Niu Technologies (NIU) Provides Third Quarter 2023 Sales Volume Update

Niu Technologies (“NIU”, or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today provides its sales volume results for the third quarter 2023.

In the third quarter of 2023, NIU sold 265,923 units, including e-motorcycles, e-mopeds, e-bicycles, kick-scooters and e-bikes. The number of units sold in China market and international markets were 230,455 and 35,468, respectively.

Despite the overall slowdown of consumer activity in China that affected our total sales volume compared to the previous year, our newly released products have been well received by our customers, contributing to approximately 80% of our total sales in the third quarter (and approximately 60% of total year-to-date sales). Among these products, over 1/3 of the sales are from our new products launched this quarter. Our mass-premium series products, which are co-branded with Kumamon, have generated significant interest, while our F400T model, launched on August 8th, has received an overwhelming response. The live-stream broadcast unveiling the F400T model attracted nearly 1 million viewers and nearly 6,000 pre-orders.

Our sales in the overseas micro-mobility market has experienced consistent quarter-on-quarter growth, with sales reaching 34,360 units. Demand for our kick-scooters remains stable, in line with our expectations for the continued development of this segment. In September, we launched our latest electric kick-scooter models – the KQi Air and KQi Air X. We believe these innovative carbon fiber scooters are poised to revolutionize the ultra-light electric scooter market and set a new standard for the industry. These exceptional models further expand our international kick-scooter product portfolio, demonstrating our commitment to excellence, innovation, and sustainability. We see significant potential for the overseas micro-mobility market, particularly in Europe and the United States. Over the past few decades, the demand for micro-mobility transportation has surged, establishing itself as a dominant force in the incremental travel market and expanding our consumer base to billions of users. We firmly believe that micro-mobility will continue to offer immense potential for our future growth.

Our sales volume count disclosed above is based on the delivery from our manufacturing facility, which may vary slightly from the sales volume measured from a financial accounting and reporting point of view. NIU’s sales volume represents only one measure of the company’s financial performance and should not be relied upon as an indicator of quarterly financial results, which depend on a variety of factors, including revenues from accessories, spare parts and services, cost of sales, operating expenses, etc.

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