U Power Reports 36.3% Margin and 42.6% Gross Profit Growth Despite RMB80.5M Loss
UCAR•U Power posted FY2025 revenue of RMB41.1 million with gross profit rising 42.6% to RMB14.9 million and margin expanding to 36.3%, while net loss widened to RMB80.5 million. Year-end cash totaled RMB22.0 million and the company accelerated international battery-swapping deployments in Thailand, Hong Kong, Southern Europe and Latin America.
1. FY 2025 Financial Results
U Power’s FY2025 revenue declined 7.1% to RMB41.1 million, while gross profit rose 42.6% to RMB14.9 million, boosting margin to 36.3%. The net loss expanded 43% to RMB80.5 million, and year-end cash and equivalents stood at RMB22.0 million.
2. Global Deployment Progress
The company launched Southeast Asia’s first battery-swapping taxi fleet in Phuket and opened Hong Kong’s inaugural smart swapping station, initiated a joint venture with ANTRAL in Southern Europe under a €540,000 Italy sales deal, and forged partnerships for ride-hailing and drone applications in Mexico and Peru.
3. 2026 Strategic Initiatives
In early 2026, U Power completed testing for 30 heavy-duty truck prototypes in Thailand ahead of a 1,000-unit shipment, finalized compatibility trials for 60 Hong Kong taxis, rolled out tokenized real-world assets on the BNB Chain, and entered AI-driven energy management for data centers via a joint venture.
4. Outlook and Future Positioning
Leadership plans to expand AI-powered swapping infrastructure for Level 4 autonomous fleets and data center solutions, leverage tokenization to monetize battery assets and revenue streams, and pursue disciplined execution to drive diversified growth through 2026.
