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Niu Technologies Balance Sheet 2025-2011 | NIU
Brief overview of Niu Technologies's balance sheet structure
Balance sheet changes are traced across five available annual reports between 2021 and 2025.
The asset base progressed from 2.4 billion CNY to 3 billion CNY, equal to +20.9% overall and about 4.8% per year.
Asset growth of +20.9% came with a +73.8% rise in liabilities. Financial leverage became more prominent.
The equity ratio is 30.7% versus 51.8% five periods ago. Capitalization remains workable.
Net debt moved below zero to -917.6 million CNY, reflecting surplus cash over debt.
The balance sheet carries negative retained earnings of -1.1 billion CNY. The figure may result from accumulated losses or an active capital return policy.
Overall picture
Niu Technologies's financial structure is not clear-cut. Asset scale alone does not resolve questions about how those assets are funded.
Annual Balance Sheet Niu Technologies
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
-918 M | -629 M | -867 M | -519 M | - | - | - | -389 M | 208 M | 125 M | - | - | - | - | - |
Long Term Debt |
3.96 M | 90 K | 280 K | 7.57 M | 20.7 M | - | - | - | - | - | - | - | - | - | - |
Long Term Debt Current |
3.19 M | 1.25 M | 5.09 M | 7.74 M | 10.6 M | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
42.3 M | 29.9 M | 24.8 M | 33.8 M | 47.6 M | 30.2 M | 25.8 M | 17.8 M | 250 M | 260 M | - | - | - | - | - |
Total Current Liabilities |
2 B | 1.65 B | 1.07 B | 1.19 B | 1.13 B | 823 M | 694 M | 597 M | - | - | - | - | - | - | - |
Total Liabilities |
2.05 B | 1.68 B | 1.1 B | 1.23 B | 1.18 B | 853 M | 719 M | 615 M | 829 M | 602 M | - | - | - | - | - |
Deferred Revenue |
75.1 M | 50.2 M | 41.8 M | 37.5 M | - | 61.2 M | 38.6 M | 37.4 M | 58.4 M | 17.5 M | - | - | - | - | - |
Retained Earnings |
-1.09 B | -1.05 B | -861 M | -589 M | -540 M | -766 M | 934 M | -1.12 B | -771 M | -586 M | - | - | - | - | - |
Total Assets |
2.95 B | 2.61 B | 2.19 B | 2.54 B | 2.44 B | 1.85 B | 1.51 B | 1.19 B | 504 M | 389 M | - | - | - | - | - |
Cash and Cash Equivalents |
925 M | 630 M | 873 M | 534 M | - | 395 M | 280 M | 569 M | 282 M | 91.1 M | - | - | - | - | - |
Book Value |
905 M | 931 M | 1.09 B | 1.31 B | 1.26 B | 993 M | 792 M | 570 M | -325 M | -213 M | - | - | - | - | - |
Total Shareholders Equity |
905 M | 931 M | 1.09 B | 1.31 B | 1.26 B | 993 M | 792 M | 570 M | -325 M | -213 M | - | - | - | - | - |
All numbers in CNY currency
Quarterly Balance Sheet Niu Technologies
| 2025-Q4 | 2024-Q4 | 2023-Q4 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
3.96 M | 90 K | 280 K | - | - | - | - | 13.9 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
42.3 M | 29.9 M | 24.8 M | - | - | - | - | 47.6 M | - | - | - | 30.2 M | - | - | - | 25.8 M | - | - | - | 17.8 M | - | - | - | 12.5 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
2.05 B | 1.68 B | 1.1 B | - | - | - | - | 1.18 B | - | - | - | 853 M | - | - | - | 719 M | - | - | - | 615 M | - | - | - | 591 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Deferred Revenue |
75.1 M | 50.2 M | 41.8 M | - | - | - | - | 32.8 M | - | - | - | 21.2 M | - | - | - | 31.1 M | - | - | - | 12.7 M | - | - | - | 9.85 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
-1.09 B | -1.05 B | -861 M | - | - | - | - | -540 M | - | - | - | -766 M | - | - | - | 934 M | - | - | - | -1.12 B | - | - | - | -771 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
2.95 B | 2.61 B | 2.19 B | - | - | - | - | 2.44 B | - | - | - | 1.85 B | - | - | - | 1.51 B | - | - | - | 1.19 B | - | - | - | 504 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
925 M | 630 M | 873 M | - | - | - | - | 208 M | - | - | - | 227 M | - | - | - | 280 M | - | - | - | 569 M | - | - | - | 112 M | - | - | - | 202 M | - | - | - | 47.1 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
905 M | 931 M | 1.09 B | - | - | - | - | 1.26 B | - | - | - | 993 M | - | - | - | 792 M | - | - | - | 570 M | - | - | - | -87.4 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
905 M | 931 M | 1.09 B | - | - | - | - | 1.26 B | - | - | - | 993 M | - | - | - | 792 M | - | - | - | 570 M | - | - | - | -325 M | - | - | - | -213 M | - | - | - | -56.2 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in CNY currency
Balance Sheet is a fundamental financial report of Niu Technologies, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
Balance sheet of other industry stocks – Auto manufacturers
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