Niu Technologies Income Statement

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
Revenue	4,451	3,288	2,652	3,169	3,705	2,444
Revenue Growth (YoY)	50.99%	24.00%	-16.31%	-14.47%	51.56%	17.73%
Cost of Revenue	3,608	2,790	2,081	2,499	2,892	1,885
Gross Profit	842.35	498.76	570.75	669.68	812.78	559.15
Selling, General & Admin	764.56	620.2	740.25	598.87	473.81	305.62
Research & Development	155.55	130.11	150.99	176.48	135.22	105.34
Other Operating Expenses	-1.47	-0.91	-2.97	-16.39	-48.73	-22.44
Operating Expenses	918.64	749.4	888.27	758.96	560.3	388.51
Operating Income	-76.28	-250.63	-317.52	-89.28	252.48	170.63
Interest Expense	-5.92	-5.62	-1.42	-5.72	-6.17	-7.38
Interest & Investment Income	33.61	39.45	36.92	23.78	26.54	26.49
EBT Excluding Unusual Items	-48.6	-216.81	-282.03	-71.22	272.86	189.74
Pretax Income	-48.6	-216.81	-282.03	-71.22	272.86	189.74
Income Tax Expense	-24.78	-23.61	-10.19	-21.76	47.04	21.09
Net Income	-23.82	-193.2	-271.84	-49.46	225.82	168.65
Net Income to Common	-23.82	-193.2	-271.84	-49.46	225.82	168.65
Net Income Growth	-	-	-	-	33.90%	-11.28%
Shares Outstanding (Basic)	80	79	78	78	77	75
Shares Outstanding (Diluted)	80	79	78	78	80	79
Shares Change (YoY)	0.80%	1.05%	1.06%	-3.29%	1.66%	2.99%
EPS (Basic)	-0.30	-2.44	-3.47	-0.64	2.94	2.24
EPS (Diluted)	-0.30	-2.44	-3.47	-0.64	2.82	2.14
EPS Growth	-	-	-	-	31.78%	-13.71%
Free Cash Flow	-	-67.46	14.8	-257.21	48.43	353.85
Free Cash Flow Per Share	-	-0.85	0.19	-3.31	0.60	4.48
Gross Margin	18.93%	15.17%	21.52%	21.14%	21.94%	22.88%
Operating Margin	-1.71%	-7.62%	-11.97%	-2.82%	6.82%	6.98%
Profit Margin	-0.53%	-5.88%	-10.25%	-1.56%	6.10%	6.90%
Free Cash Flow Margin	-	-2.05%	0.56%	-8.12%	1.31%	14.48%
EBITDA	26.42	-128.49	-169.46	53.43	347.95	220.87
EBITDA Margin	0.59%	-3.91%	-6.39%	1.69%	9.39%	9.04%
D&A For EBITDA	102.71	122.15	148.06	142.71	95.47	50.24
EBIT	-76.28	-250.63	-317.52	-89.28	252.48	170.63
EBIT Margin	-1.71%	-7.62%	-11.97%	-2.82%	6.82%	6.98%
Effective Tax Rate	-	-	-	-	17.24%	11.11%

Updated Nov 17, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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