NA vs UCAR
Nano Labs Ltd. and U Power Limited, side by side — 6 fiscal years reported in CNY, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | NA | UCAR |
|---|---|---|
| Revenue | ¥27.0M | ¥41.1M |
| Net income | ¥135.5M | ¥-68.7M |
| Gross margin | −147.3% | 36.3% |
| Net margin | 501.6% | −167.1% |
| Return on equity | 27.7% | −24.4% |
| Diluted EPS | — | — |
| Dividend / share | — | — |
| Payout ratio | — | — |
| Free cash flow | ¥-108.3M | ¥-70.4M |
| Equity | ¥748.3M | ¥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.
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Revenue by year
6 years side by side
| Fiscal year | NA | UCAR |
|---|---|---|
| FY2025 | ¥27.0M | ¥41.1M |
| FY2024 | ¥40.6M | ¥44.3M |
| FY2023 | ¥78.3M | ¥19.8M |
| FY2022 | ¥983.2M | ¥7.8M |
| FY2021 | ¥39.4M | ¥8.0M |
| FY2020 | ¥2.1M | ¥1.5M |
Net income by year
Bottom line
| Fiscal year | NA | UCAR |
|---|---|---|
| FY2025 | ¥135.5M | ¥-68.7M |
| FY2024 | ¥-113.2M | ¥-47.9M |
| FY2023 | ¥-252.8M | ¥-19.3M |
| FY2022 | ¥31.1M | ¥-45.9M |
| FY2021 | ¥-174.9M | ¥-41.4M |
| FY2020 | ¥-37.7M | ¥-5.5M |
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