U Power Reports Unaudited Financial Results for the First Half of 2026

Jia Li, CEO and Chairman of the Board of Directors of U Power

“In the first half of 2026, we moved our two key battery-swapping projects from planning into execution. In Thailand, our first 30 battery-swapping heavy-duty trucks completed production and testing. In Hong Kong SAR, we commenced foundation works for our first MAXUS MIFA 7 battery-swapping taxi station. Subsequently, in August 2026, the first batch of these vehicles received type approval from the Transport Department, clearing them for sale in Hong Kong SAR.”

Jia Li, CEO and Chairman of the Board of Directors of U Power

“Total net revenues declined 16.5% year over year to RMB14.8 million, primarily due to the absence of sourcing services revenue, compared with RMB2.8 million in the first half of 2025, as the Thailand trucks we procured were not delivered to customers until July; and, to a lesser extent, a 3.1% decrease in revenue from sales of battery-swapping stations to RMB13.5 million.”

Jia Li, CEO and Chairman of the Board of Directors of U Power

“We received RMB207.2 million from the issuance of ordinary shares in the first half and ended the period with cash and cash equivalents of RMB54.9 million and working capital of RMB123.3 million. Our net loss primarily reflected expenses related to our overseas expansion and evaluation of potential investment targets, as well as a provision for expected credit losses and higher interest expenses.”

Jia Li, CEO and Chairman of the Board of Directors of U Power

“Our focus for the second half of the year is on converting our project pipeline into deliveries and recurring revenue, including our battery-swapping heavy-duty truck project in Thailand and our battery-swapping taxi project in Hong Kong SAR. Beyond mobility, we are developing AI-driven energy management solutions for intelligent data centers through our joint venture, which we believe can open a new avenue of growth by leveraging our expertise in energy infrastructure. We remain focused on disciplined execution as we work to build U Power into a diversified sustainable mobility and energy solutions provider and create long-term value for our shareholders.”