Core Viewpoint - U Power Limited has successfully closed a public offering, raising $6.0 million through the sale of 13,360,000 Units at a price of $0.449 per Unit, which includes Class A ordinary shares and warrants [1][4]. Offering Details - Each Unit consists of one Class A ordinary share and one Class A warrant, with the warrant exercisable at an initial price of $0.449 per share, subject to adjustments [2]. - The underwriter has a 45-day option to purchase an additional 2,004,000 Class A ordinary shares and/or warrants, of which 1,890,000 warrants were partially exercised [3]. Financial Aspects - The gross proceeds from the offering, before deducting underwriting discounts and expenses, amounted to $6.0 million [4]. - The offering was conducted under a registration statement filed with the SEC, which became effective on March 18, 2026 [5]. Company Overview - U Power Limited specializes in AI-integrated solutions for energy grids and intelligent transportation systems, evolving from a battery-swapping station distributor to a comprehensive energy solutions provider [7]. - The company aims to build intelligent ecosystems that integrate AI-driven solutions, enhancing the performance of electric vehicles (EVs) and energy infrastructure [8].

Core Viewpoint - U Power Limited has announced a public offering of 13,360,000 Units at a price of $0.449 per Unit, aiming to raise approximately $6.0 million before expenses [1][4]. Offering Details - Each Unit consists of one Class A ordinary share and one Class A warrant, with the warrant exercisable at the initial price of $0.449 per share [2]. - The warrants will expire one year from issuance and can be adjusted to 70% and 50% of the initial exercise price on the 2nd and 5th trading days post-offering [2]. - The underwriter has a 45-day option to purchase an additional 2,004,000 Class A Ordinary Shares and/or Warrants [3]. Financial Aspects - The gross proceeds from the offering are expected to be around $6.0 million, with the closing anticipated on or about March 20, 2026 [4]. - Maxim Group LLC is acting as the exclusive underwriter for this offering [4]. Company Overview - U Power Limited specializes in AI-integrated solutions for energy grids and intelligent transportation systems, focusing on electric vehicles (EVs) and energy infrastructure [7]. - The company has evolved from a battery-swapping station distributor to a provider of comprehensive AI-driven energy solutions [7][8]. - U Power aims to create intelligent ecosystems that enhance the performance of EVs and energy grids through advanced AI algorithms [8].

U POWER Announces Completion of Production of 30 Battery-Swapping Electric Heavy Trucks For Thailand; Pilot Shipment Scheduled for Late May 2026 as Part of 1,000-Vehicle Plan Accessibility StatementSkip Navigation Thailand Pilot Deployment to Provide Key Insights for Global Battery-Swapping Truck Commercialization Johnny Lee, Founder and Chief Executive Officer of U Power Limited, stated: "Leveraging our long-standing partnerships with SAIC Hongyan, UNEX EV, and Whale Logistics, combined with our respective ...

As filed with the U.S. Securities and Exchange Commission on March 9, 2026. Registration No. 333-[*] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 U Power Limited (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Cayman Islands 5500 Not Applicable (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 18/F, Bu ...

Core Viewpoint - U Power Limited will present at the OTC Markets AI & Technology Investor Conference on February 19, 2026, and will host one-on-one meetings with investors from February 19-24, 2026 [1] Company Overview - U Power Limited is a provider of AI-integrated solutions for next-generation energy grids and intelligent transportation systems [1] - The company has evolved from being a distributor of battery-swapping station models to offering comprehensive AI-integrated energy solutions that connect electric vehicles (EVs) with advanced energy infrastructure [1] - U Power's proprietary modular battery-swapping technology, UOTTA™, is a key component of its offerings [1] Technological Advancements - U Power is focused on building intelligent ecosystems that integrate resilient AI-driven solutions, transforming EVs into dynamic energy assets [1] - The company's solutions are designed to support autonomous EV driving, optimize energy replenishment efficiency, and enable peak and off-peak energy load balancing [1]

Core Viewpoint - U Power Limited has successfully launched a regulatory compliant tokenized real-world assets (RWA) initiative on the BNB Chain, marking a significant step in its strategy to integrate blockchain technology with energy assets [1][6]. Group 1: Business Expansion and Strategy - The initiative represents a new phase in U Power's battery swapping business, starting in Southern Europe and expanding to Southeast Asia, Hong Kong SAR, and South America [2]. - U Power is deploying AI-driven battery-swapping and dynamic energy asset management systems for commercial electric vehicle (EV) fleets, aiming for scalable growth within regulatory frameworks [2][3]. - A strategic joint venture with FTT Holding Company LLC will see an investment of up to $50 million to support battery swapping infrastructure in Southern Europe [4]. Group 2: Technology and Innovation - The tokenization of assets linked to U Power's battery-swap stations will utilize its proprietary UOTTA™ modular technology, which is already generating revenue in China and Southeast Asia [4]. - The application of tokenization technology aims to connect dynamic energy assets to digital systems, facilitating broader participation in emerging energy ecosystems [5]. - U Power is at the forefront of the Web3.0 transformation in EV infrastructure, enhancing transparency and access to investment opportunities in energy assets through compliant RWA frameworks [6]. Group 3: Future Outlook - U Power plans to continue exploring innovative technologies that enhance the efficiency and scalability of energy systems, believing in the convergence of AI, physical infrastructure, and digital asset frameworks for sustainable transportation [7].

Macroeconomic and Market Analysis - The central economic work conference emphasizes that expanding domestic demand is the top priority for next year [1][4] - Domestic demand has remained stable this year, contributing 71% to economic growth in the first three quarters, with effective consumption policies showing significant results [1][4] - However, there has been a recent slowdown in consumption and investment growth, indicating the need for continued efforts to boost domestic demand [1][4] Important Announcements from Listed Companies - Vanke announced a proposal to extend the principal repayment date of its fourth tranche of medium-term notes for 2022 by 12 months to December 15, 2026, with interest of 60 million yuan due on December 15, 2025, to be paid within a grace period [2][5] - During the grace period, unpaid principal will accrue interest at 3.00%, while unpaid interest will not accrue additional interest, and the coupon rate will remain unchanged at 3.00% [2][5] - After the market close on December 16, several companies disclosed shareholding changes, with some increasing their holdings and others, including Ningbo Color Masterbatch and Huashu Co., announcing reductions [2][5] Peripheral Markets and Related Assets - On Tuesday, U.S. stock indices showed mixed results, with the Dow Jones down 0.62%, the Nasdaq up 0.23%, and the S&P 500 down 0.24% [3][6] - Major tech stocks mostly rose, with Tesla gaining 3.07% and reaching a new closing high, while Qualcomm fell over 1% [3][6] - The Nasdaq Golden Dragon China Index fell 0.34%, with notable declines in companies like Zhongjin Medical and Kandi Technologies [7] - International oil prices saw WTI crude oil drop 3% to below $55 per barrel, currently at $54.97, while Brent crude fell 2.58% below $59 per barrel [7]

Core Viewpoint - U Power Limited has signed a Letter of Intent with FTT Holding Company to establish a strategic Joint Venture aimed at expanding its operations in Southern Europe, with FTT Holding committing up to $50 million to support this initiative [1][2]. Group 1: Joint Venture and Investment - FTT Holding plans to invest up to $50 million into the Joint Venture, which will support U Power's growth initiatives, including smart EV charging and next-generation energy infrastructures [2]. - U Power has also entered into a Share Subscription Agreement with FTT Holding for a private placement of up to $10 million in Class A ordinary shares, which will be issued at a premium to the current trading price and includes a 39-month lock-up period [3]. Group 2: Company Strategy and Vision - The investment from FTT Holding is seen as a strategic step to strengthen the partnership and enhance combined capabilities, with expectations that it will support key shared programs and facilitate expansion in Europe [4]. - U Power aims to evaluate additional opportunities to enhance shareholder value and build long-term returns for investors [4]. Group 3: Company Overview - U Power is a provider of AI-integrated energy solutions that connect electric vehicles with advanced energy infrastructure, optimizing mobility and grid performance [6]. - The company has evolved from a distributor of battery-swapping stations to a provider of comprehensive AI-driven solutions for energy grids and transportation systems [6][7].

Core Insights - U Power Limited has made significant strides in advancing its battery-swapping technology and expanding its international presence in 2025, aiming to revolutionize the electric vehicle ecosystem [1][2][4] Business Performance - In the first half of 2025, U Power reported a 34.4% year-over-year increase in net revenues, driven by growing demand for its UOTTA green transportation solutions [9] - The company anticipates further financial performance improvements in the second half of 2025 and into 2026, supported by strategic partnerships and market expansion efforts [10] Global Expansion - U Power has successfully expanded its battery-swapping operations beyond China into various international markets, adapting solutions to local transportation needs and infrastructure [4][5] - The company has initiated partnerships in regions like Peru, Hong Kong, Thailand, and Southern Europe to enhance its service offerings and integrate its technology into local transportation systems [11][14][15] Technology and Product Development - U Power has focused on refining its modular battery-swapping platform, improving speed, compatibility, and cloud-based monitoring capabilities to enhance operational efficiency [7][8] - The advancements in technology are expected to strengthen U Power's position as an innovator in EV infrastructure, enabling faster and more sustainable mobility solutions [8] Future Outlook - Looking ahead to 2026, U Power aims to scale its international footprint, deepen strategic collaborations, and advance next-generation energy storage technologies, positioning itself for continued growth and innovation in the electric mobility sector [13]

Core Insights - U Power Limited reported a significant increase in net revenues and gross profit for H1 2025, indicating strong operational execution and strategic progress in the growing demand for sustainable transportation solutions [1][2][5]. Financial Performance - Total net revenues for H1 2025 were RMB 17.7 million (approximately $2.5 million), a 34.4% increase from RMB 13.2 million in H1 2024 [5][6]. - Gross profit surged to RMB 8.4 million (around $1.2 million), reflecting a 551.5% increase from RMB 1.3 million in H1 2024, with a gross margin improvement to 47.3% from 9.8% [6][7]. - Operating expenses decreased by 6.6% to RMB 25.9 million (about $3.6 million) compared to RMB 27.7 million in H1 2024, primarily due to lower general and administrative expenses [7][13]. - The net loss for H1 2025 was RMB 27.4 million (approximately $3.8 million), slightly higher than the net loss of RMB 26.5 million in H1 2024 [7][8]. Cash and Assets - Cash and cash equivalents stood at RMB 22.7 million ($3.2 million) as of June 30, 2025, a decrease from RMB 23.4 million at the end of 2024 [8][9]. - Total assets increased to RMB 396.0 million ($55.3 million) from RMB 385.7 million at the end of 2024, while total liabilities rose to RMB 69.1 million ($9.6 million) from RMB 64.7 million [9][10]. Market Strategy and Growth - The company is focusing on expanding its international customer base, with strategic partnerships established to enhance brand visibility and service offerings in overseas markets since 2023 [2][3]. - U Power is actively deepening its ecosystem through partnerships aimed at deploying battery-swapping compatible vehicles and station networks, leveraging its Energy Service Provider (ESP) model [3][10]. - The company is also engaging in Web3.0 initiatives, including Real-World Asset tokenization, to create new growth opportunities in the EV battery swapping sector [3][4]. Recent Developments - U Power inaugurated Hong Kong's first smart battery-swapping station in June 2025 and plans to build 50 more stations [18]. - The company delivered Southeast Asia's first battery swapping taxi fleet in Thailand and signed agreements to deploy battery-swapping vehicles in various markets, including Singapore and Portugal [18][18].