On the afternoon of May 20 and May 20, Gelonghui Electric (NIU.US) today released its financial report for the first quarter of 2024 ending March 31: revenue was RMB 504.7 million, an increase of 21.0% over the previous year. Gross margin was 18.9% compared to 21.7% in the first quarter of 2023. The net loss was 54.8 million yuan, compared to a net loss of 60.3 million yuan for the same period in 2023. Adjusted net loss under non-US GAAP was $48.5 million, compared to 46.1 million yuan for the same period in 2023.
In terms of operating performance, sales of electric scooters were 129,139 units, an increase of 36.8% over the previous year. Among them, China sold 110,115 electric scooters, up 35.1% year on year; the number of electric scooters sold in the international market was 19,024, up 47.6% year on year. As of March 31, 2024, the number of franchised stores in China was 2,878; as of March 31, 2024, the international sales network expanded to 58 distributors, covering 54 countries.
Dr. Li Yan, CEO of the company, said, “Since our debut at the end of February, our newly launched products have received extremely positive feedback in the domestic market. Additionally, we are actively expanding our retail footprint to strengthen our sales channels. As a result, we expect sales in China to continue to grow during the upcoming peak sales season.” Dr Lee continued, “Global expansion remains our top priority. Our retail channels in the US and Europe have greatly increased our sales volume. To strengthen our international position, we are increasing our investment and building a strong sales network. We are also taking steps to increase our brand awareness by introducing new models. We are confident of strong sales growth throughout 2024.”
As of March 31, 2024, the company's cash and cash equivalents, time deposits and short-term investments totaled RMB 977.7 million. The company has restricted cash of 214.3 million yuan, and short-term bank loans of 200 million yuan.
Business outlook: The company expects revenue for the second quarter of 2024 to be between RMB 912 million and RMB 995 million, an increase of 10% to 20% over the previous year.