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Niu Technologies Announces Unaudited First Quarter 2024 Financial Results

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Niu Technologies (NASDAQ: NIU), a leader in smart urban mobility, reported its unaudited Q1 2024 financial results. Revenues increased by 21.0% year-over-year to RMB 504.7 million. E-scooter sales rose 36.8%, with 129,139 units sold, and Chinese market sales surged 35.1%.

However, the net loss was RMB 54.8 million, an improvement from the previous year's RMB 60.3 million loss. Gross margin declined to 18.9%, down from 21.7% in Q1 2023. International sales revenue fell by 8.1%, while the revenue per e-scooter decreased by 11.6%. Operating expenses increased by 4.6% year-over-year. The company aims for Q2 revenue between RMB 912 million to RMB 995 million, representing a 10%-20% year-over-year increase.

Positive
  • Revenues increased by 21.0% year-over-year to RMB 504.7 million.
  • E-scooter sales volume surged 36.8% year-over-year to 129,139 units.
  • Sales in China increased by 35.1% year-over-year.
  • Number of franchised stores in China reached 2,878 by March 31, 2024.
  • International sales network expanded to 58 distributors covering 54 countries.
  • Cost per e-scooter decreased by 8.5% year-over-year.
  • Net loss improved to RMB 54.8 million from RMB 60.3 million in Q1 2023.
  • Selling and marketing expenses as a percentage of revenues decreased from 37.8% to 32.7% year-over-year.
  • R&D expenses decreased by 17.3% year-over-year.
  • General and administrative expenses dropped by 39.2% year-over-year.
  • Operating expenses as a percentage of revenues decreased from 34.5% to 31.5% year-over-year.
  • Gross margin for e-scooters in the China market decreased due to product mix changes, but overall cost control improved.
Negative
  • Net loss was still significant at RMB 54.8 million.
  • Gross margin decreased from 21.7% to 18.9% year-over-year.
  • Revenue per e-scooter fell by 11.6% to RMB 3,908.
  • International market revenue decreased by 8.1% year-over-year.
  • Operating expenses increased by 4.6% year-over-year.
  • Selling and marketing expenses increased by 45.6% year-over-year.
  • Revenue per e-scooter in international markets decreased by 37.7% year-over-year.
  • Accessories, spare parts, and services revenue grew by only 6.8% year-over-year.
  • Adjusted net loss (non-GAAP) increased to RMB 48.5 million from RMB 46.1 million year-over-year.
  • High increase in selling and marketing expenses, primarily from international market expansion, which may impact short-term profitability.

Niu Technologies' Q1 2024 financial results reveal several key points that warrant deeper analysis. Revenue increased by 21% year-over-year to RMB 504.7 million, primarily driven by a significant increase in sales volume of 36.8%. However, the company's net loss narrowed only slightly to RMB 54.8 million from last year's RMB 60.3 million.

Gross margin declined to 18.9% from 21.7% a year ago. This decrease is largely due to a lower margin in the international markets and a change in product mix within China. The shift towards the lower-margin kick-scooter segment internationally is a notable factor contributing to this decline.

On the positive side, operating expenses as a percentage of revenue decreased, indicating better cost management. However, the increase in selling and marketing expenses by 45.6% highlights the company's aggressive expansion strategy, especially in international markets.

For the retail investor, the critical takeaway is the discrepancy between rising revenue and persistent losses. While the increase in sales volume is promising, the declining margins suggest that profitability is still a challenge. Investors should monitor how effectively Niu Technologies can balance growth with profitability in future quarters.

Niu Technologies has shown impressive sales growth, particularly in its e-scooter segment. Domestically, e-scooter sales rose by 35.1% and internationally by 47.6%. This growth is complemented by an expansion in their retail footprint with 2,878 franchised stores in China and 58 distributors covering 54 countries.

However, the drop in revenue per e-scooter by 11.6% indicates a shift in the product mix towards lower-priced models, which could impact profitability. The company's emphasis on expanding its retail network and introducing new models to boost brand recognition and sales is a strategic move that may yield long-term benefits, but these initiatives come with increased costs.

Retail investors should be cautious about the company's ability to maintain this growth trajectory while managing costs effectively. The focus should be on how well Niu Technologies can convert this sales growth into sustainable profits, especially given the competitive nature of the global e-scooter market.

-- First Quarter Revenues of RMB 504.7 million, an increase of 21.0% year-over-year

-- First Quarter Net Loss of RMB 54.8 million, compared to Net Loss of RMB 60.3 million in the same period of last year

BEIJING, May 20, 2024 (GLOBE NEWSWIRE) -- Niu Technologies (“NIU”, or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today announced its unaudited financial results for the first quarter ended March 31, 2024.

First Quarter 2024 Financial Highlights

  • Revenues were RMB 504.7 million, an increase of 21.0% year-over-year
  • Gross margin was 18.9%, compared with 21.7% in the first quarter of 2023
  • Net loss was RMB 54.8 million, compared with net loss of RMB 60.3 million in the first quarter of 2023
  • Adjusted net loss (non-GAAP)1 was RMB 48.5 million, compared with adjusted net loss of RMB 46.1 million in the first quarter of 2023

First Quarter 2024 Operating Highlights

  • The number of e-scooters sold was 129,139, up 36.8% year-over-year
  • The number of e-scooters sold in China was 110,115, up 35.1% year-over-year
  • The number of e-scooters sold in the international markets was 19,024, up 47.6% year-over-year
  • The number of franchised stores in China was 2,878 as of March 31, 2024
  • International sales network expanded to 58 distributors covering 54 countries as of March 31, 2024

Dr. Yan Li, Chief Executive Officer of the Company, remarked, "Since their debut at the end of February, our newly launched products have received exceptionally positive feedback in the domestic market. Additionally, we are proactively expanding our retail footprint to bolster our sales channels. As a result, we anticipate continuous sales growth in China throughout the upcoming peak sales season."

Dr. Li continued, "Global expansion remains a top priority for us. Our retail channels in the US and Europe have significantly boosted our sales volume. To solidify our international presence, we are increasing our investments to establish a robust sales network. We are also taking steps to enhance our brand recognition with the introduction of new models. We are confident that we will deliver strong sales growth throughout 2024."

First Quarter 2024 Financial Results

Revenues were RMB 504.7 million, an increase of 21.0% year-over-year, mainly due to an increase in sales volume of 36.8%, partially offset by a decrease in revenues per e-scooter of 11.6%. The following table shows the revenue breakdown and revenues per e-scooter in the periods presented:

Revenues
(in RMB million)
 2024
Q1
 2023
Q1
 % change
YoY

E-scooter sales from China market 392.9  305.1  +28.8% 
E-scooter sales from international markets 49.0  53.3  -8.1% 
E-scooter sales, sub-total 441.9  358.4  +23.3% 
Accessories, spare parts and services 62.8  58.8  +6.8% 
Total 504.7  417.2  +21.0% 


Revenues per e-scooter
(in RMB)
 2024
Q1
 2023
Q1
 % change
YoY
E-scooter sales from China market2 3,568  3,743  -4.7% 
E-scooter sales from international markets2 2,577  4,138  -37.7% 
E-scooter sales 3,422  3,797  -9.9% 
Accessories, spare parts and services3 486  623  -22.0% 
Revenues per e-scooter 3,908  4,420  -11.6% 
          
  • E-scooter sales revenues from China market were RMB 392.9 million, an increase of 28.8% year-over-year, and represented 88.9% of total e-scooter revenues. The increase was mainly due to the increased sales volume of e-scooter, partially offset by a decrease in revenues per e-scooter in China market.
  • E-scooter sales revenues from international markets were RMB 49.0 million, a decrease of 8.1% year-over-year, and represented 11.1% of total e-scooter revenues. The decrease was mainly due to the decline in sales of electric motorcycles and mopeds, partially offset by the increased sales of kick-scooter in international markets.
  • Accessories, spare parts sales and services revenues were RMB 62.8 million, an increase of 6.8% year-over-year and represented 12.4% of total revenues. The increase was mainly due to the increase of accessories and spare parts sales in China market.
  • Revenues per e-scooter was RMB 3,908, a decrease of 11.6% year-over-year, mainly due to the increased proportion and changes in product mix of kick-scooter in international markets.

Cost of revenues was RMB 409.2 million, an increase of 25.2% year-over-year, in line with the increase of revenues. The cost per e-scooter, defined as cost of revenues divided by the number of e-scooters sold in a specific period, was RMB 3,169, down 8.5% from RMB 3,462 in the first quarter of 2023, mainly due to the decreased cost of battery packs, and lower freight cost in international sales.

Gross margin was 18.9%, compared with 21.7% in the same period of 2023. The decrease was mainly due to the increased proportion of kick-scooter in international markets, and decreased gross margin of e-scooter in China market due to the product mix change.

Operating expenses were RMB 164.9 million, an increase of 4.6% year-over-year. Operating expenses as a percentage of revenues was 32.7%, compared with 37.8% in the first quarter of 2023.

  • Selling and marketing expenses were RMB 105.3 million (including RMB 2.0 million of share-based compensation), an increase of 45.6% from RMB 72.4 million in the first quarter of 2023, mainly due to the increase of RMB 19.8 million in after-sale services and rental expenses, and the increase of RMB 12.9 million in advertising and promotion activities, primarily result from the expansion into international markets. Selling and marketing expenses as a percentage of revenues was 20.9%, compared with 17.3% in the first quarter of 2023.
  • Research and development expenses were RMB 28.9 million (including RMB 1.4 million of share-based compensation), a decrease of 17.3% from RMB 35.0 million in the first quarter of 2023, mainly due to the decrease in share-based compensation of RMB 4.9 million. Research and development expenses as a percentage of revenues was 5.7%, compared with 8.4% in the first quarter of 2023.
  • General and administrative expenses were RMB 30.6 million (including RMB 2.6 million of share-based compensation), a decrease of 39.2% from RMB 50.3 million in the first quarter of 2023, mainly due to the decrease in allowance for doubtful accounts of RMB 20.0 million. General and administrative expenses as a percentage of revenues was 6.1%, compared with 12.1% in the first quarter of 2023.

Operating expenses excluding share-based compensation were RMB 158.9 million, increased by 10.5% year-over-year, and represented 31.5% of revenues, compared with 34.5% in the first quarter of 2023.

  • Selling and marketing expenses excluding share-based compensation were RMB 103.3 million, an increase of 49.2% year-over-year, and represented 20.5% of revenues, compared with 16.6% in the first quarter of 2023.
  • Research and development expenses excluding share-based compensation were RMB 27.5 million, a decrease of 4.0% year-over-year, and represented 5.4% of revenues, compared with 6.9% in the first quarter of 2023.
  • General and administrative expenses excluding share-based compensation were RMB 28.1 million, a decrease of 38.9% year-over-year, and represented 5.6% of revenues, compared with 11.0% in the first quarter of 2023.

Government grants were nominal, compared with RMB 0.3 million in the same period of 2023.

Share-based compensation was RMB 6.3 million, compared with RMB 14.2 million in the same period of 2023.

Income tax benefit was RMB 6.2 million, compared with income tax expense of RMB 1.8 million in the same period of 2023.

Net loss was RMB 54.8 million, compared with net loss of RMB 60.3 million in the first quarter of 2023. The net loss margin was 10.9%, compared with net loss margin of 14.5% in the same period of 2023.

Adjusted net loss (non-GAAP) was RMB 48.5 million, compared with an adjusted net loss of RMB 46.1 million in the first quarter of 2023. The adjusted net loss margin4 was 9.6%, compared with an adjusted net loss margin of 11.1% in the same period of 2023.

Basic and diluted net loss per ADS were both RMB 0.69 (US$ 0.10).

Balance Sheet

As of March 31, 2024, the Company had cash and cash equivalents, term deposits and short-term investments of RMB 977.7 million in aggregate. The Company had restricted cash of RMB 214.3 million and short-term bank borrowings of RMB 200.0 million.

Business Outlook

NIU expects revenues of the second quarter 2024 to be in the range of RMB 912 million to RMB 995 million, representing a year-over-year increase of 10% 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 and is subject to change.

Conference Call

The Company will host an earnings conference call on Monday, May 20, 2024 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time) to discuss its first quarter financial and business results and provide a corporate update.

To join via phone, participants need to register in advance of the conference call using the link provided below. Upon registration, participants will receive dial-in numbers and a personal PIN, which will be used to join the conference call.

Event:Niu Technologies First Quarter 2024 Financial Results Conference Call
Registration Link:https://register.vevent.com/register/BI477a6648aefd4a098ea1543c61d39167
  

A live and archived webcast of the conference call will be available on the investor relations website at https://ir.niu.com/news-and-events/webcasts-and-presentations.

About NIU

As the world’s leading provider of smart urban mobility solutions, NIU designs, manufactures and sells high-performance electric motorcycles, mopeds, bicycles, as well as kick-scooters and e-bikes. NIU has a diversified product portfolio that caters to the various demands of our users and addresses different urban travel scenarios. Currently, NIU offers two model lineups, comprising a number of different vehicle types. These include (i) the electric motorcycle, moped and bicycle series, including the NQi, MQi, UQi, F series and others, and (ii) the micro-mobility series, including the kick-scooter series KQi and the e-bike series BQi. NIU has adopted an omnichannel retail model, integrating the offline and online channels, to sell its products and provide services to users.

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 loss and adjusted net 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 loss is defined as net loss excluding share-based compensation expenses. Adjusted net loss margin is defined as adjusted net loss as a percentage of the revenues.

For more information on non-GAAP financial measures, please see the tables captioned “Reconciliation of GAAP and Non-GAAP Results”.

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 7.2203 to US$ 1.00, the exchange rate in effect as of March 29, 2024, 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 Technologies
E-mail: ir@niu.com



NIU TECHNOLOGIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
      
 As of
 December 31, March 31, March 31,
 2023 2024 2024
 RMB RMB US$
ASSETS     
Current assets     
Cash and cash equivalents872,573,460  900,035,724  124,653,508 
Term deposits-current97,555,565  77,690,250  10,759,975 
Restricted cash107,666,733  214,278,458  29,677,224 
Notes receivable-  841,979  116,613 
Accounts receivable, net94,956,170  87,247,383  12,083,623 
Inventories392,790,141  480,794,368  66,589,251 
Prepayments and other current assets195,072,129  203,246,142  28,149,266 
Total current assets1,760,614,198  1,964,134,304  272,029,460 
      
Non-current assets     
Property, plant and equipment, net323,112,366  300,087,589  41,561,651 
Intangible assets, net1,306,401  1,240,523  171,810 
Operating lease right-of-use assets76,821,285  75,171,140  10,411,083 
Deferred income tax assets20,747,021  26,420,397  3,659,183 
Other non-current assets6,730,378  6,367,961  881,952 
Total non-current assets428,717,451  409,287,610  56,685,679 
      
Total assets2,189,331,649  2,373,421,914  328,715,139 
      
LIABILITIES     
Current liabilities     
Short-term bank borrowings100,000,000  200,000,000  27,699,680 
Notes payable167,282,688  249,820,844  34,599,787 
Accounts payable575,724,288  605,268,781  83,828,758 
Income taxes payable 1,357,913  1,357,913  188,069 
Advances from customers19,304,488  56,780,929  7,864,068 
Deferred revenue-current41,755,097  39,554,099  5,478,179 
Accrued expenses and other current liabilities165,511,396  150,153,395  20,796,006 
Total current liabilities1,070,935,870  1,302,935,961  180,454,547 
      
Deferred revenue-non-current13,168,111  12,933,753  1,791,304 
Deferred income tax liabilities2,362,494  4,096,486  567,357 
Operating lease liabilities280,421  211,506  29,293 
Other non-current liabilities8,968,519  7,460,490  1,033,266 
Total non-current liabilities24,779,545  24,702,235  3,421,220 
      
Total liabilities1,095,715,415  1,327,638,196  183,875,767 
      
SHAREHOLDERS’ EQUITY:     
Class A ordinary shares90,031  90,215  12,495 
Class B ordinary shares10,316  10,316  1,429 
Additional paid-in capital1,964,138,365  1,970,596,785  272,924,502 
Accumulated other comprehensive loss(9,495,674) (8,989,181) (1,244,987)
Accumulated deficit(861,126,804) (915,924,417) (126,854,067)
Total shareholders’ equity1,093,616,234  1,045,783,718  144,839,372 
      
Total liabilities and shareholders’ equity2,189,331,649  2,373,421,914  328,715,139 
         


NIU TECHNOLOGIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
     
 Three Months Ended March 31,
 2023 2024
 RMB RMBUS$
Revenues417,236,018  504,734,575 69,904,931 
Cost of revenues(a)(326,861,860) (409,184,315)(56,671,373)
Gross profit90,374,158  95,550,260 13,233,558 
     
Operating expenses:    
Selling and marketing expenses(a)(72,360,079) (105,333,173)(14,588,476)
Research and development expenses(a)(35,004,134) (28,930,975)(4,006,894)
General and administrative expenses(a)(50,324,650) (30,612,959)(4,239,846)
Total operating expenses(157,688,863) (164,877,107)(22,835,216)
Government grants298,853  3,756 520 
Operating loss(67,015,852) (69,323,091)(9,601,138)
     
Interest expenses(66,667) (966,400)(133,845)
Interest income8,112,383  9,254,711 1,281,763 
Investment income426,836  - - 
Loss before income taxes(58,543,300) (61,034,780)(8,453,220)
Income tax (expense) benefit(1,794,824) 6,237,167 863,838 
Net loss(60,338,124) (54,797,613)(7,589,382)
     
Other comprehensive loss    
Foreign currency translation adjustment, net of nil income taxes(5,693,250) 506,493 70,148 
Unrealized gain on available-for-sale securities, net of reclassification(345,356) - - 
Comprehensive loss(66,376,730) (54,291,120)(7,519,234)
Net loss per ordinary share    
—Basic(0.39) (0.35)(0.05)
—Diluted(0.39) (0.35)(0.05)
Net loss per ADS    
—Basic(0.77) (0.69)(0.10)
—Diluted(0.77) (0.69)(0.10)
     
Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net loss per ordinary share 
—Basic155,766,833  157,713,699 157,713,699 
—Diluted155,766,833  157,713,699 157,713,699 
Weighted average number of ADS outstanding used in computing net loss per ADS    
—Basic77,883,417  78,856,850 78,856,850 
—Diluted77,883,417  78,856,850 78,856,850 
     
Note:    
(a) Includes share-based compensation expenses as follows:    
 Three Months Ended March 31,
 2023 2024
 RMB RMBUS$
Cost of revenues290,987  303,535 42,039 
Selling and marketing expenses3,128,077  2,010,112 278,397 
Research and development expenses6,370,625  1,441,278 199,615 
General and administrative expenses4,402,524  2,555,850 353,981 
Total share-based compensation expenses14,192,213  6,310,775 874,032 
     


NIU TECHNOLOGIES
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
     
 Three Months Ended March 31,
 2023 2024
 RMB RMBUS$
Net loss(60,338,124) (54,797,613)(7,589,382)
Add:    
Share-based compensation expenses14,192,213  6,310,775 874,032 
Adjusted net loss(46,145,911) (48,486,838)(6,715,350)
     

__________________________

1 Adjusted net loss (non-GAAP) is defined as net loss excluding share-based compensation expenses
2 Revenues per e-scooter on e-scooter sales from China or international markets is defined as e-scooter sales revenues from China or international markets divided by the number of e-scooters sold in China or international markets in a specific period
3 Revenues per e-scooter on accessories, spare parts and services is defined as accessories, spare parts and services revenues divided by the total number of e-scooters sold in a specific period
4 Adjusted net loss margin is defined as adjusted net loss (non-GAAP) as a percentage of the revenues 


FAQ

What were Niu Technologies' Q1 2024 revenues?

Niu Technologies' Q1 2024 revenues were RMB 504.7 million, a 21.0% increase year-over-year.

How many e-scooters did Niu Technologies sell in Q1 2024?

Niu Technologies sold 129,139 e-scooters in Q1 2024, a 36.8% increase year-over-year.

What was the net loss for Niu Technologies in Q1 2024?

Niu Technologies reported a net loss of RMB 54.8 million in Q1 2024, compared to RMB 60.3 million in Q1 2023.

What was the gross margin for Niu Technologies in Q1 2024?

The gross margin for Niu Technologies in Q1 2024 was 18.9%, down from 21.7% in Q1 2023.

How did Niu Technologies' international sales perform in Q1 2024?

International sales revenue for Niu Technologies decreased by 8.1% year-over-year in Q1 2024.

What is Niu Technologies' revenue guidance for Q2 2024?

Niu Technologies expects Q2 2024 revenues to be between RMB 912 million to RMB 995 million, representing a 10%-20% year-over-year increase.

How did the revenue per e-scooter change in Q1 2024 for Niu Technologies?

Revenue per e-scooter for Niu Technologies decreased by 11.6% year-over-year in Q1 2024.

What was the increase in operating expenses for Niu Technologies in Q1 2024?

Operating expenses for Niu Technologies increased by 4.6% year-over-year in Q1 2024.

Niu Technologies

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