Earnings call transcript Q1 2023

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Operator

Good day and thank you for standing by. Welcome to the Niu Technologies First Quarter 2023 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

to Zhao, conference IR like speaker to now Wendy today Manager. would hand over the your I Please go ahead.

Wendy Zhao

will the of XXXX. Thank from being you, presentation our discuss well, for Investor to as today's and company's conference quarter the Operator. Hello, been a be This and everyone. IR Niu Welcome financial spreadsheets Relations available Technologies website posted release, website. earnings soon. webcast press The to call have call first replay corporate of on results is call

discussion note under of Please Litigation US forward-looking the Safe will Act today's contain Private statements Harbor XXXX. Reform the made provisions of Securities

Forward-looking statements different other materially from The involve those expressed company's and factors. actual today. results be uncertainties, risks, may assumptions

public does the The statements Further Exchange Commission. assume and not except filings law. with update information risk as in regarding the any company Securities obligation factors any to is by forward-looking required company's included

call measures. financial contains of release results. press discussions certain include earnings a and measures definition financial non-GAAP to the of reconciliation and non-GAAP Our GAAP financial release press of this The non-GAAP

CEO, with our Fion today are Zhou. Li, Yan the call CFO, On and me Dr. Ms.

Now, let Yan. over me call the to turn

Yan Li

today. everyone, decrease volume us joining you, the QX a on sales Thank our XXXX of total was call representing for units XX,XXX In year-over-year XX%.

the RMBXXX market year-over-year. was by QX dropped XX% Specifically, decrease XX% year-over- units. dropped the overseas revenue the a in market in sales year volume and of by to China in to XX,XXX sales units million, Total XX.X% XX,XXX

market to factors. decrease Now is the volume primarily in the due China sales in two

the launches increased by the hike a market lithium cost in XXXX caused expectation healthy maintain rise in response to price in margin. last secondly, the China QX and our average lithium in XXXX, increase the In the battery by price we product across prices the QX. Firstly, of to X% the new product battery year in

this QX volume led in prices to year sales. decrease sales impact in of XXXX the the on in pre-price this continued adjustment compared year-over-year on XXXX QX rising basis. However, to a The a

Zero experienced drop targeted Gova nearly level entry market, XX%. series, our biggest price year-over-year instance, conscious more which For in sales of the

new QX. Secondly, contributed in also the decrease in sales product in expectation QX volume to being launched of the

orders product of where distributors released end event to the remained year QX from retail XXXX on sales orders that in to Our last our Many partners QX on-time traditional QX with products. drop volume, anticipation product year. given of this hosted retail new choose to in were in in low the XXXX. launch of our we premium the delayed par Despite the number QX sales rollout mid delay

Now us enabled market, series achieve strengthen and volume. brand on for China to high-end mid-end as series quality premium have mid-end a our market allowed us where positioning the product margin flagship the to reach the our improve high premium products our focused we mass and have and

the the focus we the have (ph) and year. newest that this the we previous U I the addition bring mind, to to launched market. aesthetics call, UQi+, revolutionary earnings In last in and combine Bicycle, XXXX Electric technology popular With functionalities design, introduced most which [Stratellite] in and high-end the to QX developed series, SQi products

is IF Awards potentially major UX Design awards it the XXXX, won recognition SQi also the Awards the The win our have Dot Design The Since can Design the honor SQi received Best their MX. after third Red of all highest to customers. from product the XXXX, making which products Red industry Best launch, legendary both both won Award, and Dot have bestow. that

awards met our the a accounted Awards with new volumes and creating have to XX% of for premium our product lines. total that are of and immense popularity sales have new consumers. pursuit the resonate in also performance UQi+ with of Red over Those for Prestige unwavering sales Design The won Sales UQi+ market. testament been Dot premium the product

QX out launch, since on mid-end popular first its accounting original sales we old recently is very fashioned nearly launch. bring style made range to which been from a minimalist three for XX% We and which the its design also the In BX series XXXX, the new a rolled upgrade product, look quarters bringing an in the models, based mid-end form of appearance. since product, popular the the factor out has

launched QX of generated MQiL, the full in year, RQi. I'll May the we momentum in released we some with into and during GXXX The we share you. product the product the be Now, new the recently launched by building highlights products Distributor that this four will last year. on GXXXT are the market Annual product Conference launched and

two international First, major we inherits MQiL, all upgrade one flagship in won series, the in level the the performance classic design industry. next mobility our introduced and product Niu's seven products functionalities. of design that that our but the M significant with M is The series of awards all-time smart

additional The the model classic new feature first released, few control, MQiL improvements the in charging significant series the features. the back design bring in M the to smart years. the range we new light MQiL last ergonomics is Retaining personalized features, major riding hoping classic and style,

delivering Energy range and hours. kilometer just impressive The can X.X kilometer MQiL Niu in range driving an two XXX over is XXX charge equipped for with max battery,

this new with Smart with Those navigation New the industry leading bike X.X smart vehicle. the incoming is make to addition, smart display XX equipped with call the dashboard include MQiL scooter Smart features an notice. In new

your is the premium MQiL is to control users the The or fully System allowing scooter Lighting with the control RMBX,XXX Siri. Targeting RMBX,XXX. from New integrated Apple electric scooter the to Smart with Lights [indiscernible] Watch just with users, that Turning priced Automatic the Ecosystem Apple system

than We first have week from received orders the its our more within dealers of launch. XX,XXX

modern GXXX GXXXT built electric two both the with mid-end we to of took set an to GXXX design The same set is vehicles use platform, early GXXXT, chassis motorcycle innovate combining new platform space. features. launch them the functionalities we smart practical design are system vehicles. like an and full are for the announced Now storage and lines, same large bicycle, the a product to and approach light aesthetics and the build The are is June. in GXXX/GXXXT Both of with equipped

smart announced have launch We XX-kilometer The within recently motorcycle, Equipped X.X the motor, for to features. first the The to of pursuit RQi environmental The of range plan on switch of online the May RMBXX,XXX of went streaming can kilowatt and XXX-kilometer driving from with petrol just RQi who friendliness of for and XX-watt many our acceleration has live incurred experience also to product accelerate speed XX. power the seconds. priced RQi fast market RQi with top class The XXX also electric perfectly suitable mind. kilometers. motorcyclist at electric the in power is RQi.

will but have Now we the increase product, in brand electric two-wheeler China. premium market enhance with not are high-end only our sales, we introduced image the market confident our and strengthen also that this leadership in

core part in XX in XX its brand new become premium where and Since culture KOLs of Our last in a launch with user ambassador engage event hosted we premium complementing build focus program QX cities developing The users our serving China. has planning marketing Innovative core XXXX events a year, planned for to strategy. launch effort a activities Ambassador as user and brand new campaigns. selected a products center had on in and through over a

Now social PR. have campaigns product along a with online organized the series launch offline branding and product of KOL through launch, we marketing collaborations, our media, events

expect large creators XXX we For news the and over invited of with event. content those over cases showing throughout content content and gain the KOLs online we XXX fan launch products KOC of to to generate marketing, base million new

offline Innovative and network events, official to the For bringing support host mobility our that another leader for the scooters with scenarios. the brand market. our the those products, media We content offline exposure are to Ambassador as marketing utilize will further image an in event event, we significant new new urban planning gain strengthening believe innovative to four events and XX

Now overseas turning the into market.

significant experienced category sales decrease, saw a a enjoyed sales. electric while in XX% We increase decrease have multi XXXX. year-over-year moderate the QX category XX% in in a of micromobility XX% The

the QX for when our continued year-over-year. on increase partner bikes price adjustment made compared have to performance XXX battery price The response in have electric also upgrade the high-end sales distribution impact international in moped CC planned XXXX the The the to a in been lithium performance QX. for waiting in

we out smartphone to Southeast Now solutions QX for rolling European developing and In Asian we're also in a region. the the are products but the cost the the battery improved market, a moped will sell cabinets. market, charging regain battery electric battery of XXX enabled CC rental charging to and operator growth. XXXX batteries lowering This also be swapping purchasing suitable upfront multi-chassis, moped the electric batteries in on for basis, swapping solution

the actively of We in expect capacity operators out Together also with and and partnerships with expanding solutions stores local Asia. XXXX. in developing second the assembly enhancing to factory Southeast half solutions, roll we're

the season, in year-over-year sales QX being XXXX. experienced in Despite growth low moderate of micromobility category our in still a XX%

growth portfolio, established continue already drive we foundation activities. category channel and have coming with expect We development to a micromobility high-quality solid sales in marketing branding product With to a our foundation, quarters. the and this

the Sports range product the product original KQiX The to mechanism Pro kick-scooter price of the $XXX folding that offering covers we a In as price patented completed XPro KQiX from the level added QX addition launched KQiX of our XXXX, range KQi high-end we added to featured to offerings. entry the range. product $XXX have Pro, with newly wide kick-scooter

kick-scooter its product volume higher established mix since growth The have generated launch.

received the and Design Beyond has Product such a as New York our kick-scooters awards IF Award. Design in product prestige growth sales, the Award

KQi of was Design Youth+ Design in selected vehicle technology Pro Awards IF the only a product XXXX Awards as KQiX category. Gold New of as and Our and Winner KQiX the the Product the XXXX York won

Additionally, by XXXX Riders the World. was as Scooter Best the Micromobility Award the Choice Niu awarded Company

sales throughout With presence we our market target is micromobility focus built have on current while and market. products, the expansion channel on the the

approximately are As MediaMart. our Niu Buy US sales a XXX as of sales over product in up the stores solid ramping network foundation for the This XXX translated retail products and and retail in partners throughout such quarters. in May XXXX, Best available upcoming Europe in

continue influencers product and establish marketing In channel with we sales the market. collaborate the to campaigns expansion, in our presence addition to to further the

to and platforms and XXX moped have showcase various wide content XX million across our worked their broad influencers over acceptance. the than only to their with and gathered views kick-scooters more We reach

and Our product TV in and movies. multiple also like placed featured shows be

We our Drew Show are to in shows is Mystery Barrymore X TV product appears pleasantly surprised and Murder like Right. The see and Price The movies

temporary a the electric beyond our our offering expanded low the brand beyond product by quarter strategy our market, stemming see geographic product on growth regarding conclusion from diversify offerings seasonality, growth a our to two-wheelers our sustainable market. and driven regions potential anticipate based we due diversification In to increasing recognition. primary we European and Despite overseas to into strategy

China XXXX, target international growth sales focused a recovering negative launch price we we channel XXXX strategy forward, impact and throughout to and looking Now in development, for put from increase regain markets the brand in and product marketing delayed both of have gradually in product expansions. place

positioning last on generated focusing by the and strategic QX to In activities sector. product mass center we product from XXXX brand the for urban market, growth our have user product and premium mobility China expect opportunity and the with maintain in segment. brand to high-end, also marketing the By aim place, our strong in campaigns, high-quality combining premium rollout premium the us year in leadership see in new rebound XXXX. a activities starting With we

product the ramp the and new in will in In believe our expansions. markets, quarter. for two-wheeler a market, we we ready we up product anticipate respective sector electric the to returning release a through For path a growth a sales geographic overseas with see fast

channel As the volume both brand expect margin coverage, experience offerings sector sector sales this with to product the growing for a comprehensive faster awareness, performance. we and sales the extensive in micromobility growth and

Now I will turn the call Fion. to our CFO,

Fion Zhou

to figures the for our and note all figures also comparisons IR you, excel your have Yan, everyone. and Please release that you contains press Thank need our uploaded and website easy reference. we format hello,

results, first As unless the I'm all to say otherwise in our referring monetary figures figures specified. financial I and I review not are RMB, quarter if

premium to a period the sales market, the a achieved overseas. XX,XXX mid-end total and of compared significant for the company And our Of series in units. a Those the quarter, the while China Niu sales XX% Gova sold accounted which is for in figure, increase same volume. first which two the of performance the mainly sales in of XX,XXX driven for series, the series XX% shares units sold represented was volume last XX,XXX notable this sales volume remaining units Chinese quarter, the percentage year. was total was During by

contributed to year-over-year the of to Total XXX region, the revenue to by last growth from revenue the scooter we In XXX million amounted the period in first a year. million amounted Scooter a experience quarter total revenue continue the sales, compared overseas the to representing for XX% Chinese sales. XXX sales market terms increase. we Analyzing revenues. to of decrease XX% micromobility same stable the observed reflecting million,

This decline the discussed earlier. by volume entry-level sales was primarily and in as driven decrease series

of However, growth mix increase model, high product to RMBX,XXX quarter-over-quarter. and maintaining our market ASP in with China ASP with the SQi from scooter in a had stable a RMBX,XXX the year-over-year XX% change level the introduction particularly an marking

compared the same million to last This to year. the motorcycles, and the of The decline amounted is the XX of moped, period lower volume million and kick-scooters overseas e-moped revenue, e-motorcycle. to primarily the due sales XX e-biked in scooter including

a growth increase nearly witnessed However, remarkable XX%. in of revenue, micromobility there a was which significant year-over-year

the In increase largely around the this particular, also kick-scooters for apart accounted X% the to two-thirds of It of revenue surged blended kick-scooters significant an by experienced revenue, sales. the scooters from decreased overseas has RMBX,XXX. total and series, in XX% the one-fourth consistent ASP were which rise proportion e-motorcycle of by ASP to kick-scooters the volume e-moped, high-end ASP which and of kick-scooters one-third for to worth Due higher driven the results is a that sales noting impressed KQiX by the XX%.

popularity The margin Niu accessories, application to attributed primarily last to the gross can million, and expanding parts subscription. compared XX% services amounted fourth spare revenue increased increase the service year growth fourth marking XX quarter of from kick-scooters was and in domestic margin, X.X X.X quarter driven PPT including of reaching a And this to market X.X PPT our a be and gross in PPT increase X.X higher and various factors, this with from PPT in margin. product and mix gross improvement improvement year-over-year, the sales non-scooter by XX.X% boost by increase price a the

have million, million Our first expenses, reached to Among a last period quarter and primarily of lowered representing to in year. expenses efficiency due of million in the OpEx amounted XX XX as amounted amortization slightly marketing X selling million compared same to development rising to cost the area. increase expenses. a X the XX.X% Research year-over-year expenses XXX total the by and and improve depreciation reflecting we reduction million successfully and this

million for expenses were G&A we XX and for million, XX loss million. credit higher have provision made XX a

this to provision, However, expenses decreased exclude X% year. if by we previous G&A the compared

grown With the and the observed debt payment the remains served the receivables, to expansion had for sales. sale basis also cautious request our of leading account the our as overseas bad to consumer which business, of due accordingly have European provision calculating distributors sentiment we terms retail weak the extended

collections in credit for receivable on an maintain in outlook loss matter, future. in the payments the increase Despite provisions we a optimistic prudent overdue

sound as period. percentage base. As have revenue making increased to a and OpEx continued lower this the our primarily The position revenue partners financial payments are due during of in

In loss last the net margin X.X% to margin measurement a the XX.X% net compared of net of negative million period XX loss first of same million the under our negative year. XX was quarter, with with the at of net the GAAP

XXX with restricted million and term And the and cash cash, short-term deposits investments. ended in turning We sheet quarter to balance flow. our cash,

amounted settlement cash million the payments a by suppliers. flow operating Our to upstream million, to primarily XX in of seasonal XX

the first negotiated million our the terms previous in successfully we the by compared XXX operating with cash quarter thanks year, credit improvements our However, suppliers. outflow decreased of to to

year, of China. in expansion, the XX Since primarily last reduction decrease of from and same a improvement. the rapid for China market the the first (ph) stores second new in period in million [XX] year attributed performance has Our last the to opening of same-store the strategy shifted sales half be of amounted quarter this the can compared our Chinese the to million CapEx store reflecting decrease to

guidance. let's to And now the turn

As and season launch new we products. enter peak our the

the are revenue we flat be XX% a range to back quarter million growth of based And that representing the the to to aiming RMBXXX RMBXXX the company's to year-over-year in in current We uncertainties to reflects to expect million, second and track get and the the is aware due date available change factors. which on expectations, be and for this please information to outlook was various the relating to preliminary subject increase.

that let's ahead. you Operator, may for us. that with And go any please questions call open the for now have

Operator

Thank now you. We'll with question. Instructions] go our ahead [Operator first

go first from Our line Chen of the ahead. question Yating Please from CICC. comes

line open. Your is

Yating Chen

quarter channels the is how the one we our should and Hello. trend? has our of look this in we of about should And My whole first in decreased question number channels? the forward number how understand year

Yan Li

So let question. me address this

has stores So think, the by channel if about, you I in basically XXX at about roughly look I think XXX decreased or QX.

in to -- of is reflected stores cities, I to about many status X,XXX tier this entry-level if at in actually where we look add the the XXXX, priced think XXXX. in -- target actually the end XXXX, the are you of products actually towards because lower sold. being stores And

product a can think up then significantly volume lithium the And of be from battery single-digit the XXXX, XX% went I -- with to it our percent representing significantly actually dropped volume. in used you percentage see of to drop almost entry-level sales price

where So have some stores that's or of unsustainable. some those become where cities the in of places the

that's sort happened. the took think and what So we stores optimize actually then of an active I approach

season. the of don't in actually number going will stores. expect I think it's typically QX increase we the Now forward, and We QX, peak

year store season expansions sales. sales to at on think it's trend of we'll probably I year, looking think, this back low coming this QX actually a when sort I a go

Yating Chen

-- two-wheeler we And you price maybe my Okay. very about war. is witnessing industry know is all the Thank second the much. question

do war So the how the join and war? view price you will price

Yan Li

So, yes.

big So there's in do competing basically below the below I basically in the price RMBX,XXX think below X,XXX players sectors. year, competing we low-end a the with the in basically basically observe reality, this the market, -- war low-end the

don't we think in in have don't -- range the I reality price is, the we have that range. product actually that

affected we war. the price So think were I less by

market sort our the RMBX,XXX product what end -- priced of So basically mid-end market, the is still product RMBX,XXX the focus a think and I premium to above the price market I at premium RMBX,XXX. above market, but are call and

I there war involved. in think there think price ranges reality, are I in are less price -- those

Yating Chen

All much. Okay. Thank you very right.

Operator

Thank to you. question. We'll now move next on our

of next line from go Our from Please question the comes Jing ahead. Chang CICC.

Your open. line is

Jing Chang

[Foreign Language]

[Interpreted] very So we was guidance is And May, question. my at positive new the several income products. first that also revenue positive. guidance year-on-year in same this Seeing our time achieved We released quarter in second -- growth. the

So in to and the have are we segment now of feedback is the quarter after year product the this how half our And from recovery expect the sales do their target? dealers new addition, what other second market be and market the In in quarter? third and launched domestic volume second what the main we listing? products

Yan Li

okay respond So in guess for Jing I'll English I you audiences. the general

and But social I haven't even media. I announced The product, the we a got price market the think, from out. and the response the taking one, huge yet. with GXXX/GXXXT, with or from MQiL, really the we products, ML new is with think new dealers consumers from product the our actually first from orders four already

or So week that's so. within even first week I think the the first

of the are some committing almost more like (ph) sort units. [XX,XXX] dealers think the than of I

somewhere But have in we actually looking to XX,XXX month XX,XXX need -- now is I ordered. basis issue at actually around actually the to probably is units right ramp in production. up the a so we're rush we're think issue And a the

a -- response was I market. that the it's from think good

basically the to market product. M Series award-winner good from reason because a Series I it response with in think has product. XXXX, the into it's M come all-time legendary a or a It's announced

they sort that also standard. like looks want product actually actually the to new some have So M, big we but that China out compatible yelling people saying M, have upgrade the with of new

what I is. that that's think

QX we in pipeline. products forward the going had think the two to I three I think -- what's or we QX, and Now have,

So basically, September. out have at we're we August in product year, this coming July and and -- probably potentially May, looking a June,

the So layout. that's I think

on products or the second sort We have entry-level -- few of premium a with of -- going two one, the are products entry those the products. to focus and upgrades. one -- one quite potentially end mid-end. new Most With

offerings. so -- I with we actually -- very product We're optimistic. think I very that we're confident think the new

think this earnings. forecast we our I reflects how QX actually

was some that, observe terms is I of we the the observed year. we the with market war, Having but we cautious view. we the last a of I I cautious take don't second, did it a of replacement the overall some think question see we sizing, in product the sort to terms know the at price we're the the -- mid-end do happen extend And view of market prices. more said of response think -- previous market at slowdown the One the the think, itself, provinces low-end, in market whether like happened -- actually will least mentioned because do take some in

cautious So something took we this view. is a

lithium China of to the mainly. a percentage will down, coming the is On carbonate there an come a came with means that there sold note, where on lithium prices, down the scooters prices quite which will the electric see last And our the start from it's back downward overall targeted percentage the that of pressure be of peak means positive year, market percentage trend which lithium the where bit do battery as we pricing in that's up. lithium battery scooters -- a

in especially So I little think will help QX on a and that the actually QX. basically bit QX, us

Jing Chang

Mr. Yan. you, Thank

[Foreign Language]

my kick-scooters very first in network of [Interpreted] distribution sales offline not kick-scooters? the is is expansion second quarter our how of high. the is the And about question So volume

and how new performance target kick-scooters the products perspective, the what to products So of our dealers? look What forward market sales our overall acceptance the what demand in quarterly is to the of from the In the future? and overseas market also addition, annual and is is by in our market?

Yan Li

May have -- been United with I offline So at we we've think channels States. in one kick-scooters the XXX-plus the today to

think think sort mainly about of in (ph), Best [MediumR] in ECI, ones. which Buy those the also is we and Walmart. I Europe, those XXX-plus are in the channels then mainly are And typical also Best Buy -- a I

I think expansion, -- been the so a also The offline think the the of I kick-scooters issue traditionally has the in -- terms I sales. with this with term QX has now -- of channel QX been think year, completed. that's low quarter in

So the I year-over-year think that's why you QX significantly. increase do see

think happened the I it's also minor typically with the Second, what I I with the because to with moped where our -- you one moped, you start think the order, mention seeing take detail -- the what X.X distributor Europe. happened I months in is, did is ship sales they That's to when in QX. a think month, call the on moped ship QX,

business kick-scooter actually have Europe. in -- a actually kick-scooters, we is model of current our the inventories With lot

season. -- So It low there like is lag. three-month of season low don't is see a sort you doesn't actually this

I just think too not sales so low out. whatever to where is decided season, order what that's they QX much, match their happened they

QX up. pick And we I and start QX really expect to think that

And whether we at I throughout overall market how Xx. think and on we're performing to think the depends really responded. depends or on the this about we expect QX. also with Xx Whether grow land year, think QX I we Xx, that Xx I land full it business to how

at market a from the year, has we XXX,XXX been but even I regardless, about Xx, about saying world think the sales I point a to unit past, I -- cautious units. take of been overall this only in double-digit. do the But And that's we also we view, markets view. -- think million compared our market a historically, think X growing has

which do a -- player do out market small -- still have market small of potential. very very, we is about a million X share, a really actually tremendous even sales there, talking X% small you're we very player that about XXX,XXX with of just still we're means So growth units

Jing Chang

question. is Thank Okay. you answers. Thank much all this for Thank your you. very my detailed you. And

Yan Li

Thank you.

Operator

We'll our question. you. next move Thank on now to

Ge the Our of go next from Please Scarlett question from Suisse. ahead. line comes Credit

is open. line Your

Scarlett Ge

and for management new product. the you Thank introduction great for orders Hi. launched on congrats the winning

two have I questions. So

volume other quarter the guided first question sales share quarter actions totally you year revenue XXXX flow your and of the year the add question is, in would you the change? accounted keep could both And you because The product would like of I around target second if any order my take models. up sales revenue, first is, you. other revenue full target Thank you revenue target, and realize the or for it to to like XX% the whole to would the

Yan Li

think on respond I to first just revenue So question. percentage quick address the the

last year where because was -- at actually this compared I the was year year QX we're looking think case rebounding will this the year pre-price a drop a increase. -- with year, a it's you last look it the QX at a was QX sort of

where first related issue product rolling So of impact half being how the and building new growth to the this where year the to product think, the May, mid-May, sort really QX of actually see impact which about that significant growth I with back going coming last full to in out out new means a out. momentum in new you're which and QX, that to expect of the only product was means QX, that looking QX able a is to also for a quite also, we get over have fair to QX comparison with start and our QX

on season. QX, with think is really the So -- in I the sort that's of where in thing think kick-scooters the as similar China side I side, the well, mentioned I the the as international a earlier, low

and So QX the only which XX% was than like whole We're QX quarter. unfair, it's in the means the to more significantly it's that growth, growth year it's Xx QX, the be Xx growth first will less. year-over-year really

where I a the we you rollout and start downward a rebounding year think where this last a will half. see half second That's that's -- of a think expect range. faster from versus first momentum I combination product you And in schedule. it's a growth year of also see the to typical

Scarlett Ge

question Okay. for the And the very other start My when deliver? you Thank you product in you order share much. to models? other can the for will is flows that hand new product, launched products, new

Yan Li

think I -- newly of about from we XX% roughly see about orders models. think XX% I is from and models actually existing launched the currently actually the the what

I that's in we May. what think see

out, the don't early we forward-looking coming there GXXX/GXXXT because out So orders. June new in the June a have coming two and that are reflected, is in products how

Scarlett Ge

very Thank much. you. Got Okay. you

Operator

Thank you. further Instructions] time. [Operator at no questions this There are

So to for I'll closing Dr. back Li hand the call Yan CEO, remarks.

Yan Li

all you, you Thank and support. and today's to next quarter appreciate call to forward our on right. for your your Thank We interest you. All on for you and progress. participating reporting operator, again thank look

Operator

This for call. Thank participating. concludes today's you conference

may disconnect. Speakers, by. please You now stand

Niu Technologies (NIU) 22 May 232023 Q1 Earnings call transcript