|Tuesday, 19 March 2019, 10:19 HKT/SGT|
BEIJING, China, Mar 19, 2019 - (ACN Newswire) - NIU Technologies ("NIU", or "the company") (NASDAQ: NIU), the world's leading provider of smart urban mobility solutions, announced its financial results for the fourth quarter ended December 31,2018.
Fourth Quarter and 2018 demonstrates a significant growth in sales and income
The revenue and sales volume of NIU has shown a significant growth trend in Q4 2018. Net revenues for the fourth quarter of 2018 were RMB 428 million, an increase of 95% year over year. Q4 2018 also saw a 78% increase in unit sales for a total of 93,611 scooters globally. For the whole year 2018, e-scooter sales rose by 79.2% yoy to a total of 339,585 units with a total net revenue of RMB 1,477.8 million, a yoy increase of 92.1%.
By the end of 2018 NIU's market and retail channel expansion had reached 178 cities across China with a total of 760 franchise locations. NIU increased its total store count by 320, a 72.7% yoy increase.
NIU also made further breakthroughs in the overseas market. In 2018, NIU's overseas business expanded to 27 countries in Europe, Asia, and the Americas.
NIU's gross margin in Q4 2018 was 13.5%, up from 4.4% for the fourth quarter of 2017, mainly driven by a combination of favorable product mix and the expansion into overseas markets.
"We accomplished much in our first quarter as a publicly-traded company. The IPO helped lift brand awareness while also deepening distributor commitment. "said Dr. Yan Li, CEO of NIU, "These accomplishments position us for another year of strong growth in 2019".
Embracing technology: NIU ignites a new era in smart lithium-powered scooters
As a technology company, NIU is focusing on investing in research and development with a focus on both short and long term product releases. The upcoming implementation of new national standards on electric two-wheelers will reshuffle the e-scooter industry in China: there is a revolutionary trend that the traditional lead-acid battery will be replaced gradually by lithium powered scooters in the China market.
A disruptive change for electric scooters in China is inevitable, but it poses a favorable environment for NIU, who insists on lithium battery since the very beginning. Driving robust performance in market and developing the cutting-edge technology to meet the demands of the marketplace is the crucial next step for the company in the long run.
Mar 19, 2019 10:19 HKT/SGT
Topic: Press release summary
Sectors: Daily Finance, Enterprise IT, Daily News
From the Asia Corporate News Network
Copyright © 2019 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.