Niu Technologies (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, saw its shares dwindle Monday, after the release its financial results for the fourth quarter ended December 31, 2020.
Revenues were RMB 672.0 million, an increase of 25.3% year over year
Gross margin was 25.2%, compared with 26.1% in the fourth quarter of last year
Net income was RMB 58.2 million, compared with RMB 60.7 million in the fourth quarter of last year
Adjusted net income (non-GAAP) was RMB 68.6 million, compared with RMB 68.5 million in the fourth quarter of last year
In the fourth quarter 2020, the number of e-scooters sold reached 150,465, up 41.6% year over year. The number of e-scooters sold in China reached 137,586, up 35.0% year over year.
The number of e-scooters sold in the international markets reached 12,879, up 197.1% year over year. The number of franchised stores in China was 1,616, an increase of 350 since September 30, 2020. International sales network expanded to 36 distributors covering 46 countries.
CEO Yan Li commented, "Our international markets sales volume increased by 197% year over year. We are very pleased to see the strong sales growth in the international markets despite the rebound of COVID-19.
"In China, we continued to expand retail sales network and opened 350 stores during the fourth quarter. In 2021, we plan to launch new products in domestic and international markets and provide more offerings to our customers."
NIU began Monday swooned $1.54, or 4.6%, to $32.01.
