Niu Technologies Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	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
Net Income	-193.2	-271.84	-49.46	225.82	168.65
Depreciation & Amortization	122.15	148.06	142.71	95.47	50.24
Loss (Gain) From Sale of Assets	0.47	0.02	0.48	0.24	0.02
Stock-Based Compensation	24.23	47.66	58.22	47.22	39.61
Provision & Write-off of Bad Debts	7.63	139.45	25.04	1.27	0.51
Other Operating Activities	9.16	13.05	-6.99	-0.55	-26.68
Change in Accounts Receivable	-44.89	65.37	-56.15	-168.52	13.4
Change in Inventory	-288.2	2.63	-156.11	-131.19	30.57
Change in Accounts Payable	423.03	-33.3	93.75	286.73	136.84
Change in Unearned Revenue	28.77	0.3	13.06	-4.65	24.71
Change in Income Taxes	-0.29	12.8	-29.05	3.05	11.54
Change in Other Net Operating Assets	-36.58	-30.46	-157.36	-20.71	16.2
Operating Cash Flow	52.29	93.74	-121.86	334.17	465.6
Operating Cash Flow Growth	-44.22%	-	-	-28.23%	160.58%
Capital Expenditures	-119.75	-78.93	-135.35	-285.75	-111.75
Sale (Purchase) of Intangibles	-	-	-	-	-39.84
Investment in Securities	-172.68	295.25	533.24	-8.7	-383.65
Other Investing Activities	-	-	-	-0.61	-
Investing Cash Flow	-292.43	216.31	397.89	-295.06	-535.23
Short-Term Debt Issued	200	100	340	340	180
Total Debt Issued	200	100	340	340	180
Short-Term Debt Repaid	-100	-160	-360	-340	-217.39
Total Debt Repaid	-100	-160	-360	-340	-217.39
Net Debt Issued (Repaid)	100	-60	-20	-	-37.39
Issuance of Common Stock	0.27	0.65	2.2	6.25	24.23
Financing Cash Flow	100.27	-59.35	-17.8	6.25	-13.16
Foreign Exchange Rate Adjustments	6.05	8.91	30.04	-8.49	-23.33
Net Cash Flow	-133.82	259.61	288.28	36.87	-106.13
Free Cash Flow	-67.46	14.8	-257.21	48.43	353.85
Free Cash Flow Growth	-	-	-	-86.31%	449.07%
Free Cash Flow Margin	-2.05%	0.56%	-8.12%	1.31%	14.48%
Free Cash Flow Per Share	-0.85	0.19	-3.31	0.60	4.48
Cash Interest Paid	5.46	1.62	5.71	6.35	8.94
Cash Income Tax Paid	0.14	1.07	13.37	39.67	27.7
Levered Free Cash Flow	-123.64	176.57	-200.73	-64.41	309.15
Unlevered Free Cash Flow	-120.13	177.46	-197.16	-60.55	313.76
Change in Working Capital	81.85	17.33	-291.86	-35.29	233.26

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