On March 18, 2024, Beijing, Xiaoniu Electric ("Xiaoniu" or "Company") (NASDAQ: NIU), a leading global provider of smart city mobility solutions, released its financial reports for the fourth quarter and full year of 2023 as of December 31, 2024. The report shows that the sales volume of Xiaoniu electric vehicles in the fourth quarter was 137476 units, with a revenue of RMB 478.7 million. The annual revenue for 2023 was RMB 2.6518 billion.
Xiaoniu Electric CEO Li Yan stated that the new products launched by Xiaoniu Electric in 2023 are developing rapidly in the domestic market. Among them, the flagship product MQiL has become the best-selling product of the year with enhanced performance and classic intelligent design, and the high-performance product RQi is leading the industry transformation of "oil to electricity".
Our products not only make Xiaoniu Electric a leader in urban transportation, but also a pioneer in shaping an ideal lifestyle. In 2023, XQi3 successfully expanded the company's overseas product matrix. We believe that the company has overcome the most severe challenges and will win wider market recognition in 2024. In the micro transportation market, we continuously strengthen Xiaoniu Electric's brand awareness with diversified products. We are ready to seize the huge market opportunity of the 'oil to electricity' transformation. " Li Yan said.
Despite facing market challenges, the company has maintained a stable gross profit margin by launching high-end products, and its balance sheet remains stable, providing a solid foundation for future development. For 2024, Xiaoniu Electric has provided positive performance guidance, with an expected revenue of RMB 438 million to RMB 480 million in the first quarter of 2024, corresponding to a year-on-year increase of 5% to 15%. Xiaoniu Electric is expected to have a total vehicle sales volume of 1 million to 1.2 million in 2024, with a corresponding year-on-year growth of approximately 41% to 69%.
It is reported that the new product "New Generation Performance Flagship" launched by Xiaoniu Electric in 2024 has surpassed 100 million yuan in sales since the launch of NXT. Among them, NXT Master Edition (Ultra) has become the top two in JD's e-bike sales and popularity list, and the top one in Tmall's e-bike hot sales list. NXT has become the top one in the national brand monopoly list in the first week of the new Tiktok product. In the price range of 10000 yuan, NXT ranks the top one in the category of JD, Tmall, and Tiktok e-bike.