Electric two-wheeler maker Niu Technologies (NIU.US) reported on Monday that its revenue rose 33.4% year-on-year to 909.5 million yuan ($134 million) in the first quarter, while its net loss more than doubled to 93.92 million yuan from 38.84 million yuan a year earlier.
The company’s total sales volume increased 28.7% year-on-year to 261,624 units during the quarter. Its China sales rose 35.4% to 247,938 units, while international sales fell 32.4% to 13,686 units. Revenue from the China market climbed 41.6% to 773.6 million yuan, but overseas revenue declined 15.2% to 50.9 million yuan.
The company’s gross margin fell to 17.3% in the latest quarter from 18.9% a year earlier, mainly due to changes in product mix, increased promotional activities, and weaker overseas revenue. Meanwhile, Niu’s operating expenses rose 59.7% to 263.6 million yuan, with selling and marketing expenses up 56.8% and R&D expenses rising 38.8%, contributing to the wider net loss.
The company said it expects its revenue to range between 1.57 billion yuan and 1.82 billion yuan in the second quarter, up approximately 25% to 45% year-on-year.
Niu Technologies’ stock fell 15% on Monday in New York to close at $2.415. The stock is down 23.6% year-to-date.
By Lee Shih Ta
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