← Niu Technologies
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | $354.8m | $769.4m | $214.9m | $298.2m | $374.6m | $581.3m | $459.4m | $373.5m | $450.5m | $616.0m | |
| Cost of Revenue | ($367.6m) | $714.7m | $186.0m | $228.4m | $288.9m | $453.8m | $362.3m | $293.1m | $382.2m | $495.4m | |
| Cost of revenues | ($367.6m) | ($714.7m) | ($1.3b) | ($1.6b) | ($1.9b) | ($2.9b) | ($2.5b) | ($2.1b) | ($2.8b) | ($3.5b) | |
| Reconciled Cost Of Revenue | — | — | — | — | — | — | $2.5b | $2.1b | $2.8b | $3.4b | |
| Gross Profit | ($12.8m) | $54.7m | $28.9m | $69.9m | $85.7m | $127.5m | $97.1m | $80.4m | $68.3m | $120.6m | |
| Research And Development | — | — | — | — | — | — | $176.5m | $151.0m | $130.1m | $166.5m | |
| Other Operating Expenses | — | — | — | — | — | — | ($16.4m) | ($3.0m) | ($912k) | ($1.4m) | |
| Operating Expenses | — | — | — | $47.4m | $63.0m | $95.6m | $112.4m | $125.5m | $102.8m | $133.4m | |
| Total operating expenses | — | ($197.4m) | ($514.4m) | ($329.7m) | ($411.0m) | ($609.0m) | ($775.3m) | ($891.2m) | ($750.3m) | ($933.2m) | |
| Operating Income (Loss) | ($226.5m) | ($144.3m) | ($46.2m) | $26.8m | $26.2m | $39.6m | ($12.9m) | ($44.7m) | ($34.3m) | ($12.6m) | |
| Additional Financial Items | |||||||||||
| Investment Income, Interest | — | $1.0m | $436k | $2.4m | $1.3m | $844k | $1.9m | $5.0m | $5.1m | $3.8m | |
| Amortization of Intangible Assets | — | $697k | $2.1m | $2.5m | $2.0m | $1.9m | $1.9m | $557k | — | — | |
| Foreign Currency Transaction Gain (Loss), before Tax | — | $1.6m | $239k | — | — | — | — | — | — | — | |
| Gain (Loss) on Investments | — | $2.3m | $669k | $875k | $2.7m | $3.3m | $1.6m | $201k | $323k | $793k | |
| Income (Loss) from Continuing Operations before Income Taxes, Domestic | — | — | — | — | — | — | — | — | — | ($34.3m) | |
| Government grants | $1.3m | $833k | $1.4m | $29.8m | $22.4m | $48.7m | $16.4m | $3.0m | $912k | $1.4m | |
| Interest income | $661k | $1.0m | $3.0m | $16.9m | $8.8m | $5.4m | $12.9m | $35.5m | $37.1m | $26.5m | |
| Investment income | $370k | $2.3m | $4.6m | $6.1m | $17.7m | $21.2m | $10.9m | $1.4m | $2.4m | $5.5m | |
| Loss before income taxes | ($232.7m) | ($184.7m) | ($349.0m) | $198.3m | $189.7m | $272.9m | ($71.2m) | ($282.0m) | ($216.8m) | ($62.4m) | |
| Income tax benefit | — | $0 | $0 | ($8.2m) | ($21.1m) | ($47.0m) | $21.8m | $10.2m | $23.6m | $23.0m | |
| Net loss | ($232.7m) | ($184.7m) | ($349.0m) | $190.1m | $168.7m | $225.8m | ($49.5m) | ($271.8m) | ($193.2m) | ($39.4m) | |
| Foreign currency translation adjustment, net of nil income taxes | ($2.7m) | $10.0m | ($28.4m) | $8.9m | ($30.1m) | ($9.7m) | $37.3m | $7.4m | $6.4m | ($14.9m) | |
| 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 | ($370k) | ($2.3m) | ($4.6m) | ($4.6m) | ($13.3m) | ($15.9m) | ($9.2m) | ($363k) | — | — | |
| Comprehensive loss | ($235.3m) | ($174.6m) | ($377.4m) | $200.5m | $138.0m | $217.7m | ($14.9m) | ($264.8m) | ($186.8m) | ($54.2m) | |
| -Basic | — | $26.3m | $65.8m | $149.0m | $150.9m | $153.7m | $155.2m | $156.8m | $158.5m | $159.7m | |
| -Diluted | — | $26.3m | $65.8m | $153.2m | $157.8m | $160.5m | $155.2m | $156.8m | $158.5m | $159.7m | |
| Depreciation Amortization Depletion Income Statement | — | — | — | — | — | — | $112.8m | $117.1m | $85.7m | $68.3m | |
| Depreciation And Amortization In Income Statement | — | — | — | — | — | — | $112.8m | $117.1m | $85.7m | $68.3m | |
| Depreciation Income Statement | — | — | — | — | — | — | $112.8m | $117.1m | $85.7m | $68.3m | |
| Diluted EPS | — | — | — | — | — | — | ($0.64) | ($3.46) | ($2.44) | ($0.50) | |
| Diluted NI Availto Com Stockholders | ($232.7m) | ($184.7m) | ($349.0m) | $190.1m | $168.7m | $225.8m | ($49.5m) | ($271.8m) | ($193.2m) | ($39.4m) | |
| Gain On Sale Of Security | $370k | $2.3m | $4.6m | $6.1m | $17.7m | $21.2m | $10.9m | $1.4m | $2.4m | $5.5m | |
| Interest Income Non Operating | $661k | $1.0m | $3.0m | $16.9m | $8.8m | $5.4m | $12.9m | $35.5m | $37.1m | $26.5m | |
| Net Income From Continuing And Discontinued Operation | ($232.7m) | ($184.7m) | ($349.0m) | $190.1m | $168.7m | $225.8m | ($49.5m) | ($271.8m) | ($193.2m) | ($39.4m) | |
| Net Income From Continuing Operation Net Minority Interest | ($232.7m) | ($184.7m) | ($349.0m) | $190.1m | $168.7m | $225.8m | ($49.5m) | ($271.8m) | ($193.2m) | ($39.4m) | |
| Net Interest Income | — | — | — | — | — | — | $7.1m | $34.1m | $31.5m | $20.3m | |
| Normalized EBITDA | — | — | — | — | — | — | $66.3m | ($134.0m) | ($91.4m) | $49.2m | |
| Normalized Income | — | — | — | — | — | — | ($57.0m) | ($273.2m) | ($195.3m) | ($42.9m) | |
| Other Gand A | — | — | — | — | — | — | $125.3m | $96.0m | $115.9m | $79.2m | |
| Provision For Doubtful Accounts | — | — | — | — | — | — | $25.0m | $139.4m | $7.6m | $5.9m | |
| Reconciled Depreciation | — | — | — | — | — | — | $142.7m | $148.1m | $122.1m | $111.0m | |
| Selling General And Administration | — | — | — | — | — | — | $461.0m | $483.8m | $526.9m | $692.5m | |
| Tax Effect Of Unusual Items | — | — | — | — | — | — | $3.3m | $52k | $257k | $2.0m | |
| Tax Provision | — | — | — | — | — | — | ($21.8m) | ($10.2m) | ($23.6m) | ($23.0m) | |
| Tax Rate For Calcs | — | — | — | — | — | — | $0 | $0 | $0 | $0 | |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | — | ($184.7m) | ($50.8m) | $28.5m | $29.1m | $42.8m | ($10.3m) | ($39.7m) | ($29.7m) | ($8.9m) | |
| Total Unusual Items | $370k | $2.3m | $4.6m | $6.1m | $17.7m | $21.2m | $10.9m | $1.4m | $2.4m | $5.5m | |
| Total Unusual Items Excluding Goodwill | $370k | $2.3m | $4.6m | $6.1m | $17.7m | $21.2m | $10.9m | $1.4m | $2.4m | $5.5m | |
| Pre-Tax Income | ($232.7m) | ($184.7m) | ($349.0m) | $198.3m | $189.7m | $272.9m | ($71.2m) | ($282.0m) | ($216.8m) | ($62.4m) | |
| Unrealized gain on available-for-sale securities, net income taxes of RMB3,080, nil and nil for the year 2023, 2024 and 2025, respectively | $457k | $2.4m | $4.7m | $6.1m | $12.8m | $17.4m | $6.5m | $17k | — | — | |
| Net Income Continuous Operations | ($232.7m) | ($184.7m) | ($349.0m) | $190.1m | $168.7m | $225.8m | ($49.5m) | ($271.8m) | ($193.2m) | ($39.4m) | |
| Net Income (Loss) Attributable to Parent | — | ($184.7m) | ($50.8m) | $27.3m | $25.8m | $35.4m | ($7.2m) | ($38.3m) | ($26.5m) | ($5.6m) | |
| Net Income Including Noncontrolling Interests | ($232.7m) | ($184.7m) | ($349.0m) | $190.1m | $168.7m | $225.8m | ($49.5m) | ($271.8m) | ($193.2m) | ($39.4m) | |
| Earnings Per Share, Basic | — | ($7.02) | ($5.30) | $0.18 | $0.17 | $0.23 | ($0.05) | ($0.24) | ($0.17) | ($0.04) | |
| Earnings Per Share, Diluted | ($22.35) | ($7.02) | ($5.30) | $0.18 | $0.16 | $0.22 | ($0.05) | ($0.24) | ($0.17) | ($0.04) | |
| Weighted Average Number of Shares Outstanding, Basic | — | 26.3m | 65.8m | 149.0m | 150.9m | 153.7m | 155.2m | 156.8m | 158.5m | 159.7m | |
| Basic Average Shares | — | — | — | — | — | — | $77.6m | $78.4m | $79.2m | $79.9m | |
| Diluted Average Shares | — | — | — | — | — | — | $77.6m | $78.4m | $79.2m | $79.9m | |
| Weighted Average Number of Shares Outstanding, Diluted | — | 26.3m | 65.8m | 153.2m | 157.8m | 160.5m | 155.2m | 156.8m | 158.5m | 159.7m | |
| Research and Development Expense | — | $39.5m | $13.4m | $9.7m | $16.1m | $21.2m | $25.6m | $21.3m | $17.8m | $23.8m | |
| Research and development expenses | ($33.1m) | ($39.5m) | ($91.8m) | ($67.2m) | ($105.3m) | ($135.2m) | ($176.5m) | ($151.0m) | ($130.1m) | ($166.5m) | |
| General and Administrative Expense | — | $76.4m | $39.9m | $11.4m | $16.1m | $22.3m | $23.0m | $34.4m | $17.9m | $13.0m | |
| 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) | ($90.8m) | ($76.4m) | ($274.1m) | ($79.6m) | ($104.9m) | ($141.8m) | ($158.5m) | ($244.5m) | ($130.6m) | ($91.0m) | |
| Operating Lease, Expense | — | — | — | $10.9m | $14.0m | — | — | — | — | — | |
| Selling and Marketing Expense | — | $83.1m | $21.8m | $26.3m | $30.8m | $52.1m | $63.9m | $69.8m | $67.1m | $96.6m | |
| Selling and marketing expenses | ($89.8m) | ($83.1m) | ($150.2m) | ($182.9m) | ($200.8m) | ($332.0m) | ($440.4m) | ($495.7m) | ($489.6m) | ($675.8m) | |
| Interest Expense | — | $3.2m | $1.1m | $1.6m | $1.1m | $968k | $829k | $201k | $5.6m | $6.1m | |
| Interest Expense (non-operating) | — | — | — | — | — | — | $5.7m | $1.4m | $770k | $877k | |
| Interest expenses | ($2.3m) | ($3.2m) | ($7.7m) | ($11.4m) | ($7.4m) | ($6.2m) | ($5.7m) | ($1.4m) | ($5.6m) | ($6.1m) | |
| Current Income Tax Expense (Benefit) | — | $0 | $0 | $7.5m | $39.2m | $42.7m | ($15.7m) | $759k | ($320k) | $1.2m | |
| Net Non Operating Interest Income Expense | — | — | — | — | — | — | $7.1m | $34.1m | $31.5m | $20.3m | |
| Operating Expense | — | — | — | — | — | — | $759.0m | $888.3m | $749.4m | $931.8m | |
| Other Income Expense | $370k | $2.3m | $4.6m | $6.1m | $17.7m | $21.2m | $10.9m | $1.4m | $2.4m | $5.5m | |
| Income Tax Expense (Benefit) | — | — | — | $1.2m | $3.2m | $7.4m | ($3.2m) | ($1.4m) | ($3.2m) | ($3.3m) | |
| Total Expenses | — | — | — | — | — | — | $3.3b | $3.0b | $3.5b | $4.4b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.