Niu Technologies Announces Unaudited Second Quarter 2026 Financial Results
Rhea-AI Summary
Niu Technologies (NASDAQ: NIU) reported unaudited second quarter 2026 revenues of RMB 1,440.4 million, up 14.7% year over year, driven by a 24.2% increase in e-scooter sales volume to 434,687 units, partially offset by an 8.6% decline in revenue per e-scooter.
Gross margin fell to 16.0% from 20.1% a year earlier as product mix in China and higher upstream costs weighed on profitability. The company posted a net loss of RMB 102.2 million versus net income of RMB 5.9 million in 2025, with adjusted net loss at RMB 98.2 million. Operating expenses rose 28.6% to RMB 340.6 million, led by higher selling and marketing and a sharp increase in general and administrative expenses, including foreign exchange losses.
As of June 30, 2026, Niu Technologies held RMB 1,475.8 million in cash, cash equivalents, term deposits and short-term investments, against RMB 220.0 million in short-term bank borrowings. For third quarter 2026, the company expects revenues between RMB 1,863 million and RMB 2,033 million, implying 10%–20% year-over-year growth.
Positive
- Revenues up 14.7% YoY to RMB 1,440.4 million
- E-scooter sales volume up 24.2% YoY to 434,687 units
- China e-scooter units up 26.2% YoY to 402,202
- Accessories and services revenues up 29.0% YoY to RMB 123.5 million
- Cash, term deposits and short-term investments totaling RMB 1,475.8 million
- Q3 2026 revenue guidance of RMB 1,863–2,033 million, up 10%–20% YoY
Negative
- Gross margin declined to 16.0% from 20.1% YoY
- Net loss of RMB 102.2 million vs net income of RMB 5.9 million
- Revenues per e-scooter down 8.6% YoY to RMB 3,029
- Operating expenses up 28.6% YoY to RMB 340.6 million
- General and administrative expenses up 165.2% YoY to RMB 50.5 million
- Adjusted net loss of RMB 98.2 million vs adjusted net income of RMB 13.7 million
Market reaction after 2Q26 earnings report: NIU -14.84%
Following this news, NIU has declined 14.84%, reflecting a significant negative market reaction. Our momentum scanner has triggered 7 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $2.10. Trading volume is above average at 1.5x the average, suggesting increased trading activity.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 18 | Q1 earnings report | Negative | -15.0% | Revenue growth accompanied by wider losses and weaker international sales. |
| Mar 16 | Q4 earnings report | Negative | -14.8% | Quarterly revenue and unit sales declined while net loss widened. |
| Nov 17 | Q3 earnings report | Positive | -6.9% | Revenue, profitability, gross margin, and unit sales improved year over year. |
| Aug 11 | Q2 earnings report | Positive | +1.9% | Revenue, profitability, gross margin, and China sales increased year over year. |
| Jul 04 | Q2 sales update | Positive | +1.8% | Quarterly unit sales increased despite declining international market volume. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings events averaged -6.6%, with three of five producing negative 24-hour reactions; the positive Q3 2025 results were a divergence.
Key Terms
non-gaap financial
ads financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
-- Second Quarter Revenues of RMB 1,440.4 million, up
-- Second Quarter Net Loss of RMB 102.2 million, compared with Net Income of RMB 5.9 million in the same period of 2025
BEIJING, Aug. 10, 2026 (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 second quarter ended June 30, 2026.
Second Quarter 2026 Financial Highlights
- Revenues were RMB 1,440.4 million, an increase of
14.7% year over year - Gross margin was
16.0% , compared with20.1% in the second quarter of 2025 - Net loss was RMB 102.2 million, compared with net income of RMB 5.9 million in the second quarter of 2025
- Adjusted net loss (non-GAAP)1 was RMB 98.2 million, compared with adjusted net income of RMB 13.7 million in the second quarter of 2025
Second Quarter 2026 Operating Highlights
- The number of e-scooters sold was 434,687, an increase of
24.2% year over year - The number of e-scooters sold in China was 402,202, an increase of
26.2% year over year - The number of e-scooters sold in the international markets was 32,485, an increase of
3.6% year over year - The number of franchised stores in China was 4,570 as of June 30, 2026
Dr. Yan Li, Chief Executive Officer of the Company, remarked, “In China, by incorporating AI-enabled riding features into a broader range of everyday riding needs, we continued to develop our smart mobility roadmap and strengthen the connected riding experience.”
Dr. Li continued, “Internationally, we maintained a selective approach and continued to align our product offerings with local demand to support the stability of our global operation.”
Second Quarter 2026 Financial Results
Revenues reached RMB 1,440.4 million, representing a
| Revenues (in RMB million) | 2026 Q2 | 2025 Q2 | % change YoY | ||||
| E-scooter sales from China market | 1,210.6 | 1,056.9 | + | ||||
| E-scooter sales from international markets | 106.3 | 103.1 | + | ||||
| E-scooter sales, sub-total | 1,316.9 | 1,160.0 | + | ||||
| Accessories, spare parts and services | 123.5 | 95.7 | + | ||||
| Total | 1,440.4 | 1,255.7 | + | ||||
| Revenues per e-scooter (in RMB) | 2026 Q2 | 2025 Q2 | % change YoY | ||||
| E-scooter sales from China market2 | 3,010 | 3,316 | - | ||||
| E-scooter sales from international markets2 | 3,270 | 3,288 | - | ||||
| Revenues per e-scooter | 3,029 | 3,313 | - | ||||
| Accessories, spare parts and services3 | 285 | 274 | + | ||||
| Blended revenues per e-scooter (including accessories, spare parts and services) | 3,314 | 3,587 | - | ||||
- E-scooter sales revenues from China market were RMB 1,210.6 million, an increase of
14.6% year over year, representing91.9% of total e-scooter revenues. The increase was mainly due to a26.2% rise in sales volume, partially offset by a9.2% decrease in revenues per e-scooter in China market. - E-scooter sales revenues from international markets were RMB 106.3 million, an increase of
3.0% year over year, representing8.1% of total e-scooter revenues. The increase was mainly due to higher sales volume of electric motorcycles and mopeds in international markets. - Accessories, spare parts and services revenues were RMB 123.5 million, an increase of
29.0% year over year, representing8.6% of total revenues. The increase was primarily driven by higher revenues from Niu App services, as well as accessories and spare parts sales in China market. - Revenues per e-scooter were RMB 3,029, a decrease of
8.6% year over year. This decrease was primarily attributable to a shift in product mix in China market.
Cost of revenues was RMB 1,210.0 million, an increase of
Gross margin was
Operating expenses were RMB 340.6 million, an increase of
- Selling and marketing expenses were RMB 238.6 million (including RMB 1.0 million of share-based compensation expenses), an increase of
18.0% from RMB 202.2 million in the second quarter of 2025, mainly due to an increase of RMB 21.9 million in advertising and promotional expenses in China market, including the quarterly allocation of annual marketing plan, and RMB 12.2 million in depreciation and amortization. Selling and marketing expenses as a percentage of revenues were16.6% , compared with16.1% in the second quarter of 2025. - Research and development expenses were RMB 51.5 million (including RMB 0.8 million of share-based compensation expenses), an increase of
17.8% from RMB 43.7 million in the second quarter of 2025, mainly due to an increase of RMB 4.4 million in design and testing expenses, and RMB 2.0 million in staff costs and share-based compensation. Research and development expenses as a percentage of revenues were3.6% , compared with3.5% in the second quarter of 2025. - General and administrative expenses were RMB 50.5 million (including RMB 2.0 million of share-based compensation expenses), an increase of
165.2% from RMB 19.1 million in the second quarter of 2025, mainly attributable to an increase of RMB 44.2 million in foreign exchange gains or losses, consisting of foreign exchange losses of RMB 19.0 million in this quarter versus foreign exchange gains of RMB 25.3 million in the second quarter of 2025. General and administrative expenses as a percentage of revenues were3.5% , compared with1.5% in the second quarter of 2025.
Operating expenses excluding share-based compensation expenses were RMB 336.8 million, an increase of
- Selling and marketing expenses excluding share-based compensation expenses were RMB 237.6 million, an increase of
18.5% year over year, representing16.5% of revenues, compared with16.0% in the second quarter of 2025. - Research and development expenses excluding share-based compensation expenses were RMB 50.7 million, an increase of
23.8% year over year, representing3.5% of revenues, compared with3.3% in the second quarter of 2025. - General and administrative expenses excluding share-based compensation expenses were RMB 48.5 million, an increase of
205.9% year over year, representing3.4% of revenues, compared with1.3% in the second quarter of 2025.
Share-based compensation expenses were RMB 4.0 million, compared with RMB 7.9 million in the same period of 2025.
Income tax benefit was RMB 0.9 million, compared with RMB 12.5 million in the same period of 2025.
Net loss was RMB 102.2 million, compared with net income of RMB 5.9 million in the second quarter of 2025. The net loss margin was
Adjusted net loss (non-GAAP) was RMB 98.2 million, compared with adjusted net income of RMB 13.7 million in the second quarter of 2025. The adjusted net loss margin4 was
Basic and diluted net loss per ADS were both RMB 1.26 (US
Balance Sheet
As of June 30, 2026, the Company had cash and cash equivalents, term deposits and short-term investments of RMB 1,475.8 million in aggregate. The Company had restricted cash of RMB 217.9 million and short-term bank borrowings of RMB 220.0 million.
Business Outlook
NIU expects revenues for the third quarter of 2026 to be in the range of RMB 1,863 million to RMB 2,033 million, representing a year-over-year increase of
The above outlook is based on information available as of the date of this press release and reflects the Company’s current and preliminary expectations and is subject to change.
Conference Call
The Company will host an earnings conference call on Monday, August 10, 2026 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time) to discuss its second quarter 2026 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 Second Quarter 2026 Financial Results Conference Call |
| Registration Link: | https://register-conf.media-server.com/register/BI86bdc4efa3794d128f27c2a1d70cc7df |
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, FQi 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 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. 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 table 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 6.7851 to US
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, | June 30, | June 30, | |||
| 2025 | 2026 | 2026 | |||
| RMB | RMB | US$ | |||
| ASSETS | |||||
| Current assets | |||||
| Cash and cash equivalents | 924,738,132 | 1,110,687,626 | 163,695,100 | ||
| Term deposits | 128,235,695 | 163,684,645 | 24,124,132 | ||
| Restricted cash | 210,864,000 | 217,948,800 | 32,121,678 | ||
| Short-term investments | 62,661,176 | 201,378,393 | 29,679,503 | ||
| Accounts receivable, net | 37,372,044 | 25,614,431 | 3,775,100 | ||
| Inventories | 652,579,651 | 724,005,489 | 106,705,205 | ||
| Prepayments and other current assets | 343,536,572 | 358,516,518 | 52,838,796 | ||
| Total current assets | 2,359,987,270 | 2,801,835,902 | 412,939,514 | ||
| Non-current assets | |||||
| Property, plant and equipment, net | 420,173,035 | 477,844,129 | 70,425,510 | ||
| Intangible assets, net | 776,328 | 647,946 | 95,495 | ||
| Operating lease right-of-use assets | 75,954,225 | 73,625,396 | 10,851,041 | ||
| Deferred income tax assets | 57,457,432 | 65,911,662 | 9,714,177 | ||
| Other non-current assets | 35,988,114 | 61,691,720 | 9,092,234 | ||
| Total non-current assets | 590,349,134 | 679,720,853 | 100,178,457 | ||
| Total assets | 2,950,336,404 | 3,481,556,755 | 513,117,971 | ||
| LIABILITIES | |||||
| Current liabilities | |||||
| Short-term bank borrowings | 240,000,000 | 220,000,000 | 32,423,988 | ||
| Notes payable | 394,285,714 | 446,512,091 | 65,807,739 | ||
| Accounts payable | 704,089,088 | 1,181,432,822 | 174,121,652 | ||
| Income taxes payable | 2,197,710 | 292,599 | 43,124 | ||
| Advances from customers | 182,598,444 | 276,119,910 | 40,695,039 | ||
| Deferred revenue-current | 75,148,049 | 87,631,100 | 12,915,226 | ||
| Accrued expenses and other current liabilities | 404,813,611 | 502,901,121 | 74,118,453 | ||
| Total current liabilities | 2,003,132,616 | 2,714,889,643 | 400,125,221 | ||
| Deferred revenue-non-current | 23,316,175 | 28,419,705 | 4,188,546 | ||
| Deferred income tax liabilities | 2,057,892 | 2,503,606 | 368,986 | ||
| Operating lease liabilities | 3,956,501 | 2,561,668 | 377,543 | ||
| Other non-current liabilities | 12,941,916 | 15,035,762 | 2,215,997 | ||
| Total non-current liabilities | 42,272,484 | 48,520,741 | 7,151,072 | ||
| Total liabilities | 2,045,405,100 | 2,763,410,384 | 407,276,293 | ||
| SHAREHOLDERS’ EQUITY: | |||||
| Class A ordinary shares | 91,796 | 92,306 | 13,604 | ||
| Class B ordinary shares | 9,504 | 9,504 | 1,401 | ||
| Additional paid-in capital | 2,016,533,709 | 2,026,471,073 | 298,664,879 | ||
| Accumulated other comprehensive loss | (17,990,674) | (18,563,857) | (2,735,974) | ||
| Accumulated deficit | (1,093,713,031) | (1,289,862,655) | (190,102,232) | ||
| Total shareholders’ equity | 904,931,304 | 718,146,371 | 105,841,678 | ||
| Total liabilities and shareholders’ equity | 2,950,336,404 | 3,481,556,755 | 513,117,971 | ||
| NIU TECHNOLOGIES | |||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
| 2025 | 2026 | 2025 | 2026 | ||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||
| Revenues | 1,255,706,686 | 1,440,376,040 | 212,285,160 | 1,937,695,138 | 2,349,900,402 | 346,332,464 | |||
| Cost of revenues(a) | (1,003,227,265) | (1,210,024,641) | (178,335,565) | (1,567,134,506) | (1,961,000,504) | (289,015,711) | |||
| Gross profit | 252,479,421 | 230,351,399 | 33,949,595 | 370,560,632 | 388,899,898 | 57,316,753 | |||
| Operating expenses: | |||||||||
| Selling and marketing expenses(a) | (202,168,443) | (238,604,766) | (35,165,991) | (316,766,358) | (418,313,101) | (61,651,722) | |||
| Research and development expenses(a) | (43,716,913) | (51,502,155) | (7,590,478) | (73,518,519) | (92,857,894) | (13,685,560) | |||
| General and administrative expenses(a) | (19,057,766) | (50,540,174) | (7,448,700) | (39,708,380) | (93,030,885) | (13,711,056) | |||
| Total operating expenses | (264,943,122) | (340,647,095) | (50,205,169) | (429,993,257) | (604,201,880) | (89,048,338) | |||
| Government grants | - | 205,895 | 30,345 | 386,890 | 778,769 | 114,776 | |||
| Operating loss | (12,463,701) | (110,089,801) | (16,225,229) | (59,045,735) | (214,523,213) | (31,616,809) | |||
| Interest expenses | (1,556,698) | (1,492,487) | (219,965) | (2,968,020) | (2,976,099) | (438,623) | |||
| Interest income | 6,671,638 | 6,324,890 | 932,173 | 13,565,110 | 11,847,834 | 1,746,155 | |||
| Investment income | 681,245 | 2,143,101 | 315,854 | 689,025 | 2,206,630 | 325,217 | |||
| Loss before income taxes | (6,667,516) | (103,114,297) | (15,197,167) | (47,759,620) | (203,444,848) | (29,984,060) | |||
| Income tax benefit | 12,548,000 | 886,073 | 130,591 | 14,795,384 | 7,295,224 | 1,075,183 | |||
| Net income (loss) | 5,880,484 | (102,228,224) | (15,066,576) | (32,964,236) | (196,149,624) | (28,908,877) | |||
| Other comprehensive loss | |||||||||
| Foreign currency translation adjustment, net of nil income taxes | (7,115,515) | (1,360,694) | (200,541) | (10,110,725) | (573,183) | (84,477) | |||
| Comprehensive loss | (1,235,031) | (103,588,918) | (15,267,117) | (43,074,961) | (196,722,807) | (28,993,354) | |||
| Net income (loss) per ordinary share | |||||||||
| —Basic | 0.04 | (0.63) | (0.09) | (0.21) | (1.21) | (0.18) | |||
| —Diluted | 0.04 | (0.63) | (0.09) | (0.21) | (1.21) | (0.18) | |||
| Net income (loss) per ADS | |||||||||
| —Basic | 0.07 | (1.26) | (0.19) | (0.41) | (2.42) | (0.36) | |||
| —Diluted | 0.07 | (1.26) | (0.19) | (0.41) | (2.42) | (0.36) | |||
| Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net income (loss) per ordinary share | |||||||||
| —Basic | 159,670,250 | 162,195,130 | 162,195,130 | 159,500,699 | 161,941,154 | 161,941,154 | |||
| —Diluted | 164,767,384 | 162,195,130 | 162,195,130 | 159,500,699 | 161,941,154 | 161,941,154 | |||
| Weighted average number of ADS outstanding used in computing net income (loss) per ADS | |||||||||
| —Basic | 79,835,125 | 81,097,565 | 81,097,565 | 79,750,350 | 80,970,577 | 80,970,577 | |||
| —Diluted | 82,383,692 | 81,097,565 | 81,097,565 | 79,750,350 | 80,970,577 | 80,970,577 | |||
| Note: | |||||||||
| (a) Includes share-based compensation expenses as follows: | |||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
| 2025 | 2026 | 2025 | 2026 | ||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||
| Cost of revenues | 223,656 | 144,058 | 21,232 | 477,164 | 292,438 | 43,100 | |||
| Selling and marketing expenses | 1,656,505 | 1,030,970 | 151,946 | 3,318,582 | 1,958,719 | 288,679 | |||
| Research and development expenses | 2,785,623 | 836,081 | 123,223 | 5,412,153 | 2,737,783 | 403,499 | |||
| General and administrative expenses | 3,194,639 | 2,013,816 | 296,800 | 6,142,631 | 4,948,936 | 729,383 | |||
| Total share-based compensation expenses | 7,860,423 | 4,024,925 | 593,201 | 15,350,530 | 9,937,876 | 1,464,661 | |||
| NIU TECHNOLOGIES | |||||||||
| RECONCILIATION OF GAAP AND NON-GAAP RESULTS | |||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
| 2025 | 2026 | 2025 | 2026 | ||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||
| Net income (loss) | 5,880,484 | (102,228,224) | (15,066,576) | (32,964,236) | (196,149,624) | (28,908,877) | |||
| Add: | |||||||||
| Share-based compensation expenses | 7,860,423 | 4,024,925 | 593,201 | 15,350,530 | 9,937,876 | 1,464,661 | |||
| Adjusted net income (loss) | 13,740,907 | (98,203,299) | (14,473,375) | (17,613,706) | (186,211,748) | (27,444,216) | |||
__________________________
1 Adjusted net income (loss) (non-GAAP) is defined as net income (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 income (loss) margin is defined as adjusted net income (loss) (non-GAAP) as a percentage of the revenues
