NIU Technologies

NASDAQ:NIUUnited States

revenue-non-current 13,168,111 16,022,221 2,283,148 Deferred income tax liabilities 2,362,494 5,014,454 714,554 Operating lease liabilities 280,421 119,331 17,005 Other non-current liabilities 8,968,519 9,539,200 1,359,325 Total non-current liabilities 24,779,545 30,695,206 4,374,032 ------------- ------------- ------------ Total liabilities 1,095,715,415 1,839,471,020 262,122,524 ============= ============= ============ SHAREHOLDERS' EQUITY: Class A ordinary shares 90,031 90,450 12,889 Class B ordinary shares 10,316 10,316 1,470 Additional paid-in capital 1,964,138,365 1,982,764,831 282,541,728 Accumulated other comprehensive loss (9,495,674) (13,393,350) (1,908,537) Accumulated deficit (861,126,804) (981,789,374) (139,903,867) ------------- ------------- ------------ Total shareholders' equity 1,093,616,234 987,682,873 140,743,683 ------------- ------------- ------------ Total liabilities and shareholders' equity 2,189,331,649 2,827,153,893 402,866,207 ============= ============= ============ NIU TECHNOLOGIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, Nine Months Ended September 30, -------------------------------------------- ------------------------------------------------- 2023 2024 2023 2024 ------------ ---------------------------- -------------- ----------------------------- RMB RMB US$ RMB RMB US$ Revenues 927,022,630 1,023,896,776 145,904,123 2,173,069,852 2,469,116,667 351,846,310 Cost of revenues(a) (729,071,439) (882,352,543) (125,734,232) (1,693,267,053) (2,072,337,778) (295,305,771) ------------ ------------- ------------ -------------- -------------- ------------ Gross profit 197,951,191 141,544,233 20,169,891 479,802,799 396,778,889 56,540,539 Operating expenses: Selling and marketing expenses(a) (122,663,357) (127,674,970) (18,193,538) (304,565,382) (353,235,333) (50,335,632) Research and development expenses(a) (39,059,530) (30,299,955) (4,317,709) (115,351,728) (91,488,651) (13,037,028) General and administrative expenses(a) (126,821,515) (42,583,209) (6,068,059) (225,122,249) (112,541,644) (16,037,056) ------------ ------------- ------------ -------------- -------------- ------------ Total operating expenses (288,544,402) (200,558,134) (28,579,306) (645,039,359) (557,265,628) (79,409,716) Government grants 1,070,500 520,000 74,099 1,897,473 523,756 74,635 ------------ ------------- ------------ -------------- -------------- ------------ Operating loss (89,522,711) (58,493,901) (8,335,316) (163,339,087) (159,962,983) (22,794,542) Interest expenses (524,748) (1,537,621) (219,109) (606,268) (4,024,904) (573,544) Interest income 10,282,848 9,512,697 1,355,548 25,545,664 27,530,058 3,923,002 Investment income 558,506 985,634 140,452 985,342 1,987,535 283,221 ------------ ------------- ------------ -------------- -------------- ------------ Loss before income taxes (79,206,105) (49,533,191) (7,058,425) (137,414,349) (134,470,294) (19,161,863) Income tax (expense) benefit (216,221) 8,586,698 1,223,595 (4,251,721) 13,807,724 1,967,585 ------------ ------------- ------------ -------------- -------------- ------------ Net loss (79,422,326) (40,946,493) (5,834,830) (141,666,070) (120,662,570) (17,194,278) ============ ============= ============ ============== ============== ============ Other comprehensive (loss) income Foreign currency translation adjustment, net of nil income taxes (2,644,910) (6,430,430) (916,329) 12,842,854 (3,897,676) (555,414) Unrealized gain on available-for-sale securities, net of reclassification - - - (345,356) - - ------------ ------------- ------------ -------------- -------------- ------------ Comprehensive loss (82,067,236) (47,376,923) (6,751,159) (129,168,572) (124,560,246) (17,749,692) ============ ============= ============ ============== ============== ============ Net loss per ordinary share --Basic (0.51) (0.26) (0.04) (0.90) (0.76) (0.11) --Diluted (0.51) (0.26) (0.04) (0.90) (0.76) (0.11) Net loss per ADS --Basic (1.01) (0.52) (0.07) (1.81) (1.52) (0.22) --Diluted (1.01) (0.52) (0.07) (1.81) (1.52) (0.22) Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net loss per ordinary share --Basic 157,165,708 158,808,425 158,808,425 156,594,219 158,356,359 158,356,359 --Diluted 157,165,708 158,808,425 158,808,425 156,594,219 158,356,359 158,356,359 Weighted average number of ADS outstanding used in computing net loss per ADS --Basic 78,582,854 79,404,213 79,404,213 78,297,110 79,178,180 79,178,180 --Diluted 78,582,854 79,404,213 79,404,213 78,297,110 79,178,180 79,178,180 Note: (a) Includes share-based compensation expenses as follows: Three Months Ended September 30, Nine Months Ended September 30, -------------------------------------------- ------------------------------------------------- 2023 2024 2023 2024 ------------ ---------------------------- -------------- ----------------------------- RMB RMB US$ RMB RMB US$ Cost of revenues 311,157 154,379 21,999 902,677 596,268 84,968 Selling and marketing expenses 2,374,275 2,408,003 343,138 8,207,677 5,746,819 818,915 Research and development expenses 3,550,989 1,997,306 284,614 18,656,349 5,270,563 751,049 General and administrative expenses 3,224,049 2,138,305 304,706 12,152,242 6,764,744 963,968 ------------ ------------- ------------ -------------- -------------- ------------ Total share-based compensation expenses 9,460,470 6,697,993 954,457 39,918,945 18,378,394 2,618,900 NIU TECHNOLOGIES RECONCILIATION OF GAAP AND NON-GAAP RESULTS Three Months Ended September 30, Nine Months Ended September 30, --------------------------------------- -------------------------------------------- 2023 2024 2023 2024 ----------- ------------------------ ------------ -------------------------- RMB RMB US$ RMB RMB US$ Net loss (79,422,326) (40,946,493) (5,834,830) (141,666,070) (120,662,570) (17,194,278) Add: Share-based compensation expenses 9,460,470 6,697,993 954,457 39,918,945 18,378,394 2,618,900 ----------- ----------- ---------- ------------ ------------ ----------- Adjusted net loss (69,961,856) (34,248,500) (4,880,373) (101,747,125) (102,284,176) (14,575,378)

NIU Technologies Unveils Major Over-the-Air Update and Price Drop for XQi3 Wild Electric Off-Road Dirt Bike at EICMA 2024

MILAN, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Niu Technologies ("NIU", or "the Company") (NASDAQ: NIU), the world's leading provider of smart urban mobility solutions, is set to revolutionize the dirt bike segment with the announcement of a powerful over-the-air (OTA) software update for the XQi3 electric dirt bike at this year's EICMA event in Milan. This update will significantly enhance the bike's performance, making it a more formidable force on challenging terrains. The OTA update will be available immediately for the XQi3 Wild off-road dirt bike, and available in the coming weeks for the XQi3 Street version in the US and EU.