NIU Technologies Announces Q1 2020 Financial Results: Expansion is Undeterred under Global Pandemic, Expects Growth and Profi...
2020年5月18日 - 6:00PM
JCN Newswire
NIU Technologies ("NIU", or "the Company") (NASDAQ: NIU), the
world's leading provider of smart urban mobility solutions, today
announced its financial results for Q1 2020.
Road to Recovery with a Revenue of RMB 232.9 Million
For Q1 2020, the revenue is RMB 232.9 million, which decreased by
34.4% YoY due to lower sales volume. The total number of e-scooters
sold worldwide was 40,160 units, decreased by 39.4% YoY, which is
attributed to the damaging effects of the global pandemic. The
number of e-scooters sold in China reached 34,316 units, decreased
by 43.5% YoY. On the other hand, the number of e-scooters sold in
international markets reached 5,844 units, increased by 5.9% YoY.
The number of franchised stores in China is 1,033, which decreased
by 17 stores. The international sales network has expanded to 33
distributors covering 42 countries.
The revenues per e-scooter increased by 8.2%. The higher revenues
were attributed to increased accessories, spare parts, and services
per e-scooter, which is now RMB 1,168 compared to RMB 671 in the
same period last year. In addition, the gross margin was 23.6%,
compared to 21.3% in the same period of 2019. This increase is
driven by higher e-scooter revenues from the Company's
international markets, and a higher proportion of revenues from
accessories, spare parts, and services.
Many aspects of the Company's operations were damaged because of
the ongoing pandemic. The two-wheeler e-scooter market has been hit
by shutdowns of factories and retail stores. However, the Company
was able to persevere and provide support to distributors and
dealers with its strong cash and financial position.
The company extended credit payment date for selective distributors
and granted full rebate to dealers that suffered from the pandemic
- including those who missed the sales volume target in the Q1
2020. The Company also provided training to dealers in China on
e-commerce and organized branding and marketing activities to
support dealers to accelerate retail sales.
The Company benefited from the strict measures and recovery actions
by the Chinese authorities. Supply chain and operations has
returned to normal in early April 2020. The Company expects
revenues of Q2 2020 to be in the range of RMB 585 million to RMB
655 million, which represents a YoY increase of 10% to 23%.
Arrival of New Products and Expectation to Return to Healthy Growth
in Q2 2020
The Company has continued to expand its product portfolio in 2020
and has continued growing its business. Q1 2020 R&D expenses
were RMB 22.7 million (including RMB 2 million of share-based
compensation), which increased by 58.6% compared to Q1 2019. It
increased by RMB 14.3 million and represents 9.8% of the total
revenue. In May 2020, the Company launched a new product called
MQi2. This is NIU's flagship product under the new national
standard for electric bicycles in China. The MQi2 inherits the
design language of MQi series and it is also equipped with the
Company's most up-to-date technologies. The NIU app is now upgraded
to 4.0 version, which is optimized for better interactive
experience, improved GPS positioning and anti-theft security. The
Company also plan to launch another model under the Gova series in
June 2020.
Meanwhile, the Company's long-term expansion plans are in good
progress. Retail sales network expansion in China will resume in Q2
2020 and there is also plans to acquire land use right for a new
piece of real estate in Changzhou for further factory expansion in
light of the rebounding recovery demand in China.
After being listed on NASDAQ for around 1.5 years, the Company is
now added into MSCI's China Small Cap Index, which will take place
on May 29th 2020. This demonstrates recognition from the capital
market.
NIU Technologies CEO Dr. Yan Li said "Since May, distributors and
dealers in selective international markets resumed operation and we
are working closely with them to re-activate our expansion plans.
We are very excited about the enriched product portfolio and we are
looking forward to the continued growth of our business and pleased
to see demand is recovering in China. Our China sales are expected
to return to healthy growth in the second quarter."
Copyright 2020 JCN Newswire . All rights reserved.
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