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1. Company Snapshot

1.a. Company Description

U Power Limited develops, manufactures, and sells new energy vehicles and battery swapping stations in the People's Republic of China.It also offers battery swapping and sourcing services.The company was founded in 2013 and is based in Shanghai, the People's Republic of China.

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1.b. Last Insights on UCAR

Recent developments have negatively impacted U Power Limited's performance. The company's decision to issue $1.4 million in registered direct offering on July 24, 2025, may be perceived as a dilutive move, potentially affecting shareholder value. Furthermore, the announcement of a strategic partnership with IoTeX on July 23, 2025, while potentially beneficial in the long term, may have created short-term uncertainty among investors. Additionally, the signing of an MOU with NV Gotion on July 9, 2025, may have diverted management's attention away from core operations. The inauguration of Southeast Asia's first operational AI-integrated battery-swapping station on July 21, 2025, is a positive development, but its impact on the company's overall performance is yet to be seen.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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U Power Signs Initial €540,000 Sales Agreement with Polestar Energy for the Purchase and Deployment of Twenty Battery-Swapping Electric Vans in Southern Europe

Oct -21

Source: prnewswire.com

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U Power Reports Unaudited Financial Results for the First Half of 2025

Oct -13

Source: prnewswire.com

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U Power Signs Initial Sales Agreement with Treep Mobility for the Purchase and Deployment of Fifty Two- and Three-Wheeled Vehicles, Eight Battery-Swapping Cabinets and Corresponding Number of Compatible Batteries

Sep -22

Source: prnewswire.com

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U Power Announces Strategic Partnership with SAIC-Hongyan and UNEX EV to Deploy Battery-Swapping Compatible Heavy Trucks in Thailand and Beyond

Aug -18

Source: prnewswire.com

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U Power's Strategic Partner UNEX EV Signs LOI with Didi Mobility to Deploy UOTTA(TM) Battery-Swapping Vehicles in Mexico

Aug -11

Source: prnewswire.com

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U Power Partners with Chia Tai and ICBC Thai to Advance Use of Intelligent and Battery-Swapping Compatible Agricultural Drones in Thailand

Aug -06

Source: prnewswire.com

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U Power Signs a Letter of Intent with a Hong Kong-Based Technology Company for the Purchase and Deployment of 300 Battery-Swapping Compatible Vehicles

Aug -04

Source: prnewswire.com

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U Power Partners with Shandong Hi-Speed New Energy Group and BOCOM International to Scale Battery-Swapping in Hong Kong and Accelerate International Expansion

Jul -30

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (15.40%)

6. Segments

Battery Swapping Stations

Expected Growth: 15.4%

Growing adoption of electric vehicles, increasing demand for sustainable transportation, and decreasing downtime for EVs drive the growth of U Power Limited's Battery Swapping Stations, promoting a seamless and efficient EV ecosystem.

Sourcing Services

Expected Growth: 8.5%

Growing demand for procurement outsourcing, increasing adoption of digital procurement platforms, and rising need for cost-effective and timely delivery of goods and services drive the growth of U Power Limited's Sourcing Services.

Battery-swapping Services

Expected Growth: 15.4%

Growing adoption of electric vehicles, increasing demand for convenient charging solutions, and government initiatives promoting sustainable transportation drive the growth of U Power Limited's battery-swapping services.

7. Detailed Products

Portable Power Stations

U Power Limited's portable power stations are designed to provide reliable and efficient power supply for outdoor activities, camping, and emergency backup power.

Solar Panels

U Power Limited's solar panels are designed to harness renewable energy from the sun, providing a clean and sustainable power source for homes, RVs, and boats.

Power Banks

U Power Limited's power banks are designed to provide portable power on-the-go, charging smartphones, laptops, and other devices.

Generators

U Power Limited's generators are designed to provide reliable and efficient power supply for homes, construction sites, and outdoor events.

Energy Storage Systems

U Power Limited's energy storage systems are designed to provide efficient and reliable energy storage solutions for homes, businesses, and industries.

8. U Power Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for U Power Limited is moderate due to the presence of alternative energy sources such as solar and wind power.

Bargaining Power Of Customers

The bargaining power of customers for U Power Limited is low due to the lack of alternative energy providers in the market.

Bargaining Power Of Suppliers

The bargaining power of suppliers for U Power Limited is high due to the limited number of suppliers of raw materials and equipment.

Threat Of New Entrants

The threat of new entrants for U Power Limited is moderate due to the high capital requirements and regulatory barriers to entry.

Intensity Of Rivalry

The intensity of rivalry for U Power Limited is high due to the presence of several established players in the market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 12.86%
Debt Cost 3.95%
Equity Weight 87.14%
Equity Cost 17.13%
WACC 15.43%
Leverage 14.75%

11. Quality Control: U Power Limited passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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A-Score: 4.0/10

Value: 8.8

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.82$

Current Price

1.82$

Potential

-0.00%

Expected Cash-Flows