小牛電動 (NIU) 2024 Q3 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.

謝謝你的支持。

Welcome to NIU Technologies third quarter 2024 earnings conference call

歡迎參加小牛電動2024年第三季財報電話會議

(Operator Instructions).

（操作員說明）。

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'll turn the call over to Ms. Kristal Li, Investor Relations Manager of NIU Technologies.

現在，我將把電話轉給小牛電動投資者關係經理李克里斯塔爾女士。

Ms. Li, please go ahead.

李女士，請講。

Thank you, operator.

謝謝你，接線生。

Hello, everyone.

大家好。

Welcome to today's conference call to discuss NIU Technologies results for the third quarter 2024.

歡迎參加今天的電話會議，討論小牛電動 2024 年第三季業績。

The earnings press release, corporate presentation and financial strategies has been posted on our Investor Relations website.

收益新聞稿、公司介紹和財務策略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 the risk factors is included in company's public filings with the Securities and Exchange Commission.

有關風險因素的更多資​​訊包含在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。

And the press release contains a definition of non-GAAP financial measures and a 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, Ms. Fion Zhou.

今天與我通話的是我們的執行長李岩博士；和財務長週菲恩女士。

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

現在讓我把電話轉給執行長嚴。

Thank you, Kristal.

謝謝你，克里斯塔爾。

Hello, everyone.

大家好。

Thank you for joining us today.

感謝您今天加入我們。

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

因此，2024 年第三季是一個持續成長的季度。

In this quarter, our total sales volume was 312,000 units, with a year-over-year increase of 17.5%.

本季度，我們的總銷量為31.2萬輛，年增17.5%。

Specifically, sales volume in the China market had a year-over-year increase of 12.4% to 259,000 units.

其中，中國市場銷量年增12.4%至25.9萬輛。

And the sales volume in the overseas market experienced a significant year-over-year of 50% increase to 53,000 units.

海外市場銷量較去年同期大幅成長50%至5.3萬輛。

Total revenue in Q3 2024 was RMB1.02 billion, increased by 10.5% year-over-year.

2024年第三季總營收為人民幣10.2億元，年增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覆蓋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額的提高。

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

因此，在我們繼續鞏固這些成果的同時，我們仍然致力於完善我們的策略，以滿足市場需求的宏偉目標。

Now in China, strong feedback on the recent launch of the N&U series has reinforced our focus on enhancing the core product offerings.

現在在中國，最近推出的 N&U 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 of 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市場佔有率，為我們第三季的成長做好了準備。

However, the sales in Q3 did face headwinds due to a new standard on battery electric system safety, which put an effect at the end of October.

然而，由於電池電力系統安全新標準於10月底生效，第三季的銷售確實面臨阻力。

And the retailers were not allowed to sell electric bicycle products that were not compliant with the new standard.

零售商不得銷售不符合新標準的電動自行車產品。

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 typically 1.5 months.

受此影響，9月工廠向經銷商的銷貨訂單大幅減少，經銷商專注於清理現有通路庫存，通常需要1.5個月的時間。

The execution of the policy also impacts our product mix as high-price 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，這反映出平均售價和利潤率較上月下降。

The sales percentage with ASP over RMB6,000 dropped by 8.1 percentage points in Q3 compared with 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 overseas market, the micro mobility segment achieved significant growth, leveraged momentum from expanding the key sales network, and introduced new product tailored for the diverse networks.

目前在海外市場，微出行板塊實現了顯著成長，借助重點銷售網路擴張的動力，推出了針對多元化網路的新產品。

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

在電動兩輪車領域，我們專注於優先市場的直營經營，為營運和經銷商發展奠定了良好的基礎。

Early sales and marketing events already show its growth potential.

早期的銷售和行銷活動已經顯示出其成長潛力。

So let me talk about China marketing in detail.

那我來詳細談談中國行銷。

Since this year, we are focused on rolling out key products with clear target consumer groups to drive to try to hit growth.

今年以來，我們重點介紹目標消費群明確的重點產品，推動成長。

In the first two quarters this year, we introduced the NXT to address the premium segment, the Nplay motorcycle and the UMax electric bicycle to address the Gen Z, the younger generation, and the U1E for the female riders.

今年前兩個季度，我們推出了針對高端細分市場的NXT，針對Z世代、年輕一代的Nplay摩托車和UMax電動自行車，以及針對女性騎士的U1E。

In Q3, we continue to unveil two electric bicycles, the NT to address the Gen Z and MT to address the female users.

第三季度，我們繼續推出兩款電動自行車，針對 Z 世代的 NT 和針對女性用戶的 MT。

Together, those new product launches this year contribute to more than 50% of total units sold in 2024.

今年推出的這些新產品合計佔 2024 年總銷量的 50% 以上。

To continue address the premium users and Gen Z users in the motorcycle market, we released two more electric motorcycle lines recently, the utmost premium NX high performance motorcycle and the Falcon style design FX motorcycle.

為了繼續滿足摩托車市場的高端用戶和 Z 世代用戶的需求，我們最近又發布了兩個電動摩托車系列，即最高端的 NX 高性能摩托車和 Falcon 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 NIU's most premium series, the NX lines combine powerful performance, advanced safety, and intelligent systems.

作為小牛最高端的系列，NX系列集強大的性能、先進的安全性和智慧系統於一體。

The NX Hyper is the new flagship electric motorcycle designed for the performance enthusiasts and tailored for track racing.

NX Hyper 是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。

Powered by a 10-kilowatt motor with peak output of 29 kilowatts, it reaches the top speed of 135 kilometers per hour.

搭載10千瓦電機，峰值功率29千瓦，最高時速可達135公里/小時。

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

其倒置鈦塗層前力和可調節氮氣後減震器在火箭旅行中提供卓越的穩定性和舒適性。

With racing mode dynamics, a 42 degree angle, and a two disc brakes with four piston calibers, it ensures precise control and maximum safety.

憑藉賽車模式動力、42 度角和帶有四個活塞口徑的兩個碟式煞車，它可確保精確控制和最大安全性。

Priced at near RMB30,000, the NX Hyper combined cutting-edge technology with race-ready agility.

NX Hyper 售價近 3 萬元，將尖端技術與競賽敏捷性融為一體。

Now, the NX Ultra equipped with the robust 5 kilowatt motor at top speed of 100 kilometers per hour and offered a range up to 130 kilometers on a single charge.

現在，NX Ultra 配備了強勁的 5 千瓦電機，最高時速可達 100 公里/小時，一次充電續航里程可達 130 公里。

This caters both daily commute and weekend getaways as the entry-level top speed motorcycles.

作為入門級高速摩托車，它可以滿足日常通勤和週末度假的需求。

The NX Ultra is priced at RMB18, 900.

NX Ultra售價18,900元。

Now with the top performance of NX Series, we have done X mile to ensure rider safety.

現在，憑藉 NX 系列的頂級性能，我們已經為確保騎士安全做好了 X 英里。

The NX motorcycle is the first electric two-wheeler in China to earn a five star fire safety certification from the China Merchant Vehicle Research Institute.

NX摩托車是國內第一款獲得中國商用車研究院五星級消防安全認證的電動兩輪車。

It passed rigorous tests for electric fire protection, impact resistance, and water immersion.

通過了電氣防火、抗衝擊、浸水等嚴格測試。

This achievement highlights NIU’s dedication to advancing e-mobility safety standards.

這項成就凸顯了小牛電動致力於推進電動車安全標準。

Now, since the NX Hyper and NX Ultra represent our highest performance releases, we celebrate their debut with the innovative Track Test Drive event in Beijing, drawing over 100 top media outlets' influencers.

現在，由於 NX Hyper 和 NX Ultra 代表了我們最高性能的版本，我們在北京舉辦了創新的賽道試駕活動來慶祝它們的首次亮相，吸引了 100 多家頂級媒體的影響者。

This event not only showcases exceptional performance of our product, but also significantly boost the community engagement.

這項活動不僅展現了我們產品的卓越性能，也顯著提高了社區參與度。

With content around the NX Tracks Test Drive event gathered more than 52 million views across all platforms.

圍繞 NX Tracks 試駕活動的內容在所有平台上獲得了超過 5200 萬次觀看。

The 11:11 Shopping Festival was also a good first testament for our NX product in this market.

11點11分的購物節也是我們NX產品在這個市場的良好首證。

During the online shopping sales, we achieved top ranking across major e-commerce platforms with NX Hyper and NX Ultra standing as the best sellers in its own category.

在網購銷售中，我們在各大電商平台均取得了前列的成績，其中NX Hyper、NX 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.

FX 系列包括三種型號，均採用相同的時尚設計。

The FX Series boasts the F-Line family aesthetics with eagle-eyed headlights, adding sophistication to the high-performance line-up.

FX 系列擁有 F-Line 家族美學和鷹眼頭燈，為高性能產品系列增添了精緻感。

The pro version is equipped with 45 amp-power batteries, the 1500-watt motor, and top speed at a 55 kilometer per hour, with impressive driving range of 130 kilometers.

Pro版配備45安培動力電池、1500瓦電機，最高時速可達55公里/小時，續航里程高達130公里。

Designed for urban commuting, the FX Series combines powerful features with the advanced safety system extended battery life, a smart integration via the OkGo map for enhanced convenience control.

FX 系列專為城市通勤而設計，將強大的功能與先進的安全系統相結合，延長了電池壽命，透過 OkGo 地圖進行智慧集成，以增強便利性控制。

The FX series is priced from RMB5,500 and above.

FX系列售價5,500元起。

Now, as this product is designed for Gen Z users to connect more deeply with the e-gaming community and the younger audience.

現在，該產品是為 Z 世代用戶設計的，旨在與電子遊戲社群和年輕受眾建立更深入的聯繫。

We launched this FX products along with co-branding initiative with the popular game PUBG Mobile with 200 million plus users.

我們推出了這款 FX 產品，並與擁有 2 億多用戶的熱門遊戲 PUBG Mobile 推出聯名品牌計畫。

We introduced the exciting co-brand collaborations, the FX product series through a range of online, offline events including the in-product launch, campus events, e-gaming tournaments, and influencer promotions.

我們透過一系列線上線下活動（包括產品內發布、校園活動、電子遊戲錦標賽和影響者促銷活動）介紹了令人興奮的聯合品牌合作、FX 產品系列。

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, as we discussed earlier this year, our first focus is on channel health, especially store probability with a goal to reversing the trend of store closures over the past two years and prepare for future expansion.

現在，就通路獲利能力和通路擴張而言，正如我們今年稍早討論的那樣，我們首先關注的是通路健康狀況，特別是門市機率，目標是扭轉過去兩年關店的趨勢，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 leads 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，將銷售線索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 Tmall, we also increase our investment on Douyin, Kuaishou, Xiaomengshu and Meituan.

除了京東、天貓等傳統平台外，我們還增加了對抖音、快手、小萌書、美團的投入。

Online sales leads account for more than 50% store sales for the first three quarters, marking a significant increase compared with less than 30% in the same period last year.

前三季線上銷售線索佔門市銷售比重超過50%，較去年同期不足30%大幅提升。

We have also made substantial investment in training our stores for the Yin and Xiaochu operations, including creating accounts for each store and providing live stream training to enable them to generate online leads.

我們還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，包括為每個商店創建帳戶並提供直播培訓，使他們能夠產生在線銷售線索。

As a result, we achieved over 33,000 live stream sessions, generating RMB115 million GMV in the first three quarters, with 18,000 live sessions in Q3.

結果，我們實現了超過 33,000 場直播，前三季實現 GMV 1.15 億元人民幣，其中第三季直播場次達到 18,000 場。

Now with the launch of new product improve store profitability, we have successfully reversed the previous trend and began to expand our sales network.

現在隨著新產品的推出提高了商店的盈利能力，我們已經成功扭轉了先前的趨勢並開始擴大我們的銷售網絡。

In Q3, despite being a traditional slow period for store openings, we were still able to add 240 new stores to expand our sales network.

第三季度，儘管是傳統的開店淡季，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 you to the overseas market.

現在我就帶大家去看看海外市場。

This quarter demonstrated strong growth and strategic advancements in our overseas market.

本季我們的海外市場展現了強勁的成長和策略進步。

In the micro-mobility segment, leveraging a strong product portfolio, we're able to expand more retailers and achieve over 50% year-over-year sales volume growth.

在微移動領域，利用強大的產品組合，我們能夠擴大更多的零售商並實現超過 50% 的同比銷量成長。

Now for the electric two-wheeler market, we focused on direct sales operations in the key market and unveiled new products during our 10th anniversary at ECMA this November.

現在電動兩輪車市場，我們專注於重點市場的直銷業務，並在今年11月的ECMA十週年慶典上推出了新產品。

Those product launches along with business development events and branding marketing activities helped us to build a 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 concentrate on retail channel expansion in the key market.

現在，在微出行方面，今年以來，我們專注於重點市場的零售通路拓展。

In the US market, we worked with BestBuy entering all 800 stores in North America.

在美國市場，我們與BestBuy合作進入北美全部800家門市。

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

此外，我們也與沃爾瑪、Coast、梅西百貨、塔吉特和家得寶合作。

In Europe, in addition to the current retail network of MediaMarkt, we also entered one of the leading retail chains in Europe, in Italy, having our kick scooter product placed in their 300 stores.

在歐洲，除了 MediaMarkt 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義大利，在其 300 家商店中放置了我們的滑板車產品。

Now to further benefit from already established sales network, we have expanded our product portfolio.

現在，為了進一步受益於已經建立的銷售網絡，我們擴大了我們的產品組合。

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

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

This series brings a quality performance at an entry level price starting at $299 and making affordable yet powerful choice for urban mobility.

該系列以 299 美元起的入門級價格提供優質性能，為城市出行提供經濟實惠但功能強大的選擇。

Features included due to hydraulic suspension with 29 kilometer dry range and top speed up to 25 kilometer per hour.

液壓懸吊具有 29 公里乾航程和高達 25 公里每小時的最高時速。

Now on the kick scooter side, the recent increase in the US tariff on kick scooters from 0% to 25% starting in June has temporarily grown our margins, leaving a negative gross margin for product shift to the United States in the Q3 and the part of Q4.

現在在滑板車方面，最近從 6 月開始，美國對滑板車的關稅從 0% 提高到 25%，暫時增加了我們的利潤，導致第三季和部分產品轉移到美國的毛利率為負。第四季的。

To address this, we have initiated a process to start production of US version in the Southeast Asia to address the tariff situation.

為了解決這個問題，我們已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 two wheelers, in the first three quarters, we focused on establishing direct distribution operations in key markets.

現在對於電動兩輪車來說，前三個季度我們專注於重點市場建立直銷業務。

By Q3 this year, we completed the first phase of operations set up in Europe, including the dealer network development, financing for dealers, logistics, after sales support, as well as the team set up.

到今年第三季度，我們完成了在歐洲設立的第一階段運營，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 operations covering 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 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 operation set up in place, we introduced key electric motorcycle product at ECMA this year.

現在營運已經到位，我們今年在 ECMA 上推出了重點電動摩托車產品。

In the motorcycle segment, we launched the NX Series, the international version of our NX premium products, with price range from EUR3,000 and beyond.

在摩托車領域，我們推出了 NX 系列，這是我們 NX 高階產品的國際版本，價格範圍為 3,000 歐元及以上。

We also unveiled the SQi Series, the international version of our S-Series, starting with SQi 500.

我們也推出了 SQi 系列，即 S 系列的國際版本，從 SQi 500 開始。

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

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

The advanced safety features such as CBS brakes and tyre pressure monitoring enhance the rider confidence.

CBS 煞車和輪胎壓力監測等先進的安全功能增強了騎士的信心。

Starting at around EUR3,000, the SQi series offers a combination of eco-friendly, high-tech design and robust performance.

SQi 系列起價約為 3,000 歐元，集環保、高科技設計和強大性能於一身。

Additionally, we upgrade our XQi3, an off road motorcycle-equipped with OT update that boosts the power to 10.6 kilowatts, improved acceleration, and reaches top speed of 800 kilometers per hour.

此外，我們還對XQi3進行了升級，這是一款配備OT更新的越野摩托車，功率提升至10.6千瓦，加速性能得到改善，最高時速可達800公里/小時。

Priced at $4,000, the XQi3 made a high-performance dirt bike more accessible.

XQi3 的售價為 4,000 美元，讓高性能越野車變得更加觸手可及。

Now, NIU’s new product release has generally extended media and influencer coverage at ECMA.

現在，小牛電動的新產品發布已經普遍擴大了 ECMA 上的媒體和影響者的報告。

The leading industry outlets Electric, Motor News, Moto, Gazetta, Motori cover our ECMA launch just days after the event.

活動結束後幾天，領先的行業媒體 Electric、Motor News、Moto、Gazetta、Motori 報告了我們的 ECMA 發表會。

And online channels were featured by KOLs with millions of followers.

線上管道以擁有數百萬粉絲的 KOL 為特色。

And the contents about our new product driven a significant online engagement since its release.

自發布以來，有關我們新產品的內容引起了廣泛的線上參與。

During ECMA, we also hosted our largest new Connect events, inviting around 200 partners, dealers, and distributors to join us in unveiling our new products.

在 ECMA 期間，我們還舉辦了最大的新 Connect 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, we'll also launch a dealer expansion project for 2025, targeting to doubling the dealers by first half of 2025.

在本次活動中，我們還將啟動 2025 年經銷商擴張計劃，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，2024 年即將結束。

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

我們規劃了今年最後一季的策略，為 2025 年奠定堅實的基礎。

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

我們計劃依靠產品開發和銷售擴張的整體動力來推動成長。

In the China market well positions product portfolio that spend a wide range of market demands from daily commuters, electric bicycles to high-performance motorcycles with price ranging from RMB3,000 up to RMB30,000.

在中國市場定位良好的產品組合，滿足從日常通勤、電動自行車到高性能摩托車等廣泛的市場需求，價格從3,000元到30,000元不等。

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

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

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

我們計劃透過符合中國新標準的升級產品和新設計來建立我們現有的產品組合。

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 NX Series, we have elevated the product performance to a new level.

隨著NX系列的推出，我們將產品效能提升到了一個新的水平。

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

高階NXT電動自行車系列配備毫米波雷達碰撞偵測、導航投影系統等尖端智慧技術，代表了同級智慧電動自行車的最先進水準。

And on the sales channel expansion front, we plan to accelerate store expansions in Q4 and Q1 2025, targeting over a thousand stores to establish a solid foundation for growth in 2025.

在銷售通路拓展方面，我們計劃在2025年第四季和第一季加快門市擴張，目標門市數量超過千家，為2025年的成長奠定堅實的基礎。

Additionally, our expansion effort will focus on Tier 3 cities and plus, where we have historically been underrepresented due to lack of right products.

此外，我們的擴張工作將集中在三線及以上城市，由於缺乏合適的產品，我們歷來在這些城市的代表性不足。

Now in the overseas market, the NIU strategy for 2025 focused on driving robust growth across both micro-mobility and the electric two-wheeler market.

目前在海外市場，小牛電動2025年策略重點是推動微型出行和電動兩輪車市場的強勁成長。

For micro-mobility, we plan to continue to expand our retail presence supported by enhanced product lineup.

對於微移動，我們計劃在增強的產品陣容的支持下繼續擴大我們的零售業務。

Production in the Southeast Asia will also help to mitigate tariff challenges and accelerate growth in the US market.

東南亞的生產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-way segment, we'll leverage the new product launches like the NX and SQi series to cater to urban commuters with strong focus on direct sales in the core market.

現在，在電動雙向領域，我們將利用 NX 和 SQi 系列等新產品的發布來滿足城市通勤者的需求，並專注於核心市場的直銷。

Driven by this new product and the momentum in ECMA, we plan to significantly expand our dealer network in those key markets, laying a solid foundation for the growth in next year.

在這項新產品和ECMA動能的推動下，我們計劃大幅擴展我們在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。

Now with that, let me turn the call to Fion.

現在，讓我把電話轉給菲昂。

Thank you, Yan.

謝謝你，嚴。

And hello, everyone.

大家好。

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

請注意，我們的新聞稿包含您需要的所有數據和比較，我們還將 Excel 格式的數據上傳到我們的 IR 網站，以供您輕鬆參考。

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

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，如果沒有具體說明，所有貨幣數據均以人民幣為單位。

As Yan just mentioned, our total sales volume for the third quarter was 312,000 units, up 17.5% compared to the same period of last year. 259,000 units were sold in China, while the remaining 53,000 units were sold overseas.

正如嚴剛所提到的，我們第三季的總銷量是31.2萬輛，比去年同期成長17.5%。國內銷售25.9萬輛，海外銷售5.3萬輛。

Over 60% of our sales volume in China came from the new products launched this year.

我們在中國的銷售量超過60%來自今年推出的新產品。

And the total revenues for the third quarter amounted to RMB1.02 billion, up 10.5% compared to the same period of last year.

第三季總營收為人民幣10.2億元，年增10.5%。

And China revenue were RMB880 million, accounting for 86% of the total revenue.

其中中國區收入為人民幣8.8億元，佔總收入的86%。

Of this, the scooter revenue was RMB797 million, up 12% year-over-year due to an increase in sales volume of e-scooters.

其中，滑板車收入為人民幣7.97億元，年增12%，主要得益於電動滑板車銷量的成長。

China's scooter ASP was RMB3,078, remained flat year-over-year and quarter-over-quarter down 12%.

中國踏板車平均售價為人民幣3,078元，較去年同期持平，較上季下降12%。

The high-end lead asset models that command similar [ESPS to the MION] models accounted for nearly half of the sales volume in China this quarter.

擁有類似[ESPS與MION]車型的高階主導資產車型佔本季中國銷售量的近一半。

A quarter-over-quarter decline was primarily driven by a narrowing of the retail price range from RMB4,000 to RMB6,000, down from the previous RMB4,000 to RMB8,000.

環比下降主要是由於零售價格範圍從之前的人民幣4,000元至人民幣8,000元縮小至人民幣4,000元至人民幣6,000元。

Despite this adjustment, our product price remained 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 RMB144 million, accounting for 14% of the total revenue.

海外收入為人民幣1.44億元，佔總收入的14%。

The scooter revenue including e-motorcycles, e-mopeds, kick scooters and e-bikes amounted to RMB130 million compared to RMB122 million in the same period of last year.

包括電動摩托車、電動輕便摩托車、踏板車和電動自行車在內的踏板車收入達人民幣1.30億元，去年同期為人民幣1.22億元。

This growth was mainly due to increased sales of the kick scooters, partially offset by the decline of the revenue pre scooters.

這一增長主要是由於滑板車銷售的增加，部分被預滑板車收入的下降所抵消。

Of this, the micro mobility revenue were around $114 million, up 6% year-over-year.

其中，微型出行收入約1.14億美元，較去年同期成長6%。

The overseas scooter ASP decreased from RMB3,430 to RMB2,444 year-over-year, primarily due to a shift in product mix and old model discounts that impact the kick scooters ASP.

海外滑板車平均售價從人民幣3,430元年減至人民幣2,444元，主要是因為產品結構的變化和舊型號折扣影響了滑板車的平均售價。

In the third quarter, our entry-level kick scooter with the lower price and lower margin, as Yan just mentioned, the K100 accounted for over 30% of the sales, replacing the higher price and higher margin K2 and K3 models which dominated in the prior quarters.

第三季度，我們的入門級滑板車，價格較低，利潤較低，正如嚴剛提到的，K100佔銷量的30%以上，取代了在市場上佔據主導地位的價格較高、利潤較高的K2和K3車型。

Additionally, the rollout of the new models K100 and K300 led to discount sales of the old models K2 and K3, especially online sales this quarter.

此外，新車型K100和K300的推出帶動了舊車型K2和K3的折扣銷售，尤其是本季的線上銷售。

And the revenue from accessories, spare parts and services amounted to RMB96 million, a 2% increase compared to the same period of last year due to the increase of the spare parts sales in China.

配件、備件及服務收入為人民幣9,600萬元，較去年同期成長2%，主要是由於中國備件銷售的成長。

Gross margin for the third quarter was 13.8%, 7.6 ppt lower than the same period of last year and 3.2 ppt lower than the previous quarter.

第三季毛利率為13.8%，較去年同期下降7.6個百分點，較上季下降3.2個百分點。

The decline in gross margin were driven by the following factors: in our international market, fast growing sales of K100 model and promotional sales of the old models lowered the overseas margins compared to last quarter and the same period of last year.

毛利率下降的原因如下：國際市場上，K100車型銷售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 tariffs on nearly half of our kick scooter sales further reduced our overseas margins.

此外，從6月開始，美國對我們近一半的滑板車銷售徵收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 gross margin decrease.

而這兩個原因都使得毛利率較上月下降。

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 RMB201 million, representing a 31% decrease compared to the same period of last year and the total OpEx ratio decreased from 31% to 20%.

營運支出方面，第三季OpEx為人民幣2.01億元，較去年同期下降31%，總OpEx佔比從31%下降至20%。

Selling and marketing expenses were RMB128 million, up 5% year-over-year, primarily due to the increased promotions in kick scooter new models.

銷售及行銷費用為人民幣1.28億元，年增5%，主要是因為滑板車新車型促銷力道加大。

Selling and marketing expenses as a percentage of revenue went down from 13.2% to 12.5%.

銷售和行銷費用佔收入的百分比從 13.2% 下降至 12.5%。

R&D expenses amounted to rmb30 million, down RMB9 million year-over-year, mainly due to a decrease in staff cost and share base compensation and sample expenses.

研發費用為3,000萬元，較去年同期減少900萬元，主要是員工成本、股權激勵及樣品費用減少所致。

The R&D expenses as a 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 RMB43 million down RMB84 million year-over-year, mainly due to a decrease in the allowance for doubtful accounts that were made credit loss provision for our European distributor in last quarter three.

一般及行政費用為 4,300 萬元，年減 8,400 萬元，主要是由於上第三季為我們的歐洲經銷商提列的信用損失撥備的呆帳準備金減少。

G&A expenses as a percentage of revenue went down from 13.7% to 4.2%.

G&A 費用佔收入的百分比從 13.7% 下降至 4.2%。

In the third quarter, we had a net loss of RMB41 million with a net loss margin of 4% under GAAP accounting compared to a net loss of RMB$79 million for the same period of last year.

第三季度，我們的淨虧損為人民幣 4,100 萬元，依照 GAAP 會計核算，淨虧損率為 4%，而去年同期淨虧損為 7,900 萬元。

Turning to our balance sheet and cash flow.

轉向我們的資產負債表和現金流。

We ended the quarter with RMB1.3 billion in cash, restricted cash, term deposits and short term investments.

本季末，我們持有現金、限制性現金、定期存款和短期投資 13 億元。

Last quarter this amount was the same and the last year end was RMB1.1 billion.

上季這一金額與上季相同，去年年底為 11 億元。

CapEx for the third quarter was.

第三季的資本支出為。

The CapEx for the third quarter was outflow RMB41 million, reflecting an increase of RMB14 million, compared to the same period of last year.

第三季資本支出流出4,100萬元，較去年同期增加1,400萬元。

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 the guidance.

現在讓我們轉向指導。

We expected the fourth quarter revenue to be in the range of RMB 622 million to RMB 718 million, an increase of 30% to 50% year-over-year.

我們預計第四季營收將在人民幣6.22億元至人民幣7.18億元之間，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'll now open the call for any questions that you may have for us.

現在，我們將開始電話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)

（操作員說明）

Yating Chen from CICC.

中金公司的陳雅婷。

Good evening.

晚安.

I have three questions about the (inaudible) ground.

我對（聽不清楚）理由有三個問題。

The first question is, we have seen

第一個問題是，我們已經看到

(inaudible)

（聽不清楚）

Sorry, Yating, can you repeat your question one more time?

抱歉，雅婷，你能再重複一次你的問題嗎？

Because there is a noise around.

因為周圍有噪音。

Okay.

好的。

Okay.

好的。

I beg your pardon, Yating, your line is disturbing.

雅婷，請原諒，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 scooter sales price per unit dropped a quarter-over-quarter.

我們看到國內滑板車的平均單價季減。

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？

Yes.

是的。

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

因此，如果你看一下——我認為總的來說，我們預計——至少從平均銷售額來看，明年將推出新標準的每單位平均售價——嗯，基本上是在今年晚些時候，但將在明年生效。

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.

好的。

Thank you.

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 basically Q3 our growth margin is hitting sort of the lowest point this year because there were double hits.

是的，我認為基本上第三季我們的成長率達到了今年的最低點，因為出現了雙重打擊。

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

一是實際上對於國際滑板車來說，特別是對美國市場來說，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, it's difficult not to ship the product to the retailers.

但事實上我們仍然必須繼續經營，因為我們已經在零售商那裡，很難不將產品運送給零售商。

So that was a hit.

所以那很受歡迎。

And the second on the China side, I think I just mentioned partially because our product, the percentage of products sold with the ASG RMB6000 beyond that percentage shrink a bit because with this new battery safety standard.

第二個是中國方面，我想我剛才提到的部分原因是我們的產品，ASG 6000 元以上的產品銷售比例由於新的電池安全標準而有所下降。

I think we're looking at the gross margin should start recover in Q4 this year and it will continue to rise next year partially due to three things.

我認為我們認為毛利率應該在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] cost, some of those are not completely reflected.

一，我覺得一些降低成本或節省成本的舉措，特別是在[炸彈成本]成本上，有些還沒有完全體現出來。

We start some of the initiatives basically in early Q3, but for them to truly reflect it in the financials, they usually take at least three months or four months.

我們基本上在第三季初就開始了一些舉措，但要讓它們真正反映在財務數據中，通常需要至少三個月或四個月的時間。

So that's on the cost And second was the product mix.

所以這是成本，其次是產品組合。

We expect that the high-priced product percentage will come back up in Q4 and Q1, especially in 2025.

我們預計高價產品比例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 gross margin on the China side.

這將使我們能夠真正恢復中國方面的毛利率。

On the international side, I think the gross margin for kick scooter for Q4 is still going to be relatively low because, the shipment from the Southeast Asia manufacturer wouldn't happen until basically January next year.

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

So, on Q4 we're still suffering a little bit negative growth margin on the kick scooters side.

因此，在第四季度，我們的滑板車方面仍然出現了一些負增長。

But coming to Q1 in 2025, with the manufacturing start happening in Southeast Asia, we expect the gross margin to come back to 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。

With those, I think the international gross margin will recover in Q1 next year.

有了這些，我認為明年第一季國際毛利率將恢復。

The China gross margin, you will start to see the recovery start seeing the recovery Q4 this year.

中國的毛利率，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 kick scooters overseas in the first three quarters?

能否分享一下前三季滑板車海外銷售狀況？

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

目前您對它明年的銷售有什麼展望嗎？

Thank you.

謝謝。

I think for the kick scooters, so far we have something around 120,000 to 130,000, slightly above 120,000 units for the first three quarters.

我認為對於踏板車來說，到目前為止我們的銷量約為 120,000 至 130,000 輛，略高於前三個季度的 120,000 輛。

We expect to finish the year probably somewhere around 160,000 to 170,000 units.

我們預計今年年底銷量可能約為 16 萬至 17 萬輛。

We could go more, but actually we decided to reduce the volume especially for the US market, just to have enough for the US market for the Black Friday and to satisfy the retailer's needs, but not aggressively -- not aggressively shipping products to the United States because of the tariff situation.

我們可以走得更多，但實際上我們決定減少數量，特別是針對美國市場，只是為了在黑色星期五為美國市場提供足夠的數量並滿足零售商的需求，但不是積極地- 不是積極地將產品運送到美國各國因為關稅情況。

Now, I think for next years, we look at, on the kick-scooter at least, if you look at this year, kick-scooter market growth from last year, we probably had a rapid volume growth of like 60%.

現在，我認為在接下來的幾年裡，我們至少在滑板車上，如果你看看今年的滑板車市場與去年相比的成長，我們的銷量可能會快速成長 60% 左右。

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

我們預計明年的成長率可能在 50% 到 60% 左右。

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

因此，繼續下去，我們明年將保持成長率。

Thank you.

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。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

Seeing no more questions in the queue, let me turn the call back to Mr. Li for closing remarks.

看到隊列中沒有更多問題，讓我將電話轉回給李先生做總結發言。

All right.

好的。

Thank you, operator, and thank you all for participating on today’s call and for your support.

謝謝接線員，也感謝大家參與今天的電話會議並給予支持。

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。