Niu Technologies · NASDAQ:NIU
Niu Technologies — Q1 2024 Earnings Presentation
21 slides from Niu Technologies's earnings presentation, May 20, 2024
Slide 1: 1Q 2024
1Q 2024
Slide 2: NIU at a glance
NIU at a glance 2014 8 Series of 2,878 Founded electric two wheelers Stores in China 54 4.4mn 22bn km Scooters Countries Sold Globally Riding Data Data as of March 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* 2017/2022*/2024* 2022 2023 Mass-Premium Series Year introduced 2020/2023* 2020/2023* Notes: * Year of performance upgrades Data as of March 31 2024. 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 March 31, 2024. 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 March 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 288 58 City Partners Country Distributors 2,878 54 Dedicated Stores Countries 238 Europe/US Cities as the Key Market Data as of March 31, 2024. *We sell kick-scooters and e-bikes
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 575 +21% 149 YoY -27.5% 505 YoY -45.3% YoY YoY 19 417 110 YoY +35.1% +47.6% -12.2% 15 82 13 1Q2022 1Q2023 1Q2024 1Q2022 1Q2023 1Q2024 1Q2022 1Q2023 1Q2024 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) 21.7% 19.1% 18.9% 1Q2022 1Q2023 1Q2024 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 2024/03/31 Cash, restricted cash, deposits & short-term investment 1,078 1,192 Notes receivable & Accounts receivable, net 95 88 Inventories, net 393 481 PP&E and intangible assets 324 301 Land use rights and other operating lease
Slide 13: Net margin
Net margin Net margin Adj. Net margin(1) (as % of revenues) (as % of revenues) -5.1% -14.5% -2.8% -11.1% -9.6% -10.9% -27.2% 1Q2022 1Q2023 1Q2024 1Q2022 1Q2023 1Q2024 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: 2020 - 2023: Sales volume growth
2020 - 2023: Sales volume growth E-scooter Sales Volume (thousands) (y-o-y growth %) Quarterly Volume Yearly Volume 1,038 YoY -20% YoY 832 -15% YoY +73% 710 602 397 321 251 253 266 238 212 209 160 150 150 164 138 137 94 40 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q
Slide 17: Sales Volume Breakdown and Revenue (2021-2023)
Sales Volume Breakdown and Revenue (2021-2023) China Sales Volume Overseas Sales Volume Total Revenue (thousands) (thousands) (RMB millions) YoY -14% 3705 YoY 988 YoY 3169 -16% -28% YoY YoY -10% 2652 121 711 -15% 109 601 YoY +143% 50 2021 2022 2023 2021 2022 2023 2021 2022 2023 17
Slide 18: Gross Margin and Operating Expenses (2021-2023)
Gross Margin and Operating Expenses (2021-2023) 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% 21.9% 22.7% 21.1% 21.5% 5.0% 5.7% 4.4% 4.9% 16.4% 5.6% 15.2% 4.9% 3.8% 3.4% 3.7% 3.2
Slide 19: 2020 - 2023: Revenues
2020 - 2023: Revenues Revenues (RMB millions) (y-o-y growth %) Quarterly Revenues Yearly Revenues 3,705 YoY -15% 3,169 YoY YoY +16% +52% 2,652 2,444 1,226 1,153 945 986 927 894 828 829 645 672 612 547 575 417 479 233 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 202
Slide 20: 2020 - 2023: Revenues per scooter (ASP)
2020 - 2023: Revenues per scooter (ASP) Revenues per scooter (RMB) (y-o-y growth %) Quarterly ASP Yearly ASP 5,800 YoY -12% YoY 4,466 4,428 4,420 YoY +7% 4,140 4,062 -2% 4,027 3,963 3,910 3,810 3,736 3,565 3,657 3,734 3,595 3,569 3,516 3,486 3,482 3,089 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2
Slide 21: 2020 - 2023: Margins
2020 - 2023: Margins Gross margin Net margin Adj. Net margin(1) (as % of revenues) (as % of revenues) (as % of revenues) 22.9% 6.9% 6.1% 8.5% 7.4% 21.9% 21.5% 0.3% -1.6% 21.1% -10.3% -8.5% 2020 2021 2022 2023 2020 2021 2022 2023 2020 2021 2022 2023 Note: (1) Adjusted net margin is defined as net pro