Niu Technologies, a provider of smart urban mobility solutions based in China, released its Q4 and full-year financial report for 2021 on Monday. In the fourth quarter of last year, the company’s revenue was 986 million yuan ($156 million), a year-on-year increase of 47%, while net profits totaled 47.6 million yuan, down 18% year-on-year.
Throughout 2021, the total revenue of Niu Technologies, which is listed on the Nasdaq, was 3.705 billion yuan, an increase of 52% from 2020. Annual net profits were 225.8 million yuan, while adjusted net profits (non-GAAP) were 273 million yuan.
In the fourth quarter of last year, the number of e-scooters sold by Niu Technologies reached 238,188, up 58.3% year-on-year. Among them, the number of e-scooters sold in China reached 205,239, up 49% year-on-year. Finally, the number of e-scooters sold in international markets was 32,949, up 156% year-on-year.
By the end of last year, the number of the firm’s franchised stores in China was 3,108, an increase of 422 from September 30, 2021. Its international sales network expanded to 42 distributors covering 50 countries.
In Q4 last year, e-scooter sales revenue from the Chinese market amounted to 682.7 million yuan, an increase of 48% and representing 78% of total e-scooter revenue. The increase was mainly driven by retail network expansion and new product launches in China.
In the same quarter, e-scooter sales revenue from international markets was 189.4 million yuan, an increase of 63.8% and representing 21.7% of total e-scooter revenue. However, the average selling price of each scooter in overseas markets was 5,749 yuan in the quarter, down 36% year-on-year, while the average domestic price was 3,326 yuan per e-scooter, down slightly from a year earlier.
Looking at the whole year, e-scooter sales revenue from the Chinese market and overseas markets in 2021 represented 89.9% and 10.1% of the company’s total revenue from e-scooter sales respectively. At the same time, the average selling price per e-scooter in both domestic and overseas markets decreased.
Niu Technologies expects revenue in the first quarter of 2022 to fall within the range of 657 million yuan to 712 million yuan, representing a year-over-year increase of 20% to 30%. The sales volume for the full year of 2022 is expected to fall within the range of 1.5 million to 1.7 million units, representing a year-on-year increase of 45% to 64%.