NIU Technologies Reports Q4 and FY2019 Financial Results: Revenues Up 40.5%
2020年3月16日 - 09:03PM
JCN Newswire
NIU Technologies ("NIU"; NASDAQ: NIU), the world's leading
provider of smart urban mobility solutions, announced financial
results for the fourth quarter and full year ended December 31st,
2019.
Revenues and Net Income Grow Four Consecutive Quarters
Driven by the increased sales volume up 13.5% and increased
revenues per e-scooter up 10.5%, revenues for the fourth quarter of
2019 reached RMB 536.1 million, an increase of 25.4% YoY. The
fourth quarter 2019 was profitable with net income of RMB 60.7
million, compared with a net loss of RMB 32 million in the fourth
quarter 2018. The company has now been profitable for four
consecutive quarters.
For the full 2019 financial year, NIU's net revenues were RMB
2.0763 billion, an increase of 40.5%, which was 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%. The full
year's net income was RMB 190.1 million, which is an increase of
RMB 539.1 million from a net loss of RMB 349 million in 2018.
Continued Growth Across Overseas Market
As a leading provider of smart urban mobility solutions, NIU has
been improving its products and building further growth in overseas
markets.
In December 2019, NIU's new manufacturing facility in Changzhou
commenced operation. The new facility covers about 75 acres and has
a designed capacity of 700,000 units per annum. In the fourth
quarter of 2019, NIU's international sales network expanded to 29
distributors covering 38 countries.
In addition, in January 2020, NIU launched two new products, the
RQi-GT and TQi-GT. The RQi-GT is NIU's first urban performance
electric motorcycle and the TQi-GT is NIU's first electric
three-wheeler vehicle.
So far, global users of NIU have exceeded 1 million with a
cumulative rider distance of 4.5 billion kilometers. NIU has also
contributed to cumulative carbon emission reductions of 1.14
million tons, which is the equivalent to planting 57 million
Saxaul. It demonstrates NIU's commitment to corporate social
responsibility and "providing more convenient and environmentally
friendly transformative urban travel transportation for global
users".
The company has been monitoring the Coronavirus pandemic very
closely. Since the restart of operations, NIU has implemented
safety measures such as daily disinfection of retail locations,
factories and corporate offices to ensure the well-being of our
customers and employees. The company is also aware of the potential
economic damage towards the global economy and the confidence of
consumers. NIU has implemented new campaigns to expand its online
sales by working with online retail partners in both China and
overseas market.
Dr. Yan Li, CEO of NIU said "we delivered solid revenue growth and
improved gross margin. The Company continued to operate profitably.
We are very excited about the growth perspective of our business
and are committed to expanding our production capacity to meet the
increasing demand. We look forward to sustaining the growth of our
business."
Copyright 2020 JCN Newswire . All rights reserved.
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