Niu Technologies Balance Sheet

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	1,089	630.02	872.57	534.29	208.37	227
Short-Term Investments	493.56	274.35	97.56	369	869.31	876.11
Cash & Short-Term Investments	1,583	904.37	970.13	903.28	1,078	1,103
Cash Growth	51.43%	-6.78%	7.40%	-16.18%	-2.31%	44.24%
Accounts Receivable	64.52	131.92	94.96	299.74	268.56	101.32
Other Receivables	-	22.54	19.62	26.82	1.59	2.33
Receivables	64.52	154.46	114.57	326.56	270.14	103.65
Inventory	676.02	649.18	392.79	417.01	269.64	142.17
Restricted Cash	213.17	216.4	107.67	186.34	223.97	168.47
Other Current Assets	314.14	245.4	175.46	178.87	54.47	30.51
Total Current Assets	2,851	2,170	1,761	2,012	1,896	1,548
Property, Plant & Equipment	463.87	391.24	399.93	483.95	491.42	199.05
Long-Term Investments	-	-	-	20	35.94	-
Other Intangible Assets	0.84	1.04	1.31	1.86	3.67	54.44
Long-Term Deferred Tax Assets	49.34	31.75	20.75	6.13	11.91	14.59
Other Long-Term Assets	29.81	19.32	6.73	12.68	2.37	30.83
Total Assets	3,394	2,613	2,189	2,537	2,441	1,847
Accounts Payable	1,508	1,163	743.01	776.3	682.55	395.83
Accrued Expenses	362.02	64.65	55.24	69.99	88.54	83.86
Short-Term Debt	220	200	100	160	180	180
Current Portion of Leases	-	1.25	5.09	7.74	7.69	-
Current Income Taxes Payable	1.94	1.07	1.36	1.9	17.6	14.56
Current Unearned Revenue	271.09	86.14	61.06	62.47	50.02	61.22
Other Current Liabilities	-	135.45	105.17	114.36	102.68	87.8
Total Current Liabilities	2,363	1,652	1,071	1,193	1,129	823.26
Long-Term Leases	4.75	0.09	0.28	7.57	13.92	-
Long-Term Unearned Revenue	20.89	16.89	13.17	11.43	10.69	4.18
Long-Term Deferred Tax Liabilities	3.04	3.27	2.36	1.4	1.99	1.11
Other Long-Term Liabilities	13.75	9.7	8.97	13.44	20.97	24.89
Total Liabilities	2,406	1,682	1,096	1,227	1,177	853.44
Common Stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional Paid-In Capital	2,011	1,989	1,964	1,916	1,855	1,802
Retained Earnings	-1,006	-1,054	-861.13	-589.29	-539.83	-765.65
Comprehensive Income & Other	-16.57	-3.13	-9.5	-16.54	-51.12	-43.02
Total Common Equity	988.72	931.28	1,094	1,310	1,265	993.37
Shareholders' Equity	988.72	931.28	1,094	1,310	1,265	993.37
Total Liabilities & Equity	3,394	2,613	2,189	2,537	2,441	1,847
Total Debt	224.75	201.34	105.37	175.31	201.61	180
Net Cash (Debt)	1,358	703.03	864.75	727.97	876.08	923.11
Net Cash Growth	60.70%	-18.70%	18.79%	-16.91%	-5.10%	68.64%
Net Cash Per Share	17.04	8.87	11.03	9.38	10.92	11.70
Filing Date Shares Outstanding	79.91	77.96	77.6	77.14	76.92	76.27
Total Common Shares Outstanding	79.91	77.92	77.56	77.13	76.84	76.18
Working Capital	487.29	517.87	689.68	819.31	766.83	724.64
Book Value Per Share	12.37	11.95	14.10	16.99	16.46	13.04
Tangible Book Value	987.88	930.24	1,092	1,308	1,261	938.93
Tangible Book Value Per Share	12.36	11.94	14.08	16.96	16.41	12.33
Buildings	-	152.38	149.47	148.45	138.37	67.7
Machinery	-	670.7	586.72	552.03	448.43	230.84
Leasehold Improvements	-	10.88	10.79	10.78	10.75	7.56

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