#China #Shanghai #battery swapping #EV Solutions #U Power Limited

U Power Limited's 2024 Annual Report Highlights

U Power Limited, operating under the ticker symbol UCAR on Nasdaq, recently announced the filing of its annual report for the fiscal year ending December 31, 2024, with the U.S. Securities and Exchange Commission (SEC). The report details significant financial achievements and strategic advancements made by the company, emphasizing its commitment to becoming a leader in the electric vehicle (EV) market, particularly through its innovative battery-swapping technology.

Financial Performance Overview

In fiscal year 2024, U Power demonstrated remarkable financial growth, achieving a staggering 124% increase in revenue year-over-year, amounting to RMB44.29 million (approximately USD6.16 million). This growth is attributed to enhanced operational efficiencies and the expansion of the company's market presence.

In addition to revenue growth, the company's net profit margin improved significantly, moving from an alarming -248% to a much healthier -130%. This shift indicates a strategic turnaround in operations and performance measures that is paving the way towards profitability.

Further enhancing its financial stability, U Power's debt-to-asset ratio decreased from 19.7% to 16.7%. This reduction illustrates the company's commitment to minimizing reliance on external financing and bolstering its financial footing, thus increasing flexibility for future strategic initiatives.

Strategic Partnerships and Expansion Plans

Mr. Jia Li, Chairman and CEO of U Power Limited, highlighted the company’s active engagement in forming strategic partnerships across various regions, including Thailand, Portugal, Hong Kong, Peru, and Mexico. These collaborations are seen as crucial for accelerating global EV adoption and establishing U Power as a key provider of battery-swapping solutions.

Mr. Jia stated, “With the strategic partnerships we have forged, we believe we can catalyze global EV adoption and position ourselves effectively in an evolving market.” The company aims to leverage these partnerships to expedite the rollout of its proprietary UOTTA™ battery-swapping platform, enhancing the market infrastructure for electric vehicles.

Future Outlook

U Power’s Chief Financial Officer, Ms. Bingyi Zhao, expressed confidence in the company's positive trajectory, mentioning that the strategic initiatives and fiscal discipline provide a solid foundation for future profitability and value creation for shareholders. As the company continues to expand its international footprint, it remains dedicated to investing in technology and infrastructure that supports sustainable vehicle solutions.

Accessing the Annual Report

The annual report, referred to as Form 20-F, is accessible on the SEC's official website as well as U Power's investor relations page at U Power Investor Relations. Shareholders and interested parties can also request a free printed copy of the report, which includes comprehensive audited financial statements, by contacting U Power directly.

About U Power Limited

Established in 2013, U Power Limited has positioned itself uniquely within the vehicle sourcing service industry in China. Focused on the burgeoning EV market, the company specializes in its proprietary battery-swapping technology, known as UOTTA technology. This intelligent modular battery-swapping system is designed to facilitate comprehensive battery power solutions for electric vehicles. Currently, U Power operates a manufacturing facility in Zibo City, Shandong Province, alongside an extensive network of vehicle sourcing hubs across China's lower-tier cities. For more information, please visit U Power’s Website.

Conclusion

As U Power Limited continues to innovate and grow, its recent annual report sheds light on a promising future. With a focus on strategic partnerships, fiscal discipline, and technological advancement, U Power is positioned to navigate the evolving landscape of the EV market, driving both profitability and sustainability in the years to come.