Niu Technologies Q1 2023 Earnings Call Transcript

Quartr
Provided by Quartr
May 22, 2023

There are 7 speakers on the call.

Operator

Good day, and thank you for standing by. Welcome to the New Technologies First Quarter 2023 Earnings Release Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Wendy Zhao, IR Manager.

Operator

Please go ahead.

Speaker 1

Thank you, operator. Hello, everyone. Welcome to today's conference call to discuss Niu Technologies' results for the Q4 2023. The earnings press release, corporate presentation and financial spreadsheets have been posted on our Investor Relations website. This call is being webcast from the company's IR website as well and a replay of the call will be available soon.

Speaker 1

Please note today's discussion will contain forward looking statements as made under the Safe Harbor provisions of the U. S. Private Thank you, Mr. Securities Litigation Reform Act of 1995. Forward looking statements involve risks, uncertainties, assumptions and other factors.

Speaker 1

The company's actual results may be materially different from those expressed today. Further information regarding the risk factors The company does not assume any obligation to update any forward looking statements, except as required by law. Our earnings press release and this call include discussions of certain non GAAP financial measures. The press release contains a definition of non GAAP financial measures and a reconciliation of GAAP to non GAAP financial results. On the call with me today are our CEO, Doctor.

Speaker 1

Yan Li and CFO, Ms. Fiong Zhou. Now let me turn the call over to Yan.

Speaker 2

Thank you, everyone, for joining us on the call today. In Q1 2023, our total sales volume was 94,407 units, representing a year over year decrease of 42%. Specifically, sales volume in the China market dropped by 45% year over year to 81,518 units and the sales in the overseas market dropped By 12% to 12,889 units. Total revenue in Q1 was RMB470 1,000,000, a decrease of 27.5 Now the decrease in sales volume in the China market is primarily due to two factors. Firstly, The price increase caused by the rise in the lithium battery cost last year and secondly, the expectation of new product launches in Q2.

Speaker 2

In response to the lithium battery price hike in 2022, we increased the prices by average 7% across our product The impact of rising prices on the sales volume continued in Q1 2023 this year compared to the pre price adjustment in Q1 2022 on a year over year basis. For instance, our entry level Golar 0 series, which targeted more price conscious market, The biggest year over year drop in sales of nearly 90%. Secondly, the expectation of new product being launched in Q2 Also contributed to the decrease in sales volume in Q1. Our distributors delayed orders in anticipation of new product launch event that we host in Q2, where we released the mid end to premium products. Despite the drop in sales volume, the retail sales number remained on par with Q1 2022 last year.

Speaker 2

Many of our retail partners choose to delay orders from traditional low Q1 to Q2 this year, given the on time rollout of product in 2023. Now for the China market, we focus on the premium series and high quality mid end series as the premium high end flagship product Have enabled us to improve our margin and strengthen our brand positioning, where our mid mid end product have allowed us to reach a mass market and achieve volume. With this focus in mind, we have developed products that combine design, aesthetics and technology enabled functionalities to bring to the market. In the previous earnings call, I introduced the revolutionary high end Stradolite electric bicycle, SQI, and the newest addition to the most Recognition from both industry and our customers. The SQI won the Red Dot Design Awards Best of Best 2023, which is the highest owner That's the Red Dot Design Awards' Compesto.

Speaker 2

The SQI have also won the IS Design Awards 2023, making it potentially the 3rd product to The new UCLI plus have also won the prestige red dollar design awards And having met with the immersed popularity in the market, sales volumes for the new UQI plus accounted for over 50% total sales of our premium product lines. Those awards and sales performance are testaments to our unwavering pursuit of creating a premium product that resonates with consumers. We also rolled out a B2 product, which is the mid end range form factor product, which has been very popular since its launch, Accounting for nearly 30% of the Miya series sales in the 1st 3 quarters since its launch. In Q1 2023, we recently made an upgrade to the positive models, Bringing a new look based on our original design and bring out the old fashioned style from the minimalist appearance. Now building on the momentum generated by the product we launched last year, we released 4 new products in May during the Annual Distributor Conference That will be launched into the market in Q2 this year.

Speaker 2

The 4 products we recently launched are MQIL, the G400 and G400T and the RQI, I'll share some of the product highlights with you. First, we introduced the MQL, the new next level fraction product that encouraged the design of our all time classic M Series, but with significant operating performance and smart functionalities. The M Series is one of our 2 products that won all 7 major international design awards in the mobility industry. The MQL is the 1st major model we released hoping to bring back the classic M Series in the last few years. Retaining the classic style, the new MQL features significant improvements in the life design range, charging features, new smart In addition, the new MQL bike is equipped with the new smart 5.0 with 20 smart features to make the scooter an industry leading smart vehicle.

Speaker 2

Those include the new smart dashboard with navigation display incoming call notice, the new smart lighting system with automatic turning lights, The Okay Go control system that's fully integrated with the Apple ecosystem allowing users to control scooter with gives you Apple Watch of Siri. Targeting the premium electric scooter users, the MQL is priced from RMB 4,999 to RMB 8,299. We have received more than 15,000 orders from our dealers within the 1st week of its launch. Now for the mid end product lines, we announced the G400 and G400T. We took an innovative approach to use the same platform to build 2 vehicles.

Speaker 2

The G400 is a light motorcycle and G400T is an electric bicycle. Both vehicles are built with the same modern design and chassis Platform combining design aesthetics and practical functionalities like large storage space, both of them are equipped with a full set of new smart system features. The G400 and G400T are set to launch in early June. We have also recently announced the market launch of our 1st quad electric motorcycle R2i. The RQI has top speed of 100 kilometer per hour and drive range of 119 kilometers.

Speaker 2

Equipped with 18 The RQI can accelerate to 50 kilometer per hour within just 2.9 seconds. The RQI also included many of smart features. The artist QI is priced at RMB 32980 and went online through a live streaming on May 20. The product is perfectly suitable for motorcyclists who plan to switch from petrol to electric for the fast acceleration experience with the pursuit of environmental front limits in mind. Now we are confident that with this premium product we have introduced, the market will not only increase But also enhance our brand image and strengthen our leadership in the high end electric 2 wheeler market in China.

Speaker 2

Our focus on developing premium products With our effort to build a premium brand through user engaged activities and marketing campaigns, the new innovative ambassador program We're a selected core users at QL serving as a culture ambassador for new brand launch in 2022 has become a core part of our user Center event planning strategy. Since its launch in Q3 last year, we have planned and hosted over 80 events in 30 cities in China. Now along with the product launch, we have organized a series of marketing and branding campaigns through our online social media, KOL Collaborations, Offline Product Launch Events and PR. For online marketing, we invited over 150 KOLs and KOC Content creators with a large fan base to generate content showing cases of new products and we expect those content to gain over 150,000,000 views Throughout the launch of the event. For the offline event, we are planning to host 4 official events and utilize our innovative ambassador network to support another 15 events, Bringing new scooters to the market.

Speaker 2

We believe that with those marketing content and offline events, we'll gain significant media exposure for the new products, further strengthening our brand image as an innovative leader in urban mobility scenarios. Now turning into the overseas market, we have experienced a year over year decrease of 12% in sales in Q1 2023. The electric multi category saw a significant 70% decrease, while the micro mobility category enjoying a moderate 16% increase in sales. The price adjustment made in Q222 in response to the increase in the lithium battery price continued to have an impact on the electric motor Sales and compare year over year. The international distribution partner have also been waiting for a planned performance upgrade for our high end performance 125cc bikes in Q2.

Speaker 2

Now for the European market, we're rolling out the improved 125 cc product in Q2 2023 to regain growth. In the Southeast Asian market, we're also developing a battery swapping enabled solutions with electric mopeds, waffle batteries and battery charging cabinets. This solution will be suitable for battery swapping operators to sell the multi chassis, but also charging the batteries on a rental basis, lowering the upfront purchasing cost of electromopet in the region. We expect to roll out our solutions in second half of 2023. Together with the solutions, we're also actively expanding stores and developing partnerships with local operators and enhancing factory assembly Capacity in Southeast Asia.

Speaker 2

Despite being in the low season, our micro mobility category still experienced a moderate 15% year over year growth in sales in Q1 2023. We have already established a solid foundation with our product portfolio, sales channel Development and the marketing and branding activities. With this foundation, we expect a micro mobility category to continue to drive high Quality growth in the coming quarters. In Q1 2023, we launched the KQI-1 Pro as addition to our key excruller product offerings. The KQI-one Pro featured a patented folding mechanism added to the original KQI-one Sports Kick With the newly added KQI-one Pro, we have completed the product offering that covers a wide range of products from high end $900 The established kick scooter product mix has generated high volume growth since its launch.

Speaker 2

Beyond the growth in sales, our KiKi scooter product has received the prestigious awards such as the IFRS and New York product awards. Our KQI2 and the KQIYU Plus won the IFRS Design Awards 2023 and the KQI3 Pro was selected as the golden winner As a gold winner of 2023 of New York Product Design Awards, as the only product in the vehicle technology category. Additionally, Niu was awarded Riders' Choice Award 2023 as the best scooter company by the Micro Mobility World. With the market presence we have built throughout the micro mobility products, one of our current focuses is on the sales channel expansion on the targeted market. As of May 2023, new products are available in approximately 500 retail stores in the U.

Speaker 2

S. And over 400 in Europe through our retail partners such as Best Buy and Media Mart. This sales network has laid a solid foundation for ramping up our product sales in the upcoming quarters. In addition to the sales channel expansions, we continue to collaborate with the influencers on product marketing campaigns to further establish our presence in the market. We have worked with over 300 influencers across various platforms to showcase our kick scooters and the motor, and their content gathered More than 40,000,000 views only to their broad outreach and wide acceptance, our product also being featured and placed in multiple TV shows like movies and movies.

Speaker 2

We're pleasantly surprised to see our product appears in movies like Murder Mystery 2 and TV shows that Drew Barrymore show and The Price is Right. In conclusion, regarding to the overseas market, we anticipate a sustainable growth driven by our strategy to diversify our product offering beyond the electric two wheelers and expanded into geographic regions beyond our primary European market. Despite a temporary low quarters due to seasonality, we see growth potential stemming from our diversification strategy based on product offerings and increasing brand recognition. Now looking forward, we target to regain growth throughout 2023 in both China and international market, gradually recovering from the The impact of price increase and delayed product launch in 2022, we have put a focused strategy in place for product development, brand marketing and sales channel expansions. In the China market, our strategic product positioning have generated growth opportunities for us in 2023 by focusing on the premium and also the mass premium segment.

Speaker 2

By combining the high end, high quality product with user center activities and marketing campaigns, we aim to maintain our brand leadership in the premium urban mobility sector. With new product rolled out and brand activities in place, we expect to see a strong rebound from last year starting in Q2 2023. For the overseas market, we anticipate returning to a fast growth path through a product and geographic expansion. In the electric two wheeler sector with product ready for release In our respective markets, we believe we will see a sales ramp up in the near quarter. As for the micro mobility sector with a comprehensive product offerings, Now I'll turn the call to our CFO, Xian.

Speaker 3

Thank you, Yan, and hello, everyone. Please note Our press release contains all the figures and comparisons you need, and we have also uploaded Excel format figures to our IR website for your easy reference. As I review our financial results, I'm referring to the Q4 figures unless I say otherwise. And all monetary figures are in RMB, if not specified. During the Q1, our company achieved a total sales volume of 94,000 units.

Speaker 3

Of this figure, 81,000 units were sold in the Chinese market, while the remaining 13,000 units were sold overseas. And the sales performance in China is mainly driven by the premium NaiYun series and mid end Gova series, which accounted for a significant percentage of the sales volume. Those two areas represented 94% for the total sales volume for the quarter, which is a notable increase compared to the 70% shares in the same period of last year. In terms of the overseas sales, we continue to experience stable year over year growth in microHabit IT sales. Total revenue for the Q1 amounted to $417,000,000 reflecting a 28 percent decrease compared to the same period of last year.

Speaker 3

Scooter sales contributed $358,000,000 to the total revenues. Analyzing the scooter revenue by rating, we observed the revenue from the Chinese market amounted to 305,000,000 representing a 33% decrease. This decline was primarily driven by the decrease in sales volume of entry level series as discussed earlier. However, with the change in product mix, particularly with the introduction of the high ASP SQY model, Our China scooter market had an increase in ASP from RMB3072 to RMB37403, marking a 22% year over year growth and maintaining a stable level quarter over quarter. The overseas scooter revenue, including the motorcycles, the mopeds, kick scooters and e bikes amounted to $53,000,000 compared to 60 dollars 6,000,000 in the same period of last year.

Speaker 3

This decline was primarily due to the lower sales volume of the e mopeds and e mopecycles. However, there was a significant growth in micro mobility revenue, which witnessed a remarkable year over year increase of nearly 90%. In particular, the Teekscooter revenue surged by 62%. It is worth noting that the Teekscooter ASP also experienced And this impressive results were largely driven by the high end KQI 3 series, which accounted for 2 thirds of the total KidScooter sales. Due to the higher proportion of kick scooters revenue, which has an ASP around 1 fourth to 1 third of the new motorcycle and new mobile app, The blended ASP for overseas scooter decreased by 8% to RMB 3.1 sorry, the RMB 4,138.

Speaker 3

The revenue from accessories, spare parts and services amounted to $59,000,000 marking a 13% increase compared to the Q4 of last year. And this growth can be primarily attributed to the expanding popularity of our NIU application service And the 4th quarter gross margin increased by 2.6% year over year, reaching a 21.7% And this improvement was driven by various factors, including 0.9 ppt increase in kick scooter gross margin, 0.8 ppt improvement in product mix and price increase in domestic market and 0.9 ppt boost from the non store sales with Our Q1 OpEx amounted to RMB157 1,000,000, representing a 10.3% increase compared to the same period of last year. Among the total expenses, Selling and marketing expenses reached $72,000,000 slightly rising by $2,000,000 year over year, primarily due to the increase in depreciation and operation expenses. Research and development expenses amounted to $35,000,000 reflecting a reduction of $7,000,000 as we have successfully lowered the cost and improved efficiency in this area. G and A expenses were $60,000,000 $19,000,000 higher and we have made a provision for credit loss for $21,000,000 However, if we exclude this provision, G and A expenses decreased by 6% compared to the previous year.

Speaker 3

With the expansion of our overseas business, the scale of account receivables, which served as the basis for calculating The bad debt provision had also grown accordingly, and we have observed the European consumer sentiment remains cautious, leading our distributors to request extended payment terms due to the weak retail sales. Despite increasing credit loss provisions For overdue payments in a prudent matter, we maintain an optimistic outlook on receivable collections in the future As our partners are in some financial position and have continued making payments during this period, The OpEx as a percentage of revenue increased primarily due to the lower revenue base. In the Q1, Our net loss was $16,000,000 with the net margin of negative 14.5% under the GAAP measurement compared to the net loss of $29,000,000 with a net margin of negative 5.1% at the same period of last year. And turning to our balance sheet and cash flow, we ended the quarter with $860,000,000 in cash, restricted cash, Term deposit and short term investments. Our operating cash flow amounted to $66,000,000 primarily driven by a seasonal settlement of $1,000,000 compared to the Q1 of the previous year, thanks to the negotiated improvements in credit terms with our suppliers.

Speaker 3

Our CapEx for the Q1 amounted to $16,000,000 reflecting a decrease of $44,000,000 compared to the same period of last year. This reduction can be attributed primarily to the decrease in the opening of new stores in China. Since the second half of last Our channel strategy in the Chinese market has shifted from the rapid store expansion to same store sales performance And now let's turn to the guidance. As we enter the peak season and launch our new products, We are aiming to get back to the growth track and we expect the 2nd quarter revenue to be in the range of RMB $828,000,000 to $952,000,000 representing a year over year flat to 15% increase. And please be aware that this outlook is based on the information available for the date and reflects the company's current and preliminary expectations, which was subject to change due to the uncertainties relating to various factors.

Speaker 3

And with that, let's now open the call for any questions that you may have for us. Operator, please go ahead.

Operator

Thank We'll now go ahead with our first question. Our first question comes from the line of Yating Chen from CICC. Please go ahead. Your line is open.

Speaker 4

Hello. My first question is The number of our channels has decreased in Q1. And how should we understand this trend? And how should we Look forward in the whole year about our about the number of our channels.

Speaker 2

So let me address this question. So I think basically, you look at the channel has decreased by about I think you've asked about 150 or 160 stores in Q1. I think this is actually reflected to The status in 2022, because in 2020 towards the end of 2021, if you look at we actually add about 1600 stores in And the many of the stores actually target to lower tier cities, where the entry level priced Product are being sold. And then in reality, I think in 2022, with the lithium battery price went up significantly, You can see our entry level product percentage actually dropped significantly from representing Used to be 38% of the sales volume dropped to almost a single digit percent of volume. So that's where in some of the cities or some of the places where those stores have become unsustainable.

Speaker 2

So we actually took an active approach and then So to optimize the stores, I think that's what happened. Now going forward, I think typically in Q2 and Q3 is the peak seasons. We don't expect We will actually increase the number of stores. I think looking at this year, I think we'll go back to Aungsuru A's sales store expansions trend, probably Q4 this year when it's actually coming to Low season sales.

Speaker 4

Okay. Thank you very much. And my second question is about, As we all know, maybe the 2 wheeler industry Is witnessing the price war? So how do you view the price war? And Will us join the price war?

Speaker 2

So yes, so I think this year, we do observe there is a price war with the biggest players competing Basically competing in the low end market, basically below the In reality, basically below the RMB 3,000 or below the RMB 2,500 sectors. I think the reality is we don't have we don't actually have the product in that range, In that price range. So I think we were less affected by the price war. So I think our focus is still sort of at a what I call the mid end market and the premium market. But mid end market Basically, product price above RMB 3500 to RMB 5,000 and the premium market are the Product price above RMB 5,000.

Speaker 2

I think in those price ranges, I think they're

Speaker 4

Okay, okay. Thank you very much.

Operator

Thank you. We'll now move on to our next question. Our next question comes from the line of Jing Chan from CICC. Please go ahead. Your line is open.

Speaker 5

So This is my first question. Seeing that our income guidance revenue guidance in the Q2 was very positive, we achieved And at the same time in May, we also released several new products. So what is the feedback from our Dealers and the market after the product listing and how do we expect the domestic sales volume recovery in the Q2 and Q3? In addition, will other new products to be launched in the second half of this year and what are their main market segment target?

Speaker 2

So, Jun, I guess, if you look out, I'll respond in English For the general audiences. I think, 1, with the new product loading with the 4 new products, I think The ML is already out. The G400, G400T, we haven't really announced the price of taking orders yet. With our first product, the MQIL, we actually got a huge response from the dealers, from the consumers and from the market and Even from the social media. So I think that's even the 1st week Within the 1st week or so, I think the some of the sort of the dealers are committing almost like more than 15,000 units.

Speaker 2

And So we're actually in a rush of I think the issue looking at in a month basis is probably somewhere around 30000 to 40000 units ordered. So we're actually the issue we have right now is actually need to ramp up the production. I think that was so it's a good response from market. I think the reason it has a good response from the market because It's come from a legendary product. It's M Series, our orange juice M Series announced in 2016.

Speaker 2

Basically, it was all time awards winner in product. So we actually have people sort of yelling out saying they want to Have something product that look like upgrade but actually adapt also compatible with the new China new standard. I think That's what that is. Now, the Going forward Q2 and Q3, I think we have 2 or 3 product in the pipeline. So basically, we're looking at this year, we'll probably have product coming out in May, June, July August And potentially September.

Speaker 2

So I think that's layout of we have quite a few products, new products. Most of those products are going to focus on 1, the premium end and the second, the mid end. With 102 with potentially 1 sort of the entry level upgrades, I think that's so we actually I think we're very optimistic. We're very confident with the new product offerings. I think this is actually to reflect how we forecast our Q2 earnings.

Speaker 2

Having said that, I think it's the with the responder market itself, We do take a more cautious view. One is, we're I think in our market sizing, we take a cautious view In terms of the market does observe some sort of at least in some of the provinces we observe like a market slowdown because The product replacement happened last year. And the second, I think some of the previous question mentioned with the price We do see it's happening at low end, but we don't know whether actually we extend to the mid end prices. So this is something we take cautious view. On the positive note, there is a trend where we do see the lithium carbonate Pricing came down quite a bit from the peak of last year, which means there will be a downward pressure on the lithium And battery prices, which means that with the lithium battery prices coming down, The percentage of lithium scooters has the overall percentage of electric scooter sold in China.

Speaker 2

That percentage will start to come back up. And that's where our targeted market mainly. So I think that will actually help us a little bit Basically on the Q2 and Q3, especially Q3.

Speaker 5

Thank you. Thank you, So my second question is about How is the offline distribution network expansion of our kick scooter? And the sales volume of Kickscooter in the Q1 is not very high. So from our What is the overall market demand of kick swippers in overseas market? In addition, what is the Acceptance of our products and also new products by the market and dealers, what is our annual sales targets and how to Look forward to the quarterly performance in

Speaker 4

the future.

Speaker 2

So I think one With the kick schoolers, as May today, we have we have been to 400 plus offline channels United States, I think those are mainly the Best Buy, Best Buy, Mainly and also Walmart. And then We are also in about 400 plus channels in, I think, in Europe, which It's a typical sort of the medium R, ECI, those ones. I think the So in terms of offline channel expansion, I think that's completed. Now with the Q1 this year, I think the issue with the Q1 has also been traditionally has been a low quarter into market scooter sales. So I think that's why you do see the Q1 year on year increase significantly.

Speaker 2

2nd, it's also because I think what happened is, I think one minor detail I didn't mention on the call is with the Typically, with our with the moped, I think what happens when the moped distributor order, it takes a month, A month and a half to ship the moped to Europe. That's where you ship in Q1, you start to see the sales in Q2. With kick scooters, a lot of actually our current business model is actually we have kick scooter inventories in Europe. So there is low season is actually low season. It doesn't you don't see this sort of like a 3 month lag.

Speaker 2

I think that's what happened where Q1 is low season, so they decide not to order too much, they just match whatever sales out. And I think we expect Q2 and Q3 really start to pick up. I think throughout the whole year, we expect this business grow about 2x to 3x, Whether we land at 3x or whether we land at 2x, I think it really depends on how we perform in Q2 and Q3. And also depends on how, I think, the oral market responded. I think historically in the past, our market has been saying the market has been growing at a double digit.

Speaker 2

And But this year, I think we also take a cautious view. But regardless, I think from our point of view, even we do about 3x, that's only a 300,000 unit sales Compared to overall market, it's about 4,000,000 units. So we're still a very, very Small player within even we do about 300,000 sales out of that 4,000,000 units you're talking about, it really gives a 7% of market share. So a very small market player is there, so which means actually we do have a tremendous growth potential.

Speaker 5

Okay. Thank you very much for your detailed answers. And this is all my questions.

Speaker 2

Thank you.

Operator

Thank you. We'll now move on to our next question. Our next question comes from the line of Scarlett Ji from Credit Suisse. Please go ahead. Your line is open.

Speaker 6

Hi. Thank you, management, for the introduction and Congrats on winning great orders for the new launched products. So I have two questions. The first question is, could you share The order flow of other product models. And my other question is, would you keep your Full year 2023 target in both the sales volume and the sales revenue, because if I add up the 1st quarter revenue and the guided second quarter revenue, it totally accounted for around 30% of the Whole year revenue target, any actions you would like to take to Realize the targets or would you like to change?

Speaker 6

Thank you.

Speaker 2

Yes. So I think just first respond to the quick address on the revenue percentage question. I think This year, we're looking at it's actually a you will look at this year sort of a rebounding case where The Q1 this year compared with last year Q1 was a drop because It was the last year Q1 was pre price increase. So that was a fair comparison. We expect to really have Q2 start to get back to the gross momentum And with Q3 and Q4 looking for a quite significant growth over the last year.

Speaker 2

Issue being that, also I think this is also related to how our new product rolling out, with the first new product rolling out in May, which means in mid May, which means actually only able to impact about half of the Q2, Where Q3 and Q4, you're going to see sort of a full impact of the new product coming out. So I think that's On the China side, a similar thing in the sort of in the international side as well, where I think really as I mentioned earlier, the Q1 with the peak scooter is a low season. So it's unfair. It's The year over year growth is only like 16% less, where really the whole year you're looking at 2x or 3x growth, Which means that the growth in Q2 and Q3, Q4 will be more significantly Then the Q1. I think that's where you start you will see a typical range.

Speaker 2

And I think it's a combination of rebounding from a downward momentum last year And also a product roll off schedule. That's where we expect to see a faster growth In the second half this year versus the first half.

Speaker 6

Okay. Thank you very much. My other question is that, can you share the Order flows in hand for the other product models and for the new product, new launch of products, When will you start to deliver?

Speaker 2

I think currently, I think what we see is actually Roughly about 50% of orders from actually the newly launched models and 50% from the existing models. I think that's what we see in May. So we don't have a forward looking in June because there are 2 new products coming out, The G400, G400T coming out in early June and how that reflected the orders.

Speaker 6

Okay, got you. Thank you very much.

Operator

Thank you. There are no further questions at this time. So I'll hand the call back to CEO, Doctor. Yan Li, for closing remarks.

Speaker 2

All right. Thank you, operator, and thank you all for participating on today's Call and for your support. We appreciate your interest and look forward to reporting to you again next quarter on our progress. Thank you.

Remove Ads
Powered by Quartr
Earnings Conference Call
Niu Technologies Q1 2023
00:00 / 00:00
Remove Ads