小牛電動 (NIU) 2023 Q4 法說會逐字稿

Good day, ladies and gentlemen.

美好的一天，女士們先生們。

Thank you for standing by, and welcome to the Niu Technologies' fourth quarter 2023 earnings conference call.

感謝您的耐心等待，歡迎參加小牛科技 2023 年第四季財報電話會議。

At this time, all participants are in listen-only mode.

此時，所有參與者都處於只聽模式。

Later, we will conduct a question-and-answer session and instructions will follow at that time.

稍後，我們將進行問答環節，屆時將給予說明。

As a reminder, we are recording today's call.

謹此提醒您，我們正在為今天的通話進行錄音。

If you have any objections, you may disconnect at this time.

如果您有任何異議，您可以此時斷開連接。

Now, I will turn the call over to Ms. Krystal Li, Investor Relations Manager of Niu technologies.

現在我將電話轉接給小牛科技投資者關係經理李晶女士。

Ms. Li, please go ahead.

李女士，請講。

Thank you, operator.

謝謝你，接線生。

Hello, everyone, welcome to today's conference call to discuss Niu technologies results for the fourth quarter 2023.

大家好，歡迎參加今天的電話會議，討論小牛科技2023年第四季業績。

The earnings press release, corporate presentation, and financial spreadsheet has been posted on our investor relations website.

收益新聞稿、公司演示和財務電子表格已發佈在我們的投資者關係網站上。

This call is being webcast from our company's IR site as well, and a replay of the call will be available soon.

我們公司的 IR 網站也對該電話會議進行了網路直播，並且很快就會提供該電話會議的重播。

Please note today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995.

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做出的前瞻性陳述。

Forward-looking statements involve risks, uncertainties, assumptions, and other factors.

前瞻性陳述涉及風險、不確定性、假設和其他因素。

The company's actual results may be materially different from those expressed today.

公司的實際結果可能與今天所表達的結果有重大差異。

Further information regarding risk factors is included in the company's public filings with the Securities and Exchange Commission.

有關風險因素的更多資​​訊包含在該公司向美國證券交易委員會提交的公開文件中。

The company does not assume any obligation to update any forward-looking statements, except as required by law.

除法律要求外，本公司不承擔更新任何前瞻性聲明的義務。

Our earnings press release and this call include a discussion of certain non-GAAP financial measures.

我們的收益新聞稿和本次電話會議包括對某些非公認會計準則財務指標的討論。

The press release contains a definition of non-GAAP financial measures and the reconciliation of GAAP to non-GAAP financial results.

該新聞稿包含非 GAAP 財務指標的定義以及 GAAP 與非 GAAP 財務績效的調整表。

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

今天與我通話的是我們的執行長李岩博士；和財務長Fion Zhou 先生。

Now, let me turn the call over to CEO Yan.

現在，讓我把電話轉給嚴執行長。

Thanks, Crystal, and hello, everyone.

謝謝克里斯托，大家好。

In the fourth quarter of 2023, our total sales volume was 137,000 units, maintaining the same level one year ago, with a flat year over year drop of 0.6%.

2023年第四季，我們的總銷量為13.7萬輛，與一年前持平，較去年同期持平下降0.6%。

Specifically, sales volume in the China market dropped by 6.4% to 110,000 units, while sales in the overseas market had a significant increase of 33% to 27,000 units.

其中，中國市場銷量下降6.4%至11萬輛，而海外市場銷量大幅成長33%至2.7萬輛。

Total revenue in Q4 was RMB478.7 million, a decrease of 21%.

第四季總收入為人民幣4.787億元，下降21%。

Those results wrap up the financial year of 2023.

這些結果是 2023 財年的總結。

In 2023, the total sales volume was 709,000 thousand units; total revenue for the entire year was RMB2.7 billion.

2023年總銷量7.09億輛；全年總收入27億元。

Now, the year of 2023 presented significant challenges for new operation.

現在，2023年對新營運提出了重大挑戰。

The lingering effect of lithium battery price hike in 2022 continue to impact our sales in the first half of 2023.

2022年鋰電池價格上漲的持續影響持續影響我們2023年上半年的銷售。

While the price of lithium battery returned to normal levels in the second half of the year, our business faced additional setbacks due to consumption upgrade and downgrade in the top tier cities in China.

雖然下半年鋰電池價格回歸正常水平，但由於國內一線城市消費升級和降級，我們的業務面臨額外的挫折。

This trend, characterized by cautious spending behaviors among the premium market customers, resulted in a slowdown in sales.

這一趨勢的特徵是高端市場客戶的謹慎消費行為，導致銷售放緩。

Now, in the international electric two-wheeler market, we conduct challenges both externally and internally.

現在，在國際電動兩輪車市場上，我們從外部和內部進行挑戰。

The decline of electric moped market in the key European countries, such as Germany and the Netherlands, coupled with temporary operational disruptions due to issues faced by our distribution partners in Europe, further hindered our growth in 2023.

德國和荷蘭等主要歐洲國家電動輔助車市場的下滑，加上我們在歐洲的分銷合作夥伴面臨的問題導致暫時的營運中斷，進一步阻礙了我們 2023 年的成長。

But despite the headwinds, our 2023 presented itself a year with opportunities to reflect and refocus our strategy.

但儘管面臨阻力，2023 年仍是反思和重新調整策略重點的一年。

In the China market, our product strategy remains focused on the premium market segment, enhancing our product line by growing our classic series, and also by successfully introduce a more sporty style Falcon Series.

在中國市場，我們的產品策略仍然專注於高端細分市場，透過發展經典系列來增強我們的產品線，並成功推出更具運動風格的獵鷹系列。

One notable product release in 2023 is the MQiL, the legacy return product updates our iconic M series, with significant design performance improvements.

2023 年發布的一項值得注意的產品是 MQiL，這是一款傳統回歸產品，更新了我們標誌性的 M 系列，並帶來了顯著的設計性能改進。

In just seven months after launch the MQiL sales volume in 2023 represents 16% of China's total sales.

推出後僅七個月，MQiL 2023 年銷售量就佔中國總銷量的 16%。

The [RQi] series is also another popular series that we introduced in 2023 that quickly become well-known style, besides the classic serialized series, with the recent launch at

【RQi】系列也是我們在2023年推出的繼經典連載系列之外又一迅速成為家喻戶曉的熱門系列，近期上線於

[400 TF. 200 s. and 100 products].

[400 噸。 200 秒。和 100 個產品]。

The new S series together represent nearly 35% of total China sales.

新S系列合計佔中國總銷量的近35%。

Our dedication to craft and premium products is complemented by our unwavering commitment to build a premium breadth.

我們對工藝和優質產品的奉獻精神與我們堅定不移地致力於打造優質產品的承諾相輔相成。

Throughout 2023, we remain deeply engaging branding and marketing activities, leveraging various user events and cross-brand collaboration to strengthen our presence in China market.

2023年，我們將繼續深入參與品牌和行銷活動，利用各種用戶活動和跨品牌合作來加強我們在中國市場的影響力。

We've actively participated in exhibitions and roadshows, collaborating with leading lifestyle brands such as The North Face, [month festivel], Sneaker Con, [viviltrum game], and the DesignerCon expo.

我們積極參與展覽和路演，與領先的生活方式品牌合作，例如 The North Face、[month festivel]、Sneaker Con、[viviltrum game] 和 DesignerCon expo。

These event provided us those type opportunities to showcase our products and elevate our brand presence.

這些活動為我們提供了展示我們的產品和提升我們的品牌影響力的機會。

Simultaneously, we maintained a robust online presence through a strategic communication and marketing campaigns, predominantly on short video platforms like [xiaoxing], collaborating with over 600 KOLs and POCs.

同時，我們透過策略溝通和行銷活動（主要在[小星]等短視頻平台）與600多名KOL和POC合作，保持了強大的線上影響力。

Our content generated over 250 million views, further solidifying our brand's digital footprint.

我們的內容產生了超過 2.5 億次瀏覽，進一步鞏固了我們品牌的數位足跡。

Furthermore, in 2023, as we embark on the impactful cross-brand collaborations, such as our partnership with globally recognized IP [commitments], resulting in the launch of a new class common G100 scooters.

此外，到 2023 年，我們將開展有影響力的跨品牌合作，例如與全球公認的 IP [承諾] 的合作，從而推出新級別的通用 G100 踏板車。

Additionally, in Q4 2023, we established a significant operational partnership with JD Gaming, a leading e-sports team in China and a finalist in the League of Legends Worlds 2023.

此外，在 2023 年第四季度，我們與中國領先的電競隊伍、2023 年英雄聯盟全球總決賽入圍者京東遊戲建立了重要的營運合作夥伴關係。

Moving forward, we'll continue to leverage our strategic collaborations and high-profile events to amplify our brand visibility and reinforce our position in the market.

展望未來，我們將繼續利用我們的策略合作和備受矚目的活動來擴大我們的品牌知名度並鞏固我們在市場中的地位。

Now, turning to the overseas markets.

現在，轉向海外市場。

In 2023, we encountered a mixed of challenges and opportunities.

2023年，我們面臨挑戰與機會並存。

Our electric two-wheeler sales experienced a significant decline of 70%, primarily attribute to the operational disruption faced by one of our key distributors.

我們的電動兩輪車銷售量大幅下降 70%，這主要是由於我們的一家主要經銷商面臨營運中斷。

However, our micro mobility segment saw a modest increase of 0.5% year-over-year.

然而，我們的微型移動細分市場較去年同期小幅成長 0.5%。

Despite a decline in the electric two-wheeler sector, we have initiated efforts to make operational adjustments to improve our performance since the second half of 2023.

儘管電動兩輪車產業下滑，但自2023年下半年以來，我們已開始努力進行營運調整，以提高業績。

We continue to introduce new products in 2023 in the electric two-wheeler market.

2023年我們將繼續在電動兩輪車市場推出新產品。

In the fourth quarter, we introduced the RQi, a high performance urban electric motorcycle to the European market.

第四季度，我們向歐洲市場推出了高性能城市電動摩托車RQi。

It's cutting edge design with acceleration and integrate smart features such as keyless lock, unlock, GPS navigation, OTA updates, have been met with enthusiasm from the market.

其前沿的加速設計，整合無鑰匙鎖、解鎖、GPS導航、OTA更新等智慧功能，受到了市場的熱烈歡迎。

Alongside the RQi, we've lunched, the SQi electric dirt bike, available in two variants: the SQi3 street for urban riders and SQi3 wild for offload adventures.

除了 RQi 之外，我們還推出了 SQi 電動越野車，有兩種型號可供選擇：適合城市騎士的 SQi3 street 和適合卸載冒險的 SQi3 wild。

The two SQis quickly garnered a claims, winning the 2023 gold winner of the New York Product Design Awards.

這兩款 SQ 很快就獲得了認可，榮獲 2023 年紐約產品設計獎金獎。

Furthermore, 2023 marked our official launch of our new swap battery swapping solutions, compatible with our newly introduced

此外，2023 年我們正式推出了新的交換電池交換解決方案，與我們新推出的電池交換解決方案相容

[asset centers, more pet].

【資產中心，多寵】。

This initiative in collaborating with partners across Southeast Asia, South America, and Europe revolutionize the way riders engaged with our product by offering quick efficient battery swaps; thereby opening doors in the markets that we have previously yet to penetrate.

這項措施與東南亞、南美和歐洲的合作夥伴合作，透過提供快速且高效的電池更換，徹底改變了騎士使用我們產品的方式；從而打開了我們之前尚未進入的市場之門。

We officially pickup solution in Q4 2023 and expect to have battery swapping cabinets available, by working closely with three to five operational partners by the end of year 2024.

我們將於 2023 年第四季正式採用解決方案，並預計透過與三到五個營運合作夥伴密切合作，到 2024 年底提供電池交換櫃。

In the micro mobility sector, we delivered sales volumes slightly higher than the previous year, with the increase of 0.5%, higher than total activation number in 2023 grew by two times compared to 2022.

在微出行領域，我們的銷量略高於上年，增幅為0.5%，高於2023年總激活數量較2022年增長兩倍。

In product strategy, we're focused on rounding out our product portfolio to cater a product spectrum needs the lunch hour premium KQi Air and the KQi AirX model, constructed predominantly from lightweight carbon fiber for incredibly low weight of under 12 kilograms, solidifying our range in micro mobility categories.

在產品策略中，我們專注於完善我們的產品組合，以滿足午餐時間優質KQi Air 和KQi AirX 型號的產品需求，該型號主要由輕質碳纖維製成，重量極低，低於12 公斤，從而鞏固了我們的產品系列在微移動類別。

With KQi Air series, we now crossed the comprehensive lineup that spans from high end innovative design scooters in USD1,000 plus range to high performance scooter in the $800 to $900 range, to accesible entry-level options in the $300 to $400 bracket.

憑藉 KQi Air 系列，我們現在涵蓋了全面的產品陣容，從 1,000 美元以上的高端創新設計踏板車到 800 至 900 美元的高性能踏板車，再到 300 至 400 美元的入門級選項。

This diverse range lays a strong foundation for anticipated sales growth in 2024.

這一多樣化的產品系列為 2024 年的預期銷售成長奠定了堅實的基礎。

The expanded sales channel of our micro mobility product also play a bigger role in the growth.

我們的微行動產品銷售管道的擴大也在成長中發揮了更大的作用。

In 2023, we transitioned from focusing on online sales through our Amazon and Shopify to a combination of online and offline sales, by working with our official retail partners like Best Buy, Medium Mart, [loungewear], and more.

2023 年，我們從專注於透過 Amazon 和 Shopify 進行的線上銷售轉變為透過與 Best Buy、Medium Mart、[loungewear] 等官方零售合作夥伴合作，實現線上線下相結合的銷售。

So those retail partners were able to place our product in more than 1,000 physical locations in the United States and Europe.

因此，這些零售合作夥伴能夠將我們的產品放置在美國和歐洲的 1,000 多個實體位置。

Our active participation in global expos and road shows, including the A&M Expo in Las Vegas, [If I am] in Berlin, and EICMA on Milan, and the electric expo in various countries have significantly elevated news brands to build visibility.

我們積極參與全球展覽和路演，包括拉斯維加斯的A&M博覽會、柏林的[If I am]、米蘭的EICMA以及各國的電博會，大大提升了新聞品牌的知名度。

Moreover, our inclusion in popular media, such as appearance in the movie Murder Mystery 2, and TV shows like [to repair more show], and The Price is Right, has pleasantly surpassed our expectations, further enhancing our brand's presence on the global stage.

此外，我們在大眾媒體上的表現，例如電影《謀殺疑案2》，以及電視節目《修復更多節目》、《價格合適》等，都令人愉快地超出了我們的預期，進一步提升了我們品牌在全球舞台上的影響力。

Now, as we move into 2024, our optimism for growth is brought by strategy adjustment laid out in 2023 across our operations.

現在，隨著我們邁入 2024 年，我們對成長的樂觀情緒是由 2023 年我們的業務策略調整帶來的。

In China, our commitment remains strong towards the premium market segment, focusing on premium product development, targeting very specific customer segments, channeling expansion into Tier two and Tier three cities, and same store sales growth to be online, offline traffic optimization.

在中國，我們對高端細分市場的承諾依然堅定，專注於高端產品開發，針對非常具體的客戶群，向二線和三線城市擴張，並透過線上、線下流量優化實現同店銷售成長。

In terms of product, back in 2022, we introduced our new classic UQi plus model, our upgraded U series, featuring improved light design, smart control, and enhanced rider ergonomics.

在產品方面，早在2022年，我們就推出了全新經典UQi plus型號，即升級版U系列，具有改進的燈光設計、智慧控制和增強的騎士人體工學。

This model quickly captures market attention and contribute to near 14% of total sales in 2022.

該車型迅速吸引了市場關注，並在 2022 年貢獻了總銷量的近 14%。

Similarly, MQiL introduced in Q2 2023 at the enhancement of all-time popular M-Series, presented itself as a classy return with a performance improvement.

同樣，MQiL 於 2023 年第 2 季推出，是對一直以來流行的 M 系列的增強版，以性能改進的方式呈現出優雅的回歸。

The MQiL contribute to 16% of total 2023 China sales.

MQiL 佔 2023 年中國總銷售額的 16%。

Both models are a clear testimony to the consumers' preference for our classic design, combined with upgrade technology, boasting powertrain and smart functionalities. [Source] design sell are deeply ingrained in the minds of Chinese consumers as premium high quality.

這兩款車型都清楚證明了消費者對我們經典設計、結合升級技術、動力系統和智慧功能的偏好。 [來源] 設計銷售在中國消費者心中已根深蒂固地成為優質產品。

The successful launch of the UQis plus in the U series, and MQiL and M Series, set a foundation for our new products.

U系列、MQiL和M系列中UQis plus的成功推出，為我們的新產品奠定了基礎。

Now, on February 29, 2024, we've debuted our newly designed S series, continuing the design sell of our first legendary product, the [M1], which laid the foundation for our company back in 2015.

現在，2024 年 2 月 29 日，我們推出了全新設計的 S 系列，繼續我們的首款傳奇產品 [M1] 的設計銷售，該產品早在 2015 年就為我們公司奠定了基礎。

The M1 was our first electric moped in China and has sold over 0.5 million units since its launch.

M1是我們在中國的第一款電動輕便摩托車，自上市以來已售出超過50萬輛。

It has not only become the legendary design for new, but also a classic example of premium high quality smart electric scooter in China.

它不僅成為新款的傳奇設計，更是中國高品質智慧電動滑板車的經典典範。

However, since 2019, with the introduction of new regulations on Chinese electric bicycles, the M1 no longer met the uptick standard, and has to be sold as motorcycle, leading to a decline in sales.

但2019年以來，隨著中國電動自行車新規的出台，M1不再符合漲價標準，只能作為摩托車銷售，導致銷量下降。

Nonetheless, consumer has long been requesting an upgrade on M1 that complies with both the regulations for electric bicycles and motorcycles.

儘管如此，消費者長期以來一直要求對M1進行升級，以符合電動自行車和摩托車的法規。

Now, in 2024 would finally tell you the X series, with M1s represented electric motorcycles and [M1XT] at the electric bicycle.

現在，2024年終於告訴你X系列了，M1s代表電動摩托車，[M1XT]代表電動自行車。

Both models inherited the design style of the original M1, but are refined, upgraded modern look.

兩款車型繼承了原版M1的設計風格，但都精緻、升級了現代外觀。

The device themselves with a futuristic style incorporating mathematics, transparent panels to showcase its front circuitry, the body's design is sharp yet smooth aerodynamic lines.

該設備本身俱有融合數學的未來風格，透明面板展示其前置電路，機身設計銳利流暢的空氣動力學線條。

Additionally, we have upgraded a Halo life of signature elements shared across our most well-known scooters.

此外，我們還升級了我們最著名的踏板車所共享的標誌性元素的 Halo life。

In M1 series, the halo lights embedded in a front panel, adding another futuristic grass root design.

在M1系列中，光暈燈嵌入在前面板中，增添了另一種未來派的草根設計。

The M1 Xt are equipped with our most cutting-edge technology functions to date, making them the smartest electric scooters on the market.

M1 Xt 配備了我們迄今為止最前沿的技術功能，使其成為市場上最聰明的電動滑板車。

For driver safety, they're equipped with the full function APS and TCS.

為了駕駛員的安全，它們配備了全功能的 APS 和 TCS。

Additionally, that feature the BSC, the blind spot detection, and our stat loses were cross profit warning, along with data from automobile grade dash cams in the front, and the millimeter wave radar in the back.

此外，BSC、盲點偵測和我們的統計損失是交叉利潤警告，以及來自前面的汽車級行車記錄器和後面的毫米波雷達的數據。

To further enhance their riding experience, they're outfitted with the interactive TFT displays serving at smart cockpit.

為了進一步增強他們的乘坐體驗，他們在智慧駕駛艙中配備了互動式 TFT 顯示器。

This incorporate riding features such as keyless start up application remote access as well as the interactive features, including lab timing, reading routes, locks, and an entertainment system.

這結合了騎行功能，例如無鑰匙啟動應用程式遠端存取以及互動功能，包括實驗室計時、閱讀路線、鎖和娛樂系統。

Also to seamless integrated with you their smart device ecosystem, the update also incorporate new smart features like map or navigation compatible with Apple and Huawei Harmony system.

為了與您的智慧型裝置生態系統無縫集成，更新還融入了新的智慧功能，例如與蘋果和華為 Harmony 系統相容的地圖或導航。

The integration of our mobile features such as voice control, shortcut from display, and device management, including Apple's front mic features.

整合了我們的行動功能，例如語音控制、顯示快捷方式和裝置管理，包括 Apple 的前置麥克風功能。

Now, as one of the highest performance electric motorcycle with every release, the M1 boasted a maxim power 20,000 watts, with top speed of 135 kilometer per hour, and accelerate from zero to 50 kilometer power in just 2.45 seconds.

目前，M1作為歷次發布的性能最高的電動摩托車之一，最大功率20000瓦，最高時速135公里/小時，零加速至50公里僅需2.45秒。

The M1 key is available immediately since its launch, with pricing from RMB6,000 to RMB12,500, while the M1max is available in May.

M1 key一推出即上市，售價6,000-12,500元，M1max將於5月上市。

The [MXT] were well received, as evidenced by online preorders of the MXT initially through live streaming of major platforms.

[MXT] 受到好評，MXT 最初透過各大平台直播線上預購證明了這一點。

With the initial two weeks launched, we've secured more than 10,000 units in preorders, generating sales revenue exceeding RMB100 million.

上線兩週，預訂量已突破萬台，銷售收入過億元。

This amount is 40% more than compared to our initial crowdfunding campaign for the release of first M1.

這個金額比我們最初發布第一個 M1 的眾籌活動高出 40%。

Those preorder results positioned us a top seller across all major e-commerce platforms during the period.

這些預購結果使我們在此期間成為所有主要電子商務平台上的最暢銷產品。

Now, with the successful launch of the M1, MXT periods, targeting the premium motorcycle consumer segments and the performance driven electric bicycle segments, we'll also plan to introduce several products to target diversified user group.

現在，隨著M1、MXT時期的成功推出，針對高階摩托車消費群和性能驅動的電動自行車細分市場，我們也計劃推出多款產品來針對多元化的用戶群。

For example, our recently upgraded Niu one products launched just a few days ago, targeting female users, with its new color scheme, ergonomic improvement, you handle at ease position, easy to use smart functionality, and options to include BBC in accessories.

例如，我們前幾天推出的新升級的牛一產品，針對女性用戶，全新的配色、人體工學的改進、輕鬆的握持姿勢、易於使用的智能功能以及包含 BBC 配件的選項。

A key to our product strategy in 2024 is to build our product portfolio, targeting the premium consumer segment with diversified needs.

我們2024年產品策略的關鍵是建構我們的產品組合，瞄準需求多元化的高端消費群。

As supported with those new product, we also plan to restart channel expansion in Q2 2024, building up the channel coverage across Tier 1 to Tier 4 cities.

在這些新產品的支持下，我們也計劃在 2024 年第二季重新啟動通路擴張，建立對 1 至 4 線城市的通路覆蓋。

We'll initially focus on the top 45 cities, which represents 80% of our sales, with plan to build sales from in the lower tier cities as well.

我們最初將重點放在前 45 個城市，這占我們銷售額的 80%，並計劃在低線城市建立銷售。

Now, with additional store count, the key focus for 2024 remains the improvement of same-store sales, leveraging the combination of online to offline traffic.

現在，隨著門市數量的增加，2024 年的重點仍然是利用線上線下流量的組合來提高同店銷售。

We initiated those efforts in the second half of 2023, conducting over 15,000 livestream sessions

我們在 2023 年下半年啟動了這些工作，進行了超過 15,000 場直播

(spoken in Chinese).

（用中文說）。

We have recorded some successful case of achieving a GMV of over RMB100,000 in just one livestream sessions, indicating a successful online to offline conversion model we plan to further scale up.

我們已經有過一次直播GMV突破10萬元的成功案例，這顯示線上到線下的轉換模式是成功的，我們計劃進一步擴大規模。

Starting in Q1 2024, we have continued live stream initiatives in 30 key city markets, enabling those store to start directly through online live streaming on a daily basis.

從2024年第一季開始，我們在30個重點城市市場繼續進行直播活動，使這些商店能夠直接透過每天的線上直播開始營業。

Additionally, we have planned to launch online sales campaigns and co-create over 10,000 wide spreading social media content.

此外，我們還計劃開展線上銷售活動，並共同創建超過 10,000 個廣泛傳播的社群媒體內容。

With those strategies in place, we're anticipating improved same-store sales by 10% to 20% in 2024, driving significant volume growth for the company and enhanced store profitability.

實施這些策略後，我們預計 2024 年同店銷售額將提高 10% 至 20%，推動公司銷量大幅成長並提高門市獲利能力。

Now, with our product strategy and retail channel expansion focus, we aim to further strengthen our brands through marketing and branding campaign.

現在，隨著我們的產品策略和零售通路擴張重點，我們的目標是透過行銷和品牌活動進一步強化我們的品牌。

A recent highlight was our collaborations with JD Gaming team, expanding our partnership formed last year.

最近的一個亮點是我們與京東遊戲團隊的合作，擴大了我們去年建立的合作關係。

We joined forces with JD Gaming team as their official electrics scooter partners.

我們與京東遊戲團隊聯手，成為他們的官方電動滑板車合作夥伴。

This collaboration extends from social media engagement to product lunches and seek to make a significant impact within the Generation Z demographics.

這種合作從社交媒體參與延伸到產品午餐，並尋求在 Z 世代人群中產生重大影響。

The collaboration with JD Gaming marks the beginning of the serious partnership plan for 2024.

與京東遊戲的合作標誌著 2024 年認真合作計畫的開始。

We intend to continue our co-branding effort with several strong IPs, targeting the specific user groups and leveraging social media platforms.

我們打算繼續與多個強大的智慧財產權進行聯名品牌努力，針對特定的使用者群體並利用社群媒體平台。

Now, in the overseas market, our comprehensive product portfolio, which includes the introduction of [MTT 100], RQi, SQi model in the fourth quarter of 2023, strategically bridges the gap between our product offering and a high-performance electrical motorcycle market demand.

現在，在海外市場，我們全面的產品組合，包括於2023 年第四季度推出的[MTT 100]、RQi、SQi 型號，策略性地縮小了我們的產品供應與高性能電動摩托車市場需求之間的差距。

The MTT 100 price point and the [Europe 5,000], together with NGT, provides a comprehensive coverage from 50 cc to 125 cc electric mopeds.

MTT 100 價位和 [歐洲 5,000] 與 NGT 一起提供從 50 cc 到 125 cc 電動輕便摩托車的全面覆蓋。

The RQi targets electric motorcycle category, offering a high-performance car motorcycle options, with price starting on the EUR8,000.

RQi 針對電動摩托車類別，提供高性能汽車摩托車選擇，起價為 8,000 歐元。

Additionally, the new dirt bikes SQi marks our debut product in the off-road motorcycles sector price at EUR6,000.

此外，新款越野車 SQi 標誌著我們在越野摩托車領域的首款產品，售價為 6,000 歐元。

The SQi model has garnered significant attention.

SQi 模型引起了廣泛關注。

Our actively engaged in the industry event, such as A&M Expo in Las Vegas, [for the reader] in Berlin, Germany.

我們積極參與產業活動，例如拉斯維加斯 A&M 博覽會、[讀者]德國柏林。

As further amplify our brand visibility at those export, we brought our latest bikes, providing attendees, including influential KOCs with opportunity to test drive through our product.

為了進一步提高我們在出口方面的品牌知名度，我們帶來了最新的自行車，為與會者（包括有影響力的 KOC）提供了試駕我們產品的機會。

The positive feedback that the heightened interest from the diverse user groups receive adverse events has been instrumental in solidify our presence in the market.

不同使用者群體對不良事件的興趣日益濃厚，這項正面回饋有助於鞏固我們在市場上的地位。

Most importantly, since the latter half of 2023, we have undertaken substantial adjustment in our business operations in overseas electric two-wheeler sector.

最重要的是，自2023年下半年以來，我們在海外電動兩輪車領域的業務運作進行了大幅調整。

In some of our key markets, in addition to the existing distributors, we are established entities and operation team for direct distribution of some our product to retailers.

在我們的一些主要市場，除了現有的經銷商外，我們還建立了實體和營運團隊，將我們的一些產品直接分銷給零售商。

We believe the direct distribution model will enable us to invest more in local branding and marketing, establish strong ties with customers, and make us more adaptable to local market changes.

我們相信，直接分銷模式將使我們能夠更多地投資於當地品牌和行銷，與客戶建立牢固的聯繫，並使我們更能適應當地市場的變化。

With those operational adjustments may initially delayed revenue recognition on two our products actually reach to individual retailer dealers.

由於這些營運調整，最初可能會延遲我們的兩種產品的收入確認，這些產品實際上到達了個別零售商經銷商。

They will help us create a strong foundation in each local market in the long run.

從長遠來看，他們將幫助我們在每個當地市場打下堅實的基礎。

With a comprehensive product portfolio and operational adjustment complete in Q1 2024, we are confident in kick-starting the growth beginning in the second quarter of this year.

隨著全面的產品組合和營運調整於 2024 年第一季完成，我們有信心在今年第二季開始啟動成長。

Now, on overseas micro mobility sector, we have established a solid foundation for growth in 2024 over the past two years.

現在，在海外小微出行領域，我們過去兩年已經為2024年的成長奠定了堅實的基礎。

Although the book sales volume has remained relatively flat compared to 2023 to 2022, the actual sell-out volume to customers has doubled, as suggested by the activation number increase.

儘管與 2023 年至 2022 年相比，圖書銷量保持相對平穩，但正如激活數量的增加所示，實際向客戶售出的數量卻增加了一倍。

And the trend to continue at a two times rate.

而這種趨勢將以兩倍的速度持續下去。

We believe that our effort in product portfolio building and still channel establishment has positioned us well for the further growth this year.

我們相信，我們在產品組合建設和通路建立方面的努力為我們今年的進一步成長做好了準備。

On the product portfolio front, with the introduction of KQi air, our full carbon fiber, lightweight, high-performance kick scooter in September 2023, we now boast the comprehensive product lineup.

在產品組合方面，隨著我們在 2023 年 9 月推出全碳纖維輕量化高性能滑板車 KQi air，我們現在擁有全面的產品陣容。

Additionally, in January 2024, marks the launch of KQi's 300 series and it has now popular to KQi 3 series, designed for all terrain use.

此外，2024 年 1 月，標誌著 KQi 300 系列的推出，現在已流行為 KQi 3 系列，專為所有地形使用而設計。

KQi 300 series feature two tube hydraulic suspension for better handling on uneven surface, promising up to a 60 kilometer range per charge starting at $700.

KQi 300 系列採用兩管液壓懸吊，可在不平坦的表面上提供更好的操控性，每次充電可行駛 60 公里，起價為 700 美元。

We have several other product upgrades planned throughout the year or 2024.

我們計劃在全年或 2024 年進行其他幾項產品升級。

Now, with the product lineup, we made significant progress in entering retail channels in the second half of 2023, laying a solid foundation for growth in 2024.

現在，憑藉產品陣容，我們在2023年下半年進入零售通路方面取得了重大進展，為2024年的成長奠定了堅實的基礎。

In the US market, while well positioned over 800 Best Buy stores and invest in our effort entering retailers such as Walmart, Target, and Costco.

在美國市場，我們在擁有 800 多家百思買商店的同時，也投入精力進入沃爾瑪、塔吉特和好市多等零售商。

In Europe, our products are displayed in over 400 MediaMarkt stores in Germany, over 200 [plus branches] stores in France, and we are making progress in placing them nearly 100 core English stores in Spain.

在歐洲，我們的產品在德國 400 多家 MediaMarkt 商店、法國 200 多家[加上分店]商店中展示，並且我們正在將其放置在西班牙近 100 家核心英語商店中。

Additionally, we're moving forward with new retail partnership with Mediaware in Italy, the retailers in Australia, and others.

此外，我們正在推動與義大利 Mediaware、澳洲零售商和其他國家的新零售合作夥伴關係。

By the end of 2024, we plan to double the number of point of sales of micro mobility products by expanding the retail sales network.

到2024年底，我們計劃透過擴大零售網絡，將微型移動產品的銷售點數量增加一倍。

So heading into 2024, we're optimistic about regaining growth.

因此，進入 2024 年，我們對恢復成長持樂觀態度。

In the China market, the excitement surrounding our latest product release has been powerful, leveraging the momentum gained from the newly released product.

在中國市場，我們的最新產品發布帶來了強烈的興奮感，利用了新發布產品帶來的動力。

We have also a rollout schedule prepared for all the other products throughout the year, as well as the channel expansion.

我們也為全年所有其他產品以及通路擴展準備了推出時間表。

In the overseas, motorcycle market was ready to ship product and operational adjustments are already in place in Q1.

在海外，摩托車市場已做好出貨準備，營運調整已在第一季到位。

We're confident in the growth of 2024.

我們對 2024 年的成長充滿信心。

However, those operational adjustments made temporary result is in declining sales in Q1, as sales are actually booked differently due to the model change.

然而，這些營運調整暫時導致第一季的銷售額下降，因為實際上由於型號變化，銷售額的記錄有所不同。

For the micro mobility segment, we anticipate fast growth in Q1, as well as throughout the entire year, given that we have in our product portfolio and established both online and offline channels at the beginning of this year.

對於微移動領域，鑑於我們在今年年初已經建立了產品組合併建立了線上和線下管道，我們預計第一季以及全年都會快速成長。

Now, with load factor considered, we'd anticipate the sales volume in 2024, reaching 1 to 1.2 million units.

現在，考慮到客座率，我們預計 2024 年銷量將達到 100 至 120 萬輛。

Now, I'll turn to Fion to discuss.

現在，我將轉向菲昂討論。

Thank you again, and hello, everyone.

再次感謝大家，大家好。

Please note our press release contains all the figures and comparisons you need.

請注意，我們的新聞稿包含您所需的所有數據和比較。

And we have also uploaded Excel format figures to our IR website for your easy reference.

我們也會將Excel格式的資料上傳到我們的IR網站，以方便您參考。

As I review our financial results, I'm referring to the fourth quarter figures, unless I say otherwise.

當我回顧我們的財務表現時，除非我另有說明，否則我指的是第四季的數據。

And all monetary figures are in RMB, if not specified.

如果沒有特別說明，所有貨幣數字均以人民幣為單位。

As Yan mentioned, our total sales volume for the fourth quarter was 137,000 units, a decrease of 0.6% compared to the same period of last year.

正如顏所說，我們第四季的總銷量為13.7萬輛，比去年同期下降0.6%。

And specifically speaking to China, marketing, sales volume was 110,000 units, and overseas market was 27,000 units.

具體來說，中國市場銷售量為11萬台，海外市場銷售量為2.7萬台。

And for the full year 2023, the total sales volume was 710,000 units, including 601,000 units in China, and 109,000 units overseas.

2023年全年總銷量為71萬輛，其中國內銷量60.1萬輛，海外銷量10.9萬輛。

And the total revenue in the fourth quarter was RMB479 million, down 22% compared to the same period of last year.

第四季總收入為人民幣4.79億元，較去年同期下降22%。

To break down this quarter revenues by ranging, the scooter revenue in China at least RMB355 million, down 21%.

依本季營收區間細分，中國滑板車營收至少3.55億元人民幣，較去年同期下降21%。

This decline was primarily contributed to a shift in product mix, as the Chinese economy was still recovering.

這種下降主要是由於中國經濟仍在復甦之際，產品結構發生了變化。

Our premium series showed a slower recovering rate compared to the mass premium series.

與大眾優質系列相比，我們的優質系列的恢復速度較慢。

As a result, the ASP reached [RMB23216], a 15% lower on a year-over-year basis; however, the SP in each category has increased.

結果，平均售價達到[2,3216元]，較去年同期下降15%；然而，每個類別的 SP 都增加了。

The premium ASP remain almost nearly 5,000 and the mass premium EST increased to nearly 3,000.

高端 ASP 維持在近 5,000 左右，大眾高端 EST 則增加至近 3,000。

The overseas scooter revenue, including kick scooters, e-mopeds, and e-motorcycles, was nearly RMB60 million.

滑板車海外收入（包括踏板車、電動輔助車、電動摩托車）近6,000萬元。

The blend in scooter ASP decreased to 2,200, down 49% year over year.

混合踏板車平均售價下降至2,200，較去年同期下降49%。

Despite a higher field sales volume contribution of kick scooter with a lower ASP, the new launch to KY and KU is contributing to a 22% of the sales volume, which targeting towards the used and the entry-level market and have lower retail price.

儘管平均售價較低的滑板車的現場銷售貢獻較高，但新推出的 KY 和 KU 貢獻了 22% 的銷量，該產品針對二手和入門級市場，零售價較低。

Accessories, spare parts, and services revenue are in the RMB65 million, due to the decrease in the overseas spare parts and services as we mentioned in the previous quarters.

配件、備件和服務收入為人民幣 6500 萬元，這是由於我們在前幾季提到的海外備件和服務的減少。

For the full year 2023, our total revenue decreased by 16% to RMB2.7 billion, and China's scooter revenue as a whole, saw a 15% year-over-year decline to RMB2 billion.

2023年全年，我們的總收入下降16%至人民幣27億元，中國滑板車整體收入較去年同期下降15%至人民幣20億元。

And overseas scooter revenue decreased by 29% to RMB349 million.

海外滑板車收入下降29%至人民幣3.49億元。

The total overseas revenue, including scooters and non-customers, contributed to 15% of the total revenue.

包括滑板車和非客戶在內的海外總收入貢獻了總收入的15%。

And now let's look at ASP in 2023.

現在讓我們來看看 2023 年的 ASP。

The overall scooter ASP was slightly decreased to [33, 23], a 3% down year over year, while the domestic scooter ASP was [33, 44], up 1%.

踏板車整體平均售價小幅下降至[33, 23]，較去年同期下降3%，而國產踏板車平均售價為[33, 44]，較去年同期上漲1%。

And this minor growth was driven by a higher ASPs in both premium and mass premium series, despite a shift in the mass premium in overall product mix.

儘管整體產品組合中的大眾高端產品發生了變化，但高端和大眾高端系列的平均售價較高，推動了這一小幅成長。

And over this plan, e-scooter ASP was 3,200, 21% down the proportion of kick scooters increased, and also combined with the decrease in the newly launched a lower ASP kick scooters in Q4.

而在這個計畫中，電動滑板車的 ASP 為 3,200，下降了 21%，滑板車的比例增加，也結合了第四季新推出的 ASP 較低的滑板車的下降。

The gross margin for the fourth quarter was 19%, 2.4%. lower than the same period of last year, and mainly due to the product mix change in the domestic market.

第四季毛利率分別為19%、2.4%。年比下降，主要是由於國內市場產品結構變化所致。

Well, for the year end 2023, the gross margin was 21.5%, up from 21.1%, and we've had [98.4 PPP] increase on annual basis, mainly due to a reduction in raw material costs, especially in domestic new product lines.

那麼，到 2023 年底，毛利率為 21.5%，高於 21.1%，並且我們的 [98.4 PPP] 年比增長，主要是由於原材料成本的下降，尤其是國內新產品線的下降。

And talking about operating expenses, the fourth quarter OpEx was RMB246 million, RMB50 million higher than the same period of last year, and mainly due to a lower revenue base.

說到營運支出，第四季營運支出為人民幣2.46億元，比去年同期增加人民幣5,000萬元，主要是因為收入基礎較低。

Selling and marketing expenses were RMB191 million, RMB84 million higher than last year, and primarily resulting from our expansion into the overseas market; out of which, RMB43 million was around the overseas micro mobility hardening and promotions, and the other half extend from the rental expenses, largely driven by the inventory buildup, resulting from geopolitical conflicts and early start taking for the expecting peak season in 2024.

銷售及行銷費用為人民幣1.91億元，較上年增加人民幣0.84億元，主要是由於我們拓展海外市場所致；其中，4,300萬元用於海外微出行強化和促銷，另一半來自租金支出，主要是由於地緣政治衝突和2024年預期旺季提早開工導致庫存增加所致。

Additionally, the current warehouses are incurring higher unit per area costs, since the micro mobility sector is still in the early operating stage, and those expenses are expected to decrease in the subsequent quarters.

此外，由於微型移動產業仍處於早期營運階段，目前倉庫的單位面積成本較高，預計這些費用將在接下來的幾季下降。

R&D expenses were RMB36 million, RMB5 million lower than the fourth quarter of 2022, and mainly due to the decrease in staff costs and share-based compensation of RMB8 million, and partially offset by the increase in design and testing expenses on new model, which has been and will be launched in 2024 of RMB3 million.

研發費用為人民幣3,600萬元，較2022年第四季減少人民幣500萬元，主要是由於員工成本和股權激勵減少人民幣800萬元，部分被新車型設計和測試費用的增加所抵消。已並將於2024 年推出300 萬元人民幣。

G&A expenses, while only RMB19 million, RMB28 million lower on an annual basis, mainly caused by the decrease in provision for credit office of RMB22 million and a decrease in staff related costs of RMB5 million.

一般及行政費用則僅為人民幣1,900萬元，年減人民幣2,800萬元，主要是由於信貸辦公室撥備減少人民幣2,200萬元以及員工相關成本減少人民幣500萬元。

For the full year 2023, the OpEx was RMB891 million, 15% higher than 2022, and the increase was mainly due to the provision for credit losses of RMB114 million, and the increased promotional activity and rental expenses in overseas markets of RMB101 million, partially offset by RMB45 million decrease in G&A, and also RMB40 million decrease in domestic marketing and promotion.

2023年全年營運支出為人民幣8.91億元，較2022年增長15%，增長主要是由於計提信用損失準備人民幣1.14億元，以及海外市場促銷活動和租賃費用增加人民幣1.01億元，部分原因是被一般及行政費用減少人民幣4,500 萬元以及國內營銷和推廣費用減少人民幣4,000 萬元所抵消。

Despite prudently raising provision for credit losses on our June payment, we retain a positive outlook on future receivables collection.

儘管審慎地提高了 6 月份付款的信用損失撥備，但我們對未來應收帳款的催收仍保持樂觀的前景。

Given our current partners, robust financial standing and their ongoing payments continuously.

鑑於我們現有的合作夥伴、穩健的財務狀況以及他們持續不斷的付款。

Exclude the noncash expenses, such as the provision for credit losses, depreciation and amortization and share-based compensation, the OpEx increased 2% year over year.

剔除信用損失撥備、折舊攤提以及股權激勵等非現金費用，營運支出較去年同期成長 2%。

Non-gaap OpEx was RMB845 million.

非公認會計準則營運支出為人民幣 8.45 億元。

In the fourth quarter, we had a net loss of RMB130 million, and a non-GAAP net loss of RMB122 million.

第四季度，我們淨虧損1.3億元人民幣，非美國通用會計準則淨虧損1.22億元。

On a full-year basis, due to the factors, including a lower than expected domestic sales and increasing overseas business expansion as mentioned above, we had a net loss of RMB272 million and non-GAAP net loss of RMB224 million.

全年來看，由於上述國內銷售低於預期以及海外業務擴張加大等因素，我們淨虧損人民幣2.72億元，非美國通用會計準則淨虧損人民幣2.24億元。

Turning to our balance sheet and cash flow, we ended the year with RMB1,078 million in cash, restricted cash, term deposits, and short-term investments.

就我們的資產負債表和現金流而言，我們在年末擁有現金、限制性現金、定期存款和短期投資人民幣 10.78 億元。

On an annual basis, the operating cash flow was inflow RMB96 million, primarily because we made a net income after adjusting for non-cash items.

以年度計算，經營性現金流入9,600萬元，主要是調整非現金項目後獲得淨利。

And our Q4 CapEx was RMB22 million.

我們第四季的資本支出為人民幣 2,200 萬元。

For the full year, the CapEx was RMB79 million, RMB56 million lower than last year, as we cautiously open up stores in domestic markets.

全年資本支出為人民幣7,900萬元，比去年減少人民幣5,600萬元，因為我們在國內市場謹慎開店。

And now let's turn to guidance, we expect the fourth quarter revenue to be in the range of our new RMB438 million to RMB480 million, an increase of 5% to 15% year over year.

現在讓我們轉向指引，我們預計第四季營收將在新的人民幣 4.38 億元至人民幣 4.80 億元之間，年增 5% 至 15%。

And please be aware that this outlook is based on information available as of the date, and reflects the company's current and preliminary expectations, which is subject to change due to uncertainties relating to a various of factors.

請注意，這項展望是基於截至目前可獲得的信息，反映了公司當前和初步的預期，由於各種因素的不確定性，該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.

現在，讓我們開始電話會議，詢問您可能向我們提出的任何問題。

Operator, please go ahead.

接線員，請繼續。

(Operator Instructions) [Du Joon Lee, Citix].

（操作員指令）[Du Joon Lee，Citix]。

Good evening, I'm Du Joon Lee from Citix, thank you for your time.

晚上好，我是來自 Citix 的 Du Joon Lee，感謝您抽出寶貴的時間。

And I like the more interested in the following questions, and the first two are more about us.

我喜歡對以下問題更感興趣，前兩個問題更多是關於我們的。

And the last two are more about our industry.

最後兩個更多的是關於我們的行業。

The first one is, this year's store expansion plan and the strategy, it means we would like to restore the original channel on more to supplement a new thinking channel?

第一個是，今年的門市擴張計畫和策略，是否意味著我們要在原有的管道上進行更多的恢復以補充新的通路思維？

And the second question is about how to evaluate nine board aggressive sales target this year and rather to squeeze our sales targets?

第二個問題是如何評估今年九板激進的銷售目標，而不是擠壓我們的銷售目標？

And the above two is about us, and I wonder if we'd like to solve this to end and go into the sector.

以上兩個是關於我們的，我想知道我們是否願意解決這個問題並進入該領域。

First off, for some store opening, I think actually a mix of, basically, I think we're still going to be focused on the top 45 cities as a first.

首先，對於一些商店的開業，我認為實際上是混合的，基本上，我認為我們仍然會首先關注前 45 個城市。

Yes.

是的。

And we've opted to expand into other cities for as well.

我們也選擇擴展到其他城市。

So notably in the past, we look at in the last couple of years, because the lithium price hike, we have lost roughly about 45 anchor stores.

因此，值得注意的是，我們在過去幾年中看到，由於鋰價格上漲，我們失去了大約 45 家主力店。

So I think the expansion for actually including the store we have lost and the and reclaiming back, as well as opening new stores.

因此，我認為擴張實際上包括我們失去的商店和收回的商店，以及開設新商店。

So I think -- we have a clear road map, actually our location map on where to open stores, based on our new product portfolios.

所以我認為——我們有一個清晰的路線圖，實際上是我們根據新產品組合在哪裡開設商店的位置圖。

Now, I think with the second question about competitors, I think if you look at our product portfolio, product offerings, our current product offerings is basically price range anywhere between basically RMB3,500 above to up to RMB12,000.

現在，我認為關於競爭對手的第二個問題，我認為如果你看看我們的產品組合、產品供應，我們目前的產品供應基本上價格範圍在 3,500 元以上到 12,000 元人民幣之間。

So you will have an entire market of the volume above RMB3,500.

這樣你就擁有了整個3500元以上的市場。

That volume is basically somewhere around14 to 16 million units.

該銷量基本上約為 1400 至 1600 萬台。

So within that, let's call that our addressable market at 14 to 16 million units, and with that number last year, we implemented was 600,000.

因此，我們的目標市場數量為 1,400 至 1,600 萬台，去年我們實施的數量為 60 萬台。

So even with this year's forecast, I think the addressable market is still very significant large than our volume target.

因此，即使根據今年的預測，我認為潛在市場仍然比我們的銷售目標大得多。

So in the sense that, I think we're less worried about competitors.

所以從這個意義上來說，我認為我們不太擔心競爭對手。

I think we're more focused internally on how we are getting the best product out there and how to expand the channel, expanded the stores, so that interested consumers actually have a location to have acquire the product.

我認為我們內部更關注如何獲得最好的產品，以及如何擴大通路、擴大商店，以便有興趣的消費者實際上有一個地方可以購買產品。

I think that's sort of hopefully that addresses your second question.

我認為這有望解決你的第二個問題。

Got it, quite clear, and I really hope that this year we could see a robust in our markets.

明白了，非常清楚，我真的希望今年我們的市場能夠強勁發展。

And the next two questions about the sector, first one is the net lending fire has attracted the attention of the society to the backlit and two wheelers.

接下來兩個關於產業的問題，第一個是網貸火了讓社會對背光和兩輪車的關注。

What is our view of the impact to the sector?

我們對該行業的影響有何看法？

And the second is, our users are more concentrated in high tier cities ,as you just mentioned, and also our users a time of using our products, it's quite is relatively long and has accumulated for a long time.

第二個就是我們的使用者比較集中在一線城市，就像你剛才提到的，而且我們的使用者使用我們產品的時間也比較長，累積了很長一段時間。

So I'm very curious about whether we can or we have ever done some analyses of our users' behavior on whether we can detect change in their consumption habits from this accumulated data, such as changes in the cycle changing, costs for batteries?

所以我很好奇我們是否可以或曾經對使用者的行為進行過一些分析，是否可以從這些累積的數據中發現他們的消費習慣的變化，例如週期的變化，電池成本的變化？

Thank you.

謝謝。

This is my two questions above sector.

這是我上述部門提出的兩個問題。

Sure.

當然。

I think first of all, address the issue with the Fire Act, and I think we know, it's unfortunate.

我認為首先，透過《消防法》解決這個問題，我想我們知道，這是不幸的。

So I think what it really costs are for high quality products.

所以我認為真正的成本是高品質的產品。

And I think that -- so in the case with what we are observing the market as many people who buy products, either low quality or the byproduct, then they buy the argument of scooters, but the continent with a modest by third party lithium batteries and usually there's a third party.

我認為 - 因此，在我們觀察市場的情況下，許多人購買產品，無論是低品質的產品還是副產品，然後他們購買踏板車的論點，但大陸的第三方鋰電池數量不多通常還有第三方。

Lithium battery are second hand lithium batteries with according manufactured with low quality.

鋰電池是二手鋰電池，品質低劣。

That's where costed.

這就是成本所在。

So I'm not sure with that actually the cost of managing fire, but that's my own experience back then throughout the time, it actually modify lithium batteries backup, not our internal manufacturing ones are one of the main causes.

所以我不確定這實際上是管理火災的成本，但這是我自己當時的經驗，它實際上修改了備用鋰電池，而不是我們內部製造的電池是主要原因之一。

So I think from our perspective, I mean, we have actually taken many cautious, a preventive measures with that bar scooters only work with our batteries, not working with third parties and batteries.

所以我認為從我們的角度來看，我的意思是，我們實際上採取了許多謹慎的預防措施，即酒吧滑板車只能使用我們的電池，而不是與第三方和電池一起使用。

And I think with this, I think it's basically a say a basically no risk about say in-orbit.

我認為有了這個，我認為這基本上是說在軌道上基本上沒有風險。

It's basically I think it's basically people qualified for pricing is a high quality product with our channel partners are necessary and to guaranteed, so I think that's actually a pretty advantage for us.

基本上，我認為基本上有資格定價的人是高品質的產品，我們的通路合作夥伴是必要的和有保證的，所以我認為這對我們來說實際上是一個相當大的優勢。

No, I think the in terms of the your second question about the user behaviors, I think, typically, we observed that people tend to keep this scooters.

不，我認為就你關於使用者行為的第二個問題而言，我認為，通常我們觀察到人們傾向於保留這種踏板車。

Roughly about three to four years, I think three years roughly, the usage cycle on.

大概三、四年左右吧，我想大概三年吧，使用周期就這樣。

I think the key for us is we're highly morbid too concentrated in the top tier cities.

我認為對我們來說關鍵是我們病態程度太高，過度集中在一線城市。

I think this year.

我想今年。

That's actually what we're looking at is actually looking at the sites you're gaining market share in the top tier cities has actually extend our footprint and getting more coverage at voice market shares, in the Tier two and Tier three cities, with products that are suitable for those markets.

實際上，我們正​​在關注的是在一線城市獲得市場份額的網站實際上擴大了我們的足跡，並透過產品在二線和三線城市的語音市場份額上獲得了更多覆蓋適合這些市場的產品。

Got it.

知道了。

And quite clear and thank you again for your time, and I sincerely hope that we could achieve the goals of this year and then your returns.

非常清楚，再次感謝您的寶貴時間，我真誠地希望我們能夠實現今年的目標，然後得到您的回報。

Thank you.

謝謝。

Thanks.

謝謝。

[Yatin Chan], CICC.

[Yatin Chan]，中金公司。

Hi. thank you for receiving my questions.

你好。感謝您接受我的問題。

My first question is about our sales volume target.

我的第一個問題是關於我們的銷售目標。

As we can see the target growth for 2024 is a more optimistic than last year.

我們可以看到，2024 年的成長目標比去年更樂觀。

And so I like to know what is it target sales volume of kick scooters?

所以我想知道滑板車的目標銷售量是多少？

And what is the shelf topic for two wheelers, especially for domestic and overseas market?

兩輪車的貨架主題是什麼，尤其是國內和海外市場？

This is my first question.

這是我的第一個問題。

Thank you.

謝謝。

No, I think for the kick scooters, we are looking at -- because in the past few years, even though the selling volume to our distributors remain roughly constant, but the sell all basically that sell to the consumer has been doubled compared to 2023 to 2022.

不，我認為對於滑板車，我們正在關注 - 因為在過去幾年中，儘管我們經銷商的銷量大致保持不變，但基本上所有銷售給消費者的銷量與 2023 年相比已經翻了一番到2022 年。

So that's because of the comprehensive product portfolio.

這是因為全面的產品組合。

Also, over the year, we're actually able to get to all the offline channels.

另外，這一年來，我們實際上已經能夠接觸到所有的線下管道。

So effectively, sell all volume, this year also double, which somewhat outstripped what implying the selling volume to the distribution distributors actually double as well.

因此，實際上，今年的所有銷售量也翻了一番，這在某種程度上超出了分銷商的銷售量實際上也翻倍的情況。

So at the kick scooter, we're also looking at somewhere anywhere between 200,000 to 250,000 units.

因此，對於踏板車，我們也在考慮 200,000 至 250,000 輛之間的任何地方。

So I think that at some of the peaks to school markets, then the rest of this is the of the electric two-wheeler.

所以我認為，在學校市場的一些高峰期，剩下的就是電動兩輪車的市場。

And within the electrical two-wheeler market where volume, I think majority of them are going to be in the China side where the international electric two-wheeler side, electric motorcycles, probably somewhere around 20,000 to 30,000 units. and the rest of it, all China.

在電動兩輪車市場的銷量中，我認為其中大部分將在中國一側，國際電動兩輪車一側，電動摩托車，可能在20,000至30,000輛左右。其餘的，全是中國。

Thank you very much.

非常感謝。

And my first question.

我的第一個問題。

And my second question is about our of our profit margin, especially, I like to know our product strategy in 2024, to us to achieve our sales volume target, we have average selling price or all profit margin, it will decline in 2024.

我的第二個問題是關於我們的利潤率，特別是，我想知道我們在2024年的產品策略，為了我們實現我們的銷售目標，我們的平均售價或所有利潤率，它會在2024年下降。

Basically, when we look at, I get this question annualize our first customer product launch for the MXT in March.

基本上，當我們查看時，我會在 3 月每年推出 MXT 的第一個客戶產品時遇到這個問題。

So that actually more of the premium or high end product for our case, the retail pricing between RMB6,000 to RMB12,000.

因此，實際上我們的案例更多的是優質或高端產品，零售價在人民幣 6,000 元至人民幣 12,000 元之間。

But then you look at another product, which is launched, it's called [yuwayi], basically after the yuan, which is a few days ago, that retail pricing is around RMB4,000.

但你再看另外一個產品，它推出了，它叫【yuwayi】，基本上都是人民幣之後的，這是前幾天的零售價在4000元左右。

So if you look at across the board, we expect our average as key to roughly remain constant compared with last year.

因此，如果你全面考慮，我們預計我們的平均平均值與去年相比大致保持不變。

So I'll ask Fion to comment some on the margin part.

所以我會請 Fion 對頁邊空白部分發表一些評論。

Yes, I can just mention that, even though that we operated on classic, our classic Intuit and we are about to launch two new products during the following months, with a better on pricing versus the product.

是的，我只能提一下，儘管我們使用的是經典產品，我們的經典 Intuit，並且我們即將在接下來的幾個月內推出兩款新產品，其定價比產品更好。

But the ASP will stay at a relatively flat level in the domestic product line.

但國內產品線的平均售價將維持在相對穩定的水平。

As in the new overseas product line, since we have a highly expectation on the numerous high-quality [Multaq] recovery in overseas markets with those are almost a three to four times higher than the are kick scooters ASP.

至於新的海外產品線，我們對海外市場眾多高品質的[Multaq]復甦寄予厚望，這些產品的平均售價幾乎比滑板車高出三到四倍。

So we will we expect a slightly recovering from the overseas scooters ASP in 2024.

因此，我們預計海外踏板車的平均售價將在 2024 年略有回升。

Altogether, will give us a plan on in scooter ASP, almost at the same level in this year.

總而言之，將為我們提供踏板車平均售價的計劃，今年幾乎處於同一水平。

Go back to the gross margin for the domestic scooters and in overseas scooters, we were expecting a slightly gross margin increase to [1.22 points PBD] together, blended with the domestic and the overseas markets.

回到國內踏板車和海外踏板車的毛利率，我們預期毛利率將小幅上漲至[1.22點PBD]，結合國內和海外市場。

As you know, we have already made the cost efficiently, those operational activity in 2023.

如您所知，我們已經在 2023 年實現了這些營運活動的成本效益。

And with the scale of the sales volume increase, we may get the benefit from the gross margin, but we didn't expect a higher gross margin increase, because we're dealing consider sharing the profit with our dealers.

而且隨著銷售規模的增加，我們可能會從毛利率中受益，但我們並沒有預期毛利率會更高，因為我們在交易時考慮與我們的經銷商分享利潤。

And also, the overseas market expansion with our partners.

還有，與我們的合作夥伴一起拓展海外市場。

That's why we consider the gross margin altogether.

這就是為什麼我們完全考慮毛利率。

We only know increased to one increase of one to two points PPG for the whole year.

我們只知道全年 PPG 增加了一到兩分。

Well, thank you very much.

好的，謝謝。

And my last question is on is, I like to note, do you have any guidance for and 2024 on the selling expense ratio, will it grow or remain steady comparing with 2023?

我的最後一個問題是，我想指出，您對 2024 年的銷售費用率有什麼指導嗎？與 2023 年相比，它會增長還是保持穩定？

While you might raise a very special case, since we are in the transition of the overseas expansion and also you're only on the heart in the domestic market.

雖然你可能會提出一個非常特殊的案例，因為我們正處於海外擴張的轉型期，而你只專注於國內市場。

That's why the expenses ratio is pretty high.

這就是費用比率相當高的原因。

But, you know, I think the benchmark for the expenses, as percentage of revenue, we could use benchmarking the second half of 2021 to 2022.

但是，你知道，我認為支出佔收入的百分比的基準，我們可以使用 2021 年下半年到 2022 年的基準。

We will try to bring back the expenses percentage of revenue, go back to that level, which means at least we will -- maintain the expenses within, you know, 20% to 24%, since it's a, a slightly large range.

我們將努力恢復支出佔收入的比例，回到那個水平，這意味著至少我們會——將支出維持在 20% 到 24% 之內，因為這是一個稍大的範圍。

We are still in the initial transition for the overseas and the domestic market balance.

我們也處於海外和國內市場平衡的初步過渡階段。

But you know, in the first half of 2022 and the second half of 2021, a benchmark of the expenses ratio, so this is our target for 2024 expenses ratio.

但你知道，2022年上半年和2021年下半年是費用率的一個基準，所以這是我們2024年費用率的目標。

Thank you very much.

非常感謝。

That's all my questions.

這就是我的全部問題。

(Operator Instructions) [Michael Simmons, Global USA.]

（操作員說明）[Michael Simmons，Global USA。]

Yes, hello, Dr. Lee, I'd just like to ask a question about the balance sheet in these slightly tough trading conditions.

是的，你好，李博士，我想問一個關於在這些稍微困難的交易條件下的資產負債表的問題。

You and your team have done a good job maintaining a good cash level in the balance sheet.

您和您的團隊在資產負債表中保持良好的現金水準方面做得很好。

Can you just give us a feel for looking forwards this year, particularly as you've explained, you're going to be spending some money on your international expansion and also continuing to launch many new products?

您能否為我們介紹今年的展望，特別是正如您所解釋的，您將在國際擴張上投入一些資金，並繼續推出許多新產品？

Can you just give some feel for what the balance sheet from the cash positions likely to look like going forward, please?

您能否從現金部位來看一下未來資產負債表可能會是什麼樣子？

Well, this is Fion from Niu.

嗯，這是 Niu 的 Fion。

I think I can give the trend of our balance sheet in that exact figures, because you know, we are still in the very beginning of our [20 points What] I just mentioned, is that for the operating activities and strategies, we introduced.

我想我可以用那個確切的數字給出我們資產負債表的趨勢，因為你知道，我們仍然處於我們的[20點什麼]的最開始階段，我剛才提到的是，對於我們介紹的經營活動和戰略。

On top of that, we may spend higher CapEx on the store opening in domestic markets.

最重要的是，我們可能會在國內市場開店花費更高的資本支出。

I think this is the non-operating consumption in the domestic strategy.

我覺得這就是非經營性消費在國內的策略。

Well on the overseas market, we didn't expect it any large CapEx.

在海外市場，我們預期不會有任何大筆的資本支出。

Operational activities will happening 2024 is how we launch our products in our in our strategic partner stores.

營運活動將於 2024 年進行，這就是我們在策略合作夥伴商店中推出產品的方式。

And so, those are purely operational activities.

因此，這些純粹是營運活動。

We were lacking in the operational cash flow.

我們缺乏營運現金流。

So this is the cash flow part and the CapEx part.

這是現金流部分和資本支出部分。

In the meantime, we didn't expect the huge increase in our receivables or payables, since the business model is very, very straightforward.

同時，我們也沒有預料到我們的應收帳款或應付帳款會大幅增加，因為商業模式非常非常簡單。

And we didn't expect the higher increase in the inventory as well.

我們也沒有預料到庫存的增幅會更高。

Because, right now, we already have enough inventory for the big season sales in 2024.

因為，目前我們已經有足夠的庫存來應付 2024 年的旺季銷售。

And after that, we may remain a relatively secure level of the inventory, but we're not reach to them that the higher one in 2023.

在那之後，我們的庫存可能會保持在相對安全的水平，但我們不會在 2023 年達到更高的水平。

So I think the business model and change.

所以我認為商業模式又要改變。

If we want to expand the stores in domestic market, it will bring up the CapEx.

如果我們要擴大國內市場的門市，就會帶來資本支出。

While the current production has already reached to 2 million production capacity and we didn't expect as high as this level of sales volume.

雖然目前的產量已經達到200萬隻的產能，但我們並沒有想到銷量會這麼高。

So we don't we don't have further demand on the expansion of our facilities.

所以我們沒有進一步擴大我們的設施的需求。

I hope this will address your question.

我希望這能解決您的問題。

Thank you very much for those answers.

非常感謝您的回答。

Thank you for the questions that I would like to turn the call back to management for closing.

感謝您提出問題，我想將電話轉回給管理層以結束。

Thanks, everyone, for participating in today's call and for your support, and we appreciate your interest and look forward to reporting to you again next quarter on our progress.

感謝大家參加今天的電話會議並給予我們支持，我們感謝您的關注，並期待在下個季度再次向您報告我們的進展。

Thank you.

謝謝。

Ladies and gentlemen, that concludes today's conference call.

女士們先生們，今天的電話會議到此結束。

Thank you for your participation, and you may now disconnect your lines.

感謝您的參與，您現在可以斷開線路了。