小牛電動 (NIU) 2026 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 2026 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. Now I will turn the call over to Ms.

各位女士、先生，大家好。感謝您撥冗等候，歡迎參加小牛電動 2026 年第一季度業績電話會議。（接線員指示）提醒各位，我們正在錄製今天的電話會議。如您有任何異議，請於此時中斷連線。現在我將把電話交給女士。

Kristal Li, Investor Relations Manager of Niu Technologies. Ms. Li, please go ahead.

小牛電動投資者關係經理 Kristal Li。李女士，請開始。

Thank you, operator, and hello, everyone. Welcome to today's conference call to discuss Niu Technologies results for the first quarter of 2026. 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. Please note, today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US.

謝謝接線員，大家好。歡迎參加今天的電話會議，討論小牛電動 2026 年第一季度業績。我們的業績新聞稿、公司簡報及財務試算表已發布於投資者關係網站。本次電話會議亦將在公司 IR 網站進行網路直播，並將很快提供重播。請注意，今天的討論將包含依據美國「安全港」條款所作的前瞻性陳述。

Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks, uncertainties, assumptions and other factors. The company's actual results may be materially different from those expressed today. Further information regarding the risk factors is included in company's public filings with the Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements, except as required by law.

即《1995 年私人證券訴訟改革法》。前瞻性陳述涉及風險、不確定性、假設及其他因素。公司實際結果可能與今日所表達者存在重大差異。關於風險因素的進一步資訊，已載於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，公司不承擔更新任何前瞻性陳述的義務。

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

我們的業績新聞稿及本次電話會議包含對若干非 GAAP 財務指標的討論。新聞稿中載有非 GAAP 財務指標的定義，以及 GAAP 與非 GAAP 財務結果的調節表。今天與我一同參會的有我們的執行長李彥博士，以及財務長周文娟女士。

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

現在我把電話交給執行長彥。

Thank you, Kristal. Hello, everyone. Thank you for joining our first quarter 2026 results call. The first quarter of 2026 was a period of high-quality execution and strategic resilience within a complex regulatory environment. The total sales volume reached 261,000 units, representing a robust of 28.7% year-over-year increase.

謝謝 Kristal。各位好，感謝參加我們 2026 年第一季度業績電話會議。2026 年第一季度是在複雜監管環境下高品質執行與策略韌性並行的一段期間。總銷量達到 261,000 台，同比強勁成長 28.7%。

Revenue for the quarter reached RMB909.52 million, up 33.4% year-over-year. In China, the sales volume increased 35.4% to nearly 248,000 units. This growth was powered by a major structural breakthrough in our electric motorcycle segment, which successfully offset a tempered contraction in the electric bicycle market as a new national standard took full effect. Overseas, the sales of 13,686 units reflected a 32.4% decline. This remains a planned result of our ongoing channel structure optimization and disciplined inventory management.

本季度營收達人民幣 909.52 百萬元，同比成長 33.4%。在中國市場，銷量同比成長 35.4% 至接近 248,000 台。此成長主要來自我們電動摩托車品類的重大結構性突破，成功抵消了在新國標全面生效後電動自行車市場較為溫和的收縮。海外方面，銷量為 13,686 台，同比下降 32.4%。這仍是我們持續進行通路結構優化與嚴格庫存管理所帶來的計畫性結果。

We're staying completely focused on our core objective, prioritizing healthy retail sell-through and long-term profitability over short-term shipment volume. Now let me walk through our China and overseas operation in more detail. In China, our first quarter sales volume reached 247,938 units, a 35.4% increase year-over-year. While this growth is robust, internal data reveals a significant positive structural evolution of our brand. To end this quarter, we must look at the divergence between two product categories.

我們始終專注於核心目標：相較於短期出貨量，更優先確保健康的終端零售動銷與長期獲利能力。接下來我將更詳細說明中國與海外業務運營。在中國，我們第一季度銷量達 247,938 台，同比成長 35.4%。雖然成長強勁，但內部數據顯示我們品牌結構正在出現顯著的正向演進。要理解本季度的表現，必須觀察兩個產品品類之間的分化。

First, in the electric motorcycle category, the segment surged by a staggering 3 times year-over-year increase. Building on our momentum that began in Q4 last year with our Windstorm product line, we further accelerate our growth in the electric motorcycle market, expanding our footprint directly into Tier 2 and Tier 3 cities. This is no longer just a temporary trend. It's a definitive market breakthrough proving Niu's ability to rapid scale and capture the meaningful volume in this segment. In the electric bicycle segment, the sales has soften.

首先，在電動摩托車品類，該細分市場同比暴增至驚人的 3 倍。延續去年第四季度由我們「狂風」產品線帶動的動能，我們進一步加速在電動摩托車市場的成長，將版圖直接擴展至二線與三線城市。這不再只是短期趨勢，而是明確的市場突破，證明小牛具備快速擴張並在該細分市場取得可觀規模的能力。相較之下，電動自行車品類的銷售有所放緩。

This was fully anticipated as the market remain a transitional weaning period as the new standard rolling out last December. We're managing this period deliberately by our new product lines in a phased approach, ensuring we are perfectly positioned to capture the high-quality volume as consumer demand returns. Now this shift has fundamentally redefined our geographic footprint as well. Historically, Niu has been perceived as Tier 1 city brand with the market represents 60% of sales. In Q1, we saw the Tier 1 and new Tier 1 cities softened with the Tier 2 and Tier 3 cities grow at a faster pace, fueled by the rapid adoption of electric motorcycles.

這完全在預期之內，因為自去年 12 月新標準推出以來，市場仍處於過渡性的調整期。我們以分階段推出新產品線的方式審慎管理這一期間，確保在消費需求回升時，能以最佳狀態承接高品質的銷量回流。同時，這一轉變也從根本上重塑了我們的地理版圖。過去，小牛常被視為一線城市品牌，一線市場貢獻約 60% 的銷售。在第一季度，我們看到一線及新一線城市有所走弱，而二、三線城市增長更快，主要受電動摩托車快速普及所帶動。

This represents a massive strategic milestone and proves Niu's brand equity successfully scaling beyond the urban elites and penetrating the broader mass premium China market. Now this shift has set a powerful foundation for 2026. By breaking through the lower-tier motorcycle market, we have added a new growth engine. When the electric motorcycle market inevitably recovers, our total growth will rebound with double the force. To ensure we're the first to capture that recovery, we made deliberate strategic decision to front-load our investment in branding, R&D and the new product launch in Q1.

這是一個重大的策略里程碑，證明小牛的品牌資產已成功從都市菁英圈層向外擴張，滲透至更廣泛的中國大眾中高端市場。這一轉變也為 2026 年奠定了強而有力的基礎。透過在低線城市摩托車市場取得突破，我們新增了一個成長引擎。當電動自行車市場不可避免地復甦時，我們的整體成長將以雙倍力道反彈。為確保我們能率先把握復甦，我們在第一季度做出審慎的策略決策，提前加大在品牌、研發與新品上市方面的投入。

Now in branding and marketing, recognizing 2026 is a pivotal year for our brand revolution, we made a proactive decision to front-load our marketing investment in this quarter. We chose to capture the consumer mind share ahead of the curve by building a massive brand awareness in Q1. We have ensured as the new national standard transition stabilized, Niu is well positioned to capture this unmet demand. In Q1, we executed three major saturation initiatives. First, our global two global ambassadors strategy.

在品牌與行銷方面，鑑於 2026 年是我們品牌革新的關鍵一年，我們主動決定在本季度前置行銷投入。我們選擇在趨勢形成之前搶先佔領消費者心智，於第一季度建立大規模品牌聲量。我們也確保在新國標過渡逐步穩定後，小牛能夠充分承接這部分尚未被滿足的需求。第一季度，我們執行了三項主要的飽和式投放計畫。第一項，是我們的「雙全球代言人」策略。

In late January, we officially announced Wu Lei and Song Yuqi as Niu's global brand ambassadors, the first strategy of its kind in our industry. Wu Lei's image as a high-performance outdoor enthusiast resonate with our core premium users, while Song Yuqi's significantly extend our reach among Gen Z and female audiences.

在 1 月下旬，我們正式宣布吳磊與宋雨琦擔任小牛全球品牌代言人，這是本行業首創的策略。吳磊作為高性能戶外愛好者的形象，與我們核心的高端用戶高度契合；而宋雨琦則顯著擴大了我們在 Z 世代與女性族群中的觸達。

This campaign was activated across 40-plus cities and 80-plus global landmarks, generating an unprecedented 3.4 billion impressions. Second, our Spring Festival saturation campaign, we capitalized on the highest frequency travel period in China and large-scale off-line campaign across 37 cities, 42 transportation clubs and nearly 3,000 cinemas. This generated over 400 million impressions firmly embedded message premium smart equals Niu in the mind of travelers.

該活動在 40 多個城市及 80 多個全球地標同步啟動，帶來前所未有的 34 億次曝光。第二項，是我們的春節飽和投放活動。我們把握中國出行頻率最高的時段，在 37 個城市、42 個交通樞紐以及近 3,000 家影院開展大規模線下投放，累計產生超過 4 億次曝光，將「高端智慧＝小牛」的訊息牢牢植入旅客心智。

Third, the 2026 technology launch event. On March 17, we unveiled our next-generation AI mobility strategy. This event was not just a product review, but also repositioned Niu as a technology leader in the AI era. With over 130 media outlets and 460 million impressions, we have redefined what smart 2-wheelers can be. Now those intensive branding activities led to a 4 times plus year-over-year increase in the marketing expense for Q1.

第三項，是 2026 科技發布會。3 月 17 日，我們發布了下一代 AI 出行策略。這場活動不僅是產品展示，也使小牛在 AI 時代重新定位為科技領導者。活動獲得超過 130 家媒體報導並帶來 4.6 億次曝光，我們重新定義了智慧兩輪車的可能性。上述密集的品牌活動也使第一季度行銷費用同比增加超過 4 倍。

So this was a onetime front-loading of our annual budget. Historically, the first quarter has seen a lower marketing spend due to seasonal retail trends. However, we choose to strategically shift our marketing weights in Q1 this year to ignite the brand momentum for the entire fiscal year. Now as we move into Q2 and beyond, you will see that our marketing to revenue ratio normalize. We have already established the brand equity required to drive our 2026 growth target.

因此，這是對全年預算的一次性前置投入。歷史上，由於季節性零售趨勢，第一季度的行銷支出通常較低。然而，今年我們選擇策略性地將行銷重心前移至第一季度，以點燃全財年的品牌動能。隨著進入第二季度及之後，您將看到我們的行銷費用占營收比重回歸常態。我們已建立推動 2026 年成長目標所需的品牌資產。

Now we'll transition directly from this investment phase to execution in the harvest phase. Now in terms of R&D and technology, the technology and continuous innovation remain core to Niu's long-term strategy as they are fundamental to our ability to compete far beyond simple pricing and basic hardware specifications.

現在我們將直接從這個投資階段過渡到收穫階段的執行。在研發與技術方面，技術與持續創新仍是 Niu 長期策略的核心，因為它們是我們在遠超單純價格與基本硬體規格之外保持競爭力的根本。

Our primary technology focus this year is to bring the power of AI to the electric two-wheeler industry, zeroing in on three major development areas: the AI operating system, intelligent chassis system and intelligent riding technology. First on the Niu's AIOS launch on March 17 event, the Niu AIOS is our cornerstone to defining the next era of intelligent writing as the industry's first mass-produced AI dashboard system, it represents a technology milestone integrating AI-enabled voice assistant with high-performance automotive grade operating system. Now the second is the intelligent chassis platform.

我們今年的主要技術重點，是將 AI 的力量帶入電動兩輪車產業，聚焦三大開發領域：AI 作業系統、智慧底盤系統與智慧騎乘技術。首先，在 3 月 17 日 Niu 的 AIOS 發表活動上，Niu AIOS 作為我們定義下一個智慧騎乘時代的基石，身為業界首個量產 AI 儀表板系統，代表著一項技術里程碑，將 AI 語音助理與高效能車規級作業系統整合在一起。第二個則是智慧底盤平台。

We also introduced our next-generation intelligent chassis platform. This platform is engineered to integrate advanced safety and performance system, including ABS, TCS continuous damping control, battery management system and lighting system into a single unified vehicle level architecture. Based on this platform, we aim to introduce several industry-first features for mass-produced two-wheelers such as adaptive driving beam AI headlights and adaptive DCC suspension.

我們也推出了下一代智慧底盤平台。該平台旨在將先進的安全與性能系統（包括 ABS、TCS、連續阻尼控制、電池管理系統與照明系統）整合到單一、統一的整車級架構中。基於此平台，我們目標為量產兩輪車導入多項業界首創功能，例如自適應遠近光 AI 頭燈與自適應 DCC 懸吊。

And lastly, through a strategic partnership with the leading automotive-grade technology companies, we're bringing advanced rider system functionality to the two-wheeler segment. This included integrating cutting-edge hardwares like advanced visual recognition systems and high-performance processing chips.

最後，透過與領先的車規級技術公司建立策略合作夥伴關係，我們正把先進的騎士系統功能帶入兩輪車領域。這包括整合先進視覺辨識系統與高效能處理晶片等尖端硬體。

Now supported directly by those core technologies, we launched the industry first AI-enabled electric bicycles NXT2 Ultra as our flagship model. Now talking about our product metrics, our product strategy in Q1 was clear. It's driving an aggressive growth in the electric motorcycle segment while building a dominant portfolio for the electric bicycle recovery. Now, first, to lead the electric bicycle transition, we launched NXT2 series price from RMB5,299 to RMB12,999. The flagship NXT2 Ultra is the industry's first AI-powered e-bicycles featuring our AIOS, two-channel ABS and millimeter wave radar.

在這些核心技術的直接支撐下，我們推出了業界首款 AI 賦能的電動自行車 NXT2 Ultra，作為我們的旗艦機型。談到產品指標，我們在第一季的產品策略非常明確：在電動機車細分市場推動積極成長，同時為電動自行車的復甦建立具主導地位的產品組合。首先，為引領電動自行車轉型，我們推出 NXT2 系列，售價從人民幣 5,299 元到人民幣 12,999 元。旗艦 NXT2 Ultra 是業界首款 AI 動力電動自行車，搭載我們的 AIOS、雙通道 ABS 與毫米波雷達。

This isn't just a bike, it's a statement that Niu's on the high-end market. Second, we expand our total addressable market with the Y Series. We officially entered the female mobility segment with the Y Series endorsed by our ambassador Song Yuqi at a competitive RMB3,000 to RMB4,000 price point. And third, the NX Marathon, our new volume engine to capitalize our 3 times growth in the electric motorcycle market, we launched NX Marathon at RMB6,499. This model target a long-range family commuters, offers a 146-kilometer drive range of flagship features such as magic wheel at a mainstream price point.

這不只是一台車，更是一種宣示：Niu 正在高端市場發力。第二，我們透過 Y 系列擴大可觸達市場（TAM）。我們以具競爭力的人民幣 3,000 至 4,000 元價位，並由品牌代言人宋雨琦背書，正式進入女性出行細分市場。第三，NX Marathon 作為我們新的走量引擎，用以承接電動機車市場 3 倍成長的機會，我們以人民幣 6,499 元推出 NX Marathon。該機型面向長續航家庭通勤人群，提供 146 公里續航，並以主流價位提供如「魔術輪」等旗艦級功能。

The market response was immediate. Within just 5 hours of the launch, the NX Marathon generated over RMB91 million in sales, ranking the number 1 across major e-commerce platforms. Those performance proves our hero product strategy is working. In Q1, we continued to strengthen both the offline retail sales and online ecosystem operations. In terms of online channels, it delivered another standout quarter.

市場反應立竿見影。上市僅 5 小時，NX Marathon 即創造超過人民幣 9,100 萬元銷售額，並在各大電商平台排名第一。這些表現證明我們的「英雄產品」策略正在奏效。第一季，我們持續強化線下零售銷售與線上生態營運。在線上渠道方面，本季再度交出亮眼成績。

The online sales increased by 53%, accounting for approximately 46% of domestic retail sales, demonstrating a continuous strength of our online to offline operation model. Also on Douyin, we conducted more than 32,000 live streams, generating over 370 million impressions. We also continue to expand on Kuaishou and Meituan and further broaden our digital retail coverage. Now turning to our international operations. We're navigating a deliberate structural transition to prioritize the healthy fundamentals.

線上銷售成長 53%，約占國內零售銷售的 46%，展現我們線上到線下（O2O）營運模式的持續強勁。同時在抖音，我們進行了超過 32,000 場直播，累計產生超過 3.7 億次曝光。我們也持續拓展快手與美團，進一步擴大數位零售覆蓋。接著談到國際業務，我們正推進一項審慎的結構性轉型，以優先確保健康的基本面。

Our high-margin electric motorcycle business remains a key strategic priority and is showing a strong momentum. Shipment reached more than 2,000 units and 29% year-over-year increase. Our European dealer network expanded from 307 to 360 active locations this quarter. Now in the micro-mobility segment, international sales was down 37% year-over-year. First, this is regarding the channel distribution restructuring.

我們高毛利的電動機車業務仍是關鍵策略重點，並展現強勁動能。出貨量超過 2,000 台，年增 29%。本季我們在歐洲的經銷商網絡由 307 家擴增至 360 個活躍據點。在微出行（micro-mobility）領域，國際銷售年減 37%。首先，這與渠道分銷重整有關。

During the first quarter, we completed a major structural shift to a leaner distribution model in our key markets like Germany and US. This critical action allows us to significantly minimize the ongoing channel operation expenses. Consequently, Q1 served as a transition phase where the major retail partners, such as Best Buy in the United States and MediaMarkt in Germany focused primarily on sellout of their existing retail inventories. The fresh stock-up period under the new distribution model is only in the beginning now in Q2. Second, reflecting on our current inventory positions, we're holding an elevated volume of micro-mobility inventories in Europe and the United States, stemming from lower-than-anticipated sales in 2025.

第一季期間，我們在德國與美國等核心市場完成了向更精簡分銷模式的重大結構調整。這項關鍵舉措使我們得以大幅降低持續性的渠道營運費用。因此，第一季成為過渡期，主要零售合作夥伴（例如美國的 Best Buy 與德國的 MediaMarkt）主要聚焦於清理其既有零售庫存。在新分銷模式下的新一輪補貨期，才剛在第二季開始。第二，從目前庫存水位來看，我們在歐洲與美國持有較高的微出行庫存，源於 2025 年銷售低於預期。

Our primary mandate for the remainder of 2026 is clear, is to accelerate unit sales volume and aggressively reduce the inventory backlog back to a lean and healthy baseline. To execute this inventory clearance swiftly and protect against long-term operation drag, we're implementing targeted price promotions throughout the rest of the year, especially on older model products.

我們在 2026 年剩餘期間的首要任務很明確：加速單位銷量，並積極將庫存積壓降回精簡且健康的基準水位。為迅速執行庫存清理並避免長期營運拖累，我們將在今年剩餘時間推行針對性的價格促銷，尤其針對較舊款型號產品。

So those efforts will depress our micro-mobility contribution margin throughout the year. While this discounting strategy present a short-term headwind to our profitability metrics, it is necessary to bring our global micro-mobility operation back to a clean optimized and highly stable foundation for the course of 2026. Now looking ahead, we will continue executing our strategy with a focus on sustainable and quality-driven growth.

因此，這些措施將在全年壓低我們微出行業務的貢獻毛利率。雖然此折扣策略在短期內會對我們的獲利指標形成逆風，但它是必要之舉，能使我們的全球微出行營運在 2026 年回到乾淨、最佳化且高度穩定的基礎。展望未來，我們將持續執行策略，聚焦可持續且以品質驅動的成長。

In China, we expect the electric bicycle market will recover gradually throughout Q2. We're taking a cautious view. To lead this market, we're executing a phaseout rollout of our full compound product mix anchored by the NXT2 and Y Series. Those position us with a comprehensive premium lineup ahead of a critical June end Q3 selling season. Meanwhile, our electric motorcycle category will continue to be our primary growth engine.

在中國，我們預期電動自行車市場將在第二季逐步復甦，我們採取審慎看法。為引領市場，我們將以 NXT2 與 Y 系列為核心，分階段推出完整的複合產品組合。這使我們在關鍵的 6 月底至第三季銷售旺季之前，具備完整的高端產品陣容。同時，我們的電動機車品類將持續作為主要成長引擎。

We have additional model targeting female riders and technology enthusiasts planned for Q2 and second half of the year. And the upcoming 618 shopping festival will be the first major retail test of those expanded portfolios. Now overseas, our direct-to-retail strategy in the electric motorcycles is gaining speed. We expect our dealer count to surpass 400 locations by the year-end, supporting both volume growth and improved profitability. In the micro-mobility, as I detailed a moment ago, our operational priority for the remainder of 2026 is to aggressive inventory normalization and maximizing retail sell-through.

我們計畫在第二季及下半年推出更多面向女性騎士與科技愛好者的機型。即將到來的 618 購物節，將是這些擴充產品組合的首次重大零售測試。海外方面，我們在電動機車的直達零售（direct-to-retail）策略正在加速推進。我們預期經銷商數量在年底前將超過 400 個據點，支撐銷量成長並提升獲利能力。在微出行方面，如我剛才所述，我們在 2026 年剩餘期間的營運重點是積極推進庫存常態化並最大化零售端動銷（sell-through）。

We expect our leaner operating channel transition to finalize throughout the first half of this year with our broadened promotional clearance and inventory normalization largely conclude by the second half of 2026. So in summary, we have used the first quarter to do the heavy lifting required for a transformative year.

我們預期更精簡的營運渠道轉型將在今年上半年完成；而擴大的促銷清庫與庫存常態化工作，將在 2026 年下半年大致告一段落。總結而言，我們利用第一季完成了這個轉型之年所需的艱鉅基礎工作。

By front-loading our marketing, investing deeply in our AI technology road map and diversifying our product portfolio and clean up our global channels, we have moved beyond the transition phase. We believe those strategic actions have laid a solid foundation to drive sustainable and high-quality growth in Q2 and will serve as a catalyst to accelerate growth in the latter half of the year. We're confident in our path and focus on execution.

透過前置投入行銷、深度投資 AI 技術路線圖、分散產品組合並清理全球渠道，我們已走出過渡期。我們相信這些策略性行動已為第二季的可持續、高品質成長奠定堅實基礎，並將成為推動下半年加速成長的催化劑。我們對既定路徑充滿信心，並專注於落地執行。

Now I will turn over to our CFO, Wenjuan Zhou, to talk about the financials.

現在我把時間交給我們的財務長周文娟，為大家說明財務表現。

Thank you, Yan, and hello, everyone. 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. As I review our financial results, I'm referring the first quarter figures unless I say otherwise, and all monetary figures are in RMB, if not specified. As Yan just mentioned, our total sales volume for the first quarter was 262,000 units, up 29% compared to the same period of last year. 248,000 units were sold in China, while the remaining 14,000 units sold overseas.

謝謝彥，大家好。請注意，我們的新聞稿已包含您所需的所有數據與比較，我們也已將 Excel 格式的數據上傳至投資人關係網站，方便您查閱。在我回顧財務結果時，除非另有說明，我將以第一季數據為準；且除非另有註明，所有金額均以人民幣計。正如彥剛才提到的，我們第一季總銷量為 262,000 台，較去年同期成長 29%。其中，中國市場銷售 248,000 台，其餘 14,000 台銷往海外。

Over 60% of our sales volume in China came from the top 3 best sellers. The total revenue for the first quarter amounted to RMB910 million, an increase of RMB228 million or 33% compared to the same period of last year. China revenue were RMB854 million, accounting for 94% of the total revenue. Of this, the scooter revenue was RMB774 million, a year-over-year increase of 42%, and this growth was primarily driven by a sales volume and improvement in the revenue per e-scooters. China scooter ASP were RMB3,120, up nearly 5% year-over-year.

在中國市場的銷量中，超過 60% 來自前三大暢銷機型。第一季總營收達人民幣 9.10 億元，較去年同期增加人民幣 2.28 億元（或 33%）。中國營收為人民幣 8.54 億元，占總營收的 94%。其中，電動機車（scooter）營收為人民幣 7.74 億元，年增 42%；此成長主要由銷量提升以及單台電動機車營收提升所帶動。中國電動機車 ASP（平均售價）為人民幣 3,120 元，年增近 5%。

While the overseas revenue was RMB56 million, representing a 6% of the total revenue, the scooter revenue, including electronic motorcycles, mopeds, kick scooters and e-bikes amounted to RMB51 million, down from RMB60 million in the same period of last year, and this decline was driven by the lower sales volume and reduced revenue per kick scooters, partially offset by a higher revenue per electronic motorcycle and mopeds, which command higher retail prices.

海外營收為人民幣 5,600 萬元，占總營收的 6%。其中，包含電動摩托車、輕便摩托車（mopeds）、滑板車（kick scooters）及電動自行車（e-bikes）在內的電動機車（scooter）營收合計為人民幣 5,100 萬元，低於去年同期的人民幣 6,000 萬元；下滑主要由較低的銷量以及滑板車單台營收下降所致，部分被電動摩托車與輕便摩托車單台營收較高所抵銷，因其零售價格較高。

The sales volume in the international market shifted in favor of the electronic motorcycle and mopeds category. The premium pricing of these products further contributed to a year-over-year increase in the ASP of overseas scooters, which rose from RMB2,962 to RMB3,716. The revenue from accessories, spare parts and services were RMB85 million, a 13% increase compared to the same period of last year, mainly driven by the higher revenue from Niu Services. And the gross profit for this quarter exceeded RMB159 million, marking a significant improvement compared to RMB118 million during the same period of last year.

國際市場的銷量結構轉向電動摩托車與輕便摩托車品類。這些產品的高端定價亦進一步推動海外電動機車 ASP 年增，從人民幣 2,962 元上升至人民幣 3,716 元。配件、備品與服務收入為人民幣 8,500 萬元，較去年同期成長 13%，主要由 Niu Services 收入增加所帶動。本季毛利超過人民幣 1.59 億元，較去年同期的人民幣 1.18 億元顯著改善。

The gross margin was 17.4%, 0.1 ppt higher compared to the same period of last year and 2.1 ppt higher than the previous quarter. The domestic gross margin improved due to a favorable high-margin product mix, which boosted overall gross margin by two ppts. However, these gains were offset by a 1.9 ppt drag from the lower kick scooters margin. The operating expenses for the first quarter were RMB264 million, increased RMB99 million or 60% compared to the same period of last year. The OpEx ratio was 29% compared from the 24.2% in the same period of last year, but down from 30.5% in the last quarter.

毛利率為 17.4%，較去年同期高 0.1 個百分點，較上一季高 2.1 個百分點。國內毛利率因高毛利產品組合更有利而改善，帶動整體毛利率提升 2 個百分點。然而，滑板車毛利率較低帶來 1.9 個百分點的拖累，抵銷了部分增益。第一季營業費用為人民幣 2.64 億元，較去年同期增加人民幣 9,900 萬元（或 60%）。營業費用率為 29%，高於去年同期的 24.2%，但低於上一季的 30.5%。

Selling and marketing expenses rose by RMB65 million year-over-year to RMB180 million, primarily driven by the intensified marketing initiatives in domestic market during the holiday season as well as a higher depreciation and amortization expenses and staff costs. Selling and marketing expenses accounted for 19.8% of revenue, up from 16.8% in the same period of last year, but down from 21.3% in last quarter.

銷售與行銷費用年增人民幣 6,500 萬元至人民幣 1.80 億元，主要由於假期期間國內市場行銷活動加強，以及折舊與攤銷費用與人員成本增加所致。銷售與行銷費用占營收比重為 19.8%，高於去年同期的 16.8%，但低於上一季的 21.3%。

R&D expenses increased by RMB12 million year-over-year to RMB41 million, primarily due to an increase in design and testing costs as well as the staff cost. The R&D expenses representing 4.5% of revenue compared to 4.4% in the same period of last year, but down from 7.3% in last quarter. G&A expenses increased by RMB22 million year-over-year to RMB42 million, largely driven by an increase from foreign currency exchange losses.

研發費用年增人民幣 1,200 萬元至人民幣 4,100 萬元，主要由設計與測試成本以及人員成本增加所致。研發費用占營收比重為 4.5%，去年同期為 4.4%，但低於上一季的 7.3%。一般及行政（G&A）費用年增人民幣 2,200 萬元至人民幣 4,200 萬元，主要由外幣匯兌損失增加所致。

The G&A expenses constitute 4.7% of revenue, up from 3% in the same period of last year and 1.8% in last quarter. Excluding the impact of foreign currency exchanges, the G&A expenses were RMB23 million compared to RMB30 million in the same period of last year. In the first quarter, we had a net loss of RMB94 million with a net loss margin of 10.3% on the GAAP accounting compared to a net loss of RMB39 million with a net loss margin of 5.7% for the same period of last year. And the non-GAAP net loss was RMB88 million with a non-GAAP net loss margin of 9.7%. Turning to our balance sheet and cash flow.

一般及行政（G&A）費用占營收比重為 4.7%，高於去年同期的 3%，亦高於上一季的 1.8%。若排除外幣匯兌影響，G&A 費用為人民幣 2,300 萬元，去年同期為人民幣 3,000 萬元。第一季按 GAAP 會計準則計算，我們淨虧損為人民幣 9,400 萬元，淨虧損率為 10.3%；去年同期淨虧損為人民幣 3,900 萬元，淨虧損率為 5.7%。非 GAAP 淨虧損為人民幣 8,800 萬元，非 GAAP 淨虧損率為 9.7%。接下來看資產負債表與現金流。

We ended this quarter with RMB1.4 billion, remained flat compared to the end of last year in cash, restricted cash, term deposits and short-term investments. Our operating cash inflow amounted to RMB131 million. CapEx for the first quarter amounted to RMB70 million, reflecting an increase of RMB46 million compared to the same period of last year, and this can be primarily attributed to an increase in opening of new stores and mold cost in China. And now let's turn to guidance. We expected the second quarter revenue in the range -- to be in the range of RMB1.57 billion to RMB1.82 billion, an increase of 25% to 45% year-over-year.

本季末，我們的現金、受限制現金、定期存款及短期投資合計為人民幣 14 億元，較去年底持平。經營活動現金流入為人民幣 1.31 億元。第一季資本支出（CapEx）為人民幣 7,000 萬元，較去年同期增加人民幣 4,600 萬元，主要歸因於中國新店開設增加以及模具成本增加。接下來談指引。我們預期第二季營收區間——將介於人民幣 15.7 億元至人民幣 18.2 億元之間，年增 25% 至 45%。

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 uncertainties relating to various factors. And with that, let's now open the call for any questions that you may have for us. Operator, please go ahead.

請注意，此展望係基於截至本日可得資訊，反映公司目前及初步的預期；由於與多項因素相關的不確定性，該預期可能會有所變動。接下來我們開放提問。接線員，請開始。

(Operator Instructions)

（接線員指示）

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

目前提問佇列中沒有問題，讓我把電話交回給 Lee 先生作結語。

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，也謝謝各位參與今天的電話會議並給予支持。我們感謝各位的關注，並期待在下個季度再次向各位報告我們的進展。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。感謝各位參與。您現在可以掛線。發言人請稍候。