Niu Technologies Balance Sheet

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	924.74	630.02	872.57	534.29	208.37
Short-Term Investments	190.9	274.35	97.56	369	869.31
Cash & Short-Term Investments	1,116	904.37	970.13	903.28	1,078
Cash Growth	23.36%	-6.78%	7.40%	-16.18%	-2.31%
Accounts Receivable	37.37	131.92	94.96	299.74	268.56
Other Receivables	-	22.54	19.62	26.82	1.59
Receivables	37.37	154.46	114.57	326.56	270.14
Inventory	652.58	649.18	392.79	417.01	269.64
Restricted Cash	210.86	216.4	107.67	186.34	223.97
Other Current Assets	343.54	245.4	175.46	178.87	54.47
Total Current Assets	2,360	2,170	1,761	2,012	1,896
Property, Plant & Equipment	496.13	391.24	399.93	483.95	491.42
Long-Term Investments	-	-	-	20	35.94
Other Intangible Assets	0.78	1.04	1.31	1.86	3.67
Long-Term Deferred Tax Assets	57.46	31.75	20.75	6.13	11.91
Other Long-Term Assets	35.99	19.32	6.73	12.68	2.37
Total Assets	2,950	2,613	2,189	2,537	2,441
Accounts Payable	1,098	1,163	743.01	776.3	682.55
Accrued Expenses	404.81	64.65	55.24	69.99	88.54
Short-Term Debt	240	200	100	160	180
Current Portion of Leases	-	1.25	5.09	7.74	7.69
Current Income Taxes Payable	2.2	1.07	1.36	1.9	17.6
Current Unearned Revenue	257.75	86.14	61.06	62.47	50.02
Other Current Liabilities	-	135.45	105.17	114.36	102.68
Total Current Liabilities	2,003	1,652	1,071	1,193	1,129
Long-Term Leases	3.96	0.09	0.28	7.57	13.92
Long-Term Unearned Revenue	23.32	16.89	13.17	11.43	10.69
Long-Term Deferred Tax Liabilities	2.06	3.27	2.36	1.4	1.99
Other Long-Term Liabilities	12.94	9.7	8.97	13.44	20.97
Total Liabilities	2,045	1,682	1,096	1,227	1,177
Common Stock	0.1	0.1	0.1	0.1	0.1
Additional Paid-In Capital	2,017	1,989	1,964	1,916	1,855
Retained Earnings	-1,094	-1,054	-861.13	-589.29	-539.83
Comprehensive Income & Other	-17.99	-3.13	-9.5	-16.54	-51.12
Total Common Equity	904.93	931.28	1,094	1,310	1,265
Shareholders' Equity	904.93	931.28	1,094	1,310	1,265
Total Liabilities & Equity	2,950	2,613	2,189	2,537	2,441
Total Debt	243.96	201.34	105.37	175.31	201.61
Net Cash (Debt)	871.68	703.03	864.75	727.97	876.08
Net Cash Growth	23.99%	-18.70%	18.79%	-16.91%	-5.10%
Net Cash Per Share	10.92	8.87	11.03	9.38	10.92
Filing Date Shares Outstanding	80.02	77.96	77.6	77.14	76.92
Total Common Shares Outstanding	80.02	77.92	77.56	77.13	76.84
Working Capital	356.85	517.87	689.68	819.31	766.83
Book Value Per Share	11.31	11.95	14.10	16.99	16.46
Tangible Book Value	904.15	930.24	1,092	1,308	1,261
Tangible Book Value Per Share	11.30	11.94	14.08	16.96	16.41
Buildings	-	152.38	149.47	148.45	138.37
Machinery	-	670.7	586.72	552.03	448.43
Leasehold Improvements	-	10.88	10.79	10.78	10.75

Source: S&P Global Market Intelligence. Standard template. Financial Sources.