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 first quarter ended March
31, 2022.
First Quarter 2022 Financial Highlights
- Revenues were RMB 575.5 million, an increase
of 5.1% year over year
- Gross margin was 19.1%, compared with 23.8% in
the first quarter of last year
- Net loss was RMB 29.6 million, compared with
net loss of RMB 5.4 million in the first quarter of last year
- Adjusted net loss (non-GAAP)1 was RMB 16.3
million, compared with adjusted net income of RMB 6.7 million in
the first quarter of last year
First Quarter 2022 Operating Highlights
- The number of e-scooters sold reached 163,659, up 9.4% year
over year
- The number of e-scooters sold in China reached 148,987, up 3.0%
year over year
- The number of e-scooters sold in the international markets was
14,672, up 193.7% year over year
- The number of franchised stores in China was 3,248 as of March
31, 2022, an increase of 140 from December 31, 2021
- International sales network expanded to 43 distributors
covering 51 countries
Dr. Yan Li, Chief Executive Officer of the Company, commented:
“Despite experiencing a challenging quarter with the supply chain
shortage, logistic disruption, and volatile retail environment
caused by the recent COVID outbreaks, we managed to achieve
moderate growths of sales volume and revenues compared to the same
period last year. While uncertainties in the China market continue
in Q2 due to the COVID outbreaks, we are confident that our growth
strategy to develop diversified product portfolio, including our
new product offerings in micro-mobility segment, and our global
market expansion plan, will help us weather through the temporary
China market shortfalls, and well position the company to capture
the post-pandemic rebounds in electric two-wheeler demand.”
Dr. Li continued, “The ongoing increase in raw materials prices,
especially lithium-ion battery prices in Q1, has created extra
pressure on our gross margin. As the premium brand in the electric
two-wheeler market, we will continue to develop innovative products
with unique value propositions to our users, and regain the gross
margin gradually.”
First Quarter 2022 Financial Results
Revenues were RMB 575.5 million, an increase of
5.1% year over year, due to 9.4% increase in sales volume,
partially offset by decreased revenues per e-scooter of 3.9%. The
following table shows the revenues breakdown and revenues per
e-scooter in the periods presented:
Revenues(in RMB million) |
|
2022Q1 |
|
2021Q1 |
|
% changeYoY |
E-scooter sales from China market |
|
457.7 |
|
406.3 |
|
+12.6 |
% |
E-scooter sales from
international markets |
|
65.7 |
|
38.9 |
|
+68.9 |
% |
E-scooter sales, sub-total |
|
523.4 |
|
445.2 |
|
+17.5 |
% |
Accessories, spare parts and services |
|
52.1 |
|
102.1 |
|
-48.9 |
% |
Total |
|
575.5 |
|
547.3 |
|
+5.1 |
% |
Revenues per e-scooter(in
RMB) |
|
2022Q1 |
|
2021Q1 |
|
% changeYoY |
E-scooter sales from China market2 |
|
3,072 |
|
2,809 |
|
+9.4 |
% |
E-scooter sales from international markets2 |
|
4,476 |
|
7,786 |
|
-42.5 |
% |
E-scooter sales |
|
3,198 |
|
2,975 |
|
+7.5 |
% |
Accessories, spare parts and services3 |
|
318 |
|
682 |
|
-53.4 |
% |
Revenues per e-scooter |
|
3,516 |
|
3,657 |
|
-3.9 |
% |
- E-scooter sales revenues from China market were RMB 457.7
million, an increase of 12.6%, and represented 87.5% of total
e-scooter revenues. The increase was mainly driven by the unit
price increases by 9.4%, and the sales volume increases by 3% in
China.
- E-scooter sales revenues from international markets were RMB
65.7 million, an increase of 68.9%, and represented 12.5% of total
e-scooter revenues. The increase was mainly driven by the increase
in sales of kick-scooter.
- Accessories, spare parts sales and services revenues were RMB
52.1 million, a decrease of 48.9% and represented 9.1% of total
revenues. The decrease was mainly due to the overseas battery pack
sales reduction.
- The decrease of revenues per e-scooter was mainly due to the
sales of kick-scooter which has a lower average sales price
compared with that of other e-scooters.
Cost of revenues was RMB 465.8 million, an
increase of 11.7% 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 2,846, up 2.1% from RMB 2,787 in the first quarter 2021 due to
higher raw material costs and product mix change.
Gross margin was 19.1%, compared with 23.8% in
the same period of 2021. The decrease of gross margin was due to
consistent cost pressure and the decrease in sales of accessories,
spare parts and services, which generally have higher gross
margin.
Operating expenses were RMB 143.0 million, an
increase of 9.6% from the same period of 2021. Operating expenses
as a percentage of revenues was 24.8%, compared with 23.8% in the
first quarter of 2021.
- Selling and marketing expenses were RMB 70.0
million (including RMB 3.9 million of share-based compensation), a
decrease of 4.7% from RMB 73.5 million in the first quarter of
2021. The decrease was mainly due to the decrease in advertising
and promotion expense of RMB 26.1 million, partially offset by the
increase in depreciation and amortization expense of RMB 13.8
million as a result of opening of new franchised stores, and the
increase in staff cost of RMB 5.3 million, and the increase in
share-based compensation expenses of RMB 0.9 million. Selling and
marketing expenses as a percentage of revenues was 12.2% compared
with 13.4% in the first quarter of 2021.
- Research and development expenses were RMB
41.8 million (including RMB 4.9 million of share-based
compensation), an increase of 63.4% from RMB 25.6 million in the
first quarter of 2021, mainly due to the increase in design and
testing expense of RMB 6.6 million, the increase in staff cost of
RMB 6.3 million, the system development fees of RMB 2.0 million and
the increase in share-based compensation expenses of RMB 0.9
million. Research and development expenses as a percentage of
revenues was 7.3%, compared with 4.7% in the first quarter of
2021.
- General and administrative
expenses were RMB 31.1 million (including RMB 4.1 million
of share-based compensation), a decrease of 0.8% from RMB 31.3
million in the first quarter of 2021, mainly due to the decrease in
foreign currency exchange loss of RMB 4.7 million and share-based
compensation expenses of RMB 0.7 million, partially offset by the
increase in staff cost of RMB 4.6 million. General and
administrative expenses as a percentage of revenues was 5.4%,
compared with 5.7% in the first quarter of 2021.
Operating expenses excluding share-based
compensation were RMB 130.0 million, increased by 9.6%
year over year, and represented 22.6% of revenues, compared with
21.7% in the first quarter of 2021.
- Selling and marketing expenses excluding share-based
compensation were RMB 66.1 million, a decrease of 6.2%
year over year, and represented 11.5% of revenues, compared with
12.9% in the first quarter of 2021.
- Research and development expenses excluding share-based
compensation were RMB 36.9 million, an increase of 70.9%
year over year, and represented 6.4% of revenues, compared with
3.9% in the first quarter of 2021.
- General and administrative expenses excluding
share-based compensation were RMB 26.9 million, an
increase of 1.7% year over year, and represented 4.7% of revenues,
compared with 4.8% in the first quarter of 2021.
Government grants were RMB 0.3 million,
decreased by RMB 0.1 million from the same period of 2021.
Share-based compensation was RMB 13.2 million,
compared with RMB 12.1 million in the same period of 2021.
Income tax expense was RMB 1.3 million, a
decrease of RMB 7.9 million from the same period of
2021.Net loss was RMB 29.6 million, compared with
net loss of RMB 5.4 million in the first quarter of 2021. The net
loss margin was 5.1%, compared with net loss margin of 1.0% in the
same period of 2021.
Adjusted net loss (non-GAAP) was RMB 16.3
million, compared with adjusted net income of RMB 6.7 million in
the first quarter of 2021. The adjusted net loss margin4 was 2.8%,
compared with the adjusted net income margin of 1.2% in the same
period of 2021.
Basic and diluted net loss per ADS were both
RMB 0.38 (US$ 0.06).Balance SheetAs of March 31,
2022, the Company had cash, term deposits and short-term
investments of RMB 889.6 million in aggregate. The Company
had restricted cash of RMB 222.5 million and short-term bank
borrowings of RMB 180.0 million.
Business Outlook
In light of the current market conditions, including the
on-going COVID resurgence in China, NIU expects its revenues for
the second quarter of 2022 to be in the range of RMB 803 million
(representing a year-over-year decrease of 15%) to RMB 945 million
(representing no year-over-year change). This 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 due to uncertainties relating to a various
factors, such as the pace of COVID-19 pandemic recovery, among
others.
Conference Call
The Company will host an earnings conference call on Monday, May
23, 2022 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong
Time) to discuss its first quarter 2022 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 First Quarter 2022 Earnings Conference Call |
Registration
Link: |
http://apac.directeventreg.com/registration/event/4909308 |
Conference
ID: |
4909308 |
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 May 31, 2022.
United States |
+1-855-452-5696 |
International |
+61-281-990-299 |
Hong Kong |
800-963-117 |
Mainland
China |
400-820-9703 |
Conference
ID |
4909308 |
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
diversified product portfolio that caters to the various demands of
our users and addresses different urban travel scenarios. NIU’s
product portfolio comprises its (i) four electric scooter and
motorcycle series, NQi, MQi, UQi and Gova, (ii) one kick-scooter
series, KQi, (iii) one high performance motorcycle series, RQi,
(iv) one hybrid motorcycle series, YQi and (v) one e-bike series,
BQi. 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 6.3393 to
US$ 1.00, the exchange rate in effect as of March 31, 2022, 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 First 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 TechnologiesE-mail: ir@niu.com
NIU TECHNOLOGIES |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
|
|
|
|
|
|
As of |
|
December 31, |
|
March 31, |
|
March 31, |
|
2021 |
|
2022 |
|
2022 |
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash |
208,373,759 |
|
|
112,772,965 |
|
|
17,789,498 |
|
Term deposits-current |
95,635,500 |
|
|
174,575,500 |
|
|
27,538,608 |
|
Restricted cash |
223,971,197 |
|
|
222,547,853 |
|
|
35,106,061 |
|
Short-term investments |
773,678,455 |
|
|
550,504,866 |
|
|
86,840,009 |
|
Notes receivable |
- |
|
|
480,000 |
|
|
75,718 |
|
Accounts receivable, net |
268,557,176 |
|
|
171,925,483 |
|
|
27,120,578 |
|
Inventories |
269,637,042 |
|
|
345,883,765 |
|
|
54,561,823 |
|
Prepayments and other current assets |
56,061,263 |
|
|
103,305,366 |
|
|
16,296,021 |
|
Total current assets |
1,895,914,392 |
|
|
1,681,995,798 |
|
|
265,328,316 |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Term deposits-non-current |
35,939,250 |
|
|
51,741,000 |
|
|
8,161,942 |
|
Property, plant and equipment, net |
397,215,911 |
|
|
413,418,358 |
|
|
65,215,143 |
|
Intangible assets, net |
3,668,189 |
|
|
3,197,885 |
|
|
504,454 |
|
Operating lease right-of-use assets, net |
94,201,263 |
|
|
92,617,121 |
|
|
14,609,992 |
|
Deferred income tax assets |
11,907,344 |
|
|
12,542,331 |
|
|
1,978,504 |
|
Other non-current assets |
2,367,064 |
|
|
4,024,423 |
|
|
634,837 |
|
Total non-current assets |
545,299,021 |
|
|
577,541,118 |
|
|
91,104,872 |
|
|
|
|
|
|
|
Total assets |
2,441,213,413 |
|
|
2,259,536,916 |
|
|
356,433,188 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Short-term bank borrowings |
180,000,000 |
|
|
180,000,000 |
|
|
28,394,302 |
|
Notes payable |
143,622,874 |
|
|
158,989,430 |
|
|
25,079,966 |
|
Accounts payable |
538,930,163 |
|
|
349,703,259 |
|
|
55,164,333 |
|
Income taxes payable |
17,601,525 |
|
|
16,294,581 |
|
|
2,570,407 |
|
Advances from customers |
17,266,994 |
|
|
80,880,798 |
|
|
12,758,632 |
|
Deferred revenue-current |
32,757,740 |
|
|
33,516,338 |
|
|
5,287,072 |
|
Accrued expenses and other current liabilities |
198,904,558 |
|
|
150,643,299 |
|
|
23,763,397 |
|
Total current liabilities |
1,129,083,854 |
|
|
970,027,705 |
|
|
153,018,109 |
|
|
|
|
|
|
|
Deferred revenue-non-current |
10,693,692 |
|
|
10,657,593 |
|
|
1,681,194 |
|
Deferred income tax liabilities |
1,992,388 |
|
|
2,361,460 |
|
|
372,511 |
|
Operating lease liabilities-non-current |
13,921,859 |
|
|
12,821,241 |
|
|
2,022,501 |
|
Other non-current
liabilities |
20,967,430 |
|
|
17,597,175 |
|
|
2,775,886 |
|
Total non-current liabilities |
47,575,369 |
|
|
43,437,469 |
|
|
6,852,092 |
|
|
|
|
|
|
|
Total liabilities |
1,176,659,223 |
|
|
1,013,465,174 |
|
|
159,870,201 |
|
|
|
|
|
|
|
SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
Class A ordinary shares |
89,038 |
|
|
89,144 |
|
|
14,062 |
|
Class B ordinary shares |
10,316 |
|
|
10,316 |
|
|
1,627 |
|
Additional paid-in
capital |
1,855,403,759 |
|
|
1,870,571,828 |
|
|
295,075,454 |
|
Accumulated other
comprehensive loss |
(51,121,030 |
) |
|
(55,195,408 |
) |
|
(8,706,862 |
) |
Accumulated deficit |
(539,827,893 |
) |
|
(569,404,138 |
) |
|
(89,821,294 |
) |
Total shareholders’
equity |
1,264,554,190 |
|
|
1,246,071,742 |
|
|
196,562,987 |
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity |
2,441,213,413 |
|
|
2,259,536,916 |
|
|
356,433,188 |
|
|
|
|
|
|
|
NIU TECHNOLOGIES |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS |
|
|
|
|
|
|
Three Months Ended March 31, |
|
2021 |
|
2022 |
|
RMB |
|
RMB |
US$ |
Revenues |
547,336,565 |
|
|
575,477,902 |
|
90,779,408 |
|
Cost of revenues(a) |
(417,002,269 |
) |
|
(465,793,568 |
) |
(73,477,130 |
) |
Gross
profit |
130,334,296 |
|
|
109,684,334 |
|
17,302,278 |
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
Selling and marketing
expenses(a) |
(73,518,484 |
) |
|
(70,047,236 |
) |
(11,049,680 |
) |
Research and development
expenses(a) |
(25,609,234 |
) |
|
(41,848,584 |
) |
(6,601,452 |
) |
General and administrative
expenses(a) |
(31,313,799 |
) |
|
(31,060,435 |
) |
(4,899,663 |
) |
Total operating
expenses |
(130,441,517 |
) |
|
(142,956,255 |
) |
(22,550,795 |
) |
Government grants |
352,342 |
|
|
268,370 |
|
42,334 |
|
Operating income
(loss) |
245,121 |
|
|
(33,003,551 |
) |
(5,206,183 |
) |
|
|
|
|
|
Interest expense |
(1,732,700 |
) |
|
(1,454,464 |
) |
(229,436 |
) |
Interest income |
1,216,578 |
|
|
1,183,923 |
|
186,759 |
|
Investment income |
4,128,940 |
|
|
5,046,892 |
|
796,128 |
|
Income (loss) before
income taxes |
3,857,939 |
|
|
(28,227,200 |
) |
(4,452,732 |
) |
Income tax expense |
(9,231,506 |
) |
|
(1,349,045 |
) |
(212,807 |
) |
Net loss |
(5,373,567 |
) |
|
(29,576,245 |
) |
(4,665,539 |
) |
|
|
|
|
|
Other comprehensive
loss |
|
|
|
|
Foreign currency translation
adjustment |
2,903,736 |
|
|
(1,694,186 |
) |
(267,251 |
) |
Unrealized
gain/(reclassification adjustment for gains) on available for sale
securities, net |
200,180 |
|
|
(2,380,192 |
) |
(375,466 |
) |
Comprehensive
loss |
(2,269,651 |
) |
|
(33,650,623 |
) |
(5,308,256 |
) |
Net loss per ordinary
share |
|
|
|
|
—Basic |
(0.04 |
) |
|
(0.19 |
) |
(0.03 |
) |
—Diluted |
(0.04 |
) |
|
(0.19 |
) |
(0.03 |
) |
Net loss per
ADS |
|
|
|
|
—Basic |
(0.07 |
) |
|
(0.38 |
) |
(0.06 |
) |
—Diluted |
(0.07 |
) |
|
(0.38 |
) |
(0.06 |
) |
|
|
|
|
|
Weighted
average number of ordinary shares and ordinary shares equivalents
outstanding used in computing net loss per ordinary
share |
|
—Basic |
152,645,455 |
|
|
154,549,415 |
|
154,549,415 |
|
—Diluted |
152,645,455 |
|
|
154,549,415 |
|
154,549,415 |
|
Weighted
average number of ADS outstanding used in computing net loss per
ADS |
|
|
|
—Basic |
76,322,728 |
|
|
77,274,708 |
|
77,274,708 |
|
—Diluted |
76,322,728 |
|
|
77,274,708 |
|
77,274,708 |
|
|
|
|
|
|
Note: |
|
|
|
|
(a) Includes share-based
compensation expense as follows: |
|
|
|
|
|
Three Months Ended March 31, |
|
2021 |
|
2022 |
|
RMB |
|
RMB |
US$ |
Cost of revenues |
183,337 |
|
|
285,977 |
|
45,112 |
|
Selling and marketing
expenses |
3,031,862 |
|
|
3,917,456 |
|
617,963 |
|
Research and development
expenses |
4,001,487 |
|
|
4,917,894 |
|
775,779 |
|
General and administrative
expenses |
4,837,552 |
|
|
4,122,290 |
|
650,275 |
|
Total share-based
compensation expense |
12,054,238 |
|
|
13,243,617 |
|
2,089,129 |
|
|
|
|
|
|
NIU TECHNOLOGIES |
RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
|
|
|
|
|
|
Three Months Ended March 31, |
|
2021 |
|
2022 |
|
RMB |
|
RMB |
US$ |
Net loss |
(5,373,567 |
) |
|
(29,576,245 |
) |
(4,665,539 |
) |
Add: |
|
|
|
|
Share-based compensation expense |
12,054,238 |
|
|
13,243,617 |
|
2,089,129 |
|
Adjusted net income
(loss) |
6,680,671 |
|
|
(16,332,628 |
) |
(2,576,410 |
) |
|
|
|
|
|
______________________________
1 Adjusted net income/loss (non-GAAP) is defined as net
income/loss excluding share-based compensation expense 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 4 Adjusted net
income/loss margin is defined as adjusted net income/loss
(non-GAAP) as a percentage of the revenues
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