On August 12, Gelonhui, Niu Technologies (NIU.US) released unaudited financial results for the second quarter of 2024. The company had a revenue of 0.9405 billion yuan in the second quarter of 2024, an increase of 13.5% year-on-year; gross margin was 17.0%, down from 23.1% in the same period of the previous year; net loss was 24.9 million yuan, compared with a net loss of 1.9 million yuan in the same period of the previous year; loss per ADS was 0.31 yuan.

In terms of operation, in the second quarter, Niu Technologies sold 256,162 electric scooters, an increase of 20.8% year-on-year. In terms of market segmentation, electric scooter sales in the Chinese market were 207,552, an increase of 16.2% year-on-year; electric scooter sales in international markets were 48,610, an increase of 45.4% year-on-year. As of June 30, 2024, there were 3,124 franchise stores in China; the international sales network expanded to 54 dealers covering 52 countries.

Dr. Li Yan, the CEO of the company, said: "Our new products launched this year accounted for more than half of our domestic sales growth in the first half of this year. Their unique design elements and excellent performance effectively attracted our diverse consumer groups, which validated our strategic approach of establishing a significant presence in various areas of the vast Chinese market." Dr. Li Yan continued: "The strategic partnership alliance with top retail brands such as Best Buy is driving us to achieve deeper market penetration in the US market. Our top partners not only enhance our brand awareness but also enable us to provide eco-friendly transportation solutions seamlessly integrated with their lifestyles and values."

Looking ahead, Niu Technologies expects Q3 2024 revenue to be between 1.298 billion yuan and 1.483 billion yuan, a year-on-year increase of 40% to 60%.