Niu Technologies (NASDAQ:NIU) Q1 2024 Earnings Conference Call May 20, 2024 8:00 AM ET

Company Participants

Kristal Li - IR Manager
Yan Li - CEO
Fion Zhou - CFO

Conference Call Participants

Yating Chen - CICC

Operator

Good day, ladies and gentlemen. Thank you for standing by. And welcome to the Niu Technologies First Quarter 2024 Earnings Conference Call. At this time, all participants are in listen-only mode. Later, we'll conduct a question-and-answer session, and instructions will follow at that time. As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time.

Now, I will turn the call over to Ms. Kristal Li, Investor Relations Manager of Niu Technologies. Ms. Li, please go ahead.

Kristal Li

Thank you, operator. Hello, everyone. Welcome to today's conference call to discuss Niu Technologies results for the first quarter 2024. The earnings press release, corporate presentation and financial spreadsheets have been posted on our Investor Relations website. This call is being webcast from company's IR site as well, and the 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 Security Litigation Reform Act of 1995. Forward-looking statements involve risks, uncertainties, assumptions, and other factors. The company's actual result 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 in this call included discussion of certain non-GAAP financial measures. The press release contains definition of non-GAAP financial measures and the 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 CEO, Yan.

Yan Li

Thank you, Kristal and hello, everyone. Thank you for joining us today. In the first quarter of 2024, our total sales volume was 129,000 units, reflecting a year-over-year increase of 37%. Notably, our sales volume in the China market saw an uplift of 31% to 110,000 units, while our overseas market experienced a fast growth of 48% to 19,000 units.

Total revenue of Q1 was RMB504.7 million, marking a 21% year-over-year increase. Q1, 2024 was a pivotal quarter to realign our long-term growth trajectory. In the China market, we continue to refine our product strategy, concentrating on the Premium segments. We bolstered our competitive product portfolio, by enhancing our classic series and broadened its appeal, to encompass a more diverse range of vertical user groups.