Niu Technologies · NASDAQ:NIU
Niu Technologies — Q1 2025 Earnings Presentation
21 slides from Niu Technologies's earnings presentation, May 19, 2025
Slide 1: 4Q 2024
4Q 2024
Slide 2: NIU at a glance
NIU at a glance 2014 8 Series of 3,735 Founded electric two wheelers Stores in China 53 5mn 28bn km Scooters Countries Riding Data Sold Globally Data as of December 31, 2024. 2
Slide 3: China market: Enriched product matrix based on the existing product series
China market: Enriched product matrix based on the existing product series Premium Series Year introduced 2015/2019*/2024* 2016/2023/2024* 2017/2022*/2024* 2022 2023 Mass-Premium Series Year introduced 2020/2023 2020/2023/2024* 2024* Notes: * Year of performance upgrades Data as of December 31 2024.
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 2021/2023/2024* 2022 Data as of December 31, 2024. 4
Slide 5: South East Asia: We have introduced a 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 December 31, 2024. 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 499 57 City Partners Country Distributors 3,735 53 Dedicated Stores Countries 293 Europe/US Cities as the Key Market Data as of December 31, 2024. *We sell kick-scooters and e-bi
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) 819 182 YoY 612 YoY +71% YoY YoY -22% +65% +64% 44 118 479 YoY 110 -6% YoY 27 +34% 20 4Q2022 4Q2023 4Q2024 4Q2022 4Q2023 4Q2024 4Q2022 4Q2023 4Q2024 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) 22.5% 19.0% 12.4% 4Q2022 4Q2023 4Q2024 Note: (1) Adj. operating expenses is defined as operating expenses excluding share-based compensation expense
Slide 12: Solid balance sheet with strong cash position
Solid balance sheet with strong cash position RMB(million) 2023/12/31 2024/12/31 Cash, restricted cash, deposits & short-term investment 1,078 1,121 Notes receivable & Accounts receivable, net 95 132 Inventories, net 393 649 PP&E and intangible assets 324 321 Land use rights and other operating leas
Slide 13: Net margin
Net margin Net margin Adj. Net margin(1) (as % of revenues) (as % of revenues) -6.1% -27.2% -4.3% -25.6% -8.1% -8.9% -27.2% 4Q2022 4Q2023 4Q2024 4Q2022 4Q2023 4Q2024 Note: (1) Adjusted net margin is defined as net loss/income excluding share-based compensation expenses and change in fair value of a
Slide 14: Thank You
Thank You
Slide 15: Appendix
ZPNIUN+azh Appendix
Slide 16: 2021 - 2024: Sales volume growth
2021 - 2024: Sales volume growth E-scooter Sales Volume (thousands) (y-o-y growth %) Quarterly Volume Yearly Volume 1,038 YoY -20% 924 YoY 832 -15% YoY 710 +30% 397 321 312 253 266 256 238 212 227 209 150 164 138 137 129 94 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4
Slide 17: Sales Volume Breakdown and Revenue (2022-2024)
Sales Volume Breakdown and Revenue (2022-2024) China Sales Volume Overseas Sales Volume Total Revenue (thousands) (thousands) (RMB millions) YoY 759 3169 YoY +24% 3288 YoY YoY 711 -16% -15% +26% 2652 601 165 YoY YoY 121 -10% 109 +52% 2022 2023 2024 2022 2023 2024 2022 2023 2024 17
Slide 18: Gross Margin and Operating Expenses (2022-2024)
Gross Margin and Operating Expenses (2022-2024) Gross Margin Operating Expenses Adj. Operating Expenses(1) (as % of revenues) (as % of revenues) (as % of revenues) S&M S&M R&D 33.6% R&D 31.9% G&A G&A 9.2% 8.7% 24.5% 22.8% 22.7% 22.1% 21.1% 21.5% 5.0% 5.7% 4.0% 4.4% 4.9% 3.7% 15.2% 5.6% 4.0% 3.7% 4.9
Slide 19: 2021 - 2024: Revenues
2021 - 2024: Revenues Revenues (RMB millions) (y-o-y growth %) Quarterly Revenues Yearly Revenues 3,705 YoY -14% 3,288 3,169 YoY -16% YoY +24% 2,652 1,226 1,153 945 986 927 940 1,024 828 829 819 547 575 612 479 505 417 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 2
Slide 20: 2021 - 2024: Revenues per scooter (ASP)
2021 - 2024: Revenues per scooter (ASP) Revenues per scooter (RMB) (y-o-y growth %) Yearly ASP Quarterly ASP 4,428 4,420 YoY YoY 4,140 YoY -2% 3,963 3,910 3,908 -5% +7% 3,810 3,657 3,734 3,671 3,736 3,595 3,615 3,569 3,557 3,516 3,486 3,482 3,277 3,089 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q
Slide 21: 2021 - 2024: Margins
2021 - 2024: Margins Gross margin Net margin Adj. Net margin(1) (as % of revenues) (as % of revenues) (as % of revenues) 6.1% 21.9% 21.5% 7.4% 21.1% 15.2% 0.3% -1.6% -5.9% -5.1% -10.3% -8.5% 2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024 Note: (1) Adjusted net margin is defined as net p