Ponente desconocido
Operator: Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Niu Technologies First Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time. Now I will turn the call over to Ms. Kristal Li, Investor Relations Manager of Niu Technologies. Ms. Li, please go ahead.
Kristal Li: Thank you, operator, and hello, everyone. Welcome to today's conference call to discuss Niu Technologies results for the first quarter of 2026. The earnings press release, corporate presentation and financial spreadsheets have been posted on our Investor Relations website. This call is being webcast from company's IR site as well, and a replay of the call will be available soon. Please note, today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks, uncertainties, assumptions and other factors. The company's actual results may be materially different from those expressed today. Further information regarding the risk factors is included in company's public filings with the Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements, except as required by law. Our earnings press release and this call include a discussion of certain non-GAAP financial measures. The press release contains a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results. On the call with me today are our CEO, Dr. Yan Li; and CFO, Ms. Wenjuan Zhou. Now let me turn the call over to CEO, Yan.
Yan Li: Thank you, Kristal. Hello, everyone. Thank you for joining our first quarter 2026 results call. The first quarter of 2026 was a period of high-quality execution and strategic resilience within a complex regulatory environment. The total sales volume reached 261,000 units, representing a robust of 28.7% year-over-year increase. Revenue for the quarter reached RMB 909.52 million, up 33.4% year-over-year. In China, the sales volume increased 35.4% to nearly 248,000 units. This growth was powered by a major structural breakthrough in our electric motorcycle segment, which successfully offset a tempered contraction in the electric bicycle market as a new national standard took full effect. Overseas, the sales of 13,686 units reflected a 32.4% decline. This remains a planned result of our ongoing channel structure optimization and disciplined inventory management. We're staying completely focused on our core objective, prioritizing healthy retail sell-through and long-term profitability over short-term shipment volume. Now let me walk through our China and overseas operation in more detail. In China, our first quarter sales volume reached 247,938 units, a 35.4% increase year-over-year. While this growth is robust, internal data reveals a …
