Photo via Company website

Niu Technologies (NIU) 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.

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.

Price action: NIU shares are trading higher by 2.02% at $21.70 in premarket on the last check Monday.