Almost after 3 years China’s electric scooter company – Niu Technologies listed in the U.S., the company not only made a profit but has also shaken off losses from the pandemic loss.
Niu said on Monday that its 2nd quarter sales in China and abroad were up by 46.5% from a year-on-year to 944.7 million yuan ($146 million), and predicts the third-quarter growth at about the same or higher.
“We are really looking at the Chinese market [starting to] Electric scooters are consuming more. And then about halfway into the quarter, we see our sales have been [picking] up significantly” – CEO Yan Li said on Tuesday.
The company is also pushing on with a rapid expansion plan. Niu plans to open 300+ stores in China in its third quarter, after adding 450 stores in the second.
Niu said on Monday that adjusted net profit for the 2nd quarter increased by 53.4% and the company made 110.6 million in the first half of the year.
This is up from 49.1 million yuan during the same period last year during the pandemic and more than 68.7 million yuan during the 2019 period. It also reported an adjusted net loss of 46.4 million yuan in the 1st half of 2018.
Niu shares closed 4.6% overnight after the earnings declaration. The inventory is down to 20% since the start of the year. However, it has gained 147% profit since it went public with a market capitalization of $1.7 billion.