NIUNasdaqMotor Vehicles & Passenger Car BodiesFiscal year ends December 31
Niu Technologies
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 17, 2026
$1.86−0.05 (-2.62%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
19.6%−3.3 pts over 5 years
Operating margin
-2.0%−9.0 pts over 5 years
Net margin
-0.9%−7.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +31.0% | +10.8% | +12.0% | – | |
| Gross profit | +69.1% | +8.0% | +8.6% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 172.8% | 18.9% | -4.3% | |
| Return on assets | – | 10.0% | -1.4% | |
| Current ratio | – | 1.88 | 1.18 | |
| Interest coverage | -97.6× | 23.1× | -14.4× | |
| Inventory turnover | – | 11.8× | 5.3× | |
| Capex to revenue | 2.9% | – | 4.1% | |
| Diluted shares | 10M | 158M | 160M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Niu Technologies generated CN¥955.32M from operations and spent CN¥797.59M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
CN¥955.32M
Used
CN¥797.59M
Capital expenditureCN¥797.59M100%DividendsCN¥00%Share buybacksCN¥00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-0.9%
×Asset turnover1.55×
×Equity multiplier3.03×
=Return on equity, FY2025-4.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -0.9% | 1.55× | 3.03× | -4.3% |
| FY2024 | -5.9% | 1.37× | 2.37× | -19.1% |
| FY2023 | -10.3% | 1.12× | 1.97× | -22.6% |
| FY2022 | -1.6% | 1.27× | 1.93× | -3.8% |
| FY2021 | 6.1% | 1.73× | 1.90× | 20.0% |
| FY2020 | 6.9% | 1.46× | 1.88× | 18.9% |
| FY2019 | 9.2% | 1.54× | 1.98× | 27.9% |
| FY2018 | -23.6% | 1.75× | 6.89× | -284.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-CN¥39.39M
- Cash generatingOperating cash flow above zeroCN¥353.27M
- Return on assets improvedROA up on the prior year-8.8% → -1.5%
- Earnings backed by cashOperating cash flow above net incomeCN¥353.27M vs -CN¥39.39M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.31 → 1.18
- No dilutionShare count did not rise158M → 160M
- Gross margin improvedGross margin up on the prior year15.17% → 19.58%
- More efficientAsset turnover rose1.50 → 1.65