Niu Holdings clarifies OPS investment fair value at HK$ 96.8 million as of March 31, 2025

• Niu Holdings issued supplemental disclosure to its annual report for year ended March 31, 2025, citing an inadvertent omission of required breakdown for a significant investment under GEM Rule 18.41(4A).
• Significant investment comprised 1,681 shares in OPS Holdings, equal to about 15.22% equity interest, recorded as financial assets at fair value through profit or loss following reclassification from associate on July 21, 2023.
• Fair value of OPS stake stood at about HK$ 96.8 million as of March 31, 2025, equal to about 39.8% of group total assets, versus investment cost of about HK$ 8.3 million.
• Unrealized fair value gain totaled about HK$ 77.7 million, driven by NASDAQ listing of OPS subsidiary Super X AI Technology on April 17, 2024; no dividends received.
• Board stated added disclosure does not change other information in annual report.

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