The following is a summary of the Niu Technologies (NIU) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Niu Technologies reported Q1 2024 sales volume of 129,000 units, marking a year-over-year increase of 37%.

• Total revenue achieved was RMB504.7 million, reflecting a 21% rise compared to the same period last year.

• In China, a rise in sales volume led to a 28.8% increase in scooter revenue.

• Gross margin in Q1 did not see significant improvement due to changes in sales policies and bearing marketing expenses.

Business Progress:

• A successful launch of the NXT model contributed to 25% of total sales revenue in the China market this quarter.

• Global growth strategies are in effect, partnering with leading retailers to expand to over 1,200 locations worldwide.

• Expansion of sales channels in both physical stores and online platforms have taken place.

• The introduction of a female-focused scooter, the U1E, accounted for 12% of total sales volume.

• The company expects growth in Q2, supported by new products and channel improvements.

• The company is on schedule to achieve their sales volume target of over 1 million units in 2024.

More details: Niu Technologies IR

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