6-K

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 2021

Commission File Number: 001-38696

NIU TECHNOLOGIES

No.1 Building, No. 195 Huilongguan East Road,

Changping District, Beijing 102208

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    ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

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/ Hardy Peng Zhang
---	---	---
Name	:	Hardy Peng Zhang
Title	:	Chief Financial Officer

Date: August 16, 2021

Exhibit Index

Exhibit 99.1—Press Release

Exhibit99.1

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NiuTechnologies Announces Second Quarter 2021 Financial Results

--Second Quarter Total Volume of e-scooter sales up 58.0% year over year

--Second Quarter Revenues of RMB 944.7 million, up 46.5% year over year

--Second Quarter Net Income of RMB 91.8 million, compared with RMB 56.8 million in the same period

oflast year

BEIJING, China, August 16, 2021 – Niu Technologies (“NIU”, or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today announced its financial results for the second quarter 2021.

Second Quarter 2021 Financial Highlights

·	Revenues were RMB 944.7 million, an increase of 46.5% year over year
·	Gross margin was 22.7%, compared with 23.0% in the second quarter of last year
---	---
·	Net income was RMB 91.8 million, an increase of 61.6% compared with RMB 56.8 million in the<br> second quarter of last year
---	---
·	Adjusted net income (non-GAAP)^1^was RMB 104.0 million, an increase of 53.4% compared with RMB 67.8 million in<br> the second quarter of last year
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Second Quarter 2021 Operating Highlights

·	The<br> number of e-scooters sold reached 252,998, up 58.0% year over year
·	The<br> number of e-scooters sold in China reached 246,018, up 58.8% year over year
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·	The<br> number of e-scooters sold in the international markets reached 6,980, up 34.8% year over<br> year
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·	The<br> number of franchised stores in China was 2,366, an increase of 450 since March 31, 2021
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·	International<br> sales network expanded to 40 distributors covering 48 countries
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Dr. Yan Li, Chief Executive Officer of the Company, commented: “We delivered another strong quarter with China sales volume up by 58.8% and international markets sales volume up by 34.8% year-over-year despite continued challenges with COVID-19 and international logistics. Our new products F0 and F2 have been well received by customers and contributed to the volume growth. Our online sales accounted for 21.4% of our total sales volume, and reached a historical high due to successful launch of F0 through e-commerce platform. Our product mix also improved compared with previous quarter. The sales volume from low-priced models G0 and F0 represented 30.4% of total sales volume, compared with the 38.2% in the first quarter. As a result, revenues per e-scooter improved by 8.3% over previous quarter.”

Dr. Li continued, “in July, we started to deliver another new model C0 which was specifically designed for female customers. The retail sales price for C0 model starts from RMB 3,399, higher than the prices for G0 and F0. We also began the pre-sale of our newly launched kick-scooter, the KQi3 model, in Europe and US markets. The delivery of KQi3 is expected to start in the fourth quarter. We are very excited about the growth prospects of our business and look forward to the continued growth.”

^1^Adjusted net income/loss (non-GAAP) is defined as net income/loss excluding share-based compensation expense

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Second Quarter 2021 Financial Results

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Revenues were RMB 944.7 million, an increase of 46.5% year over year, due to higher sales volume of 58.0%, partially offset by decreased revenues per e-scooter of 7.3%. The following table shows the revenues breakdown and revenues per e-scooter in the periods presented:

Revenues<br> <br>(in RMB million)	2021<br> <br>Q2		2020<br> <br>Q2		% change <br>YoY
E-scooter sales from China market		757.5		522.7		+44.9	%
E-scooter sales from international markets		57.7		56.9		+1.2	%
E-scooter sales, sub-total		815.2		579.6		+40.6	%
Accessories, spare parts and services		129.5		65.3		+98.3	%
Total		944.7		644.9		+46.5	%
Revenues per e-scooter<br> <br>(in RMB)	2021<br> <br>Q2		2020<br> <br>Q2		% change<br> <br>YoY
---	---	---	---	---	---	---	---
E-scooter sales from China market^2^		3,079		3,373		-8.7	%
E-scooter sales from international<br> markets^2^		8,259		10,995		-24.9	%
E-scooter sales		3,222		3,619		-11.0	%
Accessories, spare parts and services^3^		512		408		+25.5	%
Revenues per e-scooter		3,734		4,027		-7.3	%
§	E-scooter<br> sales revenues from China market were RMB 757.5 million, an increase of 44.9%, and represented<br> 92.9% of total e-scooter revenues. The increase was mainly driven by retail network expansion<br> and new product launches in China.
---	---
§	E-scooter<br> sales revenues from international markets were RMB 57.7 million, an increase of 1.2%, and<br> represented 7.1% of total e-scooter revenues. The increase was mainly driven by higher sales<br> volume.
---	---
§	Accessories,<br> spare parts sales and services revenues were RMB 129.5 million, an increase of 98.3% and<br> represented 13.7% of total revenues. The increase was mainly driven by higher e-scooter sales<br> volume in China and higher spare parts sales from international markets.
---	---
§	The<br> decrease of revenues per e-scooter was mainly due to change in product mix.
---	---

Cost of revenues was RMB 730.0 million, an increase of 46.9% year over year, mainly due to higher e-scooter sales volume. The cost per e-scooter, defined as cost of revenues divided by the number of e-scooters sold in a specified period, was RMB 2,885, down 7.0% from RMB 3,103 in the second quarter 2020 mainly due to change in product mix.

^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

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Gross margin was 22.7%, compared with 23.0% in the same period of 2020. The decrease was mainly due to higher raw material costs.

Operating expenses were RMB 136.9 million, an increase of 47.9% from the same period of 2020. Operating expenses as a percentage of revenues was 14.5%, compared with 14.4% in the second quarter of 2020.

§	Selling and marketing expenses were RMB 68.9 million (including RMB 3.0 million of share-based compensation), an increase of<br>51.0% from RMB 45.6 million in the second quarter of 2020. The increase was mainly due to the increase in advertising and promotion expense<br>of RMB 10.6 million, the increase in depreciation and amortization expense of RMB 7.3 million as a result of opening of new franchised<br>stores, and the increase in staff cost of RMB 6.5 million. Selling and marketing expenses as a percentage of revenues was 7.3% compared<br>with 7.1% in the second quarter of 2020.
§	Research and development expenses were RMB 30.8 million (including RMB 4.3 million of share-based compensation), an increase<br>of 28.7% from RMB 24.0 million in the second quarter of 2020, mainly due to the increase in staff cost of RMB 4.8 million, and the increase<br>in share-based compensation expenses of RMB 1.2 million. Research and development expenses as a percentage of revenues was 3.3%, compared<br>with 3.7% in the second quarter of 2020.
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§	General and administrative expenses were RMB 37.2 million (including RMB 4.7 million of share-based compensation), an increase<br>of 61.6% from RMB 23.0 million in the second quarter of 2020, mainly due to the increase in staff cost of RMB 3.7 million, the increase<br>in professional fee of RMB 2.8 million, the increase in foreign currency exchange loss of RMB 2.5 million, the increase in depreciation<br>and amortization expense of RMB 2.0 million, and the increase in rental and other office expenses of RMB 2.1 million. General and administrative<br>expenses as a percentage of revenues was 3.9%, compared with 3.6% in the second quarter of 2020.
---	---

Operating expenses excluding share-based compensation were RMB 125.0 million, increased by 52.6% year over year, and represented 13.2% of revenues, compared with 12.7% in the second quarter of 2020.

§	Selling and marketing expenses excluding share-based compensation were RMB 65.9 million, an increase of 54.3% year over year,<br>and represented 7.0% of revenues, compared with 6.6% in the second quarter of 2020.
§	Research and development expenses excluding share-based compensation were RMB 26.6 million, an increase of 27.3% year over<br>year, and represented 2.8% of revenues, compared with 3.2% in the second quarter of 2020.
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§	General and administrative expenses excluding share-based compensation were RMB 32.5 million, an increase of 77.7% year over<br>year, and represented 3.4% of revenues, compared with 2.8% in the second quarter of 2020.
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Government grants were RMB 21.5 million, increased by RMB 20.7 million from the same period of 2020.

Share-based compensation was RMB 12.1 million, an increase of RMB 1.2 million from the same period of 2020.

Income tax expense was RMB 11.5 million, an increase of RMB 8.9 million from the same period of 2020.

Net income was RMB 91.8 million, compared with RMB 56.8 million in the second quarter of 2020. The net income margin was 9.7%, compared with 8.8% in the same period of 2020.

Adjusted net income (non-GAAP) was RMB 104.0 million, compared with RMB 67.8 million in the second quarter of 2020. The adjusted net income margin^4^ was 11.0%, compared with 10.5% in the same period of 2020.

Basic and diluted net income per ADS were RMB 1.20 (US$ 0.19) and RMB 1.14 (US$ 0.18), respectively.

Balance Sheet

As of June 30, 2021, the Company had cash, term deposits and short-terminvestments of RMB 1,222.0 million in aggregate. The Company had restricted cash of RMB 178.1 million and short-term bank borrowings of RMB 180.0 million.

Business Outlook

NIU expects revenues of the third quarter 2021 to be in the range of RMB 1,250 million to RMB 1,450 million, representing a year-over-year increase of 40% to 62%.

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, which is subject to change in light of uncertainties and situations related to how COVID-19 develops.

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^4^ Adjusted net income/loss margin is defined as adjusted net income/loss (non-GAAP) as a percentage of the revenues

Conference Call

The Company will host an earnings conference call on Monday, August 16, 2021 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time) to discuss its second quarter 2021 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, an event passcode, and a unique registrant ID, which will be used to join the conference call.

Event:	Niu Technologies Second Quarter 2021 Earnings Conference Call
Registration Link:	http://apac.directeventreg.com/registration/event/2198233
Conference ID:	2198233

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.

A replay of the conference call can be accessed by phone two hours later at the following numbers until August 24, 2021.

United States	+1-855-452-5696
International	+61-281-990-299
Hong Kong	800-963-117
Mainland China	400-602-2065
Conference ID	2198233

About NIU

As the world’s leading provider of smart urban mobility solutions, NIU designs, manufactures and sells high-performance electric motorcycles, scooters, bicycles and kick-scooters. NIU has a product portfolio consisting of eight series, four electric scooter series, including NQi, MQi, UQi and Gova, two urban commuter electric motorcycle series RQi and TQi, a performance electric bicycle series, NIU Aero, and an electric kick-scooter series, KQi. Different series of products address the needs of different segments of modern urban residents and resolve the demands of different scenarios of urban travel, while being united through a common design language that emphasizes style, freedom and technology. NIU has adopted an omnichannel retail model, integrating the offline and online channels, to offer the products and services. 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 and adjusted net income 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 is defined as net income excluding share-based compensation expenses. Adjusted net income margin is defined as adjusted net income 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 6.4566 to US$ 1.00, the exchange rate in effect as of June 30, 2021, 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

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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<br> Relations Contact:
Niu<br> Technologies
Jason<br> Yang
Investor<br> Relations Manager
E-mail:<br> [email protected]

NIU TECHNOLOGIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
****	As of							****
---	---	---	---	---	---	---	---	---
****	December 31,		****	June 30,		****	June<br> 30,	****
****	2020		****	2021		****	2021	****
****	RMB		****	RMB		****	US	****
ASSETS
Current assets
Cash		227,004,137			291,733,197
Term deposits-current		130,498,000			129,202,000
Restricted cash		168,469,077			178,053,372
Short-term investments		745,608,877			781,072,664
Notes receivable		-			10,525,549
Accounts receivable, net		101,320,063			63,413,253
Inventories		142,166,179			211,614,066
Prepayments and other current<br> assets		32,832,088			57,000,475
Total current assets	****	1,547,898,421	****	****	1,722,614,576	****		****
Non-current assets	****	****	****	****	****	****		****
Term deposits-non-current		-			20,000,000
Property, plant and equipment,<br> net		199,045,061			306,813,876
Intangible assets, net		5,607,101			4,632,587
Operating lease right-of-use<br> assets, net		-			99,294,003
Land use rights, net		48,835,120			-
Deferred income tax assets		14,593,376			15,919,188
Other non-current assets		30,830,304			1,720,864
Total non-current assets	****	298,910,962	****	****	448,380,518	****		****
Total assets	****	1,846,809,383	****	****	2,170,995,094	****		****
LIABILITIES	****	****	****	****	****	****		****
Current liabilities	****	****	****	****	****	****		****
Short-term bank borrowings		180,000,000			180,000,000
Accounts payable		395,826,435			532,601,037
Income taxes payable		14,555,094			4,657,787
Advances from customers		40,062,189			43,360,632
Deferred revenue-current		21,155,634			22,182,057
Accrued expenses and other<br> current liabilities		171,657,604			236,580,054
Total current liabilities	****	823,256,956	****	****	1,019,381,567	****		****
Deferred revenue-non-current		4,176,458			5,414,115
Deferred income tax liabilities		1,109,479			1,534,251
Operating lease liabilities-non-current		-			18,324,661
Other non-current liabilities		24,892,246			25,186,278
Total non-current liabilities	****	30,178,183	****	****	50,459,305	****		****
Total liabilities	****	853,435,139	****	****	1,069,840,872	****		****
SHAREHOLDERS’ EQUITY:	****	****	****	****	****	****		****
Class A ordinary shares		87,300			88,676
Class B ordinary shares		11,202			10,316
Additional paid-in capital		1,801,940,071			1,826,465,465
Accumulated other comprehensive<br> loss		(43,016,027	)		(46,223,216	)		)
Accumulated deficit		(765,648,302	)		(679,187,019	)		)
Total shareholders’ equity	****	993,374,244	****	****	1,101,154,222	****		****
Total liabilities and shareholders’ equity	****	1,846,809,383	****	****	2,170,995,094	****		****

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,							****
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
****	2020		****	2021				****	2020		****	2021				****
****	RMB		****	RMB		****	US	****	RMB		****	RMB		****	US
Revenues		644,934,410			944,745,010					877,874,918			1,492,081,575
Cost<br> of revenues^(a)^		(496,852,342	)		(730,010,232	)		)		(674,875,349	)		(1,147,012,501	)		)
Gross profit	****	148,082,068	****	****	214,734,778	****		****	****	202,999,569	****	****	345,069,074	****		****
Operating expenses:	****	****	****	****	****	****		****	****	****	****	****	****	****		****
Selling<br> and marketing expenses^(a)^		(45,603,755	)		(68,873,391	)		)		(89,776,365	)		(142,391,875	)		)
Research<br> and development expenses^(a)^		(23,976,687	)		(30,847,683	)		)		(46,712,272	)		(56,456,917	)		)
General<br> and administrative expenses^(a)^		(23,010,638	)		(37,185,424	)		)		(47,259,880	)		(68,499,223	)		)
Total operating expenses	****	(92,591,080	)	****	(136,906,498	)		)	****	(183,748,517	)	****	(267,348,015	)		)
Government<br> grants		826,367			21,504,500					8,092,250			21,856,842
Operating income	****	56,317,355	****	****	99,332,780	****		****	****	27,343,302	****	****	99,577,901	****		****
Interest<br> expense		(1,576,485	)		(1,641,648	)		)		(3,748,959	)		(3,374,348	)		)
Interest<br> income		2,378,442			1,630,287					5,367,879			2,846,865
Investment<br> income		2,303,195			4,042,059					3,896,250			8,170,999
Income before income taxes	****	59,422,507	****	****	103,363,478	****		****	****	32,858,472	****	****	107,221,417	****		****
Income<br> tax expense		(2,595,658	)		(11,528,628	)		)		(2,407,549	)		(20,760,134	)		)
Net income	****	56,826,849	****	****	91,834,850	****		****	****	30,450,923	****	****	86,461,283	****		****
Other comprehensive income (loss)	****	****	****	****	****	****		****	****	****	****	****	****	****		****
Foreign<br> currency translation adjustment		59,950			(7,208,765	)		)		6,546,907			(4,305,029	)		)
Unrealized<br> gain on available for sale securities, net		641,975			897,660					1,165,671			1,097,840
Comprehensive income	****	57,528,774	****	****	85,523,745	****		****	****	38,163,501	****	****	83,254,094	****		****
Net income per ordinary share	****	****	****	****	****	****		****	****	****	****	****	****	****		****
—Basic		0.38			0.60					0.20			0.56
—Diluted		0.37			0.57					0.20			0.54
Net income per ADS	****	****	****	****	****	****		****	****	****	****	****	****	****		****
—Basic		0.76			1.20					0.41			1.13
—Diluted		0.73			1.14					0.40			1.08
Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net income per ordinary share	****	****	****	****	****	****		****	****	****	****	****	****	****		****
—Basic		150,301,999			153,528,657					150,001,842			153,177,159
—Diluted		155,175,644			160,860,781					154,098,590			160,751,121
Weighted average number of ADS outstanding used in computing net income per ADS	****	****	****	****	****	****		****	****	****	****	****	****	****		****
—Basic		75,151,000			76,764,329					75,000,921			76,588,580
—Diluted		77,587,822			80,430,391					77,049,295			80,375,561

All values are in US Dollars.

Note:
(a)<br> Includes share-based compensation expense as follows:

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****	Three Months Ended June 30,					Six Months Ended June 30,
****	2020		2021			2020		2021
****	RMB		RMB		US	RMB		RMB		US
Cost<br> of revenues		210,882		183,165			287,504		366,502
Selling<br> and marketing expenses		2,888,358		2,977,457			4,491,000		6,009,319
Research<br> and development expenses		3,109,286		4,283,976			5,081,977		8,285,463
General<br> and administrative expenses		4,717,555		4,685,866			8,801,777		9,523,418
Total share-based compensation expense	****	10,926,081	****	12,130,464		****	18,662,258	****	24,184,702

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,
---	---	---	---	---	---	---	---	---	---	---
****	2020		2021			2020		2021
****	RMB		RMB		US	RMB		RMB		US
Net<br> Income		56,826,849		91,834,850			30,450,923		86,461,283
Add:
Share-based<br> compensation expense		10,926,081		12,130,464			18,662,258		24,184,702
Adjusted net income	****	67,752,930	****	103,965,314		****	49,113,181	****	110,645,985

All values are in US Dollars.