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Niu Technologies (NIU)
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Niu Technologies Income Statement 2025-2011 | NIU
Brief overview of profit and loss at Niu Technologies
The overview follows changes across a five-year period. Revenue at Niu Technologies moved from 2.4 billion yuan in 2020 to 4.3 billion yuan in 2025. Overall revenue changed by +76.2%, equal to an annualized rate of about 12%. Revenue followed a strong upward trend without signs of stagnation.
At the gross-profit level, the result moved from 559 million yuan to 844 million yuan, a change of +50.9%. Direct costs outpaced revenue, limiting the benefit of changes in sales. Comparing the endpoints gives gross margins of 22.9% and 19.6%. The business retained less gross profit from each unit of revenue.
The operating result measured by EBITDA moved from 221 million yuan to 22.7 million yuan, or −89.7%. EBITDA underperformed the top-line trend. At the operating-margin level, the figure shifted from 9% to 0.5%. Operating return per unit of revenue declined.
Across the five years, the net result shifted from 169 million yuan to −39.4 million yuan. The business lost profitability by the end of the period.
The market value of the business moved from 4.2 billion yuan to 503 million yuan, or −88.1%. Financial performance is stronger than the share-price trend.
What the figures show
The financial trajectory is weak and requires a cautious interpretation. The positive side is supported by sales growth. The main areas of concern are a weaker final result, a weaker market valuation and a lower gross margin. Investors should continue to monitor margins, costs, and earnings quality.
Annual Income Statement Niu Technologies
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
503 M | 507 M | 354 M | 467 M | 2.48 B | 4.23 B | 1.27 B | 461 M | 79.1 M | 1.82 B | - | - | - | - | - |
Shares |
160 M | 158 M | 157 M | 155 M | 154 M | 151 M | 149 M | 65.8 M | 26.3 M | 151 M | - | - | - | - | - |
Historical Prices |
3.15 | 3.2 | 2.26 | 3.01 | 16.1 | 28.1 | 8.53 | 7 | - | - | - | - | - | - | - |
Net Income |
-39.4 M | -193 M | -272 M | -49.5 M | 226 M | 169 M | 190 M | -349 M | -185 M | -233 M | - | - | - | - | - |
Revenue |
4.31 B | 3.29 B | 2.65 B | 3.17 B | 3.7 B | 2.44 B | 2.08 B | 1.48 B | 769 M | 355 M | - | - | - | - | - |
Cost of Revenue |
3.46 B | 2.79 B | 2.08 B | 2.5 B | 2.89 B | 1.89 B | 1.59 B | 1.28 B | 715 M | 368 M | - | - | - | - | - |
Gross Profit |
844 M | 499 M | 571 M | 670 M | 813 M | 559 M | 487 M | 199 M | 54.7 M | -12.8 M | - | - | - | - | - |
Operating Income |
-88.2 M | -251 M | -318 M | -89.3 M | 252 M | 171 M | 187 M | -314 M | -142 M | -226 M | - | - | - | - | - |
Interest Expense |
- | - | 1.42 M | 5.72 M | 6.17 M | 7.38 M | 11.4 M | 7.72 M | 3.15 M | 2.32 M | - | - | - | - | - |
EBITDA |
22.7 M | -128 M | -169 M | 53.4 M | 348 M | 221 M | 219 M | -296 M | -132 M | -220 M | - | - | - | - | - |
Operating Expenses |
933 M | 750 M | 891 M | 775 M | 609 M | 389 M | 300 M | 515 M | 198 M | 212 M | - | - | - | - | - |
General and Administrative Expenses |
91 M | 131 M | 245 M | 158 M | 142 M | 105 M | 79.6 M | 274 M | 76.4 M | 90.8 M | - | - | - | - | - |
Annual performance
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All numbers in CNY currency
Quarterly Income Statement 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
160 M | 158 M | 157 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 64.6 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Net Income |
-39.4 M | -193 M | -272 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Revenue |
4.31 B | 3.29 B | 2.65 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cost of Revenue |
3.46 B | 2.79 B | 2.08 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Gross Profit |
844 M | 499 M | 571 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Income |
-88.2 M | -251 M | -318 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Interest Expense |
- | - | 1.42 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
EBITDA |
22.7 M | -128 M | -169 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Expenses |
933 M | 750 M | 891 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
General and Administrative Expenses |
91 M | 131 M | 245 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quarterly performance
Select metrics to display
All numbers in CNY currency
The income statement is one of the three key financial reports of a company Niu Technologies (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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