$NIU

Niu Technologies

CIK:0001744781|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS	12 Months Ended
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Revenues	¥ 4,307,865,498	$ 616,016,573	¥ 3,288,296,344	¥ 2,651,757,646
Cost of revenues	(3,464,294,613)	(495,387,541)	(2,789,533,350)	(2,081,010,633)
Gross profit	843,570,885	120,629,032	498,762,994	570,747,013
Operating expenses:
Selling and marketing expenses	(675,769,295)	(96,633,724)	(489,577,690)	(495,734,694)
Research and development expenses	(166,452,286)	(23,802,360)	(130,111,359)	(150,985,739)
General and administrative expenses (including allowance for doubtful accounts of RMB139,445,017 and RMB7,632,517 for the years ended December 31, 2023 and 2024, respectively, and a reversal of allowance of RMB5,870,581 for the year ended December 31, 2025)	(90,963,018)	(13,007,539)	(130,617,629)	(244,518,817)
Total operating expenses	(933,184,599)	(133,443,623)	(750,306,678)	(891,239,250)
Government grants	1,366,650	195,428	911,556	2,968,735
Operating loss	(88,247,064)	(12,619,163)	(250,632,128)	(317,523,502)
Interest expenses	(6,130,439)	(876,641)	(5,623,544)	(1,423,924)
Interest income	26,464,512	3,784,375	37,089,488	35,492,190
Investment income	5,543,812	792,755	2,358,995	1,426,370
Loss before income taxes	(62,369,179)	(8,918,674)	(216,807,189)	(282,028,866)
Income tax benefit	22,983,591	3,286,610	23,606,550	10,192,884
Net loss	(39,385,588)	(5,632,064)	(193,200,639)	(271,835,982)
Other comprehensive loss:
Foreign currency translation adjustment, net of nil income taxes	(14,861,312)	(2,125,139)	6,366,312	7,386,368
Unrealized gain on available-for-sale securities, net income taxes of RMB3,080, nil and nil for the year 2023, 2024 and 2025, respectively \| ¥				17,454
Less: reclassification adjustment for gain on available-for-sale securities realized in net loss, net of RMB64,025, nil and nil income taxes for the year 2023, 2024 and 2025, respectively \| ¥				(362,810)
Comprehensive loss	¥ (54,246,900)	$ (7,757,203)	¥ (186,834,327)	¥ (264,794,970)
Net loss per ordinary share
-Basic \| (per share)	¥ (0.25)	$ (0.04)	¥ (1.22)	¥ (1.73)
-Diluted \| (per share)	¥ (0.25)	$ (0.04)	¥ (1.22)	¥ (1.73)
Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net loss per ordinary share
-Basic \| shares	159,714,698	159,714,698	158,460,242	156,816,105
-Diluted \| shares	159,714,698	159,714,698	158,460,242	156,816,105

CONSOLIDATED STATEMENTS OF CASH FLOWS	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Operating activities:
Net loss	¥ (39,385,588)	$ (5,632,064)	¥ (193,200,639)	¥ (271,835,982)
Adjustments to reconcile net loss to net cash provided by operating activities:
Allowance for doubtful accounts	(5,870,581)	(839,482)	7,632,517	139,445,017
Share-based compensation (Note 13)	27,731,397	3,965,537	24,232,978	47,659,304
Depreciation and amortization	110,958,296	15,866,825	122,145,353	148,064,759
Reduction in the carrying amount of right-of-use assets	4,975,534	711,492	6,742,635	8,303,344
Investment income	(5,543,812)	(792,755)	(2,358,995)	(1,426,370)
Unrealized foreign exchange gain	(4,076,187)	(582,887)	(1,965,545)	(4,557,547)
Deferred income tax benefit	(24,206,422)	(3,461,472)	(23,286,678)	(10,952,309)
Loss on disposal of property, plant and equipment	2,305,199	329,639	470,395	22,077
Write-downs of inventories (Note 4)	89,204,469	12,756,069	30,028,243	21,681,652
Changes in operating assets and liabilities:
Accounts receivable	101,333,387	14,490,482	(44,889,491)	65,371,286
Inventories	(89,468,382)	(12,793,808)	(288,201,161)	2,627,537
Prepayments and other current assets	(77,815,236)	(11,127,431)	(58,796,807)	(5,062,337)
Other non-current assets	(16,929,320)	(2,420,861)	(6,136,484)	6,269,554
Accounts payable and notes payable	(64,925,901)	(9,284,280)	423,029,917	(33,303,059)
Advances from customers	146,731,281	20,982,294	16,557,569	(5,657,752)
Deferred revenue	31,330,262	4,480,168	12,210,754	5,953,975
Other non-current liabilities	3,244,075	463,897	729,322	(1,280,068)
Income tax receivable				13,340,152
Income taxes payable	1,125,796	160,987	(285,999)	(540,152)
Accrued expenses and other current liabilities	166,457,067	23,803,043	32,804,911	(21,922,192)
Operating lease liabilities	(3,905,319)	(558,453)	(5,176,177)	(8,465,797)
Net cash provided by operating activities	353,270,015	50,516,940	52,286,618	93,735,092
Investing activities:
Cash paid for purchase of property, plant and equipment	(177,808,393)	(25,426,261)	(119,749,137)	(78,934,562)
Cash paid for purchase of term deposits	(50,008,000)	(7,151,049)	(379,755,995)	(379,419,347)
Cash received from redemption of term deposits	195,028,000	27,888,633	204,717,290	513,238,247
Cash paid for purchase of short-term investments	(3,435,678,000)	(491,295,420)	(2,045,830,020)	(420,000,000)
Cash received from sale of short-term investments	3,377,865,710	483,028,372	2,048,189,015	581,426,370
Net cash provided by (used in) investing activities	(90,600,683)	(12,955,725)	(292,428,847)	216,310,708
Financing activities:
Cash received from exercise of employee stock options	164,587	23,536	267,335	654,023
Proceeds from short-term bank borrowings	240,000,000	34,319,544	200,000,000	100,000,000
Repayment for short-term bank borrowings	(200,000,000)	(28,599,620)	(100,000,000)	(160,000,000)
Net cash (used in) provided by financing activities	40,164,587	5,743,460	100,267,335	(59,345,977)
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash	(13,648,886)	(1,951,765)	6,051,800	8,913,200
Net increase (decrease) in cash, cash equivalents and restricted cash	289,185,033	41,352,910	(133,823,094)	259,613,023
Cash, cash equivalents and restricted cash at the beginning of the year	846,417,099	121,036,035	980,240,193	720,627,170
Cash, cash equivalents and restricted cash at the end of the year	1,135,602,132	162,388,945	846,417,099	980,240,193
Supplemental information
Interest paid	5,900,833	843,808	5,460,000	1,616,253
Income tax paid	89,930	12,860	142,311	1,066,182
Construction payable	¥ 55,417,029	$ 7,924,530	¥ 19,824,443	¥ 13,441,923

CONSOLIDATED BALANCE SHEETS	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets
Cash and cash equivalents	¥ 924,738,132	$ 132,235,794	¥ 630,021,303
Term deposits	128,235,695	18,337,460	274,351,895
Restricted cash	210,864,000	30,153,151	216,395,796
Short-term investments	62,661,176	8,960,429
Accounts receivable, net	37,372,044	5,344,131	131,921,419
Inventories	652,579,651	93,317,649	649,177,719
Prepayments and other current assets	343,536,572	49,125,076	267,938,339
Total current assets	2,359,987,270	337,473,690	2,169,806,471
Non-current assets
Property, plant and equipment, net	420,173,035	60,083,945	320,013,632
Intangible assets, net	776,328	111,013	1,043,801
Operating lease right-of-use assets	75,954,225	10,861,310	71,223,350
Deferred income tax assets	57,457,432	8,216,303	31,752,254
Other non-current assets	35,988,114	5,146,232	19,318,659
Total non-current assets	590,349,134	84,418,803	443,351,696
Total assets	2,950,336,404	421,892,493	2,613,158,167
Current liabilities
Short-term bank borrowings	240,000,000	34,319,544	200,000,000
Notes payable (including notes payable of VIE without recourse to the Company were RMB294,348,768 and RMB394,285,714 as of December 31, 2024 and 2025, respectively)	394,285,714	56,382,107	294,348,768
Accounts payable (including accounts payable of VIE without recourse to the Company of RMB856,557,922 and RMB670,748,944 as of December 31, 2024 and 2025, respectively)	704,089,088	100,683,400	869,015,140
Income taxes payable (including income taxes payable of VIE without recourse to the Company of RMB909,115 and RMB933,612 as of December 31, 2024 and 2025, respectively)	2,197,710	314,268	1,071,914
Advances from customers (including advances from customers of VIE without recourse to the Company of RMB32,623,364 and RMB174,904,222 as of December 31, 2024 and 2025, respectively)	182,598,444	26,111,230	35,892,860
Deferred revenue-current (including deferred revenue-current of VIE without recourse to the Company of RMB50,247,103 and RMB75,148,049 as of December 31, 2024 and 2025, respectively)	75,148,049	10,746,028	50,247,103
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIE without recourse to the Company of RMB192,470,955 and RMB382,533,451 as of December 31, 2024 and 2025, respectively)	404,813,611	57,887,575	201,356,008
Total current liabilities	2,003,132,616	286,444,152	1,651,931,793
Non-current liabilities
Deferred revenue-non-current (including deferred revenue non-current of VIE without recourse to the Company of RMB16,886,859 and RMB23,316,175 as of December 31, 2024 and 2025, respectively)	23,316,175	3,334,169	16,886,859
Deferred income tax liabilities (including deferred income tax liabilities of VIE without recourse to the Company of RMB3,269,464 and RMB2,057,892 as of December 31, 2024 and 2025, respectively)	2,057,892	294,275	3,269,464
Operating lease liabilities-non-current (including operating lease liabilities of VIE without recourse to the Company were RMB89,990 and RMB976,934 as of December 31, 2024 and 2025, respectively)	3,956,501	565,772	89,990
Other non-current liabilities (including other non-current liabilities of VIE without recourse to the Company of RMB9,697,841 and RMB12,941,916 as of December 31, 2024 and 2025, respectively)	12,941,916	1,850,669	9,697,841
Total non-current liabilities	42,272,484	6,044,885	29,944,154
Total liabilities	2,045,405,100	292,489,037	1,681,875,947
Commitments and contingencies
SHAREHOLDERS' EQUITY:
Additional paid-in capital	2,016,533,709	288,360,485	1,988,638,160
Accumulated other comprehensive loss	(17,990,674)	(2,572,632)	(3,129,362)
Accumulated deficit	(1,093,713,031)	(156,398,883)	(1,054,327,443)
Total shareholders' equity	904,931,304	129,403,456	931,282,220
Total liabilities and shareholders' equity	2,950,336,404	421,892,493	2,613,158,167
Class A ordinary shares
SHAREHOLDERS' EQUITY:
Ordinary Shares	91,796	13,127	90,549
Class B ordinary shares
SHAREHOLDERS' EQUITY:
Ordinary Shares	¥ 9,504	$ 1,359	¥ 10,316