U Power Files 2024 Annual Report with SEC

SHANGHAI, May 16, 2025 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), through its operating subsidiaries, is a vehicle sourcing services provider with a vision to becoming a comprehensive electric vehicle (EV) battery power solution provider in China, today announces that, on May 15, 2025, the Company filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 ("Form 20-F"), with the U.S. Securities and Exchange Commission (the "SEC").

2024 Financial Highlights

• The Company achieved revenue growth of 124% year-over-year in fiscal 2024 to RMB44.29 million (US$6.16 million).
• Net profit margin improved from -248% to -130%, reflecting enhanced operational efficiency and progress toward profitability.
• Debt-to-asset ratio decreased from 19.7% to 16.7% as of December 31, 2024, reflecting a reduced reliance on external financing. This improvement strengthens Company's financial stability and enhances flexibility for future strategic initiatives.

"In fiscal year 2024, U Power achieved 124% year-over-year revenue expansion," said Mr. Jia Li, Chairman and Chief Executive Officer of U Power Limited.

"During the year, we forged strategic partnerships in Thailand, Portugal, Hong Kong (China), Peru, and Mexico. We believe these collaborations will catalyze global EV adoption and position U Power as a provider of scalable, reliable battery-swapping solutions. Looking ahead, we expect to accelerate our international rollout of our UOTTA™ battery-swapping platform."

"Supported by our financial discipline and growing international footprint, we remain confident in our path to profitability and long-term value creation for shareholders," added Ms. Bingyi Zhao, Chief Financial Officer of U Power Limited.

Annual Report

U Power's Form 20-F is available on the SEC's website at www.sec.gov or on the Company's investor relations website at https://ir.upincar.com. Shareholders may also request a free hard copy of the Form 20-F, which includes the Company's complete audited financial statements, by contacting the Company at the address provided below.