Niu Technologies (“Niu”) revenues were RMB 986.1 million in Q4 2021, an increase of 46.7% year over year, according to its financial results.
The gross margin was 22.6%, compared with 25.2% in the fourth quarter of last year. Net income was RMB 47.6 million, a decrease of 18.1% compared with RMB 58.2 million in the fourth quarter of last year. Adjusted net income (non-GAAP) was RMB 60.2 million, a decrease of 12.2% compared with RMB 68.6 million in the fourth quarter of last year.
The number of Niu e-scooters sold reached 238,188, up 58.3% year over year:
- The number of e-scooters sold in China reached 205,239, up 49.2% year over year
- The number of e-scooters sold in the international markets was 32,949, up 155.8% year over year
The number of franchised stores in China was 3,108 as of December 31, 2021, an increase of 422 from September 30, 2021. The international sales network expanded to 42 distributors covering 50 countries.
In Q4, Niu successfully delivered 14,916 units of kick-scooters in the international markets. Furthermore, it debuted five exciting new products at EICMA 2021 in Milan for the global markets, including its most powerful 125cc electric moped, the MQiGT-EVO, the first 150cc hybrid moped, the YQi, e-bike BQi, and two additional KQi series kick scooters.
Revenues in full-year 2021 were RMB 3,704.5 million, an increase of 51.6% year over year, mainly driven by 72.5% increases in e-scooter sales volume.
E-scooter sales revenues from China market represented 89.9% of its total revenues from e-scooter sales, and e-scooter sales revenues from overseas markets represented 10.1% of the total revenues from e-scooter sales.