Revenue growth remains highly erratic, with the company reporting a significant 18.6% contraction in 2025Q4 alongside a gross margin compression to 15.3%.
Niu Technologies (NIU) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 4.71B | 4.19B | 3.29B | 2.65B | 3.17B | 3.7B | 2.44B | 2.08B | 1.48B | 769.37M | 354.81M |
| Revenue Growth % | 24.45% | 27.44% | 24% | -16.31% | -14.47% | 51.56% | 17.73% | 40.5% | 92.08% | 116.84% | - |
| Cost of Goods Sold | 3.85B | 3.37B | 2.79B | 2.08B | 2.5B | 2.89B | 1.89B | 1.59B | 1.28B | 714.67M | 367.59M |
| COGS % of Revenue | - | 80.42% | 84.83% | 78.48% | 78.87% | 78.06% | 77.12% | 76.57% | 86.56% | 92.89% | 103.6% |
| Gross Profit | 859.53M | 820.59M | 498.76M | 570.75M | 669.68M | 812.78M | 559.15M | 486.55M | 198.63M | 54.7M | -12.78M |
| Gross Margin % | 18.27% | 19.58% | 15.17% | 21.52% | 21.13% | 21.94% | 22.88% | 23.43% | 13.44% | 7.11% | -3.6% |
| Gross Profit Growth % | - | 64.52% | -12.61% | -14.77% | -17.61% | 45.36% | 14.92% | 144.96% | 263.13% | 528.08% | - |
| Operating Expenses | 1.1B | 907.76M | 749.4M | 888.27M | 758.96M | 560.3M | 388.51M | 299.84M | 514.68M | 198.14M | 212.37M |
| OpEx % of Revenue | - | 21.66% | 22.79% | 33.5% | 23.95% | 15.12% | 15.89% | 14.44% | 34.83% | 25.75% | 59.86% |
| Selling, General & Admin | 847.39M | 692.52M | 620.2M | 600.81M | 598.87M | 473.81M | 305.62M | 262.49M | 424.26M | 159.48M | 180.59M |
| SG&A % of Revenue | - | 16.53% | 18.86% | 22.66% | 18.9% | 12.79% | 12.5% | 12.64% | 28.71% | 20.73% | 50.9% |
| Research & Development | 184.86M | 161.92M | 130.11M | 150.99M | 176.48M | 135.22M | 105.34M | 67.19M | 91.81M | 39.49M | 33.09M |
| R&D % of Revenue | - | 3.86% | 3.96% | 5.69% | 5.57% | 3.65% | 4.31% | 3.24% | 6.21% | 5.13% | 9.33% |
| Other Operating Expenses | -696.95K | 53.32M | -911.56K | 136.48M | -16.39M | -48.73M | -22.44M | -29.83M | 0 | 0 | -1.31M |
| Operating Income | -242.52M | -87.17M | -250.63M | -317.52M | -89.28M | 252.48M | 170.63M | 186.71M | -314.41M | -141.83M | -226.46M |
| Operating Margin % | -5.15% | -2.08% | -7.62% | -11.97% | -2.82% | 6.82% | 6.98% | 8.99% | -21.28% | -18.43% | -63.83% |
| Operating Income Growth % | - | 65.22% | 21.07% | -255.64% | -135.36% | 47.97% | -8.61% | 159.38% | -121.69% | 37.37% | - |
| EBITDA | -210.02M | 25.6M | -128.49M | -169.46M | 53.43M | 347.95M | 220.87M | 219.14M | -295.53M | -132.08M | -221.27M |
| EBITDA Margin % | -4.46% | 0.61% | -3.91% | -6.39% | 1.69% | 9.39% | 9.04% | 10.55% | -20% | -17.17% | -62.36% |
| EBITDA Growth % | -21.03% | 119.93% | 24.18% | -417.16% | -84.64% | 57.54% | 0.79% | 174.15% | -123.75% | 40.31% | - |
| D&A (Non-Cash Add-back) | 0 | 112.78M | 122.15M | 148.06M | 142.71M | 95.47M | 50.24M | 32.43M | 18.88M | 9.75M | 5.19M |
| EBIT | -210.02M | -54.71M | -211.18M | -280.6M | -65.5M | 279.02M | 197.12M | 209.7M | -341.31M | -181.51M | -230.4M |
| Net Interest Income | 20.56M | 25.17M | 31.47M | 34.07M | 7.14M | -791.84K | 1.41M | 5.5M | -4.72M | -2.15M | -1.66M |
| Interest Income | 26.66M | 31.14M | 37.09M | 35.49M | 12.86M | 5.38M | 8.79M | 16.9M | 3M | 1.01M | 660.6K |
| Interest Expense | 6.1M | 5.96M | 5.62M | 1.42M | 5.72M | 6.17M | 7.38M | 11.4M | 7.72M | 3.15M | 2.32M |
| Other Income/Expense | 26.4M | 26.5M | 33.82M | 35.49M | 18.06M | 20.38M | 19.1M | 11.59M | -34.62M | -40.39M | -6.26M |
| Pretax Income | -216.12M | -60.67M | -216.81M | -282.03M | -71.22M | 272.86M | 189.74M | 198.3M | -349.03M | -184.66M | -232.72M |
| Pretax Margin % | -4.59% | -1.45% | -6.59% | -10.64% | -2.25% | 7.37% | 7.76% | 9.55% | -23.62% | -24% | -65.59% |
| Income Tax | -15.33M | -22.36M | -23.61M | -10.19M | -21.76M | 47.04M | 21.09M | 8.21M | 0 | 0 | 2.32M |
| Effective Tax Rate % | 7.1% | 36.85% | 10.89% | 3.61% | 30.55% | 17.24% | 11.11% | 4.14% | 0% | 0% | -1% |
| Net Income | -200.79M | -38.31M | -193.2M | -271.84M | -49.46M | 225.82M | 168.65M | 190.08M | -349.03M | -184.66M | -232.72M |
| Net Margin % | -4.27% | -0.91% | -5.88% | -10.25% | -1.56% | 6.1% | 6.9% | 9.16% | -23.62% | -24% | -65.59% |
| Net Income Growth % | -37.1% | 80.17% | 28.93% | -449.58% | -121.9% | 33.9% | -11.28% | 154.46% | -89.01% | 20.65% | - |
| Net Income (Continuing) | -200.79M | -38.31M | -193.2M | -271.84M | -49.46M | 225.82M | 168.65M | 190.08M | -349.03M | -184.66M | -232.72M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.48 | -0.48 | -2.44 | -3.46 | -0.66 | 2.82 | 2.14 | 2.48 | -4.94 | -2.48 | -22.56 |
| EPS Growth % | -37.58% | 80.33% | 29.48% | -424.24% | -123.4% | 31.78% | -13.71% | 150.2% | -99.19% | 89.01% | - |
| EPS (Basic) | - | -0.48 | -2.44 | -3.46 | -0.66 | 2.94 | 2.24 | 2.54 | -4.94 | -2.48 | -22.56 |
| Diluted Shares Outstanding | 81.1M | 79.86M | 79.23M | 78.41M | 75.45M | 80.23M | 78.92M | 76.62M | 70.51M | 74.34M | 10.32M |
| Basic Shares Outstanding | 81.1M | 79.86M | 79.23M | 78.41M | 75.45M | 76.84M | 75.45M | 74.51M | 70.51M | 74.34M | 10.32M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying NIU stock.
For fiscal year 2025, Niu Technologies (NIU) reported total revenue of $4.19B. This represents a 1081.1% increase compared to $354.8M in 2016.
Niu Technologies (NIU) reported a net loss of $38.3M for the fiscal year ending 2025.
Niu Technologies (NIU) reported an operating income of $-87.2M, resulting in an operating profit margin of -2.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Niu Technologies (NIU) generated $820.6M in gross profit for the year, representing a gross profit margin of 19.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile Revenue and Margin Compression
Revenue Volatility Masks Structural Challenges
As reported in recent financial statements, NIU's revenue growth has exhibited extreme volatility, swinging from a 65.4% expansion in 2025Q3 to a 18.6% contraction in 2025Q4, suggesting that the company's top-line trajectory remains highly sensitive to seasonal demand shifts and competitive pressures within the Chinese market.
The erratic revenue performance indicates that NIU may be struggling to maintain consistent demand for its premium product series amidst a broader consumer slowdown. Investors should monitor whether this volatility reflects genuine market saturation or an inability to effectively manage channel inventory levels across its extensive franchised store network.
Gross Margin Erosion Signals Pricing
Based on the company's reported figures, gross margins have fluctuated significantly, peaking at 21.8% in 2025Q3 before contracting to 15.3% by 2025Q4, which highlights the company's vulnerability to input cost spikes and the potential dilution of its premium brand positioning through lower-priced model introductions.
The compression in gross margins suggests that NIU lacks the pricing power to fully offset rising commodity costs or the competitive necessity to sacrifice margin for volume. This trend warrants further investigation into whether the shift toward mass-market Gova models is permanently altering the company's structural profitability profile.
Operating Leverage Remains Elusive
According to the income statement data, NIU's operating expenses frequently outpace gross profit generation, as evidenced by the 2025Q4 operating loss of $101.5 million, which underscores a failure to achieve the necessary scale to cover fixed R&D and SG&A costs in a highly competitive environment.
The persistent inability to scale operating income alongside revenue growth suggests that the company's current cost structure is too heavy for its existing sales volume. Without a clear path to operating leverage, the company remains reliant on external capital or cash reserves to fund its ongoing operations.
Sustainability of Current Business Model
Analysis of the provided income statement data reveals that NIU's reliance on one-time hardware sales, coupled with recurring operating losses, may indicate an unsustainable business model that fails to capture the long-term value of its proprietary software ecosystem, as reflected in the negative net margins.
Short-sellers would likely focus on the disconnect between the company's 'smart' branding and its inability to generate consistent bottom-line profitability. The recurring nature of these losses suggests that the market may be overestimating the potential for software-driven monetization to rescue the core hardware manufacturing business.