小牛電動 (NIU) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Niu Technologies third quarter 2025 earnings conference call. (Operator Instructions) As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time.

各位女士、先生，大家好。感謝您的耐心等待，歡迎參加牛科技2025年第三季財報電話會議。 （操作說明）提醒您，本次電話會議正在錄音。如果您有任何異議，可以隨時斷開連接。

Now I will turn the call over to Ms. Kristal Li, Investor Relations Manager of Niu Technologies. Ms. Li, please go ahead.

現在我將把電話交給牛科技投資者關係經理李晶女士。李女士，請開始吧。

Thank you, operator. Hello, everyone. Welcome to today's conference call to discuss Niu Technologies results for the third quarter 2025 The earnings press release, corporate presentation and financial spreadsheets have been posted on our Investor Relations website. This call is being webcast from company's IR site as well, and a replay of the call will be available soon.

謝謝接線生。大家好。歡迎參加今天舉行的牛科技2025年第三季業績電話會議。獲利新聞稿、公司簡報和財務報表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公司投資者關係網站進行網路直播，會議錄音也將很快提供。

Please note, today's discussion will contain forward-looking statements made under the safe harbor provision of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks uncertainties, assumptions and other factors.

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》安全港條款所作的前瞻性陳述。前瞻性陳述涉及風險、不確定性、假設和其他因素。

The company's actual results may be materially different from those expressed today. Further information regarding the risk factors is included in the company's public filing with the Securities and Exchange Commission. The company does not assume any obligation and update any forward-looking statements, except as required by law.

本公司的實際業績可能與今日公佈的業績有重大差異。有關風險因素的更多信息，請參閱公司向美國證券交易委員會提交的公開文件。除法律要求外，本公司不承擔任何義務，亦不更新任何前瞻性聲明。

Our earnings press release and this call include discussions of certain non-GAAP financial measures. The press release and a definition of non-GAAP financial measures and the repudiation of GAAP to non-GAAP financial results. On the call with me today are our CEO, Dr. Yan Li; and CFO, Ms. Wenjuan Zhou.

我們的獲利新聞稿和本次電話會議將討論一些非公認會計準則（非GAAP）財務指標。新聞稿中包含非GAAP財務指標的定義，以及GAAP財務結果與非GAAP財務結果的互斥說明。今天與我一同參加電話會議的有我們的執行長李岩博士和財務長週文娟女士。

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

現在我把電話交給執行長嚴先生。

Thank you, Kristal. Hello, everyone. Thank you for joining us today. In Q3, we delivered solid and sustained progress across all key strategic priorities supported by disciplined execution in product innovation, channel expansion and the brand elevation. Our results reflect the continued growth of our core China business and early since transition in our overseas operations. laying a strong foundation for the next phase of growth.

謝謝Kristal。大家好。感謝各位今天蒞臨本次會議。第三季度，我們在產品創新、通路拓展和品牌提升方面，憑藉著嚴謹的執行力，在所有關鍵策略重點領域均取得了穩健且持續的進展。我們的業績反映了中國核心業務的持續成長，以及海外業務轉型初期的良好勢頭，為下一階段的成長奠定了堅實的基礎。

For the third quarter of 2025, the total sales volume reached 465,000 units, representing a strong 49.1% year-over-year increase. This growth was driven primarily by exceptional performance in China, where sales rose to 451,000 units, up 74% year over year, supported by our strength in the product portfolio and effective channel expansion.

2025年第三季度，總銷量達46.5萬輛，較去年同期成長49.1%。這一成長主要得益於中國市場的優異表現，銷量達到45.1萬輛，較去年同期成長74%，這得益於我們強大的產品組合和有效的通路拓展。

Overseas volume reached 14,000 units declining year over year mainly due to weakness in micro mobility sector. Our total revenue grew 65% year over year to RMB1.69 billion, accompanied by a gross margin expansion to 21.8%, up 8.0 percentage points from the prior year. or 1.7 percentage points accretion. This improvement was driven by a favorable shift in the China product mix with increased contribution from higher-value models.

海外銷售1.4萬輛，較去年同期下降，主要受微出行領域疲軟的影響。公司總營收年增65%至人民幣16.9億元，毛利率提升至21.8%，較上年提高8.0個百分點，增幅達1.7個百分點。這項改善主要得益於中國市場產品組合的最佳化調整，高價值車型的貢獻顯著提升。

Notably, sales of models priced above RMB8,000 accounted for over 10% of China sales. Net profit for the quarter was RMB81.69 million excluding the profitability momentum we established in Q2. This improvement reflects scale efficiencies from higher volumes and our continued focus on operational excellence. Those results underscore our ability to execute with discipline and resilience amid evolving market dynamics.

值得注意的是，售價高於人民幣8,000元的車款銷量佔中國總銷量的10%以上。本季淨利為人民幣8169萬元，不計入第二季已實現的獲利成長動能。這一成長反映了銷售提升帶來的規模效益以及我們對卓越營運的持續關注。這些業績凸顯了我們在不斷變化的市場環境中保持嚴謹執行和靈活應變的能力。

We remain confident in our long-term strategy and migrate achieved this quarter provides a strong foundation for sustainable growth. China remains our primary growth engine in Q3, with unit sales rising 74% year over year to 451,000 units.

我們對長期策略依然充滿信心，本季的進展為永續成長奠定了堅實的基礎。中國市場仍是我們第三季的主要成長引擎，銷量較去年同期成長74%，達到45.1萬輛。

A key driver was the China inventory buildup ahead of the implementation of the new national standard for electric bicycles which provides a substantial short-term boost. This performance was also supported by successful product launches, strong brand-driven demand and steady channel expansion.

推動市場成長的關鍵因素是中國在新電動自行車國家標準實施前累積的庫存，這帶來了顯著的短期提振。此外，成功的產品上市、強勁的品牌需求以及通路的穩定擴張也對此業績起到了支撐作用。

The momentum builds through 2024 and into 2025 reflects our refined strategy. It has competitiveness and growing consumer preference for you. In Q3, the China electric bicycle market entered a critical transition phase and is the new national standard while production of noncompliant models ceased after August 31, and retail sales of existing inventories are permitted until November 30, 2025.

這一發展勢頭將持續到2024年和2025年，體現了我們不斷改進的策略。它具備競爭力，並能滿足消費者日益增長的需求。第三季度，中國電動自行車市場進入關鍵轉型階段，新的國家標準已經實施，不符合標準的車型已於8月31日停止生產，現有庫存的零售銷售則允許持續到2025年11月30日。

This prompt the distributors and retailers to build inventories in July and August effectively pulling forward demand from October and November and created a temporary sales force in Q3. Now to prepare for this regulatory shift, we emphasize on three actions upgrading the existing high-end electric bicycle models to capture the short-term demand, building on the new electric motorcycles unaffected by this regulation to target lower-tier cities and redesigning and returning our entire electric bicycle lineup to fully comply with the new standards for the Q4 2025 and Q1 2026.

這促使分銷商和零售商在7月和8月建立庫存，有效地提前了10月和11月的需求，並在第三季度組建了一支臨時銷售團隊。為了應對這項監管變化，我們重點介紹三項措施：升級現有高端電動自行車車型以滿足短期需求；利用不受此法規影響的新型電動摩托車，瞄準低線城市市場；以及重新設計並更新我們所有的電動自行車產品線，使其完全符合2025年第四季和2026年第一季的新標準。

First, to Carter's premium electric bicycle demand search under the old standard, we launched the upgraded flagship models next Auto 2025 and FXT auto 2025 version, each priced at RMB11,900. Next the auto 2025 introduced 10 major upgrades with 77% of core complements redesigned to elevate benchmark standards across power intelligence.

首先，為了滿足卡特在舊標準下對高階電動自行車的需求，我們推出了升級版旗艦車型 Next Auto 2025 和 FXT Auto 2025，每款售價均為 11,900 元。 Next Auto 2025 進行了 10 項重大升級，其中 77% 的核心部件經過重新設計，在動力智慧方面樹立了新的標竿標準。

The FX, the auto 2025 featured a futurist performance-driven designs on the staining technology platform as the MXT ultra equipped with automotive-grade and millimeter wave radar and do channel ABS, that is a new benchmark for the segment. Together, those auto models contributed 8% of total Q3 sales, effectively serving high-end demand during this regulatory foundation.

FX 2025 車型採用基於尖端科技平台打造的未來主義高性能設計，而 MXT Ultra 則配備了車規級毫米波雷達和雙通道 ABS，樹立了該細分市場的新標竿。這兩款車型合計貢獻了第三季總銷量的 8%，有效滿足了當前監管環境下的高端市場需求。

Like motorcycles are more prevalent in the lower tier cities, Tier 3 and below due to a more relaxed regulations. This segment has history underserving our portfolio in the China footprint making it a key growth priority for us. As highlighted in the previous earnings call, expanding presence in the lower-tier cities is the core strategy reflected in our store expansion strengthen product line.

由於監管較為寬鬆，摩托車在三線及以下城市較為普遍。長期以來，這一細分市場在我們中國市場的業務組合中佔比不足，因此，將其作為我們重點成長領域。正如我們在先前的財報電話會議中所強調的，擴大在三線及以下城市的市場份額是我們的核心策略，這體現在我們不斷擴張門市、豐富產品線等方面。

In Q2, we completed a full N-Series motorcycle portfolio covering mainstream price points from entry level 3,000 bond at RMB4,000 and RMB6,000 to the performance oriented had just under RMB10 starting Q3, we extended the strategy to F-Series broaden the price band and enhance the performance to value offers.

第二季度，我們完成了涵蓋主流價格點的N系列摩托車產品組合，從入門級3000元債券（人民幣4000元和人民幣6000元）到性能導向型（略低於人民幣10000元）。從第三季開始，我們將此策略擴展到F系列，拓寬了價格範圍，並提高了性能和價值。

Now despite Q3 being a channel stocking period focused on electric bicycles are intense motorcycle portfolio supported a healthy 14% revenue contribution from motorcycle sales. We expect this year to increase in the coming quarters. A key milestone in Q3 was a successful launch of FX windstorm version on September 28.

儘管第三季是通路補貨期，重點放在電動自行車上，但摩托車產品組合依然維持了14%的健康營收貢獻。我們預計未來幾季這一比例將持續成長。第三季的一個重要里程碑是9月28日FX風暴版的成功上市。

Known for sharp distinctive styling that resonates strongly with GMV writers. The FX wind storm reinforced actors positioning at the performance powerhouse.

以其鮮明獨特的風格而聞名，這種風格與遊戲影片創作者的喜好產生了強烈的共鳴。 FX風暴進一步鞏固了演員們在表演實力方面的地位。

Priced at RMB4,799 a target RMB4,000 segments at its high first high-speed motorcycle for the young riders, equipped with 3,000 mass motor reinforced framed by the full-size FT display and 4% debates, a delivered performance comparable to model price above RMB10,000 and including 80-mile 80-kilometer power top speed and 0 to 50-kilometer power in 4.7 seconds.

這款摩托車定價為人民幣 4,799 元，目標價位為 4,000 元，是針對年輕騎士的首款高速摩托車。它配備了 3,000 質量的電機，並採用全尺寸 FT 顯示器和 4% 的減震器，其性能可與價格超過人民幣 10,000 元的車型相媲美，最高時速可達 80 公里/小時，0 到 50 公里/小時加速時間為 4.7 秒。

The FX will strong was an instant success with 14,000 units sold in the first five hours and January RMB68 million in GMV and runs number one nonpoint.com and using and popularity. This success validates our strategic expansion into the electric motorcycles and create strong momentum for upcoming launches such as FS targeting the entry-level users.

FX車型一推出便大獲成功，首發五小時內銷量達14,000輛，1月份GMV達6800萬元人民幣，並在nonpoint.com等網站的銷量和用戶滿意度方面均位居榜首。這項成功驗證了我們進軍電動摩托車領域的戰略佈局，並為即將推出的FS等面向入門級用戶的車型奠定了堅實的基礎。

Now alongside the high-end electric bicycle motorcycles, we dedicated significant R&D resources to the new standard compliant electric bicycles. -- the updated regulations require substantial redesign from the limited usage of plastics to form factors. We're now planning a full rollout of compliant products between late November and extending through Q1 2026.

除了高階電動自行車摩托車，我們也投入了大量研發資源，致力於研發符合新標準的電動自行車。 ——更新後的法規要求對產品進行大幅重新設計，從限制塑膠的使用到外形尺寸都需重新調整。我們計劃從11月下旬開始，一直持續到2026年第一季度，全面推出符合標準的電動自行車產品。

The portfolio will include the renewed and new series offerings and also introduce new series designed to reach further consumer segments, including products optimized for female writers. Beyond the new product development, we continue to invest in core technologies, including the smart writing system, powerful innovation and R&D platformization to enhance efficiency and capabilities.

該產品組合將涵蓋現有及全新系列產品，並推出旨在拓展消費群的全新系列，其中包括專為女性書寫者優化的產品。除了新產品研發，我們也將持續投資核心技術，包括智慧書寫系統、強大的創新能力和研發平台，以提升效率和效能。

Our smart writing and the AI effort focused on three areas: expanding the foundation of safety technologies, such as ABS and into radar, developing assisted writing features for premium models such as the (inaudible) and building intelligent ecosystem to product third-party integrations through partnership with Apple and Opel with other industry leaders.

我們的智慧寫作和人工智慧工作重點關註三個領域：擴展安全技術的基礎，例如 ABS 和雷達；為高階車型開發輔助寫作功能，例如（聽不清楚）；以及建立智慧生態系統，透過與蘋果和歐寶等行業領導者的合作，實現第三方產品整合。

We expanded the cross device connectivity, including off-site SIFI alert and up wallet access, enhancing all our user experience. In the power tree system with advanced next-generation initiatives through a deeper mode controller R&D and the close collaboration with our battery partners.

我們擴展了跨裝置連接功能，包括異地SIFI警報和向上錢包訪問，從而提升了所有用戶的體驗。在電源樹系統中，我們透過更深入的模式控制器研發以及與電池合作夥伴的緊密合作，推出了先進的下一代技術。

Our efforts focused on two key objectives: delivering higher peak current outlook for stronger acceleration and the fine to oral system efficiency to extend the role driving range under the diverse commissions. The TSX Ultra and FX Boston are the stronger than polos R&D (inaudible)

我們的努力主要集中在兩個關鍵目標：一是提供更高的尖峰電流預期，以實現更強勁的加速；二是提高精細化到口交系統的效率，從而在各種委託下擴大駕駛範圍。 TSX Ultra 和 FX Boston 比 polos 研發（聽不清楚）更強大。

The enhanced particitecture unable to 25 products that are issuing is 1.92 seconds, setting a new benchmark for urban performance for the FX into last week 3-kilowatt high-efficiency motor and optimized controllers, deliver top speed of 80-kilometer power while maintaining stable power delivery improved thermal performance and consistent power up even during the extended high-speed.

增強型粒子無法達到 25 款產品的發佈時間為 1.92 秒，為 FX 的城市性能樹立了新的標竿。上週推出的 3 千瓦高效馬達和最佳化控制器，可提供 80 公里/小時的最高速度，同時保持穩定的動力輸出，改善了散熱性能，即使在長時間高速行駛下也能保持穩定的動力輸出。

Those advancements not only elevate writing performance but also the foundation for the new generation of new powertrain platform that will still across a few chillies. Now lastly, our product R&D strategy continues to deliver a meaningful operational benefit. In Q3, it accelerated product iteration, strength and manufacturing consistency and increased economy of scale.

這些進步不僅提升了書寫性能，也為新一代動力總成平台奠定了基礎，該平台仍將跨越一些辣椒。最後，我們的產品研發策略持續帶來顯著的營運效益。在第三季度，它加快了產品迭代速度，增強了產品強度和製造一致性，並提高了規模經濟效益。

The improvements supported a smooth (inaudible) of 450,000 units, surpassing our preset roughly about 20%, while enhancing margins to share components and module design costs. Now in Q3, we continued elevating the new brand and deepen engagement with our core audiences, particularly in premium customers and GMV riders, our approach integrated lifestyle campaign an product launches and target digital engagement to strengthen brand equity and drive comparison.

這些改進措施促成了45萬台的平穩（此處原文有誤，無法翻譯）銷量，比我們預設的目標高出約20%，同時提高了利潤率，從而能夠分攤組件和模組設計成本。在第三季度，我們繼續提升新品牌形象，並加深與核心受眾的互動，尤其是在高端客戶和GMV騎手中。我們整合了生活方式行銷活動、產品發布和目標明確的數位互動，以增強品牌價值並促進對比。

We act as a series of use focus lifestyle campaigns, the summer right and campaign embedded into the outdoor leisure scenes such as lake diving and quick hiking across major cities generate 130 million impressions across online offline channels.

我們開展了一系列以生活方式為中心的行銷活動，夏季活動融入了湖泊潛水、短途健行等戶外休閒場景，覆蓋各大城市，透過線上線下管道產生了 1.3 億次的曝光量。

Following the FX windstorm launch, we host large steel test rate events in term and (inaudible) engaged riders in real mounted environment. This created authentic word of mouth within the key signal to provide valuable feedback. Our launch bank continue to highlight new technology leadership.

FX風暴發布後，我們在當地舉辦了大型鋼材測試活動，並邀請騎士在真實的騎乘環境中進行測試。這在關鍵訊號中形成了真實的口碑，提供了寶貴的回饋。我們的發布庫將繼續彰顯新技術領先地位。

The June '17 do Ultra flagship launch center about 20,000 units five hours to the CMV exceeding RMB228 million. the FX Windstorm launch deliver 14,000 units sold in tryout 93% past ratings, resolutely strong with the Gen V and delivery writers.

2017年6月，Ultra旗艦發布中心在短短五小時內售出約2萬台，成交額超過2.28億元。 FX Windstorm發表後，試銷銷售量達1.4萬台，過往評分高達93%，與第五代產品相比，銷售表現依然強勁。

Now strengthen both our offline online channels as of Q3 new surpassed 4,500 stores nationwide with 238 net new stores added in Q3 and year to date. Nearly half of new stores were in the lower-tier cities, supporting deeper market penetration.

目前，我們正加強線上線下通路的整合。截至第三季度，全國門市數量已突破4,500家，第三季及年初至今新增門市238家。近一半新增門市位於低線城市，有助於我們更深入滲透市場。

Our digital ecosystem also scale rapidly, you now manage nine official factor accounts supported by 1,050 miles operated accounts in Q3, the net will generate plus 30,000 plus live streams, 69,000 content pieces and RMB740 million pressure the online sales representing close to 70% of our total word.

我們的數位生態系統也在快速擴展，目前您管理著九個官方因素帳戶，在第三季度，這些帳戶由 1,050 英里營運帳戶提供支持，網路將產生 30,000 多場直播、69,000 件內容和 7.4 億元人民幣的線上銷售額，佔我們全球總銷售額的近 70%。

We also expanded on to a new e-commerce platform on (inaudible) piloted with 10% store RMB40 million to 50 million in monthly sales. We plan to expand store coverage and moderator snacks on price local services over 2,200 stores have joined and FX windstorm ABS long to run number two nationally to force brand resonance among generally riders in the lower tier market.

我們也拓展了一個新的電商平台（聽不清楚），試辦門市佔10%，月銷售額達4,000萬至5,000萬元。我們計劃擴大門市覆蓋範圍，並提供價格優惠的在地化零食服務。目前已有超過2200家門市加入，FX Windstorm ABS渴望在全國排名第二，以提升品牌在低端市場普通騎士群中的影響力。

Now turning to overseas market. Q3 unfolded as expected, a transitional quarter as we continue to optimize operation and preparing for our next growth cycle. The overseas sales volume reached units with decline in micro mobility, offset by encouraging progress in the electro motorcycle.

現在來看海外市場。第三季度如預期，這是一個過渡季度，我們將繼續優化營運並為下一個成長週期做好準備。海外銷量達到一定數量，其中微出行業務有所下滑，但電動摩托車業務的積極進展抵消了這一影響。

Despite Q3 being a seasonal low for European tower demand, our electro motorcycle sales reached approximately 2,500 units, up 160% year over year. The self-operated sales accounted for 76% of total we further accelerate our self-operated dealer network expansion, dealers in those direct distributor regions grow from 120 at the start of the year to 29% in Q3, exceeding our initial target of 50 million.

儘管第三季是歐洲塔架需求的季節性低谷，但我們的電動摩托車銷量仍達到約2,500輛，較去年同期成長160%。其中，自行銷量佔總銷售量的76%。我們進一步加快了自營經銷商網路的擴張，這些直銷區域的經銷商數量從年初的120家增長到第三季度的29%，超過了我們最初設定的5000萬輛的目標。

This reflects the strong brand recognition product competitiveness and the growth growing retailer confidence in direct distribution market. With channel foundations now established, we will fit from capability building towards product real and deeper channel market penetration.

這反映了強大的品牌認知度、產品競爭力以及零售商對直銷市場日益增長的信心。隨著通路基礎的建立，我們將從能力建設入手，逐步推動產品落地，並進一步深化通路市場滲透。

The product lineup and bid act position us strongly for multiyear growth. At (inaudible) largest two-wheeler show in (inaudible), we showcased our international product road map, expanding from smart executors to broader electric mobility portfolios.

產品陣容和投標策略使我們擁有強勁的實力，有望實現多年增長。在（聽不清楚）最大的兩輪車展上，我們展示了我們的國際產品路線圖，從智慧執行器擴展到更廣泛的電動出行產品組合。

Highlights included 2026, the all-new QIX Series with Google Map integration featuring 135-kilometer power NQS1000 launched in Q3 2026, the own new FTI experience for city commuters in LE and LTE version for Q3 2026, expanded ex QSC, including the 10-kilometer per hour ex-503vesi for second half of 2026.

亮點包括：2026 年第三季推出的全新 QIX 系列，整合了Google地圖，搭載續航 135 公里的 NQS1000；2026 年第三季推出的面向城市通勤者的全新 FTI 體驗（LE 和 LTE 版本）；擴展的 ex QSC 產品線，包括 2026 年下半年推出的時速 1003 公里。

And lastly, the concept 06 forward-looking 55-meter power platform patient intelligence other than safety. The news NTI-500 was awarded top of our 2025 by German leading motorcycle media outlet. 1,000, a strong validation of our product excellence.

最後，概念車 06 是一款前瞻性的 55 公尺動力平台，除了安全性之外，還具備病患智慧功能。 NTI-500 榮獲德國領先的摩托車媒體評選的 2025 年度最佳車型之一，銷量達 1000 輛，這有力地證明了我們產品的卓越品質。

Micro mobility will reach to 11,900 units, down 77% year over year, reflecting market headwinds in the US and Europe and Asia. Europe saw intensified the price competition while the US shifted towards a lower price model due to tariff dynamics. In Q3, we intentionally reduced promotion as shipment to avoid or stocking and protect margin during the period of pricing pressure on supply chain transition.

微型旅遊產品銷售量預計為11,900輛，較去年同期下降77%，反映出美國、歐洲和亞洲市場面臨不利因素。歐洲市場價格競爭加劇，而美國市場則因關稅政策變動而轉向低價模式。第三季度，我們有意減少了促銷活動，以避免庫存積壓，並在供應鏈轉型期間價格壓力較大的情況下保障利潤。

Given the current inventory levels in Europe and the US, we expect the structure structural adjustment continue for the next couple of quarters. Now look ahead, we'll continue executing our strategy of driving fast growth in the China market and scaling our international electric tw0-wheeler business was strategically a general micro mobility operation.

鑑於歐美目前的庫存水平，我們預計結構調整將在未來幾季持續進行。展望未來，我們將繼續執行在中國市場快速成長的策略，並擴大我們的國際電動兩輪車業務規模，這在策略上是一項通用的微型出行業務。

We expect China to remain our primary growth driver of strong execution across the for quarters were breakout product each demonstrating our capability in product definition, channel activation and brand influence. However, we back some uncertainty and softening in Q4 this year due to the timing of the new standard implementation.

我們預期中國市場仍將是我們的主要成長動力，過去四季強勁的執行力體現在我們推出的突破性產品上，這些產品均展現了我們在產品定義、通路活化和品牌影響力方面的能力。然而，由於新標準實施的時間安排，我們預計今年第四季會出現一些不確定性和疲軟。

The retailers are preloaded inventory in Q3, shifting some demand from Q4. A new standard compliant product will ramp up from late November to a Q1 2026 shifting part of the Q4 demand into Q1 2026. Combined, those factors will likely result in a relative flat year-over-year volume in Q4.

零售商已在第三季預先囤積庫存，導致部分需求從第四季轉移至第三季。一款符合新標準的新產品將於11月下旬開始逐步增產，預計到2026年第一季度，這將使部分第四季的需求轉移到2026年第一季。綜合這些因素，第四季銷售可能與去年同期基本持平。

We expect growth to reaccelerate in Q1 2026 as the regulatory transition completed and the market stabilized. The fourth new standard electric bikes along with 300 to 400 new stores additions in Q4 will support a strong momentum into 2026. Now turning on to the overseas market.

我們預計，隨著監管過渡完成和市場趨於穩定，2026年第一季成長將再次加速。第四季新增的300至400家門市以及第四季推出的第四批新標準電動自行車將為2026年帶來強勁的成長動能。現在，我們將目光轉向海外市場。

For elect two wheelers, we expect strong year-over-year growth in Q4, supported by ongoing expansion of direct distributed network. The new product introduced at will fill the multiyear growth starting in 2026.

對於電動兩輪車，我們預計第四季將實現強勁的同比成長，這得益於直銷網路的持續擴張。即將推出的新產品將滿足從2026年開始的多年成長需求。

In micromobility, we'll continue prioritizing profitability over SACCI, releasing promotions that focus on clearing existing inventories. This will lead a lower Q4. We expect to -- the adjustment to come coin first half of 2026, with the margin return to the normal level second half of 2026.

在微出行領域，我們將繼續優先考慮獲利能力而非SACCI（南非商業合作協會）的利潤，推出旨在清理現有庫存的促銷活動。這將導致第四季業績下滑。我們預計調整將在2026年上半年完成，利潤率將在2026年下半年恢復正常水準。

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

現在，讓我把電話交給菲昂。

Thank you, Yan, and hello, everyone. Please note that our press release contains all the figures and comparisons and we have also uploaded cellphone mass figures to our IR website for your easy reference. As I review our financial results, I'm referring to the third quarter reversion at say otherwise and all monitory figures are in or not specified.

謝謝Yan，大家好。請注意，我們的新聞稿包含了所有數據和對比訊息，我們也已將手機銷售數據上傳至投資者關係網站，方便您查閱。在回顧我們的財務表現時，我指的是第三季業績的修正值，除非另有說明，所有財務數據均已明確或未明確說明。

As Yan just mentioned, our total sales volume for third quarter was 466,000 units up 49% compared to the same period of last year. Among this, 451,000 units sold in China and the remaining 14,000 units overseas. Nearly 50% of our sales volume in China came from our top three models this quarter. And the number of franchise stores in China was 4,542 at the end of third quarter.

正如閔先生剛才提到的，我們第三季的總銷量為46.6萬輛，較去年同期成長49%。其中，45.1萬輛在中國售出，其餘1.4萬輛在海外售出。本季度，我們在中國銷量的近50%來自銷量最高的三款車型。截至第三季末，我們在中國擁有4542家加盟店。

Total revenue for the third quarter amounted to RMB1.69 billion, an increase of RMB67 million or 65% compared to the same period of last year and the results came in slightly ahead of our guidance, primarily due to the robust sales volume growth in China during the peak season in third quarter. China revenues were RMB1.62 billion, increased 84% year over year and accounting for 95% of total revenues.

第三季總營收達人民幣16.9億元，較去年同期成長人民幣6,700萬元，增幅達65%，略高於公司預期，主要得益於第三季旺季中國市場銷量強勁成長。其中，中國市場營收達人民幣16.2億元，年增84%，佔總營收的95%。

Of this, the quarter revenue were RMB1.48 billion, and this growth was primarily driven by a 74% increase in sales volume and coupled with a higher ASP. China scooter ASP was RMB3,283 representing a nearly 7% year-over-year growth and remaining largely stable compared to the previous quarter.

其中，本季營收為人民幣14.8億元，成長主要得益於銷量成長74%以及平均售價（ASP）的提高。中國踏板車平均售價為人民幣3,283元，年增近7%，與上一季相比基本保持穩定。

And this growth was primarily driven by a favorable shift in our product mix. In Q3, our top seller ant with a retail price range from RMB3,699 to RMB4,599 continue to perform well. In the meantime, complemented by a strong contribution from the new products like the NLT and NSP range from RMB3,899 to RMB6,299

這一增長主要得益於我們產品組合的有利調整。第三季度，我們最暢銷的螞蟻麵包（零售價區間為人民幣3,699元至4,599元）持續保持良好表現。同時，新產品如NLT和NSP（零售價區間為3,899元至6,299元）也做出了強勁貢獻。

Collectively, these three top sellers accounted for nearly 50% of our total sales volume this quarter. Overseas revenue was RMB77 million representing 5% of total revenue. school revenues, including electric motorcycles and Mopac, (inaudible) and e-bike amounted to RMB67 million, down from RMB130 million in the same period of last year, and this decline was driven by a decrease in sales volume and ASP of Keplers.

這三大暢銷產品合計佔本季總銷售額的近50%。海外收入為人民幣7,700萬元，佔總收入的5%。學校業務收入（包括電動摩托車、Mopac、電動自行車等）為人民幣6700萬元，低於去年同期的人民幣1.3億元，下降的主要原因是Keplers的銷量和平均售價均有所下降。

Over this scooter ASP increased 90% year over year and 41% quarter over quarter to RMB4,648 and driven by a greater proportion of revenue coming from the higher priced electronic motorcycles and more pads. Revenue from accessories, spare parts and services were RMB145 million, representing 8.6% of total revenue and 51% increase compared to the same period of last year due to the increase in spare part sales in China.

本季，踏板車平均售價年增90%，季增41%，達到人民幣4648元，主要得益於高價電動摩托車收入佔比提升以及煞車片銷量增加。配件、零配件及服務收入為人民幣1.45億元，佔總收入的8.6%，較去年同期成長51%，主要原因是中國零配件銷售額成長。

Gross margin this quarter, gross profit this quarter in city RMB370 million, marking a significant improvement compared to RMB142 million during the same period of last year and RMB252 million last quarter.

本季毛利率，本季該市毛利為人民幣3.7億元，較去年同期的人民幣1.42億元及上季的人民幣2.52億元均有顯著提高。

The gross margin was 21.8%, 8 ppt higher than the same period of last year and 1.7 ppt higher than the previous quarter marking our best quarterly gross margin performance this year, and this improvement was driven by the ongoing cost reduction initiatives and the economy of scale from higher sales volume in China market.

毛利率為 21.8%，比去年同期高出 8 個百分點，比上一季高出 1.7 個百分點，創下今年最佳季度毛利率表現。這項改善得益於持續的成本削減措施以及中國市場銷售成長所帶來的規模經濟效益。

Operating expenses for the third quarter were RMB297 million increased 48% compared to the same period of last year. and OpEx ratio down to 17.5%, dropped from 19.6% in the same period of last year and 21.1% in the previous quarter. Selling and marketing expenses rose by RMB87 million year over year to RMB215 million, primarily driven by higher spending on marketing and online promotion campaigns in China.

第三季營業費用為人民幣2.97億元，較去年同期成長48%。營業費用比率降至17.5%，低於去年同期的19.6%和上一季的21.1%。銷售及市場推廣費用年增8,700萬元至人民幣2.15億元，主要原因是增加了在中國的市場推廣和線上推廣活動的支出。

Selling and marketing expenses representing 12.7% of revenue compared to 12.5% in the same period last year and down from 16.1% last quarter. R&D expenses increased by RMB30 million year over year to RMB43 million, primarily due to the higher staff cost and share rate compensation. R&D expenses representing 2.6% of revenue compared to 3% in the same period last year and down from 3.5% last quarter.

銷售及市場推廣費用佔營收的12.7%，低於去年同期的12.5%，也低於上季的16.1%。研發費用年增3,000萬元人民幣至4,300萬元人民幣，主要由於員工成本和股權激勵費用的增加。研發費用佔營收的2.6%，低於去年同期的3%，也低於上季的3.5%。

G&A expenses decreased by RMB4 million year over year to RMB39 million, mainly due to the improved cash collection from account receivable which resulted in the reversal of better provision and G&A expenses representing 2.3% of revenue, down significantly from 4.2% in the same period of last year, well up from 1.5% last quarter as the company benefited largely from foreign currency exchange gains in the previous quarter.

一般及行政費用年減400萬元人民幣至3,900萬元人民幣，主要原因是應收帳款現金回收改善，從而衝回了撥備；一般及行政費用佔收入的2.3%，較去年同期的4.2%大幅下降，較上季度的1.5%大幅上升，因為公司在上一季度主要受益於外匯收益。

The net income was RMB82 million with a net margin of 4.8% on the GAAP accounting compared to a net loss of RMB41 million for the same period of last year and net income of RMB5.9 million for last quarter. The non-GAAP net income was RMB88 million. And turning to our balance sheet and cash flow.

以美國通用會計準則（GAAP）計算，公司淨利為人民幣8,200萬元，淨利率為4.8%，而去年同期淨虧損為人民幣4,100萬元，上一季淨利為人民幣590萬元。以非美國通用會計準則（Non-GAAP）計算，公司淨利為人民幣8,800萬元。接下來，我們來看資產負債表和現金流量表。

We ended the quarter with RMB1.8 billion versus RMB1.1 billion last year-end in cash, restricted cash, term deposits and short-term investments and our operating cash inflow amounted to RMB433 million. The CapEx amounted to RMB73 million, reflecting an increase of RMB32 million compared to the same period of last year.

本季末，我們的現金、受限現金、定期存款和短期投資餘額為人民幣18億元，而去年同期為人民幣11億元；經營活動現金流入為人民幣4.33億元。資本支出為人民幣7,300萬元，較去年同期增加人民幣3,200萬元。

And this can be attributed primarily to an increase in the opening of new stores and module cost in China. And now let's turn to guidance. We expect the fourth quarter revenue to be in the range of RMB737 million to RMB901 million representing a year-over-year change of minus 10% to plus 10%.

這主要歸因於中國新店開幕數量增加和模組成本上升。接下來我們來看看業績展望。我們預期第四季營收將在人民幣7.37億元至9.01億元之間，年比變動幅度為-10%至+10%。

And 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 uncertainties relating to various factors.

請注意，此展望基於截至當日可獲得的信息，反映了公司目前的初步預期，但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. Operator, please go ahead.

接下來，我們將開放提問環節，歡迎大家踴躍提問。接線員，請開始。

(Operator Instructions) Seeing no more questions in the queue. Let me turn the call back to Mr. Li for closing remarks.

（操作員指示）佇列中沒有其他問題了。現在我把電話轉回給李先生，請他做總結發言。

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

謝謝接線員，也感謝各位參加今天的電話會議並給予支持。我們非常感謝大家的關注，期待下個季度再次向大家報告我們的進展。謝謝。

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

今天的電話會議到此結束。感謝各位的參與。您可以斷開連線了。發言人請稍候。