Niu Technologies (NASDAQ:NIU) Q2 2024 Earnings Conference Call August 12, 2024 8:00 AM ET
Company Participants
Kristal Li - IR Manager
Yan Li - CEO
Fion Zhou - CFO
Conference Call Participants
Kai Kang - CITIC
Yating Chen - CICC
Operator
Good day, ladies and gentlemen. Thank you for standing by. Welcome to Niu Technologies Second 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'll 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 second quarter 2024. The earnings press release, corporate presentation and financial strategies has been posted on our Investor Relations website. This call is being webcast from our company's IR site 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 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 included discussion 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 CEO, Yan.
Yan Li
Thank you, Kristal, and hello, everyone. Thank you for joining us today.
The second quarter of 2024 continued the growth trend from Q1, with a total sales volume of 256,000 units, reflecting a year-over-year increase of 21%. The China market saw a 16% year-over-year increase to 207,000 units while the overseas market experienced a significant year-over-year growth of 45% to 48,600 units.
Total revenue reached RMB940.5 million, marking a 13.5% year-over-year increase. This performance underscores the effectiveness of our strategic focus on expanding product, field channel and market coverage. We have made substantial progress in both China and overseas market reflected in the improved performance and increased recognition from our partners.