Niu Technologies Income Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	3,280	4,308	3,288	2,652	3,169	3,705
Revenue Growth (YoY)	-5.36%	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	884.04	843.57	498.76	570.75	669.68	812.78
Selling, General & Admin	515.49	766.73	620.2	740.25	598.87	473.81
Research & Development	178.01	166.45	130.11	150.99	176.48	135.22
Other Operating Expenses	-1.55	-1.37	-0.91	-2.97	-16.39	-48.73
Total Operating Expenses	691.95	931.82	749.39	888.27	758.96	560.3
Operating Income	-43.47	-88.25	-250.63	-317.52	-89.28	252.48
Interest Income	30.69	32.01	39.45	36.92	23.78	26.54
Interest Expense	-6.2	-6.13	-5.62	-1.42	-5.72	-6.17
Total Non-Operating Income (Expense)	24.49	25.88	33.82	35.49	18.06	20.38
Pretax Income	-121.61	-62.37	-216.81	-282.03	-71.22	272.86
Provision for Income Taxes	27.15	22.98	23.61	10.19	21.76	-47.04
Net Income	-94.46	-39.39	-193.2	-271.84	-49.46	225.82
Net Income to Common	-94.46	-39.39	-193.2	-271.84	-49.46	225.82
Net Income Growth	-	-	-	-	-	33.90%
Shares Outstanding (Basic)	80	80	79	78	78	77
Shares Outstanding (Diluted)	82	80	79	78	78	80
Shares Change (YoY)	2.60%	0.79%	1.05%	1.06%	-3.29%	1.66%
EPS (Basic)	-1.16	-0.50	-2.44	-3.46	-0.64	2.94
EPS (Diluted)	-1.20	-0.50	-2.44	-3.46	-0.64	2.82
EPS Growth	-	-	-	-	-	31.78%
Free Cash Flow	-	175.46	-67.46	14.8	-257.21	48.43
Free Cash Flow Growth	-	-	-	-	-	-86.31%
Free Cash Flow Per Share	-	2.20	-0.85	0.19	-3.31	0.60
Gross Margin	26.95%	19.58%	15.17%	21.52%	21.13%	21.94%
Operating Margin	-1.33%	-2.05%	-7.62%	-11.97%	-2.82%	6.82%
Profit Margin	-2.88%	-0.91%	-5.88%	-10.25%	-1.56%	6.10%
FCF Margin	-	4.07%	-2.05%	0.56%	-8.12%	1.31%
EBITDA	-43.47	27.69	-121.74	-161.16	61.96	358.69
EBITDA Margin	-1.33%	0.64%	-3.70%	-6.08%	1.96%	9.68%
EBIT	-43.47	-88.25	-250.63	-317.52	-89.28	252.48
EBIT Margin	-1.33%	-2.05%	-7.62%	-11.97%	-2.82%	6.82%
Effective Tax Rate	-22.32%	-36.85%	-10.89%	-3.61%	-30.55%	-17.24%

SEC Filings: 10-K · 10-Q