(Niu) Niu Technologies reported revenue of RMB986.1 million in the fourth quarter of 2021, an increase of 46.7% from the prior year.
For FY21, Niu’s revenues were RMB3.705 billion, an increase of 51.6% from the previous year.
The company said that its e-scooter sales rose by 58.3% in the fourth quarter from the prior year. For FY21, e-scooter sales were up by 72.5%.
The fourth-quarter net income slipped to RMB47.6 million, from RMB58.2 million in the comparable period of last year. FY21 net income was RMB225.8 million, up from RMB168.7 million in 2020.
Niu now projects revenue of between RMB657 million and RMB712 million in the first quarter of 2022, an increase of between 20% to 30% from the prior year. Sales volumes for FY22 are expected to range between 1.5 million and 1.7 million units, up 45% to 64% year-over-year.
NIU: NASDAQ is down 4.69% on premarket.
