Q2 2024 NIU Technologies Earnings Call Transcript
Key Points
- Niu Technologies (NIU) reported a 21% year-over-year increase in total sales volume for Q2 2024, reaching 256,000 units.
- The China market saw a 16% year-over-year increase in sales volume, while the overseas market experienced a significant 45% year-over-year growth.
- Total revenue for Q2 2024 reached RMB940.5 million, marking a 13.5% year-on-year increase.
- The company successfully launched several new products targeting different consumer segments, including Gen Z and female users, which were well-received.
- Niu Technologies (NIU) expanded its sales network by opening over 400 new stores in the first half of 2024, primarily in Tier 3 and Tier 4 cities.
- Gross margin for Q2 2024 was 17%, a decline of 6.1 percentage points year-over-year and 1.9 percentage points quarter-over-quarter.
- The company reported a net loss of RMB25 million for Q2 2024, compared to a net loss of RMB2 million in the same period last year.
- The electric 2-wheeler segment saw a 69% year-over-year decrease in business for the first half of 2024, driven by both external and internal factors.
- The ASP (Average Selling Price) for China scooters decreased by 2% year-over-year and quarter-over-quarter, impacting revenue.
- The increased proportion of lower-margin overseas kick scooters contributed to the overall decline in gross margin.
Good day, ladies and gentlemen. Thank you for standing by. Welcome to Niu Technologies Second Quarter 2024 Earnings Conference Call. (Operator Instructions)
Later, we'll conduct a question-and-answer session and instructions will follow at that time. As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time. Now I'll turn the call over to Ms. Kristal Li, Investor Relations Manager of Niu technologies. Ms. Li, please go ahead.
Thank you, operator. Hello, everyone. Welcome to today's conference call to discuss Niu Technologies results for the second quarter 2024. The earnings press release, corporate presentation and financial strategies has been posted on our Investor Relations website. This call is being webcast from our company's IR site as well, and a replay of the call will be available soon.
Please note, today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities
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