Niu Electric's financial report: Niu Electric's revenue in Q3 2022 was 1.15 billion yuan, down 6% year-on-year

Niu Electric today released its third-quarter 2022 financial report ending September 30.

According to the financial report, Niu Electric's revenue in the third quarter was 1.1532 billion yuan, down 6.0% from the same period last year . Net profit was 2.9 million yuan, compared with 91.7 million yuan in the same period last year. Non-GAAP adjusted net profit was 20.2 million yuan, compared with 102.2 million yuan in the same period last year. Net profit margin was 1.7%, compared with 8.3% in the same period last year.

In the third quarter, electric vehicle sales were 320,800 units, down 19.2% year-on-year; electric vehicle sales in China were 263,200 units, down 32.9% year-on-year ; sales in the international market were 57,600 units, up 1059.8% year-on-year.

As of September 30, 2022, Niu Electric had 3,303 franchise stores in China ; as of September 30, 2022, the international sales network consisted of 53 distributors covering 52 countries/regions.

Niu Electric said that electric vehicle sales revenue from the Chinese market was RMB 859.2 million, down 20.2%, accounting for 81.5% of total electric vehicle revenue. The main reason for the decline was a 32.9% drop in sales in China.

The sales revenue of electric vehicles from international markets was RMB195.1 million, an increase of 351.8%, accounting for 18.5% of the total revenue of electric scooters. The increase was mainly due to the increase in sales of electric vehicles and the increase in the unit price of electric motorcycles.

Revenue from accessories, spare parts sales and services was RMB98.9 million, down 6.6% year-on-year, accounting for 8.6% of total revenue. The main reason for the decrease was the decrease in battery pack sales.

The increase in revenue per electric vehicle was mainly due to the increase in the unit price of electric vehicles and a better product mix in the Chinese market.

Niu Electric expects its revenue in the fourth quarter of 2022 to be approximately RMB 789 million (a year-on-year decrease of 20%) to RMB 986 million (the same as the same period last year) .

From IT Home