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UCAR on Nasdaq

U Power Ltd

U Power Ltd is a miscellaneous electrical machinery company in the Cayman Islands.1 Its shares trade on Nasdaq under the symbol UCAR.1

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Last updated Oct 21, 2026.

Overview

$5.9MRevenue, fiscal 20252
-$9.8MNet income, fiscal 20252

Compare with Polar Power, Inc., Nuvve Holding Corp or TurnOnGreen, Inc., or pick any stock.

  • TickerUCAR on Nasdaq1
  • IndustryMiscellaneous Electrical Machinery, Equipment & Supplies1
  • HeadquartersE91
  • Incorporated inCayman Islands3
  • Business address2F, Zuoan 88 A, Lujiazui, Shanghai3
  • Filer categoryNon-accelerated filer, Emerging growth company3

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December 6, 2023, we closed a registered follow-on offering and raised gross proceeds of $12.0 million, before deducting offering expenses.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

36.3%Gross margin2
-141.7%Operating margin2
-167.1%Net margin2
-3.6%Revenue growth, 20252
-25.4%Return on equity2
-$10.0MFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Two Wheeled Vehicle Battery Swapping Services brought in 67% of the revenue U Power Ltd broke down this way in fiscal 2025.

  1. Two Wheeled Vehicle Battery Swapping Services3.0M CNY267%up 144% from 2024
  2. Sourcing Services1.1M CNY224%up 1630% from 2024
  3. Battery Swapping Services402.0K CNY29%down 66% from 2024
Products and services by year
Products and services202320242025
Two Wheeled Vehicle Battery Swapping Services1.2M CNY3.0M CNY
Sourcing Services1.5M CNY63.0K CNY1.1M CNY
Battery Swapping Services1.2M CNY1.2M CNY402.0K CNY

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue64¢$3.7M
  • Research and development11¢$654.0K
  • Other costs16¢$959.0K
  • Income tax9¢$509.0K

Out of $5.9M in revenue.2 The company lost money this year.

Financial statements

Revenue5672$5.9M in 2025+417% since 2022
0$2.0M$4.0M$6.0M$8.0M2022: $1.1M$1.1M20222023: $2.8M$2.8M2023+146%2024: $6.1M$6.1M2024+118%2025: $5.9M$5.9M2025−4%
Gross profit5672$2.1M in 2025+450% since 2022
0$1.0M$2.0M$3.0M2022: $386.0K$386.0K20222023: $1.7M$1.7M2023+344%2024: $1.4M$1.4M2024−16%2025: $2.1M$2.1M2025+48%
Operating income5672-$8.3M in 2025+2% since 2022
-$10.0M-$7.5M-$5.0M-$2.5M02022: -$8.2M-$8.2M20222023: -$5.2M-$5.2M2023−36%2024: -$7.9M-$7.9M2024+53%2025: -$8.3M-$8.3M2025+4%
Net income5672-$9.8M in 2025+47% since 2022
-$10.0M-$7.5M-$5.0M-$2.5M02022: -$6.7M-$6.7M20222023: -$2.7M-$2.7M2023−59%2024: -$6.6M-$6.6M2024+141%2025: -$9.8M-$9.8M2025+49%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Total net revenues41.1M CNY44.3M CNY19.8M CNY
Cost of revenues-26.2M CNY-33.8M CNY-7.6M CNY
Gross profit14.9M CNY10.5M CNY12.2M CNY
Sales and marketing expenses-3.4M CNY-2.8M CNY-2.5M CNY
General and administrative expenses-52.6M CNY-46.9M CNY-41.2M CNY
Research and development expenses-4.6M CNY-3.0M CNY-2.2M CNY
Loss on impairment of long-lived assets and long-term investment-10.5M CNY-2.0M CNY
Allowance for expected credit losses-12.6M CNY-5.3M CNY-1.2M CNY
Total operating expenses-73.2M CNY-68.5M CNY-49.1M CNY
Operating loss-58.3M CNY-58.0M CNY-36.9M CNY
Interest income2.8M CNY742.0K CNY562.0K CNY
Interest expenses-188.0K CNY-1.4M CNY-1.9M CNY
Other income3.1M CNY5.6M CNY16.9M CNY
Other expenses-24.3M CNY-3.3M CNY-1.6M CNY
Loss before income taxes-76.9M CNY-56.4M CNY-22.9M CNY
Income tax expenses-3.6M CNY-2.6M CNY
Less: Net loss attributable to non-controlling interests-11.8M CNY-8.4M CNY-6.1M CNY
Net loss attributable to the Companys shareholders-68.7M CNY-47.9M CNY-19.3M CNY
Basic (in Dollars per share and Yuan Renminbi per share)-15.05 CNY-16.79 CNY-15.56 CNY
Diluted (in Dollars per share and Yuan Renminbi per share)-15.05 CNY-16.79 CNY-15.56 CNY
Basic (in Shares)4.6M shares2.9M shares1.2M shares
Diluted (in Shares)4.6M shares2.9M shares1.2M shares
Net loss-80.5M CNY-56.4M CNY-25.5M CNY
Foreign currency translation adjustments-4.2M CNY-446.0K CNY446.0K CNY
Comprehensive loss-84.7M CNY-56.8M CNY-25.0M CNY

Compare U Power Ltd with another company

Corporate structure

U Power Ltd sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of U Power Ltd

  • Bank of America Filed SCHEDULE 13G/A on U Power Ltd, latest Aug 3, 2026 (2 filings since May 14, 2026)
  • Arena Investors Filed SCHEDULE 13G/A on U Power Ltd, latest May 15, 2026 (2 filings since May 15, 2026)
  • Big Benefit Ltd. Filed SC 13G on U Power Ltd, latest Oct 15, 2024
  • Fortune Light Assets Ltd. Filed SC 13D on U Power Ltd, latest Oct 15, 2024
  • Lingzhi Zeng Filed SC 13G on U Power Ltd, latest Apr 9, 2024
  • Jia Johnny Li Filed SC 13G on U Power Ltd, latest Feb 14, 2024
  • U Power Ltd E9

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What U Power Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$3.1M2 Dec 31, 2025$2.8M7 Dec 31, 2024+13.8%
Accumulated depreciation$1.6M2 Dec 31, 2025$1.3M7 Dec 31, 2024+26.1%
Property and equipment, net$1.2M2 Dec 31, 2025$1.2M7 Dec 31, 2024+2.4%
Operating-lease assets (leased space)$1.4M2 Dec 31, 2025$2.2M7 Dec 31, 2024−36.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$3.1M2 Dec 31, 2025$3.2M7 Dec 31, 2024−2.7%
Stakes in other companies (equity method)$1.4M7 Dec 31, 2024
Long-term investments$19.1M2 Dec 31, 2025$18.4M7 Dec 31, 2024+3.7%

Intangibles and goodwill

ItemLatestA year beforeChange
Finite-lived intangibles, net$9.0K2 Dec 31, 2025$18.0K2 Dec 31, 2024−50.0%

Inventory

ItemLatestA year beforeChange
Inventory, total$1.7M2 Dec 31, 2025$1.4M7 Dec 31, 2024+29.4%
Raw materials$849.0K2 Dec 31, 2025$460.0K7 Dec 31, 2024+84.6%
Finished goods$895.0K2 Dec 31, 2025$889.0K7 Dec 31, 2024+0.7%

Leadership

Who has led U Power Ltd, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Li Jia2026–now

Chief financial officer

  1. Zhao Bingyi2026–now
  • Chief executive officerLi Jia May 20, 2026 to now8
  • Chief financial officerZhao Bingyi May 20, 2026 to now9
Board members and other officers (6)

Timeline

  1. May 20, 2026New chief executive Li Jia becomes CEO8

Filings

137 filings to the SEC since October 2021: 4 annual reports, 7 insider forms, 8 large holders, 118 other. The latest 20:

  1. Sep 3, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  2. Aug 26, 2026424B7 PROSPECTUS SUPPLEMENT EDGAR
  3. Aug 12, 2026EFFECT EDGAR
  4. Aug 10, 2026CORRESP EDGAR
  5. Aug 10, 2026F-3/A AMENDMENT NO. 1 TO FORM F-3 EDGAR
  6. Aug 6, 2026UPLOAD EDGAR
  7. Aug 3, 2026F-3 REGISTRATION STATEMENT EDGAR
  8. Aug 3, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  9. Aug 3, 2026SCHEDULE 13G/A EDGAR
  10. Jul 17, 20263 EDGAR
  11. Jul 16, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  12. Jun 9, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  13. Jun 5, 2026EFFECT EDGAR
  14. Jun 3, 2026CORRESP EDGAR
  15. Jun 3, 2026UPLOAD EDGAR
  16. Jun 2, 20263 OWNERSHIP DOCUMENT EDGAR
  17. May 28, 2026F-3 REGISTRATION STATEMENT EDGAR
  18. May 20, 20264 OWNERSHIP DOCUMENT EDGAR
  19. May 20, 20263 OWNERSHIP DOCUMENT EDGAR
  20. May 20, 20263 OWNERSHIP DOCUMENT EDGAR

The 137 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

1 open-market trades by officers, directors and large owners since October 2021: 1 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 6, 2026Jia LiChief Executive OfficerBuy1,829,269$1.64$3.0MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How U Power Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARU Power Ltd1
  • CIK0001939780
  • Filer statusNon-accelerated filer an emerging growth company; not a shell company4
  • Incorporated inCayman Islands4
  • Fiscal year endsDecember 311
  • Industry code (SIC)3690 Miscellaneous Electrical Machinery, Equipment & Supplies1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address2F, Zuoan 88 A, Lujiazui, Shanghai, China1
  • Phone0086-21-6859-35981
  • Shares outstanding460,344 Common Class A shares; 36,805 Common Class B shares as of Dec 31, 20254
  • AuditorHCL PLLC, Chicago, IL PCAOB ID 7222; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceAug 12, 20221
  • Filings137 in all: 6-K (35), CORRESP (21), UPLOAD (15), EFFECT (9), 3 (6), F-1/A (6), F-1 (5), 20-F (4)1
    All 28 form types

    F-3 (4), NT 20-F (4), 424B4 (3), SC 13G (3), 424B5 (2), DRS (2), DRSLTR (2), FWP (2), SCHEDULE 13G (2), SCHEDULE 13G/A (2), 144 (1), 144/A (1), 4 (1), 424B7 (1), 6-K/A (1), 8-A12B (1), CERT (1), DRS/A (1), F-3/A (1), SC 13D (1)

  • Latest filingsAnnual report (20-F) May 15, 2026

Securities registered for trading

ClassSymbolExchange
Class A Ordinary SharesUCARNasdaq

From the cover page of the 20-F filed May 15, 2026 (Section 12(b) of the Exchange Act).4

Sources

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