Niu Technologies (NIU) Cash Flow Statement
Where NIU’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥353.3M +575.6% vs 2024
- Capital expenditures
- CN¥177.8M 4.2% of revenue
- Free cash flow
- CN¥175.5M 4.2% margin
- Returned to shareholders
- —
- Change in cash
- CN¥289.2M cash at year-end CN¥1.14B
Drawn to scale: where the cash came from and how it was used. Hover for values.
NIU operating cash flow, capex and free cash flow
NIU cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CN¥123.1M2016 | CN¥353.3M2025 | — | |
| Capital expenditures | CN¥10.3M2016 | CN¥177.8M2025 | +37.2%/yr | |
| Free cash flow | −CN¥133.4M2016 | CN¥175.5M2025 | — | |
| Free cash flow margin | −37.6%2016 | 4.2%2025 | +41.8 pts | |
| Operating cash flow / net income | 0.942019 | 1.482021 | +0.54 | |
| Stock-based compensation | CN¥78.3M2016 | CN¥27.7M2025 | −10.9%/yr | |
| Dividends paid | CN¥02016 | CN¥02019 | — | |
| Share buybacks (net) | CN¥02016 | CN¥02020 | — | |
| Capex / revenue | 2.9%2016 | 4.2%2025 | +1.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NIU cash flow by activity
NIU net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NIU cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −CN¥39.4M | −CN¥193.2M | −CN¥271.8M | −CN¥338.9M | CN¥225.8M | CN¥168.7M | CN¥190.1M | −CN¥349.0M | −CN¥184.7M | −CN¥232.7M |
| Depreciation & amortization | CN¥111.0M | CN¥122.1M | CN¥148.1M | CN¥142.7M | CN¥95.5M | CN¥50.2M | CN¥32.4M | CN¥18.9M | CN¥9.7M | CN¥5.2M |
| Stock-based compensation | CN¥27.7M | CN¥24.2M | CN¥47.7M | CN¥398.9M | CN¥47.2M | CN¥39.6M | CN¥19.6M | CN¥265.9M | CN¥62.5M | CN¥78.3M |
| Change in working capital | CN¥197.2M | CN¥81.8M | CN¥17.3M | −CN¥2.00B | −CN¥35.3M | CN¥233.3M | −CN¥70.3M | CN¥25.6M | CN¥149.6M | CN¥22.1M |
| Other non-cash items | CN¥56.8M | CN¥17.3M | CN¥152.5M | CN¥962.1M | CN¥954,569 | −CN¥26.2M | CN¥6.8M | CN¥46.5M | CN¥42.8M | CN¥4.1M |
| Cash from operating activities | CN¥353.3M | CN¥52.3M | CN¥93.7M | −CN¥835.0M | CN¥334.2M | CN¥465.6M | CN¥178.7M | CN¥7.8M | CN¥80.1M | −CN¥123.1M |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥177.8M | −CN¥119.7M | −CN¥78.9M | −CN¥927.4M | −CN¥285.7M | −CN¥151.6M | −CN¥141.0M | −CN¥53.3M | −CN¥23.2M | −CN¥10.3M |
| Investments (net) | CN¥87.2M | −CN¥292.4M | CN¥216.3M | CN¥397.9M | −CN¥8.7M | −CN¥383.6M | −CN¥326.9M | −CN¥103.6M | −CN¥55.9M | −CN¥59.9M |
| Acquisitions & other investing | CN¥0 | CN¥119.7M | CN¥78.9M | CN¥3.26B | −CN¥614,066 | CN¥0 | CN¥0 | CN¥53.3M | CN¥23.2M | CN¥10.3M |
| Cash from investing activities | −CN¥90.6M | −CN¥292.4M | CN¥216.3M | CN¥2.73B | −CN¥295.1M | −CN¥535.2M | −CN¥467.9M | −CN¥103.6M | −CN¥55.9M | −CN¥59.9M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | CN¥0 | −CN¥361.4M | CN¥0 | CN¥0 |
| Share repurchases & issuance (net) | — | — | — | — | — | CN¥0 | CN¥0 | −CN¥4.2M | CN¥0 | CN¥0 |
| Net borrowing (repayment) | CN¥40.0M | CN¥100.0M | −CN¥60.0M | −CN¥20.0M | CN¥0 | −CN¥37.4M | CN¥37.4M | CN¥11.7M | CN¥68.7M | CN¥114.1M |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥567.9M | CN¥0 | CN¥0 |
| Other financing | CN¥164,587 | CN¥267,000 | CN¥654,023 | −CN¥101.9M | CN¥6.2M | CN¥24.2M | −CN¥2.1M | CN¥341.3M | −CN¥66.3M | CN¥111.0M |
| Cash from financing activities | CN¥40.2M | CN¥100.3M | −CN¥59.3M | −CN¥121.9M | CN¥6.2M | −CN¥13.2M | CN¥35.3M | CN¥555.4M | CN¥2.4M | CN¥225.0M |
| Summary | ||||||||||
| Net change in cash | CN¥289.2M | −CN¥133.8M | CN¥259.6M | CN¥1.98B | CN¥36.9M | −CN¥106.1M | −CN¥246.7M | CN¥457.1M | CN¥20.9M | CN¥44.1M |
| Cash at end of period | CN¥1.14B | CN¥846.4M | CN¥980.2M | CN¥4.94B | CN¥432.3M | CN¥395.5M | CN¥501.6M | CN¥569.1M | CN¥112.0M | CN¥91.1M |
| Free cash flow | CN¥175.5M | −CN¥67.5M | CN¥14.8M | −CN¥1.76B | CN¥48.4M | CN¥314.0M | CN¥37.7M | −CN¥45.5M | CN¥56.8M | −CN¥133.4M |
| Free cash flow margin | 4.2% | −2.1% | 0.6% | −55.6% | 1.3% | 12.8% | 1.8% | −3.1% | 7.4% | −37.6% |
| Capex / revenue | 4.2% | 3.6% | 3.0% | 29.3% | 7.7% | 6.2% | 6.8% | 3.6% | 3.0% | 2.9% |
| Operating cash flow / net income | — | — | — | — | 1.48 | 2.76 | 0.94 | — | — | — |
| Mar '26 | Dec '25 | |
|---|---|---|
| Operating activities | ||
| Net income | −CN¥93.9M | −CN¥12.4M |
| Depreciation & amortization | CN¥111.0M | CN¥111.0M |
| Stock-based compensation | CN¥5.9M | CN¥12.4M |
| Change in working capital | CN¥197.2M | CN¥197.2M |
| Other non-cash items | CN¥133.1M | CN¥45.2M |
| Cash from operating activities | CN¥353.3M | CN¥353.3M |
| Investing activities | ||
| Capital expenditures | −CN¥177.8M | −CN¥177.8M |
| Acquisitions & other investing | CN¥87.2M | CN¥87.2M |
| Cash from investing activities | −CN¥90.6M | −CN¥90.6M |
| Financing activities | ||
| Shares issued | CN¥0 | CN¥0 |
| Other financing | CN¥40.2M | CN¥40.2M |
| Cash from financing activities | CN¥40.2M | CN¥40.2M |
| Summary | ||
| Net change in cash | CN¥1.14B | −CN¥20.5M |
| Cash at end of period | CN¥1.14B | CN¥162.5M |
| Free cash flow | CN¥175.5M | CN¥175.5M |
| Free cash flow margin | 19.4% | 26.3% |
| Capex / revenue | 19.7% | 26.7% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
NIU cash generation
In fiscal 2025 (ended December 31, 2025), Niu Technologies generated CN¥353.3 million of cash from operations (up 575.6%) and spent CN¥177.8 million on capital expenditures, leaving free cash flow of CN¥175.5 million, 4.2% of revenue. Cash and equivalents rose by CN¥289.2 million over the year.
Related: NIU income statement, NIU balance sheet. See the NIU stock overview for the latest quote and news.
NIU cash flow FAQ
What is Niu Technologies's free cash flow?
Niu Technologies's free cash flow was CN¥175.5 million in fiscal 2025: CN¥353.3 million of operating cash flow minus CN¥177.8 million of capital expenditures It was -CN¥67.5 million a year earlier..
How much cash does Niu Technologies generate from operations?
Niu Technologies generated CN¥353.3 million of cash from operating activities in fiscal 2025.
How much does Niu Technologies spend on capital expenditures?
Niu Technologies spent CN¥177.8 million on capital expenditures in fiscal 2025, 4.2% of revenue, compared with CN¥119.7 million the year before.