lts for the fourth quarter and full year ended December 31, 2019.
Fourth Quarter 2019 Financial Highlights
- Revenues were RMB 536.1 million, an increase
of 25.4% year over year
- Gross margin was 26.1%, compared with 13.5% in
the fourth quarter of 2018
- Net income was RMB 60.7 million, compared with
net loss of RMB 32.0 million in the fourth quarter of 2018
- Adjusted net income (non-GAAP)1 was RMB 68.5
million, compared with adjusted net loss of RMB 7.2 million in the
fourth quarter of 2018
Fourth Quarter 2019 Operating Highlights
- The number of e-scooters sold reached 106,253, up 13.5% year
over year
- Franchised stores in China reached 1,050, an increase of 30
since September 30, 2019
- International sales network expanded to 29 distributors
covering 38 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. Our
revenue growth rate was 25.4%, well ahead of our initial guidance.
We are pleased to see the continued strong demand of our
products. We achieved a historically high gross margin at
26.1%, benefiting from the higher sales price, better product mix
and continued cost cutting efforts. In the first quarter of
2020, the COVID-19 outbreak adversely affected our sales and
operation. We have taken proactively measures to mitigate the
impact. We are pleased to see the positive trend in the past
few weeks.”
Dr. Li continued, “In December 2019, our new manufacturing
facility at Changzhou commenced operation. The new facility
covers about 75 acres and has a designed capacity of 700,000 units
per annum. We are very excited about the growth perspective
of our business and are committed to expand our production capacity
to meet the increasing demand. In January 2020, we attended
the Consumer Electronics Show in the U.S. and launched two new
products, the RQi-GT, an urban performance electric motorcycle, and
the TQi-GT, our first electric three-wheeler. We are very
excited about the enriched product portfolio and look forward to
the sustaining growth of our business.”
Fourth Quarter 2019 Financial Results
Revenues were RMB 536.1 million, an increase of
25.4% year over year, due to increased sales volume of 13.5% and
increased revenues per e-scooter of 10.5%.
- E-scooter sales represented 83.7% of total revenues, while
accessories, spare parts sales and service revenues represented
16.3% 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 90.4% of total e-scooter revenues, while
international markets represented 9.6% of total e-scooter
revenues.
Cost of revenues were RMB 395.9 million, an
increase of 7.0% 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 3,726, down 5.7% from RMB 3,952 in the fourth
quarter 2018 as a result of lower raw material cost and change in
product mix.
Gross margin was 26.1%, up substantially from
13.5% in the same period of 2018, mainly due to lower raw material
costs, higher sales price and a greater proportion of revenue from
accessories and spare parts.
Operating expenses were RMB 94.2 million, an
increase of 3.6% from the same period of 2018. Operating expenses
as a percentage of revenues was 17.6%, compared with 21.3% in the
fourth quarter of 2018.
- Selling and marketing expenses were RMB 48.9
million (including RMB 1.6 million of share-based compensation), an
increase of 16.9% from RMB 41.8 million in the fourth quarter of
2018. The increase was mainly due to the increases in
depreciation and amortization expense of RMB 3.4 million, product
certification fee of RMB 2.6 million, traveling and rental expense
of RMB 2.2 million and share-based compensation expense of RMB 1.1
million. The higher expenses were partially offset by the
decrease of staff cost of RMB 3.5 million due to lower bonus.
Selling and marketing expenses as a percentage of revenues was 9.1%
compared with 9.8% in the fourth quarter of 2018.
- Research and development expenses were RMB
19.1 million (including RMB 1.9 million of share-based
compensation), a decrease of 13.6% from RMB 22.1 million in the
fourth quarter of 2018, mainly due to the decrease of share-based
compensation expenses of RMB 7.3 million. The lower expenses
were partially offset by the increase in staff cost of RMB 2.7
million and design expense of RMB 1.0 million which resulted from
the Company’s continued efforts to enhance the research and
development capability. Research and development expenses as
a percentage of revenues was 3.6%, compared with 5.2% in the fourth
quarter of 2018.
- General and administrative expenses were RMB
26.3 million (including RMB 4.1 million of share-based
compensation), a decrease of 2.8% from RMB 27.0 million in the
fourth quarter of 2018, mainly due to the decrease of share-based
compensation expenses of RMB 10.9 million. The lower expenses
were partially offset by the increase of provision for bad debt of
RMB 3.7 million, professional fees of RMB 3.2 million and taxes and
surcharges of RMB 2.3 million. General and administrative
expenses as a percentage of revenues was 4.9%, compared with 6.3%
in the fourth quarter of 2018.
Operating expenses excluding share-based
compensation were RMB 86.5 million, increased by 30.8%
year over year, and represented 16.1% of revenues, compared with
15.5% in the fourth quarter of 2018.
- Selling and marketing expenses excluding share-based
compensation were RMB 47.3 million, an increase of 14.5%
year over year, and represented 8.8% of revenues, compared with
9.7% in the fourth quarter of 2018.
- Research and development expenses excluding share-based
compensation were RMB 17.1 million, an increase of 32.9%
year over year, and represented 3.2% of revenues, compared with
3.0% in the fourth quarter of 2018.
- General and administrative expenses excluding
share-based compensation were RMB 22.1 million, an
increase of 84.6% year over year, and represented 4.1% of revenues,
compared with 2.8% in the fourth quarter of 2018.
Government grants were RMB 13.5 million,
increased by 13.4 million from the same period of 2018, mainly
consisting of various incentives from local government
authorities.
Share-based compensation was RMB 7.8 million, a
decrease of RMB 17.0 million from RMB 24.8 million in the same
period of last year. The decline was mainly due to the
accelerated vesting of certain restricted ordinary shares in the
fourth quarter 2018.
Net income was RMB 60.7 million, an improvement
of RMB 92.7 million compared with a net loss of RMB 32.0 million in
the fourth quarter of 2018. The net income margin was 11.3%,
compared with a net loss margin of 7.5% in the same period of
2018.
Adjusted net income (non-GAAP) was RMB 68.5
million, compared with an adjusted net loss of RMB 7.2 million in
the fourth quarter of 2018. The adjusted net income margin2
was 12.8%, compared with an adjusted net loss margin of 1.7% in the
same period of 2018.
Basic and diluted net income per ADS were RMB
0.81 (US$ 0.12) and RMB 0.79 (US$ 0.11) respectively.
Full Year 2019 Financial Results
Net revenues were RMB 2,076.3 million, an
increase of 40.5%, mainly driven by increases in e-scooter sales
volume of 24.1% and net revenues per e-scooter of 13.2%.
China represented 85.1% of net revenues from e-scooter sales,
and overseas markets represented 14.9%.
Cost of revenues were RMB 1,589.7 million, an
increase of 24.3%, 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
3,773, slightly higher than RMB 3,767 in 2018.
Gross margin was 23.4%, increased substantially
from 13.4% in 2018, mainly driven by lower raw material cost,
higher sales price, and change in product mix.
Operating expenses were RMB 329.7 million, a
decrease of 35.9% from RMB 514.4 million in 2018. Operating
expenses as a percentage of net revenues was 15.9%, compared with
34.8% in 2018.
Operating expenses excluding share-based
compensation were RMB 310.3 million, an increase of 24.7%,
and represented 14.9% of net revenues, compared with 16.8% in
2018.
Government grants were RMB 29.8 million,
increased by 28.4 million compared with the year of 2018, mainly
consisting of various incentives from local government
authorities.
Share-based compensation was RMB 19.6 million,
a decrease of RMB 246.3 million from RMB 265.9 million in 2018.
The decrease was mainly because of the higher expenses that
arose from the accelerated vesting of certain restricted ordinary
shares during 2018 and the transfer of a number of ordinary shares
from a shareholder to one of our vice presidents for nil
consideration in June 2018.
Net income was RMB 190.1 million, an increase
of RMB 539.1 million from a net loss of RMB 349.0 million in 2018.
The increase was mainly caused by the increased revenues,
higher gross margin and lower share-based compensation expenses as
described above.
Adjusted net income (non-GAAP) was RMB 209.7
million, compared with an adjusted net loss of RMB 48.7 million in
2018. The adjusted net income margin was 10.1% in 2019,
compared with an adjusted net loss margin of 3.3% in 2018.
Basic and diluted net income per ADS were RMB
2.55 (US$ 0.37) and RMB 2.48 (US$ 0.36) respectively.
Balance SheetAs of December 31, 2019, the
Company had cash, term deposits and short-term
investments of RMB 764.8 million in aggregate. The
Company had restricted cash of RMB 221.7 million and short-term
bank borrowings of RMB 217.4 million.
Business OutlookNIU expects revenues of the
first quarter 2020 to be in the range of RMB 195 million to RMB 265
million, representing a year-over-year decrease of 45% to 25%,
which was due to the adverse impacts of the COVID-19 outbreak on
Company’s sales and operation.
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 in light of
uncertainties and situations related to how COVID-19 develops.
Conference Call
The Company will host a conference call at 8:00 AM on March 16,
2020 U.S. Eastern Time (8:00 PM on March 16, 2020 Beijing/Hong Kong
time) to discuss its fourth quarter and full year 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 |
2960907 |
A replay will be accessible through March 24, 2020 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 |
2960907 |
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
electric bicycles and motorcycles. NIU has a product
portfolio consisting of seven series, four e-scooter series,
including NQi, MQi and UQi with smart functions and Gova, two urban
commuter electric motorcycles series RQi and TQi, and a performance
bicycle series, NIU Aero. Different series of products
address the needs of different segments of modern urban residents
and resolve the demands of different scenarios of urban travel,
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 offer
the products and 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 6.9618 to
US$ 1.00, the exchange rate in effect as of December 31, 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 Contact:
Niu TechnologiesJason YangInvestor Relations ManagerE-mail:
ir@niu.com
_______________________________________
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 |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
|
|
|
|
|
|
As of |
|
December 31, |
|
December 31, |
|
December 31, |
|
2018 |
|
2019 |
|
2019 |
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash |
569,059,591 |
|
|
279,945,942 |
|
|
40,211,719 |
|
Term
deposits |
27,452,663 |
|
|
174,404,554 |
|
|
25,051,647 |
|
Restricted cash |
179,262,714 |
|
|
221,656,071 |
|
|
31,838,902 |
|
Short-term investments |
120,241,425 |
|
|
310,439,321 |
|
|
44,591,818 |
|
Accounts
receivable, net |
54,424,845 |
|
|
115,228,700 |
|
|
16,551,567 |
|
Inventories, net |
142,382,205 |
|
|
178,633,299 |
|
|
25,659,068 |
|
Prepayments and other current assets |
26,919,954 |
|
|
30,982,131 |
|
|
4,450,305 |
|
Total current assets |
1,119,743,397 |
|
|
1,311,290,018 |
|
|
188,355,026 |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Property
and equipment, net |
40,985,174 |
|
|
150,891,344 |
|
|
21,674,185 |
|
Intangible assets, net |
7,717,754 |
|
|
7,779,749 |
|
|
1,117,491 |
|
Land use
right, net |
- |
|
|
34,355,936 |
|
|
4,934,921 |
|
Other
non-current assets |
16,805,474 |
|
|
6,522,561 |
|
|
936,907 |
|
Total non-current assets |
65,508,402 |
|
|
199,549,590 |
|
|
28,663,504 |
|
|
|
|
|
|
|
Total assets |
1,185,251,799 |
|
|
1,510,839,608 |
|
|
217,018,530 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Short-term bank borrowings |
179,978,003 |
|
|
217,394,132 |
|
|
31,226,713 |
|
Accounts
payable |
249,665,890 |
|
|
258,988,264 |
|
|
37,201,336 |
|
Income
taxes payable |
- |
|
|
3,013,805 |
|
|
432,906 |
|
Advance
from customers |
20,505,861 |
|
|
7,478,309 |
|
|
1,074,192 |
|
Deferred
revenue-current |
12,666,330 |
|
|
31,105,700 |
|
|
4,468,054 |
|
Accrued
expenses and other current liabilities |
134,184,026 |
|
|
175,533,397 |
|
|
25,213,795 |
|
Total current liabilities |
597,000,110 |
|
|
693,513,607 |
|
|
99,616,996 |
|
|
|
|
|
|
|
Deferred
revenue-non current |
234,801 |
|
|
2,171,033 |
|
|
311,849 |
|
Deferred
income tax liability |
- |
|
|
1,265,780 |
|
|
181,818 |
|
Other non-current liabilities |
17,609,842 |
|
|
22,358,968 |
|
|
3,211,665 |
|
Total non-current liabilities |
17,844,643 |
|
|
25,795,781 |
|
|
3,705,332 |
|
|
|
|
|
|
|
Total liabilities |
614,844,753 |
|
|
719,309,388 |
|
|
103,322,328 |
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
Class A ordinary shares |
83,120 |
|
|
84,494 |
|
|
12,137 |
|
Class B ordinary shares |
12,839 |
|
|
11,977 |
|
|
1,720 |
|
Additional paid-in capital |
1,717,483,548 |
|
|
1,738,102,741 |
|
|
249,662,837 |
|
Accumulated other comprehensive loss |
(22,786,922 |
) |
|
(12,368,224 |
) |
|
(1,776,584 |
) |
Accumulated deficit |
(1,124,385,539 |
) |
|
(934,300,768 |
) |
|
(134,203,908 |
) |
Total shareholders’ equity |
570,407,046 |
|
|
791,530,220 |
|
|
113,696,202 |
|
|
|
|
|
|
|
Total liabilities and shareholders’
equity |
1,185,251,799 |
|
|
1,510,839,608 |
|
|
217,018,530 |
|
|
|
|
|
|
|
NIU
TECHNOLOGIES |
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
(LOSS)/INCOME |
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
Year ended December 31, |
|
2018 |
|
2019 |
|
2018 |
|
2019 |
|
RMB |
|
RMB |
US$ |
|
RMB |
|
RMB |
US$ |
Revenues |
427,505,084 |
|
|
536,106,506 |
|
77,006,881 |
|
|
1,477,781,304 |
|
|
2,076,289,101 |
|
298,240,268 |
|
Cost of revenues(a) |
(369,961,904 |
) |
|
(395,945,845 |
) |
(56,874,062 |
) |
|
(1,279,155,847 |
) |
|
(1,589,738,548 |
) |
(228,351,654 |
) |
Gross profit |
57,543,180 |
|
|
140,160,661 |
|
20,132,819 |
|
|
198,625,457 |
|
|
486,550,553 |
|
69,888,614 |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Selling and marketing expenses(a) |
(41,802,946 |
) |
|
(48,879,563 |
) |
(7,021,110 |
) |
|
(150,150,872 |
) |
|
(182,872,514 |
) |
(26,267,993 |
) |
Research and development expenses(a) |
(22,105,334 |
) |
|
(19,089,544 |
) |
(2,742,041 |
) |
|
(91,811,892 |
) |
|
(67,187,348 |
) |
(9,650,859 |
) |
General and administrative expenses(a) |
(27,031,959 |
) |
|
(26,265,063 |
) |
(3,772,740 |
) |
|
(272,464,481 |
) |
|
(79,615,561 |
) |
(11,436,060 |
) |
Total operating expenses |
(90,940,239 |
) |
|
(94,234,170 |
) |
(13,535,891 |
) |
|
(514,427,245 |
) |
|
(329,675,423 |
) |
(47,354,912 |
) |
Government grants |
84,100 |
|
|
13,462,650 |
|
1,933,789 |
|
|
1,395,200 |
|
|
29,833,770 |
|
4,285,353 |
|
Operating (loss)/income |
(33,312,959 |
) |
|
59,389,141 |
|
8,530,717 |
|
|
(314,406,588 |
) |
|
186,708,900 |
|
26,819,055 |
|
|
|
|
|
|
|
|
|
|
|
Changes in fair value of a convertible loan |
- |
|
|
- |
|
- |
|
|
(34,499,858 |
) |
|
- |
|
- |
|
Interest expense |
(1,458,859 |
) |
|
(3,211,489 |
) |
(461,302 |
) |
|
(7,721,675 |
) |
|
(11,396,998 |
) |
(1,637,076 |
) |
Interest income |
1,080,106 |
|
|
2,247,835 |
|
322,881 |
|
|
2,998,796 |
|
|
16,898,785 |
|
2,427,359 |
|
Investment income |
1,692,537 |
|
|
2,706,871 |
|
388,818 |
|
|
4,601,849 |
|
|
6,088,425 |
|
874,548 |
|
(Loss)/income before income taxes |
(31,999,175 |
) |
|
61,132,358 |
|
8,781,114 |
|
|
(349,027,476 |
) |
|
198,299,112 |
|
28,483,886 |
|
Income tax expense |
- |
|
|
(426,039 |
) |
(61,197 |
) |
|
- |
|
|
(8,214,341 |
) |
(1,179,916 |
) |
Net (loss)/income |
(31,999,175 |
) |
|
60,706,319 |
|
8,719,917 |
|
|
(349,027,476 |
) |
|
190,084,771 |
|
27,303,970 |
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income/(losses) |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
(10,117,727 |
) |
|
(7,896,898 |
) |
(1,134,318 |
) |
|
(28,436,867 |
) |
|
8,882,775 |
|
1,275,931 |
|
Unrealized (losses)/gain on available for sale securities,
net |
(340,698 |
) |
|
633,923 |
|
91,057 |
|
|
53,707 |
|
|
1,535,923 |
|
220,622 |
|
Comprehensive (loss)/income |
(42,457,600 |
) |
|
53,443,344 |
|
7,676,656 |
|
|
(377,410,636 |
) |
|
200,503,469 |
|
28,800,523 |
|
Net (loss)/income per share |
|
|
|
|
|
|
|
|
|
—Basic |
(0.24 |
) |
|
0.41 |
|
0.06 |
|
|
(5.30 |
) |
|
1.28 |
|
0.18 |
|
—Diluted |
(0.24 |
) |
|
0.39 |
|
0.06 |
|
|
(5.30 |
) |
|
1.24 |
|
0.18 |
|
Net income per ADS |
|
|
|
|
|
|
|
|
|
—Basic |
|
|
0.81 |
|
0.12 |
|
|
|
|
2.55 |
|
0.37 |
|
—Diluted |
|
|
0.79 |
|
0.11 |
|
|
|
|
2.48 |
|
0.36 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding used in
computing net (loss)/income per share |
|
|
|
|
|
|
|
|
|
—Basic |
130,780,142 |
|
|
149,454,573 |
|
149,454,573 |
|
|
65,834,876 |
|
|
149,025,166 |
|
149,025,166 |
|
—Diluted |
130,780,142 |
|
|
153,752,287 |
|
153,752,287 |
|
|
65,834,876 |
|
|
153,248,188 |
|
153,248,188 |
|
Weighted average number of ADS outstanding used in
computing net income per ADS |
|
|
|
|
|
|
|
|
|
—Basic |
- |
|
|
74,727,287 |
|
74,727,287 |
|
|
- |
|
|
74,512,583 |
|
74,512,583 |
|
—Diluted |
- |
|
|
76,876,144 |
|
76,876,144 |
|
|
- |
|
|
76,624,094 |
|
76,624,094 |
|
|
|
|
|
|
|
|
|
|
|
Note: |
|
|
|
|
|
|
|
|
|
(a) Includes share-based compensation expenses as follows: |
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
Year ended December 31, |
|
2018 |
|
2019 |
|
2018 |
|
2019 |
|
RMB |
|
RMB |
US$ |
|
RMB |
|
RMB |
US$ |
Cost of revenues |
62,208 |
|
|
77,390 |
|
11,116 |
|
|
246,947 |
|
|
292,011 |
|
41,945 |
|
Selling and marketing expenses |
519,621 |
|
|
1,615,396 |
|
232,037 |
|
|
2,124,728 |
|
|
4,657,311 |
|
668,981 |
|
Research and development expenses |
9,204,100 |
|
|
1,949,271 |
|
279,995 |
|
|
52,864,313 |
|
|
4,207,109 |
|
604,313 |
|
General and administrative expenses |
15,046,141 |
|
|
4,142,493 |
|
595,032 |
|
|
210,638,939 |
|
|
10,466,345 |
|
1,503,396 |
|
Total share-based compensation |
24,832,070 |
|
|
7,784,550 |
|
1,118,180 |
|
|
265,874,927 |
|
|
19,622,776 |
|
2,818,635 |
|
|
|
|
|
|
|
|
|
|
|
NIU
TECHNOLOGIES |
RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
Year ended December 31, |
|
2018 |
|
2019 |
|
2018 |
|
2019 |
|
RMB |
|
RMB |
US$ |
|
RMB |
|
RMB |
US$ |
Net (loss)/income |
(31,999,175 |
) |
|
60,706,319 |
8,719,917 |
|
(349,027,476 |
) |
|
190,084,771 |
27,303,970 |
Add: |
|
|
|
|
|
|
|
|
|
Share-based compensation |
24,832,070 |
|
|
7,784,550 |
1,118,180 |
|
265,874,927 |
|
|
19,622,776 |
2,818,635 |
Change in fair value of a convertible loan |
- |
|
|
- |
- |
|
34,499,858 |
|
|
- |
- |
Adjusted net (loss)/income |
(7,167,105 |
) |
|
68,490,869 |
9,838,097 |
|
(48,652,691 |
) |
|
209,707,547 |
30,122,605 |
|
|
|
|
|
|
|
|
|
|
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