Niu Technologies (NIU) Income Statement
NIU 2025 at a glance
Fiscal year ended December 31, 2025 · Chinese yuanNIU revenue and net income
Where NIU's revenue goes
2025Each bar shows an amount and its share of revenue. NIU kept −0.9% of revenue as net income.
NIU profit margins
NIU growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +27.4% | +9.8% | +11.4% | — |
| Gross profit | +64.5% | +7.0% | +8.0% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NIU income statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥4.19B | CN¥3.29B | CN¥2.65B | CN¥3.17B | CN¥3.70B | CN¥2.44B | CN¥2.08B | CN¥1.48B | CN¥769.4M | CN¥354.8M |
| Cost of revenue | CN¥3.37B | CN¥2.79B | CN¥2.08B | CN¥2.50B | CN¥2.89B | CN¥1.89B | CN¥1.59B | CN¥1.28B | CN¥714.7M | CN¥367.6M |
| Gross profit | CN¥820.6M | CN¥498.8M | CN¥570.7M | CN¥669.7M | CN¥812.8M | CN¥559.1M | CN¥486.6M | CN¥198.6M | CN¥54.7M | −CN¥12.8M |
| Research & development | CN¥161.9M | CN¥130.1M | CN¥151.0M | CN¥176.5M | CN¥135.2M | CN¥105.3M | CN¥67.2M | CN¥91.8M | CN¥39.5M | CN¥33.1M |
| Sales, general & admin | CN¥692.5M | CN¥620.2M | CN¥600.8M | CN¥158.5M | CN¥141.8M | CN¥104.9M | CN¥79.6M | CN¥424.3M | CN¥159.5M | CN¥180.6M |
| Total operating expenses | CN¥907.8M | CN¥749.4M | CN¥888.3M | CN¥759.0M | CN¥560.3M | CN¥388.5M | CN¥299.8M | CN¥514.7M | CN¥198.1M | CN¥212.4M |
| Operating income | −CN¥87.2M | −CN¥250.6M | −CN¥317.5M | −CN¥89.3M | CN¥252.5M | CN¥170.6M | CN¥186.7M | −CN¥314.4M | −CN¥141.8M | −CN¥226.5M |
| Interest income | CN¥26.5M | CN¥37.1M | CN¥31.6M | CN¥12.9M | CN¥5.4M | CN¥8.8M | CN¥16.9M | CN¥3.0M | CN¥1.0M | CN¥660,601 |
| Interest expense | CN¥6.0M | CN¥5.6M | CN¥1.4M | CN¥5.7M | CN¥6.2M | CN¥7.4M | CN¥11.4M | CN¥7.7M | CN¥3.2M | CN¥2.3M |
| Income before taxes | −CN¥60.7M | −CN¥216.8M | −CN¥282.0M | −CN¥71.2M | CN¥272.9M | CN¥189.7M | CN¥198.3M | −CN¥349.0M | −CN¥184.7M | −CN¥232.7M |
| Income taxes | −CN¥22.4M | −CN¥23.6M | −CN¥10.2M | −CN¥21.8M | CN¥47.0M | CN¥21.1M | CN¥8.2M | −CN¥23.9M | −CN¥39.9M | CN¥2.3M |
| Net income | −CN¥38.3M | −CN¥193.2M | −CN¥271.8M | −CN¥49.5M | CN¥225.8M | CN¥168.7M | CN¥190.1M | −CN¥349.0M | −CN¥184.7M | −CN¥232.7M |
| EBITDA | CN¥56.3M | −CN¥89.0M | −CN¥132.5M | CN¥77.2M | CN¥374.5M | CN¥247.4M | CN¥242.1M | −CN¥322.4M | −CN¥171.8M | −CN¥225.2M |
| Gross margin | 19.6% | 15.2% | 21.5% | 21.1% | 21.9% | 22.9% | 23.4% | 13.4% | 7.1% | −3.6% |
| Operating margin | −2.1% | −7.6% | −12.0% | −2.8% | 6.8% | 7.0% | 9.0% | −21.3% | −18.4% | −63.8% |
| Net margin | −0.9% | −5.9% | −10.3% | −1.6% | 6.1% | 6.9% | 9.2% | −23.6% | −24.0% | −65.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.44B | CN¥904.0M | CN¥666.9M | CN¥1.69B | CN¥1.26B | CN¥682.0M | CN¥819.2M | CN¥1.02B | CN¥940.5M | CN¥504.7M | CN¥478.7M | CN¥927.0M |
| Cost of revenue | CN¥1.21B | CN¥746.4M | CN¥565.1M | CN¥1.32B | CN¥1.00B | CN¥563.9M | CN¥717.2M | CN¥882.4M | CN¥780.8M | CN¥409.2M | CN¥387.7M | CN¥729.1M |
| Gross profit | CN¥230.4M | CN¥157.6M | CN¥101.8M | CN¥369.8M | CN¥252.5M | CN¥118.1M | CN¥102.0M | CN¥141.5M | CN¥159.7M | CN¥95.6M | CN¥90.9M | CN¥198.0M |
| Research & development | CN¥51.5M | CN¥41.1M | CN¥48.8M | CN¥43.4M | CN¥43.7M | CN¥29.8M | CN¥38.6M | CN¥30.3M | CN¥32.3M | CN¥28.9M | CN¥35.6M | CN¥39.1M |
| Sales, general & admin | CN¥289.1M | CN¥222.2M | CN¥82.4M | CN¥253.7M | CN¥221.2M | CN¥135.2M | CN¥154.4M | CN¥170.3M | CN¥159.6M | CN¥135.9M | CN¥210.6M | CN¥249.5M |
| Total operating expenses | CN¥340.6M | CN¥262.0M | CN¥203.3M | CN¥296.4M | CN¥264.9M | CN¥164.7M | CN¥192.7M | CN¥200.0M | CN¥191.8M | CN¥164.9M | CN¥245.1M | CN¥287.5M |
| Operating income | −CN¥110.1M | −CN¥104.4M | −CN¥101.5M | CN¥73.4M | −CN¥12.5M | −CN¥46.6M | −CN¥90.7M | −CN¥58.5M | −CN¥32.1M | −CN¥69.3M | −CN¥154.2M | −CN¥89.5M |
| Interest income | CN¥6.3M | CN¥5.5M | CN¥6.3M | CN¥6.6M | CN¥6.7M | CN¥6.9M | CN¥9.6M | CN¥9.5M | CN¥8.8M | CN¥9.3M | CN¥9.9M | CN¥10.3M |
| Interest expense | CN¥1.5M | CN¥1.5M | CN¥1.8M | CN¥1.4M | CN¥1.6M | CN¥1.4M | CN¥1.6M | CN¥1.5M | CN¥1.5M | CN¥966,400 | CN¥817,656 | CN¥524,748 |
| Income before taxes | −CN¥103.1M | −CN¥99.7M | −CN¥94.8M | CN¥81.5M | −CN¥6.7M | −CN¥41.1M | −CN¥82.3M | −CN¥49.5M | −CN¥23.9M | −CN¥61.0M | −CN¥144.6M | −CN¥79.2M |
| Income taxes | −CN¥886,073 | −CN¥6.4M | −CN¥7.9M | −CN¥188,413 | −CN¥12.5M | −CN¥2.2M | CN¥9.8M | −CN¥8.6M | CN¥1.0M | −CN¥6.2M | CN¥14.4M | CN¥216,221 |
| Net income | −CN¥102.2M | −CN¥93.4M | −CN¥86.9M | CN¥81.7M | CN¥5.9M | −CN¥38.8M | −CN¥72.5M | −CN¥40.9M | −CN¥24.9M | −CN¥54.8M | −CN¥130.2M | −CN¥79.4M |
| EBITDA | −CN¥101.6M | −CN¥98.2M | −CN¥93.0M | CN¥82.9M | −CN¥5.1M | −CN¥39.7M | −CN¥53.7M | −CN¥48.0M | −CN¥22.4M | −CN¥60.1M | −CN¥118.5M | −CN¥78.7M |
| Gross margin | 16.0% | 17.4% | 15.3% | 21.8% | 20.1% | 17.3% | 12.4% | 13.8% | 17.0% | 18.9% | 19.0% | 21.4% |
| Operating margin | −7.6% | −11.5% | −15.2% | 4.3% | −1.0% | −6.8% | −11.1% | −5.7% | −3.4% | −13.7% | −32.2% | −9.7% |
| Net margin | −7.1% | −10.3% | −13.0% | 4.8% | 0.5% | −5.7% | −8.9% | −4.0% | −2.6% | −10.9% | −27.2% | −8.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported in NIU's financial statements (latest annual report filed April 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NIU financial results
In fiscal year 2025 (ended December 31, 2025), Niu Technologies reported revenue of CN¥4.2 billion, up 27.4% from the year before. It had a net loss of CN¥38.3 million, a net profit margin of −0.9%. Over five years revenue grew at an average rate of 11.4% a year. Figures are in Chinese yuan, the currency of its financial statements.
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NIU income statement FAQ
What is Niu Technologies's annual revenue?
Niu Technologies reported total revenue of CN¥4.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 27.4% from CN¥3.3 billion the previous year.
Is Niu Technologies profitable?
No. Niu Technologies reported a net loss of CN¥38.3 million in fiscal 2025, a net profit margin of −0.9%; its operating margin was −2.1%.
What is Niu Technologies's gross margin?
Niu Technologies's gross margin was 19.6% in fiscal 2025: for every $100 of revenue, Niu Technologies kept $20 after the direct cost of its products and services.
How much does Niu Technologies spend on research and development?
Niu Technologies spent CN¥161.9 million on research and development in fiscal 2025, 3.9% of revenue.
How fast is Niu Technologies growing?
Revenue grew 11.4% a year on average over the last five fiscal years, from CN¥2.4 billion to CN¥4.2 billion.
When will Niu Technologies report its next earnings?
Niu Technologies is expected to report results for the quarter ending September 30, 2026 on November 16, 2026 before the market opens.
When does Niu Technologies's fiscal year end?
Niu Technologies's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 17, 2026.