6-K
Niu Technologies (NIU)
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 August 2025
Commission File Number: 001-38696
NIU TECHNOLOGIES
Building C, Rongxin Technology Center,
No. 34 Chuangyuan Road,
Chaoyang District, Beijing 100012
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 x Form 40-F ¨
Exhibit Index
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 | ||
|---|---|---|
| By | : | /s/ Fion Zhou |
| Name | : | Fion Zhou |
| Title | : | Director and Chief Financial Officer |
Date: August 11, 2025
Exhibit 99.1
Niu Technologies Announces Unaudited Second Quarter 2025 FinancialResults
-- Second Quarter Revenues of RMB 1,255.7 million, increase 33.5%year over year
-- Second Quarter Net Income of RMB 5.9 million, compared to netloss of RMB 24.9 million in the same period of last year
BEIJING, China, August 11, 2025 – 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 second quarter ended June 30, 2025.
Second Quarter 2025 Financial Highlights
| · | Revenues were RMB 1,255.7 million, an increase of 33.5%<br>year over year |
|---|---|
| · | Gross margin was 20.1%, compared with 17.0% in the second<br>quarter of 2024 |
| · | Net income was RMB 5.9 million, compared with net loss<br>of RMB 24.9 million in the second quarter of 2024 |
| · | Adjusted net income (non-GAAP)^1^<br>was RMB 13.7 million, compared with adjusted net loss of RMB 19.5 million in the second quarter of 2024 |
Second Quarter 2025 Operating Highlights
| · | The number of e-scooters sold was 350,090, up 36.7% year over<br>year |
|---|---|
| · | The number of e-scooters sold in China was 318,719, up 53.6%<br>year over year |
| · | The number of e-scooters sold in the international markets was<br>31,371, down 35.5% year over year |
| · | The number of franchised stores in China was 4,304 as of June 30,<br>2025 |
| · | The number of distributors in our international sales network<br>was 57, covering 53 countries as of June 30, 2025 |
Dr. Yan Li, Chief Executive Officer of the Company, remarked, “During China’s e-commerce peak season in May and June, our products consistently ranked among the best-selling mid to high-end models in the electric bicycle and electric motorcycle sectors. Featuring enhanced intelligence and functionality, our new models launched in the first half of 2025 demonstrated our commitment to smart technology. In addition, we expanded our domestic retail network to over 4,300 stores in China, reinforcing our growth strategy in the domestic market.”
Dr. Li continued, “In overseas markets, our electric motorcycles continued their steady recovery throughout the first half, in line with our overseas strategy. Meanwhile, sales in the micromobility segment softened due to ongoing geopolitical and economic uncertainties.”
^1^ Adjusted net income (loss) (non-GAAP) is defined as net income (loss) excluding share-based compensation expenses
Second Quarter 2025 Financial Results
Revenuesreached RMB 1,255.7 million, representing a 33.5% increase year-over-year. This growth was mainly driven by a 36.7% increase in sales volume, partially offset by a 2.3% decrease in revenues per e-scooter. The following table shows the revenue breakdown and revenues per e-scooter in the periods presented:
| Revenues (in RMB million) | 2025 Q2 | 2024 Q2 | % change<br> YoY | ||||
|---|---|---|---|---|---|---|---|
| E-scooter sales from China market | 1,056.9 | 727.1 | +45.4 | % | |||
| E-scooter sales from international markets | 103.1 | 130.4 | -20.9 | % | |||
| E-scooter sales, sub-total | 1,160.0 | 857.5 | +35.3 | % | |||
| Accessories, spare parts and services | 95.7 | 83.0 | +15.3 | % | |||
| Total | 1,255.7 | 940.5 | +33.5 | % | |||
| Revenues per e-scooter<br><br> (in RMB) | 2025 <br><br>Q2 | 2024 <br><br>Q2 | % change<br><br> YoY | ||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| E-scooter sales from China market^2^ | 3,316 | 3,503 | -5.3 | % | |||
| E-scooter sales from international markets^2^ | 3,288 | 2,682 | +22.6 | % | |||
| E-scooter sales | 3,313 | 3,347 | -1.0 | % | |||
| Accessories, spare parts and services^3^ | 274 | 324 | -15.4 | % | |||
| Revenues per e-scooter | 3,587 | 3,671 | -2.3 | % | |||
| § | E-scooter sales revenues from China market were RMB 1,056.9<br>million, an increase of 45.4% year-over-year, and represented 91.1% of total e-scooter revenues. The increase was mainly due to a significant<br>increase in sales volume, partially offset by a slight decrease in revenues per e-scooter in China market. | ||||||
| --- | --- | ||||||
| § | E-scooter sales revenues from international markets were RMB<br>103.1 million, a decrease of 20.9% year-over-year, and represented 8.9% of total e-scooter revenues. The decrease was mainly due to a<br>decrease in sales volume and revenues per e-scooter of kick-scooters in international markets. | ||||||
| § | Accessories, spare parts sales and services revenues were RMB<br>95.7 million, an increase of 15.3% year-over-year, and represented 7.6% of total revenues. The increase was mainly due to an increase<br>in accessories and spare parts sales in China market. | ||||||
| § | Revenues per e-scooter was RMB 3,587, a decrease of 2.3% year-over-year,<br>mainly due to decreased revenues per e-scooter in China market, partially offset by increased revenues per e-scooter in international<br>markets. |
Cost ofrevenues was RMB 1,003.2 million, an increase of 28.5% year-over-year, in line with the growth trend of revenues. The cost per e-scooter, defined as cost of revenues divided by the number of e-scooters sold in a specific period, was RMB 2,866, a decrease of 6.0% from RMB 3,048 in the second quarter of 2024. This decrease was mainly due to changes in product mix, along with the cost-reduction impact in China market.
^2^ 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
^3^ 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
Gross marginwas 20.1%, compared with 17.0% in the same period of 2024. The increase was mainly driven by a higher proportion of e-scooter sales and an improved gross margin in China market, reflecting the positive impact of our cost-reduction initiatives.
Operatingexpenses were RMB 264.9 million, an increase of 38.1% year over year. Operating expenses as a percentage of revenues was 21.1%, compared with 20.4% in the second quarter of 2024.
| § | Selling and marketing expenses were RMB 202.2 million<br>(including RMB 1.7 million of share-based compensation), an increase of 68.2% from RMB 120.2 million in the second quarter of 2024, primarily<br>driven by a RMB 69.2 million increase in spending on online shopping festivals and other advertising in China market. Selling and marketing<br>expenses as a percentage of revenues was 16.1%, compared with 12.8% in the second quarter of 2024. |
|---|---|
| § | Research and development expenses were RMB 43.7 million<br>(including RMB 2.8 million of share-based compensation), an increase of 35.5% from RMB 32.3 million in the second quarter of 2024, mainly<br>due to a RMB 6.1 million increase in staff cost and share-based compensation, as well as a RMB 4.9 million increase in design and testing<br>expenses. Research and development expenses as a percentage of revenues was 3.5%, compared with 3.4% in the second quarter of 2024. |
| § | General and administrative expenses were RMB 19.1 million<br>(including RMB 3.2 million of share-based compensation), a decrease of 51.6% from RMB 39.3 million in the second quarter of 2024, mainly<br>due to an increase in foreign exchange gain of RMB 24.7 million. General and administrative expenses as a percentage of revenues was<br>1.5%, compared with 4.2% in the second quarter of 2024. |
Operatingexpenses excluding share-based compensation were RMB 257.3 million, an increase of 37.9% year over year, and represented 20.5% of revenues, compared with 19.8% in the second quarter of 2024.
| § | Selling and marketing expenses excluding share-based compensation<br>were RMB 200.5 million, an increase of 68.6% year over year, and represented 16.0% of revenues, compared with 12.6% in the second quarter<br>of 2024. |
|---|---|
| § | Research and development expenses excluding share-based compensation<br>were RMB 40.9 million, an increase of 34.5% year over year, and represented 3.3% of revenues, compared with 3.2% in the second quarter<br>of 2024. |
| § | General and administrative expenses excluding share-basedcompensation were RMB 15.9 million, a decrease of 57.4% year over year, and represented 1.3% of revenues, compared with 4.0% in the<br>second quarter of 2024. |
Share-basedcompensation was RMB 7.9 million, compared with RMB 5.4 million in the same period of 2024.
Incometax benefit was RMB 12.5 million, compared with income tax expense of RMB 1.0 million in the same period of 2024.
Net incomewas RMB 5.9 million, compared with net loss of RMB 24.9 million in the second quarter of 2024. The net income margin was 0.5%, compared with net loss margin of 2.6% in the same period of 2024.
Adjustednet income (non-GAAP) was RMB 13.7 million, compared with an adjusted net loss of RMB 19.5 million in the second quarter of 2024. The adjusted net income margin^4^ was 1.1%, compared with an adjusted net loss margin of 2.1% in the same period of 2024.
Basic anddiluted net income per ADS were both RMB 0.07 (US$ 0.01).
Balance Sheet
As of June 30, 2025, the Company had cash and cash equivalents,term deposits and short-term investments of RMB 1,226.6 million in aggregate. The Company had restricted cash of RMB 214.8 million and short-term bank borrowings of RMB 220.0 million.
Business Outlook
NIU expects revenues of the third quarter 2025 to be in the range of RMB 1,433 million to RMB 1,638 million, representing a year-over-year increase of 40% to 60%.
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.
Conference Call
The Company will host an earnings conference call on Monday, August 11, 2025 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time) to discuss its second quarter 2025 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.
| Event: | Niu Technologies Second Quarter 2025 Financial Results Conference Call |
|---|---|
| Registration Link: | https://register-conf.media-server.com/register/BI7cb0e8479a9b40adad9622e7836a0677 |
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.
^4^ Adjusted net income (loss) margin is defined as adjusted net income (loss) (non-GAAP) as a percentage of the revenues
About NIU
As the world’s leading provider of smart urban mobility solutions, NIU designs, manufactures and sells high-performance electric motorcycles, mopeds, bicycles, as well as kick-scooters and e-bikes. NIU has a diversified product portfolio that caters to the various demands of our users and addresses different urban travel scenarios. Currently, NIU offers two model lineups, comprising a number of different vehicle types. These include (i) the electric motorcycle, moped and bicycle series, including the NQi, MQi, UQi, FQi series and others, and (ii) the micro-mobility series, including the kick-scooter series KQi and the e-bike series BQi. NIU has adopted an omnichannel retail model, integrating the offline and online channels, to sell its products and provide services to users.
For more information, please visit www.niu.com.
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 (loss) and adjusted net income (loss) 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.
Adjusted net income (loss) is defined as net income (loss) excluding share-based compensation expenses. Adjusted net income (loss) margin is defined as adjusted net income (loss) 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 7.1636 to US$ 1.00, the exchange rate in effect as of June 30, 2025, 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: [email protected]
NIU TECHNOLOGIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
| As of | ||||||||
|---|---|---|---|---|---|---|---|---|
| December 31, | June 30, | June 30, | ||||||
| 2024 | 2025 | 2025 | ||||||
| RMB | RMB | US | ||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 630,021,303 | 1,091,655,358 | ||||||
| Term deposits | 274,351,895 | 134,915,995 | ||||||
| Restricted cash | 216,395,796 | 214,758,000 | ||||||
| Short-term investments | - | 52,258 | ||||||
| Accounts receivable, net | 131,921,419 | 139,323,331 | ||||||
| Inventories | 649,177,719 | 718,555,675 | ||||||
| Prepayments and other current assets | 267,938,339 | 305,238,176 | ||||||
| Total current assets | 2,169,806,471 | 2,604,498,793 | ||||||
| Non-current assets | ||||||||
| Property, plant and equipment, net | 320,013,632 | 345,609,048 | ||||||
| Intangible assets, net | 1,043,801 | 910,718 | ||||||
| Operating lease right-of-use assets | 71,223,350 | 76,863,145 | ||||||
| Deferred income tax assets | 31,752,254 | 47,105,326 | ||||||
| Other non-current assets | 19,318,659 | 19,063,041 | ||||||
| Total non-current assets | 443,351,696 | 489,551,278 | ||||||
| Total assets | 2,613,158,167 | 3,094,050,071 | ||||||
| LIABILITIES | ||||||||
| Current liabilities | ||||||||
| Short-term bank borrowings | 200,000,000 | 220,000,000 | ||||||
| Notes payable | 294,348,768 | 280,000,000 | ||||||
| Accounts payable | 869,015,140 | 1,131,648,176 | ||||||
| Income taxes payable | 1,071,914 | 22,237 | ||||||
| Advances from customers | 35,892,860 | 138,749,942 | ||||||
| Deferred revenue-current | 50,247,103 | 51,824,384 | ||||||
| Accrued expenses and other current liabilities | 201,356,008 | 330,572,447 | ||||||
| Total current liabilities | 1,651,931,793 | 2,152,817,186 | ||||||
| Deferred revenue-non-current | 16,886,859 | 17,168,966 | ||||||
| Deferred income tax liabilities | 3,269,464 | 3,067,157 | ||||||
| Operating lease liabilities | 89,990 | 5,175,294 | ||||||
| Other non-current liabilities | 9,697,841 | 12,181,058 | ||||||
| Total non-current liabilities | 29,944,154 | 37,592,475 | ||||||
| Total liabilities | 1,681,875,947 | 2,190,409,661 | ||||||
| SHAREHOLDERS’ EQUITY: | ||||||||
| Class A ordinary shares | 90,549 | 90,787 | ||||||
| Class B ordinary shares | 10,316 | 10,316 | ||||||
| Additional paid-in capital | 1,988,638,160 | 2,004,071,073 | ||||||
| Accumulated other comprehensive loss | (3,129,362 | ) | (13,240,087 | ) | ) | |||
| Accumulated deficit | (1,054,327,443 | ) | (1,087,291,679 | ) | ) | |||
| Total shareholders’ equity | 931,282,220 | 903,640,410 | ||||||
| Total liabilities and shareholders’ equity | 2,613,158,167 | 3,094,050,071 |
All values are in US Dollars.
NIU TECHNOLOGIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2025 | 2024 | 2025 | |||||||||||||
| RMB | RMB | US | RMB | RMB | US | |||||||||||
| Revenues | 940,485,316 | 1,255,706,686 | 1,445,219,891 | 1,937,695,138 | ||||||||||||
| Cost of revenues^(a)^ | (780,800,920 | ) | (1,003,227,265 | ) | ) | (1,189,985,235 | ) | (1,567,134,506 | ) | ) | ||||||
| Gross profit | 159,684,396 | 252,479,421 | 255,234,656 | 370,560,632 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling and marketing expenses^(a)^ | (120,227,190 | ) | (202,168,443 | ) | ) | (225,560,363 | ) | (316,766,358 | ) | ) | ||||||
| Research and development expenses^(a)^ | (32,257,721 | ) | (43,716,913 | ) | ) | (61,188,696 | ) | (73,518,519 | ) | ) | ||||||
| General and administrative expenses^(a)^ | (39,345,476 | ) | (19,057,766 | ) | ) | (69,958,435 | ) | (39,708,380 | ) | ) | ||||||
| Total operating expenses | (191,830,387 | ) | (264,943,122 | ) | ) | (356,707,494 | ) | (429,993,257 | ) | ) | ||||||
| Government grants | - | - | 3,756 | 386,890 | ||||||||||||
| Operating loss | (32,145,991 | ) | (12,463,701 | ) | ) | (101,469,082 | ) | (59,045,735 | ) | ) | ||||||
| Interest expenses | (1,520,883 | ) | (1,556,698 | ) | ) | (2,487,283 | ) | (2,968,020 | ) | ) | ||||||
| Interest income | 8,762,650 | 6,671,638 | 18,017,361 | 13,565,110 | ||||||||||||
| Investment income | 1,001,901 | 681,245 | 1,001,901 | 689,025 | ||||||||||||
| Loss before income taxes | (23,902,323 | ) | (6,667,516 | ) | ) | (84,937,103 | ) | (47,759,620 | ) | ) | ||||||
| Income tax (expense) benefit | (1,016,141 | ) | 12,548,000 | 5,221,026 | 14,795,384 | |||||||||||
| Net (loss) income | (24,918,464 | ) | 5,880,484 | (79,716,077 | ) | (32,964,236 | ) | ) | ||||||||
| Other comprehensive income (loss) | ||||||||||||||||
| Foreign currency translation adjustment, net of nil income taxes | 2,026,261 | (7,115,515 | ) | ) | 2,532,754 | (10,110,725 | ) | ) | ||||||||
| Comprehensive loss | (22,892,203 | ) | (1,235,031 | ) | ) | (77,183,323 | ) | (43,074,961 | ) | ) | ||||||
| Net (loss) income per ordinary share | **** | **** | **** | **** | ||||||||||||
| —Basic | (0.16 | ) | 0.04 | (0.50 | ) | (0.21 | ) | ) | ||||||||
| —Diluted | (0.16 | ) | 0.04 | (0.50 | ) | (0.21 | ) | ) | ||||||||
| Net (loss) income per ADS | **** | **** | **** | **** | ||||||||||||
| —Basic | (0.31 | ) | 0.07 | (1.01 | ) | (0.41 | ) | ) | ||||||||
| —Diluted | (0.31 | ) | 0.07 | (1.01 | ) | (0.41 | ) | ) | ||||||||
| Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net (loss) income per ordinary share **** **** **** | ||||||||||||||||
| —Basic | 158,541,994 | 159,670,250 | 158,127,845 | 159,500,699 | ||||||||||||
| —Diluted | 158,541,994 | 164,767,384 | 158,127,845 | 159,500,699 | ||||||||||||
| Weighted average number of ADS outstanding used in computing net (loss) income per ADS **** **** **** **** **** **** | ||||||||||||||||
| —Basic | 79,270,997 | 79,835,125 | 79,063,923 | 79,750,350 | ||||||||||||
| —Diluted | 79,270,997 | 82,383,692 | 79,063,923 | 79,750,350 |
All values are in US Dollars.
Note:
(a) Includes share-based compensation expenses as follows:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2025 | 2024 | 2025 | |||||||
| RMB | RMB | US | RMB | RMB | US | |||||
| Cost of revenues | 138,354 | 223,656 | 441,889 | 477,164 | ||||||
| Selling and marketing expenses | 1,328,704 | 1,656,505 | 3,338,816 | 3,318,582 | ||||||
| Research and development expenses | 1,831,979 | 2,785,623 | 3,273,257 | 5,412,153 | ||||||
| General and administrative expenses | 2,070,589 | 3,194,639 | 4,626,439 | 6,142,631 | ||||||
| Total share-based compensation expenses | 5,369,626 | 7,860,423 | 11,680,401 | 15,350,530 |
All values are in US Dollars.
NIU TECHNOLOGIES
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2025 | 2024 | 2025 | |||||||||||
| RMB | RMB | US | RMB | RMB | US | |||||||||
| Net (loss) income | (24,918,464 | ) | 5,880,484 | (79,716,077 | ) | (32,964,236 | ) | ) | ||||||
| Add: | ||||||||||||||
| Share-based compensation expenses | 5,369,626 | 7,860,423 | 11,680,401 | 15,350,530 | ||||||||||
| Adjusted net (loss) income | (19,548,838 | ) | 13,740,907 | (68,035,676 | ) | (17,613,706 | ) | ) |
All values are in US Dollars.