In the second quarter of 2020, NIU sold 160,138 e-scooters, representing a 61.2% year-over-year growth. The number of e-scooters sold in China market reached 154,959, representing an 81.0% year-over-year growth.
The number of e-scooter sold in the international markets outside China reached 5,179, a decrease of 62.3% compared with the second quarter last year.
The number of franchised Niu stores in China was 1,084, an increase of 51 since March 31, 2020. And, international sales network expanded to 35 distributors covering 45 countries.
The growth in China market was partially driven by the promotion of new product G0, which was launched at a discounted sales price of RMB 1,999 through an e-commerce platform since the mid May. The total units of G0 sold during the second quarter was approximately 23,000.
The G0 model has lower sales price and gross margin compared with the existing models, and the launch of this model has negative impacts on the blended revenues per scooter and overall gross margin for the second quarter.
In the first half of 2020, NIU sold approximately 200,298 e-scooters, representing a 20.9% year-over-year growth. The number of e-scooters sold in China market and international markets reached 189,275 and 11,023, respectively.
In July, Niu launched MQiS, another new model under the MQi series. The MQiS inherits the design language of MQi series of being classic and fashionable. This model complies with the new national standard of electric bicycle in China.
Financial Results in Q2 2020
- Revenues were RMB 644.9 million, an increase of 21.6% year over year
- Gross margin was 23.0%, compared with 23.7% in the second quarter of last year
- Net income was RMB 56.8 million, compared with RMB 51.0 million in the second quarter of last year
- Adjusted net income (non-GAAP) was RMB 67.8 million, compared with RMB 54.1 million in Q2 2019