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Niu Technologies: 20-F filed 2026-04-17

What Niu Technologies reported in its annual report (foreign private issuer) filed 2026-04-17 (fiscal FY 2025): 57 published measures, 199 facts as tagged in accession 0001104659-26-044568.

This filing

Form
20-F (annual report (foreign private issuer))
Filed
2026-04-17
Fiscal period
fiscal FY 2025
Accession
0001104659-26-044568 on SEC EDGAR

Values are as tagged in this filing. A later filing can restate them; each measure links to its history page, which shows the latest-filed value per period. All Niu Technologies filings.

Reported measures

Total assets

Resources recognized on the balance sheet. Book assets are not the market value of the business.

PeriodValueUnitDays
At 2025-12-312,950,336,404CNY
At 2024-12-312,613,158,167CNY
At 2025-12-31421,892,493USD

Total liabilities

Recognized obligations at the reporting date. The definition and scope differ from interest-bearing debt.

PeriodValueUnitDays
At 2025-12-312,045,405,100CNY
At 2024-12-311,681,875,947CNY
At 2025-12-31292,489,037USD

Stockholders equity

The reported residual interest after liabilities. It is an accounting amount, not market capitalization.

PeriodValueUnitDays
At 2025-12-31904,931,304CNY
At 2024-12-31931,282,220CNY
At 2023-12-311,093,616,234CNY
At 2022-12-311,310,097,877CNY
At 2025-12-31129,403,456USD

Cash and cash equivalents

Cash and qualifying short-term liquid investments under the filer’s accounting policy. Restricted cash and longer-term investments may be reported separately.

PeriodValueUnitDays
At 2025-12-31924,738,132CNY
At 2024-12-31630,021,303CNY
At 2025-12-31132,235,794USD

Net income or loss

Reported profit or loss for the period. Check the filing for attribution, exceptional items and discontinued operations before comparing companies.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-39,385,588CNY365
2024-01-01 to 2024-12-31-193,200,639CNY366
2023-01-01 to 2023-12-31-271,835,982CNY365
2025-01-01 to 2025-12-31-5,632,064USD365

Operating cash flow

Cash generated or used by operating activities. Working-capital timing can make this differ substantially from reported income.

PeriodValueUnitDays
2025-01-01 to 2025-12-31353,270,015CNY365
2024-01-01 to 2024-12-3152,286,618CNY366
2023-01-01 to 2023-12-3193,735,092CNY365
2025-01-01 to 2025-12-3150,516,940USD365

Capital expenditure payments

Cash payments to acquire property, plant and equipment. This taxonomy concept does not capture every form of investment or acquisition.

PeriodValueUnitDays
2025-01-01 to 2025-12-31177,808,393CNY365
2024-01-01 to 2024-12-31119,749,137CNY366
2023-01-01 to 2023-12-3178,934,562CNY365
2025-01-01 to 2025-12-3125,426,261USD365

Contract revenue excluding tax

Revenue from customer contracts excluding assessed taxes under this specific taxonomy concept. It is not automatically comparable to older revenue tags.

PeriodValueUnitDays
2025-01-01 to 2025-12-314,307,865,498CNY365
2024-01-01 to 2024-12-313,288,296,344CNY366
2023-01-01 to 2023-12-312,651,757,646CNY365
2025-01-01 to 2025-12-31616,016,573USD365

Financing cash flow

Net cash from financing activities, including borrowing, repayments and transactions with owners. A positive amount does not establish operating profitability.

PeriodValueUnitDays
2025-01-01 to 2025-12-3140,164,587CNY365
2024-01-01 to 2024-12-31100,267,335CNY366
2023-01-01 to 2023-12-31-59,345,977CNY365
2025-01-01 to 2025-12-315,743,460USD365

Investing cash flow

Net cash from investing activities, including asset purchases, disposals and investment transactions. This differs from capital expenditure payments alone.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-90,600,683CNY365
2024-01-01 to 2024-12-31-292,428,847CNY366
2023-01-01 to 2023-12-31216,310,708CNY365
2025-01-01 to 2025-12-31-12,955,725USD365

Retained earnings or deficit

Accumulated undistributed earnings or deficit at the reporting date. This balance is not cash available for distribution.

PeriodValueUnitDays
At 2025-12-31-1,093,713,031CNY
At 2024-12-31-1,054,327,443CNY
At 2025-12-31-156,398,883USD

Basic weighted-average shares

Time-weighted shares used for basic earnings per share. This denominator differs from shares outstanding at a single reporting date.

PeriodValueUnitDays
2025-01-01 to 2025-12-31159,714,698shares365
2024-01-01 to 2024-12-31158,460,242shares366
2023-01-01 to 2023-12-31156,816,105shares365

Diluted weighted-average shares

Weighted-average shares used for diluted earnings per share. Potential shares are included under the applicable dilution rules, not simply added to outstanding shares.

PeriodValueUnitDays
2025-01-01 to 2025-12-31159,714,698shares365
2024-01-01 to 2024-12-31158,460,242shares366
2023-01-01 to 2023-12-31156,816,105shares365

Basic earnings per share

Reported earnings or loss per basic common share or unit. Inspect attribution, share classes and restatements before comparing periods. This is not a market return.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-0.25CNY/shares365
2024-01-01 to 2024-12-31-1.22CNY/shares366
2023-01-01 to 2023-12-31-1.73CNY/shares365
2025-01-01 to 2025-12-31-0.04USD/shares365

Diluted earnings per share

Reported earnings or loss per share under dilution rules. Antidilutive instruments may be excluded. A diluted value can equal the basic value without implying no potential dilution.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-0.25CNY/shares365
2024-01-01 to 2024-12-31-1.22CNY/shares366
2023-01-01 to 2023-12-31-1.73CNY/shares365
2025-01-01 to 2025-12-31-0.04USD/shares365

Income tax expense or benefit

Current and deferred income tax expense or benefit for continuing operations. This accounting expense differs from cash taxes paid.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-22,983,591CNY365
2024-01-01 to 2024-12-31-23,606,550CNY366
2023-01-01 to 2023-12-31-10,192,884CNY365
2025-01-01 to 2025-12-31-3,286,610USD365

Net property, plant and equipment

Carrying amount of property, plant and equipment after accumulated depreciation, depletion and amortization. It is not replacement cost or market value.

PeriodValueUnitDays
At 2025-12-31420,173,035CNY
At 2024-12-31320,013,632CNY
At 2025-12-3160,083,945USD

Share-based compensation expense

Reported noncash expense for share-based payment arrangements. Noncash treatment does not mean the awards have no economic cost to shareholders.

PeriodValueUnitDays
2025-01-01 to 2025-12-3127,731,397CNY365
2024-01-01 to 2024-12-3124,232,978CNY366
2023-01-01 to 2023-12-3147,659,304CNY365
2025-01-01 to 2025-12-313,965,537USD365

Operating income or loss

Operating revenue less operating expenses for the reporting period. It excludes items outside the reported operating result and is not free cash flow.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-88,247,064CNY365
2024-01-01 to 2024-12-31-250,632,128CNY366
2023-01-01 to 2023-12-31-317,523,502CNY365
2025-01-01 to 2025-12-31-12,619,163USD365

Current assets

Assets classified as current under the normal operating cycle or one-year boundary. Not all current assets can be converted immediately into cash.

PeriodValueUnitDays
At 2025-12-312,359,987,270CNY
At 2024-12-312,169,806,471CNY
At 2025-12-31337,473,690USD

Current liabilities

Obligations classified as current under the operating-cycle or one-year boundary. The balance includes more than short-term borrowing.

PeriodValueUnitDays
At 2025-12-312,003,132,616CNY
At 2024-12-311,651,931,793CNY
At 2025-12-31286,444,152USD

Current accounts payable

Current amounts owed to suppliers for goods and services received. This is one component of current liabilities, not all accrued obligations.

PeriodValueUnitDays
At 2025-12-31704,089,088CNY
At 2024-12-31869,015,140CNY
At 2025-12-31100,683,400USD

Net finite-lived intangible assets

Finite-lived intangible assets after amortization. This excludes goodwill and should not be combined with indefinite-lived intangible assets without checking scope.

PeriodValueUnitDays
At 2025-12-31776,328CNY
At 2024-12-311,043,801CNY
At 2025-12-31111,013USD

Net current accounts receivable

Current customer receivables after the allowance for credit loss. The balance is not cash collected or a guarantee of collection.

PeriodValueUnitDays
At 2025-12-3137,372,044CNY
At 2024-12-31131,921,419CNY
At 2025-12-315,344,131USD

Operating expenses

Recurring operating costs under this accounting concept, generally excluding production costs included in cost of sales. Check filing presentation before combining expense subtotals.

PeriodValueUnitDays
2025-01-01 to 2025-12-31933,184,599CNY365
2024-01-01 to 2024-12-31750,306,678CNY366
2023-01-01 to 2023-12-31891,239,250CNY365
2025-01-01 to 2025-12-31133,443,623USD365

Net inventory

Inventory carrying amount after applicable valuation and LIFO reserves. It does not establish realizable selling proceeds or inventory turnover without other inputs.

PeriodValueUnitDays
At 2025-12-31652,579,651CNY
At 2024-12-31649,177,719CNY
At 2025-12-3193,317,649USD

Gross profit

Revenue less the costs directly attributed to the goods or services sold. It precedes other operating expenses and is not net income.

PeriodValueUnitDays
2025-01-01 to 2025-12-31843,570,885CNY365
2024-01-01 to 2024-12-31498,762,994CNY366
2023-01-01 to 2023-12-31570,747,013CNY365
2025-01-01 to 2025-12-31120,629,032USD365

Cost of revenue

Costs attributed to goods produced and sold and services provided during the period. This is not the sum of every operating expense.

PeriodValueUnitDays
2025-01-01 to 2025-12-313,464,294,613CNY365
2024-01-01 to 2024-12-312,789,533,350CNY366
2023-01-01 to 2023-12-312,081,010,633CNY365
2025-01-01 to 2025-12-31495,387,541USD365

Research and development expense

Research and development costs recognized as expense. Capitalization policies and acquired projects can make this differ from total cash invested in development.

PeriodValueUnitDays
2025-01-01 to 2025-12-31166,452,286CNY365
2024-01-01 to 2024-12-31130,111,359CNY366
2023-01-01 to 2023-12-31150,985,739CNY365
2025-01-01 to 2025-12-3123,802,360USD365

Cash including restricted cash

Cash, cash equivalents and restricted cash as reported in the cash flow reconciliation. Restricted amounts are not freely available, so this is not the same as unrestricted cash.

PeriodValueUnitDays
At 2025-12-311,135,602,132CNY
At 2024-12-31846,417,099CNY
At 2023-12-31980,240,193CNY
At 2022-12-31720,627,170CNY
At 2025-12-31162,388,945USD
At 2024-12-31121,036,035USD

Additional paid-in capital

Capital contributed above par value under this concept. It records historical contributions, not the current value of the equity or cash on hand.

PeriodValueUnitDays
At 2025-12-312,016,533,709CNY
At 2024-12-311,988,638,160CNY
At 2025-12-31288,360,485USD

Accumulated other comprehensive income or loss

Cumulative other comprehensive items after tax, such as translation and unrealized hedging or securities effects. These amounts have not passed through net income.

PeriodValueUnitDays
At 2025-12-31-17,990,674CNY
At 2024-12-31-3,129,362CNY
At 2025-12-31-2,572,632USD

Operating lease right-of-use asset

Carrying amount of the right to use leased assets under operating leases. It reflects discounted remaining payments, not the value of the underlying property.

PeriodValueUnitDays
At 2025-12-3175,954,225CNY
At 2024-12-3171,223,350CNY
At 2025-12-3110,861,310USD

Operating lease liability

Present value of remaining operating lease payments. Discount-rate choices and lease terms affect the amount; it is not the sum of undiscounted future rent.

PeriodValueUnitDays
At 2025-12-317,144,100CNY
At 2024-12-311,343,010CNY

Gross property, plant and equipment

Cost of property, plant and equipment before accumulated depreciation. Historical cost does not indicate current value or replacement cost.

PeriodValueUnitDays
At 2025-12-31995,647,251CNY
At 2024-12-31833,953,996CNY

Accumulated depreciation on property, plant and equipment

Cumulative depreciation, depletion and amortization recorded against property, plant and equipment. It measures cost allocation to date, not physical wear or market value.

PeriodValueUnitDays
At 2025-12-31575,474,216CNY
At 2024-12-31513,940,364CNY

Other noncurrent assets

Noncurrent assets the filer does not present separately. The composition differs by filer and is described only in the filing.

PeriodValueUnitDays
At 2025-12-3135,988,114CNY
At 2024-12-3119,318,659CNY
At 2025-12-315,146,232USD

Other noncurrent liabilities

Noncurrent liabilities the filer does not present separately. The composition differs by filer and is described only in the filing.

PeriodValueUnitDays
At 2025-12-3112,941,916CNY
At 2024-12-319,697,841CNY
At 2025-12-311,850,669USD

Prepaid expenses and other current assets

Prepayments and other current assets grouped under this concept. The balance is not cash and its composition differs by filer.

PeriodValueUnitDays
At 2025-12-31343,536,572CNY
At 2024-12-31267,938,339CNY
At 2025-12-3149,125,076USD

Current contract liabilities

Consideration received before performance obligations are satisfied, often called deferred revenue. It is an obligation to deliver, not earned revenue or cash available.

PeriodValueUnitDays
At 2025-12-3175,148,049CNY
At 2024-12-3150,247,103CNY
At 2025-12-3110,746,028USD

Net deferred tax assets

Deferred tax assets after the valuation allowance. Realization depends on future taxable income, so the balance is not a receivable from tax authorities.

PeriodValueUnitDays
At 2025-12-3169,777,417CNY
At 2024-12-3142,587,424CNY

Net deferred tax liabilities

Deferred tax liabilities net of related assets under this concept. The amount reflects timing differences and is not tax currently due.

PeriodValueUnitDays
At 2025-12-312,057,892CNY
At 2024-12-313,269,464CNY
At 2025-12-31294,275USD

Pre-tax income or loss from continuing operations

Income or loss from continuing operations before income taxes and noncontrolling interests. It excludes discontinued operations and is not net income.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-62,369,179CNY365
2024-01-01 to 2024-12-31-216,807,189CNY366
2023-01-01 to 2023-12-31-282,028,866CNY365
2025-01-01 to 2025-12-31-8,918,674USD365

Profit or loss including noncontrolling interests

Net income or loss including the portion attributable to noncontrolling interests. It can differ from the net income attributable to the parent that per-share figures use.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-39,385,588CNY365
2024-01-01 to 2024-12-31-193,200,639CNY366
2023-01-01 to 2023-12-31-271,835,982CNY365
2025-01-01 to 2025-12-31-5,632,064USD365

Comprehensive income or loss

Net income plus other comprehensive income after tax. It includes unrealized items that net income excludes and is not a cash measure.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-54,246,900CNY365
2024-01-01 to 2024-12-31-186,834,327CNY366
2023-01-01 to 2023-12-31-264,794,970CNY365
2025-01-01 to 2025-12-31-7,757,203USD365

General and administrative expense

General and administrative costs reported under this concept, separate from selling expense. Filers group overhead differently, so compare presentation before comparing companies.

PeriodValueUnitDays
2025-01-01 to 2025-12-3190,963,018CNY365
2024-01-01 to 2024-12-31130,617,629CNY366
2023-01-01 to 2023-12-31244,518,817CNY365
2025-01-01 to 2025-12-3113,007,539USD365

Depreciation expense

Depreciation recognized for the period under this concept. It is a noncash allocation of asset cost and may exclude amortization and depletion reported elsewhere.

PeriodValueUnitDays
2025-01-01 to 2025-12-31110,693,354CNY365
2024-01-01 to 2024-12-31121,880,535CNY366
2023-01-01 to 2023-12-31147,507,340CNY365

Depreciation, depletion and amortization

Combined depreciation, depletion and amortization for the period. A noncash allocation of asset cost, not a measure of maintenance spending.

PeriodValueUnitDays
2025-01-01 to 2025-12-31110,958,296CNY365
2024-01-01 to 2024-12-31122,145,353CNY366
2023-01-01 to 2023-12-31148,064,759CNY365
2025-01-01 to 2025-12-3115,866,825USD365

Nonoperating interest expense

Interest expense presented outside operating results. It differs from total interest expense when some borrowing cost is classified as operating or capitalized.

PeriodValueUnitDays
2025-01-01 to 2025-12-316,130,439CNY365
2024-01-01 to 2024-12-315,623,544CNY366
2023-01-01 to 2023-12-311,423,924CNY365
2025-01-01 to 2025-12-31876,641USD365

Current income tax expense or benefit

Income tax expense or benefit for the period that is currently payable or refundable. It differs from cash taxes paid and from total tax expense.

PeriodValueUnitDays
2025-01-01 to 2025-12-311,222,831CNY365
2024-01-01 to 2024-12-31-319,872CNY366
2023-01-01 to 2023-12-31759,425CNY365

Deferred income tax expense or benefit

The deferred portion of income tax expense or benefit, arising from timing differences. It is not tax paid in the period.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-24,206,422CNY365
2024-01-01 to 2024-12-31-23,286,678CNY366
2023-01-01 to 2023-12-31-10,952,309CNY365
2025-01-01 to 2025-12-31-3,461,472USD365

Interest paid, net

Cash interest paid during the period, net of amounts capitalized where the filer reports it that way. It differs from interest expense recognized.

PeriodValueUnitDays
2025-01-01 to 2025-12-315,900,833CNY365
2024-01-01 to 2024-12-315,460,000CNY366
2023-01-01 to 2023-12-311,616,253CNY365
2025-01-01 to 2025-12-31843,808USD365

Income taxes paid, net

Cash income taxes paid net of refunds during the period. It differs from income tax expense and can reflect prior years and estimated payments.

PeriodValueUnitDays
2025-01-01 to 2025-12-3189,930CNY365
2024-01-01 to 2024-12-31142,311CNY366
2023-01-01 to 2023-12-311,066,182CNY365
2025-01-01 to 2025-12-3112,860USD365

Operating lease payments

Cash paid for operating lease liabilities during the period. It differs from lease expense recognized and excludes variable payments in some presentations.

PeriodValueUnitDays
2025-01-01 to 2025-12-314,119,863CNY365
2024-01-01 to 2024-12-315,263,335CNY366
2023-01-01 to 2023-12-317,711,479CNY365

Change in accounts receivable

The cash flow adjustment for the change in receivables during the period. A positive value under this concept means receivables grew and reduced operating cash flow.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-101,333,387CNY365
2024-01-01 to 2024-12-3144,889,491CNY366
2023-01-01 to 2023-12-31-65,371,286CNY365
2025-01-01 to 2025-12-31-14,490,482USD365

Change in inventories

The cash flow adjustment for the change in inventories during the period. A positive value under this concept means inventory grew and reduced operating cash flow.

PeriodValueUnitDays
2025-01-01 to 2025-12-3189,468,382CNY365
2024-01-01 to 2024-12-31288,201,161CNY366
2023-01-01 to 2023-12-31-2,627,537CNY365
2025-01-01 to 2025-12-3112,793,808USD365

Change in accounts payable

The cash flow adjustment for the change in payables during the period. A positive value under this concept means payables grew and added to operating cash flow.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-64,925,901CNY365
2024-01-01 to 2024-12-31423,029,917CNY366
2023-01-01 to 2023-12-31-33,303,059CNY365
2025-01-01 to 2025-12-31-9,284,280USD365

Inspect the source

Entity
Niu Technologies / CIK 0001744781
Captured
2026-09-21T17:28:49.815Z
SEC response SHA-256
4fcddf069cd3e77d10db155cec86b11ac18fc69466745f6b1d98e49db3e9a169

Current SEC company facts · Download the original response snapshot (gzip) · Download the selected JSON

Every published concept a filing tagged, with the periods it covered, as reported in that filing at capture time. Forms 10-K, 10-K/A, 10-Q, 10-Q/A, 20-F, 20-F/A, 40-F, 40-F/A. A filing page needs at least 8 published concepts. Later filings can restate these values; the company history pages show the latest-filed value per period.

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Read the published dataset with Python
import json
from urllib.request import urlopen

with urlopen("https://canlicapital.com/company-data/0001744781.json") as response:
    record = json.load(response)
print(record["fetched_at"])
print(record["policy"])
for concept in record["concepts"]:
    print(concept["tag"], next(iter(concept["observations"])))