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MARKETS / NASDAQ / UCAR
NASDAQ · MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES · SMALL CAP

U Power Ltd. UCAR

6 fiscal years on record · CNY · FY2025 reported · SEC filings only
CNY 41.1M
▼ 7.1% YoY
CNY -68.7M
CNY -70.4M
In brief

What this company does

The company is a vehicle sourcing service provider in China, with a vision to becoming an EV market player primarily focused on its proprietary battery-swapping technology, or UOTTA technology, an intelligent modular battery-swapping technology designed to provide a comprehensive battery power solution for EVs. From the company's commencement of operations in 2013 through fiscal year 2022, it was principally engaged in the provision of vehicle sourcing services. The company brokers sales of vehicles between automobile wholesalers and buyers, including SME dealers and individual customers primarily located in the lower-tier cities in China, which are smaller and less developed than the tier-1 or tier-2 cities. As of the date of the annual report, the company's vehicle sourcing network consisted of approximately 100 wholesalers and 30 SME dealers located in lower-tier cities in China. Beginning in 2020, the company gradually shifted its focus from the vehicle sourcing business to the development of its proprietary battery-swapping technology, or UOTTA technology. As of the date of the annual report, the company had 51 issued patents and 18 pending patent applications in China. The company had 86, 80 and 77 full-time employees for the fiscal years ended December 31, 2025, 2024 and 2023, respectively.

Written from the business description in U Power Ltd's annual report to the U.S. Securities and Exchange Commission, filed 15 May 2026. Every sentence was checked against that document before publication.

Growth
CNY 41.1M
Revenue, FY2025 · full 6-year series below
Revenue CNY M Net income CNY M
FY2025 · Revenue 41.1 · Net income -68.7
20.0M40.0M-25.0M-50.0M202020212022202320242025
Compound annual growth
+74.1%
+94.9%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +94.9% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−196 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -141.7% · Net -195.7%
-500%-1000%202020212022202320242025
ROE
FY2025 · ROE -24.4%
-10%-20%202020212022202320242025

Each CNY of equity lost 24 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow CNY M
FY2025 · FCF -70.4
-40M-80M202020212022202320242025

Total assetsCNY 378.8M
EquityCNY 271.0M
CashCNY 22.0M
Gross debtCNY 19.0M
Net debtCNY -3.0M
Current ratio1.80×

The company holds more cash than debt.

The 6-year record
6 fiscal years
Every figure from documents filed with the SEC · CNY

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220212020
Revenue CNY B0.00.00.00.00.00.0
Operating income CNY B−0.1−0.1−0.0−0.1−0.0−0.0
EBITDA CNY B−0.1−0.1−0.0−0.1−0.0−0.0
Income tax CNY B0.0·0.00.00.0·
Net income CNY B−0.1−0.0−0.0−0.0−0.0−0.0
Free cash flow CNY B−0.1−0.1−0.1−0.0−0.1−0.0
EPS, diluted CNY −15.05−16.79−15.56−91.84−8.28−0.11
Dividend / sh CNY ······
Payout %······
ROE %−24.4−16.0−8.2−24.3−19.5·
Shares out B0.000.000.000.050.05·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

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Provenance
Company facts, as filed
How we verify · 0 failures in 27 reconciliationsAUDITED

Reconciled in 6 of 19 fiscal years. 68 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityMiscellaneous Electrical Machinery, Equipment & Supplies
Listed onNASDAQ
Incorporated inoutside the United States — SEC code E9
Fiscal year endsDecember 31
SEC categoryemerging growth company
Data on record since2020

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