NA vs UCAR
Nano Labs Ltd. and U Power Ltd., side by side — 6 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | NA | UCAR |
|---|---|---|
| Revenue | CNY 27.0M | CNY 41.1M |
| Net income | CNY 135.5M | CNY -68.7M |
| Gross margin | −147.3% | 36.3% |
| Net margin | 466.4% | −195.7% |
| Return on equity | 27.7% | −24.4% |
| Diluted EPS | CNY 6.82 | −CNY 15.05 |
| Dividend / share | · | · |
| Payout ratio | · | · |
| Free cash flow | CNY -108.3M | CNY -70.4M |
| Equity | CNY 748.3M | CNY 271.0M |
| Net debt / equity | 0.23× | −0.01× |
| Current ratio | 2.09× | 1.80× |
| Revenue CAGR 5y | 66.2% | 94.9% |
| Profit CAGR 5y | · | · |
UCAR bills 1.5× the revenue of NA, and UCAR closed the last reported year at a loss.
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
6 years side by side
| Fiscal year | NA | UCAR |
|---|---|---|
| FY2025 | CNY 27.0M | CNY 41.1M |
| FY2024 | CNY 40.6M | CNY 44.3M |
| FY2023 | CNY 78.3M | CNY 19.8M |
| FY2022 | CNY 983.2M | CNY 7.8M |
| FY2021 | CNY 39.4M | CNY 8.0M |
| FY2020 | CNY 2.1M | CNY 1.5M |
Bottom line
| Fiscal year | NA | UCAR |
|---|---|---|
| FY2025 | CNY 135.5M | CNY -68.7M |
| FY2024 | CNY -113.2M | CNY -47.9M |
| FY2023 | CNY -252.8M | CNY -19.3M |
| FY2022 | CNY 31.1M | CNY -45.9M |
| FY2021 | CNY -174.9M | CNY -41.4M |
| FY2020 | CNY -37.7M | CNY -5.5M |
6 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −CNY 14,118,256 | UCAR |
| FY2024 | −CNY 3,694,084 | UCAR |
| FY2023 | +CNY 58,571,376 | NA |
| FY2022 | +CNY 975,372,898 | NA |
| FY2021 | +CNY 31,430,897 | NA |
| FY2020 | +CNY 662,676 | NA |
The higher-revenue side has changed between NA and UCAR over this period. The gap has widened since the earliest year compared.
6 of 6 comparable fiscal years — a year missing data on either side is not counted.
5 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +662.0 pp | NA |
| FY2024 | −167.2 pp | UCAR |
| FY2023 | −195.8 pp | UCAR |
| FY2022 | +742.9 pp | NA |
| FY2021 | +169.0 pp | NA |
The higher net margin has changed hands between NA and UCAR over this period.
5 of 6 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
NA's net margin has been more volatile than UCAR's over the 5 comparable fiscal years — 327.4 percentage points of standard deviation against 261.7.
5 of 6 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between NA and UCAR over these 5 fiscal years — NA led in 3 and UCAR in 2.
5 of 6 comparable fiscal years — a year missing data on either side is not counted.