Niu Technologies Cash Flow Statement

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
Net Income	-39.39	-193.2	-271.84	-49.46	225.82
Depreciation & Amortization	110.96	122.15	148.06	142.71	95.47
Loss (Gain) From Sale of Assets	2.31	0.47	0.02	0.48	0.24
Stock-Based Compensation	27.73	24.23	47.66	58.22	47.22
Provision & Write-off of Bad Debts	-5.87	7.63	139.45	25.04	1.27
Other Operating Activities	60.35	9.16	13.05	-6.99	-0.55
Change in Accounts Receivable	101.33	-44.89	65.37	-56.15	-168.52
Change in Inventory	-89.47	-288.2	2.63	-156.11	-131.19
Change in Accounts Payable	-64.93	423.03	-33.3	93.75	286.73
Change in Unearned Revenue	178.06	28.77	0.3	13.06	-4.65
Change in Income Taxes	1.13	-0.29	12.8	-29.05	3.05
Change in Other Net Operating Assets	71.05	-36.58	-30.46	-157.36	-20.71
Operating Cash Flow	353.27	52.29	93.74	-121.86	334.17
Operating Cash Flow Growth	575.64%	-44.22%	-	-	-28.23%
Capital Expenditures	-177.81	-119.75	-78.93	-135.35	-285.75
Investment in Securities	87.21	-172.68	295.25	533.24	-8.7
Other Investing Activities	-	-	-	-	-0.61
Investing Cash Flow	-90.6	-292.43	216.31	397.89	-295.06
Short-Term Debt Issued	240	200	100	340	340
Total Debt Issued	240	200	100	340	340
Short-Term Debt Repaid	-200	-100	-160	-360	-340
Total Debt Repaid	-200	-100	-160	-360	-340
Net Debt Issued (Repaid)	40	100	-60	-20	-
Issuance of Common Stock	0.16	0.27	0.65	2.2	6.25
Financing Cash Flow	40.16	100.27	-59.35	-17.8	6.25
Foreign Exchange Rate Adjustments	-13.65	6.05	8.91	30.04	-8.49
Net Cash Flow	289.19	-133.82	259.61	288.28	36.87
Free Cash Flow	175.46	-67.46	14.8	-257.21	48.43
Free Cash Flow Growth	-	-	-	-	-86.31%
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
Cash Interest Paid	5.9	5.46	1.62	5.71	6.35
Cash Income Tax Paid	0.09	0.14	1.07	13.37	39.67
Levered Free Cash Flow	232.24	-123.64	176.57	-200.73	-64.41
Unlevered Free Cash Flow	236.07	-120.13	177.46	-197.16	-60.55
Change in Working Capital	197.18	81.85	17.33	-291.86	-35.29

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