U Power Limited (UCAR) Income Statement
UCAR 2025 at a glance
Fiscal year ended December 31, 2025 · Chinese yuanUCAR revenue and net income
Where UCAR's revenue goes
2025Each bar shows an amount and its share of revenue. UCAR kept −167.1% of revenue as net income.
UCAR profit margins
UCAR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −7.1% | +72.5% | — | — |
| Gross profit | +42.6% | +73.2% | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
UCAR income statement in Chinese yuan
| 2025 | 2024 | 2023 | 2021 | 2020 | |
|---|---|---|---|---|---|
| Revenue | CN¥41.1M | CN¥44.3M | CN¥19.8M | CN¥8.0M | CN¥1.5M |
| Cost of revenue | CN¥26.2M | CN¥33.8M | CN¥7.6M | CN¥5.1M | CN¥0 |
| Gross profit | CN¥14.9M | CN¥10.5M | CN¥12.2M | CN¥2.9M | CN¥1.5M |
| Research & development | CN¥4.6M | CN¥3.0M | CN¥2.2M | CN¥5.4M | CN¥111,000 |
| Sales, general & admin | CN¥56.0M | CN¥49.7M | CN¥43.7M | CN¥42.5M | CN¥17.1M |
| Total operating expenses | CN¥73.2M | CN¥68.5M | CN¥49.1M | CN¥47.8M | CN¥17.5M |
| Operating income | −CN¥58.3M | −CN¥58.0M | −CN¥36.9M | −CN¥45.0M | −CN¥16.0M |
| Interest income | CN¥2.8M | CN¥742,000 | CN¥562,000 | CN¥437,000 | CN¥436,000 |
| Interest expense | CN¥188,000 | CN¥1.4M | CN¥1.9M | CN¥696,000 | CN¥532,000 |
| Income before taxes | −CN¥76.9M | −CN¥56.4M | −CN¥22.9M | −CN¥46.5M | −CN¥6.5M |
| Income taxes | CN¥3.6M | — | CN¥2.6M | CN¥2.6M | CN¥9.1M |
| Net income | −CN¥68.7M | −CN¥47.9M | −CN¥19.3M | −CN¥41.4M | −CN¥5.5M |
| EBITDA | −CN¥68.3M | −CN¥46.5M | −CN¥12.7M | −CN¥40.6M | −CN¥4.6M |
| Gross margin | 36.3% | 23.6% | 61.6% | 35.9% | 100.0% |
| Operating margin | −141.7% | −130.9% | −186.7% | −561.2% | −1,093.7% |
| Net margin | −167.1% | −108.2% | −97.8% | −516.8% | −376.4% |
| Mar '26 | Sep '25 | Mar '25 | Sep '24 | Mar '24 | Dec '23 | Sep '23 | Dec '21 | Jun '21 | Dec '20 | Jun '20 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥3.3M | CN¥2.4M | CN¥31.1M | CN¥13.3M | CN¥17.5M | CN¥2.5M | CN¥2.0M | CN¥4.0M | CN¥4.0M | CN¥732,000 | CN¥732,000 |
| Cost of revenue | CN¥2.8M | CN¥2.1M | CN¥21.9M | CN¥17.5M | CN¥11.0M | CN¥1.6M | CN¥4.9M | CN¥2.6M | CN¥2.6M | CN¥0 | CN¥0 |
| Gross profit | CN¥532,972 | CN¥359,076 | CN¥9.2M | −CN¥4.2M | CN¥6.5M | CN¥915,886 | −CN¥2.9M | CN¥1.4M | CN¥1.4M | CN¥732,000 | CN¥732,000 |
| Research & development | CN¥165,773 | CN¥470,865 | CN¥2.4M | CN¥579,062 | CN¥237,834 | CN¥33,573 | CN¥2.0M | CN¥2.7M | CN¥2.7M | CN¥55,500 | CN¥55,500 |
| Sales, general & admin | CN¥41.0M | CN¥2.3M | CN¥27.9M | — | CN¥13.8M | — | CN¥12.9M | CN¥21.2M | CN¥21.2M | CN¥8.5M | CN¥8.5M |
| Total operating expenses | CN¥6.3M | CN¥2.8M | CN¥40.8M | CN¥22.4M | CN¥20.6M | CN¥2.9M | CN¥18.5M | CN¥23.9M | CN¥23.9M | CN¥8.7M | CN¥8.7M |
| Operating income | −CN¥5.7M | −CN¥2.4M | −CN¥31.6M | −CN¥26.6M | −CN¥14.1M | −CN¥2.0M | −CN¥21.5M | −CN¥22.5M | −CN¥22.5M | −CN¥8.0M | −CN¥8.0M |
| Interest expense | CN¥153,816 | CN¥34,184 | CN¥73,136 | CN¥883,195 | CN¥1.3M | CN¥188,316 | CN¥519,353 | CN¥348,000 | CN¥348,000 | CN¥266,000 | CN¥266,000 |
| Income before taxes | −CN¥7.0M | −CN¥3.7M | −CN¥29.8M | −CN¥26.7M | −CN¥16.7M | −CN¥2.4M | −CN¥6.1M | −CN¥23.2M | −CN¥23.2M | −CN¥3.3M | −CN¥3.3M |
| Income taxes | CN¥456,893 | CN¥44,936 | — | −CN¥2.2M | CN¥1.2M | CN¥175,329 | CN¥1.4M | CN¥1.3M | CN¥1.3M | CN¥4.5M | CN¥4.5M |
| Net income | −CN¥6.6M | −CN¥3.0M | −CN¥24.4M | −CN¥23.7M | −CN¥15.5M | −CN¥2.2M | −CN¥3.6M | −CN¥20.7M | −CN¥20.7M | −CN¥2.8M | −CN¥2.8M |
| EBITDA | −CN¥3.0M | CN¥3.4M | −CN¥18.2M | CN¥1.9M | −CN¥11.2M | −CN¥1.4M | −CN¥1.3M | −CN¥20.3M | −CN¥20.3M | −CN¥2.3M | −CN¥2.3M |
| Gross margin | 16.2% | 14.7% | 29.5% | −31.5% | 37.1% | 37.1% | −146.8% | 35.9% | 35.9% | 100.0% | 100.0% |
| Operating margin | −174.4% | −98.5% | −101.6% | −200.1% | −80.5% | −80.5% | −1,082.9% | −561.2% | −561.2% | −1,093.7% | −1,093.7% |
| Net margin | −199.7% | −124.1% | −78.4% | −178.4% | −88.8% | −88.8% | −182.9% | −516.8% | −516.8% | −376.4% | −376.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported in UCAR's financial statements (latest annual report filed May 15, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
UCAR financial results
In fiscal year 2025 (ended December 31, 2025), U Power reported revenue of CN¥41.1 million, down 7.1% from the year before. It had a net loss of CN¥68.7 million, a net profit margin of −167.1%. Figures are in Chinese yuan, the currency of its financial statements.
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UCAR income statement FAQ
What is U Power's annual revenue?
U Power reported total revenue of CN¥41.1 million for fiscal year 2025, which ended on December 31, 2025. That was down 7.1% from CN¥44.3 million the previous year.
Is U Power profitable?
No. U Power reported a net loss of CN¥68.7 million in fiscal 2025, a net profit margin of −167.1%; its operating margin was −141.7%.
What is U Power's gross margin?
U Power's gross margin was 36.3% in fiscal 2025: for every $100 of revenue, U Power kept $36 after the direct cost of its products and services.
How much does U Power spend on research and development?
U Power spent CN¥4.6 million on research and development in fiscal 2025, 11.2% of revenue.
When does U Power's fiscal year end?
U Power's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on May 15, 2026.