{"id":777454,"date":"2023-08-14T03:03:03","date_gmt":"2023-08-14T07:03:03","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/niu-technologies-announces-second-quarter-2023-financial-results\/"},"modified":"2023-08-14T03:03:03","modified_gmt":"2023-08-14T07:03:03","slug":"niu-technologies-announces-second-quarter-2023-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/niu-technologies-announces-second-quarter-2023-financial-results\/","title":{"rendered":"Niu Technologies Announces Second Quarter 2023 Financial Results"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"center\">\n        <em>&#8212; Second Quarter Total Volume of e-scooter sales up 1.5% year over year<\/em><br \/>\n        \n      <\/p>\n<p align=\"center\">\n        <em>&#8212; Second Quarter Revenues of RMB 828.8 million, up 0.1% year over year<\/em>\n      <\/p>\n<p align=\"center\">\n        <em>&#8212; Second Quarter Net Loss of RMB 1.9 million, compared to net income of RMB 14.4 million in the same period of last year<\/em>\n      <\/p>\n<p>BEIJING, Aug.  14, 2023  (GLOBE NEWSWIRE) &#8212; Niu Technologies (\u201cNIU\u201d, or \u201cthe Company\u201d) (NASDAQ: NIU), the world\u2019s leading provider of smart urban mobility solutions, today announced its financial results for the second quarter ended June 30, 2023.<\/p>\n<p>\n        <strong>Second Quarter 2023 Financial Highlights<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li>\n          <strong>Revenues<\/strong> were RMB 828.8 million, an increase of 0.1% year over year<\/li>\n<li>\n          <strong>Gross margin<\/strong> was 23.1%, compared with 20.3% in the second quarter of last year<\/li>\n<li>\n          <strong>Net loss<\/strong> was RMB 1.9 million, compared with net income of RMB 14.4 million in the second quarter of last year<\/li>\n<li>\n          <strong>Adjusted net income (non-GAAP)<\/strong><br \/>\n          <sup>1<\/sup> was RMB 14.4 million, compared with adjusted net income of RMB 31.2 million in the second quarter of last year<\/li>\n<\/ul>\n<p>\n        <strong>Second Quarter 2023 Operating Highlights<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li>The number of e-scooters sold was 211,996, up 1.5% year over year<\/li>\n<li>The number of e-scooters sold in China was 178,567, down 1.0% year over year<\/li>\n<li>The number of e-scooters sold in the international markets was 33,429, up 17.1% year over year<\/li>\n<li>The number of franchised stores in China was 2,844 as of June 30, 2023<\/li>\n<li>International sales network expanded to 55 distributors covering 53 countries as of June 30, 2023<\/li>\n<\/ul>\n<p>\n        <strong>Other Highlights<\/strong>\n      <\/p>\n<p>On August 14, 2023, the Company released its 2022 Environment, Social and Governance (ESG) Report (<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=172ZtSSsraevThXVReZB8bqldl60bJZZZm-ePhzZrgqVe_LJQHIhtzSjlWfRJ5nKJ4rM04Q09YPvsWUngNzpNeaRwrxfJIfdncdV5iP1ivVNXnCsEEwHnnA0vM9tyXsQoFwAaD-nMw_i4cDnq8gNMWEX3bYCaKF1DqYbCXyusSkAyY4ZD_SwYk0Go4-k7MPh7coETSb84Vvr3a41eUoPBw==\" rel=\"nofollow noopener\" target=\"_blank\">https:\/\/ir.niu.com\/environmental-social-and-governance-report-0<\/a>), highlighting the Company\u2019s ESG policies and sustainability initiatives.<\/p>\n<p>Dr. Yan Li, Chief Executive Officer of the Company, commented: \u201cIn the second quarter of 2023, the launch of our new products has generated immense excitement in the market, setting an excellent foundation for continuous sales growth. The MQiL model has swiftly won over users with its outstanding performance, contributing to one-third of our domestic sales. The GOVA G400\/G400T model has also received widespread market recognition for its practicality and cost-effectiveness. In the micro-mobility sector, kick-scooters also achieved stable growth in the second quarter. We firmly believe that our unwavering commitment to innovation will greatly resonate with our valued customers, and our enriched product portfolio will lay a strong foundation for our future sustainable growth.\u201d<\/p>\n<p>\n        <strong>Second Quarter 2023 Financial Results<\/strong>\n      <\/p>\n<p>\n        <strong>Revenues<\/strong> were RMB 828.8 million, an increase of 0.1% year over year, due to increased sales volume of 1.5%, partially offset by decreased revenues per e-scooter of 1.3%. The following table shows the revenues breakdown and revenues per e-scooter in the periods presented:<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">\n            <strong>Revenues <\/strong><br \/>\n            <br \/>\n            <strong>(in RMB million)<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>2023<\/strong><br \/>\n            <br \/>\n            <strong>Q2<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>2022<\/strong><br \/>\n            <br \/>\n            <strong>Q2<\/strong>\n          <\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>% change<br \/>YoY<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:61%;width:61%;min-width:61%;border-top: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">E-scooter sales from China market<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">638.7<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: right;vertical-align: middle;vertical-align: middle\">596.6<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">+7.1<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">E-scooter sales from international markets<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">114.7<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">146.3<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">-21.6<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">E-scooter sales, sub-total<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">753.4<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">742.9<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">+1.4<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Accessories, spare parts and services<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">75.4<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">84.7<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">-11.0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Total<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">828.8<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">827.6<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">+0.1<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">%<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">\n            <strong>Revenues per e-scooter<\/strong><br \/>\n            <br \/>\n            <strong>(in RMB)<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>2023<\/strong><br \/>\n            <br \/>\n            <strong>Q2<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>2022<\/strong><br \/>\n            <br \/>\n            <strong>Q2<\/strong>\n          <\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>% change<\/strong><br \/>\n            <br \/>\n            <strong>YoY<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:61%;width:61%;min-width:61%;border-top: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">E-scooter sales from China market<sup>2<\/sup><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">3,577<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;text-align: right;vertical-align: middle;vertical-align: middle\">3,309<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">+8.1<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">E-scooter sales from international markets<sup>2<\/sup><\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">3,430<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">5,122<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">-33.0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">E-scooter sales<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">3,554<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">3,557<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">-0.1<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Accessories, spare parts and services<sup>3<\/sup><\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">356<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">406<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">-12.3<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: top\">Revenues per e-scooter<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">3,910<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">3,963<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">-1.3<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">%<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<ul type=\"square\">\n<li>E-scooter sales revenues from China market were RMB 638.7 million, an increase of 7.1%, and represented 84.8% of total e-scooter revenues. The increase was mainly driven by the strategic optimization of our premium product mix, offsetting the slight decline in sales volume in China market.<\/li>\n<li>E-scooter sales revenues from international markets were RMB 114.7 million, a decrease of 21.6%, and represented 15.2% of total e-scooter revenues. The decrease was mainly due to the decline in sales of e-motorcycles and e-mopeds, partially offset by increased sales of kick-scooter in international markets.<\/li>\n<li style=\"margin-top:5pt\">Accessories, spare parts sales and services revenues were RMB 75.4 million, a decrease of 11.0% and represented 9.1% of total revenues. The decrease was mainly driven by the overseas battery pack sales reduction.<\/li>\n<li>Revenues per e-scooter slightly decreased by 1.3% year over year, was mainly due to the increased proportion of kick-scooter in international markets, partially offset by the increased revenues per e-scooter in China market.<\/li>\n<\/ul>\n<p>\n        <strong>Cost of revenues<\/strong> was RMB 637.3 million, a decrease of 3.4% year over year, mainly due to decreased cost per e-scooter. The cost per e-scooter, defined as cost of revenues divided by the number of e-scooters sold in a specified period, was RMB 3,006, down 4.9% from RMB 3,160 in the second quarter 2022, mainly due to the increased proportion of kick-scooter, and the decreased cost of battery packs.<\/p>\n<p>\n        <strong>Gross margin<\/strong> was 23.1%, compared with 20.3% in the same period of 2022. The increase was mainly due to the strategic optimization of our premium product mix and the increased revenues per e-scooter in China market.<\/p>\n<p>\n        <strong>Operating expenses<\/strong> were RMB 198.8 million, an increase of 14.9% from the same period of 2022. Operating expenses as a percentage of revenues was 24.0%, compared with 20.9% in the second quarter of 2022.<\/p>\n<ul type=\"square\">\n<li>\n          <strong>Selling and marketing expenses<\/strong> were RMB 109.5 million (including RMB 2.7 million of share-based compensation), an increase of 18.4% from RMB 92.5 million in the second quarter of 2022, mainly due to an increase of RMB 15.8 million in selling and marketing expenses for continuous micro-mobility expansion in international markets. Selling and marketing expenses as a percentage of revenues was 13.2% compared with 11.2% in the second quarter of 2022.<\/li>\n<li>\n          <strong>Research and development expenses<\/strong> were RMB 41.3 million (including RMB 8.7 million of share-based compensation), a decrease of 7.1% from RMB 44.5 million in the second quarter of 2022, mainly due to the decrease of staff cost of RMB 2.1 million, and the decrease in system development professional fee of RMB 1.7 million. Research and development expenses as a percentage of revenues was 5.0%, compared with 5.4% in the second quarter of 2022.<\/li>\n<li style=\"margin-top:5pt\">\n          <strong>General and administrative expenses<\/strong> were RMB 48.0 million (including RMB 4.5 million of share-based compensation), an increase of 33.2% from RMB 36.0 million in the second quarter of 2022, mainly due to the increase in provision for credit losses of RMB 27.1 million, partially offset by the increase in foreign currency exchange gain of RMB 8.2 million and the decrease in staff cost of RMB 2.6 million. General and administrative expenses as a percentage of revenues was 5.8%, compared with 4.4% in the second quarter of 2022.<\/li>\n<\/ul>\n<p>\n        <strong>Operating expenses excluding share-based compensation<\/strong> were RMB 182.8 million, increased by 16.8% year over year, and represented 22.1% of revenues, compared with 18.9% in the second quarter of 2022.<\/p>\n<ul type=\"square\">\n<li>\n          <strong>Selling and marketing expenses excluding share-based compensation<\/strong> were RMB 106.8 million, an increase of 21.3% year over year, and represented 12.9% of revenues, compared with 10.6% in the second quarter of 2022.<\/li>\n<li>\n          <strong>Research and development expenses excluding share-based compensation<\/strong> were RMB 32.6 million, a decrease of 13.1% year over year, and represented 3.9% of revenues, compared with 4.5% in the second quarter of 2022.<\/li>\n<li>\n          <strong>General and administrative expenses excluding share-based compensation<\/strong> were RMB 43.5 million, an increase of 40.4% year over year, and represented 5.2% of revenues, compared with 3.7% in the second quarter of 2022.<\/li>\n<\/ul>\n<p>\n        <strong>Government grants <\/strong>were RMB 0.5 million, compared with RMB 0.3 million in the same period of 2022.<\/p>\n<p>\n        <strong>Share-based compensation<\/strong> was RMB 16.3 million, compared with RMB 16.8 million in the same period of 2022.<\/p>\n<p>\n        <strong>Income tax expense <\/strong>was RMB 2.2 million, compared with income tax benefit of RMB 16.8 million in the same period of 2022.<\/p>\n<p>\n        <strong>Net loss<\/strong> was RMB 1.9 million, compared with net income of RMB 14.4 million in the second quarter of 2022. The net loss margin was 0.2%, compared with net income margin of 1.7% in the same period of 2022.<\/p>\n<p>\n        <strong>Adjusted net income (non-GAAP) <\/strong>was RMB 14.4 million, compared with RMB 31.2 million in the second quarter of 2022. The adjusted net income margin<sup>4<\/sup> was 1.7%, compared with 3.8% in the same period of 2022.<\/p>\n<p>\n        <strong>Basic and diluted net loss per ADS<\/strong> were both RMB 0.02 (US$ 0.00).<\/p>\n<p>\n        <strong>Balance Sheet<\/strong><br \/>\n        <br \/>As of June 30, 2023, the Company had cash, term deposits and short-term investments of RMB 1,022.2 million in aggregate. The Company had restricted cash of RMB 109.7 million and short-term bank borrowings of RMB 41.4 million.<\/p>\n<p>\n        <strong>Business Outlook<\/strong><br \/>\n        <br \/>NIU expects revenues of the third quarter 2023 to be in the range of RMB 1,153 million to RMB 1,326 million, representing a year-over-year increase of 0% to 15%.<\/p>\n<p>The above outlook is based on information available as of the date of this press release and reflects the Company\u2019s current and preliminary expectation and is subject to change.<\/p>\n<p>\n        <strong>Conference Call<\/strong>\n      <\/p>\n<p>The Company will host an earnings conference call on Monday, August 14, 2023 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing\/Hong Kong Time) to discuss its second quarter 2023 financial and business results and provide a corporate update.<\/p>\n<p>To join via phone, participants need to register in advance of the conference call using the link provided below. Upon registration, participants will receive dial-in numbers and a personal PIN, which will be used to join the conference call.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Event:<\/strong>\n          <\/td>\n<td style=\"vertical-align: top\">Niu Technologies Second Quarter 2023 Earnings Conference Call<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Registration Link:<\/strong>\n          <\/td>\n<td style=\"vertical-align: top\">https:\/\/register.vevent.com\/register\/BI95dd3f9ebb7b4a3e9c09ef252ea3fbbd<\/td>\n<\/tr>\n<\/table>\n<p>\n        <br \/>A live and archived webcast of the conference call will be available on the investor relations website at https:\/\/ir.niu.com\/news-and-events\/webcasts-and-presentations.<\/p>\n<p>\n        <strong>About NIU<\/strong>\n      <\/p>\n<p>As the world\u2019s leading provider of smart urban mobility solutions, NIU designs, manufactures and sells high-performance electric motorcycles, mopeds, bicycles and kick-scooters. NIU has a diversified product portfolio that caters to the various demands of our users and addresses different urban travel scenarios. NIU\u2019s product portfolio comprises its (i) six electric scooter and motorcycle series, RQi, NQi, MQi, SQi, UQi, and Gova, and (ii) two micro-mobility series, including kick-scooter series, KQi, and e-bike series, BQi. NIU has adopted an omnichannel retail model, integrating the offline and online channels, to sell its products and provide services. For more information, please visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=_acN09YDHof4NJoyZlWZLp3Y-oYeUTKdmr3mUTwyiJ4pxBl5yfwMYXRLYeOcRRidgWW1meq38A_yNhzHyr02ZQ==\" rel=\"nofollow noopener\" target=\"_blank\">www.niu.com.<\/a><\/p>\n<p>\n        <strong>Use of Non-GAAP Financial Measures<\/strong>\n      <\/p>\n<p>To supplement NIU\u2019s consolidated financial results presented in accordance with the accounting principles generally accepted in the United States of America (\u201cGAAP\u201d), NIU uses the following non-GAAP financial measures: adjusted net income and adjusted net income margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. NIU believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its operating results. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management\u2019s internal comparisons to NIU\u2019s historical performance. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company\u2019s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company\u2019s data.<\/p>\n<p>Adjusted net income is defined as net income excluding share-based compensation expenses. Adjusted net income margin is defined as adjusted net income as a percentage of the revenues.<\/p>\n<p>For more information on non-GAAP financial measures, please see the tables captioned \u201cReconciliation of GAAP and Non-GAAP Results\u201d.<\/p>\n<p>\n        <strong>Exchange Rate<\/strong>\n      <\/p>\n<p>This announcement contains translations of certain RMB amounts into U.S. dollars (\u201cUS$\u201d) at specified rates solely for the convenience of the readers. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB 7.2513 to US$ 1.00, the exchange rate in effect as of June 30, 2023, as set forth in the H.10 Statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.<\/p>\n<p>\n        <strong>Safe Harbor Statement<\/strong>\n      <\/p>\n<p>This press release contains forward-looking statements. These statements are made under the \u201csafe harbor\u201d provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as \u201cwill,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201caims,\u201d \u201cfuture,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201clikely to\u201d and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as NIU\u2019s strategic and operational plans, contain forward-looking statements. NIU may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about NIU\u2019s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIU\u2019s strategies; NIU\u2019s future business development, financial condition and results of operations; NIU\u2019s ability to maintain and enhance its \u201cNIU\u201d brand; its ability to innovate and successfully launch new products and services; its ability to maintain and expand its offline distribution network; its ability to satisfy the mandated safety standards relating to e-scooters; its ability to secure supply of components and raw materials used in e-scooters; its ability to manufacture, launch and sell smart e-scooters meeting customer expectations; its ability to grow collaboration with operation partners; its ability to control costs associated with its operations; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIU\u2019s filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and NIU does not undertake any obligation to update any forward-looking statement, except as required under applicable law.<\/p>\n<p>\n        <strong>Investor Relations Contact:<\/strong>\n      <\/p>\n<p>Niu Technologies<br \/>E-mail: ir@niu.com<\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"21\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"21\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>NIU TECHNOLOGIES<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"21\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"19\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>As of<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>December 31,<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>June 30,<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>June 30,<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"max-width:69%;min-width:69%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"max-width:9%;min-width:9%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>2022<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"max-width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"max-width:8%;min-width:8%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>2023<\/strong>\n          <\/td>\n<td style=\"max-width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"max-width:9%;min-width:9%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>2023<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong> RMB <\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong> RMB <\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>US$<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">\n            <strong>ASSETS<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">\n            <strong>Current assets<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"max-width:69%;width:69%;min-width:69%;text-align: justify;vertical-align: middle;vertical-align: middle\">Cash<\/td>\n<td colspan=\"4\" style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">534,286,849<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"max-width:8%;width:8%;min-width:8%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">692,435,543<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">95,491,228<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Term deposits-current<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">208,589,770<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">329,777,789<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">45,478,437<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Restricted cash<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">186,340,321<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">109,694,119<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">15,127,511<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Short-term investments<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">160,406,301<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Accounts receivable, net<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">299,742,923<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">229,211,007<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">31,609,643<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Inventories<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">417,009,148<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">382,782,068<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">52,788,061<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Prepayments and other current assets<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">205,695,717<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">186,172,017<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">25,674,295<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">\n            <strong>Total current assets<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 2,012,071,029 <\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 1,930,072,543 <\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 266,169,175 <\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">\n            <strong>Non-current assets<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Term deposits-non-current<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">20,000,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Property, plant and equipment, net<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">397,356,795<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">353,555,644<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">48,757,553<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Intangible assets, net<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,857,320<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,442,531<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">198,934<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Operating lease right-of-use assets<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">86,597,121<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">83,159,936<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">11,468,280<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Deferred income tax assets<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">6,132,499<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">7,041,642<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">971,087<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Other non-current assets<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">12,683,090<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">9,999,219<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,378,955<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">\n            <strong>Total non-current assets<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 524,626,825 <\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 455,198,972 <\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 62,774,809 <\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">\n            <strong>Total assets<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 2,536,697,854 <\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 2,385,271,515 <\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 328,943,984 <\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">\n            <strong>LIABILITIES<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">\n            <strong>Current liabilities<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Short-term bank borrowings<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">160,000,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">41,380,805<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">5,706,674<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Notes payable<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">316,832,113<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">233,871,486<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">32,252,353<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Accounts payable<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">459,466,937<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">527,937,739<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">72,805,944<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Income taxes payable<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,898,065<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">2,591,226<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">357,346<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Advances from customers<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">24,931,897<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">20,082,951<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">2,769,566<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Deferred revenue-current<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">37,539,733<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">39,252,758<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">5,413,203<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Accrued expenses and other current liabilities<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">192,092,943<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">198,845,613<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">27,422,062<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">\n            <strong>Total current liabilities<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 1,192,761,688 <\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 1,063,962,578 <\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 146,727,148 <\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Deferred revenue-non-current<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">11,429,500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">12,072,708<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,664,903<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Deferred income tax liabilities<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,398,279<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,928,894<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">266,007<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">Operating lease liabilities<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">7,569,128<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">4,245,744<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">585,515<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: middle\">Other non-current liabilities<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">13,441,382<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">9,293,459<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,281,627<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">\n            <strong>Total non-current liabilities<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 33,838,289 <\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 27,540,805 <\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 3,798,052 <\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: justify;vertical-align: middle;vertical-align: middle\">\n            <strong>Total liabilities<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 1,226,599,977 <\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 1,091,503,383 <\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 150,525,200 <\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: middle\">\n            <strong>SHAREHOLDERS\u2019 EQUITY:<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"5\" style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"5\" style=\"vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: middle\">Class A ordinary shares<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">89,428<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">89,803<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">12,384<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: middle\">Class B ordinary shares<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">10,316<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">10,316<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,423<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: middle\">Additional paid-in capital<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,915,825,641<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,946,596,857<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">268,447,983<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: middle\">Accumulated other comprehensive loss<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(16,536,686<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(1,394,278<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(192,280<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: middle\">Accumulated deficit<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(589,290,822<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(651,534,566<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(89,850,726<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: middle\">\n            <strong>Total shareholders\u2019 equity<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 1,310,097,877 <\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 1,293,768,132 <\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 178,418,784 <\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: middle\">\n            <strong>Total liabilities and shareholders\u2019 equity<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 2,536,697,854 <\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 2,385,271,515 <\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 328,943,984 <\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"25\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"25\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>NIU TECHNOLOGIES<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"25\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"11\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Three Months Ended June 30,<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"12\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Six Months Ended June 30,<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>2022<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>2023<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>2022<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"6\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>2023<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>US$<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>US$<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:37%;width:37%;min-width:37%;vertical-align: middle\">Revenues<\/td>\n<td colspan=\"2\" style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">827,619,915<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">828,811,204<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">114,298,292<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,403,097,817<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,246,047,222<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">171,837,770<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Cost of revenues<sup>(a)<\/sup><\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(659,994,763<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(637,333,754<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(87,892,344<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(1,125,788,331<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(964,195,614<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(132,968,656<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Gross profit<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 167,625,152 <\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 191,477,450 <\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 26,405,948 <\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 277,309,486 <\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 281,851,608 <\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 38,869,114 <\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Operating expenses:<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"5\" style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Selling and marketing expenses<sup>(a)<\/sup><\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(92,531,147<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(109,541,946<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(15,106,525<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(162,578,383<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(181,902,025<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(25,085,436<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Research and development expenses<sup>(a)<\/sup><\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(44,450,826<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(41,288,064<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(5,693,884<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(86,299,410<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(76,292,198<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(10,521,175<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">General and administrative expenses<sup>(a)<\/sup><\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(36,024,525<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(47,976,084<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(6,616,205<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(67,084,960<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(98,300,734<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(13,556,291<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Total operating expenses<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (173,006,498<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (198,806,094<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (27,416,614<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (315,962,753<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (356,494,957<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (49,162,902<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Government grants<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">254,668<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">528,120<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">72,831<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">523,038<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">826,973<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">114,045<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Operating income (loss)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (5,126,678<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (6,800,524<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (937,835<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (38,130,229<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (73,816,376<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (10,179,743<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Interest expenses<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(1,464,438<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(14,853<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(2,048<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(2,918,902<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(81,520<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(11,242<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Interest income<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">925,854<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">7,150,433<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">986,090<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">2,109,777<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">15,262,816<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">2,104,839<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Investment income<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">3,248,458<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">8,295,350<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">426,836<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">58,863<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Income (loss) before income taxes<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (2,416,804<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 335,056 <\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 46,207 <\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (30,644,004<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (58,208,244<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (8,027,283<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Income tax benefit (expense)<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">16,779,140<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(2,240,676<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(309,003<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">15,430,095<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(4,035,500<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(556,521<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Net income (loss)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 14,362,336 <\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (1,905,620<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (262,796<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (15,213,909<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (62,243,744<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (8,583,804<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Other comprehensive income (loss)<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"5\" style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Foreign currency translation adjustment, net of nil income taxes<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">23,106,426<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">21,181,014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">2,920,995<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">21,412,240<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">15,487,764<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">2,135,860<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Unrealized gain on available-for-sale securities, net of reclassification<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(87,078<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(2,467,270<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(345,356<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(47,627<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Comprehensive income<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 37,381,684 <\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 19,275,394 <\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 2,658,199 <\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 3,731,061 <\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (47,101,336<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (6,495,571<\/strong>\n          <\/td>\n<td style=\"border-bottom: double 15px 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Net income (loss) per ordinary share<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u2014Basic<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">0.09<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(0.01<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(0.00<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(0.10<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(0.40<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(0.05<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u2014Diluted<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">0.09<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(0.01<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(0.00<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(0.10<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(0.40<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(0.05<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Net income (loss) per ADS<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u2014Basic<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">0.19<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(0.02<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(0.00<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(0.20<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(0.80<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(0.11<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u2014Diluted<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">0.18<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(0.02<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(0.00<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(0.20<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(0.80<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(0.11<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"5\" style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"25\" style=\"vertical-align: middle\">\n            <strong>Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net income (loss) per ordinary share<\/strong><br \/>\n            <strong><br \/>\n              <br \/>\n            <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u2014Basic<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">155,223,662<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">156,834,747<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">156,834,747<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">154,887,972<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">156,303,739<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">156,303,739<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u2014Diluted<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">157,998,918<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">156,834,747<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">156,834,747<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">154,887,972<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">156,303,739<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">156,303,739<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"25\" style=\"vertical-align: middle\">\n            <strong>Weighted average number of ADS outstanding used in computing net income (loss) per ADS<\/strong><br \/>\n            <strong><br \/>\n              <br \/>\n            <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u2014Basic<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">77,611,831<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">78,417,374<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">78,417,374<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">77,443,986<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">78,151,870<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">78,151,870<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u2014Diluted<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">78,999,459<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">78,417,374<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">78,417,374<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">77,443,986<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">78,151,870<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">78,151,870<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Note:<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"25\" style=\"vertical-align: middle\">(a) Includes share-based compensation expense as follows:<strong>\u3000<\/strong><strong><br \/><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"11\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Three Months Ended June 30,<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"12\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Six Months Ended June 30,<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>2022<\/strong>\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>2023<\/strong><br \/>\n            \n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>2022<\/strong>\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"6\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>2023<\/strong>\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>US$<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>US$<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Cost of revenues<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">307,095<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">300,533<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">41,445<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">593,072<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">591,520<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">81,574<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Selling and marketing expenses<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">4,421,095<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">2,705,325<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">373,081<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">8,338,551<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">5,833,402<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">804,463<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Research and development expenses<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">6,988,758<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">8,734,735<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,204,575<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">11,906,652<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">15,105,360<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">2,083,124<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">General and administrative expenses<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">5,076,711<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">4,525,669<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">624,118<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">9,199,001<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">8,928,193<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">1,231,254<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Total share-based compensation expense<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 16,793,659 <\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 16,266,262 <\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 2,243,219 <\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 30,037,276 <\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 30,458,475 <\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 4,200,415 <\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"15\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"15\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>NIU TECHNOLOGIES<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"15\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>RECONCILIATION OF GAAP AND NON-GAAP RESULTS<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"6\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Three Months Ended June 30,<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Six Months Ended June 30,<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>2022<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>2023<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>2022<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>2023<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong> RMB <\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>US$<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong> RMB <\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>US$<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:37%;width:37%;min-width:37%;vertical-align: middle\">\n            <strong>Net Income (loss)<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 14,362,336 <\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (1,905,620<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (262,796<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (15,213,909<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (62,243,744<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (8,583,804<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Add:<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">Share-based compensation expense<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: middle\">16,793,659<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">16,266,262<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">2,243,219<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">30,037,276<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">30,458,475<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">4,200,415<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle\">\n            <strong>Adjusted net income (loss)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 31,155,995 <\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 14,360,642 <\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 1,980,423 <\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> 14,823,367 <\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>\u3000<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (31,785,269<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong> (4,383,389<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p>_____________________________________<\/p>\n<p>1 Adjusted net income (non-GAAP) is defined as net loss excluding share-based compensation expense <br \/>2 Revenues per e-scooter on e-scooter sales from China or international markets is defined as e-scooter sales revenues from China or international markets divided by the number of e-scooters sold in China or international market in a specific period <br \/>3 Revenues per e-scooter on accessories, spare parts and services is defined as accessories, spare parts and services revenues divided by the total number of e-scooters sold in a specific period <br \/>4 Adjusted net income margin is defined as adjusted net income (non-GAAP) as a percentage of the revenues<\/p>\n<p>      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODg5MzY1NSM1NzUzOTE0IzIxMjM3MDY=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/YmQyMmExNjYtNjhlYi00MzI1LTlhNTktM2ZjMTlkZjkzN2EwLTExMzUyNzc=\/tiny\/Niu-Technologies.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>&#8212; Second Quarter Total Volume of e-scooter sales up 1.5% year over year &#8212; Second Quarter Revenues of RMB 828.8 million, up 0.1% year over year &#8212; Second Quarter Net Loss of RMB 1.9 million, compared to net income of RMB 14.4 million in the same period of last year BEIJING, Aug. 14, 2023 (GLOBE NEWSWIRE) &#8212; Niu Technologies (\u201cNIU\u201d, or \u201cthe Company\u201d) (NASDAQ: NIU), the world\u2019s leading provider of smart urban mobility solutions, today announced its financial results for the second quarter ended June 30, 2023. Second Quarter 2023 Financial Highlights Revenues were RMB 828.8 million, an increase of 0.1% year over year Gross margin was 23.1%, compared with 20.3% in the second quarter of last year Net loss &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/niu-technologies-announces-second-quarter-2023-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Niu Technologies Announces Second Quarter 2023 Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-777454","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Niu Technologies Announces Second Quarter 2023 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/niu-technologies-announces-second-quarter-2023-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Niu Technologies Announces Second Quarter 2023 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"&#8212; Second Quarter Total Volume of e-scooter sales up 1.5% year over year &#8212; Second Quarter Revenues of RMB 828.8 million, up 0.1% year over year &#8212; Second Quarter Net Loss of RMB 1.9 million, compared to net income of RMB 14.4 million in the same period of last year BEIJING, Aug. 14, 2023 (GLOBE NEWSWIRE) &#8212; Niu Technologies (\u201cNIU\u201d, or \u201cthe Company\u201d) (NASDAQ: NIU), the world\u2019s leading provider of smart urban mobility solutions, today announced its financial results for the second quarter ended June 30, 2023. 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