Financial Statements — NIU
Balance Sheet
(in billions CNY)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 | FY
2019 |
|---|
| Cash & Equivalents | 0.13 | 0.09 | 0.87 | 0.53 | 0.03 | 0.40 | 0.50 |
| Short-term Investments | 0.06 | -- | -- | -- | -- | -- | -- |
| Accounts Receivable | 0.04 | 0.02 | 0.09 | 0.30 | 0.27 | 0.10 | 0.02 |
| Inventory | 0.65 | 0.65 | 0.39 | 0.06 | 0.27 | 0.14 | 0.18 |
| Total Current Assets | 2.36 | 2.17 | 0.25 | 2.01 | 1.90 | 0.24 | 1.31 |
| Property, Plant & Equipment | 0.42 | 0.32 | 0.32 | 0.40 | 0.40 | 0.03 | 0.15 |
| Intangible Assets | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Non-current Assets | 0.08 | 0.06 | 0.06 | 0.52 | 0.55 | 0.30 | 0.03 |
| Total Assets | 0.42 | 0.36 | 0.31 | 2.54 | 2.44 | 1.85 | 1.51 |
| Accounts Payable | 0.70 | 0.12 | 0.58 | 0.46 | 0.54 | 0.40 | 0.04 |
| Short-term Debt | 0.24 | -- | -- | 0.16 | 0.18 | 0.18 | 0.22 |
| Total Current Liabilities | 2.00 | 0.23 | 0.15 | 1.19 | 0.18 | 0.82 | 0.10 |
| Total Non-current Liabilities | 0.04 | 0.03 | 0.02 | 0.03 | 0.05 | 0.00 | 0.00 |
| Total Liabilities | 2.05 | 1.68 | 1.10 | 1.23 | 1.18 | 0.85 | 0.72 |
| Retained Earnings | (1.09) | (1.05) | (0.12) | (0.09) | (0.54) | 0.77 | (0.93) |
| Total Stockholder Equity | 0.13 | 0.13 | 1.09 | 1.31 | 1.26 | 0.99 | 0.79 |
Income Statement
(in billions CNY) (except per-share rows)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 | FY
2019 |
|---|
| Total Revenue | 4.31 | 3.29 | 2.65 | 3.17 | 0.58 | 2.44 | 2.08 |
| Cost of Revenue | 3.46 | 2.79 | 0.29 | 2.50 | 0.45 | 1.89 | 0.23 |
| Gross Profit | 0.84 | 0.50 | 0.57 | 0.10 | 0.81 | 0.56 | 0.49 |
| Research & Development | 0.17 | 0.13 | 0.15 | 0.18 | 0.02 | 0.02 | 0.01 |
| Selling, General & Admin | 0.09 | 0.13 | 0.03 | 0.16 | 0.14 | 0.02 | 0.01 |
| Total Operating Expenses | 0.93 | 0.10 | 0.89 | 0.78 | 0.10 | 0.41 | 0.05 |
| Operating Income | (0.09) | (0.25) | (0.32) | (0.09) | 0.25 | 0.17 | 0.19 |
| Interest Expense | -- | -- | 0.00 | 0.01 | 0.00 | 0.01 | 0.01 |
| Pretax Income | (0.06) | (0.22) | (0.28) | (0.07) | 0.27 | 0.03 | 0.03 |
| Tax Provision | (0.02) | -0.00 | (0.01) | (0.02) | 0.05 | 0.02 | 0.01 |
| Net Income | (0.04) | (0.19) | (0.04) | (0.05) | 0.23 | 0.03 | 0.03 |
| Basic EPS | (0.25) | (0.17) | (0.24) | (0.05) | 0.23 | 0.17 | 0.18 |
| Diluted EPS | (0.25) | (0.17) | (0.24) | (0.32) | 0.22 | 1.07 | 0.18 |
Cash Flow Statement
(in millions CNY)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 | FY
2019 |
|---|
| Operating Cash Flow | 353.27 | 52.29 | 93.74 | (17.67) | 52.44 | 71.36 | 178.68 |
| Capital Expenditures | 177.81 | 119.75 | 78.93 | -- | -- | -- | -- |
| Free Cash Flow* | 175.46 | (67.46) | 14.80 | -- | -- | -- | -- |
| Investing Cash Flow | (90.60) | (40.06) | 216.31 | 57.69 | (46.30) | (82.03) | (67.21) |
| Financing Cash Flow | 5.74 | 100.27 | (59.35) | (17.80) | 6.25 | (13.16) | 5.07 |
* Derived from reported values
