UCARNasdaqMiscellaneous Electrical Machinery, Equipment & SuppliesFiscal year ends December 31
U Power Ltd
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on May 15, 2026
$3.32−0.06 (-1.92%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2019 to 2025
Gross margin
36.3%−63.7 pts over 5 years
Operating margin
-141.7%+952.0 pts over 5 years
Net margin
-167.1%+209.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -7.1% | +74.1% | +94.9% | – | |
| Gross profit | +42.6% | +77.7% | +59.1% | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | -24.4% | |
| Return on assets | – | – | -18.0% | |
| Current ratio | – | – | 1.80 | |
| Debt to equity | – | – | – | |
| Net debt to EBITDA | – | – | – | |
| Interest coverage | – | – | -309.9× | |
| Inventory turnover | – | – | 2.4× | |
| Capex to revenue | – | 91.1% | 1.2% | |
| Diluted shares | – | 1M | 5M |
Where the cash went
Fiscal 2021 to 2025, five years combined
U Power generated CN¥303.63M from operations and spent CN¥240.02B on capital expenditure, dividends and share buybacks. 0% of that went back into the business.
Generated
CN¥303.63M
Used
CN¥240.02B
Capital expenditureCN¥18.73M0%DividendsCN¥00%Share buybacksCN¥240.00B100%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-167.1%
×Asset turnover0.11×
×Equity multiplier1.36×
=Return on equity, FY2025-24.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -167.1% | 0.11× | 1.36× | -24.4% |
| FY2024 | -108.2% | 0.11× | 1.36× | -16.0% |
| FY2023 | -97.8% | 0.06× | 1.50× | -8.2% |
| FY2022 | -589.0% | 0.02× | 1.68× | -24.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
2of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-CN¥68.72M
- Cash generatingOperating cash flow above zero-CN¥69.89M
- Return on assets improvedROA up on the prior year-11.2% → -17.8%
- Earnings backed by cashOperating cash flow above net income-CN¥69.89M vs -CN¥68.72M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.85 → 1.80
- No dilutionShare count did not rise3M → 5M
- Gross margin improvedGross margin up on the prior year23.62% → 36.27%
- More efficientAsset turnover rose0.10 → 0.11