U Power Limited, a Cayman Islands-based company with operations in China, reported a net loss of RMB 25,466 (approximately USD 3,587) for the fiscal year ended December 31, 2023. The company also experienced negative operating cash flows of RMB 65,442 (approximately USD 9,218) and an accumulated deficit of RMB 173,176 (approximately USD 24,392). Despite these losses, U Power Limited's net current assets amounted to RMB 88,316 (approximately USD 12,438). The company's financial performance was primarily driven by its vehicle sourcing services and electric vehicle (EV) business, which includes the development and sales of new energy vehicles, battery swapping stations, and related services. U Power Limited's total revenue for the fiscal year was RMB 19,764 (approximately USD 2,783), with the EV business contributing 86.3% of the total revenue. The company...Show More

U Power Limited, a Cayman Islands-based company with operations in China, reported a net loss of RMB 25,466 (approximately USD 3,587) for the fiscal year ended December 31, 2023. The company also experienced negative operating cash flows of RMB 65,442 (approximately USD 9,218) and an accumulated deficit of RMB 173,176 (approximately USD 24,392). Despite these losses, U Power Limited's net current assets amounted to RMB 88,316 (approximately USD 12,438). The company's financial performance was primarily driven by its vehicle sourcing services and electric vehicle (EV) business, which includes the development and sales of new energy vehicles, battery swapping stations, and related services. U Power Limited's total revenue for the fiscal year was RMB 19,764 (approximately USD 2,783), with the EV business contributing 86.3% of the total revenue. The company's sourcing services accounted for 7.7% of the revenue, while battery-swapping services made up 6.0%. U Power Limited's revenue from product sales, primarily battery swapping stations, reached RMB 17,062 (approximately USD 2,403). The company's operating expenses, including sales and marketing, general and administrative, and research and development costs, totaled RMB 49,075 (approximately USD 6,912). U Power Limited's future plans include continuing the development of its proprietary battery-swapping technology, UOTTA, and expanding its sales channels to promote and market UOTTA-powered EVs and battery-swapping stations. The company also aims to enhance its research and development capabilities and strengthen partnerships with key auto manufacturers and battery developers in China.