NIU vs XPEV
Niu Technologies and Xpeng Inc., side by side — 8 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | NIU | XPEV |
|---|---|---|
| Revenue | CNY 4.3B | CNY 76.7B |
| Net income | CNY -39.4M | CNY -1.1B |
| Gross margin | 19.6% | 18.9% |
| Net margin | −0.9% | −1.5% |
| Return on equity | −4.3% | −3.7% |
| Diluted EPS | −CNY 0.25 | −CNY 0.60 |
| Dividend / share | · | · |
| Payout ratio | · | · |
| Free cash flow | CNY 175.5M | CNY 5.1B |
| Equity | CNY 904.9M | CNY 30.4B |
| Net debt / equity | −0.76× | −0.29× |
| Current ratio | 1.18× | 1.09× |
| Revenue CAGR 5y | 12.0% | 67.4% |
| Profit CAGR 5y | · | · |
XPEV bills 17.8× 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.
8 years side by side
| Fiscal year | NIU | XPEV |
|---|---|---|
| FY2025 | CNY 4.3B | CNY 76.7B |
| FY2024 | CNY 3.3B | CNY 40.9B |
| FY2023 | CNY 2.7B | CNY 30.7B |
| FY2022 | CNY 3.2B | CNY 26.9B |
| FY2021 | CNY 3.7B | CNY 21.0B |
| FY2020 | CNY 2.4B | CNY 5.8B |
| FY2019 | CNY 2.1B | CNY 2.3B |
| FY2018 | CNY 1.5B | CNY 9.7M |
Bottom line
| Fiscal year | NIU | XPEV |
|---|---|---|
| FY2025 | CNY -39.4M | CNY -1.1B |
| FY2024 | CNY -193.2M | CNY -5.8B |
| FY2023 | CNY -271.8M | CNY -10.4B |
| FY2022 | CNY -49.5M | CNY -9.1B |
| FY2021 | CNY 225.8M | CNY -4.9B |
| FY2020 | CNY 168.7M | CNY -2.7B |
| FY2019 | CNY 190.1M | CNY -3.7B |
| FY2018 | CNY -349.0M | CNY -1.4B |
8 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −CNY 72,411,876,502 | XPEV |
| FY2024 | −CNY 37,578,012,656 | XPEV |
| FY2023 | −CNY 28,024,309,354 | XPEV |
| FY2022 | −CNY 23,686,521,666 | XPEV |
| FY2021 | −CNY 17,283,593,581 | XPEV |
| FY2020 | −CNY 3,399,992,236 | XPEV |
| FY2019 | −CNY 244,929,899 | XPEV |
| FY2018 | +CNY 1,468,075,304 | NIU |
The higher-revenue side has changed between NIU and XPEV over this period. The gap has widened since the earliest year compared.
8 of 10 comparable fiscal years — a year missing data on either side is not counted.
6 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +0.6 pp | NIU |
| FY2024 | +8.3 pp | NIU |
| FY2023 | +23.6 pp | NIU |
| FY2022 | +32.5 pp | NIU |
| FY2021 | +29.3 pp | NIU |
| FY2020 | +53.6 pp | NIU |
NIU has kept the higher net margin in every one of these 6 fiscal years.
6 of 10 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
XPEV's net margin has been more volatile than NIU's over the 6 comparable fiscal years — 14.7 percentage points of standard deviation against 6.1.
6 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 6 comparable fiscal years — a structural lead, not a recent swing.
6 of 10 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
NIU's return on equity has been more volatile than XPEV's over the 5 comparable fiscal years — 15.0 percentage points of standard deviation against 8.5.
5 of 7 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between NIU and XPEV over these 5 fiscal years — NIU led in 3 and XPEV in 2.
5 of 7 comparable fiscal years — a year missing data on either side is not counted.