Niu Technologies · NASDAQ:NIU
Niu Technologies — Q3 2023 Earnings Presentation
19 slides from Niu Technologies's earnings presentation, Nov 20, 2023
Slide 1: 3Q 2023
3Q 2023
Slide 2: NIU at a glance
NIU at a glance 2014 8 2,834 Series of Founded Stores in China electric two wheelers 53 4.1mn 20bn km Scooters Countries Sold Globally Riding Data Data as of September 30, 2023. 2
Slide 3: China market: We released F400T/F200 in 3Q
China market: We released F400T/F200 in 3Q Premium Series Year 2015 / 2019* 2016 / 2023* 2017 / 2022* 2022 2023 introduced Mass-Premium Series Year introduced 2020/2023* 2020/2022* Notes: * Year of performance upgrades Data as of September 30 2023. 3
Slide 4: EU and US: We started with e-moped and e-motorcycle, now extend to kick-scooters and e-bike
EU and US: We started with e-moped and e-motorcycle, now extend to kick- scooters and e-bike Year introduced 2019 2020 2021 2021/2023* 2022 Data as of September 30, 2023. 4
Slide 5: South East Asia: We have introduced high-end and mid-end models in Indonesia as a starter
South East Asia: We have introduced a high-end and mid-end models in Indonesia as a starter Year introduced 2021 2021 Data as of September 30, 2023. 5
Slide 6: Competitive edge in smart technologies with user-centric industrial design
Competitive edge in smart technologies with user-centric industrial design Our App Our Scooter Our battery 7th Portable battery pack Winner of seven major international design awards 6
Slide 7: Sales Network and Omnichannel Retail Model
Sales Network and Omnichannel Retail Model Offline Online Domestic International Integration 3rd Party Platform NIU Store 297 55 City Partners Country Distributors 2,834 53 Dedicated Stores Countries 241 Europe Cities as the Key Market Data as of September 30, 2023. *We sell kick-scooters and e-bike
Slide 8: Total production capacity of 2 million units per year
Total production capacity of 2 million units per year Current Capacity (units) Total 2mn ~ 380,000 8
Slide 9: Financial Highlights
ZPNIUN+azh Financial Highlights
Slide 10: Sales volume and Revenues
Sales volume and Revenues China Sales Volume Overseas Sales Volume Total Revenues (thousands) (thousands) (RMB millions) YoY -6.0% 1226 YoY 1153 YoY 392 -32.9% YoY -19.6% -12.4% YoY 927 -38.4% 58 263 230 YoY 36 +1059.8% 5 3Q2021 3Q2022 3Q2023 3Q2021 3Q2022 3Q2023 3Q2021 3Q2022 3Q2023 10
Slide 11: Gross margin and operating expenses
Gross margin and operating expenses Gross margin Operating expenses Adj. Operating expenses(1) (as % of revenues) (as % of revenues) (as % of revenues) S&M S&M R&D R&D G&A 31.1% G&A 30.1% 22.1% 22.9% 13.7% 13.3% 21.40% 21.4% 20.0% 3.8% 3.3% 4.3% 3.7% 12.5% 4.2% 3.8% 11.7% 2.4% 2.2% 2.8% 2.4% 14.8% 1
Slide 12: Net margin
Net margin Net margin Adj. Net margin(1) (as % of revenues) (as % of revenues) 7.5% 8.3% 0.3% 1.7% -8.6% -7.5% 3Q2021 3Q2022 3Q2023 3Q2021 3Q2022 3Q2023 Note: (1) Adjusted net margin is defined as net loss/income excluding share-based compensation expenses and change in fair value of a convertible l
Slide 13: Solid balance sheet with strong cash position
Solid balance sheet with strong cash position RMB(million) 2022/12/31 2023/9/30 Cash, restricted cash, deposits & short-term investment 1,110 1,390 Notes receivable & Accounts receivable, net 300 164 Inventories, net 417 397 PP&E and intangible assets 399 345 Land use rights and other operating leas
Slide 14: Thank You
Thank You
Slide 15: Appendix
ZPNIUN+azh Appendix
Slide 16: 2019 – 2022: Sales volume growth
2019 – 2022: Sales volume growth E-scooter Sales Volume (thousands) (y-o-y growth %) Quarterly Volume Yearly Volume 1,038 YoY -20% YoY 832 +73% YoY 602 +43% 397 421 321 251 253 238 209 149 160 150 150 164 138 99 106 66 40 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q2
Slide 17: 2019 – 2022: Revenues
2019 – 2022: Revenues Revenues (RMB millions) (y-o-y growth %) Quarterly Revenues Yearly Revenues 3,705 YoY -14% YoY 3169 +52% YoY +18% 2,444 2,076 1,226 1,153 945 986 894 828 654 645 672 612 531 536 547 575 355 233 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 2019
Slide 18: 2019 – 2022: Revenues per scooter (ASP)
2019 – 2022: Revenues per scooter (ASP) Revenues per scooter (RMB) (y-o-y growth %) Quarterly ASP Yearly ASP 5,800 5,359 5,339 5,046 YoY 4,928 -18% YoY 4,466 4,428 YoY +7% 4,380 4,140 -12% 4,027 3,963 4,062 3,810 3,565 3,657 3,734 3,595 3,569 3,516 3,089 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21
Slide 19: 2019 – 2022: Margins
2019 – 2022: Margins Gross margin Net margin Adj. Net margin(1) (as % of revenues) (as % of revenues) (as % of revenues) 9.2% 23.4% 10.1% 22.9% 6.9% 6.1% 8.5% 7.4% 21.9% 21.1% -1.6% 0.3% 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 Note: (1) Adjusted net margin is defined as net profi