U Power Ltd balance sheet

At the end of fiscal 2025, U Power Ltd had total assets of $54.2m, total liabilities of $12.0m and shareholders' equity of $38.8m. It held $3.1m in cash against $4.6m of debt.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

U Power Ltd: balance sheet, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash and equivalents	19	2	1	0	3	3
Receivables	—	0	0	2	1	3
Inventory	—	2	1	1	1	2
Total current assets	—	20	8	23	14	21
Total assets	—	55	41	60	53	54
Accounts payable	—	2	2	1	—	—
Deferred revenue (current)	—	—	—	—	0	0
Total current liabilities	—	12	9	11	8	12
Short-term debt	—	—	—	1	2	3
Long-term debt	—	1	1	—	—	—
Total debt	0	1	1	1	5	5
Total liabilities	—	15	11	11	9	12
Shareholders' equity	44	33	24	43	40	39
Non-controlling interests and other (assets − liabilities − equity)	—	7	6	6	4	3
Shares outstanding	—	—	—	1m	3m	5m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from U Power Ltd's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to U Power Ltd.