U Power Limited (UCAR) Key Metrics
UCAR key metrics, 2020–2025
Fiscal year ended December 31, 2025 · Chinese yuanUCAR returns How much profit the business earns on the capital it uses.
UCAR financial health Debt, liquidity and how easily interest is covered.
UCAR efficiency & capital use Working capital cycle and where the cash goes.
UCAR returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
UCAR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
UCAR key metrics in Chinese yuan
2020–2025| 2025 | 2024 | 2023 | 2021 | 2020 | |
|---|---|---|---|---|---|
| Returns & profitability | |||||
| Return on equity (ROE) | −24.4% | −16.0% | −6.3% | −18.4% | −2.3% |
| Return on invested capital (ROIC) | −16.0% | −14.1% | −8.4% | −19.3% | −8.7% |
| Return on assets (ROA) | −18.0% | −11.8% | −4.5% | −12.1% | −1.7% |
| Return on tangible assets | −18.1% | −12.4% | −4.5% | −11.7% | −1.7% |
| Free cash flow margin | −171.2% | −165.2% | −335.6% | — | — |
| Financial health | |||||
| Total debt | CN¥24.8M | CN¥32.4M | CN¥45.2M | CN¥26.8M | CN¥26.8M |
| Cash & short-term investments | CN¥22.0M | CN¥23.4M | CN¥3.8M | CN¥14.8M | CN¥121.4M |
| Net debt | CN¥2.8M | CN¥9.0M | CN¥41.5M | CN¥12.0M | −CN¥94.6M |
| Debt / equity | 0.09 | 0.11 | 0.15 | 0.13 | 0.11 |
| Debt / assets | 0.07 | 0.08 | 0.11 | 0.08 | 0.08 |
| Current ratio | 1.80 | 1.85 | 2.18 | 1.67 | 4.62 |
| Quick ratio | 1.65 | 1.67 | 2.11 | 1.50 | 4.61 |
| Interest coverage | -309.9 | -41.4 | -19.8 | -64.6 | -30.1 |
| Working capital | CN¥65.5M | CN¥48.2M | CN¥88.3M | CN¥51.5M | CN¥106.0M |
| Invested capital | CN¥273.8M | CN¥300.5M | CN¥348.2M | CN¥223.9M | CN¥144.6M |
| Tangible asset value | CN¥288.7M | CN¥320.8M | CN¥344.4M | CN¥257.1M | CN¥290.0M |
| Net current asset value | CN¥57.4M | CN¥40.3M | CN¥78.8M | CN¥32.3M | CN¥96.7M |
| Capital allocation | |||||
| Capex / revenue | 1.2% | 0.0% | 4.5% | 137.3% | 91.1% |
| Capex / depreciation | 0.06 | 0.00 | 0.11 | 6.20 | 1.70 |
| R&D / revenue | 11.2% | 6.7% | 11.1% | 67.1% | 7.6% |
| SG&A / revenue | 136.1% | 112.2% | 221.1% | 530.0% | 1,166.4% |
| Efficiency | |||||
| Days sales outstanding | 671.9 | 407.6 | 810.0 | 4.7 | 3.0 |
| Days of inventory on hand | 154.3 | 82.6 | 261.5 | 484.7 | — |
| Days payables outstanding | 235.6 | 132.4 | 491.9 | 394.6 | — |
| Cash conversion cycle (days) | 590.6 | 357.8 | 579.7 | 94.8 | — |
| Receivables turnover | 0.54 | 0.90 | 0.45 | 78.15 | 122.00 |
| Payables turnover | 1.55 | 2.76 | 0.74 | 0.92 | 0.00 |
| Inventory turnover | 2.37 | 4.42 | 1.40 | 0.75 | 0.00 |
| Asset turnover | 0.11 | 0.11 | 0.05 | 0.02 | 0.00 |
| Average receivables | CN¥75.7M | CN¥49.5M | CN¥43.9M | CN¥102,500 | CN¥12,000 |
| Average payables | CN¥16.9M | CN¥12.3M | CN¥10.2M | CN¥5.6M | CN¥1.3M |
| Average inventory | CN¥11.1M | CN¥7.7M | CN¥5.4M | CN¥6.8M | CN¥197,000 |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% |
Computed from UCAR's annual financial statements (latest annual report filed May 15, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Chinese yuan; data from EODHD. Averages use the opening and closing balance of each year.
UCAR valuation and financial ratios
U Power earned a return on equity of −24.4% and a return on invested capital of −16.0% in fiscal 2025. It ended the year with CN¥24.8 million of debt and CN¥22.0 million in cash and short-term investments, net debt of CN¥2.8 million.
See the UCAR income statement, the UCAR chart for price history, or the UCAR stock overview for the latest quote and news.
UCAR key metrics FAQ
What is U Power's return on equity?
U Power's return on equity (ROE) was −24.4% in fiscal 2025: net income of -CN¥68.7 million on average shareholders' equity of CN¥281.2 million.
What is U Power's ROIC?
U Power's return on invested capital was −16.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does U Power have?
U Power had total debt of CN¥24.8 million at the end of fiscal 2025, a debt-to-equity ratio of 0.09.
What is U Power's current ratio?
U Power's current ratio was 1.80 at the end of fiscal 2025: current assets were 1.80 times current liabilities.