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COVID-19 took a toll on Niu’s (NIU) international business in Q1

Niu expects revenues to grow 40-60% year-over-year in Q2 2021

Shares of Niu Technologies (NASDAQ: NIU) were down 1.1% in morning hours on Monday, after the company reported mixed results for the first quarter of 2021. While revenues surpassed expectations, earnings fell short. The stock has gained 210% over the past 12 months.

Q1 numbers

Total revenues rose 135% year-over-year to RMB 547.3 million, or $83.5 million, driven by an increase in sales volume. Net loss amounted to RMB5.3 million, or $0.82 million. Adjusted net income was RMB 6.7 million, or $1 million. Net loss per ADS amounted to RMB 0.07 or $0.01.

Sales results

Niu’s total sales volume rose by 272.6% year-over-year to 149,649 in Q1, helped by retail network expansion and effective marketing activities in China. Sales volume in China rose 321.5% but international sales volume fell 14.5% YoY.

The drop in international sales volume during the quarter was caused by the effects of the COVID-19 pandemic, such as the lockdowns in Europe and challenges in international shipping. However, since April, Niu began to see a recovery in international markets with the company delivering approx. 3,800 units in the month.

Revenues from the China market increased 207% YoY to RMB 406.3 million while revenues from international markets fell over 27% to RMB 38.9 million.

Total revenues per e-scooter dropped around 37% in Q1 to RMB 3,657. The decrease was due to the sales of the lower-priced product G0, foreign exchange impacts and lower revenues per e-scooter from accessories, spare parts and services. Revenues per e-scooter saw double-digit decreases in both the China market and the international markets.

New product launches

In April, Niu launched four new products in the e-scooter category and one new product in the kick-scooter category. The F0, F2, F4 and C0 e-scooter models are meant mainly for the China market while the KQi product series in the kick-scooter category is meant mainly for international markets. The F0 model has received over 41,000 orders throughout April. Niu is optimistic about the growth potential of its business going forward.


Niu expects revenues to grow 40-60% year-over-year to a range of RMB 900 million to RMB 1,030 million in the second quarter of 2021.

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