On March 18th, Xiaoniu Electric (NASDAQ: NIU) released its financial reports for the fourth quarter and full year of 2023 as of December 31st, showing a revenue of 2.652 billion yuan, a year-on-year decrease of 16.3%; The net loss was 272 million yuan, compared to a net loss of 49.5 million yuan in 2022.
In 2023, Xiaoniu Electric's vehicle sales revenue from the Chinese and international markets accounted for 85.2% and 14.8% of the total vehicle sales revenue, respectively.
Among them, the sales of Xiaoniu electric vehicles in the fourth quarter were 137500 units, a year-on-year decrease of 0.6%; The operating revenue was 479 million yuan, a year-on-year decrease of 21.8%; The net loss was 130 million yuan, while the net loss in the fourth quarter of 2022 was 37.1 million yuan.
Specifically, the company's total vehicle sales in the Chinese market in the fourth quarter were 110500 units, a year-on-year decrease of 6.4%; The sales volume of complete vehicles in the overseas market was 27000 units, a year-on-year increase of 33.7%. As of the end of 2023, the number of domestic stores is 2856, and the overseas sales network includes 56 dealers, covering 54 countries.
The company's revenue and cost for 2023 was 2.081 billion yuan, a year-on-year decrease of 16.7%. The cost of a bicycle is 2932 yuan, a decrease of 2.4% from 3005 yuan in 2022. The gross profit margin is 21.5%, compared to 21.1% in 2022. The operating expenses were 891 million yuan, a year-on-year increase of 14.9%.
Despite facing market challenges, the company has maintained a stable gross profit margin by launching high-end products. Xiaoniu Electric CEO Li Yan stated that the company has overcome the most severe challenges. We are ready to seize the huge market opportunity of the "oil to electricity" transformation.
As of December 31, 2023, the company's cash and cash equivalents, fixed deposits, and short-term investments amounted to RMB 970 million. The company's restricted funds are 108 million yuan, and short-term bank loans are 100 million yuan.
The company expects its operating revenue to be 438 million to 480 million yuan in the first quarter of 2024, a year-on-year increase of 5% to 15%. The annual sales of complete vehicles ranged from 1 million to 1.2 million, with a year-on-year increase of approximately 41% to 69%.