
77,160 |
|
Foreign currency exchange losses |
(1,368,249 |
) |
|
(2,365,616 |
) |
(352,488 |
) |
Government grants |
1,084,400 |
|
|
1,247,000 |
|
185,809 |
|
(Loss)/income before income
taxes |
(61,882,999 |
) |
|
11,975,249 |
|
1,784,368 |
|
Income tax benefit |
- |
|
|
6,961 |
|
1,037 |
|
Net (loss)/income |
(61,882,999 |
) |
|
11,982,210 |
|
1,785,405 |
|
|
|
|
|
|
Other comprehensive
income/(losses) |
|
|
|
|
Foreign currency translation
adjustment |
7,119,259 |
|
|
(11,586,902 |
) |
(1,726,502 |
) |
Unrealized/(reclassification) of gain on
available for sale securities, net |
(144,665 |
) |
|
(34,805 |
) |
(5,186 |
) |
Comprehensive
(loss)/income |
(54,908,405 |
) |
|
360,503 |
|
53,717 |
|
Net (loss)/income per
share |
|
|
|
|
—Basic |
(1.853 |
) |
|
0.081 |
|
0.012 |
|
—Diluted |
(1.853 |
) |
|
0.078 |
|
0.012 |
|
Net income per ADS |
|
|
|
|
—Basic |
- |
|
|
0.161 |
|
0.024 |
|
—Diluted |
- |
|
|
0.157 |
|
0.023 |
|
|
|
|
|
|
Weighted average number of shares
outstanding used in computing net (loss)/income per
share |
|
|
|
|
—Basic |
33,396,210 |
|
|
148,674,058 |
|
148,674,058 |
|
—Diluted |
33,396,210 |
|
|
153,094,498 |
|
153,094,498 |
|
Weighted average number of ADS
outstanding used in computing net income per ADS |
|
|
|
|
—Basic |
- |
|
|
74,337,029 |
|
74,337,029 |
|
—Diluted |
- |
|
|
76,547,249 |
|
76,547,249 |
|
|
|
|
|
|
Note: |
|
|
|
|
(a) Includes share-based compensation
expenses as follows: |
|
|
|
|
|
Three months ended March 31, |
|
2018 |
|
2019 |
|
RMB |
|
RMB |
US$ |
Cost of revenues |
60,162 |
|
|
62,724 |
|
9,346 |
|
Selling and marketing expenses |
487,046 |
|
|
698,743 |
|
104,116 |
|
Research and development expenses |
3,273,007 |
|
|
424,915 |
|
63,314 |
|
General and administrative expenses |
11,038,621 |
|
|
1,452,328 |
|
216,404 |
|
Total share-based
compensation |
14,858,836 |
|
|
2,638,710 |
|
393,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NIU
TECHNOLOGIES |
|
RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
2018 |
|
2019 |
|
|
RMB |
|
RMB |
US$ |
|
Net (loss)/income |
(61,882,999 |
) |
|
11,982,210 |
1,785,405 |
|
Add: |
|
|
|
|
|
Share-based compensation |
14,858,836 |
|
|
2,638,710 |
393,180 |
|
Change in fair value of a convertible loan |
34,499,858 |
|
|
- |
- |
|
Adjusted net (loss)/income |
(12,524,305 |
) |
|
14,620,920 |
2,178,585 |
|
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