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
Total Operating Expenses	931.82	749.39	888.27	758.96	560.3
Operating Income	-88.25	-250.63	-317.52	-89.28	252.48
Interest Income	32.01	39.45	36.92	23.78	26.54
Interest Expense	-6.13	-5.62	-1.42	-5.72	-6.17
Total Non-Operating Income (Expense)	25.88	33.82	35.49	18.06	20.38
Pretax Income	-62.37	-216.81	-282.03	-71.22	272.86
Provision for Income Taxes	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)	-0.50	-2.44	-3.46	-0.64	2.94
EPS (Diluted)	-0.50	-2.44	-3.46	-0.64	2.82
EPS Growth	-	-	-	-	31.78%
Shares Outstanding	78.23	77.92	155.12	154.26	153.68
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	19.58%	15.17%	21.52%	21.13%	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%
FCF Margin	4.07%	-2.05%	0.56%	-8.12%	1.31%
EBITDA	27.69	-121.74	-161.16	61.96	358.69
EBITDA Margin	0.64%	-3.70%	-6.08%	1.96%	9.68%
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	-36.85%	-10.89%	-3.61%	-30.55%	-17.24%

Updated Mar 23, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q