小牛电动（NIU.US）2025年第一季度业绩电话会

文章语言：

简

繁

Minutes

原文

会议摘要

会议速览

Niha Technologies' Q1 2025 Earnings Conference Call

A detailed introduction to Niha Technologies' first quarter 2025 earnings conference call, including discussion of the company's financial results, forward-looking statements, and non-GAAP financial measures.

Q1 2025 Sales and Product Innovation Highlights

In Q1 2025, the company achieved a 57.4% year-on-year growth in sales volume, with a significant increase in both the China market and overseas. Total revenue reached RMB 682 million, up 35% from the same period last year. The gross margin rebounded to 17.3%, driven by cost reduction measures. Key strategies included focusing on technology innovation, expanding sales channels, and targeting marketing strategies. New product launches included the Nx Pro SOE, NL, and FX Pro, among others, which significantly expanded the electric model portfolio and attracted younger demographics. Additionally, the company integrated advanced technologies into its electric bicycle line, enhancing the category with innovations. Standardization of key product platforms and the introduction of smart technologies further contributed to improved margins and customer experience.

Nx Pro Launch and Global Market Expansion Success

The launch of Nx Pro through a strategic partnership with Gaming Game for Peace led to significant marketing success and sales achievements. The company also expanded its retail footprint, focusing on tier 3 and tier 4 cities, and strengthened its online presence through multiple channels, resulting in a substantial increase in sales. Overseas, the company saw exponential sales growth in electric two-wheel markets through direct distribution operations in key countries, anticipating a 3 to 5x increase in sales for 2025. Challenges in the micro-mobility market, particularly in the US and Europe due to tariff situations and inventory impacts, were addressed with price increases and strategic supply adjustments.

Strategic Expansion and Growth in China's Electric Bicycle Market in Q2 2025

The company is optimistic about the China market in Q2 2025, focusing on product portfolio expansion, particularly the F series upgrade and motorcycle product launch, aiming to attract high Permian and Gen Z consumers. Channel expansion with an additional 300-400 stores is expected to drive sales growth and improve gross margin. New design styles are being developed to meet the upcoming electric bicycle standards in China. Internationally, static growth and profitability improvement are anticipated, with a focus on expanding direct distribution operations despite tariff challenges.

First Quarter Financial Results and Second Quarter Guidance 2025

The company reported a significant increase in sales volume and revenue for Q1 2025, with a 57% rise in sales volume and a 35% increase in revenue compared to the same period last year. The growth was attributed to increased sales in China and overseas, particularly in high-end scooter models. Despite a decline in average selling price due to product mix, the company saw improvements in gross profit and gross margin. Operating expenses remained flat, while sales and marketing expenses increased due to higher staff costs and promotional activities. The company expects Q2 revenue to increase by 40% to 50% year-over-year.

2025 Sales Volume and Margin Guidance Update

The company maintains its 2025 sales volume growth guidance of 30% to 50% year-over-year. Despite a low overall gross margin of 15.2% in the previous year, recovery is expected this year, with a positive net profit outlook for the second quarter.

Analysis of Quarterly Financial Performance and Outlook

The company discusses the decrease in average selling price and significant improvement in gross profit margin, attributing changes to new model launches and cost reduction efforts. They expect the average selling price to remain stable or change slightly in single digits, with a rebound in the domestic market's ASP. Gross margin improvements are linked to domestic market cost reduction strategies and product mix adjustments.

Update on Company's Cash Position and Outlook for Year End

Despite a recent dip in cash position due to seasonal factors, the company anticipates a strong recovery in cash balance by the end of the year, driven by increased sales volume and revenue growth in both domestic and overseas markets starting from the second quarter.

Impact of Tariffs and Growth Strategies in Overseas Operations

Despite tariff impacts, the company forecasts hyper growth in electric motorcycle sales, aiming for a 5x to 6x increase. Relocation of manufacturing bases and strategic pricing adjustments are employed to mitigate tariff effects, targeting moderate growth in micro mobility markets with a focus on profitability turnaround.

Concluding Remarks from May 20, 2025 Corporate Update Call

The speaker thanks participants for attending the quarterly call, expressing appreciation for their support and interest, and anticipates updating them on progress next quarter.

要点回答

Q：How did the gross margin perform in the first quarter of 2025?

A：The gross margin rebounded to 17.3% in the first quarter of 2025, with a 4.9% year-over-year increase, primarily driven by pump cost reduction in the product platform, optoelectronic component standardization, and cost improvement.

Q：What was the focus of the company's strategy in the first quarter of 2025?

A：The company's focus product portfolio strategy in the first quarter of 2025 emphasized technology innovation, expanding sales channels, and a targeted marketing strategy. The strategy included the N and US series as key product strategies, with an enhanced focus on existing product upgrades and the introduction of new electric motorcycles.

Q：Which new electric motorcycles were launched in the first quarter of 2025 and what are their key features?

A：In the first quarter of 2025, a comprehensive range of electric motorcycles was launched, including the Now and Sx series priced from RMB 4,000 to over RMB 10,000. Key features included significant enhancements in functionality and smart technologies, as well as compliance with new performance and safety standards. Notably, the Onx Pro SOE was launched at RMB 9,999, featuring a 72-volt 42-high energy battery, with a range of over 90 km on one charge and a top speed of 80 km/h. The Nxt series, on the other hand, was aimed at the entry-level market with features like a large footrest, extended seats, and an expanded storage compartment, priced at RMB 4,799.

Q：How did the introduction of electric motorcycles affect the company's presence in the premium electric motorcycle segment?

A：The introduction of electric motorcycles, particularly the Onx Pro SOE and the Nxt series, significantly expanded the company's electric model portfolio, offering consumers a wider range of options and reinforcing the company's position as a premium brand in the electric two-wheeler sector. The Onx Pro SOE, in particular, set sales records on launch platforms like JD.com and TMA, and received around 2,000 pre-orders, establishing itself as a pioneer in the high-end two-wheeler motorcycle market and attracting a younger demographic that values style and innovation.

Q：What is the composition of the new F series and what enhancements does it offer?

A：The new F series consists of models FX Pro, FX, and FX C, which completed the F series product lineup on model cycle site. These models have aggressive designs and come with enhanced features such as a full color TFT display and an expanded battery compartment offering options of 72-volt 42-ampere-hour lithium batteries. The models deliver a 40% increase in top speed and a 70-72% boost in input power compared to previous models.

Q：What are the new models under the M series for female users and what features make them appealing?

A：The new M series includes the Mt and M models, which are ultra-compact with vibrant color options and user-friendly features like the Gold Eagle system, making them especially suitable for new users seeking convenience and style. The M series embraces an iconic and serious design with fresh, colorful aesthetics and a comfortable writing experience tailored to diverse preferences, accounting for an impressive 32% sales in Q1 and reinforcing its appeal and market success.

Q：What new smart technologies and safety features have been introduced by the company?

A：The company introduced several new smart technologies and safety features, including a full-function color TFT display, AI smart control, and AI smart assist systems. Additionally, the company partnered with MA Maps to develop an industry data-driven dynamic wording system that includes functions like blind spot detection, real-time vehicle approach warning, AI piloted traffic light navigation, and more. These features have been implemented in new models like the Nx and Nxt, with more advanced features scheduled for release in Q2 and Q3.

Q：What are the highlights of the company's product launches?

A：The company launched the Nx Pro with a strategic partnership, introduced a racing tournament within the game that topped trending lists, and announced the Electric Cycles matrix product for premium users and Gen Z, with the Nx and FX series achieving sales of over RMB 100 million in the first 5 hours and selling 10,000 units.

Q：How did the company's channel expansion efforts perform?

A：The company expanded its retail footprint by opening 384 new stores, with a significant focus on tier 3 and tier 4 cities. This strategy also included online presence enhancements, leading to a 6x increase in marketing effectiveness compared to Q1 of the previous year and boosting sales by 100,000 units contributing to 60% of the total sales volume.

Q：What were the sales and market entry achievements in the overseas market?

A：In the overseas market, the sales volume reached 20,000 units, with a 3x increase in the electric two and electric motorcycle market due to direct distribution operations in key countries like Germany, Italy, and France. The number of dealers increased from 120 to 180 and is expected to reach 250 by mid-2025. The company introduced a full lineup of electric two products and anticipates an exponential sales growth of 3 to 5x in 2025, with the electric two sectors contributing to 60% to 80% sales in the international market.

Q：How is the micro-mobility market performing internationally and what challenges are faced?

A：The micro-mobility market, which includes kick scooters and e-bikes, showed underperformance with nearly flat volume growth and delayed profitability turnaround in Q1 2025 due to the tariff situation in the U.S. and inventory issues in Europe. Sales were deliberately held back in the U.S. due to uncertainty around tariffs, leading to a focus on inventory sales in Q1 which impacted gross margin and profitability. Price increases were implemented in Q1 for online and negotiated for offline channels to take effect in late Q2 and early Q3. Manufacturing in South Asia dispatched the first delivery in late Q1 taking advantage of a 10% tariff window, which has not yet reflected in sales.

Q：What is the company's outlook for the China and international markets?

A：The company remains optimistic about the China market in Q2, building on a strong foundation in product, channel development, and brand momentum, with positive initial results in Q1. In Q2, the focus will be on product portfolio upgrades, expanding sales channels with an additional 300 to 400 stores, and improving gross margins. For the international market, the outlook anticipates a static growth and turning on profit and loss this year, with an emphasis on expanding direct distribution operations for a higher contribution margin, especially given the clarity on tariffs and inventory management. The company expects a moderate growth and significant improvement in profitability in the electric market.

Q：What are the key financial results for the first quarter?

A：The company's total sales volume for the first quarter was 203,000 units, a 57% increase compared to the same period last year. The total revenue for the first quarter amounted to 682 million, an increase of 177 million or 35% compared to the same period of the previous year. China revenues were 608 million, accounting for 89% of the total revenue. The scooter revenue was 546 million, a 39% increase from the previous year, mainly due to an increase in sales volume and a decrease in revenue per scooter as China's quarter's ASP fell to nearly 3000.

Q：What was the main reason for the improved gross profit margin despite the decrease in the average selling price (ASP)?

A：The improved gross profit margin was primarily due to successful cost reduction initiatives, especially in the domestic market, which offset the impact of the 25% U.S. tariffs, elevated freight costs, and aged inventory write-down.

Q：What were the changes in sales and marketing, research and development (R&D), and general and administrative (G&A) expenses, and their respective percentages of revenue?

A：Sales and marketing expenses rose by 15 million year over year to 150 million, with a percentage of revenue at 16.8%, down from 20.9% in the first quarter of 2024. R&D expenses increased by 1 million year over year to 30 million, with an R&D expenses percentage of revenue at 4.4%, compared to 5.7% in the fourth quarter of 2024. G&A expenses decreased by 10 million year over year to 21 million, largely attributed to foreign currency exchange gains, with G&A expenses as a percentage of revenue at 3%, a notable reduction from 6.1% in the last quarter of 2024.

Q：What were the financial outcomes for the fourth quarter and the guidance for the second quarter?

A：In the fourth quarter, the net loss was RMB 39 million with a net loss margin of 5.7%, compared to a net loss of 55 million with a net loss margin of 10.9% for the same period last year, and an adjusted net loss of RMB 31 million with an adjusted net loss margin of 4.6%. For the second quarter, the company expects revenue to be in the range of RMB 1.3 billion to 1.4 billion, an increase of 40% to 50% year over year.

Q：Does the company still maintain the sales volume guidance for 2025, and what is the outlook for net profit in the upcoming quarters?

A：The company has not changed the sales volume guidance for 2025, and it remains to grow 30% to 50% year over year. As for the net profit outlook for the upcoming quarters, the company still expects a positive net margin for the second quarter, with an expectation of profit recovery due to cost control measures and the introduction of new models.

Q：What is the expected trajectory of the average selling price (ASP) in subsequent quarters, and what are the factors influencing it?

A：The expected trajectory for the average selling price (ASP) in subsequent quarters is for it to rebound. The China ASP dropped due to the launch of new models, especially flagship models, each year. For the next few quarters, especially the second quarter, the company expects the ASP to remain almost the same compared to last year or to change by a single digit. In the domestic market, the company expects to concentrate the retail price of their models in the range from RMB 3000 to 7000, leading to an expected rebound in the second quarter's ASP from the current quarter's RMB 3002 to 3500. The gross margin is also expected to recover due to cost reduction initiatives.

Q：How does the company anticipate its cash position will be affected in the second quarter?

A：The company anticipates that the cash position will remain at the level seen in the second quarter and may change due to the product mix in the domestic market, which is lower than the 15% figure shown from the previous year.

Q：How is the company's cash position expected to change at the end of the year?

A：The cash position at the end of the year is expected to be higher than the end of December 31 in the previous year, 2024. This is because the lowest cash position typically occurs in the first quarter due to Chinese New Year obligations, and from the second quarter onwards, with the peak season in both domestic and overseas markets, a sales volume increase is expected to bring in higher operating cash flow.

Q：What impact have tariffs had on the company's overseas business, and how is it managing this challenge?

A：Tariffs have negatively impacted the company's revenue, especially in the electric motorcycle sector. To manage this challenge, the company has started relocating its manufacturing base from China to Southeast Asia in response to the 25% tariffs, while facing an increase to 10% in Southeast Asia this year. Sales to the US market have been consciously held off due to these tariffs. Despite these challenges, the company expects its overall business, particularly in the micro mobility segment, to grow with a focus on profitability, with the electric motorcycle cycle experiencing hyper growth and the kick scooter or micro mobility market seeing model growth with an emphasis on profitability turnaround.

有用

Feedback

免责声明：本内容基于第三方人工智能AI算法生成，内容仅供参考。本平台不对其真实性、合法性、准确性负责，不构成任何投资建议，对以上内容不做任何担保与承诺。若有异议请与本平台反馈。