U Power Ltd key statistics and ratios

In fiscal 2025, U Power Ltd had return on equity of -24.3% and a net margin of -167.1%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

U Power Ltd: financial ratios, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Net margin	−376.4%	−516.8%	−589.0%	−97.8%	−108.2%	−167.1%
Return on equity	−1.8%	−16.5%	−23.9%	−8.1%	−16.0%	−24.3%
Return on assets	—	−11.6%	−14.2%	−5.4%	−11.8%	−17.9%
R&D as % of revenue	7.6%	67.1%	120.0%	11.1%	6.7%	11.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 3 checks passed · December 31, 2025

What it owns · $54m

Short-term assets $21mLonger-term assets $33m

What it owes, and who funded it · $51m

Short-term liabilities $12mLonger-term liabilities $0mShareholders' equity $39m

Short-term assets cover short-term liabilities $21m of assets due within a year against $12m of liabilities due within a year.
Short-term assets cover long-term liabilities $21m short-term assets against $337,762 of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of −$8m against $26,160 of interest.

From U Power Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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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.