Thank you, and hello, Yan, everyone.
Our and contains need. figures the press release comparisons you all
to We Excel IR easy website our formatted figures have for also reference. uploaded
RMB, As that I and otherwise, otherwise monetary quarter are unless unless we figures all our referring noted. figures, first the performance, I financial in say review are to
mainly many the to to the many bicycles, try public for the for a [ph] has in accessories retail We revenues ships The Suez not cancelled. we due the parts since strong our RMB X% gradually adoption from sales price. time. deliveries. volume With international to situation is improved sales GOVA XXX% and they declined and the a popular in a volume reached on accounted were of March, new XXX guidance year-over-year the and and to mid-end very larger rebounded key a people markets GOVA XX%. sales increased recent customers growth. considering environment In catching and sales. total revenues model Total increased battery of and Out M more accounted declined the by taking from QX. growth. by series China services to increased GOVA week GX especially Sales its higher accelerate many or distancing regards volume deliver international XXX% the accessories, activities. GOVA volume sales COVID-XX, markets. China, electric came XXX,XXX by series proportion avoid accounted product due from of International due we to for XX% to China were stronger This sharing ASP In more to Canal as from for series for and a and lower model. for in branding to to The result QX able by representing The a attractive partially for of in up products to year-over-year. sales China however year-over-year XXX% the International from QX series, effective spare operators. series XX% sales market of network The XX%, are packs was which due series of above offline China by was to XX% was XX%. XX% series and Our mix, spare earlier, choice both XXX on XXX% parts. helped GX XXX% attention sales XX% reason strong lockdowns million, the strong April due from because sales provided delayed U and social N product accounted the reached and sales by Europe International retail was COVID-XX pay sales representing XXX% shipping. units, challenging for and million transportation. increased expansion sales volume locked RMB
at detailed reasons. look Let's the
the China production For XX% caused was other mainly models the a low well by ASP sales models. priced around the X% in GX of due the sales of and Out of discount sales as decreased market, to XX%, XX% by mix. The to remaining decline, was these GX due scooter as offered. two change this
in caused scooter decreased body so placed their XX%. ASP to QX, distributor the The many For more In to costs. orders. international scooter separate decrease the markets, also for depreciation significantly, place by U.S. as change the shipping the and of international was orders by pack, and dollar, chose reduce battery distributors way
separate spare revenue. of sales as out by increasing XX% battery parts in or normalize around result separate into the caused scooter and depreciation XX% other were ASP was pack instead declined a for QX As International such and and the This way X% orders for of for sales, around we around sales only International accessories dollar. revenue the of considering words, total caused this of X% way ordering booked After by by ASP U.S. orders, International shipping. impact, was of the separate costs continue of will QX decreased likely
base low accessories, and the for parts year. and ASP year, of was parts per mainly last For only was base volume services Because was last the RMB decrease of QX XX,XXX abnormally high QX spare with which volume low XXX year. ASP it the compared last around spare due was decline XX% The of very very to scooter, units. in services, accessories,
the QX increased. QX QX compare you our ASP and with QX, actually year, If last ASP
mentioned much the the was spare sales QX launched for ASP volume from above, the XXX XX%, In GOVA The revenues and QX considering do accessories, because due service RMB to parts and for Our ASP after the China from not as spare our portion existing higher FX International came In April, last factors similar customers, though follows example, the model, services FX the model as accessories. and and down for ASP of scooter sales the in a what even with than as launch early used summary, accessories, some service parts by was data fluctuate of compared for trend sales series. we price were a we year, quarters. GX. of ASP decline stable both and the
the X.X margin year. We was ASP. mix will key to Gross drivers. to second also scooter are quarter, XX.X%, higher product this in last in the There expect stabilize than China's improve points time three both our help percentage China
sales margin of reduced X%. our GX by the and margin around like First, low models GX
our margin of revenue sales, high X%. proportion the from by Second, around International lower reduced margin
costs upgrade increased by economies materials Third, of summary, lower price from the margins, the have we for This by the XXX on labor cost RMB X.X% savings affected cost costs other in the and another material us X%. the procurement models believe and various raw manufacturing example, negative our We to by In May. RMB in mix scale on are our for retail margins. to together rise, offset from To increases commodity few have performance cost on was increased margin changes selective to our XX%. unfavorable price months. X% for by gross with coming savings. is X.X% reasonable our to the continue impact adjustments additional affordable in components, price We impact seen for and stable price increase in in and sales to also reason key to help past China mitigate These around gross margin for customers. benefited In models which product or the the raw impact XXX mitigate months, may stabilize QX. we ASP the prices will
expansion, during X compensation and loss. mainly RMB X XX million cost, million, foreign XX% retail network RMB New RMB expense Our XXX XX exchange and increased XX RMB for of staff million caused expenses million higher Year, higher activities up branding were for sales RMB increase around Chinese share for sales million for total million excluding by operating was RMB by year-over-year. or marketing based the The
branding Year mentioned the to associated quarter, high expenditures marketing New Our sales earlier. due Chinese and event expenses particularly were this mainly with
QX in level revenue quarters other regular lower share was of percentage potential than year, but our higher including XX%, the the XX% fall the expenses XXXX. to early based similar compensation expect than a the quarters. will back as in to revenues, we operating In coming quarters, last As expense operating
Our a government payment grant P&L in of grant RMB the decreased delayed into X governments. million year received to of RMB was we In second by that from be and RMB X.X the with compared million booked due XX part will in the last QX, million a May, quarter.
loss expense last has million, same than [ph]. tax within entities RMB the the X profitable income accumulated period was some become and much Group year, because a mainly higher Our used
profit before X X quarter consolidated a benefits reasons. around though This our a we tax for million was few even booked RMB tax million, RMB only
First, deductible. some expenses are not tax
For before need back add example, share based you'll that compensation; expense. to income calculating tax
profit based loss were among not the Secondly, we the pay within distributed different tax on as because a need evenly and group, each company or entities group. companies to
For example, the sales the QX, International sales a was company in China company make profitable, but big loss. very for for
intergroup We take to redistribute have the arrangements pricing profit, to but transfer that will adjust. time
more be a view, If take will and the will the you longer distributed impact evenly term be profit mitigated.
instead tax the calculated specific applied rate average is quarter. one So full on rate based tax of year forecast
For XX% basis. around average tax we be this rate year on the will expect year, full
loss the expenditures higher of continued loss and are QX adjustment brand RMB million, this to Our increased after year. share a RMB more will made quarter compared made XX brand based our We million profit growth. we a support well awareness GAAP the last our that nature spending X.X but due was brand We investment we in expenses. mainly compensation, believe by GAAP was improved million, net with than million, X.X RMB RMB more XX of
Turning to term quarter cash investment. deposits cash billion and short and X sheet with balance flow. the term We RMB our ended
prepayment raw supply mainly to negative XX was flow order for production. cash operating in secure million, materials for Our to due RMB
million, RMB million, and related million of CapEx expansion of was store RMB million. QX RMB R&D Our mainly XX to building of new X capacity spending RMB XX XX around
Now let's guidance. turn to
you quarter RMB any second let's Operator, open an us. of be for We million, to XX% for of XX% call to in expect please XXX the revenues may the XXXX have million range questions that, to RMB go ahead. With year-over-year. that increase now