(Niu) Niu Technologies posted revenue of RMB 1.23 billion in the third quarter of 2021, a jump of 37.1% from the prior year.
Niu’s sales were boosted by e-scooter, whose total volume sales rose 58.3% to 397,079 in the third quarter. e-scooters sold in China rose by 59.9% in the same period.
The company’s gross margin was reported at 20.0% in the third quarter, down from 20.9% in the prior year.
NIU reported a net income of RMB 91.7 million, up 14.6% from the comparable quarter of 2020.
NIU now projects the fourth-quarter revenue of RMB 840 million to RMB 910 million, a gain of 25% to 35% from the prior year.
NIU: NASDAQ is down -4.49% on premarket.
