U Power Announces Filing of 2023 Annual Report with the SEC

May 16, 2024

SHANGHAI, May 16, 2024 /PRNewswire/ — U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a vehicle sourcing services provider with a vision to becoming a comprehensive electric EV battery power solution provider in China, today announces that on May 15, 2024, the Company filed its 2023 annual report (20-F) with the U.S. Securities and Exchange Commission (the "SEC").

2023 Financial Highlights

Total net revenues increased by 153.5% year over year to RMB19.8 million (US$2.8 million) in 2023.
Gross margin increased to 61.6% in 2023 from 34.1% in 2022.
Net loss narrowed by 55.8% to RMB25.5 million in 2023.

Mr. Jia Li, Chief Executive Officer and Chairman of the Board, commented, " As we transition from a vehicle sourcing business to providing comprehensive battery swapping solutions based on our proprietary UOTTA technology, we will focus on business development in the European, South American, and Southeast Asian markets. We will collaborate with our partners to promote our battery swapping stations, commercial electric vehicles, and related battery-swapping services, thereby bringing substantial value to our shareholders."

Annual Report

U Power's Form 20-F can be accessed by visiting either the SEC's website at www.sec.gov or the Company's website at https://ir.upincar.com. In addition, the Company's shareholders may receive a hard copy of the Form 20-F, which includes the Company's complete audited financial statements, free of charge by requesting a copy from the Company contact below.

About U Power Limited

U Power Limited is a vehicle sourcing services provider, with a vision to becoming an EV market player primarily focused on its proprietary battery-swapping technology, or UOTTA technology, which is an intelligent modular battery-swapping technology designed to provide a comprehensive battery power solution for EVs. Since its operation in 2013, the Company has established a vehicle sourcing network in China's lower-tier cities. The Company has developed two types of battery-swapping stations for compatible EVs and is operating one manufacturing factory in Zibo City, Shandong Province, China. For more information, please visit the Company's website: http://ir.upincar.com/.

Safe Harbor Statements

This press release may contain "forward-looking statements". Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "could," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "propose," "potential," "continue" or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission.

Contact

U Power Limited
Investor Relations Department
Email: [email protected]

Robin Yang, Partner
ICR, LLC
Email: [email protected]
Phone: +1 (212) 475-0415