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 third quarter 2019.
Third Quarter 2019 Financial Highlights
- Revenues were RMB 654.5 million, an increase
of 32.7% year over year
- Gross margin was 22.2%, compared with 12.4% in
the third quarter of 2018
- Net income was RMB 66.4 million, compared with
net loss of RMB 2.2 million in the third quarter of 2018
- Adjusted net income (non-GAAP)1 was RMB 72.5
million, compared with adjusted net income of RMB 4.9 million in
the third quarter of 2018
Third Quarter 2019 Operating Highlights
- The number of e-scooters sold reached 149,424, up 23.5% year
over year
- Franchised stores in China reached 1,020, an increase of 15
since June 30, 2019
- Overseas sales network expanded to 26 distributors covering 35
countries
Dr. Yan Li, Chief Executive Officer of the Company, commented:
“We delivered a solid revenue growth and improved gross margin.
The Company continued to operate profitably. The
e-scooter market in China recovered gradually from the second
quarter when the new national standards started to be implemented.
Our year over year sales volume growth rate increased to
23.5% this quarter, compared with the 13.8% in the second quarter.
The new regulation also affected the competitive landscape of
the industry. We are pleased to see that the Company
continued to grow and at the same time achieved higher
profitability.”
Dr. Li continued, “The overseas markets play a significant role
in our overall business. In November, at EICMA Milan Italy,
we launched a new product, the NIU Aero electric bicycle, and three
upgraded e-scooter models with improved top speed and riding range.
The new product and models are designed mainly for overseas
markets such as European and U.S. In January 2020, we plan to
attend the CES show in the U.S. and launch additional new products.
We are very excited about our expanded product portfolio and
believe such enriched product offerings will support the continued
growth of the Company.” Third Quarter 2019 Financial
Results
Revenues were RMB 654.5 million, an increase of
32.7% year over year, due to increased sales volume of 23.5% and
increased revenues per e-scooter of 7.4%.
- E-scooter sales represented 88.0% of total revenues, while
accessories, spare parts sales and service revenues represented
12.0% of total revenues.
- Higher e-scooter sales volume was mainly driven by the expanded
sales network and enriched product portfolio.
- Increased revenues per e-scooter were mainly driven by higher
sales in accessories, spare parts and services.
- China represented 92.4% of total e-scooter revenues, while
overseas markets represented 7.6% of total e-scooter revenues,
compared with 5.1% in the third quarter of 2018.
Cost of revenues were RMB 509.2 million, an
increase of 17.9% 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 3,408, down 4.6% from RMB 3,571 in the third
quarter 2018 as a result of lower raw material cost.
Gross margin was 22.2%, up substantially from
12.4% in the same period of 2018, mainly due to lower raw material
costs, and a greater proportion of international sales and revenue
from accessories and spare parts.
Operating expenses were RMB 91.8 million, an
increase of 39.4% from the same period of 2018. Operating expenses
as a percentage of revenues was 14.0%, compared with 13.3% in the
third quarter of 2018.
- Selling and marketing expenses were RMB 57.1
million (including RMB 1.3 million of share-based compensation), an
increase of 49.9% from RMB 38.1 million in the third quarter of
2018. The increase was mainly due to the increases in
advertising and promotion expense of RMB 9.1 million, staff cost
and travelling expense of RMB 2.8 million, depreciation and
amortization expense of RMB 2.5 million and online sales promotion
expense of RMB 1.8 million, as a result of 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 8.7% compared with 7.7% in the third
quarter of 2018.
- Research and development expenses were RMB
17.1 million (including RMB 1.4 million of share-based
compensation), an increase of 25.0% from RMB 13.7 million in the
third quarter of 2018, mainly driven by the increases in staff cost
of RMB 3.1 million and design expense of RMB 2.0 million which
resulted from the Company’s continued efforts to enhance the
research and development capability. The higher expenses were
partially offset by the decrease of share-based compensation
expenses of RMB 2.2 million. Research and development
expenses as a percentage of revenues was 2.6%, compared with 2.8%
in the third quarter of 2018.
- General and administrative expenses were RMB
17.6 million (including RMB 3.3 million of share-based
compensation), an increase of 24.9% from RMB 14.1 million in the
third quarter of 2018, mainly due to increase of staff cost of RMB
1.3 million and taxes and surcharges of RMB 1.0 million.
General and administrative expenses as a percentage of
revenues was 2.7%, compared with 2.9% in the third quarter of
2018.
Operating expenses excluding share-based
compensation was RMB 85.8 million, increased by 45.9% year
over year, and represented 13.1% of revenues, compared with 11.9%
in the third quarter of 2018.
- Selling and marketing expenses excluding share-based
compensation were RMB 55.8 million, an increase of 48.6%
year over year, and represented 8.5% of revenues, compared with
7.6% in the third quarter of 2018.
- Research and development expenses excluding share-based
compensation were RMB 15.7 million, an increase of 55.0%
year over year, and represented 2.4% of revenues, compared with
2.0% in the third quarter of 2018.
- General and administrative expenses excluding
share-based compensation were RMB 14.3 million, an
increase of 28.2% year over year, and represented 2.2% of revenues,
compared with 2.3% in the third quarter of 2018.
Share-based compensation was RMB 6.1 million, a
decrease of RMB 1.0 million compared to RMB 7.1 million in the same
period of last year.
Net income was RMB 66.4 million, an improvement
of RMB 68.6 million compared with a net loss of RMB 2.2 million in
the third quarter of 2018. The net income margin was 10.1%,
compared with a net loss margin of 0.4% in the same period of
2018.
Adjusted net income (non-GAAP) was RMB 72.5
million, compared with an adjusted net income of RMB 4.9 million in
the third quarter of 2018. The adjusted net income margin2 was
11.1%, compared with an adjusted net income margin of 1.0% in the
same period of 2018.
Basic and diluted net income per ADS were RMB
0.89 (US$ 0.12) and RMB 0.87 (US$ 0.12) respectively.
Balance SheetAs of September 30, 2019, the
Company had cash, term deposit and short-term
investments of RMB 918.9 million in aggregate. The Company
had restricted cash of RMB 279.6 million and short-term bank
borrowings of RMB 268.5 million.
Business Outlook
- NIU expects revenues of fourth quarter to be in the range of
RMB 450 million to RMB 515 million, representing a year-over-year
increase of 5% to 20%.
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 AM on November
25, 2019 U.S. Eastern Time (9:00 PM on November 25, 2019
Beijing/Hong Kong time) to discuss its third 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 |
International |
+65-6713-5090 |
Hong Kong |
800-906-601 |
Mainland China |
400-620-8038 |
Conference ID |
1259928 |
A replay will be accessible through November 30, 2019 by dialing
the following numbers:
United
States |
+1-855-452-5696 |
International |
+61-281-990-299 |
Hong Kong |
800-963-117 |
Mainland China |
400-602-2065 |
Conference ID |
1259928 |
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 portfolio of products
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, and adjusted net
income/loss margin. 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 RMB 7.1477 to
US$ 1.00, the exchange rate in effect as of September 30, 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:
NIUJason YangInvestor Relations ManagerE-mail:
ir@niu.com
|
NIU TECHNOLOGIES |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
|
|
|
|
|
|
As of |
|
December 31, |
|
September 30, |
|
September 30, |
|
2018 |
|
2019 |
|
2019 |
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash |
569,059,591 |
|
|
279,825,623 |
|
|
39,149,044 |
|
Term
deposit |
27,452,663 |
|
|
141,457,618 |
|
|
19,790,648 |
|
Restricted cash-current |
179,262,714 |
|
|
279,575,103 |
|
|
39,113,995 |
|
Short-term investments |
120,241,425 |
|
|
497,594,090 |
|
|
69,615,973 |
|
Accounts
receivable, net |
54,424,845 |
|
|
62,179,177 |
|
|
8,699,187 |
|
Inventories |
142,382,205 |
|
|
232,005,827 |
|
|
32,458,809 |
|
Prepayments and other current assets |
26,919,954 |
|
|
34,426,620 |
|
|
4,816,461 |
|
Total current assets |
1,119,743,397 |
|
|
1,527,064,058 |
|
|
213,644,117 |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Property
and equipment, net |
40,985,174 |
|
|
118,318,214 |
|
|
16,553,327 |
|
Intangible assets, net |
7,717,754 |
|
|
8,212,859 |
|
|
1,149,021 |
|
Land use
rights, net |
- |
|
|
34,529,744 |
|
|
4,830,889 |
|
Other
non-current assets |
16,805,474 |
|
|
4,873,209 |
|
|
681,787 |
|
Total non-current assets |
65,508,402 |
|
|
165,934,026 |
|
|
23,215,024 |
|
|
|
|
|
|
|
Total assets |
1,185,251,799 |
|
|
1,692,998,084 |
|
|
236,859,141 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Short-term bank borrowings |
179,978,003 |
|
|
268,461,336 |
|
|
37,559,122 |
|
Accounts
payable |
249,665,890 |
|
|
398,907,116 |
|
|
55,809,158 |
|
Income
taxes payable |
- |
|
|
7,894,181 |
|
|
1,104,437 |
|
Advance
from customers |
20,505,861 |
|
|
44,309,294 |
|
|
6,199,098 |
|
Deferred
revenue-current |
12,666,330 |
|
|
24,690,152 |
|
|
3,454,279 |
|
Accrued
expenses and other current liabilities |
134,184,026 |
|
|
197,935,964 |
|
|
27,692,260 |
|
Total current liabilities |
597,000,110 |
|
|
942,198,043 |
|
|
131,818,354 |
|
|
|
|
|
|
|
Warranty-non current |
17,609,842 |
|
|
18,918,144 |
|
|
2,646,746 |
|
Deferred
revenue-non current |
234,801 |
|
|
1,857,151 |
|
|
259,825 |
|
Total non-current liabilities |
17,844,643 |
|
|
20,775,295 |
|
|
2,906,571 |
|
|
|
|
|
|
|
Total liabilities |
614,844,753 |
|
|
962,973,338 |
|
|
134,724,925 |
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
Class A ordinary shares |
83,120 |
|
|
83,487 |
|
|
11,680 |
|
Class B ordinary shares |
12,839 |
|
|
12,839 |
|
|
1,796 |
|
Additional paid-in capital |
1,717,483,548 |
|
|
1,730,040,756 |
|
|
242,041,602 |
|
Accumulated other comprehensive loss |
(22,786,922 |
) |
|
(5,105,249 |
) |
|
(714,252 |
) |
Accumulated deficit |
(1,124,385,539 |
) |
|
(995,007,087 |
) |
|
(139,206,610 |
) |
Total shareholders’ equity |
570,407,046 |
|
|
730,024,746 |
|
|
102,134,216 |
|
|
|
|
|
|
|
Total liabilities and shareholders’
equity |
1,185,251,799 |
|
|
1,692,998,084 |
|
|
236,859,141 |
|
|
|
|
|
|
|
|
NIU
TECHNOLOGIES |
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
(LOSS)/INCOME |
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
2018 |
|
2019 |
|
2018 |
|
2019 |
|
RMB |
|
RMB |
US$ |
|
RMB |
|
RMB |
US$ |
Revenues |
493,196,944 |
|
|
654,457,316 |
|
91,561,945 |
|
|
1,050,276,220 |
|
|
1,540,182,595 |
|
215,479,468 |
|
Cost of revenues(a) |
(432,008,871 |
) |
|
(509,226,828 |
) |
(71,243,453 |
) |
|
(909,193,943 |
) |
|
(1,193,792,703 |
) |
(167,017,740 |
) |
Gross profit |
61,188,073 |
|
|
145,230,488 |
|
20,318,492 |
|
|
141,082,277 |
|
|
346,389,892 |
|
48,461,728 |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Selling and marketing expenses(a) |
(38,118,554 |
) |
|
(57,130,290 |
) |
(7,992,821 |
) |
|
(108,347,926 |
) |
|
(133,992,951 |
) |
(18,746,303 |
) |
Research and development expenses(a) |
(13,652,474 |
) |
|
(17,061,618 |
) |
(2,387,008 |
) |
|
(69,706,558 |
) |
|
(48,097,804 |
) |
(6,729,130 |
) |
General and administrative expenses(a) |
(14,059,924 |
) |
|
(17,564,177 |
) |
(2,457,319 |
) |
|
(247,377,044 |
) |
|
(57,380,306 |
) |
(8,027,800 |
) |
Operating (loss)/income |
(4,642,879 |
) |
|
53,474,403 |
|
7,481,344 |
|
|
(284,349,251 |
) |
|
106,918,831 |
|
14,958,495 |
|
|
|
|
|
|
|
|
|
|
|
Changes in fair value of a convertible loan |
- |
|
|
- |
|
- |
|
|
(34,499,858 |
) |
|
- |
|
- |
|
Interest expense |
(2,357,501 |
) |
|
(3,181,184 |
) |
(445,064 |
) |
|
(6,262,816 |
) |
|
(8,185,509 |
) |
(1,145,195 |
) |
Interest income |
590,001 |
|
|
4,843,500 |
|
677,631 |
|
|
1,918,690 |
|
|
14,650,950 |
|
2,049,743 |
|
Investment income |
1,704,722 |
|
|
1,654,449 |
|
231,466 |
|
|
2,909,312 |
|
|
3,381,554 |
|
473,097 |
|
Foreign currency exchange gain/(losses) |
2,347,184 |
|
|
4,809,136 |
|
672,823 |
|
|
1,944,522 |
|
|
4,029,808 |
|
563,791 |
|
Government grants |
200,000 |
|
|
12,593,190 |
|
1,761,852 |
|
|
1,311,100 |
|
|
16,371,120 |
|
2,290,404 |
|
(Loss)/income before income taxes |
(2,158,473 |
) |
|
74,193,494 |
|
10,380,052 |
|
|
(317,028,301 |
) |
|
137,166,754 |
|
19,190,335 |
|
Income tax expense |
- |
|
|
(7,778,647 |
) |
(1,088,273 |
) |
|
- |
|
|
(7,788,302 |
) |
(1,089,624 |
) |
Net (loss)/income |
(2,158,473 |
) |
|
66,414,847 |
|
9,291,779 |
|
|
(317,028,301 |
) |
|
129,378,452 |
|
18,100,711 |
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income/(losses) |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
(11,470,675 |
) |
|
16,604,752 |
|
2,323,090 |
|
|
(18,319,140 |
) |
|
16,779,673 |
|
2,347,563 |
|
Unrealized gain on available for sale securities, net |
293,293 |
|
|
853,726 |
|
119,441 |
|
|
394,405 |
|
|
902,000 |
|
126,194 |
|
Comprehensive (loss)/income |
(13,335,855 |
) |
|
83,873,325 |
|
11,734,310 |
|
|
(334,953,036 |
) |
|
147,060,125 |
|
20,574,468 |
|
Net (loss)/income per share |
|
|
|
|
|
|
|
|
|
—Basic |
(0.04 |
) |
|
0.45 |
|
0.06 |
|
|
(7.21 |
) |
|
0.87 |
|
0.12 |
|
—Diluted |
(0.04 |
) |
|
0.43 |
|
0.06 |
|
|
(7.21 |
) |
|
0.85 |
|
0.12 |
|
Net income per ADS |
|
|
|
|
|
|
|
|
|
—Basic |
- |
|
|
0.89 |
|
0.12 |
|
|
- |
|
|
1.74 |
|
0.24 |
|
—Diluted |
- |
|
|
0.87 |
|
0.12 |
|
|
- |
|
|
1.69 |
|
0.24 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding used in
computing net (loss)/income per share |
|
|
|
|
|
|
|
|
|
—Basic |
57,216,265 |
|
|
149,139,114 |
|
149,139,114 |
|
|
43,992,924 |
|
|
148,880,453 |
|
148,880,453 |
|
—Diluted |
57,216,265 |
|
|
153,149,234 |
|
153,149,234 |
|
|
43,992,924 |
|
|
153,031,577 |
|
153,031,577 |
|
Weighted average number of ADS outstanding used in
computing net income per ADS |
|
|
|
|
|
|
|
|
|
—Basic |
- |
|
|
74,569,557 |
|
74,569,557 |
|
|
- |
|
|
74,440,227 |
|
74,440,227 |
|
—Diluted |
- |
|
|
76,574,617 |
|
76,574,617 |
|
|
- |
|
|
76,515,789 |
|
76,515,789 |
|
|
|
|
|
|
|
|
|
|
|
Note: |
|
|
|
|
|
|
|
|
|
(a) Includes share-based compensation expenses as follows: |
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
2018 |
|
2019 |
|
2018 |
|
2019 |
|
RMB |
|
RMB |
US$ |
|
RMB |
|
RMB |
US$ |
Cost of revenues |
64,306 |
|
|
76,852 |
|
10,752 |
|
|
184,739 |
|
|
214,621 |
|
30,027 |
|
Selling and marketing expenses |
580,742 |
|
|
1,332,752 |
|
186,459 |
|
|
1,605,107 |
|
|
3,041,915 |
|
425,580 |
|
Research and development expenses |
3,542,241 |
|
|
1,385,910 |
|
193,896 |
|
|
43,660,213 |
|
|
2,257,838 |
|
315,883 |
|
General and administrative expenses |
2,908,665 |
|
|
3,266,058 |
|
456,938 |
|
|
195,592,798 |
|
|
6,323,852 |
|
884,739 |
|
Total share-based compensation |
7,095,954 |
|
|
6,061,572 |
|
848,045 |
|
|
241,042,857 |
|
|
11,838,226 |
|
1,656,229 |
|
|
|
|
|
|
|
|
|
|
|
|
NIU
TECHNOLOGIES |
RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended June 30, |
|
2018 |
|
2019 |
|
2018 |
|
2019 |
|
RMB |
|
RMB |
US$ |
|
RMB |
|
RMB |
US$ |
Net (loss)/income |
(2,158,473 |
) |
|
66,414,847 |
9,291,779 |
|
(317,028,301 |
) |
|
129,378,452 |
18,100,711 |
Add: |
|
|
|
|
|
|
|
|
|
Share-based compensation |
7,095,954 |
|
|
6,061,572 |
848,045 |
|
241,042,857 |
|
|
11,838,226 |
1,656,229 |
Change in fair value of a convertible loan |
- |
|
|
- |
- |
|
34,499,858 |
|
|
- |
- |
Adjusted net income/(loss) |
4,937,481 |
|
|
72,476,419 |
10,139,824 |
|
(41,485,586 |
) |
|
141,216,678 |
19,756,940 |
|
|
|
|
|
|
|
|
|
|
_____________________________
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.
Niu Technologies (NASDAQ:NIU)
過去 株価チャート
から 4 2024 まで 5 2024
Niu Technologies (NASDAQ:NIU)
過去 株価チャート
から 5 2023 まで 5 2024