U Power Limited

UCAR

$0.48

-20.53%

N/A-$0.13

Consumer Cyclical

Auto - Dealerships

NASDAQ

Negociación activa

Founded in 2013 and headquartered in Shanghai, People's Republic of China, U Power Limited is engaged in the new energy sector. The ...

Análisis fundamental de UCAR

Fortalezas clave

Positioned in China’s EV battery-swapping value chain, with infrastructure/services that can create repeat customer usage and recurring demand if utilization scales

Battery-swapping and energy-management capabilities can improve vehicle uptime and reduce perceived battery ownership friction for customers

Factores de riesgo

Sustained profitability weakness: negative net, operating, and EBITDA margins (EBIT/operating margin around -1.42% and net margin around -1.67%) indicate ongoing operational losses

Material cash burn: strongly negative free cash flow (FCF yield ~-390%) and negative free cash flow to equity/firm raise the likelihood of future capital raises

Rentabilidad

Margen neto-167.44%

Margen operativo-142.02%

Valoración

PER-0.01x

Ratio corriente1.80

Eficiencia

ROE-3.34%

ROA-2.53%

Análisis Fundamental de UCAR

U Power Limited (NASDAQ: UCAR) is a China-based new-energy company focused on electric vehicle (EV) platforms and battery-swapping infrastructure/services. The business model is capital-intensive and depends on station build-out, service uptime, utilization, and customer adoption—factors that materially affect margins and cash flow. Based on the provided latest TTM snapshot, UCAR currently shows weak fundamental performance. Profitability is negative across the income statement: net margin is approximately -1.67%, with operating/EBIT margins around -1.42% to -1.42%. EBITDA margin is also negative (about -1.21%). Returns are similarly depressed: ROA about -2.5% and ROE about -3.3%, suggesting limited ability to generate earnings from its asset base or equity. These negative profitability metrics indicate the company is likely still in a growth or restructuring phase, with costs exceeding revenues or with high overhead relative to scale. Cash-flow health is also concerning. Free cash flow yield is extremely negative (FCF yield around -390%), and free cash flow to equity/firm is materially negative, implying heavy net cash burn. Operating cash flow ratios are likewise weak (operating cash flow sales ratio and operating cash flow ratio are strongly negative), consistent with cash needs exceeding internally generated cash. Valuation ratios are not meaningfully positive: P/E is negative (as earnings are negative), while enterprise value to sales is low (EV/sales ~0.52), but enterprise value to operating cash flow and free cash flow are negative, reflecting the lack of positive operating cash generation. Balance-sheet liquidity appears adequate on the surface: current ratio is ~1.80 and quick ratio ~1.65, indicating near-term assets cover near-term liabilities. Debt load appears modest relative to equity (debt-to-equity ~0.09), but other solvency metrics and negative interest coverage (interest coverage ratio ~-43) point to reduced earnings coverage of finance costs. Overall, fundamentals portray a small-cap, high-risk, cash-burn phase company with potential strategic alignment in EV energy infrastructure, but without evidence of sustained profitability yet. Investor sentiment may remain sensitive to financing/dilution and execution of battery-swap network scaling.

Fortalezas clave de UCAR

Positioned in China’s EV battery-swapping value chain, with infrastructure/services that can create repeat customer usage and recurring demand if utilization scales
Battery-swapping and energy-management capabilities can improve vehicle uptime and reduce perceived battery ownership friction for customers
Diversified application of energy infrastructure (e.g., electrified transit infrastructure and potentially data center power backup/green power services) may broaden addressable markets
Liquidity metrics (current ratio ~1.80; quick ratio ~1.65) suggest the company can meet near-term obligations, reducing immediate solvency pressure
Gross margin is positive (gross profit margin ~15.6% TTM), indicating some underlying unit economics potential even though operating and net margins are still negative

Factores de riesgo de UCAR

Sustained profitability weakness: negative net, operating, and EBITDA margins (EBIT/operating margin around -1.42% and net margin around -1.67%) indicate ongoing operational losses
Material cash burn: strongly negative free cash flow (FCF yield ~-390%) and negative free cash flow to equity/firm raise the likelihood of future capital raises
High execution and scaling risk typical of infrastructure models (station build-out, utilization ramp, and customer adoption must align to reach breakeven)
Financing/dilution risk: reported concerns in market commentary (including large increases in shares outstanding) can pressure per-share value
Extreme volatility and high beta (beta ~7.78) implies elevated market and liquidity risk for investors
Industry/regulatory risk in China’s new-energy sector (policy changes, subsidies, licensing, and EV/battery standards can impact unit economics)
Weak earnings coverage: negative interest coverage (interest coverage ratio ~-43) indicates profitability is not currently supporting debt service

Capitalización vs ingresos y beneficios

Beneficios

n/a

Ingresos

n/a

Capitalización bursátil

$21,388.00

-0.0x

Ratio P/E

0.0x

Ratio P/S

Beneficios e ingresos

Último informen/a

Beneficio por acción (EPS)n/a

Margen bruto15.57%

Margen neto-167.44%

Ratio deuda/capital0.09

Puente de rentabilidad (actual vs interanual)

Muestra cómo cambiaron el margen bruto, operativo y neto frente al año anterior.

Historial de ingresos / beneficio neto / FCF (USD B)

Señales de crecimiento de UCAR

Métrica	Actual	Anterior	InteranualCambio interanual: trimestre actual frente al mismo trimestre del año pasado.	TrimestralCambio trimestral: trimestre actual frente al trimestre anterior inmediato.	Señal
Ingresos	—	—	—	—	Plano
EPS diluido	—	—	—	—	Plano
Flujo de caja libre	—	—	—	—	Plano

Rentabilidad de UCAR

Métrica	Actual	Anterior	InteranualCambio interanual: trimestre actual frente al mismo trimestre del año pasado.	TrimestralCambio trimestral: trimestre actual frente al trimestre anterior inmediato.	Señal
Margen neto	—	-199.69%	—	—	Plano
Margen operativo	—	-174.41%	—	—	Plano
ROE	—	—	—	—	Plano

Salud financiera de UCAR

Métrica	Actual	Anterior	InteranualCambio interanual: trimestre actual frente al mismo trimestre del año pasado.	TrimestralCambio trimestral: trimestre actual frente al trimestre anterior inmediato.	Señal
Ratio corriente	—	1.801	—	—	Plano
Ratio rápido	—	1.650	—	—	Plano
Deuda / capital	—	0.091	—	—	Plano

Valoración de UCAR

Métrica	Actual	Anterior	InteranualCambio interanual: trimestre actual frente al mismo trimestre del año pasado.	TrimestralCambio trimestral: trimestre actual frente al trimestre anterior inmediato.	Señal
P/E	—	-0.29x	—	—	Plano
P/B	—	0.02x	—	—	Plano

Supply Chain de UCAR

RELATIONS

Upstream

SAIC Hongyan Automotive Co., Ltd.SSE:600104UNEX EV B.V.SAIC Motor-CP Co., Ltd.SSE:600104Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd.HKEx:2582Automobile Wholesalers (~100 partners in lower-tier Chinese cities)Battery Cell Manufacturers (unnamed, industry-standard suppliers)UnconfirmedCEWA GroupSAIC Motor Corporation Limited (parent of SAIC Hongyan)SSE:600104

Downstream

Whale Logistics GroupSUSCO Public Company LimitedSET:SUSCOSumitomo Mitsui Auto Leasing & Service (Thailand) Co., Ltd.NYSE:SMFGELMO (JV between ANTRAL and U Power subsidiary Energy U Limited)SME Vehicle Dealers (~30 partners in lower-tier Chinese cities)Didi Mobility Information Technology Pte. Ltd.ANTRAL (National Taxi Association of Portugal)Galp Energia, SGPS, S.A.ELI:GALPIoTeXVelo Labs Technology Ltd.Hydro Data Limited (controlled JV of U Power)

Proxies

SAIC Motor Corporation LimitedSSE:600104SUSCO Public Company LimitedSET:SUSCOSumitomo Mitsui Financial Group, Inc.NYSE:SMFG Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd.HKEx:2582

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