Niu Technologies, Chinese-based smart urban mobility solutions, reported a 37.1% increase YOY to RMB 1,226.4 million, according to a press release by Niu on Monday.
- The Company’s net income increased by 14.6% to RMB 91.7 million in Q3 this year compared to RMB 80.0 million in the Q3 of 2020.
- Meanwhile, the Company’s gross margin was 20% in Q3 compared with 20.9 last year.
- The number of e-scooters sold by Niu Technology increased by 58.3% year over year to 397,079, largely driven by a 59.9% YoY increase in e-scooters sold in China.
- Dr. Yan Li, Chief Executive Officer, commented that the company delivered a strong quarter with an increase in China sales volume amid weaker economic conditions.
Niu Technologies continued with its international expansion strategy, increasing the number of franchised stores by 320 to 2,686 in 2021. The international sales network grew to 41 distributors in 49 countries. NIU up +0.92%.