Niu Technologies · NASDAQ:NIU
Niu Technologies — Q4 2023 Earnings Presentation
19 slides from Niu Technologies's earnings presentation, Mar 18, 2024
Slide 1: 4Q 2023
4Q 2023
Slide 2: NIU at a glance
NIU at a glance 2014 8 2,856 Series of Founded Stores in China electric two wheelers 54 4.2mn 21bn km Scooters Countries Sold Globally Riding Data Data as of December 31, 2023. 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 2015 / 2019* 2016 / 2023* 2017 / 2022* 2022 2023 introduced Mass-Premium Series Year introduced 2020/2023* 2020/2022* Notes: * Year of performance upgrades Data as of December 31 2023. 3
Slide 4: EU and US: e-moped and e-motorcycle extended 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 December 31, 2023. 4
Slide 5: South East Asia: high-end and mid-end models in Indonesia
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 December 31, 2023. 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 56 City Partners Country Distributors 2,856 54 Dedicated Stores Countries 251 Europe Cities as the Key Market Data as of December 31, 2023. *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) 986 205 YoY YoY -37.9% -42.5% 33 YoY YoY YoY -38.7% +33.7% 27 YoY -6.4% 612 -21.8% 118 110 20 479 4Q2021 4Q2022 4Q2023 4Q2021 4Q2022 4Q2023 4Q2021 4Q2022 4Q2023 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) 22.6% 22.5% 19% 4Q2021 4Q2022 4Q2023 Note: (1) Adj. operating expenses is defined as operating expenses excluding share-based compensation expenses,
Slide 12: Net margin
Net margin Net margin Adj. Net margin(1) (as % of revenues) (as % of revenues) 4.8% 6.1% -6.1% -4.3% -27.2% -25.6% 4Q2021 4Q2022 4Q2023 4Q2021 4Q2022 4Q2023 Note: (1) Adjusted net margin is defined as net loss/income excluding share-based compensation expenses and change in fair value of a convertib
Slide 13: Solid balance sheet with strong cash position
Solid balance sheet with strong cash position RMB(million) 2022/12/31 2023/12/31 Cash, restricted cash, deposits & short-term investment 1,110 1,078 Notes receivable & Accounts receivable, net 300 95 Inventories, net 417 393 PP&E and intangible assets 399 324 Land use rights and other operating leas
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: 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 18: 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 19: 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