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	2016 - 2019
Period Ending	Jun '25 Jun 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	2016 - 2019
Revenue	3,781	3,288	2,652	3,169	3,705	2,444	Upgrade
Revenue Growth (YoY)	32.62%	24.00%	-16.31%	-14.47%	51.56%	17.73%	Upgrade
Cost of Revenue	3,167	2,790	2,081	2,499	2,892	1,885	Upgrade
Gross Profit	614.09	498.76	570.75	669.68	812.78	559.15	Upgrade
Selling, General & Admin	681.15	620.2	740.25	598.87	473.81	305.62	Upgrade
Research & Development	142.44	130.11	150.99	176.48	135.22	105.34	Upgrade
Other Operating Expenses	-1.29	-0.91	-2.97	-16.39	-48.73	-22.44	Upgrade
Operating Expenses	822.3	749.4	888.27	758.96	560.3	388.51	Upgrade
Operating Income	-208.21	-250.63	-317.52	-89.28	252.48	170.63	Upgrade
Interest Expense	-6.1	-5.62	-1.42	-5.72	-6.17	-7.38	Upgrade
Interest & Investment Income	34.68	39.45	36.92	23.78	26.54	26.49	Upgrade
EBT Excluding Unusual Items	-179.63	-216.81	-282.03	-71.22	272.86	189.74	Upgrade
Pretax Income	-179.63	-216.81	-282.03	-71.22	272.86	189.74	Upgrade
Income Tax Expense	-33.18	-23.61	-10.19	-21.76	47.04	21.09	Upgrade
Net Income	-146.45	-193.2	-271.84	-49.46	225.82	168.65	Upgrade
Net Income to Common	-146.45	-193.2	-271.84	-49.46	225.82	168.65	Upgrade
Net Income Growth	-	-	-	-	33.90%	-11.28%	Upgrade
Shares Outstanding (Basic)	80	79	78	78	77	75	Upgrade
Shares Outstanding (Diluted)	80	79	78	78	80	79	Upgrade
Shares Change (YoY)	0.90%	1.05%	1.06%	-3.29%	1.66%	2.99%	Upgrade
EPS (Basic)	-1.84	-2.44	-3.47	-0.64	2.94	2.24	Upgrade
EPS (Diluted)	-1.86	-2.44	-3.47	-0.64	2.82	2.14	Upgrade
EPS Growth	-	-	-	-	31.78%	-13.71%	Upgrade
Free Cash Flow	-	-67.46	14.8	-257.21	48.43	353.85	Upgrade
Free Cash Flow Per Share	-	-0.85	0.19	-3.31	0.60	4.48	Upgrade
Gross Margin	16.24%	15.17%	21.52%	21.14%	21.94%	22.88%	Upgrade
Operating Margin	-5.51%	-7.62%	-11.97%	-2.82%	6.82%	6.98%	Upgrade
Profit Margin	-3.87%	-5.88%	-10.25%	-1.56%	6.10%	6.90%	Upgrade
Free Cash Flow Margin	-	-2.05%	0.56%	-8.12%	1.31%	14.48%	Upgrade
EBITDA	-99.02	-128.49	-169.46	53.43	347.95	220.87	Upgrade
EBITDA Margin	-2.62%	-3.91%	-6.39%	1.69%	9.39%	9.04%	Upgrade
D&A For EBITDA	109.19	122.15	148.06	142.71	95.47	50.24	Upgrade
EBIT	-208.21	-250.63	-317.52	-89.28	252.48	170.63	Upgrade
EBIT Margin	-5.51%	-7.62%	-11.97%	-2.82%	6.82%	6.98%	Upgrade
Effective Tax Rate	-	-	-	-	17.24%	11.11%	Upgrade

Updated Aug 11, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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