MeritValue

U Power Ltd

UCARdata completeness 100%4 fiscal years on file
The thesis, from the filings

U Power Ltd earns about -17% on invested capital, but has diluted owners by 813% over 4 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue$1.13M1$2.78M2$6.07M3$5.85M4
Net income−$6.66M5−$2.72M6−$6.57M7−$9.78M8
Operating cash flow−$1.87M9−$9.22M10−$10M11−$9.94M12
Capital expenditure$1.13M13$124,00014$1,00015$71,00016
Free cash flow (derived)−$3M9−$9.34M10−$10M11−$10M12
Total debt$2.39M17$2.04M18—$6.7M19
Cash & equivalents$708,00020$271,00021$3.21M22$3.12M23
Diluted shares500,0001.2M2.9M4.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$84.42
your share of equity
Profit it earned you last year
−$21.4
Free cash flow it threw off
−$21.92
Debt you’d be carrying
$14.67

10 shares is a claim on $84.42 of net worth that earned you −$21.4 and generated −$21.92 of cash last year, against $14.67 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-17% avg · 4y
FY22 -26%FY23 -5%FY24 -17%FY25 -21%

It earned an average -17% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+813% shares · 4y

Share count is up 813% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 180% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2022-12-31 · accession 0001213900-23-069924 (Revenues)
  2. 20-F · period ending 2023-12-31 · accession 0001213900-24-043715 (Revenues)
  3. 20-F · period ending 2024-12-31 · accession 0001213900-25-044284 (Revenues)
  4. 20-F · period ending 2025-12-31 · accession 0001213900-26-057792 (Revenues)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-23-069924 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-24-043715 (NetIncomeLoss)
  7. 20-F · period ending 2024-12-31 · accession 0001213900-25-044284 (NetIncomeLoss)
  8. 20-F · period ending 2025-12-31 · accession 0001213900-26-057792 (NetIncomeLoss)
  9. 20-F · period ending 2022-12-31 · accession 0001213900-23-069924 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2023-12-31 · accession 0001213900-24-043715 (NetCashProvidedByUsedInOperatingActivities)
  11. 20-F · period ending 2024-12-31 · accession 0001213900-25-044284 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2025-12-31 · accession 0001213900-26-057792 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2022-12-31 · accession 0001213900-23-069924 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 20-F · period ending 2023-12-31 · accession 0001213900-24-043715 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 20-F · period ending 2024-12-31 · accession 0001213900-25-044284 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 20-F · period ending 2025-12-31 · accession 0001213900-26-057792 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-12-31 · accession 0001213900-23-069924 (LongTermDebtNoncurrent)
  18. 20-F · period ending 2023-12-31 · accession 0001213900-24-043715 (LongTermDebtCurrent)
  19. 20-F · period ending 2025-12-31 · accession 0001213900-26-057792 (LongTermDebtCurrent)
  20. 20-F · period ending 2022-12-31 · accession 0001213900-23-069924 (CashAndCashEquivalentsAtCarryingValue)
  21. 20-F · period ending 2023-12-31 · accession 0001213900-24-043715 (CashAndCashEquivalentsAtCarryingValue)
  22. 20-F · period ending 2024-12-31 · accession 0001213900-25-044284 (CashAndCashEquivalentsAtCarryingValue)
  23. 20-F · period ending 2025-12-31 · accession 0001213900-26-057792 (CashAndCashEquivalentsAtCarryingValue)