← Niu Technologies
| Annual Trend | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||||
| Current assets: | ||||||||||
| Cash and Cash Equivalents, at Carrying Value | — | — | — | — | $32.7m | $77.5m | $122.9m | $86.3m | $132.2m | |
| Prepaid Expense and Other Assets, Current | $7.3m | $3.9m | $4.5m | $5.0m | $8.8m | $29.8m | $27.5m | $36.7m | $49.1m | |
| Short-term Investments | $85.2m | $120.2m | $310.4m | $745.6m | $773.7m | $160.4m | — | — | $9.0m | |
| Cash and cash equivalents | — | — | — | $227.0m | $208.4m | $534.3m | $872.6m | $630.0m | $924.7m | |
| Accounts receivable, net | $10.4m | $54.4m | $115.2m | $101.3m | $268.6m | $299.7m | $95.0m | $131.9m | $37.4m | |
| Prepayments and other current assets | $7.3m | $26.9m | $31.0m | $32.8m | $56.1m | $205.7m | $195.1m | $267.9m | $343.5m | |
| Accrued Interest Receivable | — | — | — | — | — | $1.9m | $7.4m | $10.5m | $12.7m | |
| Allowance For Doubtful Accounts Receivable | — | — | — | — | — | ($29.6m) | ($169.0m) | ($176.6m) | ($171.0m) | |
| Cash Cash Equivalents And Short Term Investments | — | — | — | — | — | $903.3m | $970.1m | $904.4m | $1.1b | |
| Gross Accounts Receivable | — | — | — | — | — | $329.3m | $264.0m | $308.6m | $208.4m | |
| Non Current Prepaid Assets | — | — | — | — | — | $10.8m | $4.5m | $10.6m | $27.6m | |
| Other Current Assets | — | — | — | — | — | $5.4m | $4.7m | $5.2m | $6.1m | |
| Other Receivables | — | — | — | — | — | $11.6m | $12.3m | $12.0m | $19.8m | |
| Other Short Term Investments | — | — | — | — | — | $369.0m | $97.6m | $274.4m | $190.9m | |
| Prepaid Assets | — | — | — | — | — | $54.7m | $35.7m | $34.8m | $61.6m | |
| Taxes Receivable | — | — | — | — | — | $117.7m | $123.3m | $180.5m | $221.1m | |
| Inventory, Net | $88.2m | $20.7m | $25.7m | $21.8m | $42.3m | $60.5m | $55.3m | $88.9m | $93.3m | |
| Assets, Current | $407.7m | $162.9m | $188.4m | $237.2m | $297.5m | $291.7m | $248.0m | $297.3m | $337.5m | |
| Total current assets | $407.7m | $1.1b | $1.3b | $1.5b | $1.9b | $2.0b | $1.8b | $2.2b | $2.4b | |
| Property, Plant and Equipment, Net | $28.7m | $6.0m | $21.7m | $30.5m | $62.3m | $57.6m | $45.5m | $43.8m | $60.1m | |
| Intangible assets, net | $1.3m | $7.7m | $7.8m | $5.6m | $3.7m | $1.9m | $1.3m | $1.0m | $776k | |
| Goodwill And Other Intangible Assets | — | — | — | — | — | $1.9m | $1.3m | $1.0m | $776k | |
| Other Intangible Assets | — | — | — | — | — | $1.9m | $1.3m | $1.0m | $776k | |
| Operating Lease, Right-of-Use Asset | — | — | — | — | $14.8m | $12.6m | $10.8m | $9.8m | $10.9m | |
| Other Assets, Noncurrent | $627k | $2.4m | $937k | $4.7m | $371k | $1.8m | $948k | $2.6m | $5.1m | |
| Operating lease right-of-use assets | — | — | — | $0 | $94.2m | $86.6m | $76.8m | $71.2m | $76.0m | |
| Additional Financial Items | ||||||||||
| Accounts Receivable, after Allowance for Credit Loss, Current | $10.4m | $7.9m | $16.6m | $15.5m | $42.1m | $43.5m | $13.4m | $18.1m | $5.3m | |
| Term deposits | — | $27.5m | $174.4m | $130.5m | — | $208.6m | $97.6m | $274.4m | $128.2m | |
| Restricted cash | $104.5m | $179.3m | $221.7m | $168.5m | $224.0m | $186.3m | $107.7m | $216.4m | $210.9m | |
| Deferred income tax assets | — | — | — | $14.6m | $11.9m | $6.1m | $20.7m | $31.8m | $57.5m | |
| Other non-current assets | $627k | $16.8m | $6.5m | $30.8m | $2.4m | $12.7m | $6.7m | $19.3m | $36.0m | |
| Short-term bank borrowings | $168.2m | $180.0m | $217.4m | $180.0m | $180.0m | $160.0m | $100.0m | $200.0m | $240.0m | |
| 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) | — | — | — | $0 | $143.6m | $316.8m | $167.3m | $294.3m | $394.3m | |
| 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) | — | $0 | $3.0m | $14.6m | $17.6m | $1.9m | $1.4m | $1.1m | $2.2m | |
| 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) | $48.5m | $20.5m | $7.5m | $40.1m | $17.3m | $24.9m | $19.3m | $35.9m | $182.6m | |
| 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) | $75.4m | $134.2m | $175.5m | $171.7m | $198.9m | $192.1m | $165.5m | $201.4m | $404.8m | |
| 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) | — | — | — | $0 | $13.9m | $7.6m | $280k | $90k | $4.0m | |
| 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) | — | $17.6m | $22.4m | $24.9m | $21.0m | $13.4m | $9.0m | $9.7m | $12.9m | |
| Ordinary Shares | $40k | $96k | $96k | $99k | $99k | $100k | $100k | $101k | $101k | |
| Accumulated Depreciation | — | — | — | — | — | ($313.9m) | ($423.9m) | ($513.9m) | ($575.5m) | |
| Available For Sale Securities | — | — | — | — | $35.9m | $20.0m | — | — | — | |
| Buildings And Improvements | — | — | — | — | — | $148.4m | $149.5m | $152.4m | $154.6m | |
| Capital Lease Obligations | — | — | — | — | — | $15.3m | $5.4m | $1.3m | $7.1m | |
| Construction In Progress | — | — | — | — | — | $1.9m | $2.2m | $8.7m | $8.4m | |
| Current Accrued Expenses | — | — | — | — | — | $76.0m | $68.4m | $83.9m | $178.0m | |
| Current Capital Lease Obligation | — | — | — | — | — | $7.7m | $5.1m | $1.3m | $3.2m | |
| Current Debt | — | — | — | — | — | $476.8m | $267.3m | $494.3m | $634.3m | |
| Current Debt And Capital Lease Obligation | — | — | — | — | — | $484.6m | $272.4m | $495.6m | $637.5m | |
| Current Deferred Assets | — | — | — | — | — | $14.4m | $11.7m | $24.9m | $22.2m | |
| Current Deferred Liabilities | — | — | — | — | — | $62.5m | $61.1m | $86.1m | $257.7m | |
| Current Notes Payable | — | — | — | — | — | $316.8m | $167.3m | $294.3m | $394.3m | |
| Finished Goods | — | — | — | — | — | $267.0m | $244.4m | $471.5m | $475.8m | |
| Gross PPE | — | — | — | — | — | $799.8m | $826.0m | $913.9m | $1.1b | |
| Income Tax Payable | — | — | — | — | — | $1.9m | $1.4m | $1.1m | $2.2m | |
| Interest Payable | — | — | — | — | $275k | $280k | $88k | — | — | |
| Invested Capital | — | — | — | — | — | $1.8b | $1.4b | $1.4b | $1.5b | |
| Investmentin Financial Assets | — | — | — | — | $35.9m | $20.0m | $0 | — | — | |
| Investments And Advances | — | — | — | — | $35.9m | $20.0m | $0 | — | — | |
| Leases | — | — | — | — | — | $10.8m | $10.8m | $10.9m | $11.5m | |
| Line Of Credit | — | — | — | — | — | $160.0m | $100.0m | $200.0m | $240.0m | |
| Long Term Capital Lease Obligation | — | — | — | — | — | $7.6m | $280k | $90k | $4.0m | |
| Machinery Furniture Equipment | — | — | — | — | — | $552.0m | $586.7m | $670.7m | $829.5m | |
| Net PPE | — | — | — | — | — | $485.9m | $402.2m | $399.9m | $504.6m | |
| Net Tangible Assets | — | — | — | — | — | $1.3b | $1.1b | $930.2m | $904.2m | |
| Non Current Deferred Assets | — | — | — | — | — | $6.1m | $20.7m | $31.8m | $57.5m | |
| Non Current Deferred Liabilities | — | — | — | — | — | $12.8m | $15.5m | $20.2m | $25.4m | |
| Non Current Deferred Taxes Assets | — | — | — | — | — | $6.1m | $20.7m | $31.8m | $57.5m | |
| Ordinary Shares Number | — | — | — | — | — | $154.3m | $155.1m | $155.8m | $156.5m | |
| Other Current Borrowings | — | — | — | — | $143.6m | $316.8m | $167.3m | — | — | |
| Other Current Liabilities | — | — | — | — | — | $73.1m | $74.1m | $86.8m | $143.3m | |
| Other Equity Adjustments | — | — | — | — | — | ($16.5m) | ($9.5m) | ($3.1m) | ($18.0m) | |
| Other Non Current Liabilities | — | — | — | — | — | $13.4m | $9.0m | $9.7m | $12.9m | |
| Other Payable | — | — | — | — | — | $16.5m | $14.4m | $20.3m | $55.4m | |
| Other Properties | — | — | — | — | — | $86.6m | $76.8m | $71.2m | $76.0m | |
| Properties | — | — | — | — | — | $0 | $0 | $0 | $0 | |
| Raw Materials | — | — | — | — | — | $149.9m | $148.4m | $177.6m | $176.8m | |
| Share Issued | — | — | — | — | — | $154.3m | $155.1m | $155.8m | $156.5m | |
| Tangible Book Value | — | — | — | — | — | $1.3b | $1.1b | $930.2m | $904.2m | |
| Work In Process | — | — | — | — | $28k | $69k | $7k | — | — | |
| Working Capital | — | — | — | — | — | $819.3m | $689.7m | $517.9m | $356.9m | |
| Total non-current assets | $95.9m | $65.5m | $199.5m | $298.9m | $545.3m | $524.6m | $428.7m | $443.4m | $590.3m | |
| Total non-current liabilities | $12.5m | $17.8m | $25.8m | $30.2m | $47.6m | $33.8m | $24.8m | $29.9m | $42.3m | |
| Total shareholders' equity | ($325.2m) | $570.4m | $791.5m | $993.4m | $1.3b | $1.3b | $1.1b | $931.3m | $904.9m | |
| Total Capitalization | — | — | — | — | — | $1.3b | $1.1b | $931.3m | $904.9m | |
| Total Debt | — | — | — | — | — | $492.1m | $272.7m | $495.7m | $641.4m | |
| Total Tax Payable | — | — | — | — | — | $20.7m | $4.9m | $10.1m | $27.1m | |
| Assets | $503.6m | $172.4m | $217.0m | $283.0m | $383.1m | $367.8m | $308.4m | $358.0m | $421.9m | |
| Total assets | $503.6m | $1.2b | $1.5b | $1.8b | $2.4b | $2.5b | $2.2b | $2.6b | $3.0b | |
| LIABILITIES AND EQUITY | ||||||||||
| Current liabilities: | ||||||||||
| Operating Lease, Liability, Current | — | — | — | — | $7.7m | $7.7m | $5.1m | $1.3m | $3.2m | |
| Accounts Payable, Current | $124.9m | $36.3m | $37.2m | $60.7m | $84.6m | $66.6m | $81.1m | $119.1m | $100.7m | |
| Operating Lease, Liability, Noncurrent | — | — | — | — | $2.2m | $1.1m | $39k | $12k | $566k | |
| 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) | $124.9m | $249.7m | $259.0m | $395.8m | $538.9m | $459.5m | $575.7m | $869.0m | $704.1m | |
| 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) | $9.9m | $12.7m | $31.1m | $21.2m | $32.8m | $37.5m | $41.8m | $50.2m | $75.1m | |
| Payables And Accrued Expenses | — | — | — | — | — | $572.7m | $663.4m | $983.4m | $964.6m | |
| Liabilities, Current | $578.5m | $86.8m | $99.6m | $126.2m | $177.2m | $172.9m | $150.8m | $226.3m | $286.4m | |
| Total current liabilities | $578.5m | $597.0m | $693.5m | $823.3m | $1.1b | $1.2b | $1.1b | $1.7b | $2.0b | |
| Deferred Income Tax Liabilities, Net | — | — | $182k | $170k | $313k | $203k | $333k | $448k | $294k | |
| Other Liabilities, Noncurrent | — | — | $3.2m | $3.8m | $3.3m | $1.9m | $1.3m | $1.3m | $1.9m | |
| 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) | — | $0 | $1.3m | $1.1m | $2.0m | $1.4m | $2.4m | $3.3m | $2.1m | |
| Long Term Debt And Capital Lease Obligation | — | — | — | — | — | $7.6m | $280k | $90k | $4.0m | |
| Non Current Deferred Taxes Liabilities | — | — | — | — | — | $1.4m | $2.4m | $3.3m | $2.1m | |
| Deferred Tax Liabilities, Net | — | — | $1.3m | $1.1m | $2.0m | $1.4m | $2.4m | $3.3m | $2.1m | |
| Liabilities | $591.0m | $89.4m | $103.3m | $130.8m | $184.6m | $177.8m | $154.3m | $230.4m | $292.5m | |
| Total liabilities | $591.0m | $614.8m | $719.3m | $853.4m | $1.2b | $1.2b | $1.1b | $1.7b | $2.0b | |
| Stockholders’ equity: | ||||||||||
| Common Stock, Value, Issued | $40k | — | — | — | — | — | — | — | — | |
| Additional Paid in Capital | $440.3m | $249.8m | $249.7m | $276.2m | $291.2m | $277.8m | $276.6m | $272.4m | $288.4m | |
| Retained Earnings (Accumulated Deficit) | ($771.2m) | ($163.5m) | ($134.2m) | $117.3m | ($84.7m) | ($85.4m) | ($121.3m) | ($144.4m) | ($156.4m) | |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $5.6m | ($3.3m) | ($1.8m) | $6.6m | ($8.0m) | ($2.4m) | ($1.3m) | ($429k) | ($2.6m) | |
| Accumulated other comprehensive loss | $5.6m | ($22.8m) | ($12.4m) | ($43.0m) | ($51.1m) | ($16.5m) | ($9.5m) | ($3.1m) | ($18.0m) | |
| Accumulated deficit | ($771.2m) | ($1.1b) | ($934.3m) | ($765.6m) | ($539.8m) | ($589.3m) | ($861.1m) | ($1.1b) | ($1.1b) | |
| Capital Stock | — | — | — | — | — | $100k | $100k | $101k | $101k | |
| Gains Losses Not Affecting Retained Earnings | — | — | — | — | — | ($16.5m) | ($9.5m) | ($3.1m) | ($18.0m) | |
| Stockholders' Equity Attributable to Parent | ($325.2m) | $83.0m | $113.7m | $152.2m | $198.4m | $189.9m | $154.0m | $127.6m | $129.4m | |
| Total Equity Gross Minority Interest | — | — | — | — | — | $1.3b | $1.1b | $931.3m | $904.9m | |
| Total Non Current Liabilities Net Minority Interest | — | — | — | — | — | $33.8m | $24.8m | $29.9m | $42.3m | |
| Liabilities and Equity | $503.6m | $172.4m | $217.0m | $283.0m | $383.1m | $367.8m | $308.4m | $358.0m | $421.9m | |
| Total liabilities and shareholders' equity | $503.6m | $1.2b | $1.5b | $1.8b | $2.4b | $2.5b | $2.2b | $2.6b | $3.0b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.