# EDGAR Filing Document

**Accession Number:** 0001744781
**File Stem:** 0001104659-23-034433
**Filing Date:** 2023-3
**Character Count:** 34017
**Document Hash:** a01f12ddfec23e17a4e74c3825add681
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-034433.hdr.sgml**: 20230320

**ACCESSION NUMBER**: 0001104659-23-034433

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20230320

**FILED AS OF DATE**: 20230320

**DATE AS OF CHANGE**: 20230320

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Niu Technologies
- **CENTRAL INDEX KEY:** 0001744781
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38696
- **FILM NUMBER:** 23746374

**BUSINESS ADDRESS:**
- **STREET 1:** NO.1 BLDG., NO. 195 HUILONGGUAN EAST RD.
- **STREET 2:** CHANGPING DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 102208
- **BUSINESS PHONE:** 861064321899

**MAIL ADDRESS:**
- **STREET 1:** NO.1 BLDG., NO. 195 HUILONGGUAN EAST RD.
- **STREET 2:** CHANGPING DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 102208

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16 UNDER**

**THE SECURITIES EXCHANGE ACT OF 1934**

For the month of March 2023

Commission File Number: 001-38696

**NIU TECHNOLOGIES**

No.1 Building, No. 195 Huilongguan East Road,

Changping District, Beijing 102208

People's Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ◻

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ◻

<u>Exhibit Index</u>

[Exhibit 99.1—Press Release](tm239993d1_ex99-1.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| NIU TECHNOLOGIES | NIU TECHNOLOGIES | NIU TECHNOLOGIES |
| By | : | /s/ Fion Zhou |
| Name | : | Fion Zhou |
| Title | : | Chief Financial Officer |

---

Date: March 20, 2023

## Exhibit 99.1

**Exhibit 99.1**

**Niu Technologies Announces Unaudited Fourth Quarter and Full Year 2022 Financial Results**

 

*-- Fourth Quarter Revenues of RMB 612.3 million, down 37.9% year over year*

*-- Fourth Quarter Net Loss of RMB 37.1 million, compared to net income of RMB 47.6 million in the same period of last year*

*-- Full Year Revenues of RMB 3,168.6 million, down 14.5% year over year*

*-- Full Year Net loss of RMB 49.5 million, compared to net income of RMB 225.8 million in 2021*

BEIJING, China, March 20, 2023 – Niu Technologies ("NIU", or "the Company") (NASDAQ: NIU), the world's leading provider of smart urban mobility solutions, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2022.

**Fourth Quarter 2022 Financial Highlights**

• **Revenues** were RMB 612.3 million, a decrease of 37.9% year over year

• **Gross margin** was 22.5%, compared with 22.6% in the fourth quarter
of last year

• **Net loss** was RMB 37.1 million, compared with net income of RMB 47.6
million in the fourth quarter of last year

• **Adjusted net loss (non-GAAP)** <sup>1</sup> was RMB 26.2 million, compared with adjusted net income of RMB 60.2 million in the fourth quarter of last year

**Fourth Quarter 2022 Operating Highlights**

• The number of e-scooters sold was 138,279, down 41.9% year over year

• The number of e-scooters sold in China was 118,065, down 42.5% year over
year

• The number of e-scooters sold in the international markets was 20,214, down
38.7% year over year

• The number of franchised stores in China was 3,102 as of December 31,
2022

• International sales network consisted of 53 distributors covering 52 countries
as of December 31, 2022

Dr. Yan Li, Chief Executive Officer of the Company, commented: "We have been strategically focusing on premium and mid-end segments since mid-2022. Despite the external challenges in the fourth quarter of 2022, we were pleased to see our new UQi+ ranked as No.1 best-seller in electric scooter category on Taobao during the double 11 shopping festival. Although we still face uncertainties and pressures on recovery of consumer sentiment, we are confident that our domestic sales will return to the growth track in 2023 with the launches of new products in the coming months."

<sup>1</sup> Adjusted net income/loss (non-GAAP) is defined as net income/loss excluding share-based compensation expense

![](tm239993d1_ex99-1img003.jpg)

For the overseas markets, Dr. Li said, "We continued to expand our kick-scooter product offerings by introducing our KQi Youth series. We sold over 100 thousand units of kick-scooters in 2022. In January 2023, we were awarded the Rider's Choice Award as the Best Scooter Company, presented by Micromobility World. Winning the Rider's Choice Best Scooter Company award was a validation of our commitment to provide customers around the world with convenient and environmentally friendly smart electric scooters for urban mobility. We also started to deliver our first e-bike BQi C3 Pro in November 2022. We believe that, leveraging our well-recognized NIU brand and diverse product portfolio, and riding on the mega trend of transition from fuel to electricity in mobility vehicles, there will be great opportunities ahead of us."

**Fourth Quarter 2022 Financial Results**

**Revenues** were RMB 612.3 million, a decrease of 37.9% year over year, due to decreased sales volume of 41.9% and increased revenues per e-scooter of 7.0%. The following table shows the revenues breakdown and revenues per e-scooter in the periods presented:

---

| | | | |
|:---|:---|:---|:---|
| **Revenues**<br> **(in RMB million)** | **2022**<br> **Q4** | **2021**<br> **Q4** | **% change<br> YoY** |
| E-scooter sales from China market | 446.7 | 682.7 | -34.6% |
| E-scooter sales from international markets | 86.7 | 189.4 | -54.2% |
| E-scooter sales, sub-total | 533.4 | 872.1 | -38.8% |
| Accessories, spare parts and services | 78.9 | 114.0 | -30.8% |
| Total | 612.3 | 986.1 | -37.9% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Revenues per e-scooter**<br> **(in RMB)** | **2022**<br> **Q4** | **2021**<br> **Q4** | **% change**<br> **YoY** |
| E-scooter sales from China market<sup>2</sup> | 3783 | 3326 | +13.7% |
| E-scooter sales from international markets<sup>2</sup> | 4289 | 5749 | -25.4% |
| E-scooter sales | 3857 | 3661 | +5.4% |
| Accessories, spare parts and services<sup>3</sup> | 571 | 479 | +19.2% |
| Revenues per e-scooter | 4428 | 4140 | +7.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;▪ E-scooter
 sales revenues from China market were RMB 446.7 million, a decrease of 34.6%, and represented
 83.7% of total e-scooter revenues. The decrease was mainly driven by the sales volume decreases
 by 42.5% in China.

&nbsp;&nbsp;&nbsp;&nbsp;▪ E-scooter
 sales revenues from international markets were RMB 86.7 million, a decrease of 54.2%, and
 represented 16.3% of total e-scooter revenues. The decrease was mainly due to the sales volume
 decreases by 38.7% in international markets.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Accessories,
 spare parts sales and services revenues were RMB 78.9 million, a decrease of 30.8% and represented
 12.9% of total revenues. The decrease was mainly due to the battery pack sales reduction
 from overseas shared mobility operators.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The
 increase of revenues per e-scooter was mainly due to the increase in unit price of e-scooter,
 and a better product mix in China market.

<sup>2</sup> Revenues per e-scooter on e-scooter sales from China or international markets is defined as e-scooter sales revenues from China or international markets divided by the number of e-scooters sold in China or international market in a specific period

<sup>3</sup> Revenues per e-scooter on accessories, spare parts and services is defined as accessories, spare parts and services revenues divided by the total number of e-scooters sold in a specific period

![](tm239993d1_ex99-1img003.jpg)

**Cost of revenues** was RMB 474.7 million, a decrease of 37.8% year over year, mainly due to lower e-scooter sales volume. The cost per e-scooter, defined as cost of revenues divided by the number of e-scooters sold in a specified period, was RMB 3,433, up 7.1% from RMB 3,206 in the fourth quarter 2021, mainly due to higher raw material costs and product mix change.

**Gross margin** was 22.5%, compared with 22.6% in the same period of 2021. The decrease was mainly due to higher sales of kick-scooters with lower gross margin.

**Operating expenses** were RMB 195.6 million, an increase of 3.8% from the same period of 2021. Operating expenses as a percentage of revenues was 31.9%, compared with 19.1% in the fourth quarter of 2021.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Selling and marketing expenses** were RMB 107.5 million (including RMB 2.7 million of share-based
 compensation), an increase of 7.7% from RMB 99.8 million in the fourth quarter of 2021. The
 increase was mainly due to the increase in depreciation and amortization expense of RMB 6.3
 million as a result of opening new franchised stores and the increase in overseas selling
 expenses of RMB 24.5 million as a result of the fast growth of kick-scooters sales, partially
 offset by a decrease in domestic selling expenses of RMB 20.0 million and the decrease in
 staff cost and share-based compensation of RMB 4.0 million. Selling and marketing expenses
 as a percentage of revenues was 17.6% compared with 10.1% in the fourth quarter of 2021.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Research and development expenses** were RMB 40.3 million (including RMB 3.2 million of share-based
 compensation), a decrease of 10.4% from RMB 45.0 million in the fourth quarter of 2021, mainly
 due to the decrease of professional fee for system development of RMB 6.2 million and the
 decrease in share-based compensation expenses of RMB 1.4 million, partially offset by the
 increase in staff cost of RMB 2.8 million. Research and development expenses as a percentage
 of revenues was 6.6%, compared with 4.6% in the fourth quarter of 2021.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **General and administrative expenses** were RMB 47.8 million (including RMB 4.7 million of share-based
 compensation), an increase of 9.4% from RMB 43.7 million in the fourth quarter of 2021, mainly
 due to the increase in provision for credit losses of RMB 12.2 million and the increase
 in share-based compensation expenses
 of RMB 1.0 million, partially offset by the decrease in financial service fee of
 RMB 9.4 million. General and administrative expenses as a percentage of revenues was 7.8%,
 compared with 4.4% in the fourth quarter of 2021.

**Operating expenses excluding share-based compensation** were RMB 185.0 million, increased by 5.0% year over year, and represented 30.2% of revenues, compared with 17.9% in the fourth quarter of 2021.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Selling and marketing expenses excluding share-based compensation** were RMB 104.8 million, an
 increase of 9.4% year over year, and represented 17.1% of revenues, compared with 9.7% in
 the fourth quarter of 2021.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Research and development expenses excluding share-based compensation** were RMB 37.2 million, a
 decrease of 8.1% year over year, and represented 6.1% of revenues, compared with 4.1% in
 the fourth quarter of 2021.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **General and administrative expenses excluding share-based compensation** were RMB 43.1 million,
 an increase of 7.8% year over year, and represented 7.0% of revenues, compared with 4.1%
 in the fourth quarter of 2021.

![](tm239993d1_ex99-1img003.jpg)

**Government grants** were RMB 15.0 million, decreased by RMB 1.3 million from the same period of 2021.

**Share-bas** **ed compensation** was RMB 10.9 million, compared with RMB 12.5 million in the same period of 2021.

**Income tax expense** was RMB 0.3 million, compared with RMB 9.3 million in the same period of 2021.

**Net loss** was RMB 37.1 million, compared with net income of RMB 47.6 million in the fourth quarter of 2021. The net loss margin was 6.1%, compared with net income margin of 4.8% in the same period of 2021.

**Adjusted net loss (non-GAAP)** was RMB 26.2 million, compared with an adjusted net income of RMB 60.2 million in the fourth quarter of 2021. The adjusted net loss margin<sup>4</sup> was 4.3%, compared with an adjusted net income of 6.1% in the same period of 2021.

**Basic and diluted net loss per ADS** were both RMB 0.48 (US$0.07).

**Full Year 2022 Financial Results**

**Revenues** were RMB 3,168.6 million, a decrease of 14.5% year over year, mainly driven by 19.9% decreases in e-scooter sales volume. E-scooter sales revenues from China market represented 82.7% of our total revenues from e-scooter sales, and e-scooter sales revenues from overseas markets represented 17.3% of our total revenues from e-scooter sales. The following table shows the revenues breakdown and revenues per e-scooter in the periods presented:

---

| | | | |
|:---|:---|:---|:---|
| **Revenues**<br> **(in RMB million)** | **2022**<br> **Full Year** | **2021**<br> **Full Year** | **% change <br> YoY** |
| E-scooter sales from China market | 2360.2 | 2923.9 | -19.3% |
| E-scooter sales from international markets | 493.7 | 329.1 | +50.0% |
| E-scooter sales, sub-total | 2853.9 | 3253.0 | -12.3% |
| Accessories, spare parts and services | 314.7 | 451.5 | -30.3% |
| Total | 3168.6 | 3704.5 | -14.5% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Revenues per e-scooter**<br> **(in RMB)** | **2022**<br> **Full Year** | **2021**<br> **Full Year** | **% change**<br> **YoY** |
| E-scooter sales from China market<sup>2</sup> | 3322 | 2959 | +12.3% |
| E-scooter sales from international markets<sup>2</sup> | 4079 | 6597 | -38.2% |
| E-scooter sales | 3432 | 3134 | +9.5% |
| Accessories, spare parts and services<sup>3</sup> | 378 | 435 | -13.1% |
| Revenues per e-scooter | 3810 | 3569 | +6.8% |

---

**Cost of revenues** were RMB 2,498.9 million, a decrease of 13.6% year over year, mainly driven by lower e-scooter sales volume. The cost per e-scooter, defined as cost of revenues divided by the number of e-scooters sold in a specified period, was RMB 3,005, up 7.9% from RMB 2,786 in 2021.

<sup>4</sup> Adjusted net income/loss margin is defined as adjusted net income/loss (non-GAAP) as a percentage of the revenues

![](tm239993d1_ex99-1img003.jpg)

**Gross margin** was 21.1%, decreased from 21.9% in 2021, mainly due to the increase in sales of kick-scooters in overseas markets which have lower margin.

**Operating expenses** were RMB 775.3 million, an increase of 27.3% from RMB 609.0 million in 2021. Operating expenses as a percentage of revenues was 24.5%, compared with 16.4% in 2021.

**Operating expenses excluding share-based compensation** were RMB 718.4 million, an increase of 27.7% year over year, and represented 22.7% of revenues, compared with 15.2% in 2021.

**Government grants** were RMB 16.4 million, decreased by 32.3 million compared with the year of 2021.

**Share-based compensation** was RMB 58.2 million, an increase of RMB 11.0 million from RMB 47.2 million in 2021.

**Income tax benefit** was RMB 21.8 million, compared with income tax expense of RMB 47.0 million in 2021.

**Net loss** was RMB 49.5 million, compared with net income of RMB 225.8 million in 2021. The net loss margin was 1.6%, compared with net income margin of 6.1% in 2021.

**Adjusted net income (non-GAAP)** was RMB 8.8 million, compared with an adjusted net income of RMB 273.0 million in 2021. The adjusted net income margin<sup>4</sup> was 0.3% in 2022, compared with an adjusted net income margin of 7.4% in 2021.

**Basic and diluted net loss per ADS** were both RMB 0.64 (US$0.09).

**Balance Sheet**

As of December 31, 2022, the Company had **cash, term deposits and short-term investments** of RMB 923.3 million in aggregate. The Company had restricted cash of RMB 186.3 million and short-term bank borrowings of RMB 160.0 million.

**Business Outlook**

NIU expects revenues of the first quarter 2023 to be in the range of RMB 403 million to RMB 489 million, representing a year-over-year decrease of 15% to 30%. NIU expects the sales volume for full year 2023 to be in the range of 1 million to 1.2 million units, representing a year-over-year increase of approximately 20% to 45%.

The above outlook is based on information available as of the date of this press release and reflects the Company's current and preliminary expectation and is subject to change.

![](tm239993d1_ex99-1img003.jpg)

**Conference Call**

The Company will host an earnings conference call on Monday, March 20, 2023 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time) to discuss its fourth quarter and full year 2022 financial and business results and provide a corporate update.

To join via phone, participants need to register in advance of the conference call using the link provided below. Upon registration, participants will receive dial-in numbers and a personal PIN, which will be used to join the conference call.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Event:** | &nbsp;&nbsp;Niu Technologies Fourth Quarter and Full Year 2022 Earnings Conference Call |
| &nbsp;&nbsp;**Registration Link:** | &nbsp;&nbsp;https://register.vevent.com/register/BI5fb20d002a3b49c7b7db80f8c7a5ff6c |

---

A live and archived webcast of the conference call will be available on the investor relations website at https://ir.niu.com/news-and-events/webcasts-and-presentations.

**About NIU**

As the world's leading provider of smart urban mobility solutions, NIU designs, manufactures and sells high-performance electric motorcycles, mopeds, bicycles and kick-scooters. NIU has a diversified product portfolio that caters to the various demands of our users and addresses different urban travel scenarios. NIU's product portfolio comprises its (i) four electric scooter and motorcycle series, NQi, MQi, UQi and Gova, (ii) one kick-scooter series, KQi, (iii) one high performance motorcycle series, RQi, (iv) one hybrid motorcycle series, YQi and (v) one e-bike series, BQi. NIU has adopted an omnichannel retail model, integrating the offline and online channels, to offer the products and services. For more information, please visit <u>www.niu.com.</u>

**Use of Non-GAAP Financial Measures**

To supplement NIU's consolidated financial results presented in accordance with the accounting principles generally accepted in the United States of America ("GAAP"), NIU uses the following non-GAAP financial measures: adjusted net income and adjusted net income margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. NIU believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its operating results. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to NIU's historical performance. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company's results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data.

![](tm239993d1_ex99-1img003.jpg)

Adjusted net income is defined as net income excluding share-based compensation expenses. Adjusted net income margin is defined as adjusted net income as a percentage of the revenues.

For more information on non-GAAP financial measures, please see the tables captioned "Reconciliation of GAAP and Non-GAAP Results".

**Exchange Rate**

This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the readers. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB 6.8972 to US$1.00, the exchange rate in effect as of December 30, 2022, as set forth in the H.10 Statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

**Safe Harbor Statement**

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as NIU's strategic and operational plans, contain forward-looking statements. NIU may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about NIU's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIU's strategies; NIU's future business development, financial condition and results of operations; NIU's ability to maintain and enhance its "NIU" brand; its ability to innovate and successfully launch new products and services; its ability to maintain and expand its offline distribution network; its ability to satisfy the mandated safety standards relating to e-scooters; its ability to secure supply of components and raw materials used in e-scooters; its ability to manufacture, launch and sell smart e-scooters meeting customer expectations; its ability to grow collaboration with operation partners; its ability to control costs associated with its operations; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIU's filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and NIU does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

**Investor Relations Contact:**

Niu Technologies

E-mail: ir@niu.com

![](tm239993d1_ex99-1img003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **NIU TECHNOLOGIES** | **NIU TECHNOLOGIES** | **NIU TECHNOLOGIES** | **NIU TECHNOLOGIES** |
| **UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS** | **UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS** | **UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS** | **UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS** |
|  | **As of** | **As of** | **As of** |
|  | **December 31,** | **December 31,** | **December 31,** |
|  | **2021** | **2022** | **2022** |
|  | **RMB** | **RMB** | **US$** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash | 208373759 | 534286849 | 77464311 |
| Term deposits-current | 95635500 | 208589770 | 30242674 |
| Restricted cash | 223971197 | 186340321 | 27016807 |
| Short-term investments | 773678455 | 160406301 | 23256728 |
| Accounts receivable, net | 268557176 | 299742923 | 43458639 |
| Inventories | 269637042 | 417009148 | 60460643 |
| Prepayments and other current assets | 56061263 | 205695717 | 29823076 |
| **Total current assets** | **1895914392** | **2012071029** | **291722878** |
| **Non-current assets** |  |  |  |
| Term deposits-non-current | 35939250 | 20000000 | 2899727 |
| Property, plant and equipment, net | 397215911 | 397356795 | 57611320 |
| Intangible assets, net | 3668189 | 1857320 | 269286 |
| Operating lease right-of-use assets | 94201263 | 86597121 | 12555402 |
| Deferred income tax assets | 11907344 | 6132499 | 889129 |
| Other non-current assets | 2367064 | 12683090 | 1838875 |
| **Total non-current assets** | **545299021** | **524626825** | **76063739** |
| **Total assets** | **2441213413** | **2536697854** | **367786617** |
| **LIABILITIES** |  |  |  |
| **Current liabilities** |  |  |  |
| Short-term bank borrowings | 180000000 | 160000000 | 23197819 |
| Notes payable | 143622874 | 316832113 | 45936338 |
| Accounts payable | 538930163 | 459466937 | 66616444 |
| Income taxes payable | 17601525 | 1898065 | 275194 |
| Advances from customers | 17266994 | 24931897 | 3614785 |
| Deferred revenue-current | 32757740 | 37539733 | 5442750 |
| Accrued expenses and other current liabilities | 198904558 | 192092943 | 27850859 |
| **Total current liabilities** | **1129083854** | **1192761688** | **172934189** |
| Deferred revenue-non-current | 10693692 | 11429500 | 1657122 |
| Deferred income tax liabilities | 1992388 | 1398279 | 202731 |
| Operating lease liabilities | 13921859 | 7569128 | 1097420 |
| Other non-current liabilities | 20967430 | 13441382 | 1948817 |
| **Total non-current liabilities** | **47575369** | **33838289** | **4906090** |
| **Total liabilities** | **1176659223** | **1226599977** | **177840279** |
| **SHAREHOLDERS' EQUITY:** |  |  |  |
| Class A ordinary shares | 89038 | 89428 | 12966 |
| Class B ordinary shares | 10316 | 10316 | 1496 |
| Additional paid-in capital | 1855403759 | 1915825641 | 277768608 |
| Accumulated other comprehensive loss | (51121030) | (16536686) | (2397594) |
| Accumulated deficit | (539827893) | (589290822) | (85439138) |
| **Total shareholders' equity** | **1264554190** | **1310097877** | **189946338** |
| **Total liabilities and shareholders' equity** | **2441213413** | **2536697854** | **367786617** |

---

![](tm239993d1_ex99-1img003.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **NIU TECHNOLOGIES** | **NIU TECHNOLOGIES** | **NIU TECHNOLOGIES** | **NIU TECHNOLOGIES** | **NIU TECHNOLOGIES** | **NIU TECHNOLOGIES** | **NIU TECHNOLOGIES** |
| **UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** | **UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2021** | **2022** | **2022** | **2021** | **2022** | **2022** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| Revenues | 986059243 | 612271193 | 88770979 | 3704537419 | 3168597334 | 459403430 |
| Cost of revenues<sup>(a)</sup> | (763551340) | (474737508) | (68830469) | (2891758188) | (2498916443) | (362308827) |
| **Gross profit** | **222507903** | **137533685** | **19940510** | **812779231** | **669680891** | **97094603** |
| **Operating expenses:** |  |  |  |  |  |  |
| Selling and marketing expenses<sup>(a)</sup> | (99766838) | (107463926) | (15580805) | (332007462) | (440408982) | (63853300) |
| Research and development expenses<sup>(a)</sup> | (45022809) | (40341909) | (5849027) | (135218399) | (176478130) | (25586924) |
| General and administrative expenses<sup>(a)</sup> | (43681411) | (47773658) | (6926529) | (141798910) | (158460764) | (22974651) |
| **Total operating expenses** | **(188471058)** | **(195579493)** | **(28356361)** | **(609024771)** | **(775347876)** | **(112414875)** |
| Government grants | 16269976 | 14980000 | 2171896 | 48726818 | 16385038 | 2375607 |
| **Operating income (loss)** | **50306821** | **(43065808)** | **(6243955)** | **252481278** | **(89281947)** | **(12944665)** |
| Interest expenses | (1266391) | (1337935) | (193982) | (6167805) | (5715878) | (828724) |
| Interest income | 1538551 | 6009766 | 871334 | 5375969 | 12860216 | 1864556 |
| Investment income | 6327170 | 1578877 | 228916 | 21167575 | 10917736 | 1582923 |
| **Income (loss) before income taxes** | **56906151** | **(36815100)** | **(5337687)** | **272857017** | **(71219873)** | **(10325910)** |
| Income tax benefit (expense) | (9259409) | (317209) | (45991) | (47036608) | 21756944 | 3154460 |
| **Net income (loss)** | **47646742** | **(37132309)** | **(5383678)** | **225820409** | **(49462929)** | **(7171450)** |
| **Other comprehensive income (loss)** |  |  |  |  |  |  |
| Foreign currency translation adjustment, net of nil income taxes | (7080675) | (8013103) | (1161791) | (9657187) | 37342724 | 5414186 |
| Unrealized gain/(reclassification adjustment for gains) on available for sale securities, net | 823602 | 193707 | 28085 | 1552184 | (2758380) | (399928) |
| **Comprehensive income** | **41389669** | **(44951705)** | **(6517384)** | **217715406** | **(14878585)** | **(2157192)** |
| **Net income (loss) per ordinary share** |  |  |  |  |  |  |
| —Basic | 0.31 | (0.24) | (0.03) | 1.47 | (0.32) | (0.05) |
| —Diluted | 0.30 | (0.24) | (0.03) | 1.41 | (0.32) | (0.05) |
| **Net income (loss) per ADS** |  |  |  |  |  |  |
| —Basic | 0.62 | (0.48) | (0.07) | 2.94 | (0.64) | (0.09) |
| —Diluted | 0.60 | (0.48) | (0.07) | 2.81 | (0.64) | (0.09) |
| **Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net income(loss) per ordinary share** |  |  |  |  |  |  |
| —Basic | 154385703 | 155584223 | 155584223 | 153672358 | 155176922 | 155176922 |
| —Diluted | 159588209 | 155584223 | 155584223 | 160460976 | 155176922 | 155176922 |
| **Weighted average number of ADS outstanding used in computing net income (loss) per ADS** |  |  |  |  |  |  |
| —Basic | 77192852 | 77792112 | 77792112 | 76836179 | 77588461 | 77588461 |
| —Diluted | 79794105 | 77792112 | 77792112 | 80230488 | 77588461 | 77588461 |

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![](tm239993d1_ex99-1img003.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Note:** | | | | | | |
| (a) Includes share-based compensation expense as follows: | (a) Includes share-based compensation expense as follows: | (a) Includes share-based compensation expense as follows: |  |  |  |  |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2021** | **2022** | **2022** | **2021** | **2022** | **2022** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| Cost of revenues | 256904 | 311071 | 45101 | 846833 | 1224796 | 177579 |
| Selling and marketing expenses | 3973140 | 2684492 | 389215 | 13292632 | 15433684 | 2237674 |
| Research and development expenses | 4586137 | 3182290 | 461389 | 17062024 | 22361742 | 3242148 |
| General and administrative expenses | 3722178 | 4712681 | 683275 | 16016667 | 19198964 | 2783588 |
| **Total share-based compensation expense** | **12538359** | **10890534** | **1578980** | **47218156** | **58219186** | **8440989** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **NIU TECHNOLOGIES** | **NIU TECHNOLOGIES** | **NIU TECHNOLOGIES** | **NIU TECHNOLOGIES** | **NIU TECHNOLOGIES** | **NIU TECHNOLOGIES** | **NIU TECHNOLOGIES** |
| **RECONCILIATION OF GAAP AND NON-GAAP RESULTS** | **RECONCILIATION OF GAAP AND NON-GAAP RESULTS** | **RECONCILIATION OF GAAP AND NON-GAAP RESULTS** | **RECONCILIATION OF GAAP AND NON-GAAP RESULTS** | **RECONCILIATION OF GAAP AND NON-GAAP RESULTS** | **RECONCILIATION OF GAAP AND NON-GAAP RESULTS** | **RECONCILIATION OF GAAP AND NON-GAAP RESULTS** |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2021** | **2022** | **2022** | **2021** | **2022** | **2022** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| **Net Income (loss)** | **47646742** | **(37132309)** | **(5383678)** | **225820409** | **(49462929)** | **(7171450)** |
| &nbsp;&nbsp;&nbsp;Add: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share-based compensation expense | 12538359 | 10890534 | 1578980 | 47218156 | 58219186 | 8440989 |
| **Adjusted net income (loss)** | **60185101** | **(26241775)** | **(3804698)** | **273038565** | **8756257** | **1269539** |

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