Niu Technologies Cash Flow 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
Net Income	-39.39	-193.2	-271.84	-49.46	225.82
Depreciation & Amortization	115.93	128.89	156.37	151.24	106.2
Stock-Based Compensation	27.73	24.23	47.66	58.22	47.22
Other Adjustments	51.81	10.52	144.21	10.01	-9.78
Change in Receivables	101.33	-44.89	65.37	-56.15	-168.52
Changes in Inventories	-89.47	-288.2	2.63	-156.11	-131.19
Changes in Accounts Payable	-64.93	423.03	-33.3	93.75	286.73
Changes in Accrued Expenses	166.46	32.8	-21.92	-13.06	15.26
Changes in Income Taxes Payable	1.13	-0.29	12.8	-29.05	3.05
Changes in Unearned Revenue	178.06	28.77	0.3	13.06	-4.65
Changes in Other Operating Activities	-95.41	-69.38	-8.54	-144.31	-35.97
Operating Cash Flow	353.27	52.29	93.74	-121.86	334.18
Operating Cash Flow Growth	575.64%	-44.22%	-	-	-28.23%
Capital Expenditures	-177.81	-119.75	-78.93	-135.35	-285.75
Purchases of Investments	-3,486	-2,426	-799.42	-3,232	-6,389
Proceeds from Sale of Investments	3,573	2,253	1,095	3,766	6,380
Other Investing Activities	-	-	-	-	-0.61
Investing Cash Flow	-90.6	-292.43	216.31	397.89	-295.06
Short-Term Debt Issued	240	200	100	340	340
Short-Term Debt Repaid	-200	-100	-160	-360	-340
Net Short-Term Debt Issued (Repaid)	40	100	-60	-20	0
Issuance of Common Stock	0.16	0.27	0.65	2.2	6.25
Net Common Stock Issued (Repurchased)	0.16	0.27	0.65	2.2	6.25
Financing Cash Flow	40.16	100.27	-59.35	-17.8	6.25
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-13.65	6.05	8.91	30.04	-8.49
Net Cash Flow	289.19	-133.82	259.61	288.28	36.87
Free Cash Flow	175.46	-67.46	14.8	-257.21	48.43
Free Cash Flow Growth	-	-	-	-	-86.31%
FCF Margin	4.07%	-2.05%	0.56%	-8.12%	1.31%
Free Cash Flow Per Share	2.20	-0.85	0.19	-3.31	0.60
Levered Free Cash Flow	34.58	42.67	-302.44	-289.29	179.51
Unlevered Free Cash Flow	-86.8	-142.05	-299.61	-336.38	249.69

SEC Filings: 10-K · 10-Q