小牛電動 (NIU) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Niu Technologies First Quarter 2023 Earnings Release Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎來到 Niu Technologies 2023 年第一季度收益發布電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

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

我現在想把會議交給今天的演講者，IR 經理 Wendy Zhao。請繼續。

Thank you, operator. Hello, everyone. Welcome to today's conference call to discuss Niu Technologies results for the fourth quarter 2023. The earnings press release, corporate presentation and financial spread sheets have been posted on our Investor Relations website. This call is being webcast from company's IR website as well, and a replay of the call will be available soon. Please note today's discussion will contain forward-looking statements as made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks uncertainties, assumptions and other factors. The company's actual results may be materially different from those expressed today. Further information regarding the risk factors is included in company's public filings with the Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements, except as required by law. Our earnings press release and this call include discussions of certain non-GAAP financial measures. The press release contains a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results.

謝謝你，運營商。大家好。歡迎參加今天的電話會議，討論 Niu Technologies 2023 年第四季度的業績。收益新聞稿、公司介紹和財務電子表格已發佈在我們的投資者關係網站上。該電話會議也在公司的 IR 網站上進行網絡直播，很快就會重播電話會議。請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款作出的前瞻性陳述。前瞻性陳述涉及風險不確定性、假設和其他因素。公司的實際結果可能與今天公佈的結果存在重大差異。有關風險因素的更多信息包含在公司向美國證券交易委員會提交的公開文件中。公司不承擔任何更新任何前瞻性陳述的義務，除非法律要求。我們的收益新聞稿和本次電話會議包括對某些非 GAAP 財務指標的討論。新聞稿包含非 GAAP 財務指標的定義以及 GAAP 與非 GAAP 財務結果的調節。

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

今天與我通電話的是我們的首席執行官嚴力博士；首席財務官周文娟女士。

Now let me turn the call over to Yan.

現在讓我把電話轉給嚴。

Thank you, everyone, for joining us on the call today. In Q1 2023, our total sales volume was 94,407 units representing a year-over-year decrease of 42%. Specifically, sales volume in the China market dropped by 45% year-over-year to 81,518 units and the sales in the overseas market dropped by 12% to 12,889 units. Total revenue in Q1 was RMB 417 million, a decrease of 27.5% year-over-year. Now the decrease in sales volume in the China market is primarily due to 2 factors: Firstly, the price increase caused by the rise in the lithium battery cost last year and then secondly, the expectation of new product launches in Q2. In response to the lithium battery price hike in 2022 we increased prices by average 7% across our products in the China market in Q2 2022 to maintain healthy margin. However, this led to a decrease in sales. The impact of rising prices on the sales volume continues in Q1 2023 this year compared to the pre-price adjustment in Q1 2022 on a year-over-year basis. For instance, our entry-level GOVA 0 Series, which target a more price conscious market experienced the biggest year-over-year drop in sales of nearly 90%.

謝謝大家今天加入我們的電話會議。 2023 年第一季度，我們的總銷量為 94,407 輛，同比下降 42%。具體而言，中國市場銷量同比下降45%至81,518輛，海外市場銷量下降12%至12,889輛。第一季度總收入為人民幣4.17億元，同比下降27.5%。現在中國市場銷量下降主要有兩個因素：一是去年鋰電池成本上漲導致價格上漲，二是二季度新品上市預期。為了應對 2022 年鋰電池價格上漲，我們在 2022 年第二季度將中國市場所有產品的價格平均提高了 7%，以保持健康的利潤率。但是，這導致銷售額下降。與 2022 年第一季度的價格調整相比，今年第一季度價格上漲對銷量的影響仍在繼續。例如，我們的入門級 GOVA 0 系列針對的是對價格更為敏感的市場，其銷量同比下降幅度最大，接近 90%。

Secondly, the expectation of new products being launched in Q2 also contributed to the decrease in sales volume in Q1. Our distributors delay orders in anticipation of new product launch events that we host in Q2, where we released the mid-end to premium products. Despite the drop in sales volume, the retail sales number remain on par with Q1 2022 last year, many of our regional partners choose to delay orders from traditional low Q1 to Q2 this year given the on-time rollout of product in 2023.

其次，二季度新品上市預期也導致一季度銷量下降。我們的分銷商因預期我們在第二季度舉辦的新產品發布活動而延遲訂單，我們在該活動中發布了中端到高端產品。儘管銷量下降，但零售額與去年 2022 年第一季度持平，鑑於 2023 年產品的按時推出，我們的許多區域合作夥伴選擇將訂單從傳統的第一季度延遲到今年第二季度。

Now for the China market we'll focus on the premium series and high-quality mid-end series as the premium high-end flagship product has enabled us to improve margin and strengthen our brand positioning, where our mid-end products have allowed us to reach a mass market and an achieved volume. With this focus in mind, we have developed products that combine design aesthetics and technology enable functionalities to bring to the market.

現在對於中國市場，我們將專注於高端系列和高質量的中端系列，因為高端旗艦產品使我們能夠提高利潤率並加強我們的品牌定位，而我們的中端產品使我們能夠進入大眾市場並獲得銷量。考慮到這一點，我們開發了將設計美學與技術相結合的產品，使功能能夠推向市場。

In the previous earnings call, I introduced the revolutionary high-end [feather-lite] electric bicycle SQI and the newest addition to the most popular U series, the UQi+, which we launched in Q3 2022 last year. Since their launch both products have received recognition from both industry and our customers. The SQi won the Red Dot Design Awards Best of Best 2023, which is the highest honor that the Red Dot Design Awards can best do. The SQi have also won the iF Design Awards 2023, making it potentially the third product to win all major awards after legendary U1, M1. The new UQi+ have also won the prestige Red Dot or Design Awards and have been met with the immense popularity in the market. Sales volume for the new UQi+ accounted for over 50% of total sales of our premium product lines. Those awards and sales performance are testaments to our unwavering pursuit of creating a premium product that resonate with consumers.

在之前的財報電話會議上，我介紹了革命性的高端 [feather-lite] 電動自行車 SQI 和我們去年 2022 年第三季度推出的最受歡迎的 U 系列的最新成員 UQi+。自推出以來，這兩款產品都得到了業界和我們客戶的認可。 SQi榮獲2023年紅點設計大獎Best of Best，這是紅點設計大獎所能做到的最高榮譽。 SQi 還贏得了 2023 年 iF 設計獎，這使其成為繼傳奇的 U1、M1 之後第三款獲得所有主要獎項的產品。全新的UQi+也獲得了紅點或設計大獎，在市場上受到了極大的歡迎。新UQi+的銷量占我們高端產品線總銷量的50%以上。這些獎項和銷售業績證明了我們堅定不移地追求創造能引起消費者共鳴的優質產品。

We also rolled out a B2 product, which is the mid-end range form factor product, which has been very popular since its launch accounting for nearly 30% of mid-end series sales in the first 3 quarters since it's launch. In Q1 2023, we recently made an upgrade to the popular model bringing a new look based on our [original design] and bring out the old fashion style from the minimalist appearance.

我們還推出了 B2 產品，這是一款中端產品，自推出以來非常受歡迎，在推出後的前三個季度佔中端系列銷售額的近 30%。在2023年第一季度，我們最近對流行型號進行了升級，在我們的[原始設計]的基礎上帶來了新的外觀，並從極簡的外觀中帶出了舊時尚風格。

Now building on the momentum generated by the product we launched last year. We released 4 new products in May during the annual distributor conference that will be launched into the market in Q2 this year. The full product we recently launched are MQiL, the G400 and G400T and RQi. I'll share some of the product highlights with you.

現在建立在我們去年推出的產品所產生的勢頭之上。我們在 5 月份的年度經銷商大會上發布了 4 款新產品，這些產品將在今年第二季度投放市場。我們最近推出的完整產品是 MQiL、G400 和 G400T 以及 RQi。我將與您分享一些產品亮點。

First, we introduced the MQiL the new next level flagship product that incurs the design of our all-time plastic M-Series, but with significant upgrading performance, edge smart functionalities. The M-Series is 1 of our 2 products that has won the all seven major international design award in the mobility industry. The MQiL, the first major model we released hoping to bring back the classic M-Series in the last few years. Retaining the Classic style, the new MQiL features significant improvements in the life design range, charging features, new smart control, riding economics and additional personalization features. The MQiL is equipped with new energy 9.0 battery, delivering an impressive 170-kilometer max range and it can charge to 100-kilometer drive range in just over 2 hours. In addition, the new MQiL bike encrypted with the new Smart 5.0 with 20 smart features to make the scooter an industry-leading smart vehicle. Those include the new smart dashboard with navigation display incoming call notice, the new smart lighting system with an automatic turning lights, the OkGo control system that is fully integrated with the Apple ecosystem, allowing users to control the scooter with just your Apple Watch or Siri. Targeting the premium electric scooter users, the MQiL is priced from RMB 4,999 to RM 8,299. We have received more than 15,000 orders from our dealers within the first week of first launch.

首先，我們推出了 MQiL 新的下一代旗艦產品，它採用了我們歷來塑料 M 系列的設計，但具有顯著升級的性能和邊緣智能功能。 M 系列是我們贏得移動行業所有七項主要國際設計大獎的 2 款產品中的一款。 MQiL 是我們發布的第一個主要型號，希望在過去幾年帶回經典的 M 系列。新款 MQiL 保留了經典風格，在續航設計範圍、充電功能、新的智能控制、騎行經濟性和額外的個性化功能方面都有顯著改進。 MQiL配備了新能源9.0電池，提供令人印象深刻的170公里最大續航里程，只需2個多小時即可充電至100公里續航里程。此外，新款 MQiL 自行車採用全新 Smart 5.0 加密，具有 20 項智能功能，使踏板車成為行業領先的智能車輛。其中包括帶有導航顯示來電通知的新型智能儀表板、帶有自動轉向燈的新型智能照明系統、與 Apple 生態系統完全集成的 OkGo 控制系統，允許用戶僅通過 Apple Watch 或 Siri 控制滑板車.針對高級電動滑板車用戶，MQiL 的價格從 4,999 元人民幣到 8,299 元人民幣不等。在首次推出的第一周內，我們就收到了來自經銷商的 15,000 多份訂單。

Now for the mid-end product lines, we announced the G400 and G400T, we took an innovative approach to use the same platform to build 2 vehicles. The G400 is the light motorcycle and G400T is an electric bicycle, both vehicles are built with the same modern design and chassis platform, combining design aesthetics and a practical functionalities like large storage space. Both of them are equipped with a full set of new smart system features. The G400/G400T are set to launch in early June.

現在中端產品線，我們發布了G400和G400T，創新的方式是用同一個平台打造2款車。 G400是輕型摩托車，G400T是電動自行車，兩款車均採用相同的現代設計和底盤平台，結合了設計美學和大存儲空間等實用功能。兩者都配備了全套全新的智能係統功能。 G400/G400T 將於 6 月初推出。

We have also recently announced the market launch of our first class electric motorcycle, RQi. The RQi has top speed of 100-kilometer power and drive range of 119 kilometers. Equipped with the 18-watt -- kilowatt motor, the RQi can accelerate to 50-kilometer power within just 2.9 seconds. The RQi also incurred many of smart features. The RQi priced at RMB 32,980 and was online through a live streaming on May 20. The product is perfectly suitable for motorcyclist who plan to switch from petrol to electric for the fastest acceleration experience with the pursuit of environmental friendliness in mind.

我們最近還宣布推出我們的一流電動摩托車 RQi。 RQi 的最高時速為 100 公里，續航里程為 119 公里。 RQi搭載18瓦千瓦電機，50公里加速僅需2.9秒。 RQi 還招致了許多智能功能。 RQi售價32980元，於5月20日通過直播上線，非常適合油改電、追求最快加速體驗、追求環保的摩托車手。

Now we are confident that with this premium product, we have introduced the market will not only increase sales but also enhance our brand image and strengthen our leadership in the high electric 2-wheeler market in China. Our focus on developing premium products complementing with our effort to build a premium brand with user engage activities and marketing campaigns. The new innovative ambassador program where a selective core users (inaudible) serving as a culture ambassador for new brand launch in 2022 has become a core part of a user center event planning strategy. Since its launch in Q3 last year, we had planned and hosted over 80 events in 30 cities in China.

現在，我們有信心將這款優質產品推向市場，不僅會增加銷量，還會提升我們的品牌形象，並加強我們在中國高性能電動兩輪車市場的領導地位。我們專注於開發優質產品，與我們通過用戶參與活動和營銷活動打造優質品牌的努力相輔相成。新的創新大使計劃已成為用戶中心活動策劃策略的核心部分，其中選定的核心用戶（聽不清）作為 2022 年新品牌發布的文化大使。自去年第三季度推出以來，我們已在中國 30 個城市策劃並舉辦了 80 多場活動。

Now along with the product launch, we have organized a series of marketing branding campaigns through our online social media, QR collaborations, offline product launch events and PR. For online marketing, we invited over 150 (inaudible) of KOC content creators with large fan base to generate content showing cases of a new product, and we expect those content to gain over 150 million viws throughout the launch of event. For the offline event, we are planning to host 4 official events and utilize our innovative ambassador investor network to support another 15 events, bringing new scooters to the market. We believe that, with those marketing content and offline event will gain significant media exposure for the new products, further strengthening our brand image as an innovative leader in the urban mobility scenarios.

現在隨著產品發布，我們通過在線社交媒體、QR 合作、線下產品發布活動和公關組織了一系列營銷品牌活動。在網絡營銷方面，我們邀請了超過 150 位（聽不清）擁有大量粉絲的 KOC 內容創作者來製作展示新產品案例的內容，我們預計這些內容在整個活動啟動期間將獲得超過 1.5 億的瀏覽量。對於線下活動，我們計劃舉辦 4 場官方活動，並利用我們創新的大使投資者網絡支持另外 15 場活動，將新滑板車推向市場。我們相信，通過這些營銷內容和線下活動，新產品將獲得大量媒體曝光，進一步鞏固我們作為城市出行場景創新領導者的品牌形象。

Now turning into the overseas market. We have experienced a year-over-year decrease of 12% in sales in Q1 2023. The electric multi category saw a significant, a 70% decrease, while the micromobility category enjoying a moderate 16% increase in sales. The price adjustment made in Q2 2022 in response to the increase in the lithium battery price continued to have the impact on the electric moped sales when compared year-over-year. The international distribution partner have also been waiting for a planned performance upgrade for our high-end performance 125cc bikes in Q2.

現在轉向海外市場。 2023 年第一季度，我們的銷售額同比下降了 12%。電動多功能類別的銷售額大幅下降了 70%，而微型汽車類別的銷售額則溫和增長了 16%。與去年同期相比，為應對鋰電池價格上漲而在 2022 年第二季度進行的價格調整繼續對電動助力車的銷量產生影響。國際分銷合作夥伴也一直在等待我們在第二季度對我們的高端性能 125cc 自行車進行計劃的性能升級。

Now for the European market, we're rolling out the improved 125cc products in Q2 2023 to regain growth.

現在對於歐洲市場，我們將在 2023 年第二季度推出改進後的 125cc 產品以恢復增長。

In the Southeast Asian market, we are also developing a better swapping enabled solutions electric moped, smartphone batteries and better charging cabinets. This solution will be suitable for battery swapping operator to sell multi-chassis but also charging the batteries on a rental basis, lowering the upfront purchasing cost of electric moped in the region. We expect to roll out solutions in second half 2023.

在東南亞市場，我們也在開發更好的可交換解決方案電動助力車、智能手機電池和更好的充電櫃。該解決方案將適用於電池交換運營商銷售多底盤，同時也以租賃方式為電池充電，降低該地區電動助力車的前期採購成本。我們預計將在 2023 年下半年推出解決方案。

Together with the solutions, we're also actively expanding stores and developing partnerships with local operators and enhancing factory assembly capacity in Southeast Asia. Despite being in the low season, our micromobility category still experienced a moderate of 16% year-over-year growth in sales in Q1 2023. We have already established a solid foundation with our product portfolio, sales channel development and marketing and branding activities. With this foundation, we expect a micromobility category to continue to drive high-quality growth in the coming quarters.

與解決方案一起，我們還積極擴大商店並與當地運營商發展合作夥伴關係，並提高東南亞的工廠組裝能力。儘管處於淡季，我們的微型交通工具類別在 2023 年第一季度的銷售額仍實現了 16% 的溫和增長。我們已經在產品組合、銷售渠道開發以及營銷和品牌推廣活動方面奠定了堅實的基礎。有了這個基礎，我們預計微出行品類將在未來幾個季度繼續推動高質量增長。

In Q1 2023, we launched the KQi1 Pro as addition to our key school product offerings. The KQi1 Pro featured a patent to the folding mechanism added to the original KQi1 sports kick scooter. With the newly added KQi1 Pro, we have completed the product offering that covers wide range of product from high-end $900 price range to the entry level of $300 price range.

2023 年第一季度，我們推出了 KQi1 Pro 作為我們主要學校產品的補充。 KQi1 Pro 在原始 KQi1 運動踏板車上增加了折疊機構的專利。通過新增的 KQi1 Pro，我們已經完成了涵蓋從高端 900 美元價格範圍到入門級 300 美元價格範圍的廣泛產品範圍的產品供應。

The established kick scooter product mix have generated higher volume growth since its launch. Beyond the growth in sales, our kick scooters product has received a prestige awards such as the iF Design Awards and New York Product Design Awards. Our KQi2 and KQi YOUTH+ won the iF Design Awards 2023, and the KQi3 Pro was selected as a gold golden winner -- as a gold winner of 2023 of New York Product Design Awards, as the only product in the vehicle technology category. Additionally, Niu was awarded riders choice of our 2023 as the best scooter company by the micromobility world.

自推出以來，既定的滑板車產品組合產生了更高的銷量增長。除了銷量增長之外，我們的滑板車產品還獲得了 iF 設計獎和紐約產品設計獎等知名獎項。我們的KQi2和KQi YOUTH+獲得了2023年iF設計獎，KQi3 Pro被選為金獎——作為2023年紐約產品設計獎的金獎，作為車輛技術類別中的唯一產品。此外，Niu 還被微型移動世界授予騎手選擇我們 2023 年最佳踏板車公司的稱號。

With the market presence we have (inaudible) throughout the micromobility products, while of our current focus is on sales and channel expansion on the targeted market. As of May 2023, Niu products are available in approximately 500 retail stores in the U.S., and over 400 in Europe through our retail partners, such as Best Buy and MediaMarkt. This sales network translated a solid foundation for ramping up our product sales in the upcoming quarters. In addition to the sales channel expansion, we continue to collaborate with the influencers and product marketing campaigns to further establish our presence in the market. We have worked with over 300 influencers across various platforms to showcase our kick scooters and the moped, and their content gathered more than 40 million views only to their broader reach and wide acceptance. Our product also be featured and placing multiple TV shows like -- and in movies. We are pleasantly surprised to see our product appears in movies like Murder Mystery 2 and TV shows, The Drew Barrymore show and The Price is Right.

憑藉我們在整個微移動產品中的市場佔有率（聽不清），而我們目前的重點是目標市場的銷售和渠道擴展。截至 2023 年 5 月，Niu 的產品通過百思買和 MediaMarkt 等零售合作夥伴在美國約 500 家零售店和歐洲 400 多家零售店銷售。該銷售網絡為我們在未來幾個季度提高產品銷量奠定了堅實的基礎。除了銷售渠道擴張，我們繼續與有影響力的人合作並開展產品營銷活動，以進一步確立我們在市場上的地位。我們與來自不同平台的 300 多位有影響力的人合作，展示了我們的滑板車和輕便摩托車，他們的內容獲得了超過 4000 萬次的瀏覽量，影響範圍更廣，接受度也更高。我們的產品也有特色，並放置在多個電視節目中，如 - 和電影中。我們驚喜地看到我們的產品出現在電影《謀殺之謎 2》和電視節目、德魯·巴里摩爾秀和《價格公道》等電影中。

In conclusion regarding to the overseas market, we anticipate a sustainable growth driven by our strategy to diversify our product offering beyond the electric 2-wheelers and expanded into geographic regions beyond our primary European market. Despite a temporary low quarter due to seasonality, we see growth potential stemming from our diversification strategy based on our product offerings and increasing brand recognition.

總而言之，關於海外市場，我們預計將在我們的戰略推動下實現可持續增長，該戰略將使我們的產品供應多樣化，超越電動兩輪車，並擴展到我們主要歐洲市場以外的地理區域。儘管由於季節性因素導致季度業績暫時走低，但我們看到了基於產品供應和品牌知名度提高的多元化戰略帶來的增長潛力。

Now looking forward, we target to regain growth throughout 2023 in both China and international markets gradually recovering from the negative impact of price increase and delayed product launch in 2022. We have put a focused strategy in place for product development, brand marketing and sales channel expansions. In the China market, our strategic product positioning have generated growth opportunity for us in 2023 by focusing on the premium and also the mass premium segment. By combining the high-end, high-quality product with user center activities and marketing ad campaigns, we aim to maintain our brand leadership in the premium urban mobility sector. With new product rollout and brand activities in place, we expect to see a strong rebound from last year starting in Q2 2023. For the overseas market, we anticipate returning to a fast growth path through product and geographic expansions. In the electric 2-wheeler sector with a product ready for release in our respective markets, we believe we will see a sales ramp up in the new quarter. As for the micromobility sector with the comprehensive product offerings extensive sales channel coverage, and the growing brand awareness, we expect this sector to experience a faster growth in both sales volume and the margin performance.

現在展望未來，我們的目標是在整個 2023 年在中國和國際市場恢復增長，逐步從 2022 年價格上漲和產品發布延遲的負面影響中恢復過來。我們已經在產品開發、品牌營銷和銷售渠道方面製定了重點戰略擴展。在中國市場，我們的戰略產品定位通過專注於高端和大眾高端細分市場，為我們在 2023 年創造了增長機會。通過將高端、高質量的產品與用戶中心活動和營銷廣告活動相結合，我們旨在保持我們在高端城市交通領域的品牌領導地位。隨著新產品的推出和品牌活動的到位，我們預計從 2023 年第二季度開始將比去年強勁反彈。對於海外市場，我們預計將通過產品和地域擴張回到快速增長的軌道。在電動兩輪車領域，產品已準備好在我們各自的市場發布，我們相信我們將在新季度看到銷量增長。至於產品全面、銷售渠道覆蓋廣泛、品牌知名度不斷提高的微出行板塊，我們預計該板塊的銷量和利潤率表現將實現更快增長。

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

現在我將把電話轉給我們的首席財務官 Fion。

Thank you, Yan, and hello, everyone. Please note that our press release contains all the figures and comparisons you need, and we have also absolute cell format figures to our IR website for your easy reference. As I review our financial results, I'm referring to the fourth quarter figures unless I say otherwise, and all monetary figures are in RMB, if not specified.

謝謝嚴老師，大家好。請注意，我們的新聞稿包含您需要的所有數據和比較，我們還在我們的 IR 網站上提供了絕對單元格格式的數據，供您輕鬆參考。當我回顧我們的財務業績時，除非另有說明，否則我指的是第四季度的數字，如果沒有特別說明，所有貨幣數字均以人民幣為單位。

During the first quarter, our company achieved a total sales volume of 94,000 units. Of this figure, 81,000 units was sold in the Chinese market, while the remaining 13,000 units was sold overseas. And the sales performance in China mainly driven by the premium Niu series and mid-end Gova series, which accounted for a significant percentage of the sales volume. Those 2 series represented 94% for the total sales volume for the quarter, which is a notable increase compared to 70% shares in the same period over the last year.

一季度，我司實現總銷量9.4萬台。其中，8.1萬台在中國市場銷售，其餘1.3萬台在海外銷售。而在中國的銷售業績主要受高端Niu系列和中端Gova系列的推動，這兩個系列佔銷量的比重很大。這兩個系列佔本季度總銷量的 94%，與去年同期的 70% 相比有了顯著增長。

In terms of the overseas sales, we continue to experience stable year-over-year growth in micromobility sales. Total revenue for the first quarter amounted to RMB 417 million reflecting a 28% decrease compared to the same period of last year. Scooter sales contributed RMB 358 million to the total revenues. Analyzing the scooter revenue by rating, we observed the revenue from the Chinese market amounted to RMB 305 million, representing a 33% increase. This decline was primarily driven by the decrease in sales volume of an entry-level series as discussed earlier. However, with the change in product mix particularly with the introduction of the high ASP SQi model, our China scooter market had an increase in ASP from [RMB 3072] to [RMB 3743] marking a 22% year-over-year growth and maintaining a stable level quarter-over-quarter. The overseas scooter revenue, including the motorcycles, the moped, kick scooters and e-bike amounted to RMB 53 million compared to RMB 66 million in the same period of last year. This decline is primarily due to the lower sales volume of the new moped and e-motorcycles. However, there was a significant growth in micromobility revenue, which witnessed a remarkable year-on-year increase of nearly 90%. In particular, kick-scooters revenue surged by 62%. It is worth noting that the kick-scooters ASP also experienced a significant rise of 46%, apart from the consistent increase in the sales volume and these impressive results were largely driven by the high-end KQi3 series, which accounted for 2/3 of the total kick-scooters sales. Due to the higher proportion of kick-scooters revenue, which has an ASP around 1/4 to 1/3 of the e-motorcycle and e-moped, the blended ASP for over this quarter decreased by 8% to RMB 31 -- sorry, the [RMB 4138]. The revenue from accessories, spare parts and services amounted to 59 million, marking a 13% increase compared to the fourth quarter of last year, and this growth can be primarily attributed to the expanding popularity of our NIU application service subscription.

在海外銷售方面，我們的微型移動設備銷售繼續保持穩定的同比增長。第一季度總收入為人民幣4.17億元，同比下降28%。滑板車銷售額為總收入貢獻人民幣3.58億元。按評級分析滑板車收入，我們觀察到來自中國市場的收入達到人民幣 3.05 億元，增長 33%。如前所述，這種下降主要是由於入門級系列銷量下降所致。然而，隨著產品組合的變化，特別是高 ASP SQi 模型的推出，我們的中國滑板車市場的平均售價從 [RMB 3072] 增加到 [RMB 3743]，同比增長 22%，並保持環比穩定水平。包括摩托車、助力車、踏板車和電動自行車在內的海外滑板車收入為人民幣 5300 萬元，而去年同期為人民幣 6600 萬元。這一下降主要是由於新型輕便摩托車和電動摩托車的銷量下降。然而，微出行收入增長顯著，同比增長近90%。特別是滑板車的收入猛增了 62%。值得注意的是，除了銷量持續增長外，電動滑板車的平均售價也大幅上漲了46%，而這些驕人的業績主要得益於高端KQi3系列，佔2/3滑板車的總銷量。由於滑板車收入佔比較高，平均售價約為電動摩托車和電動助力車的 1/4 至 1/3，本季度混合平均售價下降 8% 至人民幣 31 元——抱歉, [RMB 4138]。配件、備件和服務的收入為 5900 萬，比去年第四季度增長 13%，這一增長主要歸因於我們的 NIU 應用程序服務訂閱的日益普及。

In the fourth quarter gross margin increased by 2.6 ppt year-over-year, reaching a 21.7%, and this improvement was driven by various factors, including 0.9 ppt increase in kick scooters gross margin, 0.8 ppt improvement in product mix and price increase in domestic market and 0.9 ppt boost from the non-scoring sales with a higher gross margin.

第四季度毛利率同比增長 2.6 個百分點，達到 21.7%，這一改善是由多種因素推動的，包括滑板車毛利率增長 0.9 個百分點，產品結構改善 0.8 個百分點以及價格上漲國內市場和毛利率較高的非得分銷售提振 0.9 個百分點。

Our fourth quarter OpEx amounted to RMB 157 million, representing a 10.3% compared to the same period of last year. Among the total expenses, selling and marketing expenses reached RMB 72 million, slightly rising by 2 million year-over-year primarily due to the increase in depreciation and amortization expenses. Research and development expenses amounted to RMB 35 million, reflecting a reduction of RMB 7 million as we have successfully lowered the cost and improve efficiency in this area.

我們第四季度的運營支出為人民幣 1.57 億元，同比增長 10.3%。在總費用中，銷售費用達到人民幣0.72億元，同比小幅增加200萬元，主要是由於折舊和攤銷費用的增加。研發費用為人民幣 3,500 萬元，減少了人民幣 700 萬元，因為我們在這方面成功地降低了成本並提高了效率。

G&A expenses were RMB 50 million, RMB 19 million higher, and we have made a provision for credit loss for RMB 21 million. However, if we exclude this provision, G&A expenses decreased by 6% compared to the previous year. With the expansion of overseas business, the sale of account receivables, which served as the basis for calculating the bad debt provision had also grown accordingly, and we have observed the European consumer sentiment remains top cautious, leading our distributors to request extended payment terms due to the weak retail sales. Despite the increase in credit loss provisions for overdue payments in a prudent matter, we maintain an optimistic outlook on receivable collections in the future. As our partners are in sound financial position, and have continued making payments during this period. The OpEx as a percentage of revenue increased primarily due to the lower revenue base.

一般及行政費用為人民幣 5,000 萬元，高出人民幣 1,900 萬元，我們已計提信貸損失準備金人民幣 2,100 萬元。然而，如果我們剔除這項準備金，G&A 費用與上一年相比下降了 6%。隨著海外業務的擴張，作為計提壞賬準備基礎的應收賬款銷售也相應增長，我們觀察到歐洲消費者情緒保持高度謹慎，導致我們的經銷商要求延長到期付款期限零售銷售疲軟。儘管出於謹慎考慮增加了逾期付款的信用損失準備，但我們對未來的應收賬款回收前景保持樂觀。由於我們的合作夥伴財務狀況良好，並在此期間繼續付款。運營支出佔收入的百分比增加主要是由於收入基數較低。

In the first quarter, our net loss was RMB 60 million with a net margin of negative 14.5% under the GAAP measurement compared to the net loss of RMB 29 million with the net margin of negative 5.1% at the same period of last year.

第一季度，我們的淨虧損為人民幣 6,000 萬元，按照美國通用會計準則計算，淨利率為負 14.5%，而去年同期為淨虧損人民幣 2,900 萬元，淨利率為負 5.1%。

And turning to our balance sheet and cash flow. We ended the quarter with RMB 860 million in cash, restricted cash, term deposits and short-term investments. Our operating cash flow amounted to RMB 66 million, primarily by a seasonal settlement of RMB 95 million in payments to the upstream suppliers. However, we successfully decreased our operating cash outflow by RMB 101 million compared the fourth quarter of the previous year, thanking to the negotiated improvements in credit terms with our suppliers.

並轉向我們的資產負債表和現金流量。本季度末，我們擁有 8.6 億元人民幣的現金、受限現金、定期存款和短期投資。我們的經營現金流為人民幣 6,600 萬元，主要來自支付給上游供應商的季節性結算人民幣 0.95 億元。然而，由於與供應商協商改善信貸條件，我們成功地將經營現金流出與去年第四季度相比減少了人民幣 1.01 億元。

Our CapEx for the first quarter amounted to RMB 16 million reflecting a decrease of RMB 44 million compared to the same period of last year, and this reduction can be attributed primarily to the decrease in the opening of new stores in China. Since the second half of last year, our channel strategy in the Chinese market has shifted from the rapid store expansion, the same-store sales performance improvement.

我們第一季度的資本支出為人民幣 1600 萬元，與去年同期相比減少了人民幣 0.44 億元，這主要是由於中國新店開張的減少。從去年下半年開始，我們在中國市場的渠道策略已經從門店快速擴張轉向同店銷售業績提升。

And now let's turn to the guidance. As we entered peak season and launch our new products. We are aiming to get back to the growth track, and we expect in the second quarter revenue in the range of RMB 828 million to RMB 952 million, representing a year-over-year flat to 15% increase. And please be aware that this outlook is based on the information available for the date and reflects the company's current and preliminary expectations, which were subject to change due to the uncertainties relating to various factors.

現在讓我們轉向指南。隨著我們進入旺季並推出我們的新產品。我們的目標是回到增長軌道，我們預計第二季度的收入將在人民幣 8.28 億元至人民幣 9.52 億元之間，同比持平至 15% 的增長。請注意，此展望基於當日可獲得的信息，反映了公司當前和初步的預期，由於各種因素的不確定性，這些預期可能會發生變化。

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

有了這個，現在讓我們打開電話，回答您可能對我們提出的任何問題。接線員，請繼續。

(Operator Instructions) We'll now go ahead with our first question. Our first question comes from the line of Yating Chen from CICC.

（操作員說明）我們現在將繼續我們的第一個問題。我們的第一個問題來自中金公司的陳雅婷。

My first question is the number of our channels has decreased in quarter 1 and how should we understand this trend? And how should we look forward in the whole year about the number of our channels?

我的第一個問題是我們的渠道數量在第一季度有所減少，我們應該如何理解這一趨勢？我們應該如何看待全年的渠道數量？

So let me address this question. So I think basically, if you look at the channel has decreased by about, I think, roughly about 150 or 160 stores in Q1. I think this is actually reflected to the status in 2022, because in 20 -- towards the end of 2021, if you look at -- we actually add about 1,600 stores in 2021. And the many of the stores actually target to lower tier cities, where the entry-level priced products are being sold. And then I think in 2022, with the lithium battery price went up significantly, you can see our entry-level product percentage actually dropped significantly from representing -- it used to be 38% of the sales volume dropped to almost a single-digit percent of volume. So that's where in some of the cities or some of the places where those stores have become unsustainable. So we actually took an active approach and then sort of optimize the stores I think that's what happened.

所以讓我來解決這個問題。所以我認為基本上，如果你看一下渠道，我認為第一季度大約減少了 150 或 160 家商店。我認為這實際上反映到 2022 年的狀態，因為在 20 年——到 2021 年底，如果你看一下——我們實際上在 2021 年增加了大約 1,600 家門店。而且許多門店實際上針對低線城市，銷售入門級定價產品的地方。然後我認為在 2022 年，隨著鋰電池價格大幅上漲，你可以看到我們的入門級產品百分比實際上從代表的 38% 的銷量下降到幾乎個位數的百分比。體積。所以這就是在一些城市或一些地方，這些商店變得不可持續的地方。所以我們實際上採取了一種積極的方法，然後對商店進行了某種程度的優化，我認為這就是發生的事情。

Now going forward, I think typically in Q2 and Q3, it's the peak season. We don't expect we will actually increase the number of stores. I think looking at this year, I think we'll go back to on sort of a sales store expansions trend probably Q4 this year when it's actually coming to a low season sales.

現在展望未來，我認為通常在第二季度和第三季度，這是旺季。我們預計我們實際上不會增加商店的數量。我想看看今年，我認為我們可能會在今年第四季度回到某種銷售店擴張趨勢，屆時它實際上將進入淡季銷售。

Okay. And my second question is about -- we all know maybe the 2-wheeler industry is witnessing the price war. So how do you view the price war and will join the price war?

好的。我的第二個問題是——我們都知道，也許雙輪車行業正在見證價格戰。那麼如何看待價格戰，是否會加入價格戰呢？

So yes. So I think this year, we do observe there's a price war with the bigs players competing -- basically competing in the low end -- basically in the low-end market, basically below the -- in reality, basically below the 3,000 below the RMB 2,500 sectors. I think the reality is we don't have we don't actually have the product in that range in that price range. So I think we were less affected by the price war. So I think our focus is still sort of the what I call the mid-end market and the premium market, but mid-end market, basically product price above RMB 3,500 to RMB 5,000 and the premium market are the product priced above RMB 5,000. I think in those price ranges, I think there -- in reality, there are less pressed wars involved.

所以是的。所以我認為今年，我們確實觀察到與大公司競爭的價格戰 - 基本上是在低端競爭 - 基本上是在低端市場，基本上低於 - 實際上，基本上低於 3,000 2500元人民幣的行業。我認為現實是我們沒有我們實際上沒有那個價格範圍內的產品。所以我認為我們受價格戰的影響較小。所以我認為我們的重點仍然是我所說的中端市場和高端市場，但是中端市場，基本上是 3500 元到 5000 元人民幣以上的產品，高端市場是 5000 元以上的產品。我認為在這些價格範圍內，我認為 - 實際上，涉及的壓力戰爭較少。

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

我們的下一個問題來自中金常靜的專線。

(foreign language) So this is my first question. Seeing that our income guidance -- revenue guidance in the second quarter was very positive. We achieved year-on-year positive growth. And at the same time in May, we also released several new products. So what is the feedback from our dealers and the market after the product listing? And how do we expect the domestic sales volume recovery in the second quarter and third quarter? In addition, now we have other new products to be launched in the second half of this year and what are their main market segment target?

（外語）所以這是我的第一個問題。看到我們的收入指引——第二季度的收入指引非常積極。我們實現了同比正增長。同時在5月份，我們還發布了幾款新品。那麼產品上市後我們的經銷商和市場的反饋是怎樣的呢？以及我們如何看待二季度和三季度國內銷量的恢復？另外，今年下半年我們還有其他新產品要推出，他們的主要細分市場目標是什麼？

So Jing, I guess you talked out, I'll still respond in English for the general audiences. I think, one, with the new product with the 4 new products, I think the ML (sic) [MQiL] is already out. The G400/G400T, we haven't really announced the price or set to taking orders yet. But with our first product, MQiL, we actually got a huge response from dealers from the consumers and from the market and even from social media. So I think that's even the first week within the first week. So I think that, some of the sort of the dealers are committing almost like more than 15,000 units. And so we're actually in a rush out. I think the issue looking at in a month basis is probably somewhere around 30,000 to 40,000 units ordered. But we're actually -- the issue we have right now is actually need to ramp up the production. I think that was -- it's a good response from the market. I think the reason it has a good response from the market because it's come from a legendary product. It's M-Series or (inaudible) M-Series announced in 2016, basically with all-time award-winner product. So we actually have people sort of yelling -- I was saying they want to have something product that looks like M, the upgrade M, but actually that also compatible with the new China new standard. I think that's what that is.

所以璟，我猜你說出來了，我還是用英文回應給廣大觀眾。我認為，第一，有了 4 個新產品的新產品，我認為 ML (sic) [MQiL] 已經出來了。 G400/G400T，我們還沒有真正公佈價格，也沒有開始接單。但是對於我們的第一個產品 MQiL，我們實際上從消費者和市場甚至社交媒體的經銷商那裡得到了巨大的反響。所以我認為這甚至是第一周內的第一周。所以我認為，一些經銷商承諾的銷量幾乎超過 15,000 台。所以我們實際上是在匆忙中。我認為按月計算的問題可能是大約訂購了 30,000 到 40,000 個單位。但我們實際上 - 我們現在遇到的問題實際上是需要提高產量。我認為這是 - 這是市場的良好反應。我認為它之所以在市場上有很好的反響，是因為它來自一個傳奇的產品。它是 2016 年發布的 M 系列或（聽不清）M 系列，基本上是有史以來屢獲殊榮的產品。所以我們實際上有人大喊大叫——我是說他們想要一些看起來像 M 的產品，升級 M，但實際上也與新的中國新標準兼容。我認為就是這樣。

Now the -- what's going forward to Q2 and Q3, I think we have, I think we have that 2 or 3 products in the pipeline. So basically, we're looking at -- this year, we probably have product coming out in May, June, July and August and potentially September. So I think that's layout we have quite a few products -- new products. Most of those products are going to focus on one, the premium end and the second the mid-end. With 1 or with potentially 1 sort of entry revised, entry-level upgrades. I think that -- so we actually -- I think we're very optimistic. We're very confident with the new product offerings. I think this actually reflects how we forecast our Q2 earnings.

現在 - 第二季度和第三季度的進展情況，我認為我們有，我認為我們有 2 或 3 種產品正在籌備中。所以基本上，我們正在考慮 - 今年，我們可能會在 5 月、6 月、7 月和 8 月以及可能的 9 月推出產品。所以我認為這就是我們有很多產品的佈局——新產品。這些產品中的大多數將專注於一個高端產品，第二個產品是中端產品。有 1 種或可能有 1 種條目修改，入門級升級。我認為 - 所以我們實際上 - 我認為我們非常樂觀。我們對新產品非常有信心。我認為這實際上反映了我們如何預測第二季度的收益。

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

話雖如此，我認為——隨著市場本身的反應，我們確實採取了更加謹慎的觀點。一是我們 - 我認為就整體市場規模而言，我們對市場確實觀察到某種 - 至少在我們觀察到的一些省份持謹慎態度，例如市場放緩，因為產品更換發生在去年。第二，我認為前面提到的一些問題是價格戰，我們確實看到它發生在低端，但我們不知道是否真的會延伸到中端價格。所以這是我們持謹慎態度的事情。

On the positive note, it's -- there is a trend where we do see the lithium carbonate pricing came down quite a bit from the peak of last year, which means there will be a double pressure on the lithium battery prices, which means that with the lithium battery prices coming down, the percentage of lithium scooters as an overall percentage of the electric scooters sold in China that percentage will start to come back up. And that's where our targeted market mainly. So I think that will actually help us a little bit basically on the Q2 and Q3, especially in Q3.

從積極的方面來看，這是一種趨勢，我們確實看到碳酸鋰的價格比去年的峰值下降了很多，這意味著鋰電池價格將面臨雙重壓力，這意味著隨著隨著鋰電池價格的下降，鋰滑板車在中國銷售的電動滑板車中所佔的比例將開始回升。這就是我們的主要目標市場。所以我認為這實際上會對我們在第二季度和第三季度有一點幫助，尤其是在第三季度。

And (foreign language). So my second question is about how is the offline distribution, the network expansion of our kick scooter? and the sales volume of kick scooter in the first quarter is not very high. So from our perspective, what is the overall market demand of kick scooters in the overseas market? In addition, what is the acceptance of our products and also new products by the market and dealers? What is our annual sales target and how to look forward to the quarterly performance in the future?

和（外語）。那麼我的第二個問題是關於線下分銷，我們滑板車的網絡擴展如何？而滑板車一季度的銷量並不是很高。那麼從我們的角度來看，滑板車在海外市場的整體市場需求是怎樣的呢？另外，市場和經銷商對我們的產品以及新產品的接受度如何？我們的年度銷售目標是多少，如何展望未來的季度業績？

So I think 1 with the kick scooters at May today, we have -- we were being to 400-plus offline channels in the United States. I think those are mainly the Best Buy -- Best Buy mainly and also Walmart. And then we are also in about 400-plus channels in I think in the Europe, which is a typical sort of the Media Markt, ECI, those ones. I think the -- so in terms of offline channel expansion, I think that's completed. The -- now with the Q1 this year, I think the issue with the Q1 has also been -- traditionally has been a low quarter in term of kick scooters sales. So I think that's why you don't see the Q1 year-over-year increase significantly.

所以我認為 1 今天在 5 月有了滑板車，我們有 - 我們正在訪問美國的 400 多個線下渠道。我認為這些主要是百思買——主要是百思買，還有沃爾瑪。然後我們在歐洲也有大約 400 多個頻道，這是典型的 Media Markt、ECI 等頻道。我認為 - 所以就線下渠道擴展而言，我認為已經完成。 - 現在是今年第一季度，我認為第一季度的問題也是 - 傳統上在滑板車銷售方面一直是一個較低的季度。所以我認為這就是為什麼你看不到第一季度同比顯著增長的原因。

Second, it's the -- also because I think what happened is, I think 1 minor detail estimation on the call is with the -- typically with our -- with the moped, I think what happened when the multi-distributor order, they take a month, 1.5 months to ship the moped to Europe. That's where you ship in Q1, you start seeing sales in Q2. With the kick scooters, a lot of actually -- our current business model is actually, we have kick scooter inventories in Europe. So there is low season is actually low season. It doesn't -- you don't see this sort of like a 3-month lag. I think that's what happened where Q1 is low season, so they decided not to order too much, they just match whatever their sales out. And I think we expect that Q2 and Q3 really start to pick up. I think throughout the full year, we expect this business to grow about 2x to 3x. Whether we land that at 3x or whether we land with a 2x, I think it really depends on how we're performing Q2 and Q3. And also depends on how I think the overall market responded. I think historically, in the past, the world market has been saying the market growing at a double-digit. And -- but this year, we -- I think we also take a cautious view. But regardless, I think from our point of view, even we do about 3x, that's only a 300,000 unit sales compared to overall markets about 4 million units. So we're still a very, very small -- small player with -- even we do about 300,000 sales out of that 4 million units you're talking about is really just 7% of market share, still a very small market player there, which means actually we do have a tremendous growth potential.

其次，它是 - 也是因為我認為發生的事情是，我認為電話上的 1 個小細節估計是 - 通常是我們的 - 輕便摩托車，我認為當多經銷商訂單時發生的事情，他們採取一個月，1.5 個月將輕便摩托車運往歐洲。這就是你在第一季度發貨的地方，你在第二季度開始看到銷售。滑板車，實際上很多——我們目前的商業模式實際上是，我們在歐洲有滑板車庫存。所以有淡季其實就是淡季。它沒有——你看不到這種 3 個月的滯後。我認為這就是第一季度淡季發生的情況，所以他們決定不訂購太多，他們只是匹配他們的銷售量。而且我認為我們預計第二季度和第三季度真的會開始好轉。我認為在全年中，我們預計該業務將增長約 2 至 3 倍。無論我們以 3 倍還是以 2 倍著陸，我認為這實際上取決於我們在第二季度和第三季度的表現。而且還取決於我認為整體市場的反應。我認為從歷史上看，過去世界市場一直在說市場以兩位數的速度增長。而且 - 但今年，我們 - 我認為我們也持謹慎態度。但無論如何，我認為從我們的角度來看，即使我們做了大約 3 倍，與整體市場約 400 萬台相比，也只有 300,000 台銷量。所以我們仍然是一個非常非常小的 - 小玩家 - 即使我們在你談論的 400 萬台中實現了大約 300,000 的銷售額，實際上也只是市場份額的 7％，仍然是一個非常小的市場參與者，這意味著實際上我們確實有巨大的增長潛力。

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

我們的下一個問題來自瑞士信貸的 Scarlett Ge。

Thank you management for the introduction and congrats on winning great orders for the new launched product. So I have 2 questions. The first question is, could you share the order flow of other product models. And my other question is, would you keep your full year 2023 target in both the sales volume and the sales revenue because if I add up the first quarter revenue and the guided second quarter revenue, it totally accounted for around 30% of the whole year revenue target, any actions you would like to take to realize the target? Or would you like to change?

感謝管理層的介紹，恭喜新推出的產品贏得大筆訂單。所以我有兩個問題。第一個問題，能否分享一下其他產品型號的訂單流程。我的另一個問題是，您是否會保持 2023 年全年的銷售量和銷售收入目標，因為如果我將第一季度收入和第二季度指導收入相加，它總共佔全年的 30% 左右收入目標，你想採取什麼行動來實現這個目標？或者你想改變嗎？

So I think just first respond to the quick address on the revenue percentage question. I think this year, we're looking at it's actually a -- you will look at the year sort of a rebounding case where the Q1 this year compared with last year Q1 was a drop because it was the last year Q1 was a pre-price increase. So that was a fair comparison. Where we expect to really have Q2 start to get back to the growth momentum and with Q3 and Q4, looking for a quite significant growth over the last year issue being done. Also, I think this is also related to our new product rolling out with the first new product rolling out in May, which means for in mid May, which means that actually only able to impact about half of the Q2, where Q3 and Q4, you're going to see sort of a full impact of the new product coming out. So I think that's on the China side, similar thing in the sort of in the international side as well, where I think really the -- as I mentioned earlier, the Q1, with the kick scooter is a low season. So it's unfair, it's the year-over-year growth, it's only like was 16% less. We're really the whole year 2x to 3x growth which means that the growth in Q2 and Q3, Q4 will be more significantly than the first quarter. I think that's where you start -- you will see a just a typical range. And I think it's a combination of rebounding from a downward momentum last year and also a product low-off schedule. That's where we expect to see a faster growth in the second half this year versus the first half.

所以我想首先回答關於收入百分比問題的快速地址。我認為今年，我們正在研究它實際上是 - 你會看到今年的反彈情況，今年第一季度與去年相比有所下降，因為去年第一季度是一個預價格上漲。所以這是一個公平的比較。我們預計第二季度真正開始恢復增長勢頭，第三季度和第四季度，尋找比去年更顯著的增長問題。另外，我認為這也與我們推出的新產品有關，第一個新產品在 5 月推出，這意味著在 5 月中旬，這意味著實際上只能影響第二季度的一半左右，其中第三季度和第四季度，您將看到新產品面世的全面影響。所以我認為這是在中國方面，在國際方面也有類似的事情，我認為真的 - 正如我之前提到的那樣，Q1 和滑板車是淡季。所以這是不公平的，這是同比增長，只是減少了 16%。我們真的是全年 2 到 3 倍的增長，這意味著第二季度和第三季度、第四季度的增長將比第一季度更顯著。我認為這就是你開始的地方——你會看到一個典型的範圍。而且我認為這是從去年的下行勢頭中反彈以及產品低價時間表的結合。這就是我們預計今年下半年比上半年增長更快的地方。

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

好的。我的另一個問題是，您可以分享其他產品型號的手頭訂單流程嗎？對於新產品，新推出的產品，你們什麼時候開始交付？

I think currently, I think what we see is actually about -- roughly about 50% of orders from actually the newly launched models and the 50% from the existing models. I think that's what we see in May. So we don't have a forward-looking tune because there are 2 new products coming out, the G400/G400T coming out in early June and how is that reflected, the orders.

我認為目前，我認為我們所看到的實際上是——大約 50% 的訂單來自新推出的模型，50% 來自現有模型。我認為這就是我們在 5 月份看到的情況。所以我們沒有前瞻性的調子，因為有 2 款新產品推出，G400/G400T 於 6 月初推出，訂單如何反映。

(Operator Instructions) There are no further questions at this time. So I'll hand the call back to CEO, Dr. Yan Li for closing remarks.

（操作員說明）目前沒有其他問題。因此，我將把電話轉回給首席執行官嚴力博士作結束語。

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

正確的。謝謝接線員，也感謝大家參加今天的電話會議並給予支持。感謝您的關注，並期待下個季度再次向您報告我們的進展情況。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect. Speakers, please stand by.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。發言人，請稍候。