Niu Technologies Sponsored ADR Class A (NIU.US) Q3 revenue increased by 10.5% year-on-year, with electric scooter sales increasing by 17.5% year-on-year.

Niu Technologies Sponsored ADR Class A (NIU.US) announced its third quarter performance for 2024. The financial report shows that Niu Technologies Sponsored ADR Class A's Q3 revenue was 1.0239 billion yuan, a year-on-year increase of 10.5%; gross profit margin was 13.8%, compared to 21.4% in the same period last year; net loss was 40.9 million yuan, compared to a net loss of 79.4 million yuan in the same period last year; adjusted net loss was 34.2 million yuan, compared to an adjusted net loss of 70 million yuan in the same period last year. Q3 electric scooter sales were 312,405 units, a year-on-year increase of 17.5%. Among them, electric scooter sales in the Chinese market were 259,094 units, a year-on-year increase of 12.4%; while electric scooter sales in the overseas market were 53,311 units, a year-on-year increase of 50.3%. As of September 30, 2024, there were 3,345 franchise stores in China, and the international sales network expanded to 57 dealers covering 53 countries. Looking ahead, Niu Technologies Sponsored ADR Class A expects fourth quarter revenue for 2024 to be between 622 million yuan and 718 million yuan, a year-on-year growth of 30% to 50%.