Niu Technologies (NASDAQ:NIU) saw its shares spring Monday, on reports of quarterly growth.
The company reported second-quarter FY21 sales growth of 46.5% year-on-year, to RMB 944.7 ($146.3 million), missing the analyst consensus estimate of $156.04 million.
NIU also reported e-scooters sales increased 58.0% Y/Y, China e-scooters rose 58.8% Y/Y, and international e-scooter sales climbed 34.8% Y/Y.
The gross profit climbed 45% Y/Y to RMB 214.7 million with a profit margin of 22.7%.
Operating expense rose 47.9% Y/Y to RMB 136.9 million. The operating margin was 10.5%, and operating income for the quarter rose 76.4% to $99.3 million.
The company held RMB 469.8 ($72.8 million) in cash and equivalents on June 30, 2021.
EPS of RMB 1.14, or $0.18, beat the analyst consensus of $0.16.
“Our new products F0 and F2 have been well received by customers and contributed to the volume growth,” said CEO Yan Li.
“In July, we started to deliver another new model C0 which was specifically designed for female customers. The retail sales price for C0 model starts from RMB 3,399, higher than the prices for G0 and F0. We also began the pre-sale of our newly launched kick-scooter, the KQi3 model, in Europe and U.S. markets. The delivery of KQi3 is expected to start in the fourth quarter. We are very excited about the growth prospects of our business and look forward to the continued growth.”
The stock hiked $1.58., or 7.5%, mid-morning Monday to $22.85.