BEIJING, Mar 16, 2020 - (ACN Newswire) - NIU Technologies ("NIU"; NASDAQ: NIU), the world's leading provider of smart
urban mobility solutions, announced financial results for the fourth quarter and full year ended December 31st, 2019.
Revenues and Net Income Grow Four Consecutive Quarters
Driven by the increased sales volume up 13.5% and increased revenues per e-scooter up 10.5%, revenues for the fourth
quarter of 2019 reached RMB 536.1 million, an increase of 25.4% YoY. The fourth quarter 2019 was profitable with net
income of RMB 60.7 million, compared with a net loss of RMB 32 million in the fourth quarter 2018. The company has now
been profitable for four consecutive quarters.
For the full 2019 financial year, NIU's net revenues were RMB 2.0763 billion, an increase of 40.5%, which was mainly
driven by increases in e-scooter sales volume of 24.1% and net revenues per e-scooter of 13.2%. China represented 85.1%
of net revenues from e-scooter sales, and overseas markets represented 14.9%. The full year's net income was RMB 190.1
million, which is an increase of RMB 539.1 million from a net loss of RMB 349 million in 2018.
Continued Growth Across Overseas Market
As a leading provider of smart urban mobility solutions, NIU has been improving its products and building further growth
in overseas markets.
In December 2019, NIU's new manufacturing facility in Changzhou commenced operation. The new facility covers about 75
acres and has a designed capacity of 700,000 units per annum. In the fourth quarter of 2019, NIU's international sales
network expanded to 29 distributors covering 38 countries.
In addition, in January 2020, NIU launched two new products, the RQi-GT and TQi-GT. The RQi-GT is NIU's first urban
performance electric motorcycle and the TQi-GT is NIU's first electric three-wheeler vehicle.
So far, global users of NIU have exceeded 1 million with a cumulative rider distance of 4.5 billion kilometers. NIU has
also contributed to cumulative carbon emission reductions of 1.14 million tons, which is the equivalent to planting 57
million Saxaul. It demonstrates NIU's commitment to corporate social responsibility and "providing more convenient and
environmentally friendly transformative urban travel transportation for global users".
The company has been monitoring the Coronavirus pandemic very closely. Since the restart of operations, NIU has
implemented safety measures such as daily disinfection of retail locations, factories and corporate offices to ensure
the well-being of our customers and employees. The company is also aware of the potential economic damage towards the
global economy and the confidence of consumers. NIU has implemented new campaigns to expand its online sales by working
with online retail partners in both China and overseas market.
Dr. Yan Li, CEO of NIU said "we delivered solid revenue growth and improved gross margin. The Company continued to
operate profitably. We are very excited about the growth perspective of our business and are committed to expanding our
production capacity to meet the increasing demand. We look forward to sustaining the growth of our business."