Niu Technologies Income 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
Revenue	4,308	3,288	2,652	3,169	3,705
Revenue Growth (YoY)	31.01%	24.00%	-16.31%	-14.47%	51.56%
Cost of Revenue	3,464	2,790	2,081	2,499	2,892
Gross Profit	843.57	498.76	570.75	669.68	812.78
Selling, General & Admin	766.73	620.2	740.25	598.87	473.81
Research & Development	166.45	130.11	150.99	176.48	135.22
Other Operating Expenses	-1.37	-0.91	-2.97	-16.39	-48.73
Operating Expenses	931.82	749.4	888.27	758.96	560.3
Operating Income	-88.25	-250.63	-317.52	-89.28	252.48
Interest Expense	-6.13	-5.62	-1.42	-5.72	-6.17
Interest & Investment Income	32.01	39.45	36.92	23.78	26.54
EBT Excluding Unusual Items	-62.37	-216.81	-282.03	-71.22	272.86
Pretax Income	-62.37	-216.81	-282.03	-71.22	272.86
Income Tax Expense	-22.98	-23.61	-10.19	-21.76	47.04
Net Income	-39.39	-193.2	-271.84	-49.46	225.82
Net Income to Common	-39.39	-193.2	-271.84	-49.46	225.82
Net Income Growth	-	-	-	-	33.90%
Shares Outstanding (Basic)	80	79	78	78	77
Shares Outstanding (Diluted)	80	79	78	78	80
Shares Change (YoY)	0.79%	1.05%	1.06%	-3.29%	1.66%
EPS (Basic)	-0.49	-2.44	-3.47	-0.64	2.94
EPS (Diluted)	-0.50	-2.44	-3.47	-0.64	2.82
EPS Growth	-	-	-	-	31.78%
Free Cash Flow	-	-67.46	14.8	-257.21	48.43
Free Cash Flow Per Share	-	-0.85	0.19	-3.31	0.60
Gross Margin	19.58%	15.17%	21.52%	21.14%	21.94%
Operating Margin	-2.05%	-7.62%	-11.97%	-2.82%	6.82%
Profit Margin	-0.91%	-5.88%	-10.25%	-1.56%	6.10%
Free Cash Flow Margin	-	-2.05%	0.56%	-8.12%	1.31%
EBITDA	33.9	-128.49	-169.46	53.43	347.95
EBITDA Margin	0.79%	-3.91%	-6.39%	1.69%	9.39%
D&A For EBITDA	122.15	122.15	148.06	142.71	95.47
EBIT	-88.25	-250.63	-317.52	-89.28	252.48
EBIT Margin	-2.05%	-7.62%	-11.97%	-2.82%	6.82%
Effective Tax Rate	-	-	-	-	17.24%

Updated Mar 16, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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