Niu Technologies (NASDAQ:NIU) Q3 2024 Earnings Conference Call November 18, 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. Welcome to Niu Technologies Third 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 third 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 include a discussion of certain non-GAAP financial measures. And 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. Hello, everyone. Thank you for joining us today. So Q3 2024 has marked a quarter that shows continuous growth. In this quarter, our total sales volume was 312,000 units, with a year-over-year increase of 17.5%. Specifically, sales volume in the China market had a year-over-year increase of 12.4% to 259,000 units. And the sales volume in the overseas market experienced a significant year-over-year of 50% increase to 53,000 units.

Total revenue in Q3 2024 was RMB1.02 billion, increased by 10.5% year-over-year. So this quarter's performance highlights the effectiveness of our strategic focus on expanding the product offerings, expand the sales channels, and expand the market reach. We have achieved notable growth in both China and overseas market, reflecting the increased recognition and improved sales. So as we continue to build on these results, we remain committed to refine our strategy to meet ambitious targets at that market demand.