EH vs NIU
EHang Holdings Ltd. and Niu Technologies, side by side — 9 fiscal years reported in CNY, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | EH | NIU |
|---|---|---|
| Revenue | CNY 418.0M | CNY 4.3B |
| Net income | CNY -276.0M | CNY -39.4M |
| Gross margin | 61.5% | 19.6% |
| Net margin | −66.1% | −0.9% |
| Return on equity | −27.3% | −4.3% |
| Diluted EPS | −CNY 1.88 | −CNY 0.25 |
| Dividend / share | — | — |
| Payout ratio | — | — |
| Free cash flow | CNY -327.4M | CNY 175.5M |
| Equity | CNY 1.1B | CNY 904.9M |
| Net debt / equity | −0.16× | −0.76× |
| Current ratio | 2.07× | 1.18× |
| Revenue CAGR 5y | 18.3% | 12.0% |
| Profit CAGR 5y | — | — |
NIU bills 10.3× the revenue of EH, and both closed the last reported year at a loss.
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner.
Revenue by year
9 years side by side
| Fiscal year | EH | NIU |
|---|---|---|
| FY2025 | CNY 418.0M | CNY 4.3B |
| FY2024 | CNY 456.2M | CNY 3.3B |
| FY2023 | CNY 117.4M | CNY 2.7B |
| FY2022 | CNY 44.3M | CNY 3.2B |
| FY2021 | CNY 56.8M | CNY 3.7B |
| FY2020 | CNY 180.1M | CNY 2.4B |
| FY2019 | CNY 121.8M | CNY 2.1B |
| FY2018 | CNY 66.5M | CNY 1.5B |
| FY2017 | CNY 31.7M | CNY 769.4M |
Net income by year
Bottom line
| Fiscal year | EH | NIU |
|---|---|---|
| FY2025 | CNY -276.0M | CNY -39.4M |
| FY2024 | CNY -229.8M | CNY -193.2M |
| FY2023 | CNY -301.7M | CNY -271.8M |
| FY2022 | CNY -328.2M | CNY -49.5M |
| FY2021 | CNY -314.0M | CNY 225.8M |
| FY2020 | CNY -87.6M | CNY 168.7M |
| FY2019 | CNY -48.5M | CNY 190.1M |
| FY2018 | CNY -79.1M | CNY -349.0M |
| FY2017 | CNY -87.4M | CNY -184.7M |