小牛電動 (NIU) 2024 Q3 法說會逐字稿

Om Fangzhou.

嗡方舟。

Now let me turn the call over to CEO.

現在讓我把電話轉給執行長。

Yes.

是的。

Thank you, Crystal.

謝謝你，水晶。

Hello everyone.

大家好。

Thank you for joining us today.

感謝您今天加入我們。

So Q3 2020 2024 has marked a quarter that shows continuous growth in this quarter.

因此，2020 年第三季和 2024 年是一個持續成長的季度。

Our total sales volume was 312,000 units.

我們的總銷量為312,000 輛。

With year over year increase of 17.5% specifically sales.

具體銷售額年增17.5%。

Oil in the China market had a year over year increase of 12.4% to 259,000 units.

中國市場油品年增12.4%至25.9萬輛。

And the sales oil in the overseas market experienced a significant year year of 50% increase to 53,000 units total revenue in Q3 2024 was R&B 1.02 billion increased by 10.5% year year.

海外市場的銷售油品經歷了年比 50% 的大幅成長，達到 53,000 輛，2024 年第三季總營收為 10.2 億 R&B，年成長 10.5%。

So this quarter's performance highlights the effectiveness of our strategic focus on expanding the product offerings, expand the sales channels and expand the market reach.

因此，本季的業績凸顯了我們擴大產品供應、擴大銷售管道和擴大市場範圍的策略重點的有效性。

We have achieved notable growth in both China and overseas market reflecting the increased recognition and improved sales.

我們在中國和海外市場都取得了顯著的成長，反映出認可度的提高和銷售的改善。

So as we continue to build on its results, we we remain committed to refine our strategy to meet ambitious targets and that market demand.

因此，在我們繼續鞏固其成果的同時，我們仍然致力於完善我們的策略，以滿足雄心勃勃的目標和市場需求。

Now in China, strong feedback on the recent launch of the NMU series have reinforced our focus on enhancing the core product offerings.

現在在中國，對最近推出的 NMU 系列的強烈回饋加強了我們對增強核心產品供應的關注。

Since Q2 2024 the targeted marketing and store expansion increase our market presence positioned us well for the growth in Q3.

自 2024 年第二季以來，有針對性的行銷和商店擴張增加了我們的市場份額，為我們在第三季的成長奠定了良好的基礎。

However, the sales in Q3 did face headwinds due to a new standard on battery electric system safety which put in effect at the end of October and the retailers were not allowed to sell electric bicycle products that were not compliant with the new standard.

然而，由於10月底實施的電池電力系統安全新標準以及零售商不得銷售不符合新標準的電動自行車產品，第三季的銷售確實面臨阻力。

As a result, the sell in orders from factory to the distributors in September was significantly reduced and the distributors are focused on clearing the existing channel inventories which are typical 1 to 1.5 months.

因此，9 月工廠向經銷商的銷售訂單大幅減少，經銷商專注於清理現有通路庫存，通常需要 1 至 1.5 個月的時間。

The execution of the policy also impact our product mix as high priced product or order less which reflected a lower ASP and lower margin quarter over quarter.

該政策的執行也影響了我們的產品組合，因為高價產品或訂單減少，這反映出逐季較低的平均售價和較低的利潤率。

The sales percentage with ASP over RMB6,000 dropped by 8.1% points in Q3 compared to Q2.

第三季平均售價6,000元以上的銷售比例較第二季下降8.1個百分點。

Now in the overseas market, the micro mobility segment achieved significant growth, leverage momentum from expanding the key key sales network and introduce new product tailor for the diverse networks.

目前在海外市場，微出行細分市場實現了顯著成長，借助擴大關鍵銷售網路的動力，推出了針對多元化網路的新產品。

In the electric two wheeler segment, we focus on direct distribution operation in priority market, laying a good foundation for operations and dealer development.

在電動兩輪車領域，我們以優先市場的直營經銷為主，為營運和經銷商發展奠定了良好的基礎。

Early sales and marketing events already show a growth potential So let me talk about China market in detail.

早期的銷售和行銷活動已經顯示出成長潛力，所以讓我詳細談談中國市場。

Since this year, we're focused on really on key products with clear target consumer groups to try to hit growth in the first two quarters.

今年以來，我們真正專注於具有明確目標消費群的重點產品，力爭在前兩季實現成長。

This year, we introduced the NXT to address the premium segment, the Inlay motorcycle and the UA electric bicycle.

今年，我們針對高端市場推出了 NXT、Inlay 摩托車和 UA 電動自行車。

To address the Gen Z, the young generation and the U one E for the female riders in Q3, we continue to unveil two electric bicycles.

針對第三季的 Z 世代、年輕一代和女性騎士的 U one E，我們繼續推出兩款電動自行車。

The NT to address the Gen Z and MT to address the female users.

NT 針對 Z 世代，MT 針對女性使用者。

Together those new product launches this year contribute to more than 50% of total units sold in 2024 to continue to address the premium users and gen Z users in the motorcycle market.

今年推出的這些新產品合計佔 2024 年總銷量的 50% 以上，以繼續滿足摩托車市場的高端用戶和 Z 世代用戶的需求。

We released two more electric motorcycle lines.

我們又發布了兩個電動摩托車系列。

Recently, the utmost premium and high performance motorcycle and the Falcon style design FX motorcycle.

最近，最優質和高性能的摩托車和獵鷹風格設計的FX摩托車。

The NX motorcycle is our most premium series with two models, NX Hyper and NX Ultra.

NX 摩托車是我們最優質的系列，有兩種型號：NX Hyper 和 NX Ultra。

As news.

作為新聞。

Most premium series X lines combine powerful performance, advanced safety and intelligence systems.

大多數優質 X 系列產品線結合了強大的性能、先進的安全性和智慧系統。

The NX Piper is the new flagship electric motorcycle designed for the performance enthusiast and tailored for track racing powered by a 10 kilowatt motor with a peak output of 29 kilowatt.

NX Piper 是一款專為性能愛好者設計、專為賽道賽車量身打造的全新旗艦電動摩托車，搭載 10 千瓦電機，峰值輸出功率為 29 千瓦。

It reaches the top speed of 135 kilometers per hour.

最高時速可達135公里。

Its inverted titanium coda front force and adjustable nitrogen rear shocks provide exceptional stability and comfort in rocket.

其倒置鈦合金尾部前力和可調節氮氣後避震器為火箭提供了卓越的穩定性和舒適性。

We reach more dynamics of 42 degree angle and a two disc brakes with four piston calibers and ensures precise control and maximum safety priced at near 30,000 R&B.

我們實現了更多動態的 42 度角和具有四個活塞口徑的兩個碟式煞車，並確保精確控制和最大安全性，價格接近 30,000 R&B。

The combined cutting edge technology with risk ready agility, the ultra equipped with a robust five kilowatt motor at top speed of 100 kometer per hour and offer a range up to 130 kilometers on a single charge.

ultra 結合了尖端技術和風險準備敏捷性，配備了強大的 5 千瓦電機，最高時速可達 100 公里每小時，單次充電續航里程可達 130 公里。

This caters both daily commute and weekend getaways and entry level, top three motorcycles, the nex price, the RMB18,900.

這既滿足日常通勤、週末度假的需求，也滿足入門級摩托車的需求，前三名的摩托車價格為人民幣 18,900 元。

Now with the top performance of X series, we have an extra mile to ensure rider safety.

現在，憑藉X系列的頂級性能，我們在確保騎士安全方面又多了一英里。

The nex model is the first electric tool in China to earn a five star fire safety certification from the China Merchant Vehicle Research Institute.

NEX車型是國內首款獲得中國商用車研究院五星消防安全認證的電動工具。

They passed a rigorous test for electric fire protection, impact resistance and water immersion.

它們通過了嚴格的電氣防火、抗衝擊和浸水測試。

This achievement highlights new dedication to advancing iil safety standard.

這項成就凸顯了我們對推進 iil 安全標準的新貢獻。

Now, since the unli hybrid and X ultra represents our highest performance releases.

現在，unli Hybrid 和 X ultra 代表了我們最高性能的版本。

We celebrate their debut with the innovative track test drive event in Beijing, joining over top100 media outlets influencers this event not only showcase exceptional performance of product but also significant booster community engagement with content around track test drive event gather more than 52 million views across all platforms.

我們在北京舉辦了創新的賽道試駕活動，與超過100 家有影響力的媒體一起慶祝他們的首次亮相。 ，大大促進了社區參與，在所有領域收集了超過5200 萬次觀看次數。

The double 11 shopping Festival was also a good first testament for our next product in this market during the online shopping sales we achieved top ranking across major ecommerce platforms with Nex Hyper and Nex Ultra standing as the best sellers in its own category.

雙11也是我們下一款產品在這個市場的良好首證，在各大電商平台的網購銷售中，我們都取得了排名第一的成績，其中Nex Hyper和Nex Ultra穩居同品類暢銷榜。

Now, during this quarter, we also introduced the FX Series for the Gen Z consumers as the mass premium motorcycles for practical use.

現在，在本季度，我們也為 Z 世代消費者推出了 FX 系列，作為實用的大眾優質摩托車。

The FX series includes three models all featuring the same sleek design, the FX series to boast the Fline family aesthetics with eagle eye headlights, adding sophistication to the high performance line up.

FX 系列包括三種型號，均採用相同的時尚設計，FX 系列採用鷹眼頭燈，彰顯 Fline 家族美學，為高性能產品線增添了精緻感。

The pro version is equipped with 45 power batteries, the 1,500 watt motor and top speed at a 55 kilometer per hour with the impressive dry range of 130 kilometers designed for urban commuting.

Pro版配備45節動力電池、1500瓦電機，最高時速55公里，擁有專為城市通勤設計的130公里幹續航里程。

The FX series combined the powerful features with the advanced safety system, extended battery life and smart integration via the OKGO map for enhanced convenience control.

FX 系列將強大的功能與先進的安全系統、延長的電池壽命以及透過 OKGO 地圖的智慧整合相結合，以增強便利性控制。

The FX series is priced from 5,500 R&B and above.

FX系列售價5,500 R&B以上。

Now as this product is designed for Gen Z users to connect more deeply with the EGA community and the younger audience, we launched FX products along with cobranding initiative with the popular game PUBG mobile with 200 million plus users.

現在，由於該產品是為 Z 世代用戶與 EGA 社群和年輕受眾更深入地聯繫而設計的，因此我們推出了 FX 產品，並與擁有 2 億多用戶的熱門遊戲 PUBG 手機進行聯合品牌規劃。

We introduced the excited CPRI collaborations the FX product series through a range of online offline events including the in product launch campus event, EGA tournaments and influencer promotions.

我們透過一系列線上線下活動，包括產品發布會校園活動、EGA 錦標賽和影響者促銷活動，介紹了 FX 產品系列與 CPRI 的激動人心的合作。

Overall, the campaign achieved over 920 million views across social media influencer engagement and target media.

總體而言，該活動在社群媒體影響者參與和目標媒體方面獲得了超過 9.2 億次觀看。

Now in terms of channel profitability and channel expansion.

現在在通路獲利能力和通路拓展方面。

As we discussed earlier this year, our first focus is on channel health, especially store profitability.

正如我們今年早些時候討論的那樣，我們的首要關注點是通路健康狀況，尤其是商店盈利能力。

With the goal to reversing the trend of store closures over the past two years and to prepare for future expansion.

目標是扭轉過去兩年關店的趨勢，並為未來的擴張做好準備。

To achieve this, we concentrate on improving same store sales by significantly enhancing our online to offline operations, driving sales needs from the online platform to our physical stores to increase foot traffic.

為實現這一目標，我們專注於透過大幅增強線上線下營運來提高同店銷售，將銷售需求從線上平台轉移到實體店，以增加客流量。

In addition to traditional platform like JD and T Ma will also increase our investment on Doyin Kho Xiaohongshu and Meituan online sales leads accounts for more than 50% store sales for the first three quarters marking a significant increase compared with less than 30% in the same period.

除了京東、天馬等傳統平台外，還將加大對Doyin Kho小紅書、美團線上銷售線索的投入，前三季門市銷售佔比超過50%，較去年同期不足30%大幅提升時期。

Last year, we have also made a substantial investment in training our stores for the Yin and Xiaochu operations including creating accounts for each stores that are providing live stream training to enable them to generate online leads.

去年，我們也投入了大量資金來培訓我們的商店，以進行殷和小廚的運營，包括為每家提供直播培訓的商店創建帳戶，使他們能夠產生在線銷售線索。

As a result, we achieved over 33,000 livestreaming sessions generating 115 million R and BJ and B in the first three quarters with 18,000 live sessions in Q3.

結果，我們在前三個季度實現了超過 33,000 場直播，產生了 1.15 億 R、BJ 和 B，其中第三季直播場次達到 18,000 場。

Now with the launch of new product improved store profitability.

現在隨著新產品的推出提高了商店的獲利能力。

We have successfully reversed the previous trend and began to expand our sales network in Q3.

我們成功扭轉了先前的趨勢，並在第三季開始擴大我們的銷售網絡。

Despite being a traditional slow period for store openings, we were still able to add 240 new stores to expand our sales network.

儘管處於傳統的開店淡季，我們仍然能夠新增 240 家新店來擴大我們的銷售網絡。

Now let me turn to the overseas market.

現在讓我談談海外市場。

This quarter demonstrates strong growth and strategic advancements in our overseas market in the micro mobility segment, leveraging a strong product portfolio.

本季度，我們利用強大的產品組合，在微型移動領域的海外市場展現了強勁的成長和策略進步。

We are able to spend more resellers and achieve over 50% year on year sales volume growth.

我們能夠花更多的經銷商，實現銷量年增50%以上。

Now for the Electric Two Wheler market, we focused on direct sales operations in the key market and unveiled new products during our 10th anniversary at a month, just November.

現在電動兩輪車市場，我們專注於重點市場的直銷業務，並在我們成立十週年之際，也就是11月，推出了新產品。

Those product launches along with business development events and branding marketing activities helped us to build a good solid foundation for strong growth.

這些產品發布以及業務發展活動和品牌行銷活動幫助我們為強勁成長奠定了堅實的基礎。

Now, in terms of micro mobility since the beginning of this year, we have focused concentrated on retail channel expansion in the key market in the US market.

現在，在微出遊方面，今年以來我們主要集中在美國市場這個重點市場的零售通路拓展。

We worked with best Buy entering ALL800 stores in North America.

我們與百思買合作進入北美的 ALL800 商店。

Additionally, we've been working with Walmart to Macy's Target and Home Depot in Europe.

此外，我們也與歐洲的沃爾瑪、梅西百貨 Target 和家得寶 (Home Depot) 合作。

In addition to the current retail network of Medium Mart, we also enter one of the leading retail chains in Europe in Italy, having a poo product placed in their 300 stores.

除了Medium Mart目前的零售網絡外，我們還進入了歐洲領先的零售連鎖店之一的意大利，在其300家商店中放置了便便產品。

Now to further benefit from already established sales network.

現在進一步受益於已經建立的銷售網絡。

We have expanded our product portfolio.

我們擴大了我們的產品組合。

We launched a KQ I 100 series this quarter featuring KQ I 100 S and 100 P.

我們本季推出了 KQ I 100 系列，其中包括 KQ I 100 S 和 100 P。

This series bring a quality performance at level price starting at 2 $99 and making affordable yet powerful choice for urban mobility features include included due to hydraulic suspensions with 29 kilometer drive range and top speed up to 25 kilometers per hour.

該系列以 2 美元 99 起的價格提供優質性能，為城市出行功能提供了經濟實惠但功能強大的選擇，其中包括液壓懸架，驅動範圍為 29 公里，最高時速高達 25 公里/小時。

Now, on the KIC school side, the recent increase in the US tariff on the KIC scooters from 0% to 25% starting in June has temporarily low our margins leading a negative growth margin for products shipped to the United States in the Q3 and the part of Q4 to address this, we have initiated a process to start production of us version in the Southeast Asia to address the tariff situation.

現在，在KIC學校方面，最近從6月開始美國對KIC滑板車的關稅從0%提高到25%，暫時壓低了我們的利潤率，導致第三季度運往美國的產品利潤率出現負增長，為了解決這個問題，我們在第四季開始啟動在東南亞生產美國版本的流程，以解決關稅問題。

However, due to the complexity of supply chain adjustment, we expect to see the first manufacturing product out of Southeast Asia to be shipped in early 2025.

然而，由於供應鏈調整的複雜性，我們預計第一批製造產品將在2025年初從東南亞發貨。

Now for electric towers in the first three quarters, we focused on establishing direct distribution operations in key markets by Q3.

現在，對於前三個季度的電塔，我們的重點是到第三季在關鍵市場建立直接分銷業務。

This year, we completed the first phase of operation set up in Europe including the dealer network development, financing for dealers, logistics after sales support as well as the team set up.

今年，我們完成了在歐洲的第一階段運營，包括經銷商網路開發、經銷商融資、物流售後支援以及團隊組建。

Now, we have an operation to cover Italy, Germany France.

現在，我們的業務遍及義大利、德國、法國。

Recently we recruited over 100 dedicated dealers into our European sales network and the plan to double this number by first half, 2025.

最近，我們在歐洲銷售網路中招募了 100 多名專門經銷商，並計劃在 2025 年上半年將這一數字增加一倍。

Now with the operations that are in place, we introduced key electric motorcycle product at this year in the motorcycle Sigman, we launched the NX Series, the National version of our NX premium products with price range from EUR3,000 and beyond.

現在，隨著業務的到位，我們今年推出了關鍵的電動摩托車產品Sigman摩托車，我們推出了NX系列，這是我們NX高端產品的全國版本，價格範圍在3,000歐元以上。

We also unveiled the Q I series, the international version of our S series starting with Q I 500.

我們還推出了 Q I 系列，這是我們 S 系列的國際版本，從 Q I 500 開始。

It features the 5,000 watts motor capable of speed up to 95 kilometer per hour and a drive range of 91 kilometers.

它配備 5,000 瓦電機，最高時速可達 95 公里，續航里程為 91 公里。

The demand safety features such as CBS brakes and high pressure monitoring, enhance the rider confidence.

CBS 煞車和高壓監控等需求安全功能增強了騎士的信心。

Starting at around 3,000.

3000左右起。

EUR the Q I series offer a combination of eco friendly high tech design and a robust performance.

EUR Q I 系列結合了環保高科技設計和強大的性能。

Additionally, we upgrade our XQ I three and offer a motorcycle equi ot update that boost the power to 10.6 kilowatts improved theel and reach the top speed of eight kometer per hour priced at $4000.

此外，我們還升級了 XQ I 3，並提供摩托車裝備更新，將功率提高到 10.6 千瓦，並達到每小時 8 公里的最高速度，售價為 4000 美元。

The XQ three made a high performance dirt bike more accessible.

XQ 3 讓高性能越野車更容易使用。

Our new product release has generated extensive media and influence their coverage at a the leading industry outlet such that electric motor news motto because that have motor cover of a launch days after events and on online channels were featured by QLS with millions of followers and the contents about our new products driven.

我們的新產品發布吸引了廣泛的媒體關注，並影響了領先行業媒體的報道，例如電動汽車新聞座右銘，因為在活動後幾天和在線渠道上發布了電機新聞座右銘，QLS 對其進行了專題報道，擁有數百萬追蹤者和內容關於我們的新產品驅動。

A significant online engagement since its release during AMA.

自 AMA 期間發布以來，線上參與度很高。

We also hosted our largest new connect event, inviting around 200 partners, dealers and distributors to join us in unveiling our new products.

我們還舉辦了最大的新連結活動，邀請約 200 家合作夥伴、經銷商和經銷商與我們一起揭曉我們的新產品。

At this event.

在這次活動中。

We also launch a dealer expansion project for 2025.

我們也啟動了 2025 年經銷商擴張專案。

Targeting to doubling the dealers by first half of 2025.

目標是到 2025 年上半年將經銷商數量增加一倍。

Now we are towards the closing of the year 2024.

現在我們即將迎來 2024 年的結束。

We have strategies plans for the last quarter of this year to build a solid foundation for 2025.

我們在今年最後一個季度製定了戰略計劃，為 2025 年打下堅實的基礎。

We plan to run on growth momentum in the product development and sales expansion to drive the growth in the China market position.

我們計劃在產品開發和銷售擴張方面保持成長勢頭，以推動中國市場地位的成長。

Product that spend a wide range of market demand from daily commuters, electric bicycles to high performance motorcycles with price ranging from 3,000 R&B up to 30,000 RMB.

產品滿足廣泛的市場需求，從日常通勤、電動自行車到高性能摩托車，價格從3000R&B到30000人民幣不等。

Our product catering a diverse customer base including young people, the generation Z, the female users, the daily commuters and motorcycle enthusiasts.

我們的產品迎合多元化的客戶群，包括年輕人、Z世代、女性用戶、日常通勤者和摩托車愛好者。

We plan to build on our existing portfolio with the upgraded product and new designs that comply with China's new standards.

我們計劃在現有產品組合的基礎上，推出符合中國新標準的升級產品和新設計。

Now along with the improvement of our product portfolio, we have also strengthened our brand image as a premium brand.

現在，隨著我們產品組合的完善，我們也強化了我們作為優質品牌的品牌形象。

With the introduction of X series.

隨著X系列的推出。

We have elevated the product performance to a new level.

我們將產品性能提升到了一個新的水平。

The premium NXT electric bicycle series equipped with cutting edge smart technologies such as millimeter radar for collision detection, navigation projection system represented the most advanced smart electric bicycles in its class.

NXT高階電動自行車系列配備了碰撞偵測毫米波雷達、導航投影系統等前沿智慧技術，代表了同級智慧電動自行車的最先進水平。

And on the sales channel expansion front, we plan to accelerate store expansion in Q4 and Q1 2025.

在銷售通路擴張方面，我們計劃在2025年第四季和第一季加快門市擴張。

Targeting over 1,000 stores to establish a solid foundation for growth in 2025.

目標是2025年門市數量超過1000家，為成長奠定堅實的基礎。

Additionally, our expansion effort will focus on tier three CT plus where we have historically been underrepresented due to lack of the right product.

此外，我們的擴張工作將集中在第三級 CT+ 領域，由於缺乏合適的產品，我們歷來在該領域的代表性不足。

Now in the overseas market, the new strategy for 2025 focused on driving robust growth across both micro mobility and the electric to market for micro mobility.

現在在海外市場，2025年的新策略重點是推動微型出行和微型出行電動市場的強勁成長。

We plan to continue to expand our retail presence supported by enhanced product lineup production in the Southeast Asia will also help to mitigate tariff challenges and accelerate growth in the US market.

我們計劃在東南亞增強產品陣容生產的支持下繼續擴大零售業務，這也將有助於緩解關稅挑戰並加速美國市場的成長。

Now, in the electric two segment, we'll leverage the new product launches like X&X series to cater to urban commuters with strong focus on direct sales in the coal market driven by this new product.

現在，在電動兩輪領域，我們將利用X&X系列等新產品的推出來迎合城市通勤者的需求，並重點關注由該新產品帶動的煤炭市場的直銷。

And the momentum in AMA, we plan to significantly expand our dealer network in those key markets, laying a solid foundation for the growth in next year.

借助AMA的勢頭，我們計劃大幅擴展這些關鍵市場的經銷商網絡，為明年的成長奠定堅實的基礎。

So with that, let me turn the call to pr.

那麼，讓我把電話轉給公關。

Thank you Yan and hello everyone, please note that our press release contains all the figures and comparisons you need.

謝謝嚴，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。

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 third quarter figures unless I say otherwise.

當我回顧我們的財務表現時，除非另有說明，否則我指的是第三季的數據。

And all mandatory figures are in R&B if not specified.

如果沒有指定，所有強制性數字均以 R&B 表示。

As Yan just mentioned, our total sales volume for the third quarter was 312,000 units.

正如嚴剛所提到的，我們第三季的總銷量是31.2萬輛。

Up 17.5% compared to the same period of last year, 259,000 units were sold in China.

中國銷量25.9萬輛，較去年成長17.5%。

While the remaining 53,000 units were sold overseas.

其餘53,000台則銷往海外。

Over 60% of our sales volume in China came from the new products launched this year and the total revenues for the third quarter amounted to 1.2 billion.

我們在中國的銷售額超過60%來自今年推出的新產品，第三季總營收達12億。

Up 10.5% compared to the same period of last year.

比去年同期成長10.5%。

And China revenue were 880 million.

中國收入為8.8億。

Accounting for 86% of the total revenue of this.

佔本次總收入的86%。

The scooter revenue was 797 million.

滑板車收入為7.97億。

Up 12% year over year due to the increased sales volume of E scooters.

由於電動滑板車銷量增加，年增12%。

China scooter ESP with R&B 3,078 remained flat year over year and quarter over quarter down 12%.

中國踏板車 ESP 的 R&B 為 3,078，較去年同期持平，季減 12%。

The high end lead asset models that command similar E SPS to the M ION models accounted for nearly half of the sales volume in China.

與M ION車型擁有類似E SPS的高階主力車型佔了中國銷售量的近一半。

This quarter a quarter over quarter decline was primarily driven by a narrowing of the retail price range from R&B 4,000 to 6,000 down from the previous R&B 4,000 to 8,000.

本季環比下降的主要原因是零售價格範圍從先前的 4,000 到 8,000 R&B 縮小到 4,000 到 6,000 R&B。

Despite this adjustment, our product price remains significantly higher than the industrial average level.

儘管如此，我們的產品價格仍明顯高於行業平均水平。

The overseas revenue were 144 million.

海外收入1.44億。

Accounting for 14% of the total revenue.

佔總收入的14%。

The scooter revenue including E motorcycles, E mopeds kick scooters and E bikes.

踏板車收入包括電動摩托車、電動輕便摩托車和電動自行車。

Amounted to 130 million compared to 122 million in the same period of last year.

達1.3億，去年同期為1.22億。

This growth was mainly due to increase the sales of the kick scooters partially offset by the decline of the revenue per scooters of this.

這一增長主要是由於滑板車銷量的增加，但被每輛滑板車收入的下降部分抵消。

The micro mobility revenue were around 114 million.

微行程收入約1.14億。

Up 6% year over year, the overseas scooter ESP decreased from R&D 3,430 to 42,444 year over year.

海外踏板車ESP年增6%，從研發3,430台年減至42,444台。

Primarily due to a shift in product mix and old model discounts that impact the Q scooters ASP in the third quarter.

主要是由於產品結構的變化和舊型號折扣影響了第三季 Q 踏板車的平均售價。

Our entrylevel kick scooter with the lower price and lower margin.

我們的入門級滑板車具有較低的價格和較低的利潤。

As Jan just mentioned, the K 1,100 accounted for over 30% of the sales replacing the higher price and higher margin.

正如 Jan 剛才提到的，K 1,100 佔銷售量的 30% 以上，取代了更高的價格和更高的利潤。

K two and K three models which dominate, dominated in the prior quarters.

其中K 2 和K 3 機型佔據主導地位，在前幾季中佔據主導地位。

Additionally, the rollout of the new models K 100 K 300 led to discount sales of the old models K two and K three, especially online sales this quarter and the revenue from accessories, spare parts and services amounted to 96 million a 2% increase compared to the same period of last year.

此外，新車型K 100 K 300的推出帶動了舊車型K 2和K 3的折扣銷售，特別是本季度在線銷售，配件、備件和服務收入達到9600萬，同比增長2%與去年同期相比。

Due to the increase of the spare part sales in China growth margin for the third quarter was 13.8% 7.6 PPP lower than the same period of last year and 3.2 PPP lower than the previous quarter.

由於中國備件銷售的增加，第三季的成長率為13.8%，比去年同期下降7.6 PPP，比上季下降3.2 PPP。

The decline in growth margin was driven by the following factors in our international market.

成長率下降是由國際市場的以下因素造成的。

Fast growing sales of K 100 model and promotional sales of the old models lowered the overseas margins compared to last quarter and the same period of last year.

K 100車型銷售的快速成長以及舊車型的促銷銷售導致海外利潤率較上季和去年同期有所下降。

Additionally, starting from June, a 25% of the US tariff on nearly half of our peak holder sales further reduced our overseas margins.

此外，從6月開始，美國對我們近一半的峰值持有者銷售額徵收25%的關稅，進一步降低了我們的海外利潤率。

And these two reasons both made the quarter over quarter growth margin decrease.

而這兩個原因都使得環比增速下降。

While in China, we continue to allocate part of our margins to our domestic distribution partners to reward their loyalty, which drove further year over year decline.

在中國，我們繼續將部分利潤分配給國內分銷合作夥伴，以獎勵他們的忠誠度，這導致了同比進一步下降。

Talking about the operating expenses, the third quarter, OpEx was 201 million representing a 31% decrease compared to the same period of last year.

營運支出方面，第三季OpEx為2.01億，年減31%。

And the total OpEx ratio decreased from 31% to 20%.

總營運支出比率從 31% 下降至 20%。

Selling and marketing expenses were 128 million.

銷售和行銷費用為1.28億美元。

Up 5% year over year.

較去年同期成長5%。

Primarily due to the increased promotions in Koo and new models selling and marketing expenses.

主要是由於 Koo 促銷活動的增加以及新車型的銷售和行銷費用。

As percentage of revenue went down from 13.2% to 12.5% R&D expenses amounted to 30 million down 9 million year over year.

佔營收比重從13.2%下降至12.5%，研發費用為3000萬，較去年同期減少900萬。

Mainly due to a decrease in staff cost and share compensation and sample expenses.

主要是由於員工成本以及股份報酬和樣品費用的減少。

The R&D expenses as percentage of revenue went down from 4.2% to 3%.

研發費用佔收入的比例從4.2%下降至3%。

G A expenses were 43 million down 84 million year over year, mainly due to a decrease in the allowance for DFO accounts that we made credit loss provision for our European distributor.

G A 費用為 4,300 萬，年減 8,400 萬，主要是由於我們為歐洲經銷商提列的信用損失撥備的 DFO 帳戶備抵減少。

In last quarter, three GN A expenses as percentage of revenue went down from 13.7% to 4.2%.

上季度，三項 GN A 費用佔收入的比例從 13.7% 下降至 4.2%。

In the third quarter, we had a net loss of 41 million with a net loss margin of 4% on GAAP accounting compared to a net loss of 79 million for the same period of last year.

第三季度，我們的淨虧損為 4,100 萬美元，以 GAAP 會計計算淨虧損率為 4%，而去年同期淨虧損為 7,900 萬美元。

Turning to our balance sheet and cash flow, we ended the quarter with 1.3 billion in cash restricted cash term deposit and short term investment last quarter.

談到我們的資產負債表和現金流，上季末我們有 13 億現金限制的現金定期存款和短期投資。

This amount was the same and the last year and it was 1.1 billion CapEx for the third quarter with outflow of 41 million reflecting an increase of 14 million compared to the same period of last year.

這筆金額與去年持平，第三季資本支出為 11 億美元，流出 4,100 萬美元，較去年同期增加 1,400 萬美元。

And this can be attributed primarily to an increase of the new stores in China.

這主要歸因於中國新店的增加。

And now let's turn to guidance.

現在讓我們轉向指導。

We expect the fourth quarter revenue to be in the range of 6 22 million to 7 18 million, an increase of 30% to 50% year over year.

我們預計第四季營收在6.22億至7.18億之間，年增30%至50%。

Please be aware that this outlook is based on the information available as of the date and reflects the company's current and preliminary expectations which is subject to change due to the uncertainties relating to various 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, we're now open for the call for any questions that you may have for us operator.

現在，我們歡迎您致電我們的接線員詢問您的任何問題。

Please go ahead.

請繼續。

Thank you.

謝謝。

We will now begin the question and answer session to ask question.

我們現在開始問答環節來提問。

Please press star 11 on your telephone.

請按電話上的星號 11。

You would enter an automated message advising your hand is raised to withdraw your question.

您將輸入一條自動訊息，建議您舉手撤回您的問題。

Please press star 11 again.

請再按星號 11。

Please stand by while we compile the Q&A roster.

我們正在整理問答名單，請稍候。

Once again, that's star 11 for questions.

再說一遍，這是問題的 11 星。

We will now take our first question from the line of Ying Chen from C IC C.

現在我們將回答來自 C IC C 的 Ying Chen 的第一個問題。

Please go ahead Yatin.

請亞汀繼續。

Good evening.

晚安.

I have three questions about the on the first question is that we have seen domestic services and of the of the new national V of the domestic.

我有三個問題，第一個問題是我們看到了國內的服務以及國內新國五的情況。

So Ying, can you repeat your question one more time because there is a noise around?

那麼英，你能再重複一次你的問題嗎，因為周圍有噪音？

Okay.

好的。

Okay.

好的。

I beg your pardon?

請再說一次？

Your I think your line is disturbing.

我認為你的台詞令人不安。

So if you're using a handset, can you please pick it up?

如果您使用的是聽筒，請拿起聽筒好嗎？

Thank you.

謝謝。

We have seen the domestic average good sales price per unit dropped quarter over quarter.

我們看到國內平均每單位商品銷售價格較上月下降。

But considering the release of the new national standard, how do you expect the trend of domestic average selling price?

但考慮到新國標的發布，您預計國內平均售價走勢如何？

So if you look at I I think in general we expect from the at least from the average sales, the ASP per unit with the new standard coming out next, well, basically later this year, but that will be next year.

因此，如果你看一下，我認為一般來說，我們預計至少會從平均銷售額、新標準的每單位平均售價中得出，嗯，基本上是在今年晚些時候，但這將是明年。

I think the ASP will go up because some of the new standard require us to use new materials.

我認為平均售價會上漲，因為一些新標準要求我們使用新材料。

Can you hear me?

你聽得到我嗎？

Okay, thank you.

好的，謝謝。

And my second question is that, how do you see the trend of growth margin?

我的第二個問題是，您如何看待成長率的趨勢？

Yeah, I think the basic Q3, our gross margin is, you know, it's hitting sort of the lowest point this year because they were double hit.

是的，我認為第三季的基本情況是，我們的毛利率達到了今年的最低點，因為它們受到了雙重打擊。

One.

一。

Actually the with the international kick scooter, especially to the US market, it's actually a negative margin.

實際上，對於國際滑板車，尤其是美國市場，它實際上是負利潤。

But the fact we still have to, we have to continue operation because we're already in the retailers.

但事實上我們仍然必須這樣做，我們必須繼續運營，因為我們已經進入了零售商。

It's difficult not to ship the product to the retailers.

不將產品運送給零售商是很困難的。

So that I was ahead.

這樣我就領先了。

And the second on the China side, I think as I just mentioned, you know, the partially because our product, the percentage of products sold for the with the A SG RMB6,000 beyond that percentage shrink a bit because the with the, with this new battery safety standards, I think we're looking at the gross margins should start recovering Q4 this year and it will continue to rise next year, partially due to three things.

第二個在中國方面，我想正如我剛才提到的，部分是因為我們的產品，售價為人民幣 6,000 元的 A 新加坡元的產品百分比有所下降，因為與根據新的電池安全標準，我認為我們正在考慮毛利率應該從今年第四季開始恢復，並且明年將繼續上升，部分原因是三件事。

One, I think some of the cost reduction or cost saving initiatives, especially on the bomb cost.

一，我認為一些降低成本或節省成本的舉措，特別是在炸彈成本上。

Some of those are not completely reflected.

其中一些還沒有完全反映出來。

We start some of the initiatives basically in early Q3 but for them to truly reflect it in the financials.

我們基本上在第三季初就開始了一些舉措，但讓它們真正反映在財務數據中。

They usually take at least three months to four months.

通常至少需要三個月到四個月的時間。

So that's on the cost of the second with the product mix, we expect that the high price product percentage will come back up in Q4 and Q1, especially in 2025.

因此，這是第二個產品組合的成本，我們預計高價產品百分比將在第四季和第一季回升，特別是在 2025 年。

And that will allow us to actually to recover the growth margin on the China side.

這將使我們能夠真正恢復中國方面的成長幅度。

On the international side.

國際方面。

I think the gross margin for kick scooter for Q4 is still going to be relatively low because you know the shipment from the the Southeast Asia manufacturing wouldn't happen until basically January next year.

我認為第四季滑板車的毛利率仍然相對較低，因為東南亞製造業基本上要到明年一月才會出貨。

So on Q4, we still suffer a little bit negative gross margin on the cooler side.

因此，在第四季度，我們的毛利率仍然較低。

But coming to Q1 in 2025 with the manufacturing start happening in Southeast Asia, we expect the gross margin to come back to, you know, the sort of the normal range.

但到 2025 年第一季度，隨著東南亞開始生產，我們預計毛利率將恢復到正常範圍。

And with those, I think the international growth margin will cover in Q1 next year, the China growth margin, you will start to see the recovery start to see the recovery Q4 this year.

有了這些，我認為明年第一季的國際成長將涵蓋中國的成長幅度，你將開始看到今年第四季的復甦。

I understand.

我明白。

Thank you.

謝謝。

My last question is about kick scooters.

我的最後一個問題是關於踏板車的。

Could you please share the sales volume of Ks of kick scooters overseas in the first three quarters?

能否分享一下滑板車Ks前三季海外銷售狀況？

And, and, and, and do you have an outlook for its sales volume next year at present?

還有、、、目前你對它明年的銷售有什麼展望嗎？

Thank you.

謝謝。

I think for the kick scooters.

我想是踢滑板車。

And so far we have something around 120,000 to 130,000, slightly about 120,000 units.

到目前為止，我們的數量約為 12 萬至 13 萬台，略約為 12 萬台。

For, for, you know, for the first three quarters, we expect to finish the year probably somewhere around 662 170,000 units, we could go more, but actually, we decided to reduce the volume for, especially for the US market, You know, just to have enough for the US market for the, you know, for the Black Friday and to satisfy the retail retailers needs but not aggressively not aggressively shipping product to the United States because because of the tariff situation.

對於前三個季度，我們預計今年的銷量可能約為 662 170,000 台，我們可以增加更多，但實際上，我們決定減少銷量，尤其是美國市場，你知道，只是為了在黑色星期五為美國市場提供足夠的產品，並滿足零售零售商的需求，但不會因為關稅情況而積極地將產品運送到美國。

No, I think for for next year, we look at the KAKC school at least.

不，我認為明年我們至少會關注 KAKC 學校。

You know, if you look at this year, Kakc school market growth from last year, we probably had a rapid growth growth like 60%.

你知道，如果你看看今年，Kakc 學校市場的成長與去年相比，我們可能有 60% 的快速成長。

We're looking at next year probably somewhere around, you know, 50 to 60% growth.

我們預計明年的成長率可能約為 50% 至 60%。

So continue we'll maintain a growth rate or for next year.

因此，我們將繼續保持明年的成長率。

Mm Thank you.

嗯謝謝。

Thank you very much.

非常感謝。

That's all my questions.

這就是我的所有問題。

Thank you.

謝謝。

As a reminder to ask a question, please press star 11 on your telephone keypad.

作為提問提醒，請按下電話鍵盤上的星號 11。

Once again, let's start 11 for questions.

再次開始11題。

Thank you seeing no more questions in the queue.

感謝您在隊列中看到沒有更多問題。

Let me turn the call back to Mr lee for closing remarks.

讓我把電話轉回給李先生做總結發言。

Thank you operator and thank you.

謝謝運營商，謝謝。

All for participating on this call and for your support.

一切都是為了參加這次電話會議並感謝您的支持。

We appreciate your interest and look forward to reporting to you again next quarter on our progress.

我們感謝您的關注，並期待下個季度再次向您報告我們的進展。

Thank you.

謝謝。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may now disconnect.

您現在可以斷開連線。