NIU Technologies Announces Q1 2019 Financial Results: Profitable Quarter with Significant Revenue and Gross Margin Increase
2019年5月14日 - 5:34PM
ビジネスワイヤ(英語)
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190514005424/en/
Kimiko ChoiDirect Line: (852)3468 8427Email:
kimiko.choi@everbloom.com.cn
Barrett KanDirect Line: (852)3468 8421Email:
barrett.kan@everbloom.com.cn
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