U Power Limited (UCAR) Balance Sheet

NASDAQ: UCARAssets, liabilities, debt and equity over 5 years.

UCAR balance sheet, 2025

December 31, 2025 · Chinese yuan

CN¥378.8M assets = CN¥90.0M liabilities + CN¥288.8M equity

Both columns are drawn to the same scale: what UCAR owns equals what it owes plus shareholders’ equity. Hover a block for its value.

UCAR financial health

Current ratio1.80

Comfortable · current assets cover current liabilities 1.80×

Debt / equity0.09

Low leverage · CN¥0.09 of debt for each $1 of equity

Equity / assets71.5%

Equity-funded · of assets funded by shareholders

Cash / debt88.7%

Partial cover · cash & short-term investments vs total debt

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

UCAR balance sheet trends, 2020–2025

U Power Limited balance sheet trends
Metric	Then	Latest	Change
Total assets	CN¥328.7M2020	CN¥378.8M2025	+3.6%/yr
Total liabilities	CN¥38.6M2020	CN¥90.0M2025	+23.6%/yr
Shareholders’ equity	CN¥239.2M2020	CN¥271.0M2025	+3.2%/yr
Cash & short-term investments	CN¥121.4M2020	CN¥22.0M2025	−34.8%/yr
Total debt	CN¥26.8M2020	CN¥24.8M2025	−2.0%/yr
Net cash (debt)	CN¥94.6M2020	−CN¥2.8M2025	−CN¥97.4M
Working capital	CN¥106.0M2020	CN¥65.5M2025	−CN¥40.5M
Current ratio	4.622020	1.802025	−2.82
Debt / equity	0.112020	0.092025	−0.02

Change is the average annual growth (CAGR) or the difference between the first and latest year.

UCAR assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

UCAR liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

UCAR debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

UCAR balance sheet in Chinese yuan

U Power Limited annual balance sheet
	2025	2024	2023	2021	2020
Assets
Cash & short-term investments	CN¥22.0M	CN¥23.4M	CN¥3.8M	CN¥14.8M	CN¥121.4M
Cash & equivalents	CN¥22.0M	CN¥23.4M	CN¥1.9M	CN¥14.8M	CN¥121.4M
Short-term investments	—	—	CN¥1.8M	CN¥905,000	CN¥807,000
Receivables	CN¥96.4M	CN¥55.1M	CN¥43.9M	CN¥193,000	CN¥12,000
Inventory	CN¥12.3M	CN¥9.9M	CN¥5.4M	CN¥13.4M	CN¥197,000
Other current assets	CN¥16.8M	CN¥16.7M	CN¥110.1M	CN¥99.9M	CN¥13.7M
Total current assets	CN¥147.4M	CN¥105.1M	CN¥163.2M	CN¥128.3M	CN¥135.3M
Property, plant & equipment (net)	CN¥18.4M	CN¥24.9M	CN¥33.4M	CN¥35.8M	CN¥5.5M
Goodwill & intangible assets	CN¥62,000	CN¥132,000	CN¥201,000	CN¥608,000	CN¥46,000
Long-term investments	CN¥133.9M	CN¥134.1M	CN¥123.4M	CN¥110.0M	CN¥120.0M
Other non-current assets	CN¥79.0M	CN¥121.5M	CN¥108.8M	CN¥79.0M	CN¥67.8M
Total assets	CN¥378.8M	CN¥385.7M	CN¥429.0M	CN¥353.7M	CN¥328.7M
Liabilities
Accounts payable	CN¥19.5M	CN¥14.3M	CN¥10.2M	CN¥9.8M	CN¥1.3M
Short-term debt	CN¥22.4M	CN¥24.6M	CN¥39.3M	CN¥7.7M	CN¥17.5M
Deferred revenue	CN¥3.6M	CN¥1.4M	CN¥2.9M	CN¥54.0M	CN¥8.8M
Total current liabilities	CN¥81.9M	CN¥56.9M	CN¥74.9M	CN¥76.8M	CN¥29.3M
Long-term debt	CN¥0	CN¥3.7M	CN¥0	CN¥15.5M	CN¥7.0M
Lease obligations	CN¥3.6M	CN¥6.0M	CN¥7.7M	CN¥8.0M	CN¥3.8M
Other long-term liabilities	CN¥8.2M	CN¥4.1M	CN¥9.5M	CN¥3.7M	CN¥2.3M
Total liabilities	CN¥90.0M	CN¥64.7M	CN¥84.4M	CN¥96.0M	CN¥38.6M
Shareholders' equity
Retained earnings (deficit)	−CN¥289.8M	−CN¥221.1M	−CN¥173.2M	−CN¥107.9M	−CN¥66.5M
Accumulated other comprehensive income	−CN¥4.2M	CN¥0	CN¥446,000	CN¥0	—
Minority interest	CN¥17.8M	CN¥29.5M	CN¥38.0M	—	—
Total shareholders' equity	CN¥271.0M	CN¥291.5M	CN¥306.7M	CN¥211.9M	CN¥239.2M
Key figures
Total debt	CN¥24.8M	CN¥32.4M	CN¥45.2M	CN¥26.8M	CN¥26.8M
Net cash (debt)	−CN¥2.8M	−CN¥9.0M	−CN¥41.5M	−CN¥12.0M	CN¥94.6M
Working capital	CN¥65.5M	CN¥48.2M	CN¥88.3M	CN¥51.5M	CN¥106.0M
Tangible book value	CN¥271.0M	CN¥291.3M	CN¥306.5M	CN¥211.2M	CN¥239.1M
Current ratio	1.80	1.85	2.18	1.67	4.62
Quick ratio	1.45	1.38	0.64	0.19	4.14
Debt / equity	0.09	0.11	0.15	0.13	0.11
Equity / assets	71.5%	75.6%	71.5%	59.9%	72.8%

U Power Limited quarterly balance sheet
	Mar '26	Dec '25	Sep '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	CN¥22.0M	CN¥22.0M	CN¥25.8M	CN¥23.4M	CN¥23.4M	CN¥41.7M	CN¥39.6M	CN¥1.9M	CN¥1.9M	CN¥107.8M
Cash & equivalents	CN¥22.0M	CN¥22.0M	CN¥22.7M	CN¥23.4M	CN¥23.4M	CN¥39.6M	CN¥39.6M	CN¥1.9M	CN¥1.9M	CN¥107.8M
Short-term investments	—	—	CN¥3.1M	—	—	CN¥2.1M	—	CN¥1.8M	—	CN¥1.1M
Receivables	CN¥96.4M	CN¥22.2M	CN¥18.4M	CN¥55.1M	CN¥10.4M	CN¥18.6M	CN¥18.6M	CN¥43.9M	CN¥46.4M	CN¥655,000
Inventory	CN¥12.3M	CN¥12.3M	CN¥13.0M	CN¥9.9M	CN¥9.9M	CN¥6.0M	CN¥6.0M	CN¥5.4M	CN¥5.4M	CN¥6.6M
Other current assets	CN¥16.8M	CN¥91.0M	CN¥83.3M	CN¥16.7M	CN¥61.4M	CN¥86.4M	CN¥88.5M	CN¥112.0M	CN¥109.5M	CN¥56.4M
Total current assets	CN¥147.4M	CN¥147.4M	CN¥140.4M	CN¥105.1M	CN¥105.1M	CN¥152.7M	CN¥152.7M	CN¥163.2M	CN¥163.2M	CN¥171.4M
Property, plant & equipment (net)	CN¥18.4M	CN¥18.4M	CN¥20.6M	CN¥24.9M	CN¥24.9M	CN¥28.4M	CN¥28.4M	CN¥33.4M	CN¥33.4M	CN¥30.9M
Goodwill & intangible assets	CN¥62,000	CN¥62,000	CN¥97,000	CN¥132,000	CN¥132,000	CN¥167,000	CN¥167,000	CN¥201,000	CN¥201,000	CN¥236,000
Long-term investments	CN¥0	CN¥133.9M	CN¥0	CN¥0	CN¥134.1M	CN¥0	CN¥143.9M	CN¥0	CN¥123.4M	CN¥0
Other non-current assets	CN¥212.9M	CN¥79.0M	CN¥234.9M	CN¥255.6M	CN¥121.5M	CN¥239.7M	CN¥95.8M	CN¥232.2M	CN¥108.8M	CN¥186.7M
Total assets	CN¥378.8M	CN¥378.8M	CN¥396.0M	CN¥385.7M	CN¥385.7M	CN¥420.9M	CN¥420.9M	CN¥429.0M	CN¥429.0M	CN¥389.2M
Liabilities
Accounts payable	CN¥19.5M	CN¥19.5M	CN¥17.2M	CN¥14.3M	CN¥14.3M	CN¥18.1M	CN¥18.1M	CN¥10.2M	CN¥10.2M	CN¥13.2M
Short-term debt	CN¥22.4M	—	CN¥26.7M	CN¥24.6M	—	CN¥33.0M	—	CN¥39.3M	CN¥39.3M	CN¥27.7M
Deferred revenue	CN¥3.6M	—	CN¥237,108	CN¥1.4M	—	CN¥1.6M	—	CN¥2.9M	CN¥2.9M	CN¥5.2M
Total current liabilities	CN¥81.9M	CN¥81.9M	CN¥63.1M	CN¥56.9M	CN¥56.9M	CN¥69.8M	CN¥69.8M	CN¥74.9M	CN¥74.9M	CN¥71.5M
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥0	CN¥3.7M	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Lease obligations	—	CN¥3.6M	—	—	CN¥6.0M	—	CN¥6.9M	—	CN¥7.7M	—
Other long-term liabilities	CN¥8.2M	CN¥8.2M	CN¥5.9M	CN¥7.8M	CN¥4.1M	CN¥5.1M	CN¥5.1M	CN¥9.5M	CN¥9.5M	CN¥17.3M
Total liabilities	CN¥90.0M	CN¥90.0M	CN¥69.1M	CN¥64.7M	CN¥64.7M	CN¥74.9M	CN¥74.9M	CN¥84.4M	CN¥84.4M	CN¥88.8M
Shareholders' equity
Retained earnings (deficit)	−CN¥289.8M	−CN¥289.8M	−CN¥243.1M	−CN¥221.1M	−CN¥221.1M	−CN¥196.7M	−CN¥196.7M	−CN¥173.2M	−CN¥173.2M	−CN¥157.3M
Accumulated other comprehensive income	−CN¥4.2M	—	CN¥0	CN¥0	—	CN¥0	—	CN¥446,000	CN¥446,000	CN¥446,000
Minority interest	—	CN¥17.8M	—	—	CN¥29.5M	—	—	—	—	—
Total shareholders' equity	CN¥271.0M	CN¥271.0M	CN¥302.9M	CN¥291.5M	CN¥291.5M	CN¥311.1M	CN¥311.1M	CN¥306.7M	CN¥306.7M	CN¥260.1M
Key figures
Total debt	CN¥24.8M	—	CN¥29.7M	CN¥32.4M	CN¥3.7M	CN¥38.1M	—	CN¥45.2M	CN¥45.2M	CN¥42.1M
Net cash (debt)	−CN¥2.8M	—	−CN¥3.9M	−CN¥9.0M	CN¥19.7M	CN¥3.6M	—	−CN¥43.3M	−CN¥43.3M	CN¥65.7M
Working capital	CN¥65.5M	CN¥65.5M	CN¥77.3M	CN¥48.2M	CN¥48.2M	CN¥82.9M	CN¥82.9M	CN¥88.3M	CN¥88.3M	CN¥100.0M
Tangible book value	CN¥271.0M	CN¥271.0M	CN¥302.8M	CN¥291.3M	CN¥291.3M	CN¥310.9M	CN¥310.9M	CN¥306.5M	CN¥306.5M	CN¥259.9M
Shares outstanding	—	497K	—	—	338K	—	3.2M	—	1.2M	—
Current ratio	1.80	1.80	2.22	1.85	1.85	2.19	2.19	2.18	2.18	2.40
Quick ratio	1.45	0.54	0.70	1.38	0.59	0.86	0.83	0.61	0.64	1.52
Debt / equity	0.09	—	0.10	0.11	0.01	0.12	—	0.15	0.15	0.16
Equity / assets	71.5%	71.5%	76.5%	75.6%	75.6%	73.9%	73.9%	71.5%	71.5%	66.8%

Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed May 15, 2026); data from EODHD.

UCAR financial position

At the end of fiscal 2025 (December 31, 2025), U Power had total assets of CN¥378.8 million (down 1.8% from a year earlier), total liabilities of CN¥90.0 million and shareholders' equity of CN¥271.0 million. It held CN¥22.0 million in cash and short-term investments against CN¥24.8 million of debt, net debt of CN¥2.8 million. Its current ratio was 1.80. In the latest quarter (ended March 31, 2026) total assets were CN¥378.8 million and equity CN¥271.0 million.

Related: UCAR income statement, UCAR cash flow statement, UCAR key metrics. See the UCAR stock overview for the latest quote and news.

UCAR balance sheet FAQ

What are U Power's total assets?

U Power reported total assets of CN¥378.8 million at the end of fiscal 2025 (December 31, 2025), compared with CN¥385.7 million a year earlier.

How much debt does U Power have?

U Power had CN¥24.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.09.

How much cash does U Power have?

U Power held CN¥22.0 million in cash and short-term investments at the end of fiscal 2025; with CN¥24.8 million of debt that is net debt of CN¥2.8 million.

What is U Power's book value?

U Power's shareholders' equity (book value) was CN¥271.0 million at the end of fiscal 2025.

What is U Power's current ratio?

U Power had current assets of CN¥147.4 million and current liabilities of CN¥81.9 million, a current ratio of 1.80 (it can cover its short-term obligations).

How much goodwill does U Power have?

U Power carried CN¥0.1 million of goodwill and intangible assets, 0.0% of total assets, at the end of fiscal 2025.