小牛電動 (NIU) 2025 Q1 法說會逐字稿

Good day ladies and gentlemen, thank you for standing by and welcome to the NIU Technologies First Quarter 2025 Earnings Conference Call. (Operator Instructions) Now, I will return the call over to Ms. Kristal Lee, Investor Relations Manager of NIU Technologies. Ms. Lee, please go ahead.

女士們、先生們，大家好，感謝你們的支持，歡迎參加 NIU Technologies 2025 年第一季財報電話會議。（操作員指示）現在，我將把電話轉回給 NIU Technologies 的投資者關係經理 Kristal Lee 女士。李小姐，請講。

Thank you, operator. Hello, everyone. Welcome to today's conference call to discuss NIU Technologies with us for the first quarter 2025. The earnings press release, corporate presentation and financial spreadsheets have been posted on our investor relations website. This call is seeing webcast from our company's IR's as well, and a replay of the call will be available soon.

謝謝您，接線生。大家好。歡迎參加今天的電話會議，與我們一起討論 NIU Technologies 2025 年第一季的發展。收益新聞稿、公司介紹和財務電子表格已發佈在我們的投資者關係網站上。本次電話會議也將透過我們公司的投資者關係 (IR) 進行網路直播，並且很快就會提供電話會議的重播。

Please note, today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Security Litigation Reform Act of 1995. Forward-looking statements involves risks, uncertainties, assumptions, and other factors. The company's actual result may be materially different from those expressed today.

請注意，今天的討論將包含根據 1995 年美國私人安全訴訟改革法案的安全港條款做出的前瞻性聲明。前瞻性陳述涉及風險、不確定性、假設和其他因素。該公司的實際結果可能與今天表達的結果有重大差異。

Further information regarding the risk factors is included in the company's public filings with the Security and exchange Commission. The company does not assume any obligation to update any forward-looking statements except as required by law.

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。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 included a discussion of certain non-GAAP financial measures. The press release contained a definition of non-GAAP financial measures and the reconciliation of GAAP to non-GAAP financial results. On the call with me today are our CEO Dr. Yan Li; and CFO Ms. Fion Zhou. Now let me turn the call over to CEO Yan.

我們的收益新聞稿和本次電話會議討論了某些非公認會計準則財務指標。新聞稿包含非公認會計準則財務指標的定義以及公認會計準則與非公認會計準則財務結果的調整。今天與我一起參加電話會議的有我們的執行長李岩博士和財務長週菲昂女士。現在，我將電話轉給嚴執行長。

Thank you, Kristal. Hello everyone, thank you for joining us today. In the first quarter of 2025, we achieved a total sales volume of 2,003,000 units, marking a significant 57.4% year over year growth. Behind its strong performance was a 66% year over year increase in the sales volume in the China market and a 6.4% year over year growth in the overseas market.

謝謝你，克里斯塔爾。大家好，感謝大家今天加入我們。2025年第一季度，我們實現總銷量200.3萬輛，較去年同期大幅成長57.4%。其強勁業績的背後是中國市場銷量年增66%、海外市場銷量較去年同期成長6.4%。

Total revenue for the first quarter reached to RMB682 million reflecting a 35% increase compared with the same period last year. The gross margin rebounded to 17.3% with 4.9% year over year increase, primarily driven by the pump cost reduction in product platformization, component standardization and procurement cost improvement.

第一季總營業收入達到人民幣6.82億元，較去年同期成長35%。毛利率反彈至17.3%，較去年同期增加4.9個百分點，主要由於產品平台化、零件標準化及採購成本改善導致泵浦成本下降。

The performance in Cuba in 2025 has set a tone for the rest of the year underlying our drive for high volume and revenue growth, as well as the possibility improvement. Taking a closer look at our performance in China, sales volume reached to 183,000 units in this quarter.

2025 年古巴的表現為我們今年剩餘時間的追求奠定了基調，並推動了銷售和收入的大幅增長以及可能性的改善。仔細看看我們在中國的表現，本季銷量達到183,000輛。

Our product portfolio strategy emphasized on NIU Technology, innovation and expanding sales channels as well as targeting marketing strategy for the key drivers to the strong domestic performance. In Q1 2025, we maintain our focus in our key product strategy of NMU and series.

我們的產品組合策略強調小牛技術、創新和擴大銷售管道以及針對強勁國內業績的關鍵驅動因素的行銷策略。2025年第一季度，我們將繼續專注於NMU和系列的關鍵產品策略。

We enhance our existing products through upgrading and refining our product portfolio, which led to optimize product mix and offer our customers an even more enjoyable writing experience. Additionally, we step up our motorcycle offerings, introduce model like MX, ML, and FX. The expansion divers by our electric motorcycle range and helps to broaden our sales channel.

我們透過升級和改進產品組合來增強現有產品，從而優化產品組合併為客戶提供更愉快的寫作體驗。此外，我們也加強了摩托車的供應，推出了 MX、ML 和 FX 等車款。我們的電動摩托車系列的擴展有助於拓寬我們的銷售管道。

First was successfully launch a comprehensive range of electric motorcycles, including the MX, ML and SX series spanning price range from RMB4,000 plus to over RMB10,000. Each model features significant enhancement in functionality and smart technologies aligning with our new performance and safety standards.

一是成功推出全系列電動摩托車，包括MX、ML、SX等系列，價格從4000多元到10000多元不等。每個型號的功能和智慧技術都有顯著增強，符合我們新的性能和安全標準。

Those additions have significantly expand our electric motorcycle portfolio, offering consumers a more diverse options for reinforce our position as premium brand in the electric two-wheeler sector.

這些新增產品大大擴展了我們的電動摩托車產品組合，為消費者提供了更多樣化的選擇，鞏固了我們在電動兩輪車領域的高端品牌地位。

To delve into detail of each product, on March 21, we first launched the NX Pro motorcycle price the RMB 9,999, position as the speed champion among the sub 10,000 RMB electric motorcycles. It's equipped with 72 volts, 42-amp hour high energy lithium battery, offering a range of over 90 kilometres on one charge.

深入每個產品的細節，3月21日我們首發上市了售價9,999元的NX Pro摩托車，名列萬元以下電動摩托車速度冠軍。它配備 72 伏特、42 安培小時高能量鋰電池，一次充電可行駛 90 多公里。

Powered by a motor with a peak power of six kilowatts and a boost mode. It hits the top speed of 80 kilometres per hour and accelerates from 0 to 50 in just five point four seconds. The power in intelligent fast charging system allows for full charging in only five hours.

由峰值功率為六千瓦並具有增壓模式的馬達提供動力。它的最高時速可達 80 公里每小時，從 0 加速到 50 僅需五點四秒。智慧快速充電系統僅需五小時即可充滿電。

The NX Pro received around 2000 preorders and set the sales record on a platform like Douyin JD.com and T-all on its launch date. This model has established itself as a pioneer in the high-end two-wheeler motorcycle market, reinforced new reputation for high performance and attracting a younger demographic that values speed and innovation.

NX Pro 在發布當天就獲得了約 2000 份預訂單，創下了抖音、京東、天貓等平台上的銷售記錄。該車型已成為高端兩輪摩托車市場的先驅，鞏固了其高性能的新聲譽，並吸引了重視速度和創新的年輕人群。

It significantly boost our presence in the premium electric motorcycle sickness. We also launched our entry level and the smart electric motorcycles. The upgrade included enlarged footboard, extended seats and expanded storage compartments.

它大大提升了我們在高端電動摩托車領域的存在感。我們還推出了入門級和智慧電動摩托車。升級包括擴大腳踏板、延長座椅和擴大儲物箱。

It comes equipped with advanced intelligent features such as full color display, TFT display with the measuring navigation, as well as okay go and go technologies.

它配備了先進的智慧功能，如全彩顯示器、帶測量導航的 TFT 顯示器以及 OK Go and Go 技術。

Powered by a 2000 watt power motor, that the top speed of 55 kilometres per hour and includes the TCS as a standard features. Price the RMB4,799 that offers a compelling combination of performance, smart technology, and affordability. We also expand our S series with the FX Pro, FX Sports, and FXCD completing the S series product lineup on Mosacite.

由 2000 瓦功率馬達驅動，最高時速為 55 公里/小時，並包含 TCS 作為標準功能。售價為 4,799 元人民幣，集性能、智慧技術和實惠價格於一體。我們也透過 FX Pro、FX Sports 和 FXCD 擴展了我們的 S 系列，從而完善了 Mosacite 上的 S 系列產品陣容。

With their full aggressive design, those models now come with enhanced features such as full color TFT display, expanded battery compartments, offering options of 72 volts, 42 a power lithium batteries or 72 volts, 35 a power the asset batteries.

這些型號擁有全面的激進設計，現在配備了增強功能，如全彩 TFT 顯示器、擴展的電池倉，提供 72 伏特、42 安鋰電池或 72 伏特、35 安培資產電池選項。

Those models delivered 45% increase in the top speed and a 75%, 72% boost in the peak in power. The S series also featured dual channel ABS and the magic wheel, which significantly enhance playability and ease of the operation, establishing F series as a performance powerhouse. We launched that series on May 13, platform such as T-a, JD and Doe, and this series is set starting Q2.

這些模型的最高速度提高了 45%，峰值功率提高了 75% 和 72%。S系列還配備了雙通道ABS和魔法方向盤，大大提高了可玩性和操作的簡易性，使F系列成為性能強大的產品。我們於 5 月 13 日在 T-a、JD 和 Doe 等平台上推出了該系列，並且該系列將於第二季開始。

Now besides the electric motorcycles, we have also integrated those technologies into our electric bicycle line elevating the categories with innovation technologies. We start with the popular signature electric bicycle models such as an XT, and LT, MT and MMT, those approach bring a premium electric motorcycle experience to the electric bicycle categories.

現在，除了電動摩托車，我們還將這些技術融入我們的電動自行車系列中，透過創新技術提升產品類別。我們從流行的標誌性電動自行車模型開始，例如 XT、LT、MT 和 MMT，這些方法為電動自行車類別帶來了優質的電動摩托車體驗。

The NXT launch on the March 21, stands out as the first electric bicycle equipped with dual channel ABS, a 12-inch full disc motor, and a standard boost launch mode. The NXT similarly incorporated the top tier electric motorcycle features. Those advancement has made a high favour choice among the consumers, setting a new benchmark in the electric bicycle market.

3 月 21 日推出的 NXT 是第一款配備雙通道 ABS、12 吋全盤式馬達和標準增壓啟動模式的電動自行車。NXT 同樣融入了頂級電動摩托車的功能。這些進步贏得了消費者的高度青睞，為電動自行車市場樹立了新的標竿。

Now we also unveiled two new models and the M series targeting the female users, the MT and MMT. The MT stands up for ultra compact design, a vibrant color options and user-friendly features like GoPO systems, making it especially suitable for female users seeking a convenience and style. The MMT is smaller model, embraced the iconic M series design with fresh colorful aesthetics and a comfortable writing experience tailored to a diverse preference of Gen Z female users as targeting those demographics, the M series accounted for an impressive 32% sales in Q1, reinforcing its appeal and market success.

現在我們也推出了兩款新機型和針對女性用戶的M系列，MT和MMT。MT 擁有超緊湊的設計、鮮豔的色彩選擇和 GoPO 系統等用戶友好功能，特別適合追求便利和時尚的女性用戶。MMT 是一款較小的型號，採用了標誌性的 M 系列設計，具有清新多彩的美感和舒適的書寫體驗，針對 Z 世代女性用戶的多樣化偏好量身定制，作為針對這些人群的目標客戶，M 系列在第一季度的銷售額達到了令人印象深刻的 32%，增強了其吸引力和市場成功。

Now in Q1, our strategic emphasize on standardizing those key product platforms has shown a sign of progress they enhance our R&D process and also reduce our bond cost, contributing a significant improvement of our gross margin in the China market. The positive impact was evident in Q1, 2025.

現在在第一季度，我們對標準化這些關鍵產品平台的策略重點已經顯示出進展的跡象，它們增強了我們的研發流程，也降低了我們的債券成本，為我們在中國市場的毛利率的顯著提高做出了貢獻。正面影響在 2025 年第一季顯現。

Besides the product, we also roll out a series of features in smart technologies, such as a full function by inch TFT display, the magic will, all those focusing on similar driving experience, AI smart control assistance and AI smart ecosystem features. Also, in terms of driving 50, we have a partner with Goo Maps to develop the industry pioneer data-driven dynamic safety warning system.

除了產品之外，我們還推出了一系列智慧科技功能，例如全功能16吋TFT顯示器、魔力意志、專注於類似駕駛體驗的功能、AI智慧控制輔助和AI智慧生態系統功能。另外，在 Driving 50 方面，我們與 Goo Maps 合作開發了業界先鋒的資料驅動動態安全預警系統。

The system facilitate an advanced functionalities include one spot warning, a rear vehicle approach warning that AI pilot the traffic light navigation.

該系統具有多種先進功能，包括點警告、後方車輛接近警告和人工智慧駕駛交通號誌導航。

This has already been implemented in our new NX, NXT models with a more advanced feature to be released in Q2 and Q3 this year. We're aiming at a significantly enhanced riding safety and uplifting or riding experience for our customers.

這已經在我們的新 NX、NXT 型號中實現，並將於今年第二季和第三季發布更先進的功能。我們的目標是顯著提高客戶的騎乘安全性和提升騎乘體驗。

Now in last quarter, we also continue to enhance our brand influence our products among the target consumer groups, especially the premium consumers and Gen Z riders. On March 21, the launch of our NX Pro was marked by strategic partnership with the renowned Game for Peace, this collaboration introduced a new cup racing tournament within a game which quickly topped the trending list on platforms like Weiboodou in Xiaohongshu.

現在到了上個季度，我們也持續提升我們的產品在目標消費群體中的品牌影響力，特別是高端消費者和 Z 世代騎士。3月21日，NX Pro的發布與知名遊戲《和平精英》達成戰略合作，在遊戲中引入了全新的杯賽賽事，該賽事迅速登上小紅書、微博豆瓣等平台的熱搜榜。

The advertising campaign spend over 10,115,000 placements across 160 major cities, targeting prominent landmarks, key business districts in the subway systems, and offices elevators garnering over 2.4 billion views. Also on May 13, we our electric motorcycle matrix products targeting the premium users and Gen Z users. With the NX and also the FX series.

這項廣告活動在160個主要城市投放了超過10,115,000個廣告位，瞄準著名地標、地鐵系統的主要商業區和辦公室電梯，獲得了超過24億次觀看。同樣在 5 月 13 日，我們推出了高階用戶和 Z 世代用戶的電動摩托車矩陣產品。具有 NX 和 FX 系列。

The launch become a milestone in 2025 with stocking sales of over RMB100 million sales in just first, five hours and the volume of 10,000 units plus.

這次發表會成為2025年的里程碑，先發五小時銷售額就突破1億元人民幣，銷售量突破1萬台。

Lastly, in terms of channel expansion, we continue our previous strategy with strong focus on penetrating the previous underrepresented market in China, strategically expanding our retail footprint to ensure our product reaching a broader consumer base. We have expanded our retail footprint by opening about 384 new stores in Q1 with significant focus on tier 3 and tier 4 cities, accounting for 50% of the new opening stores.

最後，在通路擴展方面，我們延續先前的策略，重點滲透中國先前代表性不足的市場，策略性地擴大我們的零售足跡，以確保我們的產品覆蓋更廣泛的消費者群體。我們擴大了零售足跡，第一季開設了約 384 家新店，專注於三線和四線城市，佔新開店數量的 50%。

This strategic expansion rein distribution network and also paved the way for upcoming launch of electric motorcycle product in Q2.

此次策略擴張鞏固了分銷網絡，也為即將於第二季推出的電動摩托車產品鋪平了道路。

Now, additionally, our online presence has been strengthened with sales improvement across multiple online channels such as our official brand accounts, the localized accounts, regional localized account, also the 400+ store accounts.

現在，我們的線上業務得到了加強，多個線上管道的銷售都有所提高，例如我們的官方品牌帳戶、本地化帳戶、區域本地化帳戶以及 400 多個商店帳戶。

Multi-tier strategy has hosted about 10,000 live broadcasts, generating 430 million views, marking a 6 ex increase compared with Q1, 2024 last year. This has significantly boosted our online visibility and customer interactions, contributing about 100,000 units of sales, representing 60% of our total sales volume.

多層次策略已舉辦約1萬場直播，產生4.3億次觀看，與去年2024年第一季相比成長了6倍。這大大提高了我們的線上知名度和客戶互動，貢獻了約 10 萬台的銷量，占我們總銷量的 60%。

So let me turn to the overseas market. In the overseas marketing Q1, 2025, the sales volume reached to 20,000 units. Within the overseas market, we focused on electric two-wheeler market, which is the electric mopeds and electric motorcycles.

那麼讓我來談談海外市場。海外市場2025年Q1銷售量達2萬台。在海外市場，我們專注於電動兩輪車市場，即電動輕便摩托車和電動摩托車。

The electric two-wheeler market achieved over 3% increase due to the readiness we put in place on the direct distribution operation in the key countries such as Germany, Italy, and France, and those direct operations contributed more than 50% of sales in Q1.

由於我們在德國、義大利和法國等主要國家做好了直接分銷業務的準備，電動兩輪車市場實現了 3% 以上的成長，這些直接分銷業務在第一季度貢獻了 50% 以上的銷售額。

Now with the logistics financing CRM system, also the underground team we have really built the operation in those key countries and accelerated in network expansion. The end of Q1, 2025, the number of dealers in those direct distributed regions have increased from 120 to 180 dealers with projection to reach about 250 dealers by mid-2025, exceeding our initial forecast.

現在有了物流融資CRM系統，還有地下團隊，我們真正在這些重點國家建立了業務，並加速了網路擴張。截至 2025 年第一季末，這些直接分銷區域的經銷商數量已從 120 家增加到 180 家，預計到 2025 年中期將達到約 250 家經銷商，超過我們最初的預測。

We have also introduced the full line of electric two-wheeler products from 50 cc equivalent LYE models to 125 cc equivalent L3E models, as well as the motorcycles. Those product price between EUR2000 to EUR4600 catering to a diverse consumer need.

我們還推出了從 50 cc 等效 LYE 型號到 125 cc 等效 L3E 型號的全系列電動兩輪車產品以及摩托車。這些產品的價格在 2000 歐元至 4,600 歐元之間，可滿足多樣化的消費者需求。

Now the first batch of new product was shipped in 12,025 and now it's been stocked in local warehouse ready for the peak season sales in Q2. Now with those full lineup of electric to their products to electric motorcycles, most opt motorcycles, and also the direct distribution operation in place. We anticipate exponential sales growth targeting 3x to 5x increase in 2025 with Q1 as the early indicator of such growth.

目前首批新品已於12025年出貨，並已備貨至當地倉庫，為第二季的銷售旺季做好準備。現在，他們的產品線已全面涵蓋電動摩托車、電動摩托車等，也實施直接分銷模式。我們預計，到 2025 年，銷售額將呈指數級增長，目標是增長 3 倍至 5 倍，第一季將是這一增長的早期指標。

Now the fast growth in the electric two-wheeler sectors with the direct distribution regional anticipate accounting for 60% to 80% of sales will contribute significantly our profit profitability turnaround in the international market.

目前電動兩輪車產業的快速成長，預計直銷區域佔銷售額的60%至80%，將為我們在國際市場的利潤扭虧為盈做出巨大貢獻。

Now for the micro mobility market for the international markets such as the kick scooters and the for the e-bikes, Q1, 2025 is the underperforming quarter with nearly flat volume growth and delayed profitability turnaround due to the tariff situation in the US and also the inventory clear out in Europe. In Europe, our Q1 focus on sales out of all the inventories, he has the impact of gross margin and profitability.

現在，對於滑板車和電動自行車等國際市場的微型移動市場而言，2025 年第一季是表現不佳的季度，由於美國的關稅情況以及歐洲的庫存清理，銷量增長幾乎持平，盈利能力轉變延遲。在歐洲，我們第一季關注的是所有庫存的銷售，這對毛利率和獲利能力有影響。

Those all the inventory impacts will continue partially into Q2, but we expect to be minimized by the second half of this year. Now in the US, the uncertainty around the tariff situation we deliberately hold back the sales of existing inventories in the US marketing Q1 for more Claritin.

所有這些庫存影響將部分持續到第二季​​度，但我們預計到今年下半年將降至最低。現在在美國，由於關稅情勢的不確定性，我們故意抑制了美國市場第一季現有庫存的銷售，以增加克敏能的銷售量。

We have implemented the price increase in online channels in Q1 and negotiate offline channels for price increases to be factored in late Q2 and early Q3.

我們已於第一季對線上通路實施了價格上漲，並正在與線下通路協商，在第二季末和第三季初將價格上漲納入考量。

Now for the supplies to the US market, our manufacturing in Southeast Asia have already dispatched our first delivers in late Q1 2025, taking advantage of the 10% tariff window. The ship product has not been reflected in the sales yet.

現在對於美國市場的供應，我們在東南亞的製造工廠已利用 10% 的關稅窗口在 2025 年第一季末發出了第一批貨物。該船產品尚未體現在銷售中。

Now, we are carefully watching the tariff situation. However, with the negotiated price increases and the inventories prior to the tariff hike, we expect to regain profitability for the second half in 2025 for the US micro mobility market.

現在，我們正在密切關注關稅情況。然而，隨著談判價格的上漲和關稅上調前的庫存，我們預計美國微型移動出行市場將在 2025 年下半年恢復獲利。

Now overall remain optimistic about the China market in Q2 2025, building on strong foundation in product development and also the brand momentum. This has already produced the positive initial results in Q1. On the product side, we will continue to focus on product portfolio on our core NMU and F series. The launch of the newly operated in the F series in Q2 is expected to elevate our attractiveness and recognition within the high premium consumers and the Gen Z customers.

目前，總體而言，我們對 2025 年第二季的中國市場仍然持樂觀態度，這得益於產品開發和品牌動能的強大基礎。這已經在第一季產生了積極的初步成果。在產品方面，我們將繼續專注於核心 NMU 和 F 系列的產品組合。F系列新品將於第二季推出，預計將提升我們在高端消費者和Z世代客戶中的吸引力和認可。

Simultaneously, the launch of motorcycle products has diversified our product portfolio, offering consumers a wide array of options. Also, we have moved up the launch of a new product in Q2 to May 13, right before the China top sales season of June 18, to take advantage of this.

同時，摩托車產品的推出也豐富了我們的產品組合，為消費者提供了廣泛的選擇。此外，為了利用這項優勢，我們將第二季新產品的發佈時間提前到 5 月 13 日，也就是 6 月 18 日中國銷售旺季之前。

Now we'll continue to expand our sales channels, expanding, expecting to add another 300 to 400 stores in Q2. The channel expansion will drive sales growth, but also shows a sign of channel momentum turn around this year.

現在我們繼續拓展銷售管道，不斷擴張，預計第二季再增加300到400家門市。通路擴張將推動銷售成長，同時也顯示今年通路勢頭好轉的跡象。

Now lastly, we will continue to improve our gross margin as a result ratiovia product platformization in 1.

最後，我們將繼續透過產品平台化來提高我們的毛利率。

And finally, we have worked diligently to modify our current product line up, to create a new design style to cook with the new electric bicycle standard in China to be in place in September. We have a solid product line up development ready to be in the market by this.

最後，我們努力修改現有的產品線，創造新的設計風格，以適應9月份中國即將實施的新電動自行車標準。我們擁有完善的產品線開發，隨時準備將其推向市場。

Now looking at the international market, with the trend we observe in Q1 and Q2, we anticipate a steady growth in the overseas market and turn around profit loss this year. In the electric cooler market with a complete product portfolio and the established direct distribution operations, we anticipate a hyper growth in both revenue and profit contribution.

現在來看國際市場，從第一季、第二季的走勢來看，我們預期今年海外市場會穩定成長，轉虧為盈。在產品組合齊全、直銷業務成熟的電冰箱市場，我們預期營收和利潤貢獻都將超額成長。

The sales growth we saw in Q1 is a testament to this foundation we have built. In the following quarters, our focus will be on expanding the direct distribution operations at a higher contribution margin.

我們在第一季看到的銷售成長證明了我們已經建立的基礎。在接下來的幾個季度中，我們的重點將放在擴大直接分銷業務，提高貢獻利潤率。

For the micro mobility market, even with the turmoil on the tariffs, we have started to return around signs from profitability perspective. With the clearing out of our inventory in Europe and also the clarity with the US tariff situation, we expect to rebound with the moderate growth and a significant improvement in the profitability.

對於微型移動市場，即使關稅出現動盪，從獲利能力的角度來看，我們已經開始出現復甦的跡象。隨著我們在歐洲的庫存清理以及美國關稅情況的明朗，我們預計將實現適度增長並顯著提高盈利能力。

Now I'll turn over to our CFO Fion Zhou to talk about financial.

現在我將邀請我們的財務長 Fion Zhou 來談談財務問題。

Thank you, and hello please note that our press release contains all the figures and comparisons you need, and we have also uploaded the Excel format figures to our IR website for your reference. As I review our financial results, I'm referring to the first quarter figures unless I say otherwise, and all monetary figures are non-not specified. At the end just mentioned, our total sales volume for the first quarter was 203,000 units, up 57% compared to the same period of last year. 183,000 units were sold in China, while the remaining RMB20,000 were sold overseas.

謝謝，您好，請注意，我們的新聞稿包含您需要的所有數據和比較，我們還將 Excel 格式的數據上傳到我們的 IR 網站供您參考。當我回顧我們的財務結果時，除非我另有說明，我指的是第一季的數據，且所有貨幣數字均未指定。剛才說了最後我們第一季的總銷量是20.3萬台，比去年同期成長了57%，其中國內賣了18.3萬台，剩下的2萬台是海外賣的。

The total revenue for the first quarter amounted to RMB682 million, an increase of RMB177 million or 35% compared to the same period of last year. The China revenues were RMB608 million, accounting for 89% of the total revenues. Of this, the scooter revenue was RMB546 million a year increase of 39%. This increase was mainly due to the increase in sales volume and partially offset by a decrease in revenue per e-scooters.

第一季總營業收入為人民幣6.82億元，較去年同期增加人民幣1.77億元，成長35%。中國區收入為6.08億元人民幣，佔總收入的89%。其中，踏板車收入5.46億元，年增39%。這一增長主要是由於銷量增加，但部分被每輛電動滑板車收入的減少所抵消。

China's scooter ASP was found to nearly RV 3,000. This decline in ASP was primarily attributed to a shift in product mix. The notable increase in sales volume of high-end la asset models as mentioned in the previous quarters last year, has led to a more concentrated retail price range from RMB3,000 to RMB7,000.

據發現，中國踏板車的平均售價接近 RV 3,000。平均售價的下降主要歸因於產品組合的變化。高階LA資產車型銷售量如去年前幾季一樣明顯成長，導致3,000元至7,000元的零售價格區間更加集中。

And the overseas revenue was RMB74 million, representing 11% of the total revenue. The scooter revenues, including electric motorcycles, mopeds, kick scooters, and e-bikes, amounted to RMB60 million, up from RMB49 million in the same period of last year. And this growth was driven by stronger international demand. For electric motorcycles and mopeds, which command higher retail price and the premium pricing of these products also contributed to a year over year increase in the overseas AP rising from RMB22,577 to RMB2,962.

其中海外收入0.74億元，佔總收入的11%。包括電動摩托車、輕便摩托車、滑板車和電動自行車在內的滑板車收入達 6,000 萬元人民幣，高於去年同期的 4,900 萬元人民幣。這一成長是由更強勁的國際需求所推動的。對於電動摩托車和輕型摩托車而言，其零售價格更高，且這些產品的高價也導致海外AP年成長，從人民幣22,577元增加到2,962元。

And the revenue from accessories spare parts and services amounted to RMB76 million a 20% increase compared to the same period of last year due to the increase in the spare parts sales in both China and overseas markets.

其中，配件及服務收入達7,600萬元，較上年同期成長20%，主要由於中國及海外市場配件銷售增加。

The gross profit for the first quarter exceeded RMB118 million, marking a significant improvement compared to RMB96 million during the same period of last year, and the gross margin was 17.3%, 1.6 PPT lower than the same period of last year, but 4.9 PPT higher than the previous quarters.

第一季毛利超過1.18億元，較去年同期的9,600萬元有顯著提升；毛利率為17.3%，較去年同期下降1.6個百分點，較前幾個季度上升4.9個百分點。

The domestic market growth margin improved due to the successful cost reduction initiatives, which increased the overall GM by 1.2 PPT.

由於成本削減措施成功實施，國內市場成長利潤率有所提高，使整體利潤率提高了 1.2 個百分點。

However, the overseas cooler margins dragged down the total growth margin by 2.8 PPT, primarily due to the three factors. The impact of 25% of the US tariffs implemented last June.

但海外冷卻器利潤率拖累整體成長2.8個百分點，主要受上述三個因素影響。去年六月實施的美國25%關稅的影響。

Elevated freight cost and aged inventory write downs.

運費成本上升和陳舊庫存減損。

The operating expenses for the first quarter were RMB165 million remaining flat compared to the same period of last year. However, the OPEC ratio declined significantly from 32.7% to 24.2%. Selling and marketing expenses rose by RMB9 million year over year to RMB150million and RMB150 million driven by a higher staff cost, advertising and promotional activities and rental expenses. Selling and marketing expenses.

第一季營業費用為1.65億元人民幣，與去年同期持平。但OPEC的比例卻大幅下降，從32.7%降至24.2%。銷售及行銷費用年增 900 萬元人民幣至 1.5 億元人民幣，因員工成本、廣告及促銷活動及租賃費用增加。銷售和行銷費用。

Accounted for 16.8% of revenue, down from 20.9% in the first quarter of 2024. R&D expenses increased by RMB1 million year over year to RMB30 million, primarily due to the higher staff cost and share risk compensation. The R&D expenses as percentage of revenue are 4.4% compared to 5.7% in the first quarter of 2024. GNA expenses. By RMB10 million year over year to RMB21 million largely attributed to the foreign currency exchange gains and GNA expenses as percentage of revenue was 3%, a notable reduction from 6.1% compared to last fourth quarter in 2024.

佔營收的16.8%，低於2024年第一季的20.9%。研發費用較去年增加100萬元人民幣至3,000萬元人民幣，主要由於員工成本及股份風險補償增加。研發費用佔營收的百分比為 4.4%，而 2024 年第一季為 5.7%。GNA 費用。年減 1,000 萬元人民幣至 2,100 萬元人民幣，主要歸因於外匯收益和 GNA 費用，佔營收的比例為 3%，與 2024 年第四季的 6.1% 相比顯著下降。

In the first quarter we had a net loss of RMB39 million with the net loss margin of 5.7% on the non-GAAP accounting compared a net loss of RMB55 million with the net loss margin of 10.9% for the same period last year.

第一季度，我們淨虧損為人民幣3,900萬元，非美國通用會計準則淨虧損率為5.7%，去年同期淨虧損為人民幣5,500萬元，淨虧損率為10.9%。

The adjusted net loss was RMB31 million with an adjusted net loss margin of 4.6% and turning to our balance sheet and cash flow, we ended the quarter with RMB963 million versus RMB1.1 billion last year. In cash, restive cash, term deposit, and short-term investments, and our operating cash outflow amounted to RMB154 million.

調整後的淨虧損為人民幣 3,100 萬元，調整後的淨虧損率為 4.6%，而從我們的資產負債表和現金流來看，本季末我們的淨虧損為 9.63 億元，而去年同期為 11 億元。現金、營運資金、定期存款、短期投資等經營性現金流出為1.54億元。

The caps for the first quarter amounted to RMB24 million, reflecting an increase of RMB3 million compared to the same period of last year, and this can be attributed primarily to an increase in the opening of new stores in China.

第一季的上限金額為人民幣 2,400 萬元，較去年同期增加 300 萬元，主要由於中國境內新店開設增加。

Now let's turn to guidance. We expected the second quarter revenue to be in the range of RMB1.3 billion to RMB1.4 billion an increase of 40% to 50% year over year.

現在讓我們轉向指導。我們預計第二季營收將在13億至14億元之間，年增40%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 expectation which is subject to change due to the uncertainties relating to our various factors and with that we're now open the call for any questions that you may have for us, operator, please go ahead.

請注意，此展望基於截至目前可用的信息，反映了公司當前和初步的預期，由於與我們各種因素相關的不確定性，該預期可能會發生變化，因此我們現在可以回答您的任何問題，接線員，請繼續。

(Operator Instructions) Kyle Wu, Citi Research.

（操作員指示）花旗研究部 Kyle Wu。

Thank you, operator. Hi, this is Kyle from Citi. Thanks for taking my questions. I have two questions. First is about the sales volume guidance. At the year beginning, we guide, 2025 full year sales volume to be 30% to 50% year on year growth. Do we still maintain this volume guidance? Second is about the margin. What's our margin outlook for the upcoming quarters of this year? And also, do we still expect second quarter to see net profit turnaround, thank you.

謝謝您，接線生。你好，我是花旗銀行的凱爾。感謝您回答我的問題。我有兩個問題。首先是關於銷售指引。年初我們預測，2025年全年銷量年增30%至50%。我們是否仍維持這項銷售指引？第二是關於利潤。我們對今年未來幾季的利潤率前景如何？另外，我們是否仍預期第二季淨利將轉虧為盈，謝謝。

Yeah, let me address the first one. In terms of guidance for the annual volume we haven't reached, we have not changed the guidance. I think we're on the path.

是的，讓我先解決第一個問題。對於未達到的年度產量指導，我們並未改變指導。我想我們已經走上正軌。

Okay, for the growth margin annually, actually last year, our overall growth margin was only 15.2% overall, and for sure this year the annual growth margin will be recovered from 15%. And for the quarter this year, we still expecting that the, we will get the profit from the next margin, so the MP is the positive expectation for us.

好的，對於年度成長率，實際上去年我們整體的成長率只有15.2％，今年的年度成長率肯定會從15％恢復過來。對於今年季度，我們仍然預計我們將從下一個利潤率中獲得利潤，因此 MP 對我們來說是積極的預期。

Okay, thank you.

好的，謝謝。

Hope you got answer for this question.

希望你能得到這個問題的答案。

(Operator Instructions) Jing Chang, CICC. Please go ahead, your line is open.

（操作員指示）Jing Chang，CICC。請繼續，您的線路已開通。

Hello.

你好。

Hello, I have one question. I have seen that the average selling price decreased the quarter to quarter in Q1, but the gross profit margin improved significantly quarter to quarter. So I'd like to know what the main reason is and what is the outlook for average selling price in subsequent quarters. This is my question, thank you.

你好，我有一個問題。我看到第一季平均售價季減，但毛利率較上季大幅提高。所以我想知道主要原因是什麼以及後續幾季平均售價的前景如何。這就是我的問題，謝謝。

Okay. I'll take this question. Actually, in this quarter, the ESP, especially the China ASP dropped due to, we launched the new models, from starting from last year, the launch date of our new models, especially the flagship models vary each year. For instance, the retail price of MP 2025 models.

好的。我來回答這個問題。實際上，本季度，ESP，特別是中國ASP下降，因為我們推出了新車型，從去年開始，我們新車型，特別是旗艦車型的發布日期每年都不同。例如MP 2025型號的零售價。

This is this quarter's best seller. The price ranges from RMB, nearly RMB4,000 to RMB5,000, whereas last year we launched the NXT last Q1. This is, our last year's top seller and the price between the RMB6,000 to around RMB12,000.

這是本季的暢銷書。價格在人民幣近4000元到5000元之間，而去年我們在第一季推出了NXT。這是我們去年最暢銷的產品，價格在6,000元到12,000元左右。

So, the launching date of our new model. Actually, various our ASP each quarter, but this ASP will smooth if we're looking forward to the next, to the following quarters, especially the NASP as we just explained to the market that, the ESP will remain almost the same compared to last year or, change a little bit within.

那麼，我們的新車型的發布日期。實際上，每個季度我們的 ASP 都會有所不同，但如果我們展望下個季度，即接下來的幾個季度，這個 ASP 將會平穩，特別是 NASP，正如我們剛剛向市場解釋的那樣，ESP 將與去年相比幾乎保持不變，或者略有變化。

The single digital change, for the, second quarter after this year actually we expected the ASP, especially in the domestic market will recover, compared to the Q1 this year, but we will, we concentrated actually the models retail price. Well concentrated in the range from RMB3,000 to RMB7,000. So, the ASP will, rebound from this quarters, RMB3,000 to around, RMB3,000 to RMB3,500 ASP in the domestic market.

就今年第二季之後的單一數字變化而言，我們實際上預計平均售價，特別是國內市場的平均售價，將會比今年第一季有所回升，但我們實際上會集中關注機型的零售價格。集中在3000元至7000元區間。因此，從本季開始，國內市場的平均售價將反彈至 3,000 元人民幣左右，即 3,000 元至 3,500 元人民幣。

So this is our expectation in the in the quarter two ASP and as to the gross margin recovered as I just explained that this quarters growth margin, recovered, especially from the, our domestic schoolers cost reduction.

因此，這是我們對第二季平均銷售價格 (ASP) 的預期，至於毛利率的恢復，正如我剛才解釋的那樣，本季的成長利潤率已經恢復，特別是由於我們國內學生成本的降低。

Since last Q4 we see a dramatic growth margin, drop down, due to our assets, motorcycles and moped in the domestic market contributed, more than 40% of our sales volume which are which are 3% to 5% gross margin lower than the same here in the recent one and we began to we began to change the smart function platform and also, the R&D, the R&D platform and also the cost reduction from the raw material and this quarter we saw the benefits from the cost reduction in the domestic market and in Q2.

自去年第四季以來，我們看到利潤率大幅成長，下降，這是由於我們的資產、摩托車和輕便摩托車在國內市場的貢獻，占我們銷量的 40% 以上，毛利率比近期同期低 3% 至 5%，我們開始改變智能功能平台，還有研發，研發平台以及原材料成本的降低，本季度我們看到了國內市場和第二季度成本降低的好處。

We think the world's margin will, remain at this level, but you will change, a little bit, due to the product mixed in the domestic market, but will not go back to, lower than 15% as last year showing the figures. This is the this is the gross marking and the ESP for this year's explanation.

我們認為全球利潤率將保持在這個水平，但由於國內市場產品混合，利潤率會略有變化，但不會回到去年顯示的15％以下的水平。這是今年解釋的總標記和 ESP。

Thank you very much. That's all my questions.

非常感謝。這就是我所有的問題。

Michael Simmons, Global View SA.

邁克爾·西蒙斯 (Michael Simmons)，Global View SA。

Thank you. Yes, it's Michael here, Michael Simmons. Dr. Lee, perhaps I can just ask you a little bit about the balance sheet. I think it's the cash position has kind of come down a little bit, given what you've just been talking about and it sounds like the second quarter is looking quite good. How do you think the cash position, the net cash position is going to look at the end of the year?

謝謝。是的，我是邁克爾，邁克爾·西蒙斯。李博士，也許我可以問您一些有關資產負債表的問題。考慮到您剛才所說的情況，我認為現金狀況有所下降，而且第二季的狀況似乎相當不錯。您認為年底的現金狀況和淨現金狀況將會如何？

Well, actually, each year the quarter one is the cash position is the lowest since it's the Chinese New Year, we need to clear out all the advance to the suppliers, the accounts payable, and also the notes payable to the bank. So if you're looking back to 2024 and 2023 each year, the fourth quarter's cash balance is the lowest, during the whole year.

嗯，實際上，每年第一季的現金狀況都是最低的，因為是農曆新年，我們需要清算所有預付給供應商的款項、應付帳款以及應付給銀行的票據。因此，如果每年回顧 2024 年和 2023 年，第四季的現金餘額是全年最低的。

But at the end of this year 2025 actually we expected the cash position will grow up starting from quarter to, since the peak season, both in the domestic market and the overseas market is coming and we give a high speed sales volume increase aligned with the revenue increase and this will brought us. The operating cash flow inflow starting from quarter to and we didn't expect a large pay for the for the furniture and equipment and also the doors open. So overall we think the cash position at the end of this year will be, higher than, the end of December 31, in 2024.

但實際上，我們預計到 2025 年底，現金狀況將從本季開始成長，因為國內市場和海外市場的旺季即將到來，我們的銷售量將隨著收入的成長而高速成長，這將為我們帶來好處。從本季開始的營運現金流流入，我們並沒有期望為家具和設備以及開門支付大筆費用。因此總體而言，我們認為今年年底的現金狀況將高於 2024 年 12 月 31 日的現金狀況。

Great, thank you.

太好了，謝謝。

Mr President, we will take our next question. Zyan Wayan, South Capital.

主席先生，我們將回答下一個問題。Zyan Wayan，南方資本。

Okay. This is Daniel from CIA Capital, and I have only one question regarding overseas business. Why is good, as we, know that, why good revenue, has been negatively impacted by tariffs. Electric motorcycle sales have shown growth. How should we interpret the growth rate target for overseas operations under this these circumstances, thank you.

好的。我是 CIA Capital 的 Daniel，我只有一個關於海外業務的問題。為什麼好，正如我們所知，為什麼好的收入會受到關稅的負面影響。電動摩托車銷量呈現成長態勢。在這種情況下，我們應該如何理解海外業務的成長率目標，謝謝。

I think for the overseas growth rate, we remain; to be, we haven't really changed through our forecast. For this year, I think even at the last quarter when we, we talked about the last year results and even the forecast of this year, we know that our electric tool or the electric motorcycle market, the growth rate will be quite high because they start with actually, last year we only did about 3,000+ units of electric motorcycles and then during our peak time. We actually did it, close to, weigh about 20,000 units.

我認為對於海外成長率，我們保持不變；我們的預測並沒有真正改變。對於今年，我認為即使在最後一個季度，當我們談論去年的業績，甚至今年的預測時，我們知道我們的電動工具或電動摩托車市場，增長率會相當高，因為它們實際上從去年開始，我們只生產了大約 3,000 多輛電動摩托車，然後在我們的高峰期。我們確實做到了，接近，重量約 20,000 個單位。

So we look at, the, that, the starting from 3,000 units last year, we look at a really a hyper growth this year, looking at somewhere at least 5X to 6X growth on the electric motorcycle side. On the, the which, on the quarter one where you see a 3X growth there.

因此，我們看到，從去年的 3,000 輛開始，今年電動摩托車的銷量將大幅成長，至少達到 5 倍到 6 倍。在第一季度，你會看到它成長了 3 倍。

On the micro mobility, the kick scooters, so we, the US tariff really started to impact us last year when, our tariffs actually increased to 25%, on May 30, post May 31, last year. So that already has an impact on the business. So we actually start to Relocating the manufacturing base from China to Southeast Asia, to try to cope with that 25% tariff where back then the Southeast Asia, it was a 0% tariff.

對於微型交通工具、滑板車，美國關稅確實在去年開始對我們產生影響，當時我們的關稅在去年 5 月 30 日（5 月 31 日之後）實際上增加到了 25%。這已經對業務產生了影響。因此，我們實際上開始將製造基地從中國遷移到東南亞，以試圖應對 25% 的關稅，而當時東南亞的關稅為 0%。

So I mean this quarter, Q1 this year, we see, the basically the tariff goes in the Southeast Asia tariff up to 10%, but the China side actually went up significantly. So we actually consciously made adjustment saying by holding off the sales for the US market. But you look at the entire year, I think the demand there with our Southeast Asia manufacturing base in place, also with how we negotiate the price increase. With a key US retailers like Best Buy, Walmart, I think we should be able to see that business goes as normal as what we expected at the beginning of the year.

所以我的意思是，今年第一季度，我們看到東南亞的關稅基本上上升到了 10%，但中國方面的關稅實際上大幅上漲。因此，我們實際上有意識地做出了調整，即推遲對美國市場的銷售。但從全年來看，我認為那裡的需求與我們東南亞製造基地的存在有關，也與我們如何協商漲價有關。有了百思買、沃爾瑪等美國主要零售商的支持，我認為我們應該能夠看到業務像年初預期的那樣正常發展。

But overall, I think with the micro mobility, both on the US, Europe, I think our key three footprint are US mark, well, the entire North American market, basically US and Canada, and also the European market, as well as some of the Australian market, New Zealand market. We expect moderate growth. We don't expect that business grow at 2X or something. We really expect.

但總的來說，我認為對於微型移動出行來說，無論是在美國還是歐洲，我認為我們的主要三個足跡是美國市場，整個北美市場，基本上是美國和加拿大，還有歐洲市場，以及部分澳洲市場和紐西蘭市場。我們預計會出現溫和成長。我們並不期望業務成長 2 倍或類似的速度。我們非常期待。

A simple double-digit growth, and with the key goal is actually a, I turn around the profitability. I think if you look at the two international market segments with the electric motorcycle, I think it's a hyper growth with the high profitability contribution and on the kick scooter or micro mobility market, you really should expect this moderate growth, but with the key focus on turning around from a profit loss to a profitability business unit.

簡單的兩位數成長，其實關鍵目標就是扭轉獲利能力。我認為，如果你看一下電動摩托車這兩個國際市場部分，我認為它是一個具有高盈利貢獻的超高速增長，而在滑板車或微型移動市場，你真的應該期待這種適度的增長，但重點是扭轉從盈利虧損到盈利的業務部門。

Okay, thank you.

好的，謝謝。

There seems to be no further questions. I would like to hand back for closing remarks.

似乎沒有其他問題了。我想交回大家作最後發言。

Alright, thank you, operator, and thank you all for participating on today's call and for your support. We appreciate your interest and looking forward to reporting to you again next quarter on our program, thank you.

好的，謝謝接線員，也謝謝大家參加今天的電話會議並給予支持。我們感謝您的關注，並期待下個季度再次向您報告我們的計劃，謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。