NIO vs NIU
NIO Inc. and Niu Technologies, side by side — 10 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | NIO | NIU |
|---|---|---|
| Revenue | CNY 87.5B | CNY 4.3B |
| Net income | CNY -14.9B | CNY -39.4M |
| Gross margin | 13.6% | 19.6% |
| Net margin | −17.1% | −0.9% |
| Return on equity | −295.1% | −4.3% |
| Diluted EPS | −CNY 6.85 | −CNY 0.25 |
| Dividend / share | · | · |
| Payout ratio | · | · |
| Free cash flow | CNY -3.1B | CNY 175.5M |
| Equity | CNY 4.2B | CNY 904.9M |
| Net debt / equity | −0.48× | −0.76× |
| Current ratio | 0.98× | 1.18× |
| Revenue CAGR 5y | 40.0% | 12.0% |
| Profit CAGR 5y | · | · |
NIO bills 20.3× the revenue of NIU, 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. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | NIO | NIU |
|---|---|---|
| FY2025 | CNY 87.5B | CNY 4.3B |
| FY2024 | CNY 65.7B | CNY 3.3B |
| FY2023 | CNY 55.6B | CNY 2.7B |
| FY2022 | CNY 49.3B | CNY 3.2B |
| FY2021 | CNY 36.1B | CNY 3.7B |
| FY2020 | CNY 16.3B | CNY 2.4B |
| FY2019 | CNY 7.8B | CNY 2.1B |
| FY2018 | CNY 5.0B | CNY 1.5B |
| FY2017 | CNY 0 | CNY 769.4M |
| FY2016 | CNY 0 | CNY 354.8M |
Bottom line
| Fiscal year | NIO | NIU |
|---|---|---|
| FY2025 | CNY -14.9B | CNY -39.4M |
| FY2024 | CNY -22.4B | CNY -193.2M |
| FY2023 | CNY -20.7B | CNY -271.8M |
| FY2022 | CNY -14.4B | CNY -49.5M |
| FY2021 | CNY -4.0B | CNY 225.8M |
| FY2020 | CNY -5.3B | CNY 168.7M |
| FY2019 | CNY -11.3B | CNY 190.1M |
| FY2018 | CNY -9.6B | CNY -349.0M |
| FY2017 | CNY -5.0B | CNY -184.7M |
| FY2016 | CNY -2.6B | CNY -232.7M |
10 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +CNY 83,179,644,502 | NIO |
| FY2024 | +CNY 62,443,262,656 | NIO |
| FY2023 | +CNY 52,966,175,354 | NIO |
| FY2022 | +CNY 46,099,963,666 | NIO |
| FY2021 | +CNY 32,431,885,581 | NIO |
| FY2020 | +CNY 13,813,604,236 | NIO |
| FY2019 | +CNY 5,748,614,899 | NIO |
| FY2018 | +CNY 3,473,389,696 | NIO |
| FY2017 | −CNY 769,368,001 | NIU |
| FY2016 | −CNY 354,810,048 | NIU |
The higher-revenue side has changed between NIO and NIU over this period. The gap has widened since the earliest year compared.
10 of 10 comparable fiscal years — a year missing data on either side is not counted.
8 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −16.2 pp | NIU |
| FY2024 | −28.2 pp | NIU |
| FY2023 | −27.0 pp | NIU |
| FY2022 | −27.7 pp | NIU |
| FY2021 | −17.2 pp | NIU |
| FY2020 | −39.5 pp | NIU |
| FY2019 | −153.5 pp | NIU |
| FY2018 | −171.1 pp | NIU |
NIU has kept the higher net margin in every one of these 8 fiscal years.
8 of 10 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
NIO's net margin has been more volatile than NIU's over the 8 comparable fiscal years — 63.6 percentage points of standard deviation against 10.1.
8 of 10 comparable fiscal years — a year missing data on either side is not counted.
Year by year
NIU led in net margin in every one of the 8 comparable fiscal years — a structural lead, not a recent swing.
8 of 10 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
NIO's return on equity has been more volatile than NIU's over the 5 comparable fiscal years — 98.9 percentage points of standard deviation against 15.0.
5 of 7 comparable fiscal years — a year missing data on either side is not counted.
Year by year
NIU led in return on equity in every one of the 5 comparable fiscal years — a structural lead, not a recent swing.
5 of 7 comparable fiscal years — a year missing data on either side is not counted.