Niu Technologies Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Year	2023	2022	2021	2020	2019	2018 - 2016
Net Income	-271.84	-49.46	225.82	168.65	190.08	Upgrade
Depreciation & Amortization	156.37	151.24	106.2	50.24	32.43	Upgrade
Share-Based Compensation	47.66	58.22	47.22	39.61	19.62	Upgrade
Other Operating Activities	161.54	-281.85	-45.07	207.1	-63.46	Upgrade
Operating Cash Flow	93.74	-121.86	334.17	465.6	178.68	Upgrade
Operating Cash Flow Growth	-	-	-28.23%	160.58%	1985.17%	Upgrade
Capital Expenditures	-78.93	-135.35	-285.75	-151.5	-139	Upgrade
Change in Investments	295.25	533.24	-8.7	-383.65	-326.88	Upgrade
Other Investing Activities	-	-	-0.61	-0.09	-2.02	Upgrade
Investing Cash Flow	216.31	397.89	-295.06	-535.23	-467.89	Upgrade
Share Issuance / Repurchase	0.65	2.2	6.25	24.23	-2.13	Upgrade
Debt Issued / Paid	-60	-20	0	-37.39	37.42	Upgrade
Financing Cash Flow	-59.35	-17.8	6.25	-13.16	35.28	Upgrade
Exchange Rate Effect	8.91	30.04	-8.49	-23.33	7.21	Upgrade
Net Cash Flow	259.61	288.28	36.87	-106.13	-246.72	Upgrade
Free Cash Flow	14.8	-257.21	48.43	314.1	39.68	Upgrade
Free Cash Flow Growth	-	-	-84.58%	691.51%	-	Upgrade
Free Cash Flow Margin	0.56%	-8.12%	1.31%	12.85%	1.91%	Upgrade
Free Cash Flow Per Share	0.19	-3.31	0.63	4.16	0.53	Upgrade

Source: Financials are provided by Nasdaq Data Link and sourced from audited reports submitted to the Securities and Exchange Commission (SEC).