| PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION |
19. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION For the presentation of the parent company only condensed financial information, the Company records its investment in subsidiaries, consolidated VIE and VIE’s subsidiaries, under the equity method of accounting as prescribed in ASC Topic 323, Investments-Equity Method and Joint Ventures. Such investments are presented on the condensed balance sheets as “Investment in and amount due from subsidiaries, consolidated VIE and VIE’s subsidiaries” and the subsidiaries, consolidated VIE and VIE’s subsidiaries’ income as “Share of loss from subsidiaries, consolidated VIE and VIE’s subsidiaries” on the condensed statements of results of operations. The parent company only condensed financial information should be read in conjunction with the Group’s consolidated financial statements. As of December 31, 2024 and 2025, there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stocks or guarantees of Niu Technologies, except for those, which have been separately disclosed in the consolidated financial statements. | (a) | Condensed Balance Sheets |
| | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | Assets | | | | | Current assets | | | | | Cash and cash equivalents | | 40,441,814 | | 48,651,480 | Term deposits | | 68,289,800 | | — | Restricted cash | | 215,652,000 | | 210,864,000 | Prepayments and other current assets | | 13,518,861 | | 10,497,711 | | | | | | Total current assets | | 337,902,475 | | 270,013,191 | | | | | | Non-current assets | | | | | Investment in and amount due from subsidiaries, consolidated VIE and VIE’s subsidiaries | | 600,596,446 | | 642,812,016 | | | | | | Total assets | | 938,498,921 | | 912,825,207 | | | | | | Liabilities | | | | | Current liabilities | | | | | Amount due to subsidiaries, consolidated VIE and VIE’s subsidiaries | | 4,632,432 | | 4,529,580 | Accrued expenses and other current liabilities | | 2,584,269 | | 3,364,323 | | | | | | Total current liabilities and total liabilities | | 7,216,701 | | 7,893,903 | | | | | | Shareholders’ equity: | | | | | Class A ordinary shares | | 90,549 | | 91,796 | Class B ordinary shares | | 10,316 | | 9,504 | Additional paid-in capital | | 1,988,638,160 | | 2,016,533,709 | Accumulated other comprehensive loss | | (3,129,362) | | (17,990,674) | Accumulated deficit | | (1,054,327,443) | | (1,093,713,031) | | | | | | Total shareholders’ equity | | 931,282,220 | | 904,931,304 | | | | | | Total liabilities and shareholders’ equity | | 938,498,921 | | 912,825,207 |
| (b) | Condensed Statements of Results of Operations |
| | | | | | | | | For the Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | Total operating expenses | | (17,739,201) | | (13,025,259) | | (12,321,808) | Share of loss from subsidiaries, consolidated VIE and VIE’s subsidiaries | | (270,498,551) | | (195,199,614) | | (36,346,156) | Interest income | | 16,401,770 | | 15,024,234 | | 9,282,376 | Loss before income taxes | | (271,835,982) | | (193,200,639) | | (39,385,588) | Income tax expense | | — | | — | | — | | | | | | | | Net loss | | (271,835,982) | | (193,200,639) | | (39,385,588) |
| (c) | Condensed Statements of Cash Flows |
| | | | | | | | | For the Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | Net cash provided by (used in) operating activities | | 14,392,402 | | (177,106) | | 1,448,176 | Net cash provided by (used in) investing activities | | 133,818,900 | | (89,689,320) | | 7,644,080 | Net cash provided by financing activities | | 654,023 | | 267,335 | | 164,587 | Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash | | 4,034,789 | | 4,212,517 | | (5,835,177) | | | | | | | | Net increase (decrease) in cash, cash equivalents and restricted cash | | 152,900,114 | | (85,386,574) | | 3,421,666 | | | | | | | | Cash, cash equivalents and restricted cash at the beginning of the year | | 188,580,274 | | 341,480,388 | | 256,093,814 | | | | | | | | Cash, cash equivalents and restricted cash at the end of the year | | 341,480,388 | | 256,093,814 | | 259,515,480 |
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