Niu Technologies Announces Third Quarter 2020 Financial Results
-- Third Quarter Total volume of e-scooter sales up 67.9% year over year
-- Third Quarter Revenues of RMB 894.5 million, up 36.7% year over year
-- Third Quarter Net income of RMB 80.0 million, compared with RMB 66.4 million in the third quarter of last year
BEIJING, Nov. 23, 2020 (GLOBE 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 the third quarter 2020.
Third Quarter 2020 Financial Highlights
- Revenues were RMB 894.5 million, an increase of
36.7% year over year - Gross margin was
20.9% , compared with22.2% in the third quarter of last year - Net income was RMB 80.0 million, compared with RMB 66.4 million in the third quarter of last year
- Adjusted net income (non-GAAP)1 was RMB 90.6 million, compared with RMB 72.5 million in the third quarter of last year
Third Quarter 2020 Operating Highlights
- The number of e-scooters sold reached 250,889, up
67.9% year over year - The number of e-scooters sold in China reached 245,293, up
70.2% year over year - The number of e-scooters sold in the international markets reached 5,596, up
6.3% year over year - The number of franchised stores in China was 1,266, an increase of 182 since June 30, 2020
- International sales network expanded to 36 distributors covering 46 countries
Dr. Yan Li, Chief Executive Officer of the Company, commented: “We are very pleased to see the strong sales growth in China during the third quarter. Our China sales volume increased by
Dr. Li continued, “In the fourth quarter, we plan to launch our new Gova product in Indonesia market. The marketing campaign and pre-sales will start from December. We are very excited about the growth prospective of Indonesia market and plan to expand our product portfolio and retail sales network in the next few years.”
Third Quarter 2020 Financial Results
Revenues were RMB 894.5 million, an increase of
| Revenues (in RMB million) | 2020 Q3 | 2019 Q3 | % change YoY | ||||
| E-scooter sales from China market | 740.8 | 532.1 | + | ||||
| E-scooter sales from international markets | 59.6 | 44.1 |
Niu Technologies
NASDAQ:NIUNIU RankingsNIU Latest NewsNIU Stock Data
155.97M
89.81M
14.36%
1.69%
Motorcycle, Bicycle, and Parts Manufacturing
Manufacturing
United States of America
Beijing
About NIUniu is a team of technologists, industrial designers, engineers and creatives that have come together to change the way urbanites explore their city. we have redefined what customers can expect out of the world's #1 smart scooter; powered by a bosch motor and panasonic lithium-ion battery. our scooters have won 5+ prestigious international design awards including the german red dot, usa idea and the japanese g-mark. niu currently design, manufacture and sell high-performance smart e-scooters. we have a streamlined product portfolio consisting of three series: n, m and u. multiple models and specifications are available direct to the consumer, for cargo and also sharing markets. in just three short years, niu has gone from a single product launch in china, to a truly global brand with more than 1200 points of sale across europe and asia. it's time to go and #unlockyourcity english website: english email: www.niu.com/en/ hello@niu.com
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