小牛電動 (NIU) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to Niu Technologies Fourth Quarter 2021 Earnings Release Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) And now I'd like to turn the conference over to Ms. [Irina Chen] from Niu Technologies IR team. Thank you. Please go ahead.

美好的一天，感謝您的支持。歡迎來到小牛科技 2021 年第四季度財報電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）現在我想將會議轉交給 Niu Technologies IR 團隊的 [Irina Chen] 女士。謝謝你。請繼續。

Thank you, operator. Hello, everyone. Welcome to today's conference call to discuss Niu Technologies' results for the fourth quarter 2021. The earnings press release, corporate presentation and financial spreadsheets have been posted on Niu's Investor Relations website. This call is being webcast from company's IR website as well and a replay of the call will be available soon.

謝謝你，接線員。大家好。歡迎參加今天的電話會議，討論小牛科技 2021 年第四季度的業績。收益新聞稿、公司介紹和財務電子表格已發佈在小牛的投資者關係網站上。該電話也正在公司的 IR 網站上進行網絡直播，並且很快將提供電話重播。

Please note today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. 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 the company's public filings with the Securities and Exchange Commission.

請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款作出的前瞻性陳述。前瞻性陳述涉及風險、不確定性、假設和其他因素。該公司的實際結果可能與今天所表達的結果大不相同。有關風險因素的更多信息包含在公司向證券交易委員會提交的公開文件中。

The company does assume any obligation to update any forward-looking statements, except as required by law. Our earnings press release and this call include discussions 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 the CFO, Mr. Fion Zhou.

除法律要求外，公司確實承擔更新任何前瞻性陳述的任何義務。我們的收益新聞稿和本次電話會議包括對某些非公認會計原則財務措施的討論。新聞稿包含非公認會計原則財務指標的定義以及公認會計原則與非公認會計原則財務結果的對賬。今天與我通話的是我們的首席執行官嚴麗博士；和首席財務官 Fion Zhou 先生。

Now let me turn the call over to Yan.

現在讓我把電話轉給嚴。

Thanks, [Irina], and thanks, everyone, for joining us on the call today. So in the fourth quarter, we have seen a strong growth of both the China and overseas markets. Our total sales volume reached more than 238,000 vehicles, a 58.3% year-over-year increase. The sales volume in the China market alone was up 49.2% year-over-year, reaching 205,000 vehicles. The sales volume in the international market reached nearly 33,000 vehicles, including over 18,000 units of mopeds, a 14% year-over-year increase and nearly 15,000 kick scooters, a significant breakthrough in the micro mobility market.

謝謝 [Irina]，也謝謝大家今天加入我們的電話會議。所以在第四季度，我們看到了中國和海外市場的強勁增長。總銷量超過23.8萬輛，同比增長58.3%。僅中國市場銷量就同比增長49.2%，達到20.5萬輛。國際市場銷量近3.3萬輛，其中輕便摩托車超過1.8萬輛，同比增長14%，電動滑板車近1.5萬輛，微型出行市場取得重大突破。

Now with the strong performance in the fourth quarter, we have wrapped up our 2021 as a milestone sales year. We are proud to announce that our global sales volume surpassed 1 million vehicles. This represent an increase of 72.5% compared to last year. The sales volume in the China market was more than 988,000 units, nearly breaking 1 million units or 72.7% year-over-year increase, where the volume in an international market was just shy of 50,000 units, including nearly 35,000 units of mopeds, a 16% year-over-year increase and additional 15,000 kick scooters.

現在，憑藉第四季度的強勁表現，我們已將 2021 年作為具有里程碑意義的銷售年結束。我們很自豪地宣布，我們的全球銷量已超過 100 萬輛。這比去年增加了72.5%。中國市場銷量超過98.8萬輛，接近突破100萬輛，同比增長72.7%，國際市場銷量接近5萬輛，其中輕便摩托車近3.5萬輛，同比增長 16%，增加了 15,000 輛滑板車。

This is a milestone for us as a product company and a global brand. From a product company standpoint, despite all the global supply chain issues and COVID-19 situation, We grew our volume by 72%, while also expanding into new product categories. From a brand perspective, we're now the leading urban mobility company in more than 50 countries around the world with 4,000 plus retail and online shops. The strong growth in 2021 is a test for the successful implementation of our 2.0 growth strategy, which is leveraging our design technology to create electric urban mobility solutions suitable for [2] regions and market segments and in return, make Niu a global urban mobility brand.

作為一家產品公司和一個全球品牌，這對我們來說是一個里程碑。從產品公司的角度來看，儘管存在所有全球供應鏈問題和 COVID-19 情況，但我們的銷量增長了 72%，同時也擴展到了新的產品類別。從品牌角度來看，我們現在是全球 50 多個國家/地區領先的城市交通公司，擁有 4,000 多家零售和在線商店。 2021 年的強勁增長是對我們 2.0 增長戰略成功實施的考驗，該戰略正在利用我們的設計技術創建適合 [2] 地區和細分市場的電動城市交通解決方案，作為回報，使小牛成為全球城市交通品牌.

Now for last year, we focused in 5 key markets and advanced our product portfolio in those: the China electric bicycle market and the electric motorcycle market, the international electric motorcycle market, the kick scooter market and also the e-bike market for micro mobility. In 2021, we launched a total of 5 new products to the China electric bicycle market: the M2, the upgraded U, and the F2, F0, C0 of the Gova series, priced between RMB 3,099 to RMB 7,999.

去年，我們專注於 5 個關鍵市場，並在這些市場上推進了我們的產品組合：中國電動自行車市場和電動摩托車市場、國際電動摩托車市場、滑板車市場以及微型機動性電動自行車市場. 2021年，我們共向中國電動自行車市場推出了5款新品：M2、升級版U以及Gova系列的F2、F0、C0，售價在3099元至7999元之間。

Those 5 new products has been a hit in each of their respective target markets, accounting for 27% of our 2021 sales. Those 5 products enjoyed a handful upgrade to the smart connectivity and battery management system that complied with the new China national standard for electric bicycles. This allowed our customer to enjoy a more connected smart experience, while benefiting from an enhanced battery performance, providing extended ride range from 40 kilometers to 80 kilometers on a single charge, meeting multiple consumer segments mobility needs. This has been a key for us to tap into even larger total addressable market in China.

這 5 款新產品在各自的目標市場都大受歡迎，占我們 2021 年銷售額的 27%。這5款產品在智能網聯和電池管理系統上進行了少量升級，符合中國電動自行車新國標。這讓我們的客戶能夠享受更互聯的智能體驗，同時受益於增強的電池性能，一次充電可提供從 40 公里到 80 公里的擴展續航里程，滿足多個消費者細分市場的移動需求。這是我們進入中國更大的潛在市場的關鍵。

Now for the electric motorcycle market in China, we have expanded upon the upgrade Gova G3 and Gova F4. The upgraded G3 now has a range of over 100 kilometers on a single charge. It has been well received by the market and accounts for close to 6% of our 2021 sales in just a few months a year. For Europe and Americas market, motorcycle market, we introduced 3 new products, our first EVO product, the MQiGT-EVO, the most powerful electric 122 CC shipped in 2021.

現在針對中國的電動摩托車市場，我們在升級版Gova G3和Gova F4的基礎上進行了擴展。升級後的 G3 現在一次充電可行駛超過 100 公里。它受到了市場的好評，在一年的短短幾個月內就占到了我們 2021 年銷售額的近 6%。針對歐美市場、摩托車市場，我們推出了3款新品，第一款EVO產品MQiGT-EVO，2021年出貨的最強電動122 CC。

The RQi electric [quad] motorcycle and our first 150 CC hybrid moped, YQi both ship in 2022. Those 3 products represented our expansion into performance moped and motorcycles. All of those products reached top speed over 100 kilometer per hour and each has exciting of 0 to 60 kilometer per hour track time, even outstripping its gasoline power rivals. Those product offerings effectively triple our addressable motorcycle market overseas, expanding from 50 CC equivalent to up to 125 CC equivalents. In December, along right after the MQiGT-EVO ready for ship, we have shipped (technical difficulty)

RQi 電動 [quad] 摩托車和我們的首款 150 CC 混合動力輕便摩托車 YQi 均於 2022 年發貨。這 3 款產品代表了我們向高性能輕便摩托車和摩托車領域的擴張。所有這些產品都達到了每小時100公里以上的最高時速，並且每個產品都具有令人興奮的每小時0至60公里的賽道時間，甚至超過了其汽油動力競爭對手。這些產品有效地使我們在海外的可尋址摩托車市場增加了兩倍，從 50 CC 等價物擴展到高達 125 CC 等價物。 12 月，在 MQiGT-EVO 準備發貨後，我們已經發貨（技術難度）

Ladies and gentlemen, your is currently experiencing some technical difficulties with the line. Please stand by while we address the situation. Please continue, speakers.

女士們，先生們，你們的線路目前遇到了一些技術難題。在我們處理這種情況時，請稍候。請繼續，發言人。

Hi, sorry, our signal just -- our phone got breakup. So, basically, let me just quickly talk about -- now with the 3 -- these new electric motorcycle offerings were enabled by our continued investment in R&D, such as the upgraded powertrain system to increase the top speed up to 160 kilometer power, the upgraded battery system to increase drive range by 30% plus and a smart 2.0 features to add additional technology flash in the traditional motorcycle market.

嗨，對不起，我們的信號剛剛——我們的電話壞了。所以，基本上，讓我快速談談 - 現在是 3 - 這些新的電動摩托車產品是通過我們對研發的持續投資實現的，例如昇級的動力總成系統以將最高時速提高到 160 公里，升級的電池系統將行駛里程增加了 30% 以上，並且智能 2.0 功能在傳統摩托車市場增加了額外的技術閃存。

Now as we mentioned during the last earnings call, besides the scooter and motorcycle product, we have entered the micro mobility market with 2 new categories, the kick scooter and e-bikes. In 2021, we introduced 2 new kick scooters, the KQI3 and KQI2, a robust lineup of kicks cooler product with price starting from USD549 to USD899. Those products are pursued by their respective target markets and we shipped more than 15,000 units between September to December 2021.

現在，正如我們在上次財報電話會議中提到的那樣，除了踏板車和摩托車產品外，我們還以 2 個新類別進入微型移動市場，即滑板車和電動自行車。 2021 年，我們推出了 2 款新的滑板車 KQI3 和 KQI2，這是一個強大的滑板車產品陣容，價格從 549 美元到 899 美元不等。這些產品受到各自目標市場的追捧，我們在 2021 年 9 月至 2021 年 12 月期間出貨了 15,000 多台。

The release of those models is only the beginning and we have a handful of new models to launch in 2022 to meet the budget demands of wide range of customers who are looking for affordable solutions for their urban commute. Now for the e-bike market, we launched the BQi that has established urban minimal design and is capable of extended ride range of 100 kilometers, thanks to its 2 removable batteries. The BQi will start from USD1,500, making a most powerful and affordable commuter e-bike to hit the market in 2022. We expect to launch more e-bike products to enhance our offerings across the European and Americas market before the end of 2022.

這些車型的發布只是一個開始，我們將在 2022 年推出一些新車型，以滿足正在為城市通勤尋找經濟實惠的解決方案的廣大客戶的預算需求。現在針對電動自行車市場，我們推出了BQi，它建立了城市極簡設計，憑藉其2個可拆卸電池，能夠將騎行範圍擴展至100公里。 BQi 的起價為 1,500 美元，是一款功能最強大、價格最實惠的通勤電動自行車，將於 2022 年上市。我們預計在 2022 年底之前推出更多電動自行車產品，以增強我們在歐洲和美洲市場的產品.

Supported by the new products and new category launched in the previous 3 quarters in 2021, we accelerated our sales network expansion in the fourth quarter in 2021. In Q4, we launched 422 Niu branded flagship stores across China, bringing our total store count to 3,108 stores by the end of 2021. For the entire year, we added nearly 1,500 more stores doubling our total store count in China. In addition, we have expanded into 40 new cities, reaching a total coverage of nearly 240 cities in 2021.

在2021年前三季度推出的新產品和新品類的支持下，我們在2021年第四季度加快了銷售網絡的擴張。第四季度，我們在全國開設了422家牛品牌旗艦店，使我們的門店總數達到3,108家到 2021 年底，我們新增了近 1,500 家門店，使我們在中國的門店總數翻了一番。此外，我們已拓展至40個新城市，2021年總覆蓋城市近240個。

Those together with a wide range of product offerings drove our growth in 2021 and also serve as a strong base for 2022. For international market, in 2021, we have increased our market coverage to 50 countries with total 174 flagship and premium stores across the globe to form a dense sales network that bring better products and services to our customers. This is in addition to our more than 1,000 motorcycle and e-mobility dealers across 5 continents.

這些與廣泛的產品組合推動了我們在 2021 年的增長，也為 2022 年奠定了堅實的基礎。對於國際市場，到 2021 年，我們已將市場覆蓋範圍擴大到 50 個國家，在全球擁有 174 家旗艦店和精品店形成密集的銷售網絡，為客戶帶來更好的產品和服務。這是我們在五大洲的 1,000 多家摩托車和電動汽車經銷商的補充。

Now in addition to our offline store growth and thanks to launch of our micro mobility product, we successfully opened a new range of retail channels that [obviously] were not ideal for our electric moped, scooters, including not only the big box retail and electronic chains like [Best Buy medium] Mart, but also online platform like Amazon. Those new channels will accelerate our sales while simultaneously expanding our brand recognition. Now in order to support an enhanced Niu 2.0 strategy for product store expansion, we have also expanded our branding and marketing activities to penetrate even deeper into the new markets.

現在，除了我們的線下商店增長外，由於推出了我們的微型移動產品，我們成功開闢了一系列新的零售渠道，[顯然]不適合我們的電動助力車、踏板車，不僅包括大盒子零售和電子像[Best Buy medium] Mart這樣的連鎖店，還有像亞馬遜這樣的在線平台。這些新渠道將加速我們的銷售，同時擴大我們的品牌知名度。現在，為了支持增強的 Niu 2.0 產品商店擴張戰略，我們還擴大了品牌和營銷活動，以更深入地滲透到新市場。

For China market, we successfully wrapped the entire 2021 with the brand promotion station, we feel a bit proud or a bit new in the year of us. Starting back in February 2021, we kicked off the Chinese New Year by launching the year of new nationwide campaign, which generated more than 200 million views across multiple social platforms. In October, we reached an important milestone becoming the first electric 2-wheeler brand to have our customers record a 10 billion kilometer riding distance.

對於中國市場，我們用品牌推廣站成功地包裹了整個2021年，在我們的一年裡，我們感到有些自豪或有些新。早在 2021 年 2 月，我們就啟動了新的全國運動年，從而在多個社交平台上產生了超過 2 億的瀏覽量，從而拉開了中國新年的序幕。 10 月，我們達到了一個重要的里程碑，成為第一個讓我們的客戶記錄 100 億公里騎行距離的電動兩輪車品牌。

To celebrate such an event, we launched our 10 billion kilometer feel proud campaign, which will now to have an incredible reach, accumulating more than 1.4 billion views online and offline around the world for the entire Q4. More importantly, it helped to convey our brand value to our fans, riders and future customers. The message just position you not just as an electric scooter company, but more importantly as a lifestyle brand. In the international market, we also continue to deepen our efforts in Q4, specifically with up our social media effort with close to 1 million interactions across Instagram, Facebook and YouTube.

為慶祝這一盛事，我們推出了 100 億公里感到自豪活動，該活動現在將擁有令人難以置信的影響力，在整個第四季度在全球線上和線下累積超過 14 億次觀看。更重要的是，它有助於將我們的品牌價值傳達給我們的粉絲、車手和未來的客戶。該信息不僅將您定位為電動踏板車公司，更重要的是定位為生活方式品牌。在國際市場，我們還在第四季度繼續深化我們的努力，特別是在社交媒體上的努力，在 Instagram、Facebook 和 YouTube 上的互動量接近 100 萬次。

We also attended EICMA in Milan, Italy in November 2021 and the CES in Las Vegas United States in January 2022, launched 5 new products, received 10 million plus impressions with more than 100 articles published. This branding and marketing efforts have significantly increased our brand awareness. Our recent survey in China has shown that we are on top 3 in brand awareness, significantly higher than our market share position, which is currently at #10.

我們還參加了 2021 年 11 月在意大利米蘭舉行的 EICMA 和 2022 年 1 月在美國拉斯維加斯舉行的 CES，推出了 5 款新產品，獲得了超過 1000 萬次的展示，發表了 100 多篇文章。這種品牌推廣和營銷努力顯著提高了我們的品牌知名度。我們最近在中國的調查顯示，我們在品牌知名度方面位居前三，顯著高於我們目前排名第 10 的市場份額。

As we wrapped up 2021, our most successful year so far, we feel very optimistic for 2022. For our addressable market in China, the continued implementation of China National Standard for electric bicycle is helping to push the 2-wheeler owners to convert to lithium battery powered electric bicycles even faster than our original projections. As a leader in the China smart lithium 2-wheeler industry, we are out ahead of our competitors [in analysis and] technology transformation.

2021 年是我們迄今為止最成功的一年，我們對 2022 年感到非常樂觀。對於我們在中國的目標市場，中國電動自行車國家標準的持續實施正在幫助推動兩輪車車主轉向鋰電池電池供電的電動自行車甚至比我們最初的預測還要快。作為中國智能鋰電兩輪車行業的領導者，我們在分析和技術改造方面領先於競爭對手。

We continue to push our R&D and will roll out 5 new models and a handful of existing product upgrade with the majority of those products that build from April to September in 2022 this year. In addition, we also observed a fast growth in the light of electric motorcycle market, fueled by our enhanced [drive range] battery and powertrain solution. We now have 5 new models in this sector, with the first model Gova G3 priced from RMB 3,899 to RMB 5,499 rolled-out in March and the rest was from April to September. Those new models will drive the main growth in the half season in Q2 and Q3.

我們將繼續推進我們的研發，並將推出 5 款新型號和少量現有產品升級，其中大部分產品將於 2022 年 4 月至 9 月生產。此外，我們還觀察到電動摩托車市場的快速增長，這得益於我們增強的[驅動範圍]電池和動力總成解決方案。我們現在在這個領域有5款新車型，第一款Gova G3售價從3,899元至5,499元人民幣在3月推出，其餘的在4月至9月推出。這些新車型將帶動Q2和Q3半季的主要增長。

Now for the overseas market, advancements in battery technology and powertrain technology last year has enabled the transformation from petrol to electric motorcycle for the mass commute market. i.e., the 125 cc category. Our market-leading advances, coupled with our mature smart connectivity feature has allowed us to stand out as a leader in all of the 50-plus market we have penetrated so far. For example, we ranked #1 electric moped in Europe. And as we expand our product range beyond the lower powered 50 CC category into the 125 CC categories, we instantly grow our total addressable market by 3x.

現在就海外市場而言，去年電池技術和動力總成技術的進步使大眾通勤市場從汽油轉向電動摩托車。即 125 cc 類別。我們領先市場的進步，加上我們成熟的智能連接功能，使我們能夠在迄今為止我們已經滲透的所有 50 多個市場中脫穎而出，成為領導者。例如，我們在歐洲排名第一的電動助力車。隨著我們將產品範圍從低功率 50 CC 類別擴展到 125 CC 類別，我們的總目標市場立即增長了 3 倍。

Our upgraded MQiGT, our newly rolled out MQiGT EVO, the RQi and the YQi will be the main feature product for this year and we have additional 2 products in development. Now at the same time, the COVID-19 pandemic has accelerated use of ownership of micro mobility e-bikes, kick scooters for short trips in communities around the globe and especially in those markets where Niu has been established and the trusted brand since 2016.

我們升級的 MQiGT、我們新推出的 MQiGT EVO、RQi 和 YQi 將是今年的主要特色產品，我們還有另外 2 款產品正在開發中。與此同時，COVID-19 大流行加速了在全球社區，特別是在自 2016 年成立的 Niu 和值得信賴的品牌的市場中，使用微型移動電動自行車、用於短途旅行的滑板車。

Our first batch of kick scooter products, the K3 and K2 has been a hit last year and our BQi e-bike to be shipped in early Q2 2022, has also received very positive attention. And we are developing 5 new products in those categories in 2022 to seize the market growth across all segments and take advantage of our 1,000 plus point of sales across Europe and Americas.

我們的第一批滑板車產品 K3 和 K2 去年很受歡迎，我們的 BQi 電動自行車將於 2022 年第二季度初發貨，也受到了非常積極的關注。我們將在 2022 年開發這些類別的 5 款新產品，以抓住所有細分市場的市場增長，並利用我們在歐洲和美洲的 1,000 多個銷售點。

Now supported by the suitable products and tech offerings, our sales network expansion will also continue to be accelerated. We plan to add additional more than 1,000 new branded stores in 2022. Now, starting Q4 last year and continued Q1 2022, we have observed the raw material price continue to increase, for example, with the lithium battery cost increased by 10% to 20%. We increased our product price by average 5% in March 2022 this year to cope with raw material price increase.

現在在合適的產品和技術的支持下，我們的銷售網絡擴張也將繼續加速。我們計劃在 2022 年再增加 1,000 多家新品牌店。現在，從去年第四季度開始並持續到 2022 年第一季度，我們觀察到原材料價格繼續上漲，例如，鋰電池成本增加了 10% 至 20 %。我們在今年 2022 年 3 月將產品價格平均提高了 5%，以應對原材料價格上漲。

Together with our R&D upfront cost reduction, we will maintain a healthy gross margin with this 5% price increase. For the international product, we also plan to increase price in April. So, all those price increases, the full impact on our gross margin will be fully reflected in Q2 this year. Now with all those efforts under the way, we are very optimistic with this year's growth targeting an annual sales volume between 1.5 million to 1.7 million vehicles for the entire year of 2022.

加上我們的研發前期成本降低，我們將通過這 5% 的價格上漲保持健康的毛利率。對於國際產品，我們還計劃在四月份提高價格。因此，所有這些價格上漲，對我們毛利率的全面影響將在今年第二季度得到充分體現。現在通過所有這些努力，我們對今年的增長非常樂觀，目標是在 2022 年全年實現 150 萬至 170 萬輛汽車的年銷量。

Now I will turn the call over to Fion to discuss our financial results. Fion?

現在我將把電話轉給 Fion 討論我們的財務業績。菲翁？

Thank you, Yan, and hello, everyone. 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. And I then review our financial performance and we are referring to the fourth quarter figures, unless I say otherwise and that all monetary figures are RMB unless otherwise noted.

謝謝Yan，大家好。我們的新聞稿包含您需要的所有數據和比較，我們還將 Excel 格式的數據上傳到我們的 IR 網站以供您參考。然後我回顧了我們的財務表現，我們指的是第四季度的數據，除非我另有說明，並且所有貨幣數字都是人民幣，除非另有說明。

I'll quickly go through the sales volume, which Dr. Li just mentioned. And our quarter 4 sales volume reached 238,000 units, representing a 58.3% year-over-year growth and China sales volume increased by 49%, primarily driven by the new product launches in the past 3 quarters and international business performed extremely well in quarter 4 and over 18,000 e-scooters and nearly 15,000 kick scooters delivered in quarter 4. And international sales volume exceeds our initial expectation and the main reason, of course, is the ease of the international shipping gradually.

我會快速介紹一下剛才李博士提到的銷量。第四季度銷量達到23.8萬輛，同比增長58.3%，中國銷量增長49%，主要得益於過去三個季度的新品發布和第四季度國際業務的出色表現第四季度交付了超過 18,000 輛電動滑板車和近 15,000 輛電動滑板車。國際銷量超出了我們最初的預期，主要原因當然是國際運輸的逐步便利。

With regards to the product mix, in China market, the proportion of N, M, U series rebounded from 24% to 47%. And correspondingly, Gova products accounted for the rest of 53%. Out of the 53% of Gova products, 24% was from the entry-level models, G0, F0 and C0 and the remaining 29% was from other Gova models with higher retail prices. The overall product mix for China market improved this quarter. Since the premium models, here, I'm referring to both N, M, U series and all nonzero Gova models, took a heavier proportion of 76% compared to 58% in quarter 3.

產品結構方面，在中國市場，N、M、U系列佔比從24%回升至47%。相應地，Gova 產品佔剩餘的 53%。在 53% 的 Gova 產品中，24% 來自入門級車型 G0、F0 和 C0，其餘 29% 來自其他零售價更高的 Gova 車型。本季度中國市場的整體產品結構有所改善。由於高級模型，在這裡，我指的是 N、M、U 系列和所有非零 Gova 模型，與第三季度的 58% 相比，佔 76% 的比例更大。

And for international market, we achieved around 33,000 deliveries in quarter 4 with e-motorcycles and e-mopeds accounting for 55% of them and kick scooters accounting for 45%. Total revenues in quarter 4 were RMB 986 million, exceeding top line guidance provided in the third quarter and up by 46.7% year-over-year. This growth was attributable to increased sales volume across our domestic and international segments, particularly an increase of 156% for international deliveries I mentioned before.

對於國際市場，我們在第四季度實現了約 33,000 輛的交付，其中電動摩托車和電動助力車佔 55%，踏板車佔 45%。第四季度總收入為人民幣 9.86 億元，超過第三季度提供的收入指引，同比增長 46.7%。這一增長歸因於我們國內和國際部門的銷量增加，特別是我之前提到的國際交付量增長了 156%。

And revenue for international e-motorcycles and e-mopeds rebounded after quarter 3 2021, rose by 2.7x to RMB 156 million, 35% up year-over-year. And revenue from kick scooters soared by over 29x compared to quarter 3, and revenue from China e-scooter sales remained strong and increased by 48% year-over-year. The accessory spare parts and services revenue also increased by more than 20% year-over-year, though partially offset by 7.3% decrease in overall revenue per scooters. For the year ended December 31, 2021, our total revenue increased 51.6% to RMB 3.7 billion as compared to RMB 2.4 billion in 2020.

2021 年第三季度之後，國際電動摩托車和電動助力車收入出現反彈，增長 2.7 倍至人民幣 1.56 億元，同比增長 35%。與第三季度相比，滑板車的收入飆升了 29 倍以上，中國電動滑板車的銷售收入保持強勁，同比增長 48%。配件備件和服務收入也同比增長 20% 以上，但被每輛踏板車總收入下降 7.3% 部分抵消。截至 2021 年 12 月 31 日止年度，我們的總收入從 2020 年的人民幣 24 億元增長 51.6% 至人民幣 37 億元。

Now let's look at our ASP. The overall ASP in quarter 4 declined by 7.3% year-over-year, but improved by 34% quarter-over-quarter. In China market, the e-scooter's ASP remains almost the same compared to quarter 4 2020, with a slight decrease by 0.9% from 300 -- sorry, from RMB 3,355 to RMB 3,326 while improved 21% significantly quarter-over-quarter. And the e-scooters ASP from international markets decreased 36% year-over-year from RMB 8,979 to RMB 5,749. And the key reason for the decline was the change in the product mix.

現在讓我們看看我們的ASP。第 4 季度的整體 ASP 同比下降 7.3%，但環比增長 34%。在中國市場，電動滑板車的 ASP 與 2020 年第四季度相比幾乎保持不變，從 300 元略有下降 0.9%——抱歉，從 3,355 元降至 3,326 元，而環比大幅提高了 21%。來自國際市場的電動滑板車平均售價從 8,979 元降至 5,749 元，同比下降 36%。下降的主要原因是產品組合的變化。

Nearly 15,000 units sold of the kick scooters affected our international ASP to a large extent, whose sales price is lower than the e--motorcycles and e-mopeds price. And if we take out the impact of kick scooters, international ASP decrease was only around 3% year-over-year. And in terms of number RMB 8,678. So in total, the ASP of e-scooters was only 4.6% decrease. And the ASP of accessories, spare parts and services was RMB 479 per scooter, decreasing by 24% year-over-year, mainly because of acceleration in the expansion of sales volume.

近 15,000 台的電動滑板車銷售在很大程度上影響了我們的國際平均售價，其銷售價格低於電動摩托車和電動助力車的價格。如果我們排除滑板車的影響，國際平均售價同比下降僅為 3% 左右。而在數量方面為8,678元。所以總的來說，電動滑板車的平均售價僅下降了 4.6%。配件、備件和服務的平均售價為479元/輛，同比下降24%，主要是銷量增速加快。

The gross margin in quarter 4 was 22.6%, 2.6 percentage points lower than the same period last year, while 2.6 percentage points higher than last quarter. And the decrease year-over-year was the consequence of higher raw material cost and changing product mix and raw material cost remain at the elevated level in the fourth quarter and we were still experiencing additional inflation in the international shipping and the cost of inflation has reduced our margin by around 1.9 percentage points, while product mix enlarged this impacted by 0.7 percentage points.

四季度毛利率為22.6%，比上年同期下降2.6個百分點，比上一季度提高2.6個百分點。同比下降是由於原材料成本上升和產品結構變化的結果，原材料成本在第四季度保持在較高水平，我們仍在經歷國際航運的額外通脹，通脹成本已經我們的利潤率降低了約 1.9 個百分點，而產品組合擴大了 0.7 個百分點。

To combat the cost inflation, we increased domestic scooter retail price from March 2022 and international scooters retail price from April 2022 and we continue to aggressively manage all aspects of our cost structure, including the advanced technology to the product body and purchase agreement to secure sustainable suppliers of the key component parts and other cost saving initiatives.

為應對成本膨脹，我們從 2022 年 3 月起上調國內滑板車零售價，從 2022 年 4 月起上調國際滑板車零售價，我們繼續積極管理成本結構的各個方面，包括產品主體的先進技術和採購協議，以確保可持續發展關鍵零部件的供應商和其他成本節約舉措。

Our total operating expenses, excluding share-based compensation, were RMB 176.2 million, increased by RMB 66.5 million or 60.6% year-over-year. And the increase was caused by RMB 17.3 million higher branding and advertisement in sales and marketing expenses and RMB 13.2 million higher depreciation expenses of the new store openings and RMB 9.7 million higher staff costs. Expressed as a percentage of revenue, our operating expenses exclude share-based compensation was 17.9%, 1.6 percentage points higher than quarter 4 last year, mainly caused by the retail sales network expansion and branding and marketing activities.

不包括股權激勵的總營業費用為人民幣1.762億元，同比增加人民幣6650萬元或60.6%。增加的原因是銷售和營銷費用中的品牌和廣告費用增加了1730萬元，新店開業折舊費用增加了1320萬元，員工成本增加了970萬元。以收入百分比表示，我們的營業費用（不包括股權激勵）為 17.9%，比去年第四季度高 1.6 個百分點，主要是由於零售網絡擴張以及品牌和營銷活動所致。

And we believe there was no better time for retail sales network expansion and brand marketing and now to gain more ground, extending the fast-growing lithium-ion battery powers 2 wheeler market segments. And a series of marketing activities were launched in fourth quarter as ramping up the branding like national wide campaign, 10 billion kilometers of riding, as Dr. Li just mentioned and CD promotions, which were targeted to those cities for us to implement the new national standards in 2022.

我們相信現在是零售網絡擴張和品牌營銷的最佳時機，現在要獲得更多的市場份額，擴大快速增長的鋰離子電池為兩輪車市場提供動力。並且在第四季度推出了一系列的營銷活動，例如全國范圍的宣傳活動，如李博士所說的100億公里騎行和CD促銷活動，這些活動針對我們實施新國標的城市。 2022年標準。

I would also like to add that although our operating expenses as a percentage of revenue in quarter 4 increased 1.6 percentage points, our annual non-GAAP operating expenses as a percentage of revenue maintained the same level as last year at 15.2%. Furthermore, our annual GAAP operating expenses as percentage of revenue decreased from 16.8% to 16.4%. And we are in the good position to leverage our brand awareness, retail sales network expansion and our total operating expenses at a healthy level.

我還想補充一點，儘管第四季度我們的營業費用佔收入的百分比增加了 1.6 個百分點，但我們的年度非公認會計準則營業費用佔收入的百分比與去年持平，為 15.2%。此外，我們的年度 GAAP 運營費用佔收入的百分比從 16.8% 下降到 16.4%。我們處於良好的位置，可以在健康的水平上利用我們的品牌知名度、零售網絡擴張和我們的總運營費用。

Our GAAP net income was RMB 47.6 million, and net margin was 4.8%. The adjusted net income was RMB 60.2 million and the adjusted net margin was 6.1%, 4.1 percentage points lower year-over-year. As mentioned above, these were briefly due to 2.6 percentage point gross margin decline and 1.6 percentage points operating expenses increase. And for the year ended December 31, 2021, our net income was RMB 225.8 million and the adjusted net income was RMB 273 million, and our net margin was 6.1%, decreased slightly by 0.8 percentage points and our adjusted net margin was 7.4%, decreased by 1.1 percentage points and the decrease mainly came from the decline in the gross margin.

我們的 GAAP 淨利潤為人民幣 4760 萬元，淨利潤率為 4.8%。調整後淨利潤為6020萬元，調整後淨利潤率為6.1%，同比下降4.1個百分點。如上所述，這主要是由於毛利率下降 2.6 個百分點和運營費用增加 1.6 個百分點。截至2021年12月31日止年度，我們的淨利潤為人民幣2.258億元，調整後的淨利潤為人民幣2.73億元，淨利潤率為6.1%，小幅下降0.8個百分點，調整後的淨利潤率為7.4%，下降1.1個百分點，主要是毛利率下降所致。

Turning to our balance sheet and cash flow. We ended the quarter with RMB 1.1 billion in cash, term deposits and short-term investments, excluding the restricted cash, and our operating cash outflow was RMB 340 million, mainly due to the reduction in payable of RMB 214 million, an increase in receivables as a result of seasonality. On a full year basis, our operating cash flow was positive RMB 334 million.

轉向我們的資產負債表和現金流。截至本季度末，我們的現金、定期存款和短期投資為人民幣 11 億元，不包括受限制的現金，我們的經營性現金流出人民幣 3.4 億元，主要是由於應付減少人民幣 2.14 億元，應收賬款增加由於季節性。全年經營現金流為正3.34億元。

Our quarter 4 CapEx was around RMB 63 million, mostly related to capacity expansion of RMB 27 million and new stores buildings of RMB 36 million. And now let's turn to guidance. We expect the first quarter revenue to be in the range of RMB 647 million (sic - see press release, "RMB 657 million") to RMB 712 million, an increase of 20% to 30% year-over-year.

我們第四季度的資本支出約為人民幣 6,300 萬元，主要與 2,700 萬元的產能擴張和 3,600 萬元的新店建設有關。現在讓我們轉向指導。我們預計第一季度收入將在人民幣 6.47 億元（見新聞稿，“人民幣 6.57 億元”）至人民幣 7.12 億元之間，同比增長 20% 至 30%。

And with that, now let's open the call for the questions that you may have for us. Operator, Please go ahead.

有了這個，現在讓我們打開電話，詢問您可能對我們提出的問題。接線員，請繼續。

(Operator Instructions) Our first question comes from the line of Bin Wang from Credit Suisse.

（操作員說明）我們的第一個問題來自Credit Suisse 的Bin Wang。

I actually got 2 questions. Number one is about -- can you share about the first 2 months sales performance because we are already in the beginning of March, what's the growth and roughly volume? And second is that about a full year volume, can we have a roughly breakdown, how much came from M, N, and Gova?

我實際上有2個問題。第一個是關於——你能分享一下前兩個月的銷售業績嗎，因為我們已經在三月初了，增長和大致的銷量是多少？第二個是大約一整年的銷量，我們能否大致細分一下，有多少來自 M、N 和 Gova？

Okay. I'll answer this question. For the first 2 months in this year, we already got the sales order around -- above RMB 100,000 in total, including domestic and international sales orders. And the sales volume we delivered in the first 2 quarters is RMB 78,000, including the kick scooters around RMB 12,000 and the other e-motorcycles and e-mopeds globally, including domestic and international markets.

好的。我會回答這個問題。今年前2個月，我們已經拿到了10萬元以上的銷售訂單，包括國內和國際銷售訂單。前2季度我們交付的銷售額為7.8萬元，其中包括1.2萬元左右的滑板車和其他全球的電動摩托車和電動助力車，包括國內和國際市場。

And for the guidance in 2022, we expected around 1.3 to 1.4 sales units in the China market. And we expected around 300,000 -- sorry, 200,000 to 300,000 units in the international markets. And as to the product mix, we expected the N, M, U compares to the Gova series in around 3 versus 7. And within the Gova series, actually, we expected the majority of the Gova series are the global premium products other than the entry level one. Hope I addressed the questions for you.

對於 2022 年的指導，我們預計中國市場的銷售單位約為 1.3 至 1.4 個。我們預計大約 300,000 - 抱歉，國際市場上有 200,000 到 300,000 台。至於產品組合，我們預計 N、M、U 與 Gova 系列的比例在 3 比 7 左右。而在 Gova 系列中，實際上，我們預計 Gova 系列的大部分是全球高端產品，而不是入門級一。希望我為你解決了這些問題。

Our next question comes from Jing Chang from CICC.

我們的下一個問題來自中金公司的Jing Chang。

So I have major 2 questions. The first is about a further question you about the product structure. So we can see that the proportion of Gova 0 Series in last year fluctuated greatly, so from 20% to 40%. And you just mentioned your -- maybe satisfying product structure, we expect this year. We can see that customers are still very price sensitive. So if we want to achieve a stable relatively high proportion of mid- to high-end products, how we can achieve a much stronger product differentiation for our maybe higher-priced products? This is my first question.

所以我有兩個主要問題。第一個是關於產品結構的進一步問題。所以我們可以看到去年Gova 0系列的比例波動很大，從20%到40%。你剛剛提到了你的——也許是令人滿意的產品結構，我們預計今年。我們可以看到客戶仍然對價格非常敏感。那麼，如果我們想要實現穩定的中高端產品佔比，我們如何才能為我們可能更高價位的產品實現更強的產品差異化呢？這是我的第一個問題。

And second is about the expense. We have seen that SG&A expense ratio costs have high in the fourth quarter. Looking at the ratio selling expense ratio increased a lot, mainly comes from increasing advertising and promotion expense and also the increase in amortization of store expansion. So, how can we expect overall expense ratio or the amount this year and can it reflect a stronger scale effect? That means rather we can see the expense ratio to go down this year. This is my 2 questions.

其次是關於費用。我們已經看到，SG&A 費用率成本在第四季度很高。從比例來看，銷售費用率上升了很多，主要是廣告和促銷費用的增加，以及店鋪擴張攤銷的增加。那麼，我們如何預計今年的整體費用率或金額，是否能體現更強的規模效應？這意味著我們可以看到今年的費用率下降。這是我的2個問題。

So both are great questions. So let me address the first one and I'll let Fion to talk about the expense part. So, I think the great observation on the 0 series for the entry level. So in the last year, 2021, we do see the fluctuation because we actually -- we announced the S0, we rolled out the C0 product. So it's actually coupled with the new product rollout of the 0 series along with some of the promotions. So, looking at 2022, so far, we have only one 0 entry product to be rolled-out, that was the P0, which is actually closer -- effective roll out end of March. Then the rest of Gova products more on the 2 series, the B2 also on the 6 Series, which is not showing there the G6 and also the C3 and C6, so most are more towards the high end and the entry level.

所以這兩個都是很好的問題。所以讓我談談第一個問題，然後讓 Fion 談談費用部分。所以，我認為對於入門級的 0 系列的觀察很棒。所以在去年，2021 年，我們確實看到了波動，因為我們實際上 - 我們宣布了 S0，我們推出了 C0 產品。因此，它實際上與 0 系列的新產品推出以及一些促銷活動相結合。所以，看看 2022 年，到目前為止，我們只有一個 0 入門產品要推出，那就是 P0，它實際上更接近 - 有效推出 3 月底。其餘的 Gova 產品更多在 2 系列上，B2 也在 6 系列上，其中沒有顯示 G6 以及 C3 和 C6，因此大多數更傾向於高端和入門級。

The -- keep in mind that a lot of those entry-level models they are priced low because they have a relatively shorter drive range. So from -- actually from users perspective, actually the users prefer what are called the mid-price level basically somewhere around RMB 4,000 but give a good drive range. For example, our G3C actually represent alone is our last year (inaudible) 4 months, actually already represents 6% of sales, and that product has a drive range of 100 kilometers.

- 請記住，許多入門級車型的價格很低，因為它們的行駛距離相對較短。所以從——實際上從用戶的角度來看，實際上用戶更喜歡所謂的中等價位，基本上在4000元左右，但續航里程不錯。例如，我們的G3C實際上僅代表我們去年（聽不清）4個月，實際上已經佔銷售額的6％，並且該產品的行駛里程為100公里。

So I just want to make a point that we don't really -- it's not like, hey, the cheaper the better. It's actually -- you always have to look at the price versus the drive range. I think this year, the focus on the Gova products is more on the extended drive range product. And also, I think this year, we have about 3 or 4 new models for the N, M, U series to be rolled out for China that will help to continue to drive the increase for the higher -- basically, our premium, premium brand. So I'll let Fion to about the expense part?

所以我只想說明一點，我們並不是真的 - 它不像，嘿，越便宜越好。實際上 - 你總是需要查看價格與驅動範圍。我認為今年對 Gova 產品的關注更多是在擴展驅動範圍產品上。而且，我認為今年，我們將在中國推出大約 3 或 4 款 N、M、U 系列新車型，這將有助於繼續推動更高價格的增長——基本上，我們的溢價、溢價品牌。所以我會讓 Fion 來談談費用部分？

Okay. Regarding to the sales and marketing expenses in quarter 4, and actually, I already explained the nature of those sales and marketing expenses. The majority part are the branding and marketing activities and the rest are the depreciation and amortization expenses related to the new stores opening. And if you look at the absolute figure, it's around RMB 100 million sales and marketing expenses in quarter 4, almost one-third of the total whole year's sales and marketing expenses.

好的。關於第四季度的銷售和營銷費用，實際上，我已經解釋了這些銷售和營銷費用的性質。大部分是品牌和營銷活動，其餘是與新店開業相關的折舊和攤銷費用。如果從絕對數字來看，第四季度的銷售和營銷費用在1億元左右，幾乎佔全年銷售和營銷費用的三分之一。

Actually, this is the -- this caused by the new stores opening during the whole year and you will see the full effect in quarter 4 because we opened more than 15,000 new stores this year, almost double compared to the year-end in 2020. And that is the main reason. And regarding to the -- actually, regarding to the operating expenses ratio, especially the sales expenses ratio for this year, since we already got the scale of economy in the G&A and almost in the R&D considering the different new models and we are about to deliver for the next 2 to 3 years.

實際上，這是由於全年新店開業造成的，您將在第四季度看到全部效果，因為我們今年開設了超過 15,000 家新店，與 2020 年年底相比幾乎翻了一番。這就是主要原因。關於——實際上，關於營業費用率，尤其是今年的銷售費用率，因為考慮到不同的新車型，我們已經得到了 G&A 和幾乎 R&D 的經濟規模，我們即將在未來 2 到 3 年內交付。

Actually, we think the R&D expenses and G&A expenses as a percentage of revenue will lower around 0.2 percentage points. And this for the selling and marketing expenses, we will remain to 8% to 9% as a percentage of revenue for this year. So, in total, we may remain -- the operating expenses ratio around 15% to 16% for this year because we are still in the process of growing the China sales marketing channel for the offline sales volume this year. And as - Niu as always, we are the premium brand in China and in the international markets. We will take this window to improve the brand awareness globally, but we may keep the expenses at a healthy level.

實際上，我們認為研發費用和 G&A 費用佔收入的百分比將下降 0.2 個百分點左右。而對於銷售和營銷費用，我們今年將保持在 8% 到 9% 的收入百分比。因此，總的來說，我們今年的營業費用比率可能會保持在 15% 到 16% 左右，因為我們仍在為今年的線下銷量擴大中國銷售營銷渠道。和 - Niu 一如既往，我們是中國和國際市場的優質品牌。我們將利用這個窗口在全球範圍內提高品牌知名度，但我們可能會將費用保持在健康水平。

Our next question comes from Wei Shen from UBS.

我們的下一個問題來自瑞銀的 Wei Shen。

My question is about the gross margin. We understand that battery prices, the lithium battery price has been running in recent weeks. I'm wondering what's your strategy towards it? Will you further increase the mix of the lead acid battery in 2022? And I also understand that you have raised price by RMB 200. Well, at covered the battery cost, inflate cost and where you consider another round of price hike?

我的問題是關於毛利率的。我們了解電池價格，鋰電池價格最近幾週一直在運行。我想知道你的策略是什麼？ 2022年你會進一步增加鉛酸電池的組合嗎？而且我也了解到你們漲價了200元。嗯，包括了電池成本、漲價成本，你們又在哪裡考慮再次漲價呢？

Yes. So I think let me address that. So, we actually are seeing -- last quarter, we see the lithium battery price increase a bit, but then actually really ending starting January this year, we started lithium better to really shoot up. So, we have seen some cases, the lithium battery price increased by almost like 20% and also the [RFP] battery price also increased by 15%. So keeping in mind, the battery cost is roughly about 30% of our revenue to that extent. So, now, we increased our price by 5%. But really, in order to maintain -- still maintain the same margin, we have also done some cost reductions in terms of the chassis to able to manage -- to maintain the same healthy margin at the same time not increase the price too much. So I think that's one.

是的。所以我想讓我來解決這個問題。所以，我們實際上看到 - 上個季度，我們看到鋰電池價格略有上漲，但實際上從今年 1 月開始真正結束，我們開始更好地開始使用鋰電池來真正飆升。所以，我們已經看到了一些案例，鋰電池價格上漲了近 20%，[RFP] 電池價格也上漲了 15%。因此請記住，在這種情況下，電池成本大約占我們收入的 30%。所以，現在，我們將價格提高了 5%。但實際上，為了保持 - 仍然保持相同的利潤率，我們還在機箱方面做了一些成本降低以能夠管理 - 保持相同的健康利潤率，同時不會增加太多的價格。所以我認為這是一個。

We actually look at the market, so in [international] market, we have observed that our competitors in the industry, people increased the lithium scooters or moped price by up to -- from anywhere between 8% to 10%. So actually, even significantly higher than what we have done. So, that means, one, we do have additional room to increase the price if we have to, to really to observe the future value price increases.

我們實際上著眼於市場，因此在 [國際] 市場上，我們觀察到我們的行業競爭對手，人們將鋰踏板車或輕便摩托車的價格提高了 8% 到 10% 之間。所以實際上，甚至比我們所做的要高得多。所以，這意味著，一，如果我們必須的話，我們確實有額外的空間來提高價格，以真正觀察未來價值的價格上漲。

And the second, we're also exploring and looking at some of the -- for the electric bicycle solutions, it's difficult to do the (inaudible), but also for the light electric motorcycle solutions in China in some of the Tier 2 and Tier 3 cities, we also look at the graphite, what we call the graphite lead acid battery solutions as a viable solution for those light motorcycles. And so we will have more -- a few products in that range to really to come back with the lithium battery increases -- price increases.

第二，我們也在探索和研究一些——對於電動自行車解決方案，很難做到（聽不清），而且對於中國的輕型電動摩托車解決方案，在一些 Tier 2 和 Tier 3 個城市，我們也關注石墨，我們稱之為石墨鉛酸電池解決方案，作為輕型摩托車的可行解決方案。因此，隨著鋰電池的增加，我們將有更多的產品——該範圍內的一些產品真正回歸——價格上漲。

Can I confirm with you that as you raise price by RMB 200, which only covered the price hike today from the end of 2021 until now, but the gross margin will remain if everything is -- the other items are flat, the gross margin in the first quarter will be at a similar level of the fourth quarter of last year, which is still lower than the third quarter?

我可以和你確認一下，因為你加價 200 元，這僅涵蓋了從 2021 年底到現在的價格上漲，但如果一切正常，毛利率將保持不變——其他項目持平，毛利率在一季度會和去年四季度持平，還是低於三季度？

So I think the gross margin question is also related to the product mix as well. So, let's say, even to keep the same product mix, it's similar. It's actually -- the gross margin has also slightly increased. So, let me put it this way. The gross margin post price increase versus gross margin before the price increase, the gross margin actually will improve by almost 1 percentage point if we keep the product mix same. The product mix, mainly I talked about the international sales versus China sales, also kick scooter sales versus other stuff. But for the -- I think we talked about -- for the entire year, we're still very optimistic that we're able to get to gross -- on average get a gross margin somewhere between -- around 22%.

所以我認為毛利率問題也與產品組合有關。所以，比方說，即使保持相同的產品組合，它也是相似的。實際上 - 毛利率也略有增加。所以，讓我這樣說吧。漲價後的毛利率與漲價前的毛利率相比，如果我們保持產品結構不變，毛利率實際上會提高近1個百分點。產品組合，主要是我談到了國際銷售與中國銷售，還有滑板車銷售與其他產品。但是對於 - 我認為我們談到了 - 全年，我們仍然非常樂觀地認為我們能夠達到 - 平均毛利率介於 - 22％左右。

(Operator Instructions) As there are no further questions, I'll turn the call back to the management team for closing remarks.

（操作員說明）由於沒有其他問題，我會將電話轉回給管理團隊以結束髮言。

Great. 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. Back to you, operator.

偉大的。謝謝你，接線員，謝謝大家參加今天的電話會議和你們的支持。我們感謝您的關注，並期待在下個季度再次向您報告我們的進展。回到你身邊，接線員。

Ladies and gentlemen, that does conclude our conference for today. Thank you for participating. You may all disconnect.

女士們先生們，今天的會議到此結束。感謝您的參與。你們都可以斷開連接。