EX-99.1 2 tm228674d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

 

 

Niu Technologies Announces Fourth Quarter and Full Year 2021 Financial Results

 

-- Fourth Quarter Total Volume of e-scooter sales up 58.3% year over year

 

-- Fourth Quarter Revenues of RMB 986.1 million, up 46.7% year over year

 

-- Fourth Quarter Net Income of RMB 47.6 million, compared with RMB 58.2 million in the same period of last year

 

-- Full Year Total volume of e-scooter sales up 72.5% year over year

 

-- Full Year Revenues of RMB 3,704.5 million, up 51.6% year over year

 

-- Full Year Net income of RMB 225.8 million, compared with net income of RMB 168.7 million in 2020

 

BEIJING, China, March 7, 2022 – Niu Technologies (“NIU”, or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today announced its financial results for the fourth quarter and full year ended December 31, 2021.

 

Fourth Quarter 2021 Financial Highlights

 

●Revenues were RMB 986.1 million, an increase of 46.7% year over year

●Gross margin was 22.6%, compared with 25.2% in the fourth quarter of last year

●Net income was RMB 47.6 million, a decrease of 18.1% compared with RMB 58.2 million in the fourth quarter of last year

●Adjusted net income (non-GAAP)1 was RMB 60.2 million, a decrease of 12.2% compared with RMB 68.6 million in the fourth quarter of last year

 

Fourth Quarter 2021 Operating Highlights

 

●The number of e-scooters sold reached 238,188, up 58.3% year over year

●The number of e-scooters sold in China reached 205,239, up 49.2% year over year

●The number of e-scooters sold in the international markets was 32,949, up 155.8% year over year

●The number of franchised stores in China was 3,108 as of December 31, 2021, an increase of 422 from September 30, 2021

●International sales network expanded to 42 distributors covering 50 countries

 

Dr. Yan Li, Chief Executive Officer of the Company, commented: “We are very pleased to see another quarter of outstanding performance with 49.2% and 155.8% increase in domestic and international sales volume, respectively, amid weaker economic conditions. We further expanded our retail sales network in China and opened 422 stores during the fourth quarter. We expect our sales volume and market penetration rate will continue to increase in 2022 as we execute on growth strategy and further diversify our product offerings and expand our sales network.”

 

 

1 Adjusted net income (non-GAAP) is defined as net income excluding share-based compensation expense

 

 

 

 

 

 

Dr. Li continued, “In Q4, we successfully delivered 14,916 units of kick-scooters in the international markets. Furthermore, we debuted five exciting new products at EICMA 2021 in Milan for the global markets, including our most powerful 125cc electric moped, the MQiGT-EVO, our first 150cc hybrid moped, the YQi, our e-bike BQi and two additional KQi series kick scooters. The launch of these new products demonstrated our continued commitment in global sustainable micro-mobility markets. We believe our diversified product portfolio and omnichannel retail network position us favorably for 2022 and beyond.”

 

Fourth Quarter 2021 Financial Results

 

Revenues were RMB 986.1 million, an increase of 46.7% year over year, due to 58.3% higher sales volume, partially offset by decreased revenues per e-scooter of 7.3%. The following table shows the revenues breakdown and revenues per e-scooter in the periods presented:

 

Revenues

(in RMB million)

 

2021

Q4

  

2020

Q4

   % change
YoY		 
E-scooter sales from China market   682.7    461.7    +47.9%
E-scooter sales from international markets   189.4    115.6    +63.8%
E-scooter sales, sub-total   872.1    577.3    +51.1%
Accessories, spare parts and services   114.0    94.7    +20.4%
Total   986.1    672.0    +46.7%

 

Revenues per e-scooter

(in RMB)

 

2021

Q4

  

2020

Q4

  

% change

YoY

 
E-scooter sales from China market2   3,326    3,355    -0.9%
E-scooter sales from international markets2   5,749    8,979    -36.0%
E-scooter sales   3,661    3,837    -4.6%
Accessories, spare parts and services3   479    629    -23.8%
Revenues per e-scooter   4,140    4,466    -7.3%

 

§E-scooter sales revenues from China market were RMB 682.7 million, an increase of 47.9%, and represented 78.3% of total e-scooter revenues. The increase was mainly driven by retail network expansion and new product launches in China.

§E-scooter sales revenues from international markets were RMB 189.4 million, an increase of 63.8%, and represented 21.7% of total e-scooter revenues. The increase was mainly due to the launch of our new e-motorcycles and sales of kick-scooter in overseas markets.

§Accessories, spare parts sales and services revenues were RMB 114.0 million, an increase of 20.4% and represented 11.6% of total revenues. The increase was mainly driven by higher battery pack sales from overseas shared mobility operators.

§The decrease of revenues per e-scooter was mainly due to sales of kick-scooters which has a lower average sales price compared with that of other e-scooters.

 

 

2 Revenues per e-scooter on e-scooter sales from China or international markets is defined as e-scooter sales revenues from China or international markets divided by the number of e-scooters sold in China or international market in a specific period

3 Revenues per e-scooter on accessories, spare parts and services is defined as accessories, spare parts and services revenues divided by the total number of e-scooters sold in a specific period

 

 

 

 

 

 

Cost of revenues was RMB 763.6 million, an increase of 51.8% year over year, mainly due to higher e-scooter sales volume. The cost per e-scooter, defined as cost of revenues divided by the number of e-scooters sold in a specified period, was RMB 3,206, down 4.1% from RMB 3,343 in the fourth quarter 2020, mainly due to sales of kick-scooters which has a lower average cost compared with that of other e-scooters.

 

Gross margin was 22.6%, compared with 25.2% in the same period of 2020. The decrease was mainly due to higher raw material cost and different product mix.

 

Operating expenses were RMB 188.5 million, an increase of 57.1% from the same period of 2020. Operating expenses as a percentage of revenues was 19.1%, compared with 17.8% in the fourth quarter of 2020.

 

§Selling and marketing expenses were RMB 99.8 million (including RMB 4.0 million of share-based compensation), an increase of 65.9% from RMB 60.1 million in the fourth quarter of 2020. The increase was mainly due to the increase in advertising and promotion expense of RMB 17.3 million, the increase in depreciation and amortization expense of RMB 13.2 million as a result of opening new franchised stores, and the increase in staff cost of RMB 9.7 million. Selling and marketing expenses as a percentage of revenues was 10.1% compared with 9.0% in the fourth quarter of 2020.

§Research and development expenses were RMB 45.0 million (including RMB 4.6 million of share-based compensation), an increase of 51.5% from RMB 29.7 million in the fourth quarter of 2020, mainly due to the increase of professional fee for system development of RMB 7.5 million, the increase in staff cost of RMB 6.4 million, and the increase in share-based compensation expenses of RMB 1.7 million. Research and development expenses as a percentage of revenues was 4.6%, compared with 4.4% in the fourth quarter of 2020.

§General and administrative expenses were RMB 43.7 million (including RMB 3.7 million of share-based compensation), an increase of 45.2% from RMB 30.1 million in the fourth quarter of 2020, mainly due to the increase in financial service fee of RMB 9.7 million, the increase in staff cost of RMB 5.0 million and the increase in provision for credit losses of RMB 0.9 million, partially offset by the decrease in rental expenses of RMB 1.8 million. General and administrative expenses as a percentage of revenues was 4.4%, compared with 4.5% in the fourth quarter of 2020.

 

Operating expenses excluding share-based compensation were RMB 176.2 million, increased by 60.6% year over year, and represented 17.9% of revenues, compared with 16.3% in the fourth quarter of 2020.

 

§Selling and marketing expenses excluding share-based compensation were RMB 95.8 million, an increase of 66.7% year over year, and represented 9.7% of revenues, compared with 8.6% in the fourth quarter of 2020.

§Research and development expenses excluding share-based compensation were RMB 40.4 million, an increase of 50.5% year over year, and represented 4.1% of revenues, compared with 4.0% in the fourth quarter of 2020.

§General and administrative expenses excluding share-based compensation were RMB 40.0 million, an increase of 57.5% year over year, and represented 4.1% of revenues, compared with 3.8% in the fourth quarter of 2020.

 

 

 

 

 

 

Government grants were RMB 16.3 million, increased by RMB 3.0 million from the same period of 2020.

 

Share-based compensation was RMB 12.5 million, compared with RMB 10.4 million in the same period of 2020.

 

Income tax expense was RMB 9.3 million, compared with RMB 13.6 million in the same period of 2020.

 

Net income was RMB 47.6 million, compared with RMB 58.2 million in the fourth quarter of 2020. The net income margin was 4.8%, compared with 8.7% in the same period of 2020.

 

Adjusted net income (non-GAAP) was RMB 60.2 million, compared with RMB 68.6 million in the fourth quarter of 2020. The adjusted net income margin4 was 6.1%, compared with 10.2% in the same period of 2020.

 

Basic and diluted net income per ADS were RMB 0.62 (US$ 0.10) and RMB 0.60 (US$ 0.09), respectively.

 

Full Year 2021 Financial Results

 

Revenues were RMB 3,704.5 million, an increase of 51.6% year over year, mainly driven by 72.5% increases in e-scooter sales volume. E-scooter sales revenues from China market represented 89.9% of our total revenues from e-scooter sales, and e-scooter sales revenues from overseas markets represented 10.1% of our total revenues from e-scooter sales. The following table shows the revenues breakdown and revenues per e-scooter in the periods presented:

 

Revenues

(in RMB million)

 

2021

Full Year

  

2020

Full Year

  

% change

YoY

 
E-scooter sales from China market   2,923.9    1,857.3    +57.4%
E-scooter sales from international markets   329.1    286.0    +15.1%
E-scooter sales, sub-total   3,253.0    2,143.3    +51.8%
Accessories, spare parts and services   451.5    301.0    +50.0%
Total   3,704.5    2,444.3    +51.6%

 

Revenues per e-scooter

(in RMB)

 

2021

Full Year

  

2020

Full Year

  

% change

YoY

 
E-scooter sales from China market2   2,959    3,246    -8.8%
E-scooter sales from international markets2   6,597    9,694    -31.9%
E-scooter sales   3,134    3,562    -12.0%
Accessories, spare parts and services3   435    500    -13.0%
Revenues per e-scooter   3,569    4,062    -12.1%

 

Cost of revenues were RMB 2,891.8 million, an increase of 53.4% year over year, mainly driven by higher e-scooter sales volume. The cost per e-scooter, defined as cost of revenues divided by the number of e-scooters sold in a specified period, was RMB 2,786, down 11.1% from RMB 3,133 in 2020.

 

Gross margin was 21.9%, decreased from 22.9% in 2020, mainly due to higher raw material cost and change in product mix as a result of the launch of various new products.

 

 

4 Adjusted net income margin is defined as adjusted net income (non-GAAP) as a percentage of the revenues

 

 

 

 

 

 

Operating expenses were RMB 609.0 million, an increase of 48.2% from RMB 411.0 million in 2020. Operating expenses as a percentage of revenues was 16.4%, compared with 16.8% in 2020.

 

Operating expenses excluding share-based compensation were RMB 562.7 million, an increase of 51.3% year over year, and represented 15.2% of revenues, compared with 15.2% in 2020.

 

Government grants were RMB 48.7 million, increased by 26.3 million compared with the year of 2020.

 

Share-based compensation was RMB 47.2 million, an increase of RMB 7.6 million from RMB 39.6 million in 2020.

 

Income tax expense was RMB 47.0 million, an increase of RMB 25.9 million from the RMB 21.1 million in 2020.

 

Net income was RMB 225.8 million, an increase of RMB 57.1 million from a net income of RMB 168.7 million in 2020. The net income margin was 6.1%, compared with 6.9% in 2020.

 

Adjusted net income (non-GAAP) was RMB 273.0 million, compared with an adjusted net income of RMB 208.3 million in 2020. The adjusted net income margin4 was 7.4% in 2021, compared with an adjusted net income margin of 8.5% in 2020.

 

Basic and diluted net income per ADS were RMB 2.94 (US$ 0.46) and RMB 2.81 (US$ 0.44) respectively.

 

Balance Sheet

 

As of December 31, 2021, the Company had cash, term deposits and short-term investments of RMB 1,113.6 million in aggregate. The Company had restricted cash of RMB 224.0 million and short-term bank borrowings of RMB 180.0 million.

 

Business Outlook

 

NIU expects revenues of the first quarter 2022 to be in the range of RMB 657 million to RMB 712 million, representing a year-over-year increase of 20% to 30%. NIU expects the sales volume for full year 2022 to be in the range of 1.5 million to 1.7 million units, representing a year-over-year increase of 45% to 64%.

 

The above outlook is based on information available as of the date of this press release and reflects the Company’s current and preliminary expectation, which is subject to change in light of uncertainties and situations related to how COVID-19 develops.

 

 

 

 

 

 

Conference Call

 

The Company will host an earnings conference call on Monday, March 7,2022 at 8:00 AM U.S. Eastern Time (9:00 PM Beijing/Hong Kong Time) to discuss its fourth quarter and full year 2021 financial and business results and provide a corporate update.

 

To join via phone, participants need to register in advance of the conference call using the link provided below. Upon registration, participants will receive dial-in numbers, an event passcode, and a unique registrant ID, which will be used to join the conference call.

 

Event: Niu Technologies Fourth Quarter and Full Year 2021 Earnings Conference Call
Registration Link: http://apac.directeventreg.com/registration/event/9290059
Conference ID: 9290059

 

A live and archived webcast of the conference call will be available on the investor relations website at https://ir.niu.com/news-and-events/webcasts-and-presentations.

 

A replay of the conference call can be accessed by phone two hours later at the following numbers until March 14, 2022.

 

United States +1-855-452-5696
International +61-281-990-299
Hong Kong 800-963-117
Mainland China 400-602-2065
Conference ID 9290059

 

About NIU

 

As the world’s leading provider of smart urban mobility solutions, NIU designs, manufactures and sells high-performance electric motorcycles, mopeds, bicycles and kick-scooters. NIU has a product portfolio consisting of ten series, four e-scooter series, including NQi, MQi and UQi and Gova, two urban commuter electric motorcycles series RQi and TQi , a hybrid motorcycles series YQi, a performance bicycle series NIU Aero, two micro-mobility series, the kick-scooter series, KQi, and the e-bike series, BQi. Different series of products address the needs of different segments of modern urban residents and resolve the demands of different scenarios of urban travel, while being united through a common design language that emphasizes style, freedom and technology. NIU has adopted an omnichannel retail model, integrating the offline and online channels, to offer the products and services. For more information, please visit www.niu.com.

 

 

 

 

 

 

Use of Non-GAAP Financial Measures

 

To supplement NIU’s consolidated financial results presented in accordance with the accounting principles generally accepted in the United States of America (“GAAP”), NIU uses the following non-GAAP financial measures: adjusted net income and adjusted net income margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. NIU believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its operating results. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to NIU’s historical performance. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.

 

Adjusted net income is defined as net income excluding share-based compensation expenses. Adjusted net income margin is defined as adjusted net income as a percentage of the revenues.

 

For more information on non-GAAP financial measures, please see the tables captioned “Reconciliation of GAAP and Non-GAAP Results”.

 

Exchange Rate

 

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the readers. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB 6.3726 to US$ 1.00, the exchange rate in effect as of December 31, 2021, as set forth in the H.10 Statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

 

Safe Harbor Statement

 

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as NIU’s strategic and operational plans, contain forward-looking statements. NIU may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about NIU’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIU’s strategies; NIU’s future business development, financial condition and results of operations; NIU’s ability to maintain and enhance its “NIU” brand; its ability to innovate and successfully launch new products and services; its ability to maintain and expand its offline distribution network; its ability to satisfy the mandated safety standards relating to e-scooters; its ability to secure supply of components and raw materials used in e-scooters; its ability to manufacture, launch and sell smart e-scooters meeting customer expectations; its ability to grow collaboration with operation partners; its ability to control costs associated with its operations; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIU’s filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and NIU does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

 

Investor Relations Contact:

 

Niu Technologies

E-mail: ir@niu.com

 

 

 

 

 

 

NIU TECHNOLOGIES
 
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

 

　  As of  
　  December 31,  December 31,   December 31,  
　  2020  2021   2021  
　  RMB  RMB   US$  
ASSETS   　   　    　  
Current assets   　   　    　  
Cash   227,004,137   208,373,759    32,698,390  
Term deposits-current   130,498,000   95,635,500    15,007,297  
Restricted cash   168,469,077   223,971,197    35,145,968  
Short-term investments   745,608,877   773,678,455    121,407,032  
Accounts receivable, net   101,320,063   268,557,176    42,142,481  
Inventories   142,166,179   269,637,042    42,311,936  
Prepayments and other current assets   32,832,088   56,061,263    8,797,236  
Total current assets   1,547,898,421   1,895,914,392    297,510,340  
　   　   　    　  
Non-current assets   　   　    　  
Term deposits-non-current   -   35,939,250    5,639,653  
Property, plant and equipment, net   199,045,061   397,215,911    62,331,844  
Intangible assets, net   5,607,101   3,668,189    575,619  
Operating lease right-of-use assets, net   -   94,201,263    14,782,234  
Land use rights, net   48,835,120   -    -  
Deferred income tax assets   14,593,376   11,907,344    1,868,522  
Other non-current assets   30,830,304   2,367,064    371,444  
Total non-current assets   298,910,962   545,299,021    85,569,316  
　   　   　    　  
Total assets   1,846,809,383   2,441,213,413    383,079,656  
　   　   　    　  
LIABILITIES   　   　    　  
Current liabilities   　   　    　  
Short-term bank borrowings   180,000,000   180,000,000    28,245,928  
Notes payable   -   143,622,874    22,537,563  
Accounts payable   395,826,435   538,930,163    84,569,903  
Income taxes payable   14,555,094   17,601,525    2,762,063  
Advances from customers   40,062,189   17,266,994    2,709,568  
Deferred revenue-current   21,155,634   32,757,740    5,140,404  
Accrued expenses and other current liabilities   171,657,604   198,904,558    31,212,466  
Total current liabilities   823,256,956   1,129,083,854    177,177,895  
　   　   　    　  
Deferred revenue-non-current   4,176,458   10,693,692    1,678,074  
Deferred income tax liabilities   1,109,479   1,992,388    312,649  
Operating lease liabilities-non-current   -   13,921,859    2,184,643  
Other non-current liabilities   24,892,246   20,967,430    3,290,247  
Total non-current liabilities   30,178,183   47,575,369    7,465,613  
　   　   　    　  
Total liabilities   853,435,139   1,176,659,223    184,643,508  
　   　   　    　  
SHAREHOLDERS’ EQUITY:   　   　    　  
Class A ordinary shares   87,300   89,038    13,972  
Class B ordinary shares   11,202   10,316    1,619  
Additional paid-in capital   1,801,940,071   1,855,403,759    291,153,338  
Accumulated other comprehensive loss   (43,016,027)  (51,121,030 )  (8,022,005 )
Accumulated deficit   (765,648,302)  (539,827,893 )  (84,710,776 )
Total shareholders’ equity   993,374,244   1,264,554,190    198,436,148  
　   　   　    　  
Total liabilities and shareholders’ equity   1,846,809,383   2,441,213,413    383,079,656  

 

 

 

 

 

 

NIU TECHNOLOGIES
 
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 

　  Three Months Ended December 31,   Year ended December 31,  
　  2020   2021   2020   2021  
　  RMB   RMB   US$   RMB   RMB   US$  
Revenues   671,989,578    986,059,243    154,734,213    2,444,328,764    3,704,537,419    581,322,760  
Cost of revenues(a)   (502,944,163)   (763,551,340)   (119,817,867)   (1,885,180,256)   (2,891,758,188)   (453,779,962 )
Gross profit   169,045,415    222,507,903    34,916,346    559,148,508    812,779,231    127,542,798  
　   　    　    　    　    　    　  
Operating expenses:   　    　    　    　    　    　  
Selling and marketing expenses(a)   (60,147,102)   (99,766,838)   (15,655,594)   (200,761,383)   (332,007,462)   (52,099,216 )
Research and development expenses(a)   (29,723,694)   (45,022,809)   (7,065,061)   (105,335,357)   (135,218,399)   (21,218,717 )
General and administrative expenses(a)   (30,078,909)   (43,681,411)   (6,854,567)   (104,858,814)   (141,798,910)   (22,251,343 )
Total operating expenses   (119,949,705)   (188,471,058)   (29,575,222)   (410,955,554)   (609,024,771)   (95,569,276 )
Government grants   13,239,121    16,269,976    2,553,114    22,441,492    48,726,818    7,646,301  
Operating income   62,334,831    50,306,821    7,894,238    170,634,446    252,481,278    39,619,823  
　   　    　    　    　    　    　  
Interest expense   (1,770,944)   (1,266,391)   (198,724)   (7,380,833)   (6,167,805)   (967,863 )
Interest income   1,714,191    1,538,551    241,432    8,787,309    5,375,969    843,607  
Investment income   9,488,916    6,327,170    992,871    17,697,800    21,167,575    3,321,654  
Income before income taxes   71,766,994    56,906,151    8,929,817    189,738,722    272,857,017    42,817,221  
Income tax expense   (13,571,895)   (9,259,409)   (1,453,003)   (21,086,256)   (47,036,608)   (7,381,070 )
Net income   58,195,099    47,646,742    7,476,814    168,652,466    225,820,409    35,436,151  
　   　    　    　    　    　    　  
Other comprehensive income (loss)   　    　    　    　    　    　  
Foreign currency translation adjustment   (15,473,522)   (7,080,675)   (1,111,112)   (30,137,470)   (9,657,187)   (1,515,423 )
Unrealized gain (loss) on available for sale securities, net   (2,709,593)   823,602    129,241    (510,333)   1,552,184    243,572  
Comprehensive income   40,011,984    41,389,669    6,494,943    138,004,663    217,715,406    34,164,300  
Net income per ordinary share   　    　    　    　    　    　  
—Basic   0.38    0.31    0.05    1.12    1.47    0.23  
—Diluted   0.36    0.30    0.05    1.07    1.41    0.22  
Net income per ADS   　    　    　    　    　    　  
—Basic   0.76    0.62    0.10    2.24    2.94    0.46  
—Diluted   0.73    0.60    0.09    2.14    2.81    0.44  
　   　    　    　    　    　    　  
Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net income per ordinary share                               
—Basic   152,144,872    154,385,703    154,385,703    150,897,412    153,672,358    153,672,358  
—Diluted   159,878,440    159,588,209    159,588,209    157,835,868    160,460,976    160,460,976  
Weighted average number of ADS outstanding used in computing net income per ADS                               
—Basic   76,072,436    77,192,852    77,192,852    75,448,706    76,836,179    76,836,179  
—Diluted   79,939,220    79,794,105    79,794,105    78,917,934    80,230,488    80,230,488  

 

Note:  　  　  　  　  　  　
(a) Includes share-based compensation expense as follows: 　 　 　 　 　 　
 
　  Three Months Ended December 31,  Year ended December 31,
　  2020  2021  2020  2021
　  RMB  RMB  US$  RMB  RMB  US$
Cost of revenues   163,783   256,904   40,314   643,683   846,833   132,887
Selling and marketing expenses   2,671,595   3,973,140   623,472   9,945,473   13,292,632   2,085,904
Research and development expenses   2,849,169   4,586,137   719,665   10,917,637   17,062,024   2,677,404
General and administrative expenses   4,704,964   3,722,178   584,091   18,102,122   16,016,667   2,513,365
Total share-based compensation expense   10,389,511   12,538,359   1,967,542   39,608,915   47,218,156   7,409,560

 

 

 

 

 

 

NIU TECHNOLOGIES
 
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
 
　  Three Months Ended December 31,    Year ended December 31,
　  2020    2021    2020    2021
　  RMB    RMB   US$    RMB    RMB   US$
Net Income   58,195,099     47,646,742    7,476,814     168,652,466     225,820,409    35,436,151
    Add:   　     　    　     　     　    　
    Share-based compensation expense   10,389,511     12,538,359    1,967,542     39,608,915     47,218,156    7,409,560
Adjusted net income   68,584,610     60,185,101    9,444,356     208,261,381     273,038,565    42,845,711