NIU (NIU) financial statements

· Market cap $155M

NIU reported revenue of 4.3B CNY in fiscal 2025, up 32.0% a year over 9 years.

Net income was -39M CNY and the operating margin -2.0%, against -63.8% in 2016.

Free cash flow was 175M CNY.

The diluted share count rose 1434% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CNY).

-202462016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in CNY, from NIU's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue355M CNY769M CNY1.5B CNY2.1B CNY2.4B CNY3.7B CNY3.2B CNY2.7B CNY3.3B CNY4.3B CNY
Cost of revenue368M CNY715M CNY1.3B CNY1.6B CNY1.9B CNY2.9B CNY2.5B CNY2.1B CNY2.8B CNY3.5B CNY
Gross profit-13M CNY55M CNY199M CNY487M CNY559M CNY813M CNY670M CNY571M CNY499M CNY844M CNY
Research and development33M CNY39M CNY92M CNY67M CNY105M CNY135M CNY176M CNY151M CNY130M CNY166M CNY
Selling, general and admin181M CNY158M CNY423M CNY262M CNY306M CNY474M CNY599M CNY740M CNY620M CNY767M CNY
Operating income-226M CNY-142M CNY-314M CNY187M CNY171M CNY252M CNY-89M CNY-318M CNY-251M CNY-88M CNY
Interest expense2M CNY3M CNY8M CNY11M CNY7M CNY6M CNY6M CNY1M CNY6M CNY6M CNY
Pre-tax income-233M CNY-185M CNY-349M CNY198M CNY190M CNY273M CNY-71M CNY-282M CNY-217M CNY-62M CNY
Income tax—0 CNY0 CNY8M CNY21M CNY47M CNY-22M CNY-10M CNY-24M CNY-23M CNY
Net income-233M CNY-185M CNY-349M CNY190M CNY169M CNY226M CNY-49M CNY-272M CNY-193M CNY-39M CNY
EPS (diluted)-22.35 CNY-7.02 CNY-5.30 CNY1.24 CNY1.07 CNY1.41 CNY-0.32 CNY-1.73 CNY-1.22 CNY-0.25 CNY
Diluted shares10M26M66M153M158M160M155M157M158M160M
Gross margin-3.6%7.1%13.4%23.4%22.9%21.9%21.1%21.5%15.2%19.6%
Operating margin-63.8%-18.4%-21.3%9.0%7.0%6.8%-2.8%-12.0%-7.6%-2.0%
Net margin-65.6%-24.0%-23.6%9.2%6.9%6.1%-1.6%-10.3%-5.9%-0.9%

Balance sheet

Fiscal years, in CNY, from NIU's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments202M CNY197M CNY689M CNY590M CNY973M CNY982M CNY695M CNY873M CNY630M CNY987M CNY
Receivables—10M CNY54M CNY115M CNY101M CNY269M CNY300M CNY95M CNY132M CNY37M CNY
Inventory—88M CNY142M CNY179M CNY142M CNY270M CNY417M CNY393M CNY649M CNY653M CNY
Total current assets—408M CNY1.1B CNY1.3B CNY1.5B CNY1.9B CNY2.0B CNY1.8B CNY2.2B CNY2.4B CNY
Property, plant and equipment—29M CNY41M CNY151M CNY199M CNY397M CNY397M CNY323M CNY320M CNY420M CNY
Total assets—504M CNY1.2B CNY1.5B CNY1.8B CNY2.4B CNY2.5B CNY2.2B CNY2.6B CNY3.0B CNY
Total current liabilities—578M CNY597M CNY694M CNY823M CNY1.1B CNY1.2B CNY1.1B CNY1.7B CNY2.0B CNY
Total liabilities—591M CNY615M CNY719M CNY853M CNY1.2B CNY1.2B CNY1.1B CNY1.7B CNY2.0B CNY
Shareholders' equity-213M CNY-325M CNY570M CNY792M CNY993M CNY1.3B CNY1.3B CNY1.1B CNY931M CNY905M CNY
Net debt-202M CNY-112M CNY-569M CNY-280M CNY-227M CNY-208M CNY-534M CNY-873M CNY-630M CNY-925M CNY

Cash flow

Fiscal years, in CNY, from NIU's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow-123M CNY80M CNY9M CNY179M CNY466M CNY334M CNY-122M CNY94M CNY52M CNY353M CNY
Capital spending10M CNY23M CNY32M CNY——286M CNY135M CNY79M CNY120M CNY178M CNY
Free cash flow-133M CNY57M CNY-23M CNY——48M CNY-257M CNY15M CNY-67M CNY175M CNY
Stock-based compensation78M CNY63M CNY266M CNY20M CNY40M CNY47M CNY58M CNY48M CNY24M CNY28M CNY
Share buybacks (net)——-4M CNY———————
Free cash flow margin-37.6%7.4%-1.6%——1.3%-8.1%0.6%-2.1%4.1%
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Questions

What was NIU's revenue in 2025?

4.3B CNY in fiscal 2025, from its 10-K filing.

How much free cash flow does NIU generate?

175M CNY in fiscal 2025 (operating cash flow minus capital spending).

From NIU's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.