Niu Technologies (NIU) — Financial statements
Income statement, balance sheet, and cash flow for Niu Technologies — annual and quarterly history with growth and margin analysis.
| Metric (CNY Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 4,190↑27.4% | 3,288↑24.0% | 2,652↓16.3% | 3,169↓14.5% | 3,705 | |
| Cost of Revenue | 3,370↑20.8% | 2,790↑34.0% | 2,081↓16.7% | 2,499↓13.6% | 2,892 | |
| Gross Profit | 821↑64.5% | 499↓12.6% | 571↓14.8% | 670↓17.6% | 813 | |
| Operating Expenses | ||||||
| R&D Expenses | 162↑24.4% | 130↓13.8% | 151↓14.4% | 176↑30.5% | 135 | |
| General & Administrative Expenses | 79↓39.3% | 131↑24.3% | 105↓33.7% | 158↑11.8% | 142 | |
| Selling & Marketing Expenses | 613↑25.3% | 490↓1.2% | 496↑12.6% | 440↑32.7% | 332 | |
| SG&A Expenses | 693↑11.7% | 620↑3.2% | 601↑0.3% | 599↑26.4% | 474 | |
| Other Expenses | 53↑5949.2% | -0.91↓100.7% | 136↑932.9% | -16↑66.4% | -49 | |
| Operating Expenses | 908↑21.1% | 749↓15.6% | 888↑17.0% | 759↑35.5% | 560 | |
| Total Costs & Expenses | 4,278↑20.9% | 3,539↑19.2% | 2,969↓8.9% | 3,258↓5.6% | 3,452 | |
| Operating Results | ||||||
| Operating Income | -87↑65.2% | -251↑21.1% | -318↓255.6% | -89↓135.4% | 252 | |
| Depreciation & Amortization | 113↓7.7% | 122↓17.5% | 148↑3.8% | 143↑49.5% | 95 | |
| EBITDA | 26↑128.8% | -89↑32.8% | -133↓271.7% | 77↓79.4% | 374 | |
| EBIT | -87↑58.7% | -211↑24.7% | -281↓328.4% | -66↓123.5% | 279 | |
| Interest & Other Income | ||||||
| Net Interest Income | 25↓20.0% | 31↓7.6% | 34↑376.9% | 7↑1002.2% | -0.79 | |
| Interest Income | 31↓16.1% | 37↑4.5% | 35↑176.0% | 13↑139.2% | 5 | |
| Interest Expense | 6↑6.0% | 6↑294.9% | 1↓75.1% | 6↓7.3% | 6 | |
| Non-Operating Income | 0.00↑100.0% | -39↓6.9% | -37↓55.3% | -24↑10.4% | -27 | |
| Other Income / Expenses | 27↓21.6% | 34↓4.7% | 35↑96.5% | 18↓11.4% | 20 | |
| Income Before Tax | -61↑72.0% | -217↑23.1% | -282↓296.0% | -71↓126.1% | 273 | |
| Income Tax Expense | -22↑5.3% | -24↓131.6% | -10↑53.2% | -22↓146.3% | 47 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | -38↑80.2% | -193↑28.9% | -272↓449.6% | -49↓121.9% | 226 | |
| Net Income from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net Income | -38↑80.2% | -193↑28.9% | -272↓449.6% | -49↓121.9% | 226 | |
| Bottom-Line Net Income | -38↑80.2% | -193↑28.9% | -272↓449.6% | -49↓121.9% | 226 | |
| EPS (Basic) | -0.48↑80.3% | -2.44↑29.5% | -3.46↓424.2% | -0.66↓122.4% | 2.94 | |
| EPS (Diluted) | -0.48↑80.3% | -2.44↑29.5% | -3.46↓424.2% | -0.66↓123.4% | 2.82 | |
| Weighted Average Shares | 80↑0.8% | 79↑1.0% | 78↑3.9% | 75↓1.8% | 77 | |
| Weighted Average Diluted Shares | 80↑0.8% | 79↑1.0% | 78↑3.9% | 75↓6.0% | 80 | |
* All figures in Millions of CNY, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.