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Consolidated Balance Sheets
¥ in Thousands, $ in Thousands
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Current assets:      
Cash and cash equivalents ¥ 21,951 $ 3,123 ¥ 23,435
Restricted cash 343 49 1,239
Accounts receivable 22,198 3,158 10,374
Inventories 12,291 1,749 9,872
Advance to suppliers 11,334 1,613 9,466
Contract Assets 1,050 149
Other current assets 17,963 2,556 29,032
Total current assets 147,404 20,972 105,075
Non-current assets:      
Property, plant and equipment, net 8,537 1,215 8,656
Intangible assets, net 62 9 132
Operating lease right-of-use assets, net 9,873 1,405 16,205
Long-term investments 133,942 19,056 134,114
Refundable deposit for investment 54 8 39,799
Other non-current assets 78,926 11,228 81,733
Total non-current assets 231,394 32,921 280,639
Total assets 378,798 53,893 385,714
Current liabilities:      
Bank borrowings 18,972 2,699 17,972
Accounts payable 19,533 2,779 14,307
Accrued expenses and other liabilities 29,915 4,256 13,281
Income tax payables 7,947 1,131 5,169
Advances from customers 3,213 457 1,086
Operating lease liabilities – current 1,247 177 1,843
Total current liabilities 81,864 11,647 56,897
Non-current liabilities:      
Operating lease liabilities – non-current 2,362 336 4,137
Bank borrowings 3,700
Total non-current liabilities 2,362 336 7,837
Total liabilities 84,226 11,983 64,734
Commitments and contingencies 5,800 825
Shareholders’ equity:      
Ordinary shares [1]
Additional paid-in capital 565,069 80,394 512,568
Translation reserve (4,231) (602)
Accumulated deficit (289,818) (41,233) (221,098)
Total U POWER LIMITED’s shareholders’ equity 271,020 38,559 291,470
Non-controlling interests 17,752 2,526 29,510
Total equity 288,772 41,085 320,980
Total liabilities and equity 378,798 53,893 385,714
Class A Ordinary Shares      
Shareholders’ equity:      
Ordinary shares [1]
Class B Ordinary Shares      
Shareholders’ equity:      
Ordinary shares [1]
Related Party      
Current assets:      
Amount due from related parties 60,274 8,575 21,657
Current liabilities:      
Amount due to related parties ¥ 1,037 $ 148 ¥ 3,239
[1] On March 25, 2024, the Company’s shareholders adopted an ordinary resolution to effect that every 100 ordinary shares with a par value of US$0.0000001 each in the Company’s issued and unissued share capital be consolidated into one ordinary share with a par value of US$0.00001 each, which became effective on March 31, 2024. During fiscal year 2025, the Company issued an aggregate of 159,329,600 ordinary shares with a par value of US$0.0000001 each on a pre-consolidation basis, equivalent to 1,593,296 ordinary shares with a par value of US$0.00001 each on a post-consolidation basis. As of December 31, 2025, the Company had approximately 4,971,484 ordinary shares with a par value of US$0.00001 each issued and outstanding on a post-consolidation basis. This does not give effect to the 1-for-10 share consolidation effected on April 1, 2026.