0001104659-21-048371 | 20-F | XBRL Viewer

SHARE-BASED COMPENSATION

17. SHARE-BASED COMPENSATION

Restricted ordinary shares

In May 2015, Mr. Yi’nan Li, Mr. Token Yilin Hu, Ms. Yuqin Zhang and Niu Holding Inc. entered into an arrangement with other investors of the Company, whereby all of their 59,459,020 ordinary shares became restricted and subject to service vesting conditions. The restricted ordinary shares vested equally in four years from the date of imposition of the restriction, which was accelerated in the event of the Company’s IPO. The restricted ordinary shares were subject to repurchase by the Company upon termination of Mr. Yi’nan Li, Mr. Token Yilin Hu and Ms. Yuqin Zhang’s service with the Group. The Company had the right, at its sole discretion, to repurchase restricted ordinary shares at its par value within 60 days after the termination. The restricted ordinary shares were not transferable prior to be vested. Other than the restriction on transfer and service vesting conditions, restricted ordinary shareholders had all other rights and privileges as ordinary shareholders. Compensation cost was measured for the restricted ordinary shares using the estimated fair value of the Company’s ordinary shares of US$0.53 per share at the date of imposition of the restriction in May 2015, and was amortized to consolidated statements of comprehensive income (loss) on a straight-line basis over the vesting term of four years.

In February 2016, Ms. Yuqin Zhang resigned from the Group and the Company determined not to repurchase restricted ordinary shares held by Ms. Yuqin Zhang. As such, all restricted ordinary shares held by Ms. Yuqin Zhang vested immediately, compensation cost of RMB7,574,133 was recognized immediately when the service condition was waived.

On January 7, 2016, the shareholders of the Company approved a modification of 3,307,500 restricted ordinary shares owned Mr. Yi’nan Li, through Niu Holding Inc.. Such number of restricted ordinary shares vested immediately and became transferable. Unrecognized compensation cost of RMB9,803,035 of 3,307,500 shares was recognized upon modification. Mr. Yi’nan Li transferred 3,307,500 ordinary shares to ELLY Holdings Limited, an entity owned by Dr. Yan Li, the new Chief Operating Officer of the Company who became the Chief Executive Officer of the Company in December 2017. On January 7, 2016, the Company also issued 3,307,500 restricted ordinary shares to ELLY Holdings Limited at par value. As a result of these transactions, ELLY Holdings Limited collectively owned 6,615,000 restricted ordinary shares which vested annually in equal instalments over four years from January 7, 2016.

On January 7, 2016, the Company also issued 1,804,000 restricted ordinary shares to Smart Power Group Limited, an entity owned by Mingming Huang, a new member of Board of Directors of the Company. 25% of the restricted ordinary shares vested on May 27, 2016 and the remaining 75% of the restricted ordinary shares vested annually in equal instalments over the next three years.

On June 8, 2018, Mr. Yi’nan Li and Mr. Mingming Huang resigned from the Company and the Company determined not to repurchase 9,798,125 and 451,000 restricted ordinary shares held by Mr. Yi’nan Li and Mr. Mingming Huang, respectively. It represented a modification to accelerate vesting. Compensation cost of RMB173,156,580 was recognized immediately as general and administrative expenses upon the modification.

On October 19, 2018, the remaining restricted ordinary shares of Mr. Token Yilin Hu and Dr. Yan Li were vested immediately upon the Company’s initial public offering. Compensation cost of RMB8,935,076 and RMB10,535,229 was immediately recognized as research and development expenses and general and administrative expenses, respectively.

The total fair value of shares vested during the year ended December 31, 2018 was RMB264,075,922. Total compensation expenses recognized for restricted ordinary shares for the year ended December 31, 2018 was allocated to the following expense items:


		For the Year Ended
		December 31,
		2018
		RMB
Research and development expenses		18,371,203
General and administrative expenses		207,871,076
Total restricted ordinary shares compensation expense		226,242,279

Transfer of ordinary shares

On June 8, 2018, Mr. Token Yilin Hu transferred 2,000,000 ordinary shares beneficially owned through Niu Holdings Inc. to Mr. Carl Chuankai Liu, the vice president of design of the Company at nil consideration. The Company accounted for such transfer as share-based compensation as the ordinary shares were granted to Mr. Carl Chuankai Liu as compensation for his services provided to the Group. As there was no service condition, RMB33,537,572 share-based compensation expenses were recognized in research and development expenses immediately upon transfer.

Share options and restricted share units

2016 Global Incentive Plan

In January 2016, the Company’s Shareholders and Board of Directors approved 2016 Global Share Incentive Plan and amended it in March 2018 (the “Amended 2016 Plan”). Under the Amended 2016 Plan, a maximum aggregate number of 5,861,480 ordinary shares may be issued pursuant to all awards granted. Share options or restricted share unites expire 10 years from the grant date.

As of December 31, 2020, the Company has granted under the 2016 Plan, excluding those were canceled or expired after the relevant grant dates: (i) 4,460,894 share options with exercise price of US$0.20 per share and vesting schedule of 40% vesting on the second anniversary of the grant date and the remaining vesting in three equal annual installments; (ii) 705,196 share options with exercise price of nil and vesting in four equal annual installments; (iii) 100,000 restricted share units and vesting in two equal annual installments; and (iv) 427,250 restricted share units with vesting in four equal annual installments.

2018 Share Incentive Plan

In September 2018, the Company’s Shareholders and Board of Directors approved the 2018 Share Incentive Plan (the “2018 Plan”). Under the 2018 Plan, the maximum aggregate number of ordinary shares available for issuance is 6,733,703 ordinary shares, which shall be increased by a number equal to 1.5% of the total number of ordinary shares issued and outstanding on the last day of the immediately preceding fiscal year, each fiscal year during the term of the 2018 Plan, if determined and approved by the board of directors for the relevant fiscal year. In November 2019, the board of directors approved an increase by 2,230,111 ordinary shares, representing 1.5% of total issued and outstanding shares at the end of 2018 pursuant to the 2018 Share Incentive Plan.

As of December 31, 2020, the Company has granted under the 2018 Plan: (i) 4,180,000 share options with exercise price of US$3.425 and vesting in four equal annual installments; and (ii) 3,454,300 restricted share units with vesting in four equal annual installments.

A summary of the share options activities under the Amended 2016 Plan and the 2018 Plan for the year ended December 31, 2020 is presented below:


			Weighted
		Weighted	remaining
	Number of	average exercise	contractual	Aggregate
	share	price	years	intrinsic value
		US$		US$
Outstanding at January 1, 2020	8,682,356	1.74
Granted	—	—
Exercised	(2,610,926)	1.34
Forfeited	(79,106)	0.20

Outstanding at December 31, 2020	5,992,324	1.93	7.32	72,489,587
Exercisable as of December 31, 2020	2,032,930	0.35	5.58	27,790,820

The fair value of the options granted is estimated on the grant dates using the binomial option pricing model with the following key assumptions used:


Grant Date:	2018	2019
Risk-free rate of return (per annum)	2.78% - 3.13%	1.90%
Volatility	49.9% - 50.9%	47.9%
Expected dividend yield	0%	0%
Exercise multiple	2.2	2.2-2.8
Fair value of underlying ordinary share	US$2.05 - US$4.10	US$3.425
Expected term (in years)	10	10

The expected volatility was estimated based on the historical volatility of the Company and comparable peer public companies with a time horizon close to the expected term of the Company’s options. The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in USD for a term consistent with the expected term of the Company’s options in effect at the option valuation date. The expected exercise multiple was estimated as the average ratio of the stock price to the exercise price of when employees would decide to voluntarily exercise their vested options. As the Company did not have sufficient information of past employee exercise history, it has considered the statistics on exercise patterns of employees compiled by Huddart and Lang in Huddart, S., and M. Lang. 1996. “Employee Stock Option Exercises: An Empirical Analysis.” Journal of Accounting and Economics, vol. 21, no. 1 (February):5-43, which are widely adopted by valuers as authoritative guidance on expected exercise multiples. Expected dividend yield is zero as the Company has never declared or paid any cash dividends on its shares, and the Company does not anticipate any dividend payments in the foreseeable future. Expected term is the contract life of the option.

The weighted average grant date fair value of the share options granted for the years ended December 31, 2018 and 2019 was US$2.11 and US$1.62, respectively. Compensation costs recognized for share options for the years ended December 31, 2018, 2019 and 2020 were allocated to the following expense items:


	For the Year Ended
	December 31,
	2018	2019	2020
	RMB	RMB	RMB
Cost of revenues	246,947	255,679	171,501
Selling and marketing expenses	2,124,728	2,471,725	3,012,857
Research and development expenses	955,538	3,060,263	4,895,748
General and administrative expenses	2,392,740	6,232,590	9,614,592
Total share options compensation expense	5,719,953	12,020,257	17,694,698

As of December 31, 2020, RMB35,165,131 of total unrecognized compensation expense related to share options is expected to be recognized over a weighted average period of approximately 2.41 years.

A summary of the restricted share units activities for the year ended December 31, 2020 is presented below:


		Weighted
		average grant
	Number of	date fair
	shares	value
		US$
Unvested as of January 1, 2020	1,744,600	3.64

Granted	2,187,700	3.81
Vested	(473,650)	3.70
Forfeited	(750)	3.89

Unvested as of December 31, 2020	3,457,900	3.74

Compensation costs recognized for restricted share units for the years ended December 31, 2018, 2019 and 2020 were allocated to the following expense items:


	For the Year Ended
	December 31,
	2018	2019	2020
	RMB	RMB	RMB
Cost of revenues	—	36,332	472,182
Selling and marketing expenses	—	2,185,586	6,932,616
Research and development expenses	—	1,146,846	6,021,889
General and administrative expenses	375,123	4,233,758	8,487,530
Total restricted share units compensation expense	375,123	7,602,522	21,914,217

As of December 31, 2020, RMB69,051,032 of total unrecognized compensation expense related to restricted share units is expected to be recognized over a weighted average period of approximately 2.85 years.

Total share-based compensation expenses recognized for the years ended December 31, 2018, 2019 and 2020 were allocated to the following expense items:


	For the Year Ended December 31,
	2018	2019	2020
	RMB	RMB	RMB
Cost of revenues	246,947	292,011	643,683
Selling and marketing expenses	2,124,728	4,657,311	9,945,473
Research and development expenses	52,864,313	4,207,109	10,917,637
General and administrative expenses	210,638,939	10,466,348	18,102,122
Total share-based compensation expense	265,874,927	19,622,779	39,608,915

FAIR VALUE MEASUREMENT

12 Months Ended

Dec. 31, 2020

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT

18. FAIR VALUE MEASUREMENT

The following tables present the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and 2020, respectively:


	December 31, 2020			Total
RMB	Level 1	Level 2	Level 3	Fair Value
Assets
Short-term investments (Note 3)	—	745,608,877	—	745,608,877


	December 31, 2019			Total
RMB	Level 1	Level 2	Level 3	Fair Value
Assets
Short-term investments (Note 3)	—	310,439,321	—	310,439,321

The table below reflects the reconciliation from the opening balances to the closing balances for a convertible loan, a recurring fair value measurement categorized as Level 3 of the fair value hierarchy, for the year ended December 31, 2018:


		For the Year Ended December 31,
		2018
Convertible loan-beginning of year		151,557,796
Change in fair value		34,499,858
Conversion to Series A-3 Preferred Shares		(181,112,874)
Foreign currency translation adjustment		(4,944,780)
Convertible loan-end of year		—

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

INCOME TAX

12 Months Ended

Dec. 31, 2020

INCOME TAX

INCOME TAX

19. INCOME TAX

a) Income tax

Cayman Islands

Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

No stamp duty is payable in respect of the issue of the shares or on an instrument of transfer in respect of a share.

Indonesia

Under the current laws of the Republic of Indonesia, the Company’s subsidiaries in Indonesia are subject to 25% income tax on its taxable income generated from operations in Indonesia.

Hong Kong

Under the Hong Kong tax laws, subsidiaries in Hong Kong are subject to the Hong Kong profits tax rate at 16.5% and they are exempted from income tax on their foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. A two-tiered profits tax rates regime was introduced in 2018 where the first HK$2 million of assessable profits earned by a company will be taxed at half of the current tax rate (8.25%) whilst the remaining profits will continue to be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to nominate only one company in the group to benefit from the progressive rates. The Company did not make any provisions for Hong Kong profit tax as there were no assessable profits derived from or earned in Hong Kong for any of the periods presented.

PRC

The Group’s PRC subsidiaries, the VIE, and VIE’s subsidiaries are subject to the PRC Corporate Income Tax Law (“CIT Law”) and are taxed at the statutory income tax rate of 25%, unless otherwise specified.

The CIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the CIT Law define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, property, etc., of a non-PRC company is located.” Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its operations outside the PRC should be considered a resident enterprise for PRC tax purposes.

The components of income (loss) before income taxes are as follows:


	For the Year Ended
	December 31,
	2018	2019	2020
	RMB	RMB	RMB
Cayman	(34,397,077)	6,633,761	(1,356,797)
Indonesia	—	(11,705)	(1,124,698)
Hong Kong S.A.R.	(4,507,360)	(3,820,485)	(7,773,553)
PRC, excluding Hong Kong S.A.R.	(310,123,039)	195,497,541	199,993,770
Total	(349,027,476)	198,299,112	189,738,722

Income tax expense consists of the following:


	For the Year Ended December 31,
	2018	2019	2020
	RMB	RMB	RMB
Current income tax expense	—	7,460,535	39,236,745
Deferred income tax expense (benefit)	—	753,806	(18,150,489)
Total	—	8,214,341	21,086,256

Withholding tax on undistributed dividends

The CIT law also imposes a withholding income tax of 10% on dividends distributed by a foreign investment enterprise (“FIE”) to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. The Cayman Islands, where the Company is incorporated, does not have such tax treaty with China. According to the arrangement between Mainland China and Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by an FIE in China to its immediate holding company in Hong Kong will be subject to withholding tax at a rate of no more than 5% (if the foreign investor owns directly at least 25% of the shares of the FIE). The Group did not record any dividend withholding tax, as the Group’s PRC entities, have no retained earnings in any of the periods presented.

Reconciliation of the differences between PRC statutory income tax rate and the Group’s effective income tax rate for the years ended December 31, 2018, 2019 and 2020 are as follows:


	For the Year Ended
	December 31,
	2018	2019	2020
	RMB	RMB	RMB
Computed expected income tax expense	(87,256,869)	49,574,778	47,434,681
Non-PRC entities not subject to income tax	9,726,109	(700,393)	2,563,762
Research and development expenses bonus deduction	(7,528,081)	(10,181,598)	(18,508,967)
Non-deductible share-based compensation expenses	66,374,951	4,532,885	9,453,660
Other non-deductible expenses	176,111	32,602	446,051
Change in valuation allowance	18,507,779	(35,043,933)	(20,302,931)

Actual income tax expense	—	8,214,341	21,086,256

b) Deferred income tax assets and deferred income tax liabilities


	As of December 31,
	2019	2020
	RMB	RMB
Deferred income tax assets
Net operating loss carry forwards	39,342,952	38,311,539
Accrued warranty	14,987,967	14,798,974
Accrued payroll and social insurance	3,873,748	2,690,649
Deferred revenue	6,363,254	6,333,023
Advertising expense	937,639	—
Allowance for doubtful accounts	822,134	826,845
Write-downs for inventories	2,622,784	3,665,728
Less: Valuation allowance	(62,864,281)	(41,219,052)

Total deferred income tax assets, net	6,086,197	25,407,706


Deferred income tax liabilities
Short-term investments	511,975	341,864
Property, plant and equipment	6,840,002	11,581,945

Total deferred income tax liabilities	7,351,977	11,923,809

Net deferred income tax assets	—	14,593,376
Net deferred income tax liabilities	1,265,780	1,109,479

As of December 31, 2020, the Group had net operating loss carry forwards of RMB153,246,154 attributable to the PRC subsidiaries, the VIE and VIE’s subsidiaries. Tax losses of RMB39,438,941, RMB34,897,140, RMB40,001,196, RMB8,922,241 and RMB29,986,636 will expire, if unused, by 2021, 2022, 2023, 2024 and 2025, respectively.

A valuation allowance is provided against deferred income tax assets when the Group determines that it is more likely than not that some portion or all of the deferred income tax assets will not be utilized in the foreseeable future. The valuation allowance as of December 31, 2019 and 2020 was primarily provided for the deferred income tax assets of certain PRC subsidiaries, VIE and VIE’s subsidiaries. In making such determination, the Group evaluates a variety of factors including the Group’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or utilizable. Management considers projected future taxable income and tax planning strategies in making this assessment.

Changes in valuation allowance are as follows:


	For the Year Ended
	December 31,
	2018	2019	2020
	RMB	RMB	RMB
Balance at the beginning of the year	79,704,629	98,212,408	62,864,281
Additions (reversals)	18,507,779	(35,043,933)	(20,302,931)
Decrease relating to expiration of loss carry forwards	—	(304,194)	(1,342,298)

Balance at the end of the year	98,212,408	62,864,281	41,219,052

According to the PRC Tax Administration and Collection Law, the statute of limitation is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitation is extended to five years under special circumstances where the underpayment of taxes is more than RMB100,000. In the case of transfer pricing issues, the statute of limitation is 10 years. There is no statute of limitation in the case of tax evasion. The income tax returns of the Company’s PRC subsidiaries, consolidated VIE and VIE’s subsidiaries for the years from 2016 to 2020 are open to examination by the PRC tax authorities.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

NET INCOME (LOSS) PER ORDINARY SHARE

NET INCOME (LOSS) PER ORDINARY SHARE

12 Months Ended

Dec. 31, 2020

NET INCOME (LOSS) PER ORDINARY SHARE

20. NET INCOME (LOSS) PER ORDINARY SHARE

The following table sets forth the basic and diluted net income (loss) per ordinary share computation and provides a reconciliation of the numerator and denominator for the years presented:


	For the Year Ended
	December 31,
	2018	2019	2020
	RMB	RMB	RMB
Numerator:
Net income (loss) attributable to ordinary shareholders	(349,027,476)	190,084,771	168,652,466

Denominator:
Weighted average number of ordinary shares outstanding	65,834,876	148,896,691	150,775,447
Weighted average number of ordinary shares equivalents outstanding	—	128,475	121,965

Denominator for basic net income (loss) per ordinary share	65,834,876	149,025,166	150,897,412
Dilutive effect of outstanding share options	—	3,978,477	4,900,551
Dilutive effect of unvested restricted share units	—	244,545	2,037,905

Denominator for diluted net income (loss) per ordinary share	65,834,876	153,248,188	157,835,868

Net income (loss) per ordinary share
—Basic	(5.30)	1.28	1.12
—Diluted	(5.30)	1.24	1.07

Securities that could potentially dilute basic net income (loss) per share in the future that were not included in the computation of diluted net income (loss) per share because to do so would have been antidilutive for the years ended December 31, 2018, 2019 and 2020 are as follow:


	For the Year Ended
	December 31,
	2018	2019	2020
Share options	5,314,246	4,180,000	—
Unvested restricted share units	100,000	—	66,800

REVENUE INFORMATION

12 Months Ended

Dec. 31, 2020

REVENUE INFORMATION

REVENUE INFORMATION

21. REVENUE INFORMATION

Revenues consist of the following:


	For the Year Ended
	December 31,
	2018	2019	2020
	RMB	RMB	RMB
Electronic scooter sales	1,370,522,269	1,787,274,271	2,143,292,397
Accessory and spare parts sales	91,373,179	253,799,782	258,928,790
Service revenues	15,885,856	35,215,048	42,107,577
Revenues	1,477,781,304	2,076,289,101	2,444,328,764

The following summarizes the Group’s revenue from the following geographic areas (based on the location of customers):


	For the Year Ended
	December 31,
	2018	2019	2020
	RMB	RMB	RMB
PRC	1,318,657,227	1,643,221,531	2,039,210,587
Europe	148,963,330	274,445,360	305,244,466
Others	10,160,747	158,622,210	99,873,711
Revenues	1,477,781,304	2,076,289,101	2,444,328,764

COMMITMENTS AND CONTINGENCIES

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2020

COMMITMENTS AND CONTINGENCIES

22. COMMITMENTS AND CONTINGENCIES

Capital commitment

The Company has commitments for the construction of fixed assets of RMB 43,056,970 as of December 31, 2020. The future payments schedule is presented as follows:


	Payment Due by Period
		Less than			More than
	Total	1 year	1 – 3 years	3 – 5 years	5 years

	(RMB)
Capital commitment	43,056,970	36,499,470	5,864,500	594,000	99,000

Operating lease commitment

The Group leases its offices and facilities under non-cancelable operating lease agreements. Rental expenses were RMB7,306,686, RMB10,931,713 and RMB14,034,591 for the years ended December 31, 2018, 2019 and 2020, respectively.

As of December 31, 2020, future minimum lease commitments, all under office and facilities non-cancelable operating lease agreements, were as follows:


Year ending December 31,		RMB
2021		11,173,499
2022		10,191,143
2023		10,437,322
2024		11,068,206
2025		2,442,573
2026		674,828

Except for those disclosed above, the Group did not have any significant capital or other commitments, long-term obligations, or guarantees as of December 31, 2020.

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2020

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

23. RELATED PARTY TRANSACTIONS

Mr. Yi’nan Li, the founder and a board member of the Company until June 8, 2018 and Mr. Changlong Sheng, a shareholder of the Company, provide joint liability guaranty for the 2017 BOC Loan, the 2018 BOC Loan and the 2019 BOC Loan (Note 11) borrowed by Jiangsu Xiaoniu. The 2019 BOC Loan was fully repaid by Jiangsu Xiaoniu in December 2019 and the guaranty was released correspondingly.

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2020

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

24. PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

For the presentation of the parent company only condensed financial information, the Company records its investment in subsidiaries, consolidated VIE and VIE’s subsidiaries, under the equity method of accounting as prescribed in ASC 323, “Investments-Equity Method and Joint Ventures”. Such investments are presented on the condensed balance sheets as “Investment in subsidiaries, consolidated VIE and VIE’s subsidiaries” and the subsidiaries, consolidated VIE and VIE’s subsidiaries’ income (losses) as “Share of income (losses) from subsidiaries, consolidated VIE and VIE’s subsidiaries” on the condensed statements of results of operations. The parent company only condensed financial information should be read in conjunction with the Company’s consolidated financial statements. As of December 31, 2020, there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stocks or guarantees of Niu Technologies, except for those, which have been separately disclosed in the consolidated financial statements.

(a)

Condensed Balance Sheets


	As of December 31,
	2019	2020
	RMB	RMB
Assets
Current assets
Cash	120,548,511	73,329,699
Term deposits	174,404,554	130,498,000
Restricted cash	135,130,713	168,469,077
Prepayments and other current assets	7,705,862	7,477,871
Total current assets	437,789,640	379,774,647
Non-current assets
Investment in and amount due from subsidiaries, consolidated VIE and VIE’s subsidiaries	479,225,101	617,896,929
Total assets	917,014,741	997,671,576

Liabilities
Current liabilities
Amount due to subsidiaries, consolidated VIE and VIE’s subsidiaries	4,262,270	4,262,270
Accrued expenses and other current liabilities	451,354	35,062
Total current liabilities and total liabilities	4,713,624	4,297,332

Shareholders’ equity:
Class A ordinary shares	84,494	87,300
Class B ordinary shares	11,977	11,202
Additional paid-in capital	1,738,102,741	1,801,940,071
Accumulated other comprehensive loss	(13,895,942)	(43,016,027)
Accumulated deficit	(812,002,153)	(765,648,302)
Total shareholders’ equity	912,301,117	993,374,244
Total liabilities and shareholders’ equity	917,014,741	997,671,576

(b)

Condensed Statements of Results of Operations


	For the Year Ended December 31,
	2018	2019	2020
	RMB	RMB	RMB
Total operating expenses	(1,908,610)	(3,810,862)	(7,308,201)
Changes in fair value of a convertible loan	(34,499,858)	—	—
Share of income (losses) from subsidiaries, consolidated VIE and VIE’s subsidiaries	(331,955,300)	174,142,290	47,710,647
Interest income	2,011,390	10,444,623	5,951,405

Income (loss) before income taxes	(366,352,378)	180,776,051	46,353,851
Income tax expense	—	—	—

Net income (loss)	(366,352,378)	180,776,051	46,353,851

(c)

Condensed Statements of Cash Flows


	For the Year Ended
	December 31,
	2018	2019	2020
	RMB	RMB	RMB
Net cash provided by (used in) operating activities	(351,432,253)	124,118,382	(55,920,062)
Net cash provided by (used in) investing activities	(19,902,073)	(144,813,597)	34,502,559
Net cash provided by (used in) financing activities	481,123,035	(2,133,713)	24,230,446
Effect of foreign currency exchange rate changes on cash and restricted cash	7,176,014	4,249,727	(16,693,391)

Net increase in cash and restricted cash	116,964,723	(18,579,201)	(13,880,448)

Cash and restricted cash at the beginning of the year	157,293,702	274,258,425	255,679,224

Cash and restricted cash at the end of the year	274,258,425	255,679,224	241,798,776

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

(a) Basis of presentation

The accompanying consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Principles of consolidation

(b) Principles of consolidation

All intercompany transactions and balances among the Company, its subsidiaries, the VIE and the VIE’s subsidiaries have been eliminated upon consolidation.

Use of estimates

Convenience translation

(d) Convenience translation

Commitments and contingencies

(e) Commitments and contingencies

Cash

(f) Cash


	As of December 31,
	2019	2020
	RMB	RMB
Financial institutions in the mainland of the PRC
—Denominated in EUR	—	754
—Denominated in RMB	90,078,714	35,981,659
—Denominated in USD	178,359,872	165,010,781

Total cash balances held at mainland PRC financial institutions	268,438,586	200,993,194

Financial institutions in the United States
—Denominated in USD	3,523,116	5,727,377

Total cash balances held at United States financial institutions	3,523,116	5,727,377

Financial institutions in the Hong Kong S.A.R.
—Denominated in HKD	—	431,735
—Denominated in USD	6,015,191	18,963,059

Total cash balances held at Hong Kong S.A.R. financial institutions	6,015,191	19,394,794

Financial institutions in Indonesia
—Denominated in IDR	—	2,646
—Denominated in USD	1,765,448	468,408

Total cash balances held at Indonesia financial institutions	1,765,448	471,054

Total cash balances held at financial institutions	279,742,341	226,586,419

Term deposits

(g) Term deposits

Restricted cash

(h) Restricted cash


	As of December 31,
	2019	2020
	RMB	RMB
Cash	279,945,942	227,004,137
Restricted cash	221,656,071	168,469,077
Total cash and restricted cash	501,602,013	395,473,214

Short-term investments

(i) Short-term investments

Inventories

(j) Inventories

Property, plant and equipment, net

(k) Property, plant and equipment, net

Property, plant and equipment are stated at cost less accumulated depreciation and any recorded impairment.

The estimated useful lives are as follows:


Building		50 years
Machinery and equipment		3 - 10 years
Furniture		3 - 5 years
Leasehold improvements		3 years
Office and electronic equipment		2 - 5 years
Motor vehicles		4 years

Depreciation on property, plant and equipment is calculated on the straight-line method over the estimated useful lives of the assets.

Depreciation of property, plant and equipment attributable to manufacturing activities is capitalized as part of inventories, and recognized as cost of revenues when the inventory is sold.

Intangible assets

(l) Intangible assets

Land use right, net

(m) Land use rights, net

Impairment of long-lived assets

(n) Impairment of long-lived assets

Value added taxes

(o) Value added taxes

Fair value measurements

(p) Fair value measurements

Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2—Include other inputs that are directly or indirectly observable in the marketplace.

Level 3—Unobservable inputs which are supported by little or no market activity.

The Group’s non-financial assets, such as land use rights, intangible assets and property, plant and equipment, would be measured at fair value only if they were determined to be impaired.

Revenue recognition

(q) Revenue recognition

Periods prior to January 1, 2019

For some sales, the Group collects cash before delivery. Cash collected before product delivery is recognized as advances from customers.

Period commencing January 1, 2019

The adoption of new revenue standard did not impact accumulated deficit as of January 1, 2019. The Group has updated significant accounting policies and relevant disclosures hereinafter.

Products

For some sales, the Group collects cash before delivery. Cash collected before product delivery is recognized as advances from customers.

Service

The deferred revenue that will be recognized in the next twelve months is classified as current portion, and the remaining balance of deferred revenue is classified as non-current portion.

The Group also sells insurance plan for electric scooters (“NIU Cover”) to individual customers at their option. The insurance is provided by third party insurance companies. The Group determines that it acts as an agent for the NIU Cover service because it does not obtain control of the service before the service is transferred to the customers. The Group recognizes revenue on net basis when the insurance agreement is entered into between individual customers and insurance providers.

Remaining performance obligations

Contract Balances

(r) Contract Balances

Changes in the Group’s contract liabilities (advances from customers and deferred revenue) are presented in the following table for the years ended December 31, 2019 and 2020:


Contract liabilities as of January 1, 2019 prior to adoption of ASC 606		33,406,992
Reclassification of VAT payable to Accrued expenses and other liabilities as of January 1, 2019 as a result of adoption of ASC 606		(2,348,375)
Cash received in advance, excluding VAT		1,967,468,291
Revenue recognized from opening balance of contract liabilities		(30,823,816)
Revenue recognized from contract liabilities arising during 2019		(1,926,948,050)
Contract liabilities as of December 31, 2019		40,755,042
Cash received in advance, excluding VAT		2,364,340,559
Revenue recognized from opening balance of contract liabilities		(38,584,009)
Revenue recognized from contract liabilities arising during 2020		(2,301,117,311)
Contract liabilities as of December 31, 2020		65,394,281

Warranties

(s) Warranties

Cost of Revenues

(t) Cost of Revenues

Cost of revenues mainly consists of the cost of products sold, write-downs of inventories, logistics costs and warranty costs.

Selling and Marketing Expenses

(u) Selling and Marketing Expenses

General and Administrative Expenses

(v) General and Administrative Expenses

Research and Development Expenses

(w) Research and Development Expenses

Government Grants

(x) Government Grants

Share-based Compensation

(y) Share-based Compensation

The Company periodically grants share-based awards, including but not limited to, restricted ordinary shares, restricted share units and share options to eligible employees and directors.

Employee Benefits

(z) Employee Benefits

Income Taxes

(aa) Income Taxes

Operating leases

(bb) Operating leases

Foreign currency translation and foreign currency risks

(cc) Foreign currency translation and foreign currency risks

The functional currency of the Company’s PRC subsidiaries, VIE and VIE’s subsidiaries is RMB.

Concentration and risk

(dd) Concentration and risk

Concentration of customers and suppliers

No customers individually represent greater than 10% of total revenues of the Group for the years ended December 31, 2018, 2019 and 2020.

Suppliers from whom individually represent greater than 10% of total purchases of the Group for the years ended December 31, 2018, 2019 and 2020, are as follows:


	For the Year Ended December 31,
	2018			2019			2020
	RMB	%		RMB	%		RMB	%
Supplier A	193,555,999	15	%	225,527,597	15	%	*	*
Supplier B	150,385,652	12	%	173,723,118	11	%	*	*

Customers accounting for 10% or more of accounts receivable, net are as follows:


	As of December 31,
	2019			2020
	RMB	%		RMB	%
Customer Y	*	*		30,309,591	30	%
Customer Z	46,263,295	40	%	*	*

Customers accounting for 10% or more of advances from customers are as follows:


	As of December 31,
	2019			2020
	RMB	%		RMB	%
Customer X	1,090,262	15	%	*	*
Customer W	767,993	10	%	*	*
Customer Z	*	*		20,876,460	52	%

Suppliers accounting for 10% or more of accounts payable are as follows:


	As of December 31,
	2019			2020
	RMB	%		RMB	%
Supplier A	26,134,706	10	%	*	*

The amount was less than 10% of total balance.

Concentration of credit risk

Interest rate risk

The Group’s short-term bank borrowing bears interests at fixed rates. If the Group were to renew these loans, the Group might be subject to interest rate risk.

Earnings (Loss) per Share

(ee) Earnings (Loss) per Share

Segment Reporting

(ff) Segment Reporting

Statutory Reserves

(gg) Statutory Reserves

For the years ended December 31, 2018, 2019 and 2020, the Group’s PRC subsidiaries made appropriations to the statutory reserves of nil, RMB3,316,650 and RMB22,208,130, respectively.

Recent Accounting Pronouncements

(hh) Recent Accounting Pronouncements

DESCRIPTION OF ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2020

DESCRIPTION OF ORGANIZATION AND PRINCIPAL ACTIVITIES

Schedule of Group's VIE information


	As of December 31,
	2019	2020
	RMB	RMB
Cash	93,548,349	105,849,594
Short-term investments	310,439,321	696,596,203
Accounts receivable, net	115,228,700	101,320,063
Inventories	178,476,473	140,603,108
Prepayments and other current assets	18,613,814	29,433,890
Amounts due from inter-companies	4,303,778	5,729,053

Total current assets	720,610,435	1,079,531,911

Property, plant and equipment, net	148,937,701	195,808,280
Intangible assets, net	1,962,530	1,747,615
Land use rights, net	34,355,936	48,835,120
Deferred income tax assets	—	14,593,376
Other non-current assets	5,961,241	30,830,304

Total assets	911,827,843	1,371,346,606

Short-term bank borrowings	217,394,132	180,000,000
Accounts payable	258,988,264	395,826,435
Amounts due to inter-companies	306,137,760	420,647,145
Income taxes payable	3,013,805	14,355,462
Advances from customers	7,478,309	38,817,881
Deferred revenue—current	31,105,700	21,155,634
Accrued expenses and other current liabilities	164,442,316	160,532,008

Total current liabilities	988,560,286	1,231,334,565
Deferred revenue non-current	2,171,033	4,176,458
Deferred income tax liabilities	1,265,780	1,109,479
Other non-current liabilities	22,358,968	24,892,246

Total liabilities	1,014,356,067	1,261,512,748


	For the Year Ended December 31,
	2018	2019	2020
	RMB	RMB	RMB
Revenues	1,477,593,628	2,115,501,618	2,500,023,611
Net income (loss)	(294,156,973)	196,473,033	175,070,451
Net cash provided by operating activities	14,379,166	284,907,333	570,195,979
Net cash used in investing activities	(74,333,070)	(319,696,832)	(518,734,956)
Net cash provided by (used in) financing activities	78,199,492	37,416,129	(37,394,132)
Effect of foreign currency exchange rate changes on cash	684,791	198,466	(1,765,646)
Net increase in cash	18,930,379	2,825,096	12,301,245
Cash at the beginning of the year	71,792,874	90,723,253	93,548,349
Cash at the end of the year	90,723,253	93,548,349	105,849,594

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of cash at bank and term deposits are deposited in financial institutions


	As of December 31,
	2019	2020
	RMB	RMB
Financial institutions in the mainland of the PRC
—Denominated in EUR	—	754
—Denominated in RMB	90,078,714	35,981,659
—Denominated in USD	178,359,872	165,010,781

Total cash balances held at mainland PRC financial institutions	268,438,586	200,993,194

Financial institutions in the United States
—Denominated in USD	3,523,116	5,727,377

Total cash balances held at United States financial institutions	3,523,116	5,727,377

Financial institutions in the Hong Kong S.A.R.
—Denominated in HKD	—	431,735
—Denominated in USD	6,015,191	18,963,059

Total cash balances held at Hong Kong S.A.R. financial institutions	6,015,191	19,394,794

Financial institutions in Indonesia
—Denominated in IDR	—	2,646
—Denominated in USD	1,765,448	468,408

Total cash balances held at Indonesia financial institutions	1,765,448	471,054

Total cash balances held at financial institutions	279,742,341	226,586,419

Summary of reconciliation of cash and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows


	As of December 31,
	2019	2020
	RMB	RMB
Cash	279,945,942	227,004,137
Restricted cash	221,656,071	168,469,077
Total cash and restricted cash	501,602,013	395,473,214

Schedule of estimated useful lives of property and equipment


Building		50 years
Machinery and equipment		3 - 10 years
Furniture		3 - 5 years
Leasehold improvements		3 years
Office and electronic equipment		2 - 5 years
Motor vehicles		4 years

Summary of changes in the contract liabilities (advances from customers and deferred revenue)


Contract liabilities as of January 1, 2019 prior to adoption of ASC 606		33,406,992
Reclassification of VAT payable to Accrued expenses and other liabilities as of January 1, 2019 as a result of adoption of ASC 606		(2,348,375)
Cash received in advance, excluding VAT		1,967,468,291
Revenue recognized from opening balance of contract liabilities		(30,823,816)
Revenue recognized from contract liabilities arising during 2019		(1,926,948,050)
Contract liabilities as of December 31, 2019		40,755,042
Cash received in advance, excluding VAT		2,364,340,559
Revenue recognized from opening balance of contract liabilities		(38,584,009)
Revenue recognized from contract liabilities arising during 2020		(2,301,117,311)
Contract liabilities as of December 31, 2020		65,394,281

Schedule of concentration of customers and suppliers


	For the Year Ended December 31,
	2018			2019			2020
	RMB	%		RMB	%		RMB	%
Supplier A	193,555,999	15	%	225,527,597	15	%	*	*
Supplier B	150,385,652	12	%	173,723,118	11	%	*	*

Customers accounting for 10% or more of accounts receivable, net are as follows:


	As of December 31,
	2019			2020
	RMB	%		RMB	%
Customer Y	*	*		30,309,591	30	%
Customer Z	46,263,295	40	%	*	*

Customers accounting for 10% or more of advances from customers are as follows:


	As of December 31,
	2019			2020
	RMB	%		RMB	%
Customer X	1,090,262	15	%	*	*
Customer W	767,993	10	%	*	*
Customer Z	*	*		20,876,460	52	%

Suppliers accounting for 10% or more of accounts payable are as follows:


	As of December 31,
	2019			2020
	RMB	%		RMB	%
Supplier A	26,134,706	10	%	*	*

The amount was less than 10% of total balance.

SHORT-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2020

SHORT-TERM INVESTMENTS

Schedule of short-term investments


	As of December 31,
	2019	2020
	RMB	RMB
Aggregate cost basis	308,150,000	744,000,000
Gross unrealized holding gain	2,289,321	1,608,877
Aggregate fair value	310,439,321	745,608,877

ACCOUNTS RECEIVABLES, NET (Tables)

12 Months Ended

Dec. 31, 2020

ACCOUNTS RECEIVABLES, NET

Schedule of accounts receivables, net


	As of December 31,
	2019	2020
	RMB	RMB
Accounts receivable	118,517,235	104,627,444
Allowance for doubtful accounts	(3,288,535)	(3,307,381)
Accounts receivable, net	115,228,700	101,320,063

Schedule of movement of the allowance for doubtful accounts


	For the Year Ended
	December 31,
	2018	2019	2020
	RMB	RMB	RMB
Balance at the beginning of the year	1,956,245	228,146	3,288,535
Additions (reversals) charged to bad debt expense	(1,215,464)	3,060,389	505,912
Write-off of bad debt allowance	(512,635)	—	(487,066)
Balance at the end of the year	228,146	3,288,535	3,307,381

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2020

INVENTORIES

Schedule of inventories


	As of December 31,
	2019	2020
	RMB	RMB
Raw materials	151,975,367	109,383,340
Works in progress	1,481,938	57,688
Finished goods	25,175,994	32,725,151
Inventories	178,633,299	142,166,179

PREPAYMENTS AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2020

PREPAYMENTS AND OTHER CURRENT ASSETS

Schedule of prepayments and other current assets


	2019	2020
	RMB	RMB
Advances to suppliers	11,124,716	14,434,384
Deductible input VAT and VAT rebates receivable	8,678,443	9,756,854
Staff advances	514,328	568,553
Interest receivable	5,369,826	2,325,318
Other*	5,294,818	5,746,979

Prepayments and other current assets	30,982,131	32,832,088

*Other mainly include deposits receivable and prepaid income tax.

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2020

PROPERTY, PLANT AND EQUIPMENT, NET.

Schedule of property and equipment


	As of December 31,
	2019	2020
	RMB	RMB
Machinery and equipment	47,307,840	74,774,435
Furniture	76,258,884	114,908,548
Office and electronic equipment	16,909,504	39,607,366
Leasehold improvement	4,081,766	7,556,301
Motor vehicles	1,173,634	1,548,368
Building and building improvements	64,887,245	67,701,045
Property, plant and equipment	210,618,873	306,096,063

Less: Accumulated depreciation	(59,727,529)	(107,051,002)

Property, plant and equipment, net	150,891,344	199,045,061

Schedule of depreciation expense on property and equipment allocated to expense items


	For the Year Ended December 31,
	2018	2019	2020
	RMB	RMB	RMB
Cost of revenues	4,638,662	6,109,583	11,942,414
General and administrative expenses	2,261,620	3,403,502	5,237,258
Selling and marketing expenses	9,438,501	19,025,624	27,665,201
Research and development expenses	470,204	962,414	2,695,347

Total depreciation expense	16,808,987	29,501,123	47,540,220

INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2020

INTANGIBLE ASSETS, NET

Schedule of intangible assets


	As of December 31, 2019
		Gross		Net
	Amortization	carrying	Accumulated	carrying
RMB	period	amount	amortization	amount
Trademarks	5-10 years	8,911,271	(3,193,738)	5,717,533
Domain name	5-10 years	3,821,474	(3,517,748)	303,726
License	10 years	1,943,396	(184,906)	1,758,490

Total		14,676,141	(6,896,392)	7,779,749


	As of December 31, 2020
		Gross		Net
	Amortization	carrying	Accumulated	carrying
RMB	period	amount	amortization	amount
Trademarks	5-10 years	8,434,457	(4,644,020)	3,790,437
Domain name	5-10 years	3,799,642	(3,547,129)	252,513
License	10 years	1,943,396	(379,245)	1,564,151

Total		14,177,495	(8,570,394)	5,607,101

Summary of amortization expenses on intangible assets

Amortization expense on intangible assets was allocated to the following expense items:


	For the Year Ended December 31,
	2018	2019	2020
	RMB	RMB	RMB
Cost of revenues	—	184,906	194,340
General and administrative expenses	2,072,389	2,336,803	1,783,927

Total amortization expense	2,072,389	2,521,709	1,978,267

LAND USE RIGHT, NET (Tables)

12 Months Ended

Dec. 31, 2020

Depreciation expense on property, plant and equipment

Summary of land use right, net


	As of December 31,
	2019	2020
	RMB	RMB
Gross carrying amount	34,761,487	49,961,221
Less: Accumulated amortization	(405,551)	(1,126,101)

Land use rights, net	34,355,936	48,835,120

Summary of amortization expense of land use rights

Amortization expense on intangible assets was allocated to the following expense items:


	For the Year Ended December 31,
	2018	2019	2020
	RMB	RMB	RMB
Cost of revenues	—	184,906	194,340
General and administrative expenses	2,072,389	2,336,803	1,783,927

Total amortization expense	2,072,389	2,521,709	1,978,267

Land use right, net

Depreciation expense on property, plant and equipment

Summary of amortization expense of land use rights


	For the Year Ended December 31,
	2019	2020
	RMB	RMB
Cost of revenues	—	317,562
General and administrative expenses	405,551	402,988

Total amortization expense	405,551	720,550

OTHER NON-CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2020

OTHER NON-CURRENT ASSETS

Schedule of other non-current assets


	As of December 31,
	2019	2020
	RMB	RMB
Prepayments for land use right	—	26,550,000
Other*	6,522,561	4,280,304

Other non-current assets	6,522,561	30,830,304

Other mainly include deposits and prepayments for equipment.

SHORT-TERM BANK BORROWINGS AND RESTRICTED CASH (Tables)

12 Months Ended

Dec. 31, 2020

SHORT-TERM BANK BORROWINGS AND RESTRICTED CASH

Schedule of short-term bank borrowings


	As of December 31,
	2019	2020
	RMB	RMB
East West Bank loan	48,910,799	—
Bank of China loan	20,000,000	20,000,000
SPD Silicon Valley Bank loan	120,000,000	160,000,000
Bank of Ningbo loan	28,483,333	—

Short-term bank borrowings	217,394,132	180,000,000

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2020

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Schedule of accrued expenses and other current liabilities


	As of December 31,
	2019	2020
	RMB	RMB
Accrued payroll and social insurance	30,780,693	27,837,103
Warranty—current	41,809,564	40,252,099
Employee options payable	3,596,236	24,051,579
Sales rebate	40,344,717	15,799,815
Construction payable	18,765,855	5,410,352
Refundable payment—current	16,293,035	33,031,044
Other taxes payable	10,273,637	15,717,177
Interest payable	2,010,366	453,562
Other*	11,659,294	9,104,873

Accrued expenses and other current liabilities	175,533,397	171,657,604

* Other mainly include accrued marketing expenses and rental expenses payable.

Schedule of movement of provision for warranty


	For the Year Ended December 31,
	2018	2019	2020
Accrued warranty—beginning of year	30,648,678	48,872,284	59,951,866
Accrual for warranties issued during the year	29,346,974	40,271,444	35,197,541
Warranty claims paid	(7,923,760)	(22,132,194)	(18,590,107)
Pre-existing warranty expired	(3,199,608)	(7,059,668)	(17,363,404)
Accrued warranty—end of year	48,872,284	59,951,866	59,195,896

OTHER NON-CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2020

OTHER NON-CURRENT LIABILITIES

Summary of other non-current liabilities


	As of December 31,
	2019	2020
	RMB	RMB
Warranty—non-current	18,142,302	18,943,797
Refundable payment received from franchised stores—non-current	—	5,045,054
Deposits for construction of building—non-current	4,216,666	903,395

Other non-current liabilities	22,358,968	24,892,246

REDEEMABLE CONVERTIBLE PREFERRED SHARES (Tables)

12 Months Ended

Dec. 31, 2020

REDEEMABLE CONVERTIBLE PREFERRED SHARES

Schedule of redeemable convertible preferred shares activities


	Series A-1	Series A-2	Series A-3	Series B
	Preferred	Preferred	Preferred	Preferred
	Shares	Shares	Shares	Shares
	Carrying	Carrying	Carrying	Carrying
RMB	amount	amount	amount	amount	Total
Balance as of January 1, 2018	130,684,003	39,205,192	67,955,320	—	237,844,515
Issuance of preferred shares	—	—	181,112,874	161,392,196	342,505,070
Foreign currency translation adjustment	8,090,000	2,427,000	21,651,035	15,544,654	47,712,689
Conversion to Ordinary Shares	(138,774,003)	(41,632,192)	(270,719,229)	(176,936,850)	(628,062,274)
Balance as of December 31, 2018, 2019 and 2020	—	—	—	—	—

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2020

Restricted ordinary shares

Schedule of share-based compensation expenses recognized


		For the Year Ended
		December 31,
		2018
		RMB
Research and development expenses		18,371,203
General and administrative expenses		207,871,076
Total restricted ordinary shares compensation expense		226,242,279

Unvested restricted share units

Summary of the restricted share units activities


	For the Year Ended
	December 31,
	2018	2019	2020
	RMB	RMB	RMB
Cost of revenues	—	36,332	472,182
Selling and marketing expenses	—	2,185,586	6,932,616
Research and development expenses	—	1,146,846	6,021,889
General and administrative expenses	375,123	4,233,758	8,487,530
Total restricted share units compensation expense	375,123	7,602,522	21,914,217

Amended 2016 Plan

Summary of the share options activities


			Weighted
		Weighted	remaining
	Number of	average exercise	contractual	Aggregate
	share	price	years	intrinsic value
		US$		US$
Outstanding at January 1, 2020	8,682,356	1.74
Granted	—	—
Exercised	(2,610,926)	1.34
Forfeited	(79,106)	0.20

Outstanding at December 31, 2020	5,992,324	1.93	7.32	72,489,587
Exercisable as of December 31, 2020	2,032,930	0.35	5.58	27,790,820

Schedule of stock option valuation allowance using the binomial option pricing model


Grant Date:	2018	2019
Risk-free rate of return (per annum)	2.78% - 3.13%	1.90%
Volatility	49.9% - 50.9%	47.9%
Expected dividend yield	0%	0%
Exercise multiple	2.2	2.2-2.8
Fair value of underlying ordinary share	US$2.05 - US$4.10	US$3.425
Expected term (in years)	10	10

Schedule of share-based compensation expenses recognized


	For the Year Ended
	December 31,
	2018	2019	2020
	RMB	RMB	RMB
Cost of revenues	246,947	255,679	171,501
Selling and marketing expenses	2,124,728	2,471,725	3,012,857
Research and development expenses	955,538	3,060,263	4,895,748
General and administrative expenses	2,392,740	6,232,590	9,614,592
Total share options compensation expense	5,719,953	12,020,257	17,694,698

Amended 2016 Plan | Restricted ordinary shares

Summary of the restricted share units activities


		Weighted
		average grant
	Number of	date fair
	shares	value
		US$
Unvested as of January 1, 2020	1,744,600	3.64

Granted	2,187,700	3.81
Vested	(473,650)	3.70
Forfeited	(750)	3.89

Unvested as of December 31, 2020	3,457,900	3.74

2018 Plan

Schedule of share-based compensation expenses recognized


	For the Year Ended December 31,
	2018	2019	2020
	RMB	RMB	RMB
Cost of revenues	246,947	292,011	643,683
Selling and marketing expenses	2,124,728	4,657,311	9,945,473
Research and development expenses	52,864,313	4,207,109	10,917,637
General and administrative expenses	210,638,939	10,466,348	18,102,122
Total share-based compensation expense	265,874,927	19,622,779	39,608,915

FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2020

FAIR VALUE MEASUREMENT

Schedule of fair value hierarchy for assets and liabilities measured at fair value on recurring basis


	December 31, 2020			Total
RMB	Level 1	Level 2	Level 3	Fair Value
Assets
Short-term investments (Note 3)	—	745,608,877	—	745,608,877


	December 31, 2019			Total
RMB	Level 1	Level 2	Level 3	Fair Value
Assets
Short-term investments (Note 3)	—	310,439,321	—	310,439,321

Schedule of reconciliation of recurring fair value measurements categorized as Level 3


		For the Year Ended December 31,
		2018
Convertible loan-beginning of year		151,557,796
Change in fair value		34,499,858
Conversion to Series A-3 Preferred Shares		(181,112,874)
Foreign currency translation adjustment		(4,944,780)
Convertible loan-end of year		—

INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2020

INCOME TAX

Components of (loss)/income before income taxes


	For the Year Ended
	December 31,
	2018	2019	2020
	RMB	RMB	RMB
Cayman	(34,397,077)	6,633,761	(1,356,797)
Indonesia	—	(11,705)	(1,124,698)
Hong Kong S.A.R.	(4,507,360)	(3,820,485)	(7,773,553)
PRC, excluding Hong Kong S.A.R.	(310,123,039)	195,497,541	199,993,770
Total	(349,027,476)	198,299,112	189,738,722

Schedule of income tax expense


	For the Year Ended December 31,
	2018	2019	2020
	RMB	RMB	RMB
Current income tax expense	—	7,460,535	39,236,745
Deferred income tax expense (benefit)	—	753,806	(18,150,489)
Total	—	8,214,341	21,086,256

Schedule of reconciliation of statutory income tax rate and effective income tax rate


	For the Year Ended
	December 31,
	2018	2019	2020
	RMB	RMB	RMB
Computed expected income tax expense	(87,256,869)	49,574,778	47,434,681
Non-PRC entities not subject to income tax	9,726,109	(700,393)	2,563,762
Research and development expenses bonus deduction	(7,528,081)	(10,181,598)	(18,508,967)
Non-deductible share-based compensation expenses	66,374,951	4,532,885	9,453,660
Other non-deductible expenses	176,111	32,602	446,051
Change in valuation allowance	18,507,779	(35,043,933)	(20,302,931)

Actual income tax expense	—	8,214,341	21,086,256

Schedule of deferred income tax assets and deferred income tax liabilities


	As of December 31,
	2019	2020
	RMB	RMB
Deferred income tax assets
Net operating loss carry forwards	39,342,952	38,311,539
Accrued warranty	14,987,967	14,798,974
Accrued payroll and social insurance	3,873,748	2,690,649
Deferred revenue	6,363,254	6,333,023
Advertising expense	937,639	—
Allowance for doubtful accounts	822,134	826,845
Write-downs for inventories	2,622,784	3,665,728
Less: Valuation allowance	(62,864,281)	(41,219,052)

Total deferred income tax assets, net	6,086,197	25,407,706


Deferred income tax liabilities
Short-term investments	511,975	341,864
Property, plant and equipment	6,840,002	11,581,945

Total deferred income tax liabilities	7,351,977	11,923,809

Net deferred income tax assets	—	14,593,376
Net deferred income tax liabilities	1,265,780	1,109,479

Schedule of changes in valuation allowance


	For the Year Ended
	December 31,
	2018	2019	2020
	RMB	RMB	RMB
Balance at the beginning of the year	79,704,629	98,212,408	62,864,281
Additions (reversals)	18,507,779	(35,043,933)	(20,302,931)
Decrease relating to expiration of loss carry forwards	—	(304,194)	(1,342,298)

Balance at the end of the year	98,212,408	62,864,281	41,219,052

NET INCOME (LOSS) PER ORDINARY SHARE (Tables)

12 Months Ended

Dec. 31, 2020

NET INCOME (LOSS) PER ORDINARY SHARE

Schedule of basic and diluted net income (loss) per share computation

The following table sets forth the basic and diluted net income (loss) per ordinary share computation and provides a reconciliation of the numerator and denominator for the years presented:


	For the Year Ended
	December 31,
	2018	2019	2020
	RMB	RMB	RMB
Numerator:
Net income (loss) attributable to ordinary shareholders	(349,027,476)	190,084,771	168,652,466

Denominator:
Weighted average number of ordinary shares outstanding	65,834,876	148,896,691	150,775,447
Weighted average number of ordinary shares equivalents outstanding	—	128,475	121,965

Denominator for basic net income (loss) per ordinary share	65,834,876	149,025,166	150,897,412
Dilutive effect of outstanding share options	—	3,978,477	4,900,551
Dilutive effect of unvested restricted share units	—	244,545	2,037,905

Denominator for diluted net income (loss) per ordinary share	65,834,876	153,248,188	157,835,868

Net income (loss) per ordinary share
—Basic	(5.30)	1.28	1.12
—Diluted	(5.30)	1.24	1.07

Schedule of antidilutive securities


	For the Year Ended
	December 31,
	2018	2019	2020
Share options	5,314,246	4,180,000	—
Unvested restricted share units	100,000	—	66,800

REVENUE INFORMATION (Tables)

12 Months Ended

Dec. 31, 2020

REVENUE INFORMATION

Schedule of net revenues


	For the Year Ended
	December 31,
	2018	2019	2020
	RMB	RMB	RMB
Electronic scooter sales	1,370,522,269	1,787,274,271	2,143,292,397
Accessory and spare parts sales	91,373,179	253,799,782	258,928,790
Service revenues	15,885,856	35,215,048	42,107,577
Revenues	1,477,781,304	2,076,289,101	2,444,328,764

Schedule of the Group's revenue based on geographic areas


	For the Year Ended
	December 31,
	2018	2019	2020
	RMB	RMB	RMB
PRC	1,318,657,227	1,643,221,531	2,039,210,587
Europe	148,963,330	274,445,360	305,244,466
Others	10,160,747	158,622,210	99,873,711
Revenues	1,477,781,304	2,076,289,101	2,444,328,764

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2020

COMMITMENTS AND CONTINGENCIES

Schedule of capital commitment


	Payment Due by Period
		Less than			More than
	Total	1 year	1 – 3 years	3 – 5 years	5 years

	(RMB)
Capital commitment	43,056,970	36,499,470	5,864,500	594,000	99,000

Schedule of future minimum lease commitments


Year ending December 31,		RMB
2021		11,173,499
2022		10,191,143
2023		10,437,322
2024		11,068,206
2025		2,442,573
2026		674,828

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2020

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Schedule of condensed balance sheets


	As of December 31,
	2019	2020
	RMB	RMB
Assets
Current assets
Cash	120,548,511	73,329,699
Term deposits	174,404,554	130,498,000
Restricted cash	135,130,713	168,469,077
Prepayments and other current assets	7,705,862	7,477,871
Total current assets	437,789,640	379,774,647
Non-current assets
Investment in and amount due from subsidiaries, consolidated VIE and VIE’s subsidiaries	479,225,101	617,896,929
Total assets	917,014,741	997,671,576

Liabilities
Current liabilities
Amount due to subsidiaries, consolidated VIE and VIE’s subsidiaries	4,262,270	4,262,270
Accrued expenses and other current liabilities	451,354	35,062
Total current liabilities and total liabilities	4,713,624	4,297,332

Shareholders’ equity:
Class A ordinary shares	84,494	87,300
Class B ordinary shares	11,977	11,202
Additional paid-in capital	1,738,102,741	1,801,940,071
Accumulated other comprehensive loss	(13,895,942)	(43,016,027)
Accumulated deficit	(812,002,153)	(765,648,302)
Total shareholders’ equity	912,301,117	993,374,244
Total liabilities and shareholders’ equity	917,014,741	997,671,576

Schedule of condensed statements of results of operations


	For the Year Ended December 31,
	2018	2019	2020
	RMB	RMB	RMB
Total operating expenses	(1,908,610)	(3,810,862)	(7,308,201)
Changes in fair value of a convertible loan	(34,499,858)	—	—
Share of income (losses) from subsidiaries, consolidated VIE and VIE’s subsidiaries	(331,955,300)	174,142,290	47,710,647
Interest income	2,011,390	10,444,623	5,951,405

Income (loss) before income taxes	(366,352,378)	180,776,051	46,353,851
Income tax expense	—	—	—

Net income (loss)	(366,352,378)	180,776,051	46,353,851

Schedule of condensed statements of cash flows


	For the Year Ended
	December 31,
	2018	2019	2020
	RMB	RMB	RMB
Net cash provided by (used in) operating activities	(351,432,253)	124,118,382	(55,920,062)
Net cash provided by (used in) investing activities	(19,902,073)	(144,813,597)	34,502,559
Net cash provided by (used in) financing activities	481,123,035	(2,133,713)	24,230,446
Effect of foreign currency exchange rate changes on cash and restricted cash	7,176,014	4,249,727	(16,693,391)

Net increase in cash and restricted cash	116,964,723	(18,579,201)	(13,880,448)

Cash and restricted cash at the beginning of the year	157,293,702	274,258,425	255,679,224

Cash and restricted cash at the end of the year	274,258,425	255,679,224	241,798,776

DESCRIPTION OF ORGANIZATION AND PRINCIPAL ACTIVITIES - Principal terms of VIE Agreements (Details)	12 Months Ended
	Dec. 31, 2020 CNY (¥)
DESCRIPTION OF ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of monthly net profits under Exclusive Business Cooperation Agreement	100.00%
Maximum equity holders' interests permitted under Exclusive Option Agreement	¥ 100
Minimum value of material assets for dispositions under Exclusive Option Agreement	¥ 100,000

DESCRIPTION OF ORGANIZATION AND PRINCIPAL ACTIVITIES - Group's VIE information (Details)	12 Months Ended
	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2020 USD ($)
Group's VIE information
Cash	¥ 227,004,137		¥ 279,945,942		$ 34,789,906
Short-term investments	745,608,877		310,439,321		114,269,560
Accounts receivable, net	101,320,063		115,228,700		15,527,979
Inventories	142,166,179		178,633,299		21,787,920
Prepayments and other current assets	32,832,088		30,982,131		5,031,738
Total current assets	1,547,898,421		1,311,290,018		237,225,812
Property, plant and equipment, net	199,045,061		150,891,344		30,504,990
Intangible assets, net	5,607,101		7,779,749		859,326
Land use right, net	48,835,120		34,355,936		7,484,310
Deferred income tax assets	14,593,376				2,236,533
Other non-current assets	30,830,304		6,522,561		4,724,951
Total assets	1,846,809,383		1,510,839,608		283,035,922
Short-term bank borrowings	180,000,000		217,394,132		27,586,207
Accounts payable	395,826,435		258,988,264		60,663,055
Income taxes payable	14,555,094		3,013,805		2,230,666
Advances from customers	40,062,189		7,478,309		6,139,799
Deferred revenue - current	21,155,634		31,105,700		3,242,243
Accrued expenses and other current liabilities	171,657,604		175,533,397		26,307,679
Total current liabilities	823,256,956		693,513,607		126,169,649
Deferred revenue - non current	4,176,458		2,171,033		640,070
Deferred income tax liability	1,109,479		1,265,780		170,035
Other non-current liabilities	24,892,246		22,358,968		3,814,905
Total liabilities	853,435,139		719,309,388		$ 130,794,659
Revenues	2,444,328,764	$ 374,609,772	2,076,289,101	¥ 1,477,781,304
Net income (loss)	168,652,466	25,847,122	190,084,771	(349,027,476)
Net cash provided by operating activities	465,598,711	71,356,124	178,680,435	8,569,117
Net cash used in investing activities	(535,231,611)	(82,027,833)	(467,889,241)	(103,589,651)
Net cash provided by (used in) financing activities	(13,163,686)	(2,017,423)	35,282,416	555,382,588
Effect of foreign currency exchange rate changes on cash	(23,332,213)	(3,575,818)	7,206,098	6,074,726
Net increase in cash	(106,128,799)	(16,264,950)	(246,720,292)	466,436,780
Cash and restricted cash at the beginning of the year	501,602,013	76,873,872	748,322,305	281,885,525
Cash and restricted cash at the end of the year	395,473,214	$ 60,608,922	501,602,013	748,322,305
VIE
Group's VIE information
Cash	105,849,594		93,548,349
Short-term investments	696,596,203		310,439,321
Accounts receivable, net	101,320,063		115,228,700
Inventories	140,603,108		178,476,473
Prepayments and other current assets	29,433,890		18,613,814
Amounts due from intercompany	5,729,053		4,303,778
Total current assets	1,079,531,911		720,610,435
Property, plant and equipment, net	195,808,280		148,937,701
Intangible assets, net	1,747,615		1,962,530
Land use right, net	48,835,120		34,355,936
Deferred income tax assets	14,593,376
Other non-current assets	30,830,304		5,961,241
Total assets	1,371,346,606		911,827,843
Short-term bank borrowings	180,000,000		217,394,132
Accounts payable	395,826,435		258,988,264
Amounts due to intercompany	420,647,145		306,137,760
Income taxes payable	14,355,462		3,013,805
Advances from customers	38,817,881		7,478,309
Deferred revenue - current	21,155,634		31,105,700
Accrued expenses and other current liabilities	160,532,008		164,442,316
Total current liabilities	1,231,334,565		988,560,286
Deferred revenue - non current	4,176,458		2,171,033
Deferred income tax liability	1,109,479		1,265,780
Other non-current liabilities	24,892,246		22,358,968
Total liabilities	1,261,512,748		1,014,356,067
Revenues	2,500,023,611		2,115,501,618	1,477,593,628
Net income (loss)	175,070,451		196,473,033	(294,156,973)
Net cash provided by operating activities	570,195,979		284,907,333	14,379,166
Net cash used in investing activities	(518,734,956)		(319,696,832)	(74,333,070)
Net cash provided by (used in) financing activities	(37,394,132)		37,416,129	78,199,492
Effect of foreign currency exchange rate changes on cash	(1,765,646)		198,466	684,791
Net increase in cash	12,301,245		2,825,096	18,930,379
Cash and restricted cash at the beginning of the year	93,548,349		90,723,253	71,792,874
Cash and restricted cash at the end of the year	¥ 105,849,594		¥ 93,548,349	¥ 90,723,253

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Dec. 31, 2020 $ / ¥
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Convenience translation rate (in RMB/USD)	6.5250

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash
Total cash balances held at financial institutions	¥ 226,586,419	¥ 279,742,341
Minimum
Cash
Original maturities of term deposit	3 months
Maximum
Cash
Original maturities of term deposit	1 year
PRC
Cash
Total cash balances held at financial institutions	¥ 200,993,194	268,438,586
PRC \| Denominated in RMB
Cash
Total cash balances held at financial institutions	35,981,659	90,078,714
PRC \| Denominated in USD
Cash
Total cash balances held at financial institutions	165,010,781	178,359,872
PRC \| Denominated in EUR
Cash
Total cash balances held at financial institutions	754
United States
Cash
Total cash balances held at financial institutions	5,727,377	3,523,116
United States \| Denominated in USD
Cash
Total cash balances held at financial institutions	5,727,377	3,523,116
Hong Kong SAR
Cash
Total cash balances held at financial institutions	19,394,794	6,015,191
Hong Kong SAR \| Denominated in USD
Cash
Total cash balances held at financial institutions	18,963,059	6,015,191
Hong Kong SAR \| Denominated in HKD
Cash
Total cash balances held at financial institutions	431,735
Indonesia
Cash
Total cash balances held at financial institutions	471,054	1,765,448
Indonesia \| Denominated in USD
Cash
Total cash balances held at financial institutions	468,408	¥ 1,765,448
Indonesia \| Denominated in IDR
Cash
Total cash balances held at financial institutions	¥ 2,646

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted cash (Details)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
Reconciliation of cash and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows
Cash	¥ 227,004,137	$ 34,789,906	¥ 279,945,942
Restricted cash, current	168,469,077	25,819,016	221,656,071
Total cash and restricted cash	¥ 395,473,214	$ 60,608,922	¥ 501,602,013	$ 76,873,872	¥ 748,322,305	¥ 281,885,525

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventories, Property, plant and equipment, net (Details)	12 Months Ended
	Dec. 31, 2020
Building
Estimated useful lives
Property, plant and equipment, useful life	50 years
Machinery and equipment \| Minimum
Estimated useful lives
Property, plant and equipment, useful life	3 years
Machinery and equipment \| Maximum
Estimated useful lives
Property, plant and equipment, useful life	10 years
Furniture \| Minimum
Estimated useful lives
Property, plant and equipment, useful life	3 years
Furniture \| Maximum
Estimated useful lives
Property, plant and equipment, useful life	5 years
Leasehold improvements
Estimated useful lives
Property, plant and equipment, useful life	3 years
Office and electronic equipment \| Minimum
Estimated useful lives
Property, plant and equipment, useful life	2 years
Office and electronic equipment \| Maximum
Estimated useful lives
Property, plant and equipment, useful life	5 years
Motor vehicles
Estimated useful lives
Property, plant and equipment, useful life	4 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible assets, Impairment of Long-lived Assets (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life of land use right, net	50 years
Impairment of Long-lived Assets
Impairment of long-lived assets		¥ 0	¥ 0	¥ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Value added taxes, Revenue recognition (Details)	12 Months Ended
	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)	Apr. 01, 2019	May 01, 2018	Apr. 30, 2018
Value added taxes
VAT rate (in percentage)	6.00%				13.00%	16.00%	17.00%
Revenue recognition
Return and refund policy term (in days)	7 days	7 days
Cost of revenues	¥ 1,885,180,256	$ 288,916,514	¥ 1,589,738,548	¥ 1,279,155,847
Transaction price allocated to remaining performance obligations	65,394,281
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-12-31
Revenue recognition
Transaction price allocated to remaining performance obligations	¥ 61,217,823
Period over which remaining performance obligation is expected to be recognized as revenue	12 months
Shipping costs incurred
Revenue recognition
Cost of revenues	¥ 43,743,258		¥ 31,912,258	¥ 16,752,785
Minimum
Revenue recognition
Free service period	1 year	1 year
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-12-31
Revenue recognition
Transaction price allocated to remaining performance obligations	¥ 4,176,458
Period over which remaining performance obligation is expected to be recognized as revenue	12 months
Maximum
Revenue recognition
Free service period	2 years	2 years
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-12-31
Revenue recognition
Period over which remaining performance obligation is expected to be recognized as revenue	24 months

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contract Balances (Details)	12 Months Ended
	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2020 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Advances from customers	¥ 40,062,189	¥ 7,478,309	$ 6,139,799
Changes in the Group's contract liabilities (advances from customers and deferred revenue)
Contract liabilities as of January 1, 2019 prior to adoption of ASC 606	40,755,042	33,406,992
Reclassification of VAT payable to Accrued expenses and other liabilities as of January 1, 2019 as a result of adoption of ASC 606		(2,348,375)
Cash received in advance, excluding VAT	2,364,340,559	1,967,468,291
Revenue recognized from opening balance of contract liabilities	(38,584,009)	(30,823,816)
Revenue recognized from contract liabilities arising during current year	(2,301,117,311)	(1,926,948,050)
Contract liabilities as of December 31, 2019	¥ 65,394,281	¥ 40,755,042

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Selling and Marketing Expenses, Employee Benefits (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Advertising expenses	¥ 86,763,367	¥ 79,533,394	¥ 76,791,991
Employee social benefits included as expenses	¥ 13,248,094	¥ 20,729,717	¥ 15,544,106

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration and risk (Details)	12 Months Ended
	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2020 USD ($)
Concentration and risk
Accounts receivable	¥ 101,320,063	¥ 115,228,700		$ 15,527,979
Advances from customers	40,062,189	7,478,309		6,139,799
Accounts payable	395,826,435	258,988,264		$ 60,663,055
Total purchases \| Suppliers risk \| Supplier F
Concentration and risk
Total purchases		¥ 225,527,597	¥ 193,555,999
Concentration risk (as a percent)		15.00%	15.00%
Total purchases \| Suppliers risk \| Supplier A
Concentration and risk
Total purchases		¥ 173,723,118	¥ 150,385,652
Concentration risk (as a percent)		11.00%	12.00%
Accounts receivable \| Customer risk \| Customer Y
Concentration and risk
Accounts receivable	¥ 30,309,591
Concentration risk (as a percent)	30.00%
Accounts receivable \| Customer risk \| Customer Z
Concentration and risk
Accounts receivable		¥ 46,263,295
Concentration risk (as a percent)		40.00%
Advances from customers \| Customer risk \| Customer U
Concentration and risk
Advances from customers		¥ 1,090,262
Concentration risk (as a percent)		15.00%
Advances from customers \| Customer risk \| Customer W
Concentration and risk
Advances from customers		¥ 767,993
Concentration risk (as a percent)		10.00%
Advances from customers \| Customer risk \| Customer R
Concentration and risk
Advances from customers	¥ 20,876,460
Concentration risk (as a percent)	52.00%
Accounts payable \| Suppliers risk \| Supplier F
Concentration and risk
Accounts payable		¥ 26,134,706
Concentration risk (as a percent)		10.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2020 segment
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of operating segment	1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Statutory Reserves (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Percentage of after tax profit, transferred annually by PRC subsidiaries to statutory surplus fund	10.00%
Maximum percentage criteria for appropriation of after-tax profit of PRC subsidiaries to statutory surplus fund (as a percent)	50.00%
Appropriations to statutory reserves	¥ 22,208,130	¥ 3,316,650	¥ 0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - Proforma - ASU 2016-02 - Adjustment ¥ in Millions	Jan. 01, 2021 CNY (¥)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use assets	¥ 81.3
Lease liabilities	¥ 31.3

SHORT-TERM INVESTMENTS (Details)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)
SHORT-TERM INVESTMENTS
Aggregate cost basis	¥ 744,000,000		¥ 308,150,000
Gross unrealized holding gain	1,608,877		2,289,321
Aggregate fair value	745,608,877	$ 114,269,560	310,439,321
Gross unrealized holding losses	¥ 0		¥ 0

ACCOUNTS RECEIVABLES, NET (Details)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2017 CNY (¥)
ACCOUNTS RECEIVABLES, NET
Accounts receivable	¥ 104,627,444		¥ 118,517,235
Allowance for doubtful accounts	(3,307,381)		(3,288,535)	¥ (228,146)	¥ (1,956,245)
Accounts receivable, net	¥ 101,320,063	$ 15,527,979	¥ 115,228,700

ACCOUNTS RECEIVABLES, NET - Movement of the allowance for doubtful accounts (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Summary of movement of the allowance for doubtful accounts
Balance at the beginning of the year	¥ 3,288,535	¥ 228,146	¥ 1,956,245
Additions (reversals) charged to bad debt expense	505,912	3,060,389	(1,215,464)
Write-off of bad debt allowance	(487,066)		(512,635)
Balance at the end of the year	¥ 3,307,381	¥ 3,288,535	¥ 228,146

INVENTORIES (Details)	12 Months Ended
INVENTORIES (Details)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)
INVENTORIES
Raw materials		¥ 109,383,340		¥ 151,975,367
Works in progress		57,688		1,481,938
Finished goods		32,725,151		25,175,994
Inventories		142,166,179	$ 21,787,920	178,633,299
Loss on inventories damaged from a warehouse fire accident	¥ 18,254,406
Write-downs made	¥ 0	¥ 5,809,583		¥ 10,491,137

PREPAYMENTS AND OTHER CURRENT ASSETS (Details)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)
PREPAYMENTS AND OTHER CURRENT ASSETS
Advances to suppliers	¥ 14,434,384		¥ 11,124,716
Deductible input VAT and VAT rebates receivable	9,756,854		8,678,443
Staff advances	568,553		514,328
Interest receivable	2,325,318		5,369,826
Other	5,746,979		5,294,818
Prepayments and other current assets	¥ 32,832,088	$ 5,031,738	¥ 30,982,131

PROPERTY, PLANT AND EQUIPMENT, NET (Details)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)
Property, plant and equipment
Property, plant and equipment	¥ 306,096,063		¥ 210,618,873
Less: Accumulated depreciation	(107,051,002)		(59,727,529)
Property, plant and equipment, net	199,045,061	$ 30,504,990	150,891,344
Machinery and equipment
Property, plant and equipment
Property, plant and equipment	74,774,435		47,307,840
Furniture
Property, plant and equipment
Property, plant and equipment	114,908,548		76,258,884
Office and electronic equipment
Property, plant and equipment
Property, plant and equipment	39,607,366		16,909,504
Leasehold improvements
Property, plant and equipment
Property, plant and equipment	7,556,301		4,081,766
Motor vehicles
Property, plant and equipment
Property, plant and equipment	1,548,368		1,173,634
Building and building improvements
Property, plant and equipment
Property, plant and equipment	¥ 67,701,045		¥ 64,887,245

PROPERTY, PLANT AND EQUIPMENT, NET - Depreciation expense (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Depreciation expense on property, plant and equipment
Total depreciation expense	¥ 47,540,220	¥ 29,501,123	¥ 16,808,987
Cost of revenues
Depreciation expense on property, plant and equipment
Total depreciation expense	11,942,414	6,109,583	4,638,662
General and administrative expenses
Depreciation expense on property, plant and equipment
Total depreciation expense	5,237,258	3,403,502	2,261,620
Selling and marketing expenses
Depreciation expense on property, plant and equipment
Total depreciation expense	27,665,201	19,025,624	9,438,501
Research and development expenses
Depreciation expense on property, plant and equipment
Total depreciation expense	¥ 2,695,347	¥ 962,414	¥ 470,204

INTANGIBLE ASSETS, NET (Details)	12 Months Ended
INTANGIBLE ASSETS, NET (Details)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2020 USD ($)
INTANGIBLE ASSETS, NET
Gross carrying amount	¥ 14,177,495	¥ 14,676,141
Accumulated amortization	(8,570,394)	(6,896,392)
Net carrying amount	5,607,101	7,779,749	$ 859,326
Estimated amortization expense for the year ending 2021	1,985,999
Estimated amortization expense for the year ending 2022	1,985,999
Estimated amortization expense for the year ending 2023	550,803
Estimated amortization expense for the year ending 2024	263,764
Estimated amortization expense for the year ending 2025	263,764
Trademarks
INTANGIBLE ASSETS, NET
Gross carrying amount	8,434,457	8,911,271
Accumulated amortization	(4,644,020)	(3,193,738)
Net carrying amount	¥ 3,790,437	¥ 5,717,533
Trademarks \| Maximum
INTANGIBLE ASSETS, NET
Intangible assets, amortization period	10 years	10 years
Trademarks \| Minimum
INTANGIBLE ASSETS, NET
Intangible assets, amortization period	5 years	5 years
Domain name
INTANGIBLE ASSETS, NET
Gross carrying amount	¥ 3,799,642	¥ 3,821,474
Accumulated amortization	(3,547,129)	(3,517,748)
Net carrying amount	¥ 252,513	¥ 303,726
Domain name \| Maximum
INTANGIBLE ASSETS, NET
Intangible assets, amortization period	10 years	10 years
Domain name \| Minimum
INTANGIBLE ASSETS, NET
Intangible assets, amortization period	5 years	5 years
License
INTANGIBLE ASSETS, NET
Intangible assets, amortization period	10 years	10 years
Gross carrying amount	¥ 1,943,396	¥ 1,943,396
Accumulated amortization	(379,245)	(184,906)
Net carrying amount	¥ 1,564,151	¥ 1,758,490

INTANGIBLE ASSETS, NET - Amortization expense on intangible assets (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Depreciation expense on property, plant and equipment
Total amortization expense	¥ 1,978,267	¥ 2,521,709	¥ 2,072,389
Cost of revenues
Depreciation expense on property, plant and equipment
Total amortization expense	194,340	184,906
General and administrative expenses
Depreciation expense on property, plant and equipment
Total amortization expense	¥ 1,783,927	¥ 2,336,803	¥ 2,072,389

LAND USE RIGHT, NET (Details)	12 Months Ended
LAND USE RIGHT, NET (Details)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2020 USD ($)
Land use right, net
Gross carrying amount	¥ 306,096,063	¥ 210,618,873
Less: Accumulated amortization	(107,051,002)	(59,727,529)
Property, plant and equipment, net	199,045,061	150,891,344		$ 30,504,990
Amortization expense	1,978,267	2,521,709	¥ 2,072,389
Cost of revenues
Land use right, net
Amortization expense	194,340	184,906
General and administrative expenses
Land use right, net
Amortization expense	1,783,927	2,336,803	¥ 2,072,389
Land use right, net
Land use right, net
Gross carrying amount	49,961,221	34,761,487
Less: Accumulated amortization	(1,126,101)	(405,551)
Property, plant and equipment, net	48,835,120	34,355,936
Amortization expense	720,550	405,551
Land use right, net \| Cost of revenues
Land use right, net
Amortization expense	317,562
Land use right, net \| General and administrative expenses
Land use right, net
Amortization expense	¥ 402,988	¥ 405,551

OTHER NON-CURRENT ASSETS (Details)

Dec. 31, 2020

CNY (¥)

Dec. 31, 2020

USD ($)

Dec. 31, 2019

CNY (¥)

OTHER NON-CURRENT ASSETS

Prepayments for land use right

¥ 26,550,000

Other

^[1]

4,280,304

¥ 6,522,561

Other non-current assets

¥ 30,830,304

$ 4,724,951

¥ 6,522,561

[1]	Other mainly include deposits and prepayments for equipment.

SHORT-TERM BANK BORROWINGS AND RESTRICTED CASH (Details)						1 Months Ended							12 Months Ended
	Jul. 20, 2020 CNY (¥)	Dec. 12, 2019 CNY (¥)	Jun. 12, 2019 CNY (¥)	Jan. 23, 2019 CNY (¥)	Feb. 08, 2018 CNY (¥)	Nov. 30, 2019 CNY (¥)	Oct. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)	Nov. 30, 2017 CNY (¥)	Aug. 31, 2017 CNY (¥)	Mar. 31, 2016 CNY (¥) agreement	Dec. 31, 2015 CNY (¥) agreement	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)	Dec. 31, 2020 USD ($)	Jun. 30, 2020 CNY (¥)	Apr. 15, 2020	Nov. 30, 2017 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
SHORT-TERM BANK BORROWINGS AND RESTRICTED CASH
Short-term bank borrowings													¥ 180,000,000		¥ 217,394,132
Restricted cash													168,469,077		221,656,071		$ 25,819,016
Drawdowns repaid													217,394,132	$ 33,317,108	228,864,111	¥ 188,234,207
East West Bank loan
SHORT-TERM BANK BORROWINGS AND RESTRICTED CASH
Short-term bank borrowings													0		48,910,799
Number of line of credit agreements \| agreement											2	2
Debt term											1 year	1 year
Face amount						¥ 37,796,907
Maximum credit facility amount											¥ 100,000,000	¥ 100,000,000
Interest rate (in percent)						4.20%					2.80%	2.80%							4.75%		2.80%	2.80%
Collateral deposits											¥ 103,674,877	¥ 103,674,877									$ 16,000,000	$ 16,000,000
Restricted cash													0		56,525,358
Drawdowns repaid						¥ 52,933,631	¥ 35,930,480
Bank of China loan
SHORT-TERM BANK BORROWINGS AND RESTRICTED CASH
Short-term bank borrowings													20,000,000		20,000,000
Debt term	1 year	1 year			1 year			1 year		6 months
Face amount	¥ 20,000,000	¥ 20,000,000			¥ 20,000,000			¥ 20,000,000		¥ 10,000,000						¥ 20,000,000
Interest rate (in percent)	3.85%	4.5675%			4.5675%			4.5675%		4.5675%						4.5675%
SPD Silicon Valley Bank loan
SHORT-TERM BANK BORROWINGS AND RESTRICTED CASH
Short-term bank borrowings													160,000,000		120,000,000
Debt term			12 months						1 year
Maximum credit facility amount			¥ 120,000,000						¥ 60,000,000
Collateral deposits			132,000,000						¥ 66,288,600									¥ 176,000,000		$ 10,000,000
Restricted cash													¥ 168,469,077		135,130,713
SPD Silicon Valley Bank loan \| Jiangsu Xiaoniu
SHORT-TERM BANK BORROWINGS AND RESTRICTED CASH
Face amount			60,000,000															80,000,000
Maximum credit facility amount																		160,000,000
Collateral deposits																		176,000,000
SPD Silicon Valley Bank loan \| Changzhou Niudian
SHORT-TERM BANK BORROWINGS AND RESTRICTED CASH
Face amount			¥ 60,000,000															¥ 80,000,000
Bank of Ningbo loan
SHORT-TERM BANK BORROWINGS AND RESTRICTED CASH
Short-term bank borrowings															28,483,333
Bank of Ningbo loan \| Beijing Niudian [Member]
SHORT-TERM BANK BORROWINGS AND RESTRICTED CASH
Short-term bank borrowings				¥ 28,483,333
Debt term				1 year
Face amount															28,483,333
Interest rate (in percent)				5.32%
Restricted cash															¥ 30,000,000
Restricted Cash Borrowings Guaranteed				¥ 30,000,000

CONVERTIBLE LOAN (Details)	Mar. 26, 2018 CNY (¥) shares	Dec. 16, 2016 CNY (¥)	Mar. 26, 2018 $ / shares	Dec. 16, 2016 USD ($)
Series A-3 Redeemable Convertible Preferred Shares
CONVERTIBLE LOAN
Number of shares issued on debt conversion \| shares	10,119,329
Conversion price per share \| $ / shares			$ 1.66
Convertible Loan
CONVERTIBLE LOAN
Convertible loan	¥ 181,112,874	¥ 115,808,672		$ 16,827,000
Debt term		1 year
Interest rate (in percent)		5.00%		5.00%
Percentage of entity valuation		80.00%		80.00%
Entity valuation \| $				$ 260,400,000

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued payroll and social insurance	¥ 27,837,103		¥ 30,780,693
Warranty-current	40,252,099		41,809,564
Employee options payable	24,051,579		3,596,236
Sales rebate	15,799,815		40,344,717
Construction payable	5,410,352		18,765,855
Refundable payment-current	33,031,044		16,293,035
Other taxes payable	15,717,177		10,273,637
Interest payable	453,562		2,010,366
Other	9,104,873		11,659,294
Accrued expenses and other current liabilities	¥ 171,657,604	$ 26,307,679	¥ 175,533,397

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Warranty terms (Details)	12 Months Ended
	Dec. 31, 2020 km
Electric motor
Warranty terms
Warranty term	24 months
Kilometer covered under warranty	30,000
Lithium-ion battery packs, model 1
Warranty terms
Warranty term	24 months
Kilometer covered under warranty	20,000
Lithium-ion battery packs, model 2
Warranty terms
Warranty term	36 months
Kilometer covered under warranty	30,000
Minimum
Warranty terms
Warranty term	6 months
Minimum \| Smart electric-scooters
Warranty terms
Warranty term	6 months
Maximum
Warranty terms
Warranty term	3 years
Maximum \| Smart electric-scooters
Warranty terms
Warranty term	24 months

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Movement of provision (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Movement of provision
Accrued warranty-beginning of year	¥ 59,951,866	¥ 48,872,284	¥ 30,648,678
Accrual for warranties issued during the year	35,197,541	40,271,444	29,346,974
Warranty claims paid	(18,590,107)	(22,132,194)	(7,923,760)
Pre-existing warranty expired	(17,363,404)	(7,059,668)	(3,199,608)
Accrued warranty-end of year	¥ 59,195,896	¥ 59,951,866	¥ 48,872,284

OTHER NON-CURRENT LIABILITIES (Details)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)
OTHER NON-CURRENT LIABILITIES
Warranty-non-current	¥ 18,943,797		¥ 18,142,302
Refundable payment received from franchised stores-non-current	5,045,054
Deposits for construction of building-non-current	903,395		4,216,666
Other non-current liabilities	¥ 24,892,246	$ 3,814,905	¥ 22,358,968

REDEEMABLE CONVERTIBLE PREFERRED SHARES (Details)								12 Months Ended
REDEEMABLE CONVERTIBLE PREFERRED SHARES (Details)	Mar. 26, 2018 CNY (¥) shares	Mar. 26, 2018 USD ($) shares	Jan. 29, 2016 CNY (¥)	Jan. 29, 2016 USD ($) $ / shares shares	May 27, 2015 CNY (¥)	May 27, 2015 USD ($) $ / shares shares	Mar. 05, 2015 USD ($) shares	Dec. 31, 2018 CNY (¥)	Mar. 26, 2018 $ / shares	Dec. 16, 2016 CNY (¥)	Dec. 16, 2016 USD ($)
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Issuance of convertible loan \| $							$ 3,900,000
Interest on convertible loan \| $							$ 0
Proceeds from issuance of Redeemable Convertible Preferred Shares \| ¥								¥ 161,392,196
Convertible Loan
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Outstanding principal converted \| $		$ 16,827,000
Convertible loan carrying amount	¥ 181,112,874									¥ 115,808,672	$ 16,827,000
Series A1 Redeemable Convertible Preferred Shares
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Preferred shares, issued \| shares						16,666,667	3,250,000
Issued price per share \| $ / shares						$ 1.20
Proceeds from issuance of Redeemable Convertible Preferred Shares					¥ 101,208,371	$ 16,100,000
Series A-2 Redeemable Convertible Preferred Shares
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Preferred shares, issued \| shares						3,608,247
Issued price per share \| $ / shares						$ 1.66
Proceeds from issuance of Redeemable Convertible Preferred Shares					¥ 36,720,422	$ 6,000,000
Series A-3 Redeemable Convertible Preferred Shares
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Preferred shares, issued \| shares				5,003,436
Issued price per share \| $ / shares				$ 2.08
Conversion price per share \| $ / shares									$ 1.66
Number of shares issued on debt conversion \| shares	10,119,329	10,119,329
Proceeds from issuance of Redeemable Convertible Preferred Shares			¥ 67,883,227	$ 10,400,000
Series B Preferred Shares
REDEEMABLE CONVERTIBLE PREFERRED SHARES
Preferred shares, issued \| shares	5,137,859
Issued price per share \| $ / shares									$ 4.96
Proceeds from issuance of Redeemable Convertible Preferred Shares	¥ 161,392,196	$ 25,500,000

REDEEMABLE CONVERTIBLE PREFERRED SHARES - Series A Preferred Shares activities (Details)		1 Months Ended	12 Months Ended	36 Months Ended
	Feb. 28, 2018	Mar. 31, 2018	Dec. 31, 2020 USD ($) shares	Dec. 31, 2020 CNY (¥)	Dec. 31, 2017 shares
Conversion Rights
Minimum percentage of shareholders approval needed to waive the foregoing pre-offering valuation and gross proceeds requirements \| $			$ 1,000,000,000
Minimum market capitalization criteria for Qualified IPO \| $			$ 100,000,000
Liquidation Preferences
Balance at beginning				¥ 237,844,515
Issuance of preferred shares				342,505,070
Foreign currency translation adjustment				47,712,689
Conversion to Ordinary Shares				(628,062,274)
Series A Preferred Shares
Conversion Rights
Conversion of Preferred Shares in to ordinary share \| shares			1		1
Minimum percentage of shareholders approval needed to convert Preferred Shares into Ordinary Shares			0.67%
Minimum percentage of holders consent for qualified IPO			0.67%
Liquidation Preferences
Percentage of liquidation preference on preferred share issue price	150.00%	150.00%
Series A1 Redeemable Convertible Preferred Shares
Liquidation Preferences
Balance at beginning				130,684,003
Foreign currency translation adjustment				8,090,000
Conversion to Ordinary Shares				(138,774,003)
Series A-2 Redeemable Convertible Preferred Shares
Liquidation Preferences
Balance at beginning				39,205,192
Foreign currency translation adjustment				2,427,000
Conversion to Ordinary Shares				(41,632,192)
Series A-3 Redeemable Convertible Preferred Shares
Liquidation Preferences
Balance at beginning				67,955,320
Issuance of preferred shares				181,112,874
Foreign currency translation adjustment				21,651,035
Conversion to Ordinary Shares				(270,719,229)
Series B Preferred Shares
Conversion Rights
Conversion of Preferred Shares in to ordinary share \| shares			1
Liquidation Preferences
Percentage of liquidation preference on preferred share issue price		150.00%
Issuance of preferred shares				161,392,196
Foreign currency translation adjustment				15,544,654
Conversion to Ordinary Shares				¥ (176,936,850)

ORDINARY SHARES AND SERIES SEED PREFERRED SHARES (Details)					1 Months Ended			12 Months Ended
	Aug. 18, 2020 shares	Sep. 05, 2019 shares	Mar. 26, 2018 CNY (¥) shares	Mar. 26, 2018 USD ($) shares	Oct. 31, 2018 CNY (¥) shares	Oct. 31, 2018 USD ($) $ / shares shares	Sep. 30, 2018 USD ($) $ / shares shares	Dec. 31, 2018 CNY (¥)	Dec. 31, 2020 $ / shares shares	Dec. 31, 2019 $ / shares shares	Jan. 01, 2018 $ / shares shares
ORDINARY SHARES AND SERIES SEED PREFERRED SHARES
Ordinary shares, authorized							5,000,000,000				444,721,650
Ordinary shares, par value (in dollars per share) \| $ / shares											$ 0.0001
Consideration for repurchase of ordinary shares \| ¥								¥ 4,202,335
Authorized share capital \| $							$ 500,000
Niu Holding Inc.
ORDINARY SHARES AND SERIES SEED PREFERRED SHARES
Number of ordinary shares repurchased			432,000	432,000
Consideration for repurchase of ordinary shares			¥ 4,202,335	$ 665,000
Share re-classified and re-designated as Class B ordinary shares (in shares)							14,027,020
ELLY Holdings
ORDINARY SHARES AND SERIES SEED PREFERRED SHARES
Share re-classified and re-designated as Class B ordinary shares (in shares)							6,615,000
Ordinary shares
ORDINARY SHARES AND SERIES SEED PREFERRED SHARES
Ordinary shares, authorized							50,000,000
Ordinary shares, par value (in dollars per share) \| $ / shares							$ 0.0001
Class A Ordinary Shares
ORDINARY SHARES AND SERIES SEED PREFERRED SHARES
Ordinary shares, authorized							4,900,000,000		4,900,000,000	4,900,000,000
Ordinary shares, par value (in dollars per share) \| $ / shares							$ 0.0001		$ 0.0001	$ 0.0001
Basis of converted preferred shares to each ordinary share							1
Share converted to Class A ordinary shares (in shares)							1
Ordinary shares, outstanding									134,378,432	130,174,878
Class A Ordinary Shares \| IPO
ORDINARY SHARES AND SERIES SEED PREFERRED SHARES
Number of newly issued ordinary shares under IPO					14,000,000	14,000,000
Public offering price (in dollars per share) \| $ / shares						$ 4.5
Net proceeds after deducting underwriting commissions and discounts					¥ 406,538,433	$ 58,590,000
Class B Ordinary Shares
ORDINARY SHARES AND SERIES SEED PREFERRED SHARES
Ordinary shares, authorized							50,000,000		50,000,000	50,000,000
Ordinary shares, par value (in dollars per share) \| $ / shares							$ 0.0001		$ 0.0001	$ 0.0001
Share converted to Class A ordinary shares (in shares)	1,260,000	1,400,000
Basis of re-classified and re-designated to each Class B ordinary share							1
Ordinary shares, outstanding									17,982,020	19,242,020
Series Seed convertible preferred shares
ORDINARY SHARES AND SERIES SEED PREFERRED SHARES
Preferred Shares, par value (in dollars per share) \| $ / shares							$ 0.0001				$ 0.0001
Basis of converted preferred shares to each ordinary share							1
Share converted to Class A ordinary shares (in shares)							30,000,000
Preferred shares, authorized											30,000,000
Series A1 Redeemable Convertible Preferred Shares
ORDINARY SHARES AND SERIES SEED PREFERRED SHARES
Temporary equity value per share \| $ / shares							$ 0.0001
Share converted to Class A ordinary shares (in shares)							16,666,667
Series A-2 Redeemable Convertible Preferred Shares
ORDINARY SHARES AND SERIES SEED PREFERRED SHARES
Temporary equity value per share \| $ / shares							$ 0.0001
Share converted to Class A ordinary shares (in shares)							3,608,247
Series A-3 Redeemable Convertible Preferred Shares
ORDINARY SHARES AND SERIES SEED PREFERRED SHARES
Temporary equity value per share \| $ / shares							$ 0.0001
Share converted to Class A ordinary shares (in shares)							15,122,765
Series B Preferred Shares
ORDINARY SHARES AND SERIES SEED PREFERRED SHARES
Preferred shares, outstanding							5,137,859
Preferred Shares, par value (in dollars per share) \| $ / shares							$ 0.0001
Basis of converted preferred shares to each ordinary share									1
Share converted to Class A ordinary shares (in shares)							5,137,859

SHARE-BASED COMPENSATION - Restricted ordinary shares (Details)					1 Months Ended		12 Months Ended
	Oct. 19, 2018 CNY (¥)	Jun. 08, 2018 CNY (¥) shares	May 27, 2016	Jan. 07, 2016 CNY (¥) shares	Feb. 29, 2016 CNY (¥)	May 31, 2015 $ / shares shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2020 $ / shares	Dec. 31, 2019 CNY (¥) shares	Dec. 31, 2018 CNY (¥)
Research and development expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses \| ¥	¥ 8,935,076
General and administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses \| ¥	¥ 10,535,229	¥ 33,537,572
Restricted ordinary shares
SHARE-BASED COMPENSATION
Vesting period						4 years
Period to repurchase restricted ordinary shares						60 days
Estimated fair value of ordinary shares \| $ / shares						$ 0.53
Share-based compensation expenses, upon waiver of service condition \| ¥					¥ 7,574,133
Modification of restricted ordinary shares				3,307,500
Unrecognized compensation cost \| ¥				¥ 9,803,035
Share-based compensation expenses \| ¥										¥ 226,242,279
Total fair value of shares vested \| ¥										264,075,922
Number of Shares
Granted (in shares)						59,459,020
Restricted ordinary shares \| Research and development expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses \| ¥										18,371,203
Restricted ordinary shares \| General and administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses \| ¥		¥ 173,156,580								207,871,076
Restricted ordinary shares \| Mr. Yi'nan Li
SHARE-BASED COMPENSATION
Restricted ordinary shares not to repurchased (in shares)		9,798,125
Restricted ordinary shares \| Mr. Mingming Huang
SHARE-BASED COMPENSATION
Restricted ordinary shares not to repurchased (in shares)		451,000
Restricted ordinary shares \| ELLY Holdings
SHARE-BASED COMPENSATION
Vesting period				4 years
Shares Issued / Transferred				3,307,500
Ordinary shares, outstanding				6,615,000
Restricted ordinary shares \| Smart Power Group Limited
SHARE-BASED COMPENSATION
Vesting period				3 years
Shares Issued / Transferred				1,804,000
Restricted ordinary shares \| Smart Power Group Limited \| Tranche One
SHARE-BASED COMPENSATION
Vesting percentage			25.00%
Restricted ordinary shares \| Smart Power Group Limited \| Tranche Two
SHARE-BASED COMPENSATION
Vesting percentage							75.00%
Unvested restricted share units
SHARE-BASED COMPENSATION
Share-based compensation expenses \| ¥							¥ 21,914,217		¥ 7,602,522	375,123
Number of Shares
Unvested balance as of the beginning							1,744,600
Granted (in shares)							2,187,700
Vested (in shares)							(473,650)
Forfeited (in shares)							(750)
Unvested balance as of the end							3,457,900		1,744,600
Weighted average grant date fair value of restricted shares units
Unvested balance as of the beginning (in dollars per share) \| $ / shares								$ 3.64
Granted (in dollars per share) \| $ / shares								3.81
Vested (in dollars per share) \| $ / shares								3.70
Forfeited (in dollars per share) \| $ / shares								3.89
Unvested balance as of the end (in dollars per share) \| $ / shares								$ 3.74
Unvested restricted share units \| Research and development expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses \| ¥							¥ 6,021,889		¥ 1,146,846
Unvested restricted share units \| General and administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses \| ¥							¥ 8,487,530		¥ 4,233,758	¥ 375,123

SHARE-BASED COMPENSATION - Compensation expense recognized for restricted ordinary shares (Details) - CNY (¥)			12 Months Ended
	Oct. 19, 2018	Jun. 08, 2018	Dec. 31, 2018
Research and development expenses
SHARE-BASED COMPENSATION
Total share-based compensation expenses	¥ 8,935,076
General and administrative expenses
SHARE-BASED COMPENSATION
Total share-based compensation expenses	¥ 10,535,229	¥ 33,537,572
Restricted ordinary shares
SHARE-BASED COMPENSATION
Total share-based compensation expenses			¥ 226,242,279
Restricted ordinary shares \| Research and development expenses
SHARE-BASED COMPENSATION
Total share-based compensation expenses			18,371,203
Restricted ordinary shares \| General and administrative expenses
SHARE-BASED COMPENSATION
Total share-based compensation expenses		¥ 173,156,580	¥ 207,871,076

SHARE-BASED COMPENSATION - Transfer of ordinary shares (Details) - CNY (¥)	Oct. 19, 2018	Jun. 08, 2018
SHARE-BASED COMPENSATION
Number of ordinary shares consideration transferred		2,000,000
Consideration paid for transfer of ordinary shares		¥ 0
General and administrative expenses
SHARE-BASED COMPENSATION
Share-based compensation expenses	¥ 10,535,229	¥ 33,537,572

SHARE-BASED COMPENSATION - Share options and restricted share units (Details)			1 Months Ended		12 Months Ended
	Oct. 19, 2018 CNY (¥)	Jun. 08, 2018 CNY (¥)	Sep. 30, 2018 installment shares	Mar. 31, 2018 shares	Dec. 31, 2020 CNY (¥) installment shares	Dec. 31, 2020 CNY (¥) $ / shares shares	Dec. 31, 2019 CNY (¥) shares	Dec. 31, 2019 $ / shares	Dec. 31, 2018 CNY (¥)	Dec. 31, 2018 $ / shares	Dec. 31, 2020 USD ($) $ / shares shares
Valuation of options granted
Fair value of underlying ordinary share \| $ / shares								3.425
Weighted average grant date fair value \| $ / shares								$ 1.62		$ 2.11
Research and development expenses
Valuation of options granted
Total share-based compensation expenses \| ¥	¥ 8,935,076
General and administrative expenses
Valuation of options granted
Total share-based compensation expenses \| ¥	¥ 10,535,229	¥ 33,537,572
Unvested restricted share units
Number of Shares
Unvested balance as of the beginning \| shares					1,744,600
Granted (in shares) \| shares					2,187,700
Forfeited (in shares) \| shares					(750)
Unvested balance as of the end \| shares					3,457,900		1,744,600
Weighted average grant date fair value of restricted shares units
Unvested balance as of the beginning (in dollars per share) \| $ / shares						$ 3.64
Granted (in dollars per share) \| $ / shares						3.81
Forfeited (in dollars per share) \| $ / shares						3.89
Unvested balance as of the end (in dollars per share) \| $ / shares						$ 3.74		3.64
Valuation of options granted
Total share-based compensation expenses \| ¥					¥ 21,914,217		¥ 7,602,522		¥ 375,123
Unrecognized compensation expense \| ¥					¥ 69,051,032	$ 69,051,032
Expenses expected to be recognized over a weighted average period					2 years 10 months 6 days
Unvested restricted share units \| Cost of revenues
Valuation of options granted
Total share-based compensation expenses \| ¥					¥ 472,182		36,332
Unvested restricted share units \| Selling and marketing expenses
Valuation of options granted
Total share-based compensation expenses \| ¥					6,932,616		2,185,586
Unvested restricted share units \| Research and development expenses
Valuation of options granted
Total share-based compensation expenses \| ¥					6,021,889		1,146,846
Unvested restricted share units \| General and administrative expenses
Valuation of options granted
Total share-based compensation expenses \| ¥					¥ 8,487,530		¥ 4,233,758		¥ 375,123
2016 Global Incentive Plan
SHARE-BASED COMPENSATION
Maximum aggregate shares that may be issued \| shares				5,861,480
Expiration period				10 years
2016 Global Incentive Plan \| Restricted share units granted to five independent directors
SHARE-BASED COMPENSATION
Number of share options granted (in shares) \| shares					100,000
2016 Global Incentive Plan \| Restricted share units, two
SHARE-BASED COMPENSATION
Number of share options granted (in shares) \| shares					427,250
2016 Global Incentive Plan \| Stock options with exercise price of US$0.20 per share
SHARE-BASED COMPENSATION
Share options granted (in dollars per share) \| $ / shares						$ 0.20
Number of share options granted (in shares) \| shares					4,460,894
2016 Global Incentive Plan \| Stock options with exercise price of nil per share
SHARE-BASED COMPENSATION
Share options granted (in dollars per share) \| $ / shares						$ 0
Number of share options granted (in shares) \| shares					705,196
Amended 2016 Plan
Number of Shares
Unvested balance as of the beginning \| shares					8,682,356
Exercised (in shares) \| shares					(2,610,926)
Forfeited (in shares) \| shares					(79,106)
Unvested balance as of the end \| shares					5,992,324		8,682,356
Exercisable at end of period (in shares) \| shares					2,032,930	2,032,930					2,032,930
Weighted average grant date fair value of restricted shares units
Unvested balance as of the beginning (in dollars per share) \| $ / shares						$ 1.74
Exercised (in dollars per share) \| $ / shares						1.34
Forfeited (in dollars per share) \| $ / shares						0.20
Unvested balance as of the end (in dollars per share) \| $ / shares						$ 1.93		1.74
Options exercisable at end of period (in dollars per share) \| $ / shares											$ 0.35
Weighted Average Contractual Term
Outstanding at end of period					7 years 3 months 25 days
Options exercisable at end of period					5 years 6 months 29 days
Aggregate Intrinsic Value
Outstanding at end of period \| $											$ 72,489,587
Options exercisable at end of period \| $											$ 27,790,820
Valuation of options granted
Risk-free rate of return, Minimum							1.90%		2.78%
Risk-free rate of return, Maximum									3.13%
Volatility, Minimum							47.90%		49.90%
Volatility, Maximum							47.90%		50.90%
Expected dividend yield							0.00%		0.00%
Exercise multiple \| $ / shares										2.2
Fair value of underlying ordinary share, Minimum \| $ / shares										2.05
Fair value of underlying ordinary share, Maximum \| $ / shares										$ 4.10
Expected term							10 years		10 years
Total share-based compensation expenses \| ¥					¥ 17,694,698		¥ 12,020,257		¥ 5,719,953
Unrecognized compensation expense \| ¥					¥ 35,165,131	$ 35,165,131
Expenses expected to be recognized over a weighted average period					2 years 4 months 28 days
Amended 2016 Plan \| Minimum
Valuation of options granted
Exercise multiple \| $ / shares								2.2
Amended 2016 Plan \| Maximum
Valuation of options granted
Exercise multiple \| $ / shares								$ 2.8
Amended 2016 Plan \| Cost of revenues
Valuation of options granted
Total share-based compensation expenses \| ¥					¥ 171,501		255,679		246,947
Amended 2016 Plan \| Selling and marketing expenses
Valuation of options granted
Total share-based compensation expenses \| ¥					3,012,857		2,471,725		2,124,728
Amended 2016 Plan \| Research and development expenses
Valuation of options granted
Total share-based compensation expenses \| ¥					4,895,748		3,060,263		955,538
Amended 2016 Plan \| General and administrative expenses
Valuation of options granted
Total share-based compensation expenses \| ¥					¥ 9,614,592		6,232,590		2,392,740
2018 Plan
SHARE-BASED COMPENSATION
Maximum aggregate shares that may be issued \| shares			6,733,703
Maximum percentage of total ordinary shares issued and outstanding that may be issued			1.50%
Maximum aggregate shares that may be issued, annual increase \| shares			2,230,111
Share options granted (in dollars per share) \| $ / shares						$ 3.425
Number of share options granted (in shares) \| shares					4,180,000
Number of equal installments in which the awards can be granted \| installment			4		4
Valuation of options granted
Total share-based compensation expenses \| ¥					¥ 39,608,915		19,622,779		265,874,927
2018 Plan \| Cost of revenues
Valuation of options granted
Total share-based compensation expenses \| ¥					643,683		292,011		246,947
2018 Plan \| Selling and marketing expenses
Valuation of options granted
Total share-based compensation expenses \| ¥					9,945,473		4,657,311		2,124,728
2018 Plan \| Research and development expenses
Valuation of options granted
Total share-based compensation expenses \| ¥					10,917,637		4,207,109		52,864,313
2018 Plan \| General and administrative expenses
Valuation of options granted
Total share-based compensation expenses \| ¥					¥ 18,102,122		¥ 10,466,348		¥ 210,638,939
2018 Plan \| Unvested restricted share units
SHARE-BASED COMPENSATION
Number of equal installments in which the awards can be granted \| installment					4
Number of Shares
Granted (in shares) \| shares					3,454,300
Tranche One \| 2016 Global Incentive Plan \| Stock options with exercise price of US$0.20 per share
SHARE-BASED COMPENSATION
Vesting percentage					40.00%
Tranche Two \| 2016 Global Incentive Plan \| Restricted share units granted to five independent directors
SHARE-BASED COMPENSATION
Number of equal installments in which the awards can be granted \| installment					2
Tranche Two \| 2016 Global Incentive Plan \| Restricted share units, two
SHARE-BASED COMPENSATION
Number of equal installments in which the awards can be granted \| installment					4
Tranche Two \| 2016 Global Incentive Plan \| Stock options with exercise price of US$0.20 per share
SHARE-BASED COMPENSATION
Number of equal installments in which the awards can be granted \| installment					3
Tranche Two \| 2016 Global Incentive Plan \| Stock options with exercise price of nil per share
SHARE-BASED COMPENSATION
Number of equal installments in which the awards can be granted \| installment					4

FAIR VALUE MEASUREMENT - Fair value hierarchy for assets and liabilities (Details) - CNY (¥)	Dec. 31, 2020	Dec. 31, 2019
Fair value hierarchy for assets and liabilities measured at fair value on recurring basis
Short-term investments (Note 3)	¥ 745,608,877	¥ 310,439,321
Level 2
Fair value hierarchy for assets and liabilities measured at fair value on recurring basis
Short-term investments (Note 3)	¥ 745,608,877	¥ 310,439,321

FAIR VALUE MEASUREMENT - Level 3 Reconciliation (Details) - CNY (¥)	12 Months Ended	36 Months Ended
	Dec. 31, 2018	Dec. 31, 2020
Level 3 Reconciliation
Conversion to Series A-3 Preferred Shares		¥ (628,062,274)
Convertible Loan
Level 3 Reconciliation
Convertible loan - beginning of year	¥ 151,557,796	¥ 151,557,796
Change in fair value	34,499,858
Conversion to Series A-3 Preferred Shares	(181,112,874)
Foreign currency translation adjustment	¥ (4,944,780)

INCOME TAX (Details) - HKD ($) $ in Millions	12 Months Ended
INCOME TAX (Details) - HKD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2018
Indonesia
INCOME TAX
Statutory income tax (as a percent)	25.00%
Hong Kong SAR
INCOME TAX
Statutory income tax (as a percent)	16.50%
Withholding taxes on remittance of dividends	$ 0
Threshold profit taxed at half of the current tax rate under two-tiered profits tax rates regime		$ 2
Tax rate at half of the current tax rate under two-tiered profits tax rates regime		8.25%
PRC
INCOME TAX
Statutory income tax (as a percent)	25.00%

INCOME TAX - Components of (loss)/income before income taxes and withholding tax on undistributed dividends (Details)	12 Months Ended
	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
INCOME TAX
(Loss)/income before income taxes	¥ 189,738,722	$ 29,078,732	¥ 198,299,112	¥ (349,027,476)
Current income tax expense	39,236,745		7,460,535
Deferred income tax expense (benefit)	(18,150,489)	(2,781,685)	753,806
Total	¥ 21,086,256	$ 3,231,610	8,214,341	0
Withholding income tax rate	5.00%	5.00%
Percentage of ownership interests held by foreign investors (as a percent)	25.00%	25.00%
Cayman
INCOME TAX
(Loss)/income before income taxes	¥ (1,356,797)		6,633,761	(34,397,077)
Indonesia
INCOME TAX
(Loss)/income before income taxes	(1,124,698)		(11,705)
Hong Kong SAR
INCOME TAX
(Loss)/income before income taxes	(7,773,553)		(3,820,485)	(4,507,360)
PRC, excluding Hong Kong SAR
INCOME TAX
(Loss)/income before income taxes	¥ 199,993,770		¥ 195,497,541	¥ (310,123,039)

INCOME TAX - Reconciliation of differences between PRC statutory income tax rate and effective income tax rate (Details)	12 Months Ended
	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Reconciliation of differences between PRC statutory income tax rate and effective income tax rate
Computed expected income tax expense	¥ 47,434,681		¥ 49,574,778	¥ (87,256,869)
Non-PRC entities not subject to income tax	2,563,762		(700,393)	9,726,109
Research and development expenses bonus deduction	(18,508,967)		(10,181,598)	(7,528,081)
Non-deductible share-based compensation expenses	9,453,660		4,532,885	66,374,951
Other non-deductible expenses	446,051		32,602	176,111
Change in valuation allowance	(20,302,931)		(35,043,933)	18,507,779
Total	¥ 21,086,256	$ 3,231,610	¥ 8,214,341	¥ 0

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

INCOME TAX - Deferred income tax assets and deferred income tax liabilities (Details) - CNY (¥)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred income tax assets
Net operating loss carry forwards	¥ 38,311,539	¥ 39,342,952
Accrued warranty	14,798,974	14,987,967
Accrued payroll and social insurance	2,690,649	3,873,748
Deferred revenue	6,333,023	6,363,254
Advertising expense		937,639
Allowance for doubtful accounts	826,845	822,134
Write-downs for inventories	3,665,728	2,622,784
Less: Valuation allowance	(41,219,052)	(62,864,281)	¥ (98,212,408)	¥ (79,704,629)
Total deferred income tax assets, net	25,407,706	6,086,197
Deferred income tax liabilities
Short-term investments	341,864	511,975
Property, plant and equipment	11,581,945	6,840,002
Total deferred income tax liabilities	11,923,809	7,351,977
Net deferred income tax assets	14,593,376
Net deferred income tax liabilities	¥ 1,109,479	¥ 1,265,780

INCOME TAX - Operating loss carry forwards (Details)	Dec. 31, 2020 CNY (¥)
INCOME TAX
Operating loss carry forwards, Total	¥ 153,246,154
Operating loss carry forwards, 2021	39,438,941
Operating loss carry forwards, 2022	34,897,140
Operating loss carry forwards, 2023	40,001,196
Operating loss carry forwards, 2024	8,922,241
Operating loss carry forwards, 2025	¥ 29,986,636

INCOME TAX - Changes in valuation allowance (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
INCOME TAX
Balance at the beginning of the year	¥ 62,864,281	¥ 98,212,408	¥ 79,704,629
Additions (reversals)	(20,302,931)	(35,043,933)	18,507,779
Decrease relating to expiration of loss carry forwards	(1,342,298)	(304,194)
Balance at the end of the year	¥ 41,219,052	¥ 62,864,281	¥ 98,212,408

INCOME TAX - PRC Tax Administration and Collection Law (Details)	12 Months Ended
	Dec. 31, 2020 CNY (¥)
INCOME TAX
Period of statute of limitations, if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent	3 years
Period of statute of limitations, if the underpayment is more than RMB 100,000	5 years
Minimum amount of underpayment of taxes for statute of limitations to be extended to five years	¥ 100,000
Period of statute of limitations for transfer pricing issues	10 years

NET INCOME (LOSS) PER ORDINARY SHARE - Basic and diluted net income (loss) per share computation (Details)	12 Months Ended
	Dec. 31, 2020 CNY (¥) ¥ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 CNY (¥) ¥ / shares shares	Dec. 31, 2018 CNY (¥) ¥ / shares shares
Numerator:
Net income (loss) attributable to ordinary shareholders	¥ 168,652,466	$ 25,847,122	¥ 190,084,771	¥ (349,027,476)
Denominator:
Weighted average number of ordinary shares outstanding	150,775,447	150,775,447	148,896,691	65,834,876
Weighted average number of ordinary shares equivalents outstanding	121,965	121,965	128,475
Denominator for basic net income (loss) per ordinary share	150,897,412	150,897,412	149,025,166	65,834,876
Dilutive effect of outstanding share options	4,900,551	4,900,551	3,978,477
Dilutive effect of unvested restricted share units	2,037,905	2,037,905	244,545
Denominator for diluted net income (loss) per ordinary share	157,835,868	157,835,868	153,248,188	65,834,876
Net income (loss) per ordinary share
Basic \| (per share)	¥ 1.12	$ 0.17	¥ 1.28	¥ (5.30)
Diluted \| (per share)	¥ 1.07	$ 0.16	¥ 1.24	¥ (5.30)

NET INCOME (LOSS) PER ORDINARY SHARE - Antidilutive securities (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share options
Antidilutive securities
Antidilutive securities		4,180,000	5,314,246
Unvested restricted share units
Antidilutive securities
Antidilutive securities	66,800		100,000

REVENUE INFORMATION - Disaggregation of revenue (Details)	12 Months Ended
	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
REVENUE INFORMATION
Revenues	¥ 2,444,328,764	$ 374,609,772	¥ 2,076,289,101	¥ 1,477,781,304
Electronic scooter sales
REVENUE INFORMATION
Revenues	2,143,292,397		1,787,274,271	1,370,522,269
Accessory and spare parts sales
REVENUE INFORMATION
Revenues	258,928,790		253,799,782	91,373,179
Service revenues
REVENUE INFORMATION
Revenues	¥ 42,107,577		¥ 35,215,048	¥ 15,885,856

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Subparagraph (a)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
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-Section S99
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

REVENUE INFORMATION - Revenues based on geographic areas (Details)	12 Months Ended
	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2018 CNY (¥)
Disaggregation of Revenue [Line Items]
Revenues	¥ 2,444,328,764	$ 374,609,772	¥ 2,076,289,101	¥ 1,477,781,304
PRC
Disaggregation of Revenue [Line Items]
Revenues	2,039,210,587		1,643,221,531	1,318,657,227
Europe
Disaggregation of Revenue [Line Items]
Revenues	305,244,466		274,445,360	148,963,330
Others
Disaggregation of Revenue [Line Items]
Revenues	¥ 99,873,711		¥ 158,622,210	¥ 10,160,747