Niu Technologies (NIU) Q4 2022 Earnings Call Transcript

Niu Technologies (NASDAQ:NIU) Q4 2022 Earnings Conference Call March 20, 2023 8:00 AM ET

Company Participants

Wendy Zhao - Senior Investor Relations Manager

Yan Li - Chief Executive Officer

Fion Zhou - Chief Financial Officer

Conference Call Participants

Alice Ma - UBS

Operator

Good day, and thank you for standing by. Welcome to Niu Technologies Fourth Quarter 2022 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 session. [Operator Instructions] 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, Senior Investor Relations Manager of Niu Technologies. Please go ahead.

Wendy Zhao

Thank you, operator. Hello, everyone. Welcome to today's conference call to discuss Niu Technologies results for the fourth quarter of 2022. 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.

Please note today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks, uncertainties, assumptions, and other factors. The company's actual results may be materially different from those expressed today.

Further information regarding the risk factors is included in the company's public filings with the Securities and Exchange Commission. 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, Dr. Yan Li; and CFO, Ms. Fion Zhou.

Now, let me turn the call over to Yan.

Yan Li

Thank you everyone for joining us on the call today. In the fourth quarter of 2022 our total sales volume was 138,279 units, representing a year-over-year decrease of 41.9%. Specifically, sales in the China market drove by 42.5% year-over-year to about 118,000 units and the sales in the overseas market decreased by 38.7% to 20,000 units.

Total revenue in Q4 was RMB 612 million, a decrease of 38% year-over-year. This results wrap up the entire financial year for 2022, which has been a year with significant challenges for us. The total sales volume was 831,000 units representing a year-over-year decrease of 19.8%. Total revenue for the entire year was RMB 3.17 billion, a decrease of 14.5%.