NASDAQ : NIU
Niu Technologies — Financial statements
Consumer Discretionary · Auto Manufacturers · China
Last price 1.88 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 147.46M
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Financial statements
Niu Technologies (NIU) reported revenue of 4.72B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 4.72B | 4.31B | 3.29B | 2.65B | 3.17B | 3.70B |
| Cost of Revenue | 3.86B | 3.46B | 2.79B | 2.08B | 2.50B | 2.89B |
| Gross Profit | 861.91M | 843.57M | 498.76M | 570.75M | 669.68M | 812.78M |
| Selling, General & Admin | 921.60M | 766.73M | 620.20M | 740.25M | 598.87M | 473.81M |
| Research & Development | 185.79M | 166.45M | 130.11M | 150.99M | 176.48M | 135.22M |
| Other Operating Expenses | -1.76M | -1.37M | -911.56K | -2.97M | -16.39M | -48.73M |
| Operating Expenses | 1.11B | 931.82M | 749.40M | 888.27M | 758.96M | 560.30M |
| Operating Income | -243.72M | -88.25M | -250.63M | -317.52M | -89.28M | 252.48M |
| Interest Expense | -6.14M | -6.13M | -5.62M | -1.42M | -5.72M | -6.17M |
| Interest & Investment Income | 31.81M | 32.01M | 39.45M | 36.92M | 23.78M | 26.54M |
| EBT Excluding Unusual Items | -218.05M | -62.37M | -216.81M | -282.03M | -71.22M | 272.86M |
| Pretax Income | -218.05M | -62.37M | -216.81M | -282.03M | -71.22M | 272.86M |
| Income Tax Expense | -15.48M | -22.98M | -23.61M | -10.19M | -21.76M | 47.04M |
| Net Income | -202.57M | -39.39M | -193.20M | -271.84M | -49.46M | 225.82M |
| Net Income to Common | -202.57M | -39.39M | -193.20M | -271.84M | -49.46M | 225.82M |
| Shares Outstanding (Basic) | 80.47M | 79.86M | 79.23M | 78.41M | 77.59M | 76.84M |
| Shares Outstanding (Diluted) | 80.47M | 79.86M | 79.23M | 78.41M | 77.59M | 80.23M |
| EPS (Basic) | -2.52 | -0.49 | -2.44 | -3.47 | -0.64 | 2.94 |
| EPS (Diluted) | -2.52 | -0.50 | -2.44 | -3.47 | -0.64 | 2.82 |
| Free Cash Flow | 175.46M | -67.46M | 14.80M | -257.21M | 48.43M | |
| Free Cash Flow Per Share | 2.20 | -0.85 | 0.19 | -3.31 | 0.60 | |
| Gross Margin | 18.26% | 19.58% | 15.17% | 21.52% | 21.14% | 21.94% |
| Operating Margin | -5.16% | -2.05% | -7.62% | -11.97% | -2.82% | 6.82% |
| Profit Margin | -4.29% | -0.91% | -5.88% | -10.25% | -1.56% | 6.10% |
| Free Cash Flow Margin | 4.07% | -2.05% | 0.56% | -8.12% | 1.31% | |
| EBITDA | -138.36M | 22.71M | -128.49M | -169.46M | 53.43M | 347.95M |
| EBITDA Margin | -2.93% | 0.53% | -3.91% | -6.39% | 1.69% | 9.39% |
| D&A For EBITDA | 105.36M | 110.96M | 122.15M | 148.06M | 142.71M | 95.47M |
| EBIT | -243.72M | -88.25M | -250.63M | -317.52M | -89.28M | 252.48M |
| EBIT Margin | -5.16% | -2.05% | -7.62% | -11.97% | -2.82% | 6.82% |
| Effective Tax Rate | 17.24% |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.11B | 924.74M | 630.02M | 872.57M | 534.29M | 208.37M |
| Short-Term Investments | 365.06M | 190.90M | 274.35M | 97.56M | 369.00M | 869.31M |
| Cash & Short-Term Investments | 1.48B | 1.12B | 904.37M | 970.13M | 903.28M | 1.08B |
| Accounts Receivable | 25.61M | 37.37M | 131.92M | 94.96M | 299.74M | 268.56M |
| Other Receivables | 32.55M | 22.54M | 19.62M | 26.82M | 1.59M | |
| Receivables | 25.61M | 69.92M | 154.46M | 114.57M | 326.56M | 270.14M |
| Inventory | 724.01M | 652.58M | 649.18M | 392.79M | 417.01M | 269.64M |
| Restricted Cash | 217.95M | 210.86M | 216.40M | 107.67M | 186.34M | 223.97M |
| Other Current Assets | 358.52M | 310.98M | 245.40M | 175.46M | 178.87M | 54.47M |
| Total Current Assets | 2.80B | 2.36B | 2.17B | 1.76B | 2.01B | 1.90B |
| Property, Plant & Equipment | 551.47M | 496.13M | 391.24M | 399.93M | 483.95M | 491.42M |
| Long-Term Investments | 20.00M | 35.94M | ||||
| Other Intangible Assets | 647.95K | 776.33K | 1.04M | 1.31M | 1.86M | 3.67M |
| Long-Term Deferred Tax Assets | 65.91M | 57.46M | 31.75M | 20.75M | 6.13M | 11.91M |
| Other Long-Term Assets | 61.69M | 35.99M | 19.32M | 6.73M | 12.68M | 2.37M |
| Total Assets | 3.48B | 2.95B | 2.61B | 2.19B | 2.54B | 2.44B |
| Accounts Payable | 1.63B | 1.10B | 1.16B | 743.01M | 776.30M | 682.55M |
| Accrued Expenses | 502.90M | 177.02M | 73.25M | 55.24M | 69.99M | 88.54M |
| Short-Term Debt | 220.00M | 240.00M | 200.00M | 100.00M | 160.00M | 180.00M |
| Current Portion of Leases | 3.19M | 1.25M | 5.09M | 7.74M | 7.69M | |
| Current Income Taxes Payable | 292.60K | 2.20M | 1.07M | 1.36M | 1.90M | 17.60M |
| Current Unearned Revenue | 363.75M | 257.75M | 86.14M | 61.06M | 62.47M | 50.02M |
| Other Current Liabilities | 224.60M | 126.86M | 105.17M | 114.36M | 102.68M | |
| Total Current Liabilities | 2.71B | 2.00B | 1.65B | 1.07B | 1.19B | 1.13B |
| Long-Term Leases | 2.56M | 3.96M | 89.99K | 280.42K | 7.57M | 13.92M |
| Long-Term Unearned Revenue | 28.42M | 23.32M | 16.89M | 13.17M | 11.43M | 10.69M |
| Long-Term Deferred Tax Liabilities | 2.50M | 2.06M | 3.27M | 2.36M | 1.40M | 1.99M |
| Other Long-Term Liabilities | 15.04M | 12.94M | 9.70M | 8.97M | 13.44M | 20.97M |
| Total Liabilities | 2.76B | 2.05B | 1.68B | 1.10B | 1.23B | 1.18B |
| Common Stock | 101.81K | 101.30K | 100.86K | 100.35K | 99.74K | 99.35K |
| Additional Paid-In Capital | 2.03B | 2.02B | 1.99B | 1.96B | 1.92B | 1.86B |
| Retained Earnings | -1.29B | -1.09B | -1.05B | -861.13M | -589.29M | -539.83M |
| Comprehensive Income & Other | -18.56M | -17.99M | -3.13M | -9.50M | -16.54M | -51.12M |
| Total Common Equity | 718.15M | 904.93M | 931.28M | 1.09B | 1.31B | 1.26B |
| Shareholders' Equity | 718.15M | 904.93M | 931.28M | 1.09B | 1.31B | 1.26B |
| Total Liabilities & Equity | 3.48B | 2.95B | 2.61B | 2.19B | 2.54B | 2.44B |
| Total Debt | 222.56M | 247.14M | 201.34M | 105.37M | 175.31M | 201.61M |
| Net Cash (Debt) | 1.25B | 868.49M | 703.03M | 864.75M | 727.97M | 876.08M |
| Net Cash Per Share | 15.57 | 10.88 | 8.87 | 11.03 | 9.38 | 10.92 |
| Filing Date Shares Outstanding | 81.10M | 78.44M | 77.96M | 77.60M | 77.14M | 76.92M |
| Total Common Shares Outstanding | 81.10M | 78.23M | 77.92M | 77.56M | 77.13M | 76.84M |
| Working Capital | 86.95M | 356.85M | 517.87M | 689.68M | 819.31M | 766.83M |
| Book Value Per Share | 8.86 | 11.57 | 11.95 | 14.10 | 16.99 | 16.46 |
| Tangible Book Value | 717.50M | 904.15M | 930.24M | 1.09B | 1.31B | 1.26B |
| Tangible Book Value Per Share | 8.85 | 11.56 | 11.94 | 14.08 | 16.96 | 16.41 |
| Buildings | 154.58M | 152.38M | 149.47M | 148.45M | 138.37M | |
| Machinery | 829.55M | 670.70M | 586.72M | 552.03M | 448.43M | |
| Leasehold Improvements | 11.52M | 10.88M | 10.79M | 10.78M | 10.75M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -39.39M | -193.20M | -271.84M | -49.46M | 225.82M | |
| Depreciation & Amortization | 110.96M | 122.15M | 148.06M | 142.71M | 95.47M | |
| Loss (Gain) From Sale of Assets | 2.31M | 470.39K | 22.08K | 478.46K | 235.58K | |
| Stock-Based Compensation | 27.73M | 24.23M | 47.66M | 58.22M | 47.22M | |
| Provision & Write-off of Bad Debts | -5.87M | 7.63M | 139.45M | 25.04M | 1.27M | |
| Other Operating Activities | 60.35M | 9.16M | 13.05M | -6.99M | -553.47K | |
| Change in Accounts Receivable | 101.33M | -44.89M | 65.37M | -56.15M | -168.52M | |
| Change in Inventory | -89.47M | -288.20M | 2.63M | -156.11M | -131.19M | |
| Change in Accounts Payable | -64.93M | 423.03M | -33.30M | 93.75M | 286.73M | |
| Change in Unearned Revenue | 178.06M | 28.77M | 296.22K | 13.06M | -4.65M | |
| Change in Income Taxes | 1.13M | -286.00K | 12.80M | -29.05M | 3.05M | |
| Change in Other Net Operating Assets | 71.05M | -36.58M | -30.46M | -157.36M | -20.71M | |
| Operating Cash Flow | 353.27M | 52.29M | 93.74M | -121.86M | 334.17M | |
| Capital Expenditures | -177.81M | -119.75M | -78.93M | -135.35M | -285.75M | |
| Investment in Securities | 87.21M | -172.68M | 295.25M | 533.24M | -8.70M | |
| Other Investing Activities | -614.07K | |||||
| Investing Cash Flow | -90.60M | -292.43M | 216.31M | 397.89M | -295.06M | |
| Short-Term Debt Issued | 240.00M | 200.00M | 100.00M | 340.00M | 340.00M | |
| Total Debt Issued | 240.00M | 200.00M | 100.00M | 340.00M | 340.00M | |
| Short-Term Debt Repaid | -200.00M | -100.00M | -160.00M | -360.00M | -340.00M | |
| Total Debt Repaid | -200.00M | -100.00M | -160.00M | -360.00M | -340.00M | |
| Net Debt Issued (Repaid) | 40.00M | 100.00M | -60.00M | -20.00M | ||
| Issuance of Common Stock | 164.59K | 267.33K | 654.02K | 2.20M | 6.25M | |
| Financing Cash Flow | 40.16M | 100.27M | -59.35M | -17.80M | 6.25M | |
| Foreign Exchange Rate Adjustments | -13.65M | 6.05M | 8.91M | 30.04M | -8.49M | |
| Net Cash Flow | 289.19M | -133.82M | 259.61M | 288.28M | 36.87M | |
| Free Cash Flow | 175.46M | -67.46M | 14.80M | -257.21M | 48.43M | |
| Free Cash Flow Margin | 4.07% | -2.05% | 0.56% | -8.12% | 1.31% | |
| Free Cash Flow Per Share | 2.20 | -0.85 | 0.19 | -3.31 | 0.60 | |
| Levered Free Cash Flow | 232.24M | -123.64M | 176.57M | -200.73M | -64.41M | |
| Unlevered Free Cash Flow | 236.07M | -120.13M | 177.46M | -197.16M | -60.55M | |
| Cash Interest Paid | 5.90M | 5.46M | 1.62M | 5.71M | 6.35M | |
| Cash Income Tax Paid | 89.93K | 142.31K | 1.07M | 13.37M | 39.67M | |
| Change in Working Capital | 197.18M | 81.85M | 17.33M | -291.86M | -35.29M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 139.62M | 236.23M | 138.90M | 169.81M | 402.31M | 1.23B |
| Enterprise Value | -44.87M | 45.48M | 18.43M | 8.38M | 251.06M | 1.02B |
| Last Close Price | 1.78 | 3.03 | 1.79 | 2.19 | 5.23 | 16.11 |
| PE Ratio | 34.57 | |||||
| Forward PE | 16.03 | 23.35 | 4.94 | 11.14 | 18.61 | |
| PS Ratio | 0.20 | 0.38 | 0.31 | 0.45 | 0.88 | 2.11 |
| PB Ratio | 1.37 | 1.83 | 1.09 | 1.10 | 2.12 | 6.17 |
| P/TBV Ratio | 1.32 | 1.83 | 1.09 | 1.10 | 2.12 | 6.19 |
| P/FCF Ratio | 5.29 | 9.42 | 81.36 | 161.18 | ||
| P/OCF Ratio | 4.68 | 19.39 | 12.85 | 23.36 | ||
| PEG Ratio | 0.72 | 0.72 | 0.72 | 0.55 | 0.46 | |
| EV/Sales Ratio | 0.07 | 0.04 | 0.02 | 0.55 | 1.74 | |
| EV/EBITDA Ratio | 14.01 | 32.41 | 18.54 | |||
| EV/EBIT Ratio | 25.55 | |||||
| EV/FCF Ratio | 1.81 | 4.02 | 133.19 | |||
| Debt / Equity Ratio | 0.31 | 0.27 | 0.22 | 0.10 | 0.13 | 0.16 |
| Debt / EBITDA Ratio | 8.04 | 2.76 | 0.56 | |||
| Debt / FCF Ratio | 1.41 | 7.12 | 4.16 | |||
| Net Debt / Equity Ratio | -1.75 | -0.96 | -0.76 | -0.79 | -0.56 | -0.69 |
| Net Debt / EBITDA Ratio | 9.06 | -38.24 | 5.47 | 5.10 | -13.62 | -2.52 |
| Net Debt / FCF Ratio | -4.95 | 10.42 | -58.43 | 2.83 | -18.09 | |
| Asset Turnover | 1.44 | 1.55 | 1.37 | 1.12 | 1.27 | 1.73 |
| Inventory Turnover | 5.35 | 5.32 | 5.35 | 5.14 | 7.28 | 14.04 |
| Quick Ratio | 0.55 | 0.59 | 0.64 | 1.01 | 1.03 | 1.19 |
| Current Ratio | 1.03 | 1.18 | 1.31 | 1.64 | 1.69 | 1.68 |
| Return on Equity (ROE) | -24.98% | -4.29% | -19.08% | -22.62% | -3.84% | 20.00% |
| Return on Assets (ROA) | -4.63% | -1.98% | -6.52% | -8.40% | -2.24% | 7.36% |
| Return on Invested Capital (ROIC) | -109.66% | -78.31% | -18.40% | 91.10% | ||
| Return on Capital Employed (ROCE) | -31.80% | -9.30% | -26.10% | -28.40% | -6.60% | 19.20% |
| Earnings Yield | -20.82% | -2.38% | -19.06% | -22.57% | -1.78% | 2.89% |
| FCF Yield | 18.90% | 10.62% | -6.65% | 1.23% | -9.27% | 0.62% |
| Buyback Yield / Dilution | -1.12% | -0.79% | -1.05% | -1.06% | 3.29% | -1.66% |