Core Insights - U Power Limited has signed a Memorandum of Understanding with Ualabee Corp to integrate its UOTTA battery-swapping technology into Ualabee's ride-hailing services in South America, marking a significant step in U Power's global expansion strategy [1][3]. Company Overview - U Power Limited is a vehicle sourcing services provider aiming to become a comprehensive electric vehicle (EV) battery power solution provider, primarily focused on its proprietary UOTTA battery-swapping technology [5]. - The company has been operational since 2013 and has established a vehicle sourcing network in China's lower-tier cities, with a manufacturing facility in Zibo City, Shandong Province, China [5][6]. Partnership Details - The partnership with Ualabee aims to revolutionize South America's ride-hailing industry by integrating U Power's UOTTA battery-swapping system and compatible EVs into Ualabee's operations [3]. - The collaboration includes deploying battery-swapping infrastructure, implementing digital payment systems, and utilizing data analytics to optimize operations [3]. - U Power plans to introduce its first UOTTA battery-swapping station in Peru in Q1 2025, with a capacity to serve 100 vehicles, and aims to build an additional 6-8 stations throughout 2025, increasing total capacity to 800-1,000 vehicles [3]. Market Context - The South American ride-hailing market is expected to exceed $1.5 billion, with a significant transition towards electric vehicles anticipated over the next three years, including the replacement of 80,000-100,000 fuel-powered vehicles [2]. - Ualabee intends to replace 5,000 of its fuel-powered vehicles with electric vehicles each year for the next five years, with an estimated 30% adopting the UOTTA battery swapping model [3]. Strategic Goals - The partnership is expected to create synergies by leveraging U Power's technology and Ualabee's market presence, addressing key concerns about EV adoption and reducing costs [4]. - U Power's Chairman and CEO emphasized that this collaboration validates the scalability of their technology and business model, opening new revenue streams in a high-growth market [4].

Core Viewpoint - U Power Limited reported a significant revenue growth of 595.7% year-over-year, reaching RMB 13.2 million (US$ 1.8 million) in the first half of fiscal year 2024, driven by increased orders for battery-swapping stations as the economy recovers from the COVID-19 pandemic [1][2]. Financial Performance - Total revenues increased to RMB 13.2 million (US$ 1.8 million) in the first half of 2024, a 595.7% increase compared to the same period in 2023 [2]. - Product sales revenues were RMB 12.4 million (US$ 1.7 million), accounting for 93.9% of total net revenues, compared to nil in the same period of 2023 [3]. - Sourcing services revenues decreased to RMB 0.1 million (US$ 10,000), down from RMB 1.4 million in the same period last year, representing 0.6% of total net revenues [3]. - Battery-swapping services revenues increased to RMB 0.7 million (US$ 0.1 million), up from RMB 0.5 million in the same period of 2023, representing 5.5% of total net revenues [3]. Cost and Profitability - Total cost of revenues surged by 1,893.6% year-over-year to RMB 11.9 million (US$ 1.6 million) due to significant revenue growth and supply chain shifts [4]. - Total gross profit slightly decreased by 0.8% year-over-year to RMB 1.3 million (US$ 0.2 million), resulting in a gross margin of 9.8% [4]. Operating Expenses - Total operating expenses rose to RMB 27.7 million (US$ 3.8 million), an increase of 26.8% from the same period last year [5]. - Sales and marketing expenses increased by 46.5% to RMB 1.5 million (US$ 0.2 million) due to higher marketing costs for battery swapping stations [5]. - General and administrative expenses increased by 55.8% to RMB 26.2 million (US$ 3.6 million), primarily due to higher audit and professional service costs [5]. - Research and development expenses decreased by 70.4% to RMB 0.6 million (US$ 0.1 million) as key projects were completed [6]. Net Loss and Liquidity - The net loss for the first half of 2024 was RMB 26.5 million (US$ 3.6 million), compared to RMB 7.2 million in the same period last year [7]. - Basic and diluted loss per share were both RMB 7.42 (US$ 1.02), compared to RMB 6.88 in the same period last year [7]. - As of June 30, 2024, the company had cash and cash equivalents of RMB 40.5 million (US$ 5.6 million), up from RMB 36.2 million as of December 31, 2023 [7]. Business Developments - On August 5, 2024, the company signed a Memorandum of Understanding with Velo Labs Technology Ltd. to establish a battery infrastructure investment ecosystem in Thailand [8]. - On July 3, 2024, the company signed a Memorandum of Understanding with Pattaya AI Terminal Co., Ltd. to develop green logistics and EV infrastructure in Thailand [8]. - On June 5, 2024, the company announced a strategic collaboration in Portugal to adopt its UOTTA technology and battery swapping station model, aiming to reduce greenhouse gas emissions in the transport sector by 2030 [9].

Exhibit 99.1 U POWER LIMITED | | | | For the six months ended June 30, | | | --- | --- | --- | --- | --- | | | Notes | 2023 | 2024 | 2024 | | | | RMB | RMB | US$ | | Net revenues | | | | | | Product sales | | - | 12,389 | 1,705 | | Sourcing services | | 1,435 | 75 | 10 | | Battery-swapping services | | 461 | 726 | 100 | | Total net revenues | | 1,896 | 13,190 | 1,815 | | Cost of revenues | | (597) | (11,902) | (1,638) | | Gross profit | | 1,299 | 1,288 | 177 | | Operating expenses: | | | | | | Sales and mar ...

SHANGHAI, Aug. 5, 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 announced that it has signed a Memorandum of Understanding with Velo Labs Technology Ltd. ("Velo Labs"), a global fintech company, to establish a battery infrastructure investment ecosystem in Thailand. This collaboration aims to accelerate the development of battery bank ...

LATHAM, N.Y., June 20, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, secured industry certification for its one MW (megawatt) high-powered stationary system. Plug achieved certification of its high-powered stationary system to the American National Standards Institute/CSA Group’s FC 1-2021 standard covering the safe operation, performance, and construction of stationary fuel cell power systems. Plug’s stationary s ...

SHANGHAI, June 5, 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 announced that its UOTTA technology and battery swapping station model is to be adopted in a strategic collaboration between UNEX EV B.V. ("UNEX") and Associação Nacional dos Transportes Rodoviários em Automóveis Ligeiros ("ANTRAL").ANTRAL is an association of companies in ...

SHANGHAI, June 3, 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 announced a follow-on purchase order from a major taxi operator in Jilin, China.The follow-on order is for the purchase of U Power's advanced dual-mode intelligent battery swapping stations, which feature separate robotic guided vehicles (RGVs) for battery removal and inst ...

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 HighlightsTotal net revenues increased by 153.5% year over year to RMB19.8 million (US$2.8 million) in 2023.Gross ma ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of ...

SHANGHAI, April 24, 2024 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a vehicle sourcing services provider with a vision to becoming a comprehensive EV battery power solution provider in China, today announced that it received a letter from The Nasdaq Stock Market LLC ("Nasdaq"), dated April 19, 2024, informing the Company that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (the "Rule") for continued listing on the Nasda ...