{"id":10274,"date":"2024-10-08T22:19:45","date_gmt":"2024-10-08T15:19:45","guid":{"rendered":"https:\/\/thaipropertynews.com\/feeds\/?p=10274"},"modified":"2024-10-08T22:19:45","modified_gmt":"2024-10-08T15:19:45","slug":"u-power-announces-first-half-of-2024-financial-results","status":"publish","type":"post","link":"https:\/\/thaipropertynews.com\/feeds\/?p=10274","title":{"rendered":"U Power Announces First Half of 2024 Financial Results"},"content":{"rendered":"

SHANGHAI<\/span><\/span>, Oct. 8, 2024<\/span><\/span> \/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<\/span>, today announced its financial results for the six months ended June 30, 2024<\/span>.<\/p>\n

Mr. Jia Li<\/span>, Chief Executive Officer and Chairman of the Board of Directors of the Company, commented, “In the first half of fiscal year 2024, our business achieved 595.7% year-over-year revenue growth to reach RMB13.2 million<\/span>. This growth stemmed from increased orders from both existing clients and new customers for our battery-swapping stations as the economy continued to gradually recover following the COVID-19 pandemic. We’ve been successful in transforming our vehicle sourcing business to provide EV battery power solutions in China<\/span>. We believe that this shift has enhanced our competitiveness, and we expect it to expand our future revenue growth potential.”<\/p>\n

Ms. Bingyi Zhao<\/span>, Chief Financial Officer of the Company, added, “Our financial results for the first half of fiscal year 2024 demonstrate our commitment to responsible financial management while simultaneously making strategic investments for our future growth. Our R&D expenses decreased as we have successfully completed several key projects, and we remain committed to innovation and have strategically allocated resources to new and high-potential research initiatives. Our improved credit management practices have yielded positive results, as we generated an expected gain on credit of RMB0.5 million<\/span> in the first half, compared to a loss in the same period last year. We believe we are well-positioned with the necessary working capital and strong foundation to support our growth plans, including the launch of operations in multiple international markets, and we are confident in the current financial state of the business.”<\/p>\n

First Half of 2024 Financial Results<\/p>\n

Revenues<\/p>\n

Total revenues increased by 595.7% year over year to RMB13.2 million<\/span> (US$1.8 million<\/span>) in the first half of 2024.<\/p>\n

Product sales revenues were RMB12.4 million<\/span> (US$1.7 million<\/span>) in the first half of 2024, compared to nil in the same period of 2023, representing 93.9% of total net revenues. This was a result of the Company’s ability to sell more battery stations as the economy gradually recovered from the impact of COVID-19 in 2023. Sourcing services revenues were RMB0.1 million<\/span> (US$10,000)<\/span> in the first half of 2024, compared to RMB1.4 million<\/span> in the same period of 2023, representing 0.6% of total net revenues. The decrease was a result of the company’s shift in focus towards charging- and swapping-related products. Battery-swapping services revenues were RMB0.7 million<\/span> (US$0.1 million<\/span>) in the first half of 2024, compared to RMB0.5 million<\/span> in the same period of 2023, representing 5.5% of total net revenues. The increase was primarily driven by the Company’s operation of a second battery-swapping station beginning in March 2023<\/span>, which remained operational through the reporting period. <\/p>\n

Cost of revenues, gross profit and margin<\/p>\n

Total cost of revenues increased 1,893.6% year over year to RMB11.9 million<\/span> (US$1.6 million<\/span>) for the first half of 2024, primarily driven by significant revenue growth and strategic shifts in the supply chain. This increase was primarily due to the increased cost of product sales of battery swapping stations.<\/p>\n

Total gross profit decreased 0.8% year over year to RMB1.3 million<\/span> (US$0.2 million<\/span>) for the first half of 2024, representing a gross margin of 9.8<\/span>%.<\/p>\n

Operating expenses<\/p>\n

Total operating expenses were RMB27.7 million<\/span> (US$3.8 million<\/span>) for the first half of 2024, representing an increase of 26.8% from the same period last year.<\/p>\n

Sales and marketing expenses were RMB1.5 million<\/span> (US$0.2 million<\/span>) in the first half of 2024, compared to RMB1.0 million<\/span> in the same period of last year, representing an increase of 46.5%. This increase is primarily due to the increase in marketing expenses for selling battery swapping stations. General and administrative expenses were RMB26.2 million<\/span> (US$3.6 million<\/span>) in the first half of 2024, compared to RMB16.8 million<\/span> in the same period of last year, representing an increase of 55.8%, primarily driven by an increase in audit costs and other professional service costs. Research and development expenses were RMB0.6 million<\/span> (US$0.1 million<\/span>) in the first half of 2024, compared to RMB1.9 million<\/span> in the same period of last year, representing a decrease of 70.4%, primarily due to the decreased UOTTA technology innovation activities related to research and development programs. Expected gain\/loss on credit resulted in a gain of RMB0.5 million<\/span> (US$70,000)<\/span> in the first half of 2024, compared to a loss of RMB2.1 million<\/span> in the same period of last year. The decrease was primarily due to the decreased impact of potential uncollectible amounts for advances to suppliers and other current assets, and reflects improved credit management practices and a stronger collection process. <\/p>\n

Net loss <\/p>\n

Net loss was RMB26.5 million<\/span> (US$3.6 million<\/span>) in the first half of 2024, compared with RMB7.2 million<\/span> in the same period of last year.<\/p>\n

Loss per share <\/p>\n

Basic and diluted loss per share were both RMB7.42<\/span> (US$1.02)<\/span> in the first half of 2024, compared with basic and diluted loss per share of RMB6.88<\/span> in the same period of last year.<\/p>\n

Liquidity<\/p>\n

As of June 30, 2024<\/span>, the Company had cash and cash equivalents and restricted cash of RMB40.5 million<\/span> (US$5.6 million<\/span>), compared with RMB36.2 million<\/span> as of December 31, 2023<\/span>.<\/p>\n

Business Developments <\/p>\n

On August 5, 2024<\/span>, the Company announced that it signed a Memorandum of Understanding with Velo Labs Technology Ltd., a global fintech company, to establish a battery infrastructure investment ecosystem in Thailand<\/span>. This collaboration aims to accelerate the development of battery bank operations within the UOTTA battery-swapping ecosystem.<\/p>\n

On July 3, 2024<\/span>, the Company announced that it had signed a Memorandum of Understanding (“MoU”) with Pattaya AI Terminal Co., Ltd. to jointly drive the strategic development of green logistics and electric vehicle (“EV”) infrastructure in Thailand<\/span>.<\/p>\n

On June 5, 2024<\/span>, the Company 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 Associa\u00e7\u00e3o Nacional dos Transportes Rodovi\u00e1rios em Autom\u00f3veis Ligeiros (“ANTRAL”). ANTRAL is an association of companies in Portugal<\/span>, representing public passenger road transport companies operating light vehicles designated as taxis. Through their collaboration, UNEX and ANTRAL aim to significantly reduce greenhouse gas emissions in the transport sector by 2030, in line with the European Union’s decarbonization targets and Portugal’s<\/span> regulatory requirements for taxi vehicles.<\/p>\n

Exchange Rate Information<\/p>\n

This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB7.2672<\/span> to US$1.00<\/span>, the exchange rate on June 30, 2024<\/span>, representing the noon buying rate in The City of New York<\/span> for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York<\/span> on June 30, 2024<\/span>. The Company makes no representation that the Renminbi or U.S. dollars amounts referred to could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.<\/p>\n

Safe Harbor Statements\u00a0 <\/p>\n

This press release may contain “forward-looking statements”. Forward-looking statements reflect the Company’s 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.<\/p>\n

About U Power Limited<\/p>\n

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<\/span> 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<\/span>, China<\/span>. For more information, please visit the Company’s website: http:\/\/ir.upincar.com\/<\/a>.<\/p>\n

Contact<\/p>\n

U Power Limited
Investor Relations Department
Email: ir@upincar.com<\/a><\/p>\n

Robin Yang<\/span>, Partner
ICR, LLC
Email: UPower.IR@icrinc.com<\/a>
Phone: +1 (212) 475-0415<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n

U Power Limited<\/span><\/p>\n

Consolidated Income <\/span><\/p>\n

Statement<\/span><\/p>\n

<\/p>\n

For the <\/span><\/p>\n

six <\/span><\/p>\n

months <\/span><\/p>\n

ended <\/span><\/p>\n

Jun 30,<\/span><\/p>\n

<\/p>\n

For the <\/span><\/p>\n

six <\/span><\/p>\n

months <\/span><\/p>\n

ended <\/span><\/p>\n

Jun 30,<\/span><\/p>\n

<\/p>\n

For the <\/span><\/p>\n

six <\/span><\/p>\n

months <\/span><\/p>\n

ended <\/span><\/p>\n

Jun 30,<\/span><\/p>\n

2023<\/span><\/p>\n

<\/p>\n

2024<\/span><\/p>\n

<\/p>\n

2024<\/span><\/p>\n

(unaudited)<\/span><\/p>\n

<\/p>\n

(unaudited)<\/span><\/p>\n

<\/p>\n

(unaudited)<\/span><\/p>\n

RMB’000<\/span><\/p>\n

<\/p>\n

RMB’000<\/span><\/p>\n

<\/p>\n

USD’000<\/span><\/p>\n

<\/p>\n

Net revenues<\/span><\/p>\n

Sourcing services<\/span><\/p>\n

1,435<\/span><\/p>\n

<\/p>\n

75<\/span><\/p>\n

<\/p>\n

10<\/span><\/p>\n

<\/p>\n

Product sales<\/span><\/p>\n

–<\/span><\/p>\n

<\/p>\n

12,389<\/span><\/p>\n

<\/p>\n

1,705<\/span><\/p>\n

<\/p>\n

Battery-swapping service<\/span><\/p>\n

461<\/span><\/p>\n

<\/p>\n

726<\/span><\/p>\n

<\/p>\n

100<\/span><\/p>\n

<\/p>\n

Total net revenues<\/span><\/p>\n

1,896<\/span><\/p>\n

<\/p>\n

13,190<\/span><\/p>\n

<\/p>\n

1,815<\/span><\/p>\n

Cost of revenues<\/span><\/p>\n

(597)<\/span><\/p>\n

<\/p>\n

(11,902)<\/span><\/p>\n

<\/p>\n

(1,638)<\/span><\/p>\n

Gross profit<\/span><\/p>\n

1,299<\/span><\/p>\n

<\/p>\n

1,288<\/span><\/p>\n

<\/p>\n

177<\/span><\/p>\n

Sales and marketing <\/span><\/p>\n

expenses<\/span><\/p>\n

(1,012)<\/span><\/p>\n

<\/p>\n

(1,483)<\/span><\/p>\n

<\/p>\n

(204)<\/span><\/p>\n

<\/p>\n

General and administrative <\/span><\/p>\n

expenses<\/span><\/p>\n

(16,792)<\/span><\/p>\n

<\/p>\n

(26,157)<\/span><\/p>\n

<\/p>\n

(3,599)<\/span><\/p>\n

<\/p>\n

Research and development <\/span><\/p>\n

expenses<\/span><\/p>\n

(1,941)<\/span><\/p>\n

<\/p>\n

(575)<\/span><\/p>\n

<\/p>\n

(79)<\/span><\/p>\n

<\/p>\n

Expected credit losses<\/span><\/p>\n

(2,086)<\/span><\/p>\n

<\/p>\n

531<\/span><\/p>\n

<\/p>\n

73<\/span><\/p>\n

<\/p>\n

Total operating expenses<\/span><\/p>\n

(21,831)<\/span><\/p>\n

<\/p>\n

(27,684)<\/span><\/p>\n

<\/p>\n

(3,809)<\/span><\/p>\n

Operating loss<\/span><\/p>\n

(20,532)<\/span><\/p>\n

<\/p>\n

(26,396)<\/span><\/p>\n

<\/p>\n

(3,632)<\/span><\/p>\n

Interest income<\/span><\/p>\n

31<\/span><\/p>\n

<\/p>\n

7<\/span><\/p>\n

<\/p>\n

1<\/span><\/p>\n

<\/p>\n

Interest expenses<\/span><\/p>\n

(497)<\/span><\/p>\n

<\/p>\n

(877)<\/span><\/p>\n

<\/p>\n

(121)<\/span><\/p>\n

<\/p>\n

Other income<\/span><\/p>\n

16,145<\/span><\/p>\n

<\/p>\n

1,435<\/span><\/p>\n

<\/p>\n

197<\/span><\/p>\n

<\/p>\n

Other expenses<\/span><\/p>\n

(981)<\/span><\/p>\n

<\/p>\n

(685)<\/span><\/p>\n

<\/p>\n

(94)<\/span><\/p>\n

<\/p>\n

Loss before income taxes<\/span><\/p>\n

(5,834)<\/span><\/p>\n

<\/p>\n

(26,516)<\/span><\/p>\n

<\/p>\n

(3,649)<\/span><\/p>\n

Income tax expense<\/span><\/p>\n

(1,344)<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

Net loss<\/span><\/p>\n

(7,178)<\/span><\/p>\n

<\/p>\n

(26,516)<\/span><\/p>\n

<\/p>\n

(3,649)<\/span><\/p>\n

<\/p>\n

Less: Net loss attributable <\/span><\/p>\n

to non-controlling interests<\/span><\/p>\n

(3,711)<\/span><\/p>\n

<\/p>\n

(2,991)<\/span><\/p>\n

<\/p>\n

(412)<\/span><\/p>\n

<\/p>\n

Net loss attributable to <\/span><\/p>\n

the Company’s <\/span><\/p>\n

shareholders and total <\/span><\/p>\n

comprehensive loss<\/span><\/p>\n

(3,467)<\/span><\/p>\n

<\/p>\n

(23,525)<\/span><\/p>\n

<\/p>\n

(3,237)<\/span><\/p>\n

Loss per share<\/span><\/p>\n

Ordinary shares-basic and <\/span><\/p>\n

diluted<\/span><\/p>\n

(6.88)<\/span><\/p>\n

<\/p>\n

(7.42)<\/span><\/p>\n

<\/p>\n

(1.02)<\/span><\/p>\n

Weighted average shares <\/span><\/p>\n

outstanding used in <\/span><\/p>\n

calculating basic and <\/span><\/p>\n

diluted loss per share<\/span><\/p>\n

Ordinary shares-basic and <\/span><\/p>\n

diluted<\/span><\/p>\n

504,167<\/span><\/p>\n

<\/p>\n

3,168,544<\/span><\/p>\n

<\/p>\n

3,168,544<\/span><\/p>\n<\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n

U Power Limited<\/span><\/p>\n

Consolidated Balance Sheet<\/span><\/p>\n

\u00a0Jun 30,2024 <\/span><\/p>\n

<\/p>\n

\u00a0Jun 30,2024 <\/span><\/p>\n

<\/p>\n

\u00a0Dec 31,2023 <\/span><\/p>\n

\u00a0(unaudited) <\/span><\/p>\n

<\/p>\n

\u00a0(unaudited) <\/span><\/p>\n

<\/p>\n

(audited)<\/span><\/p>\n

\u00a0RMB’000 <\/span><\/p>\n

<\/p>\n

\u00a0USD’000 <\/span><\/p>\n

<\/p>\n

\u00a0RMB’000 <\/span><\/p>\n

Assets<\/span><\/p>\n

Current assets<\/span><\/p>\n

Cash and cash equivalents<\/span><\/p>\n

<\/p>\n

39,615<\/span><\/p>\n

<\/p>\n

5,451<\/span><\/p>\n

<\/p>\n

1,927<\/span><\/p>\n

Restricted cash<\/span><\/p>\n

<\/p>\n

900<\/span><\/p>\n

<\/p>\n

124<\/span><\/p>\n

<\/p>\n

34,312<\/span><\/p>\n

Accounts receivable <\/span><\/p>\n

<\/p>\n

18,553<\/span><\/p>\n

<\/p>\n

2,553<\/span><\/p>\n

<\/p>\n

15,748<\/span><\/p>\n

Inventories<\/span><\/p>\n

<\/p>\n

5,990<\/span><\/p>\n

<\/p>\n

824<\/span><\/p>\n

<\/p>\n

5,439<\/span><\/p>\n

Advance to suppliers<\/span><\/p>\n

<\/p>\n

11,251<\/span><\/p>\n

<\/p>\n

1,548<\/span><\/p>\n

<\/p>\n

10,816<\/span><\/p>\n

Other current assets<\/span><\/p>\n

<\/p>\n

75,966<\/span><\/p>\n

<\/p>\n

10,454<\/span><\/p>\n

<\/p>\n

94,813<\/span><\/p>\n

Amount due from related parties<\/span><\/p>\n

<\/p>\n

406<\/span><\/p>\n

<\/p>\n

56<\/span><\/p>\n

<\/p>\n

142<\/span><\/p>\n

Total current assets<\/span><\/p>\n

<\/p>\n

152,681<\/span><\/p>\n

<\/p>\n

21,010<\/span><\/p>\n

<\/p>\n

163,197<\/span><\/p>\n

<\/p>\n

Non-current assets<\/span><\/p>\n

Property and equipment, net<\/span><\/p>\n

<\/p>\n

9,506<\/span><\/p>\n

<\/p>\n

1,308<\/span><\/p>\n

<\/p>\n

11,764<\/span><\/p>\n

Intangible assets, net<\/span><\/p>\n

<\/p>\n

167<\/span><\/p>\n

<\/p>\n

23<\/span><\/p>\n

<\/p>\n

201<\/span><\/p>\n

Operating lease right-of-use assets, net<\/span><\/p>\n

<\/p>\n

18,855<\/span><\/p>\n

<\/p>\n

2,595<\/span><\/p>\n

<\/p>\n

21,656<\/span><\/p>\n

Long-term investments<\/span><\/p>\n

<\/p>\n

143,912<\/span><\/p>\n

<\/p>\n

19,803<\/span><\/p>\n

<\/p>\n

123,367<\/span><\/p>\n

Refundable deposit for investment<\/span><\/p>\n

<\/p>\n

58,953<\/span><\/p>\n

<\/p>\n

8,112<\/span><\/p>\n

<\/p>\n

72,774<\/span><\/p>\n

Deferred tax assets<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

Other non-current assets<\/span><\/p>\n

<\/p>\n

36,865<\/span><\/p>\n

<\/p>\n

5,073<\/span><\/p>\n

<\/p>\n

36,029<\/span><\/p>\n

Total non-current assets<\/span><\/p>\n

<\/p>\n

268,258<\/span><\/p>\n

<\/p>\n

36,914<\/span><\/p>\n

<\/p>\n

265,791<\/span><\/p>\n

Total assets<\/span><\/p>\n

<\/p>\n

420,939<\/span><\/p>\n

<\/p>\n

57,924<\/span><\/p>\n

<\/p>\n

428,988<\/span><\/p>\n

<\/p>\n

Equities and liabilities<\/span><\/p>\n

Liabilities<\/span><\/p>\n

Current liabilities<\/span><\/p>\n

Short-term bank borrowing<\/span><\/p>\n

<\/p>\n

5,000<\/span><\/p>\n

<\/p>\n

688<\/span><\/p>\n

<\/p>\n

5,000<\/span><\/p>\n

Current portion of long-term borrowing<\/span><\/p>\n

<\/p>\n

9,000<\/span><\/p>\n

<\/p>\n

1,238<\/span><\/p>\n

<\/p>\n

9,500<\/span><\/p>\n

Accounts payable<\/span><\/p>\n

<\/p>\n

18,134<\/span><\/p>\n

<\/p>\n

2,495<\/span><\/p>\n

<\/p>\n

10,231<\/span><\/p>\n

Accrued expenses and other liabilities<\/span><\/p>\n

<\/p>\n

29,085<\/span><\/p>\n

<\/p>\n

4,003<\/span><\/p>\n

<\/p>\n

35,231<\/span><\/p>\n

Income tax payables<\/span><\/p>\n

<\/p>\n

5,200<\/span><\/p>\n

<\/p>\n

716<\/span><\/p>\n

<\/p>\n

5,201<\/span><\/p>\n

Advances from customers<\/span><\/p>\n

<\/p>\n

1,299<\/span><\/p>\n

<\/p>\n

179<\/span><\/p>\n

<\/p>\n

2,537<\/span><\/p>\n

Operating lease liabilities-current<\/span><\/p>\n

<\/p>\n

1,811<\/span><\/p>\n

<\/p>\n

249<\/span><\/p>\n

<\/p>\n

1,750<\/span><\/p>\n

Amount due to related parties<\/span><\/p>\n

<\/p>\n

291<\/span><\/p>\n

<\/p>\n

40<\/span><\/p>\n

<\/p>\n

5,431<\/span><\/p>\n

Total current liabilities<\/span><\/p>\n

<\/p>\n

69,820<\/span><\/p>\n

<\/p>\n

9,608<\/span><\/p>\n

<\/p>\n

74,881<\/span><\/p>\n

<\/p>\n

Non-current liabilities<\/span><\/p>\n

Operating lease liabilities-non-current<\/span><\/p>\n

<\/p>\n

5,054<\/span><\/p>\n

<\/p>\n

695<\/span><\/p>\n

<\/p>\n

5,980<\/span><\/p>\n

Total non-current liabilities<\/span><\/p>\n

<\/p>\n

5,054<\/span><\/p>\n

<\/p>\n

695<\/span><\/p>\n

<\/p>\n

5,980<\/span><\/p>\n

Total liabilities<\/span><\/p>\n

<\/p>\n

74,874<\/span><\/p>\n

<\/p>\n

10,303<\/span><\/p>\n

<\/p>\n

80,861<\/span><\/p>\n

\u00a0<\/p>\n

Commitments and contingencies<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

3,507<\/span><\/p>\n

\u00a0<\/p>\n

Equities<\/span><\/p>\n

Ordinary shares (US$0.0000001 par value, <\/span><\/p>\n

500,000,000,000 shares\u00a0
authorized; 1,243,140 and 3,168,544 issued <\/span><\/p>\n

and outstanding as of December 31, 2023 and <\/span><\/p>\n

June 30, 2024, respectively)<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

Additional paid-in capital<\/span><\/p>\n

<\/p>\n

507,807<\/span><\/p>\n

<\/p>\n

69,877<\/span><\/p>\n

<\/p>\n

479,400<\/span><\/p>\n

Translation reserve<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

–<\/span><\/p>\n

<\/p>\n

446<\/span><\/p>\n

Accumulated deficit<\/span><\/p>\n

<\/p>\n

(196,701)<\/span><\/p>\n

<\/p>\n

(27,067)<\/span><\/p>\n

<\/p>\n

(173,176)<\/span><\/p>\n

Total equities for controlling shareholders<\/span><\/p>\n

<\/p>\n

311,106<\/span><\/p>\n

<\/p>\n

42,810<\/span><\/p>\n

<\/p>\n

306,670<\/span><\/p>\n

Non-controlling interests<\/span><\/p>\n

<\/p>\n

34,959<\/span><\/p>\n

<\/p>\n

4,811<\/span><\/p>\n

<\/p>\n

37,950<\/span><\/p>\n

Total equities<\/span><\/p>\n

<\/p>\n

346,065<\/span><\/p>\n

<\/p>\n

47,621<\/span><\/p>\n

<\/p>\n

344,620<\/span><\/p>\n

Total equities and liabilities<\/span><\/p>\n

<\/p>\n

420,939<\/span><\/p>\n

<\/p>\n

57,924<\/span><\/p>\n

<\/p>\n

428,988<\/span><\/p>\n<\/div>\n

\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

SHANGHAI<\/span><\/span>, Oct. 8, 2024<\/span><\/span> \/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<\/span>, today announced its financial results for the six months ended June 30, 2024<\/span>.<\/p>\n

Mr. Jia Li<\/span>, Chief Executive Officer and Chairman of the Board of Directors of the Company, commented, “In the first half of fiscal year 2024, our business achieved 595.7% year-over-year revenue growth to reach RMB13.2 million<\/span>. This growth stemmed from increased orders from both existing clients and new customers for our battery-swapping stations as the economy continued to gradually recover following the COVID-19 pandemic. We’ve been successful in transforming our vehicle sourcing business to provide EV battery power solutions in China<\/span>. We believe that this shift has enhanced our competitiveness, and we expect it to expand our future revenue growth potential.”<\/p>\n

Ms. Bingyi Zhao<\/span>, Chief Financial Officer of the Company, added, “Our financial results for the first half of fiscal year 2024 demonstrate our commitment to responsible financial management while simultaneously making strategic investments for our future growth. Our R&D expenses decreased as we have successfully completed several key projects, and we remain committed to innovation and have strategically allocated resources to new and high-potential research initiatives. Our improved credit management practices have yielded positive results, as we generated an expected gain on credit of RMB0.5 million<\/span> in the first half, compared to a loss in the same period last year. We believe we are well-positioned with the necessary working capital and strong foundation to support our growth plans, including the launch of operations in multiple international markets, and we are confident in the current financial state of the business.”<\/p>\n

First Half of 2024 Financial Results<\/p>\n

Revenues<\/p>\n

Total revenues increased by 595.7% year over year to RMB13.2 million<\/span> (US$1.8 million<\/span>) in the first half of 2024.<\/p>\n

Product sales revenues were RMB12.4 million<\/span> (US$1.7 million<\/span>) in the first half of 2024, compared to nil in the same period of 2023, representing 93.9% of total net revenues. This was a result of the Company’s ability to sell more battery stations as the economy gradually recovered from the impact of COVID-19 in 2023. Sourcing services revenues were RMB0.1 million<\/span> (US$10,000)<\/span> in the first half of 2024, compared to RMB1.4 million<\/span> in the same period of 2023, representing 0.6% of total net revenues. The decrease was a result of the company’s shift in focus towards charging- and swapping-related products. Battery-swapping services revenues were RMB0.7 million<\/span> (US$0.1 million<\/span>) in the first half of 2024, compared to RMB0.5 million<\/span> in the same period of 2023, representing 5.5% of total net revenues. The increase was primarily driven by the Company’s operation of a second battery-swapping station beginning in March 2023<\/span>, which remained operational through the reporting period. <\/p>\n

Cost of revenues, gross profit and margin<\/p>\n

Total cost of revenues increased 1,893.6% year over year to RMB11.9 million<\/span> (US$1.6 million<\/span>) for the first half of 2024, primarily driven by significant revenue growth and strategic shifts in the supply chain. This increase was primarily due to the increased cost of product sales of battery swapping stations.<\/p>\n

Total gross profit decreased 0.8% year over year to RMB1.3 million<\/span> (US$0.2 million<\/span>) for the first half of 2024, representing a gross margin of 9.8<\/span>%.<\/p>\n

Operating expenses<\/p>\n

Total operating expenses were RMB27.7 million<\/span> (US$3.8 million<\/span>) for the first half of 2024, representing an increase of 26.8% from the same period last year.<\/p>\n

Sales and marketing expenses were RMB1.5 million<\/span> (US$0.2 million<\/span>) in the first half of 2024, compared to RMB1.0 million<\/span> in the same period of last year, representing an increase of 46.5%. This increase is primarily due to the increase in marketing expenses for selling battery swapping stations. General and administrative expenses were RMB26.2 million<\/span> (US$3.6 million<\/span>) in the first half of 2024, compared to RMB16.8 million<\/span> in the same period of last year, representing an increase of 55.8%, primarily driven by an increase in audit costs and other professional service costs. Research and development expenses were RMB0.6 million<\/span> (US$0.1 million<\/span>) in the first half of 2024, compared to RMB1.9 million<\/span> in the same period of last year, representing a decrease of 70.4%, primarily due to the decreased UOTTA technology innovation activities related to research and development programs. Expected gain\/loss on credit resulted in a gain of RMB0.5 million<\/span> (US$70,000)<\/span> in the first half of 2024, compared to a loss of RMB2.1 million<\/span> in the same period of last year. The decrease was primarily due to the decreased impact of potential uncollectible amounts for advances to suppliers and other current assets, and reflects improved credit management practices and a stronger collection process. <\/p>\n

Net loss <\/p>\n

Net loss was RMB26.5 million<\/span> (US$3.6 million<\/span>) in the first half of 2024, compared with RMB7.2 million<\/span> in the same period of last year.<\/p>\n

Loss per share <\/p>\n

Basic and diluted loss per share were both RMB7.42<\/span> (US$1.02)<\/span> in the first half of 2024, compared with basic and diluted loss per share of RMB6.88<\/span> in the same period of last year.<\/p>\n

Liquidity<\/p>\n

As of June 30, 2024<\/span>, the Company had cash and cash equivalents and restricted cash of RMB40.5 million<\/span> (US$5.6 million<\/span>), compared with RMB36.2 million<\/span> as of December 31, 2023<\/span>.<\/p>\n

Business Developments <\/p>\n

On August 5, 2024<\/span>, the Company announced that it signed a Memorandum of Understanding with Velo Labs Technology Ltd., a global fintech company, to establish a battery infrastructure investment ecosystem in Thailand<\/span>. This collaboration aims to accelerate the development of battery bank operations within the UOTTA battery-swapping ecosystem.<\/p>\n

On July 3, 2024<\/span>, the Company announced that it had signed a Memorandum of Understanding (“MoU”) with Pattaya AI Terminal Co., Ltd. to jointly drive the strategic development of green logistics and electric vehicle (“EV”) infrastructure in Thailand<\/span>.<\/p>\n

On June 5, 2024<\/span>, the Company 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 Associa\u00e7\u00e3o Nacional dos Transportes Rodovi\u00e1rios em Autom\u00f3veis Ligeiros (“ANTRAL”). ANTRAL is an association of companies in Portugal<\/span>, representing public passenger road transport companies operating light vehicles designated as taxis. Through their collaboration, UNEX and ANTRAL aim to significantly reduce greenhouse gas emissions in the transport sector by 2030, in line with the European Union’s decarbonization targets and Portugal’s<\/span> regulatory requirements for taxi vehicles.<\/p>\n

Exchange Rate Information<\/p>\n

This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB7.2672<\/span> to US$1.00<\/span>, the exchange rate on June 30, 2024<\/span>, representing the noon buying rate in The City of New York<\/span> for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York<\/span> on June 30, 2024<\/span>. The Company makes no representation that the Renminbi or U.S. dollars amounts referred to could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.<\/p>\n

Safe Harbor Statements\u00a0 <\/p>\n

This press release may contain “forward-looking statements”. Forward-looking statements reflect the Company’s 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.<\/p>\n

About U Power Limited<\/p>\n

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<\/span> 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<\/span>, China<\/span>. For more information, please visit the Company’s website: http:\/\/ir.upincar.com\/<\/a>.<\/p>\n

Contact<\/p>\n

U Power Limited
Investor Relations Department
Email: ir@upincar.com<\/a><\/p>\n

Robin Yang<\/span>, Partner
ICR, LLC
Email: UPower.IR@icrinc.com<\/a>
Phone: +1 (212) 475-0415<\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n

U Power Limited<\/span><\/p>\n

Consolidated Income <\/span><\/p>\n

Statement<\/span><\/p>\n<\/p>\n

For the <\/span><\/p>\n

six <\/span><\/p>\n

months <\/span><\/p>\n

ended <\/span><\/p>\n

Jun 30,<\/span><\/p>\n<\/p>\n

For the <\/span><\/p>\n

six <\/span><\/p>\n

months <\/span><\/p>\n

ended <\/span><\/p>\n

Jun 30,<\/span><\/p>\n<\/p>\n

For the <\/span><\/p>\n

six <\/span><\/p>\n

months <\/span><\/p>\n

ended <\/span><\/p>\n

Jun 30,<\/span><\/p>\n

2023<\/span><\/p>\n<\/p>\n

2024<\/span><\/p>\n<\/p>\n

2024<\/span><\/p>\n

(unaudited)<\/span><\/p>\n<\/p>\n

(unaudited)<\/span><\/p>\n<\/p>\n

(unaudited)<\/span><\/p>\n

RMB’000<\/span><\/p>\n<\/p>\n

RMB’000<\/span><\/p>\n<\/p>\n

USD’000<\/span><\/p>\n<\/p>\n

Net revenues<\/span><\/p>\n

Sourcing services<\/span><\/p>\n

1,435<\/span><\/p>\n<\/p>\n

75<\/span><\/p>\n<\/p>\n

10<\/span><\/p>\n<\/p>\n

Product sales<\/span><\/p>\n

–<\/span><\/p>\n<\/p>\n

12,389<\/span><\/p>\n<\/p>\n

1,705<\/span><\/p>\n<\/p>\n

Battery-swapping service<\/span><\/p>\n

461<\/span><\/p>\n<\/p>\n

726<\/span><\/p>\n<\/p>\n

100<\/span><\/p>\n<\/p>\n

Total net revenues<\/span><\/p>\n

1,896<\/span><\/p>\n<\/p>\n

13,190<\/span><\/p>\n<\/p>\n

1,815<\/span><\/p>\n

Cost of revenues<\/span><\/p>\n

(597)<\/span><\/p>\n<\/p>\n

(11,902)<\/span><\/p>\n<\/p>\n

(1,638)<\/span><\/p>\n

Gross profit<\/span><\/p>\n

1,299<\/span><\/p>\n<\/p>\n

1,288<\/span><\/p>\n<\/p>\n

177<\/span><\/p>\n

Sales and marketing <\/span><\/p>\n

expenses<\/span><\/p>\n

(1,012)<\/span><\/p>\n<\/p>\n

(1,483)<\/span><\/p>\n<\/p>\n

(204)<\/span><\/p>\n<\/p>\n

General and administrative <\/span><\/p>\n

expenses<\/span><\/p>\n

(16,792)<\/span><\/p>\n<\/p>\n

(26,157)<\/span><\/p>\n<\/p>\n

(3,599)<\/span><\/p>\n<\/p>\n

Research and development <\/span><\/p>\n

expenses<\/span><\/p>\n

(1,941)<\/span><\/p>\n<\/p>\n

(575)<\/span><\/p>\n<\/p>\n

(79)<\/span><\/p>\n<\/p>\n

Expected credit losses<\/span><\/p>\n

(2,086)<\/span><\/p>\n<\/p>\n

531<\/span><\/p>\n<\/p>\n

73<\/span><\/p>\n<\/p>\n

Total operating expenses<\/span><\/p>\n

(21,831)<\/span><\/p>\n<\/p>\n

(27,684)<\/span><\/p>\n<\/p>\n

(3,809)<\/span><\/p>\n

Operating loss<\/span><\/p>\n

(20,532)<\/span><\/p>\n<\/p>\n

(26,396)<\/span><\/p>\n<\/p>\n

(3,632)<\/span><\/p>\n

Interest income<\/span><\/p>\n

31<\/span><\/p>\n<\/p>\n

7<\/span><\/p>\n<\/p>\n

1<\/span><\/p>\n<\/p>\n

Interest expenses<\/span><\/p>\n

(497)<\/span><\/p>\n<\/p>\n

(877)<\/span><\/p>\n<\/p>\n

(121)<\/span><\/p>\n<\/p>\n

Other income<\/span><\/p>\n

16,145<\/span><\/p>\n<\/p>\n

1,435<\/span><\/p>\n<\/p>\n

197<\/span><\/p>\n<\/p>\n

Other expenses<\/span><\/p>\n

(981)<\/span><\/p>\n<\/p>\n

(685)<\/span><\/p>\n<\/p>\n

(94)<\/span><\/p>\n<\/p>\n

Loss before income taxes<\/span><\/p>\n

(5,834)<\/span><\/p>\n<\/p>\n

(26,516)<\/span><\/p>\n<\/p>\n

(3,649)<\/span><\/p>\n

Income tax expense<\/span><\/p>\n

(1,344)<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n

Net loss<\/span><\/p>\n

(7,178)<\/span><\/p>\n<\/p>\n

(26,516)<\/span><\/p>\n<\/p>\n

(3,649)<\/span><\/p>\n<\/p>\n

Less: Net loss attributable <\/span><\/p>\n

to non-controlling interests<\/span><\/p>\n

(3,711)<\/span><\/p>\n<\/p>\n

(2,991)<\/span><\/p>\n<\/p>\n

(412)<\/span><\/p>\n<\/p>\n

Net loss attributable to <\/span><\/p>\n

the Company’s <\/span><\/p>\n

shareholders and total <\/span><\/p>\n

comprehensive loss<\/span><\/p>\n

(3,467)<\/span><\/p>\n<\/p>\n

(23,525)<\/span><\/p>\n<\/p>\n

(3,237)<\/span><\/p>\n

Loss per share<\/span><\/p>\n

Ordinary shares-basic and <\/span><\/p>\n

diluted<\/span><\/p>\n

(6.88)<\/span><\/p>\n<\/p>\n

(7.42)<\/span><\/p>\n<\/p>\n

(1.02)<\/span><\/p>\n

Weighted average shares <\/span><\/p>\n

outstanding used in <\/span><\/p>\n

calculating basic and <\/span><\/p>\n

diluted loss per share<\/span><\/p>\n

Ordinary shares-basic and <\/span><\/p>\n

diluted<\/span><\/p>\n

504,167<\/span><\/p>\n<\/p>\n

3,168,544<\/span><\/p>\n<\/p>\n

3,168,544<\/span><\/p>\n<\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n

U Power Limited<\/span><\/p>\n

Consolidated Balance Sheet<\/span><\/p>\n

\u00a0Jun 30,2024 <\/span><\/p>\n<\/p>\n

\u00a0Jun 30,2024 <\/span><\/p>\n<\/p>\n

\u00a0Dec 31,2023 <\/span><\/p>\n

\u00a0(unaudited) <\/span><\/p>\n<\/p>\n

\u00a0(unaudited) <\/span><\/p>\n<\/p>\n

(audited)<\/span><\/p>\n

\u00a0RMB’000 <\/span><\/p>\n<\/p>\n

\u00a0USD’000 <\/span><\/p>\n<\/p>\n

\u00a0RMB’000 <\/span><\/p>\n

Assets<\/span><\/p>\n

Current assets<\/span><\/p>\n

Cash and cash equivalents<\/span><\/p>\n<\/p>\n

39,615<\/span><\/p>\n<\/p>\n

5,451<\/span><\/p>\n<\/p>\n

1,927<\/span><\/p>\n

Restricted cash<\/span><\/p>\n<\/p>\n

900<\/span><\/p>\n<\/p>\n

124<\/span><\/p>\n<\/p>\n

34,312<\/span><\/p>\n

Accounts receivable <\/span><\/p>\n<\/p>\n

18,553<\/span><\/p>\n<\/p>\n

2,553<\/span><\/p>\n<\/p>\n

15,748<\/span><\/p>\n

Inventories<\/span><\/p>\n<\/p>\n

5,990<\/span><\/p>\n<\/p>\n

824<\/span><\/p>\n<\/p>\n

5,439<\/span><\/p>\n

Advance to suppliers<\/span><\/p>\n<\/p>\n

11,251<\/span><\/p>\n<\/p>\n

1,548<\/span><\/p>\n<\/p>\n

10,816<\/span><\/p>\n

Other current assets<\/span><\/p>\n<\/p>\n

75,966<\/span><\/p>\n<\/p>\n

10,454<\/span><\/p>\n<\/p>\n

94,813<\/span><\/p>\n

Amount due from related parties<\/span><\/p>\n<\/p>\n

406<\/span><\/p>\n<\/p>\n

56<\/span><\/p>\n<\/p>\n

142<\/span><\/p>\n

Total current assets<\/span><\/p>\n<\/p>\n

152,681<\/span><\/p>\n<\/p>\n

21,010<\/span><\/p>\n<\/p>\n

163,197<\/span><\/p>\n<\/p>\n

Non-current assets<\/span><\/p>\n

Property and equipment, net<\/span><\/p>\n<\/p>\n

9,506<\/span><\/p>\n<\/p>\n

1,308<\/span><\/p>\n<\/p>\n

11,764<\/span><\/p>\n

Intangible assets, net<\/span><\/p>\n<\/p>\n

167<\/span><\/p>\n<\/p>\n

23<\/span><\/p>\n<\/p>\n

201<\/span><\/p>\n

Operating lease right-of-use assets, net<\/span><\/p>\n<\/p>\n

18,855<\/span><\/p>\n<\/p>\n

2,595<\/span><\/p>\n<\/p>\n

21,656<\/span><\/p>\n

Long-term investments<\/span><\/p>\n<\/p>\n

143,912<\/span><\/p>\n<\/p>\n

19,803<\/span><\/p>\n<\/p>\n

123,367<\/span><\/p>\n

Refundable deposit for investment<\/span><\/p>\n<\/p>\n

58,953<\/span><\/p>\n<\/p>\n

8,112<\/span><\/p>\n<\/p>\n

72,774<\/span><\/p>\n

Deferred tax assets<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n

Other non-current assets<\/span><\/p>\n<\/p>\n

36,865<\/span><\/p>\n<\/p>\n

5,073<\/span><\/p>\n<\/p>\n

36,029<\/span><\/p>\n

Total non-current assets<\/span><\/p>\n<\/p>\n

268,258<\/span><\/p>\n<\/p>\n

36,914<\/span><\/p>\n<\/p>\n

265,791<\/span><\/p>\n

Total assets<\/span><\/p>\n<\/p>\n

420,939<\/span><\/p>\n<\/p>\n

57,924<\/span><\/p>\n<\/p>\n

428,988<\/span><\/p>\n<\/p>\n

Equities and liabilities<\/span><\/p>\n

Liabilities<\/span><\/p>\n

Current liabilities<\/span><\/p>\n

Short-term bank borrowing<\/span><\/p>\n<\/p>\n

5,000<\/span><\/p>\n<\/p>\n

688<\/span><\/p>\n<\/p>\n

5,000<\/span><\/p>\n

Current portion of long-term borrowing<\/span><\/p>\n<\/p>\n

9,000<\/span><\/p>\n<\/p>\n

1,238<\/span><\/p>\n<\/p>\n

9,500<\/span><\/p>\n

Accounts payable<\/span><\/p>\n<\/p>\n

18,134<\/span><\/p>\n<\/p>\n

2,495<\/span><\/p>\n<\/p>\n

10,231<\/span><\/p>\n

Accrued expenses and other liabilities<\/span><\/p>\n<\/p>\n

29,085<\/span><\/p>\n<\/p>\n

4,003<\/span><\/p>\n<\/p>\n

35,231<\/span><\/p>\n

Income tax payables<\/span><\/p>\n<\/p>\n

5,200<\/span><\/p>\n<\/p>\n

716<\/span><\/p>\n<\/p>\n

5,201<\/span><\/p>\n

Advances from customers<\/span><\/p>\n<\/p>\n

1,299<\/span><\/p>\n<\/p>\n

179<\/span><\/p>\n<\/p>\n

2,537<\/span><\/p>\n

Operating lease liabilities-current<\/span><\/p>\n<\/p>\n

1,811<\/span><\/p>\n<\/p>\n

249<\/span><\/p>\n<\/p>\n

1,750<\/span><\/p>\n

Amount due to related parties<\/span><\/p>\n<\/p>\n

291<\/span><\/p>\n<\/p>\n

40<\/span><\/p>\n<\/p>\n

5,431<\/span><\/p>\n

Total current liabilities<\/span><\/p>\n<\/p>\n

69,820<\/span><\/p>\n<\/p>\n

9,608<\/span><\/p>\n<\/p>\n

74,881<\/span><\/p>\n<\/p>\n

Non-current liabilities<\/span><\/p>\n

Operating lease liabilities-non-current<\/span><\/p>\n<\/p>\n

5,054<\/span><\/p>\n<\/p>\n

695<\/span><\/p>\n<\/p>\n

5,980<\/span><\/p>\n

Total non-current liabilities<\/span><\/p>\n<\/p>\n

5,054<\/span><\/p>\n<\/p>\n

695<\/span><\/p>\n<\/p>\n

5,980<\/span><\/p>\n

Total liabilities<\/span><\/p>\n<\/p>\n

74,874<\/span><\/p>\n<\/p>\n

10,303<\/span><\/p>\n<\/p>\n

80,861<\/span><\/p>\n

\u00a0<\/p>\n

Commitments and contingencies<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

3,507<\/span><\/p>\n

\u00a0<\/p>\n

Equities<\/span><\/p>\n

Ordinary shares (US$0.0000001 par value, <\/span><\/p>\n

500,000,000,000 shares\u00a0
authorized; 1,243,140 and 3,168,544 issued <\/span><\/p>\n

and outstanding as of December 31, 2023 and <\/span><\/p>\n

June 30, 2024, respectively)<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n

Additional paid-in capital<\/span><\/p>\n<\/p>\n

507,807<\/span><\/p>\n<\/p>\n

69,877<\/span><\/p>\n<\/p>\n

479,400<\/span><\/p>\n

Translation reserve<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

–<\/span><\/p>\n<\/p>\n

446<\/span><\/p>\n

Accumulated deficit<\/span><\/p>\n<\/p>\n

(196,701)<\/span><\/p>\n<\/p>\n

(27,067)<\/span><\/p>\n<\/p>\n

(173,176)<\/span><\/p>\n

Total equities for controlling shareholders<\/span><\/p>\n<\/p>\n

311,106<\/span><\/p>\n<\/p>\n

42,810<\/span><\/p>\n<\/p>\n

306,670<\/span><\/p>\n

Non-controlling interests<\/span><\/p>\n<\/p>\n

34,959<\/span><\/p>\n<\/p>\n

4,811<\/span><\/p>\n<\/p>\n

37,950<\/span><\/p>\n

Total equities<\/span><\/p>\n<\/p>\n

346,065<\/span><\/p>\n<\/p>\n

47,621<\/span><\/p>\n<\/p>\n

344,620<\/span><\/p>\n

Total equities and liabilities<\/span><\/p>\n<\/p>\n

420,939<\/span><\/p>\n<\/p>\n

57,924<\/span><\/p>\n<\/p>\n

428,988<\/span><\/p>\n<\/div>\n

\u00a0<\/p>\n

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