{"url_path":"/sec/ucar/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1939780/0001213900-26-057792-index.html","accession_number":"0001213900-26-057792","cik":"0001939780","ticker":"UCAR","issuer_name":"U Power Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/1939780/0001213900-26-057792-index.html","primary_entity_key":"0001939780","primary_entity_name":"U Power Ltd"},"word_count":19949,"has_tables":true,"body_markdown":"**Item 19.\nEXHIBITS**\n\n \n\n**EXHIBIT\nINDEX**\n\n \n\n**Exhibit\nNo.**\n \n**Description**\n\n1.1\n \n[Third Amended and Restated Memorandum of Association (incorporated by reference to Exhibit 3.1 of our Registration Statement on Form F-1 (File No. 333-285126) initially filed with the Securities and Exchange Commission March 10, 2026)](https://www.sec.gov/Archives/edgar/data/1939780/000121390026025381/ea028032701ex3-1.htm)\n\n2.1\n \n[Specimen\nCertificate for Ordinary Shares (incorporated by reference to Exhibit 4.1 of our Registration Statement on Form F-1 (File No. 333-268949)\ninitially filed with the Securities and Exchange Commission on December 22, 2022)](http://www.sec.gov/Archives/edgar/data/1939780/000121390022082127/ff12022ex4-1_upower.htm)\n\n2.2\n \n[Form\nof Underwriter’s Warrants (incorporated by reference to Exhibit 1.1 of our Registration Statement on Form F-1 (File No. 333-268949)\ninitially filed with the Securities and Exchange Commission on December 22, 2022)](http://www.sec.gov/Archives/edgar/data/1939780/000121390023011344/ff12023a1ex1-1_upower.htm)\n\n2.3\n \n[Form\nof Series A Warrants (incorporated by reference to exhibit 99.4 of our report on Form 6-K filed on December 8, 2023)](http://www.sec.gov/Archives/edgar/data/1939780/000121390023094168/ea189664ex99-4_upower.htm)\n\n2.4\n \n[Form\nof Pre-Funded Warrant to purchase Class A Ordinary Shares (incorporated by reference to Exhibit 4.1 of the Form 6-K filed by the\nCompany with the SEC on January 28, 2025)](http://www.sec.gov/Archives/edgar/data/1939780/000121390025007561/ea022889901ex4-1_upower.htm)\n\n2.5\n \n[Form\nof Common Warrant to purchase Class A Ordinary Shares (incorporated by reference to Exhibit 4.2 of the Form 6-K filed by the Company\nwith the SEC on January 28, 2025)](http://www.sec.gov/Archives/edgar/data/1939780/000121390025007561/ea022889901ex4-2_upower.htm)\n\n2.6\n \n[Description\nof Securities (incorporated by reference to Exhibit 2.6 of the Annual Report on Form 20-F,\nfiled with the SEC on May 15, 2025)](https://www.sec.gov/Archives/edgar/data/1939780/000121390025044284/ea023947801ex2-6_upower.htm)\n\n2.7\n \n[Form\nof Pre-funded Warrant (incorporated by reference to Exhibit 4.2 of our Registration Statement\non Form F-1 (File No. 333-294161) initially filed with the Securities and Exchange Commission on March 10, 2026)](http://www.sec.gov/Archives/edgar/data/1939780/000121390026025381/ea028032701ex4-2.htm)\n\n2.8\n \n[Form\nof Class A Ordinary Share Purchase Warrant (incorporated by reference to Exhibit 4.3 of our\nRegistration Statement on Form F-1 (File No. 333-294161) initially filed with the Securities and Exchange Commission on March 10, 2026)](http://www.sec.gov/Archives/edgar/data/1939780/000121390026027794/ea028160401ex4-3.htm)\n\n4.1\n \n[English\ntranslation of Investment Agreement on Joint Venture of Huzhou Zheyou New Energy Sales Co., Ltd. by and between Zhejiang Petroleum\nComprehensive Energy Sales Co., Ltd. and Youpin Automobile Service Group Co., Ltd., dated April 15, 2022 (incorporated by reference\nto exhibit 4.12 to our annual report on Form 20-F filed on August 22, 2023)](http://www.sec.gov/Archives/edgar/data/1939780/000121390023069924/f20f2022ex4-12_upower.htm)\n\n4.2\n \n[English\ntranslation of Corporate Bond Subscription Agreement by and between Zhejiang Youguan Automobile Service Co., Ltd. and Wuyi Transportation\nConstruction Investment Group Co., Ltd., dated September 17, 2020 (incorporated by reference to exhibit 4.13 to our annual report\non Form 20-F filed on August 22, 2023)](http://www.sec.gov/Archives/edgar/data/1939780/000121390023069924/f20f2022ex4-13_upower.htm)\n\n4.3\n \n[English\ntranslation of Project Finance Loan Contract by and between Youxu New Energy Technology (Zibo) Co., Ltd. and Qishang Bank, dated\nDecember 13, 2021(incorporated by reference to exhibit 4.14 to our annual report on Form 20-F filed on August 22, 2023)](http://www.sec.gov/Archives/edgar/data/1939780/000121390023069924/f20f2022ex4-14_upower.htm)\n\n \n\n126\n\n \n\n4.4\n \n[English\ntranslation of Settlement Agreement by and between Zhejiang Youguan Automotive Service Co., Ltd. and WuYi Transportation Construction\nInvestment Group Company Limited, dated June 13, 2023 (incorporated by reference to exhibit 4.17 to our annual report on Form 20-F\nfiled on August 22, 2023)](http://www.sec.gov/Archives/edgar/data/1939780/000121390023069924/f20f2022ex4-17_upower.htm)\n\n4.5\n \n[English\ntranslation of Amendment, dated November 10, 2023, to Capital Increase Agreement (originally dated December 31, 2021) among Youxu\nNew Energy Technology (Zibo) Co., Ltd., Mr. Jia Li, and Shandong Qiying Industrial Investment Development Co., Ltd. (incorporated\nby reference to Exhibit 4.15 from our registration statement on Form 20-F (File No. 001-41679) for the fiscal year ended December\n31, 2023, filed with the SEC on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1939780/000121390024043715/ea020526501ex4-15_upower.htm)\n\n4.6\n \n[English\ntranslation of Consulting Agreement, between U Power Limited and RICHNESS FORTUNE CREDIT(HK) COMPANY LIMITED, dated April 18, 2023\n(incorporated by reference to Exhibit 4.16 from our registration statement on Form 20-F (File No. 001-41679) for the fiscal year\nended December 31, 2023, filed with the SEC on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1939780/000121390024043715/ea020526501ex4-16_upower.htm)\n\n4.7\n \n[English\ntranslation of Offshore Business Loan Entrustment Agreement between U Power Limited and Worthy Credit Limited, dated March 31, 2023\n(incorporated by reference to Exhibit 4.17 from our registration statement on Form 20-F (File No. 001-41679) for the fiscal year\nended December 31, 2023, filed with the SEC on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1939780/000121390024043715/ea020526501ex4-17_upower.htm)\n\n4.8\n \n[Service\nAgreement between U Power Limited and Liberty Asset Management Capital Limited, dated March 31, 2023 (incorporated by reference to\nExhibit 4.18 from our registration statement on Form 20-F (File No. 001-41679) for the fiscal year ended December 31, 2023, filed\nwith the SEC on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1939780/000121390024043715/ea020526501ex4-18_upower.htm)\n\n4.9\n \n[Form\nof Securities Purchase Agreement (incorporated by reference to exhibit 99.2 of our report on Form 6-K filed on December 8, 2023)](http://www.sec.gov/Archives/edgar/data/1939780/000121390023094168/ea189664ex99-2_upower.htm)\n\n4.10\n \n[Subscription\nAgreement between U Power Limited and Fortune Light Assets Ltd., dated May 13, 2024 (incorporated by reference to exhibit 10.1 of\nour report on Form 6-K (File No. 001-41679) filed on May 20, 2024)](http://www.sec.gov/Archives/edgar/data/1939780/000121390024045179/ea020655601ex10-1_upower.htm)\n\n4.11\n \n[Subscription\nAgreement between U Power Limited and Big Benefit Ltd., dated May 23, 2024 (incorporated by reference to exhibit 10.1 of our report\non Form 6-K (File No. 001-41679) filed on May 30, 2024)](http://www.sec.gov/Archives/edgar/data/1939780/000121390024047969/ea020710701ex10-1_upower.htm)\n\n4.12\n \n[Subscription\nAgreement between U Power Limited and Fortune Light Assets Ltd., dated June 24, 2024 (incorporated by reference to exhibit 10.1 of\nour report on Form 6-K (File No. 001-41679) filed on June 28, 2024)](http://www.sec.gov/Archives/edgar/data/1939780/000121390024057377/ea020874801ex10-1_upower.htm)\n\n4.13\n \n[Form\nof the Securities Purchase Agreement, dated January 24, 2025, by and among the Company and the purchasers (incorporated by reference\nto Exhibit 10.2 to the Form 6-K (File No. 001-41679) filed by the Company with the SEC on January 28, 2025)](http://www.sec.gov/Archives/edgar/data/1939780/000121390025007561/ea022889901ex10-2_upower.htm)\n\n4.14\n \n[Placement\nAgency Agreement, dated January 24, 2025, by and between the Company and Maxim Group LLC (incorporated by reference to Exhibit 10.1\nto the Form 6-K (File No. 001-41679) filed by the Company with the SEC on January 28, 2025)](http://www.sec.gov/Archives/edgar/data/1939780/000121390025007561/ea022889901ex10-1_upower.htm)\n\n4.15\n \n[Joint Venture Agreement,\ndated December 25, 2024, by and between U SWAP Co., Ltd. and Ezzy Transporter (Thailand) Co., Ltd. (incorporated by reference to\nExhibit 4.25 of the Annual Report on Form 20-F, filed with the SEC on May 15, 2025)](http://www.sec.gov/Archives/edgar/data/1939780/000121390025044284/ea023947801ex4-25_upower.htm)\n\n4.16\n \n[Joint\nVenture Agreement, dated December 16, 2024, by and among Associação Nacional dos Transportes Rodoviários em\nAutomóveis Ligeiros, Energy U Limited and UNEXMOB MOBILIDADE ELETRICA, LDA  (incorporated\nby reference to Exhibit 4.26 of the Annual Report on Form 20-F, filed with the SEC on May 15, 2025)](http://www.sec.gov/Archives/edgar/data/1939780/000121390025044284/ea023947801ex4-26_upower.htm)\n\n4.17\n \n[Placement Agency Agreement,\ndated July 24, 2025, by and between the Company and Maxim Group LLC (incorporated by reference to Exhibit 10.1 to the Form 6-K filed\nby the Company with the SEC on July 28, 2025)](http://www.sec.gov/Archives/edgar/data/1939780/000121390025068216/ea025029801ex10-1_upower.htm)\n\n4.18\n \n[Form\nof Securities Purchase Agreement, dated July 24, 2025, by and between the Company and the Selling Shareholder (incorporated by reference\nto Exhibit 10.2 to the Form 6-K filed by the Company with the SEC on July 28, 2025)](http://www.sec.gov/Archives/edgar/data/1939780/000121390025068216/ea025029801ex10-2_upower.htm)\n\n4.19\n \n[Form of Securities Purchase\nAgreement (Incorporated by reference to Exhibit 10.1 to the Registrant’s Report on Form 6-K filed to the Securities and Exchange\nCommission on December 3, 2025)](http://www.sec.gov/Archives/edgar/data/1939780/000121390025117850/ea026828301ex10-1_upower.htm)\n\n \n\n127\n\n \n\n4.20\n \n[Form of Senior\nSecured Promissory Note (Incorporated by reference to Exhibit 10.2 to the Registrant’s Report on Form 6-K filed to the Securities\nand Exchange Commission on December 3, 2025)](http://www.sec.gov/Archives/edgar/data/1939780/000121390025117850/ea026828301ex10-2_upower.htm)\n\n4.21\n \n[Form\nof Pledge Agreement (Incorporated by reference to Exhibit 10.3 to the Registrant’s Report on Form 6-K filed to the Securities\nand Exchange Commission on December 3, 2025)](http://www.sec.gov/Archives/edgar/data/1939780/000121390025117850/ea026828301ex10-3_upower.htm)\n\n4.22\n \n[Form\nof Equity Interest Control Agreement (Incorporated by reference to Exhibit 10.4 to the Registrant’s Report on Form 6-K filed\nto the Securities and Exchange Commission on December 3, 2025)](http://www.sec.gov/Archives/edgar/data/1939780/000121390025117850/ea026828301ex10-4_upower.htm)\n\n4.23\n \n[Placement Agency Agreement,\ndated December 1, 2025, by and between the Company and Maxim Group LLC (Incorporated by reference to Exhibit 10.5 to the Registrant’s\nReport on Form 6-K filed to the Securities and Exchange Commission on December 3, 2025)](http://www.sec.gov/Archives/edgar/data/1939780/000121390025117850/ea026828301ex10-5_upower.htm)\n\n4.24\n \n[English\ntranslation of Battery-swapping Project Engineering Service Agreement, between Shanghai Youxu New Energy Technology Co., Ltd and\nSAIC MAXUS AUTOMOBILE CO., LTD., dated September 23, 2025 (incorporated by reference to\nExhibit 10.23 of our Registration Statement on Form F-1 (File No. 333-294161) initially filed with the Securities and Exchange Commission\non March 10, 2026)](http://www.sec.gov/Archives/edgar/data/1939780/000121390026025381/ea028032701ex10-23.htm)\n\n4.25\n \n[English translation of Cooperation Agreement, among U Power Limited, UNEX MOBIITY Limited and SAIC Hongyan Automobile Co., Ltd., dated November 20, 2025 (incorporated by reference to Exhibit 10.24 of our Registration Statement on Form F-1 (File No. 333-294161) initially filed with the Securities and Exchange Commission on March 10, 2026)](https://www.sec.gov/Archives/edgar/data/1939780/000121390026025381/ea028032701ex10-24.htm)\n\n4.26\n \n[Form of the Subscription Agreement, dated April 7, 2026, by and among the Company and the purchasers (incorporated by reference to Exhibit 10.1 to the Form 6-K (File No. 001-41679) filed by the Company with the SEC on April 7, 2026)](https://www.sec.gov/Archives/edgar/data/1939780/000121390026041068/ea028544301ex10-1.htm)\n\n4.27\n \n[Form of the Subscription Agreement, dated April 27, 2026, by and among the Company and the purchasers (incorporated by reference to Exhibit 10.1 to the Form 6-K (File No. 001-41679) filed by the Company with the SEC on April 28, 2026)](http://www.sec.gov/Archives/edgar/data/1939780/000121390026048314/ea028790001ex10-1.htm)\n\n8.1*\n \n[Subsidiaries of the Registrant](ea029027201ex8-1.htm)\n\n11.1\n \n[Code\nof Business Conduct and Ethics of the Registrant (incorporated by reference to Exhibit 14.1 of our Registration Statement on Form\nF-1 (File No. 333-268949) initially filed with the Securities and Exchange Commission on December 22, 2022)](http://www.sec.gov/Archives/edgar/data/1939780/000121390022082127/ff12022ex14-1_upower.htm)\n\n11.2\n \n[Insider\nTrading Policy (incorporated by reference to Exhibit 11.2 to the Form 20-F Form 20 (File No. 001-41679) for the fiscal year ended\nDecember 31, 2023, filed with the SEC on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1939780/000121390024043715/ea020526501ex11-2_upower.htm)\n\n12.1*\n \n[Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea029027201ex12-1.htm)\n\n12.2*\n \n[Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea029027201ex12-2.htm)\n\n13.1**\n \n[Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea029027201ex13-1.htm)\n\n13.2**\n \n[Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea029027201ex13-2.htm)\n\n15.1*\n \n\n[Consent of Guantao Law Firm](ea029027201ex15-1.htm)\n\n97.1\n \n[Clawback\nPolicy (incorporated by reference to Exhibit 97.1 from our registration statement on Form 20-F (File No. 001-41679) for the fiscal\nyear ended December 31, 2023, filed with the SEC on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1939780/000121390024043715/ea020526501ex97-1_upower.htm)\n\n101*\n \nThe following financial\nstatements from the Company’s Annual Report on Form 20-F for the year ended December 31, 2025, formatted in Inline XBRL: (i)\nConsolidated Balance Sheets, (ii) Consolidated Statements of Operations and Comprehensive Income (Loss), (iii) Consolidated Statements\nof Changes in Shareholders’ Equity, (iv) Consolidated Statements of Cash Flows, and (v) Notes to Consolidated Financial Statements,\ntagged as blocks of text and including detailed tags\n\n104*\n \nCover Page Interactive\nData File (formatted as Inline XBRL and contained in Exhibit 101)\n\n \n\n*Filed\nwith this annual report on Form 20-F\n\n**Furnished\nwith this annual report on Form 20-F\n\n \n\n128\n\n \n\n**SIGNATURES**\n\n \n\nThe\nregistrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized\nthe undersigned to sign this annual report on its behalf.\n\n \n\n \nU Power Limited\n\n \n \n \n\n \nBy:\n/s/\nJia Li\n\n \n \nJia Li\n\n \n \nChief Executive Officer, Director, and\n\n \n \nChairman of the Board\nof Directors\n\n \n \n \n\nDate: May 15, 2026\n \n \n\n \n\n129\n\n \n\n**U\nPOWER LIMITED**\n\n** **\n\n**INDEX\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n    **Page(s)**\n\n[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID: 7222)](#b_006)   F-2\n\n[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID: 6732)](#r_001)   F-3\n\n[CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2024 AND 2025](#b_001)   F-4\n\n[CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 AND 2025](#b_002)   F-5\n\n[CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 AND 2025](#b_003)   F-6\n\n[CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 AND 2025](#b_004)   F-7\n\n[NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS](#b_005)   F-8\n\n \n\nF-1\n\n \n\n**REPORT\nOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**\n\n \n\nTo: The Board of Directors and Stockholders of\nU Power Limited\n\n \n\n**Opinion on the Financial Statements**\n\n \n\nWe have audited the accompanying consolidated\nbalance sheet of U Power Limited, its subsidiaries and its variable interest entity (collectively, the “Company”) as of December\n31, 2025, and the related consolidated statements of operations and comprehensive loss, changes in shareholders’ deficit, and cash\nflows for the year ended December 31, 2025, and the related notes (collectively, the “financial statements”). In our opinion,\nthe financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and the\nresults of operations and cash flows for the year ended December 31, 2025, in conformity with accounting principles generally accepted\nin the United States of America.\n\n \n\n**Explanatory Paragraph Regarding Going Concern**\n\n \n\nThe accompanying consolidated financial statements\nhave been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the consolidated financial statements,\nthe Company’s current financial situation raises substantial doubt about its ability to continue as a going concern. Management’s\nplans in regard to this matter are also described in Note 3. These financial statements do not include any adjustments that might result\nfrom the outcome of this uncertainty.\n\n \n\n**Basis for Opinion**\n\n \n\nThese financial statements are the responsibility\nof the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our\naudits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)\nand are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable\nrules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audits in accordance with the\nstandards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial\nstatements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged\nto perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding\nof internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s\ninternal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audits included performing procedures to assess\nthe risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond\nto those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.\nOur audits also included evaluating the accounting principles used and the significant estimates made by management, as well as evaluating\nthe overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\n \n\n/s/ HCL PLLC\n\n \n\nWe have served as the Company’s auditor\nsince 2026.\n\nChicago, IL\n\nMay 15, 2026\n\n** **\n\nF-2\n\n** **\n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**\n\n \n\nTo the Board of Directors and\n\nShareholders of U Power Limited\n\n \n\n**Opinion on the Financial Statements**\n\n** **\n\nWe have audited the accompanying consolidated\nbalance sheet of U Power Limited and Subsidiaries (collectively, the “Company”) as of December 31, 2024, and the related consolidated\nstatements of comprehensive income, shareholders’ equity, and cash flows for each of the years in the two year period ended December\n31 2024, and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial\nstatements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the result of\nits operations and its cash flows for each of the years in the two year period ended December 31, 2024, in conformity with accounting\nprinciples generally accepted in the United States of America.\n\n** **\n\n**Basis for Opinion**\n\n** **\n\nThese consolidated financial statements are the\nresponsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial\nstatements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United\nStates) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and\nthe applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audits in accordance with the\nstandards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated\nfinancial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we\nengaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding\nof internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s\ninternal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audits included performing procedures to assess\nthe risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures\nthat respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the\nconsolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by\nmanagement, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provides\na reasonable basis for our opinion.\n\n \n\n/s/ Onestop Assurance PAC\n\n \n\nWe served as the Company’s auditor from 2023 to 2025.\n\n \n\nSingapore\n\nMay 15, 2025\n\n \n\nF-3\n\n \n\n**U\nPOWER LIMITED\nCONSOLIDATED BALANCE SHEETS\n(Amounts in thousands of RMB and US$, except for number of shares)**\n\n \n\n \n \n \n \nAs of December 31,\n \n\n \n \nNotes\n \n2024\n \n \n2025\n \n \n2025\n \n\n \n \n \n \nRMB\n \n \nRMB\n \n \nUS$\n \n\nASSETS\n \n \n \n \n \n \n \n \n \n \n \n\nCurrent assets:\n \n \n \n \n \n \n \n \n \n \n \n\nCash and cash equivalents\n \n \n \n \n23,435\n \n \n \n21,951\n \n \n \n3,123\n \n\nRestricted cash\n \n \n \n \n1,239\n \n \n \n343\n \n \n \n49\n \n\nAccounts receivable\n \n5\n \n \n10,374\n \n \n \n22,198\n \n \n \n3,158\n \n\nInventories\n \n6\n \n \n9,872\n \n \n \n12,291\n \n \n \n1,749\n \n\nAdvance to suppliers\n \n7\n \n \n9,466\n \n \n \n11,334\n \n \n \n1,613\n \n\nContract Assets\n \n \n \n \n-\n \n \n \n1,050\n \n \n \n149\n \n\nOther current assets\n \n8\n \n \n29,032\n \n \n \n17,963\n \n \n \n2,556\n \n\nAmount due from related parties\n \n16\n \n \n21,657\n \n \n \n60,274\n \n \n \n8,575\n \n\nTotal current assets\n \n \n \n \n105,075\n \n \n \n147,404\n \n \n \n20,972\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nNon-current assets:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nProperty, plant and equipment, net\n \n9\n \n \n8,656\n \n \n \n8,537\n \n \n \n1,215\n \n\nIntangible assets, net\n \n10\n \n \n132\n \n \n \n62\n \n \n \n9\n \n\nOperating lease right-of-use assets, net\n \n15\n \n \n16,205\n \n \n \n9,873\n \n \n \n1,405\n \n\nLong-term investments\n \n11\n \n \n134,114\n \n \n \n133,942\n \n \n \n19,056\n \n\nRefundable deposit for investment\n \n12\n \n \n39,799\n \n \n \n54\n \n \n \n8\n \n\nOther non-current assets\n \n8\n \n \n81,733\n \n \n \n78,926\n \n \n \n11,228\n \n\nTotal non-current assets\n \n \n \n \n280,639\n \n \n \n231,394\n \n \n \n32,921\n \n\nTotal assets\n \n \n \n \n385,714\n \n \n \n378,798\n \n \n \n53,893\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nLIABILITIES AND EQUITY\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCurrent liabilities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nBank borrowings\n \n13\n \n \n17,972\n \n \n \n18,972\n \n \n \n2,699\n \n\nAccounts payable\n \n \n \n \n14,307\n \n \n \n19,533\n \n \n \n2,779\n \n\nAccrued expenses and other liabilities\n \n14\n \n \n13,281\n \n \n \n29,915\n \n \n \n4,256\n \n\nIncome tax payables\n \n18\n \n \n5,169\n \n \n \n7,947\n \n \n \n1,131\n \n\nAdvances from customers\n \n \n \n \n1,086\n \n \n \n3,213\n \n \n \n457\n \n\nOperating lease liabilities – current\n \n15\n \n \n1,843\n \n \n \n1,247\n \n \n \n177\n \n\nAmount due to related parties\n \n16\n \n \n3,239\n \n \n \n1,037\n \n \n \n148\n \n\nTotal current liabilities\n \n \n \n \n56,897\n \n \n \n81,864\n \n \n \n11,647\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nNon-current liabilities:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nOperating lease liabilities – non-current\n \n15\n \n \n4,137\n \n \n \n2,362\n \n \n \n336\n \n\nBank borrowings\n \n13\n \n \n3,700\n \n \n \n-\n \n \n \n-\n \n\nTotal non-current liabilities\n \n \n \n \n7,837\n \n \n \n2,362\n \n \n \n336\n \n\nTotal liabilities\n \n \n \n \n64,734\n \n \n \n84,226\n \n \n \n11,983\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCommitments and contingencies\n \n21\n \n \n-\n \n \n \n5,800\n \n \n \n825\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nShareholders’ equity:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nOrdinary shares (US$0.00001 par value; 5,000,000,000 shares authorized; 3,378,188 and 4,971,484 issued and outstanding as of December 31, 2024 and 2025) *\n \n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\nClass A ordinary shares, $0.00001 par value, 3,999,411,812 Class A ordinary shares authorized, 2,790,000 and 4,603,440 Class A ordinary shares issued and outstanding as of December 31, 2024 and 2025*\n \n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\nClass B ordinary shares, $0.00001 par value, 1,000,588,188 Class B ordinary shares authorized, 588,188 and 368,044 Class B ordinary shares issued and outstanding as of December 31, 2024 and 2025*\n \n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\nAdditional paid-in capital\n \n \n \n \n512,568\n \n \n \n565,069\n \n \n \n80,394\n \n\nTranslation reserve\n \n \n \n \n-\n \n \n \n(4,231\n)\n \n \n(602\n) \n\nAccumulated deficit\n \n \n \n \n(221,098\n)\n \n \n(289,818\n)\n \n \n(41,233\n)\n\nTotal U POWER LIMITED’s shareholders’ equity\n \n \n \n \n291,470\n \n \n \n271,020\n \n \n \n38,559\n \n\nNon-controlling interests\n \n \n \n \n29,510\n \n \n \n17,752\n \n \n \n2,526\n \n\nTotal equity\n \n \n \n \n320,980\n \n \n \n288,772\n \n \n \n41,085\n \n\nTotal liabilities and equity\n \n \n \n \n385,714\n \n \n \n378,798\n \n \n \n53,893\n \n\n \n\n*On March 25, 2024, the Company’s shareholders adopted an ordinary resolution to effect that every 100 ordinary shares with a par value of US$0.0000001 each in the Company’s issued and unissued share capital be consolidated into one ordinary share with a par value of US$0.00001 each, which became effective on March 31, 2024. During fiscal year 2025, the Company issued an aggregate of 159,329,600 ordinary shares with a par value of US$0.0000001 each on a pre-consolidation basis, equivalent to 1,593,296 ordinary shares with a par value of US$0.00001 each on a post-consolidation basis. As of December 31, 2025, the Company had approximately 4,971,484 ordinary shares with a par value of US$0.00001 each issued and outstanding on a post-consolidation basis. This does not give effect to the 1-for-10 share consolidation effected on April 1, 2026.\n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-4\n\n \n\n**U\nPOWER LIMITED\nCONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS\n(Amounts in thousands of RMB and US$, except for number of shares and per share data)**\n\n** **\n\n  \n  \nFor\nthe years ended December 31, \n\n  \nNotes \n2023  \n2024  \n2025  \n2025 \n\n  \n  \nRMB  \nRMB  \nRMB  \nUS$ \n\nNet revenues \n  \n   \n   \n   \n  \n\nProduct\nsales \n  \n 17,062  \n 41,819  \n 36,628  \n 5,211 \n\nSourcing services \n  \n 1,513  \n 63  \n 1,090  \n 155 \n\nBattery-swapping\nservices \n  \n 1,189  \n 2,408  \n 3,407  \n 485 \n\nTotal net revenues \n  \n 19,764  \n 44,290  \n 41,125  \n 5,851 \n\nCost of revenues \n  \n (7,592) \n (33,827) \n (26,208) \n (3,729)\n\nGross profit \n  \n 12,172  \n 10,463  \n 14,917  \n 2,122 \n\n  \n  \n    \n    \n    \n   \n\nOperating expenses: \n  \n    \n    \n    \n   \n\nSales and marketing\nexpenses \n  \n (2,477) \n (2,789) \n (3,362) \n (478)\n\nGeneral and administrative\nexpenses \n  \n (41,222) \n (46,910) \n (52,627) \n (7,487)\n\nResearch and development\nexpenses \n  \n (2,184) \n (2,985) \n (4,597) \n (654)\n\nLoss\non impairment of long-lived assets and long-term investment \n  \n (1,996) \n (10,504) \n -  \n - \n\nAllowance\nfor expected credit losses \n  \n (1,196) \n (5,264) \n (12,597) \n (1,792)\n\nTotal\noperating expenses \n  \n (49,075) \n (68,452) \n (73,183) \n (10,411)\n\nOperating loss \n  \n (36,903) \n (57,989) \n (58,266) \n (8,289)\n\nInterest income \n  \n 562  \n 742  \n 2,829  \n 402 \n\nInterest expenses \n  \n (1,860) \n (1,402) \n (188) \n (27)\n\nOther income \n  \n 16,927  \n 5,612  \n 3,072  \n 437 \n\nOther\nexpenses \n  \n (1,579) \n (3,325) \n (24,344) \n (3,463)\n\nLoss before income taxes \n  \n (22,853) \n (56,362) \n (76,897) \n (10,940)\n\nIncome tax expenses \n18 \n (2,613) \n -  \n (3,581) \n (509)\n\nNet loss \n  \n (25,466) \n (56,362) \n (80,478) \n (11,449)\n\nLess:\nNet loss attributable to non-controlling interests \n  \n (6,128) \n (8,440) \n (11,758) \n (1,673)\n\nNet\nloss attributable to the Company’s shareholders \n  \n (19,338) \n (47,922) \n (68,720) \n (9,776)\n\n  \n  \n    \n    \n    \n   \n\nLoss\nper share attributable to ordinary shareholders of the Company’s shareholders * \n  \n    \n    \n    \n   \n\nBasic and diluted \n20 \n (15.56) \n (16.79) \n (15.05) \n (2.14)\n\n  \n  \n    \n    \n    \n   \n\nWeighted\naverage shares used in calculating basic and diluted loss per share * \n  \n    \n    \n    \n   \n\nBasic and diluted \n20 \n 1,243,140  \n 2,854,594  \n 4,567,460  \n 4,567,460 \n\nNet loss \n  \n (25,466) \n (56,362) \n (80,478) \n (11,449)\n\nOther\ncomprehensive income, net of tax of nil: \n  \n    \n    \n    \n   \n\nForeign\ncurrency translation adjustments \n  \n 446  \n (446) \n (4,231) \n (602)\n\nComprehensive\nloss \n  \n (25,020) \n (56,808) \n (84,709) \n (12,051)\n\n \n\n*On March 25, 2024, the Company’s shareholders adopted an ordinary resolution to effect that every 100 ordinary shares with a par value of US$0.0000001 each in the Company’s issued and unissued share capital be consolidated into one ordinary share with a par value of US$0.00001 each, which became effective on March 31, 2024. During fiscal year 2025, the Company issued an aggregate of 159,329,600 ordinary shares with a par value of US$0.0000001 each on a pre-consolidation basis, equivalent to 1,593,296 ordinary shares with a par value of US$0.00001 each on a post-consolidation basis. As of December 31, 2025, the Company had approximately 4,971,484 ordinary shares with a par value of US$0.00001 each issued and outstanding on a post-consolidation basis. This does not give effect to the 1-for-10 share consolidation effected on April 1, 2026.\n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-5\n\n \n\n**U\nPOWER LIMITED\nCONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY\n(Amounts in thousands of RMB and US$, except for number of shares)**\n\n \n\n  \n   \n   \n   \n   \n   \n   \n   \nTotal  \n   \n  \n\n  \nClass A  \nClass B  \nAdditional  \n   \n   \nU POWER LIMITED  \nNon-  \n  \n\n  \nOrdinary shares  \nOrdinary shares  \npaid-in  \nAccumulated  \nTranslation  \nshareholders’  \ncontrolling  \nTotal \n\n  \nShares *  \nAmount  \nshares*  \nAmount  \ncapital  \ndeficit  \nreserve  \nequity  \ninterests  \nequity \n\n  \n   \nRMB  \n   \nRMB  \nRMB  \nRMB  \nRMB  \nRMB  \nRMB  \nRMB \n\nBalance as of December 31, 2022 \n 500,000  \n \n        -\n  \n \n-\n  \n \n        -\n  \n 319,775  \n (153,838) \n \n            -\n  \n 165,937  \n 39,078  \n 205,015 \n\nConsolidated net loss \n -  \n \n-\n  \n -  \n \n-\n  \n \n-\n  \n (19,338) \n    \n (19,338) \n (6,128) \n (25,466)\n\nIssuance of ordinary shares \n 743,140  \n \n-\n  \n 743,140  \n \n-\n  \n 159,625  \n \n-\n  \n \n-\n  \n 159,625  \n \n-\n  \n 159,625 \n\nCapital contribution from non-controlling shareholders \n -  \n \n-\n  \n -  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 5,000  \n 5,000 \n\nOther comprehensive income \n -  \n \n-\n  \n -  \n \n-\n  \n \n-\n  \n \n-\n  \n 446  \n 446  \n \n-\n  \n 446 \n\nBalance as of December 31, 2023 \n 1,243,140  \n \n-\n  \n \n-\n  \n \n-\n  \n 479,400  \n (173,176) \n 446  \n 306,670  \n 37,950  \n 344,620 \n\nConsolidated net loss \n    \n \n \n  \n    \n    \n \n \n  \n (47,922) \n    \n (47,922) \n (8,440) \n (56,362)\n\nIssuance of ordinary shares \n 1,546,860  \n \n-\n  \n 588,188  \n \n-\n  \n 49,276  \n    \n    \n 49,276  \n    \n 49,276 \n\nInvestment Refund \n    \n    \n    \n    \n (16,108) \n    \n    \n (16,108) \n    \n (16,108)\n\nOther comprehensive income \n    \n    \n    \n    \n    \n    \n (446) \n (446) \n    \n (446)\n\nBalance as of December 31, 2024 in RMB \n 2,790,000  \n \n-\n  \n 588,188  \n \n-\n  \n 512,568  \n (221,098) \n \n-\n  \n 291,470  \n 29,510  \n 320,980 \n\nConsolidated net loss \n    \n \n \n  \n    \n \n \n  \n \n \n  \n (68,720) \n \n \n  \n (68,720) \n (11,758) \n (80,478)\n\nIssuance of ordinary shares \n 1,593,296  \n \n \n  \n    \n \n \n  \n 52,501  \n    \n \n \n  \n 52,501  \n    \n 52,501 \n\nOther comprehensive income \n    \n    \n    \n    \n    \n    \n (4,231) \n (4,231) \n    \n (4,231)\n\nBalance as of December 31, 2025 in RMB \n 4,383,296  \n \n \n  \n 588,188  \n \n \n  \n 565,069  \n (289,818) \n (4,231) \n 271,020  \n 17,752  \n 288,772 \n\nBalance as of December 31, 2025 in US$ \n    \n \n-\n  \n    \n    \n 80,394  \n (41,233) \n (4,231) \n 38,559  \n 2,526  \n 41,085 \n\n \n\n*On March 25, 2024, the Company’s shareholders adopted an ordinary resolution to effect that every 100 ordinary shares with a par value of US$0.0000001 each in the Company’s issued and unissued share capital be consolidated into one ordinary share with a par value of US$0.00001 each, which became effective on March 31, 2024. During fiscal year 2025, the Company issued an aggregate of 159,329,600 ordinary shares with a par value of US$0.0000001 each on a pre-consolidation basis, equivalent to 1,593,296 ordinary shares with a par value of US$0.00001 each on a post-consolidation basis. As of December 31, 2025, the Company had approximately 4,971,484 ordinary shares with a par value of US$0.00001 each issued and outstanding on a post-consolidation basis. This does not give effect to the 1-for-10 share consolidation effected on April 1, 2026.\n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-6\n\n \n\n**U\nPOWER LIMITED\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n(Amounts in thousands of RMB and US$, except for number of shares)**\n\n \n\n \n\n  \nFor the Years Ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nRMB  \nUS$ \n\nCASH FLOWS FROM OPERATING ACTIVITIES \n    \n    \n    \n   \n\nNet loss \n (25,466) \n (56,362) \n (80,478) \n (11,449)\n\nAdjustments to reconcile net loss to net cash used in operating activities: \n    \n    \n    \n   \n\nDepreciation and amortization \n 2,607  \n 3,057  \n 2,112  \n 301 \n\nAmortization of right-of-use assets \n 5,719  \n 5,450  \n 6,333  \n 901 \n\nAllowance for expected credit losses \n 1,196  \n 5,264  \n 12,599  \n 1,792 \n\nLoss on impairment of property, plant and equipment \n 1,896  \n \n-\n  \n \n-\n  \n \n-\n \n\nLoss on impairment of long-term investment \n 100  \n 10,503  \n \n-\n  \n \n-\n \n\nShare of loss/(gain) in equity method investee \n 94  \n 295  \n (339) \n (48)\n\nReversal of loss on impairment of Inventories \n \n \n  \n (79) \n \n-\n  \n \n-\n \n\n  \n    \n    \n    \n   \n\nChanges in operating assets and liabilities: \n    \n    \n    \n   \n\nAccounts receivables \n (14,168) \n 3,811  \n (13,172) \n (1,874)\n\nInventories \n 107  \n (4,354) \n (2,418) \n (344)\n\nAdvance to suppliers \n (3,929) \n 1,499  \n (2,887) \n (411)\n\nOther current assets \n (21,228) \n 8,174  \n (21,891) \n (3,113)\n\nAmount due from related parties \n (22) \n (1,514) \n 1,626  \n 231 \n\nOther non-current assets \n 30  \n (45,704) \n \n-\n  \n \n-\n \n\nAccounts payables \n (899) \n 4,076  \n 5,226  \n 744 \n\nAccrued expenses and other payables \n (15,106) \n (1,862) \n 19,350  \n 2,753 \n\nIncome tax payables \n 2,621  \n (31) \n 2,778  \n 395 \n\nAdvance from customers \n (721) \n (1,451) \n 2,126  \n 302 \n\nAmount due to related parties \n 5,180  \n (2,192) \n (3,239) \n (461)\n\nCommitments and contingent liabilities \n \n-\n  \n \n-\n  \n 5,801  \n 825 \n\nContract assets \n \n-\n  \n \n-\n  \n (1,050) \n (148)\n\nOperating lease liabilities \n (3,453) \n (1,750) \n (2,371) \n (337)\n\nNet cash used in operating activities \n (65,442) \n (73,170) \n (69,894) \n (9,941)\n\n  \n    \n    \n    \n   \n\nCASH FLOWS FROM INVESTING ACTIVITIES \n    \n    \n    \n   \n\nPurchases of property, plant and equipment \n (881) \n (10) \n (500) \n (71)\n\nProceeds from disposal of property, plant and equipment \n \n-\n  \n 130  \n \n-\n  \n \n-\n \n\nLoans (provided to)/received from     third parties \n (33,255) \n 16,734  \n \n-\n  \n \n-\n \n\nReceived from loans to third parties \n \n-\n  \n \n-\n  \n 23,762  \n 3,381 \n\nReceived from refundable deposit for investment \n 7,409  \n 32,975  \n 39,745  \n 5,655 \n\nLoans provided to related parties \n    \n    \n (40,243) \n (5,725)\n\nRepayments of loan from   related parties \n    \n    \n 1,037  \n 148 \n\nPrepayment \n (42,599) \n \n-\n  \n \n-\n  \n \n-\n \n\nPayment for deferred consideration in relation to investment \n (3,000) \n \n-\n  \n \n-\n  \n \n-\n \n\nIncrease in long-term investments \n (11,750) \n (736) \n 29  \n 4 \n\nNet cash (used in)/ provided by investing activities \n (84,076) \n 49,093  \n 23,830  \n 3,392 \n\n  \n    \n    \n    \n   \n\nCASH FLOWS FROM FINANCING ACTIVITIES \n    \n    \n    \n   \n\nCapital contribution by non-controlling shareholders \n 5,000  \n \n-\n  \n \n-\n  \n \n-\n \n\nLoans received from a third party \n 15,006  \n \n-\n  \n \n-\n  \n \n-\n \n\nProceeds from issuance of ordinary shares \n 156,197  \n 25,873  \n 52,501  \n 7,469 \n\nProceeds from short-term bank borrowing \n 5,000  \n 10,172  \n 2,000  \n 285 \n\nRepayments of long-term bank borrowing \n (500) \n (3,000) \n (4,700) \n (669)\n\nRepayments of loan payable \n (1,300) \n (20,087) \n (2,716) \n (386)\n\nNet cash provided by financing activities \n 179,403  \n 12,958  \n 47,085  \n 6,699 \n\n  \n    \n    \n    \n   \n\nNet (decrease)/increase in cash and cash equivalents and restricted cash \n 29,885  \n (11,119) \n 1,021  \n 150 \n\nEffects of exchange rate changes \n 446  \n (446) \n (3,401) \n (359)\n\nCash and cash equivalents and restricted cash at beginning of year \n 5,908  \n 36,239  \n 24,674  \n 3,381 \n\nCash and cash equivalents and restricted cash at end of year \n 36,239  \n 24,674  \n 22,294  \n 3,172 \n\n  \n    \n    \n    \n   \n\nSupplemental disclosures of non-cash activities: \n    \n    \n    \n   \n\nRight-of-use assets obtained in exchange for new operating lease liabilities \n 4,698  \n \n-\n  \n \n-\n  \n \n-\n \n\nIssue of share for right-of-use assets \n 3,428  \n \n-\n  \n \n-\n  \n \n-\n \n\n  \n    \n    \n    \n   \n\nSupplemental disclosures cash flow information \n    \n    \n    \n   \n\nInterest payment \n    \n    \n (1,004) \n (143)\n\nIncome tax payment \n    \n    \n \n-\n  \n \n-\n \n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-7\n\n \n\n**U\nPOWER LIMITED\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\n(Amounts in thousands of RMB and US$, except for number of shares and per share data)**\n\n** **\n\n**1. ORGANIZATION**\n\n** **\n\n**(a)\nNature of operations**\n\n \n\nU\nPOWER LIMITED (the “Company”) was incorporated in the Cayman Islands on June 17, 2021, under the Cayman Islands Companies\nLaw as an exempted company with limited liability. Anhui Yousheng New Energy Technology Group Co., Ltd. (“AHYS”, formerly\nknown as “Shanghai Yousheng New Energy Technology Group Co. Ltd.”) was incorporated in the People’s Republic of China\n(the “PRC” or “China”) on May 16, 2013. AHYS, together with its subsidiaries (collectively, the “Operating\nEntities”) are principally engaged in the provision of: 1) new energy vehicles development and sales; 2) battery swapping stations\nmanufacturing and sales; 3) battery swapping services; and 4) sourcing services (collectively, “Principal Business”).\n\n** **\n\n**(b)\nReorganization**\n\n \n\nIn\npreparation of its initial public offering (“IPO”) in the United States, the following transactions were undertaken to reorganize\nthe legal structure of the Operating Entities. The Company was incorporated in connection with a group reorganization (the “Reorganization”)\nof the Operating Entities. On June 30, 2021, and January 5, 2022, the Company incorporated two wholly-owned subsidiaries, Youcang Limited\n(“Youcang”) and U Robur Limited (“U Robur BVI”) in British Virgin Islands, respectively. On July 19, 2021, Youcang\nincorporated a wholly-owned subsidiary, Energy U Limited (“Energy U”) in Hong Kong. On January 24, 2022, U Robur BVI incorporated\na wholly-owned subsidiary, U Robur Limited (“U Robur HK”). On January 27, 2021, Energy U incorporated a wholly-owned subsidiary,\nShandong Yousheng New Energy Technology Development Co, Ltd. (“WFOE”) in the PRC.\n\n \n\nOn\nJuly 8, 2022, the Company, through WFOE, entered into an equity purchase agreement with AHYS and its then shareholders, through which\nthe Company has become the ultimate primary beneficiary of AHYS. As all the entities involved in the process of the Reorganization are\nunder common ownership of AHYS’s shareholders before and after the Reorganization, the Reorganization is accounted for in a manner\nsimilar to a pooling of interests with the assets and liabilities of the parties to the Reorganization carried over at their historical\namounts. Therefore, the accompanying consolidated financial statements were prepared as if the corporate structure of the Company had\nbeen in existence since the beginning of the periods presented. The Company and its subsidiaries hereinafter are collectively referred\nto as the “Group”.\n\n \n\nF-8\n\n \n\nAs\nof the date of this report, the details of the Company’s principal subsidiaries are as follows:\n\n \n\nEntity  Date of\nincorporation/\nacquisition  Place of\nincorporation  Percentage\nof direct\nor indirect\nownership\nby the\nCompany   Principal activities\n\nSubsidiaries:              \n\nYoucang Limited (“Youcang”)  June 30, 2021  British Virgin Islands   100%  Investment holding\n\nEnergy U Limited (“Energy U”)  July 19, 2021  Hong Kong   100%  Investment holding\n\nShandong Yousheng New Energy Technology Development Co, Ltd. (“WFOE”)(1)  January 27, 2022  PRC   100%  Provision of technical and consultation services\n\nAnhui Yousheng New Energy Co., Ltd (“AHYS”)(1)  May 16, 2013  PRC   100%  Dormant Company\n\nYoupin Automobile Service Group Co. Ltd. (“Youpin”)(1)  July 18, 2013  PRC   54.37%  Provision of new energy vehicles sales, battery swapping stations sales, battery swapping services and sourcing services\n\nShanghai Youchuangneng Digital Technology Co., Ltd. (“SY Digital Tech) (1)  November 13, 2015  PRC   100%  Provision of new energy vehicles sales, battery swapping stations sales, battery swapping services and sourcing services\n\nYouguan Financial Leasing Co., Ltd. (“Youguan Financial Leasing”)(1)  February 27, 2017  PRC   100%  Dormant Company\n\nYoupin Automobile Service (Shandong) Co., Ltd. (“Youpin SD”)(1)  June 30, 2020  PRC   86.96%  Provision of new energy vehicles sales and sourcing services\n\nChengdu Youyineng Automobile Service Co., Ltd. (“CD Youyineng”)(1)  October 29, 2020  PRC   100%  Provision of battery swapping stations manufacturing\n\nShanghai Youteng Automobile Service Co., Ltd. (“SH Youteng”)(1)  November 3, 2020  PRC   70%  Dormant Company\n\nLiaoning Youguan New Energy Technology Co. Ltd. (“LY New Energy”)(1)  November 8, 2019  PRC   100%  Provision of new energy vehicles sales and sourcing services\n\nShanghai Youxu New Energy Technology Co., Ltd. (“SH Youxu”)(1)  March 22, 2021  PRC   70%  Provision of battery swapping stations sales and battery swapping services and two-wheeled vehicle battery-swapping services\n\nQuanzhou Youyi Power Exchange Network Technology Co., Ltd.  (“QZ Youyi”)(1)  June 29, 2021  PRC   100%  Provision of battery swapping services\n\nYouxu New Energy Technology (Zibo) Co., Ltd. (“Youxu Zibo”)(1)  July 29, 2021  PRC   100%  Provision of batter swapping stations manufacturing\n\nYouxu (Xiamen) Power Exchange Network Technology Co., Ltd. (“Youxu XM”)(1)  August 10, 2021  PRC   100%  Provision of battery swapping services\n\nWuhu Youxu New Energy Technology Co., Ltd. (“WH Youxu”) (1)  November 12, 2021  PRC   100%  Provision of batter swapping stations manufacturing\n\nHenan Youxu New Energy Technology Co., Ltd. (“HN Youxu”) (1)  December 1, 2022  PRC   80%  Dormant Company\n\nYouxu New Energy Technology (Nanyang) Co., Ltd. (“NY Youxu”) (1)  March 14, 2023  PRC   70%  Provision of batter swapping stations manufacturing\n\nU SWAP CO LTD(“U SWAP”)  June 13, 2024  Thailand   85%  Provision of new energy vehicles sales, battery swapping stations sales, battery swapping services and sourcing services\n\nGreendrive Tech Co., Ltd (“Greendrive”)  March 5, 2025  Thailand   70.0%  Provision of new energy vehicles sales, battery swapping stations sales, battery swapping services and sourcing services\n\nShanghai Younengke New Energy Technology Co., Ltd (“SH Younengke”)  July 11, 2025  PRC   70%  Provision of new energy vehicles sales, battery swapping stations sales, battery swapping services and sourcing services\n\n \n\n(1)Collectively, the “PRC subsidiaries”.\n\n \n\nF-9\n\n \n\n**(c)\nInitial Public Offering**\n\n \n\nIn\nApril 2023, the Company, in connection with its IPO in the United States, issued 2,416,667 ordinary shares with a par value of US$0.0000001\neach (not giving effect to the 1-for-100 share consolidation effected on March 31, 2024 and the 1-for-10 share consolidation effected\non April 1, 2026) with net proceeds from the IPO of approximately US$13,000,000.\n\n \n\n**(d)\nConsolidation of Ordinary Shares**\n\n** **\n\nOn\nMarch 25, 2024, the Company’s shareholders adopted an ordinary resolution to effect that every 100 ordinary shares with a par value\nof US$0.0000001 each in the Company’s issued and unissued share capital be consolidated into one ordinary share with a par value\nof US$0.00001 each, which became effective on March 31, 2024. During fiscal year 2025, the Company issued an aggregate of 159,329,600\nordinary shares with a par value of US$0.0000001 each on a pre-consolidation basis, equivalent to 1,593,296 ordinary shares with a par\nvalue of US$0.00001 each on a post-consolidation basis. As of December 31, 2025, the Company had approximately 4,971,484 ordinary shares\nwith a par value of US$0.00001 each issued and outstanding on a post-consolidation basis.\n\n \n\n**2. SUMMARY\nOF SIGNIFICANT ACCOUNTING POLICIES**\n\n** **\n\n**(a)\nBasis of presentation**\n\n \n\nThe\nconsolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States\nof America (“U.S. GAAP”).\n\n** **\n\n**(b)\nPrinciples of consolidation**\n\n \n\nThe\naccompanying consolidated financial statements of the Group include the financial statements of the Company and its subsidiaries for\nwhich the Company is the ultimate primary beneficiary.\n\n \n\nA\nsubsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; has the power\nto appoint or remove the majority of the members of the board of directors (the “Board”); and to cast majority of votes at\nthe meeting of the Board or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders\nor equity holders.\n\n \n\nAll\nsignificant transactions and balances between the Company and its subsidiaries have been eliminated in consolidation. The non-controlling\ninterests in consolidated subsidiaries are shown separately in the consolidated financial statements.\n\n** **\n\n**(c)\nUse of estimates**\n\n \n\nThe\npreparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that\naffect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated\nfinancial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates\nreflected in the Group’s consolidated financial statements mainly include the incremental borrowing rate used in the recognition\nof right-of-use assets and lease liabilities, allowance for expected credit loss, the useful lives of property, plant and equipment and\nintangible assets, contingent liabilities and valuation allowance for deferred tax assets. The Group bases its estimates on historical\nexperience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the\nbasis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Any\nfuture changes to these estimates and assumptions could cause a material change to the Group’s reported amounts of revenues, expenses,\nassets and liabilities. Actual results may differ from these estimates under different assumptions or conditions.\n\n \n\nF-10\n\n \n\n**(d) Functional\ncurrency and foreign currency translation**\n\n \n\nThe\nGroup uses Renminbi (“RMB”) as its reporting currency. The functional currency of the Company and its overseas subsidiaries\nwhich incorporated in the Cayman Islands, British Virgin Islands and Thailand is US Dollar (“US$”). The functional currency\nof the Company’s subsidiaries which incorporated in Hong Kong is Hong Kong Dollar (“HK$”). The functional\ncurrency of the Company’s subsidiaries which incorporated in PRC is RMB.\n\n \n\nIn\nthe consolidated financial statements, the financial information of the Company and other entities located outside of PRC has been\ntranslated into RMB. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are\ntranslated at historical exchange rates, and revenues, expenses, gains and losses are translated using the average rate for the\nperiods. Translation adjustments are reported as foreign currency translation adjustments and are shown as a component of other\ncomprehensive loss in the consolidated statements of operations and comprehensive income (loss). There was other comprehensive loss\nof RMB 446 and RMB 783(US$ 111) for the years ended December 31, 2024 and 2025.\n\n \n\nTransactions\ndenominated in foreign currencies are re-measured into the functional currency at the exchange rates prevailing on the transaction\ndates. Financial assets and liabilities denominated in foreign currencies are re-measured into the functional currency at the exchange\nrates prevailing at the balance sheet date.\n\n** **\n\n**(e)\nConvenience translation**\n\n \n\nThe\nGroup’s business is primarily conducted in China and all of the revenues are denominated in RMB. However, periodic reports made\nto shareholders will include current period amounts translated into US dollars using the exchange rate as of balance sheet date, for\nthe convenience of the readers. Translations of balances in the consolidated balance sheets, consolidated statements of comprehensive\nloss, change in equity and related consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31,\n2025 are solely for the convenience of the reader and were calculated at the rate of US$1.00 to RMB7.0288, representing the noon buying\nrate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on\nDecember 31, 2025. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled\ninto US$ at that rate on December 31, 2025 or at any other rate.\n\n** **\n\n**(f)\nNon-controlling interest**\n\n \n\nFor\ncertain subsidiaries, a non-controlling interest is recognized to reflect the portion of their equity which is not attributable, directly\nor indirectly, to the Group. Consolidated net loss or income on the consolidated statements of operations includes the net loss or income\nattributable to non-controlling interests. Non-controlling interests are classified as a separate line item in the equity section of\nthe Group’s consolidated balance sheets and have been separately disclosed in the Group’s consolidated statements of operations\nto distinguish the interests from that of the Company.\n\n** **\n\n**(g)\nCash and cash equivalents**\n\n \n\nCash\nand cash equivalents represent cash on hand, time deposits and highly-liquid investments placed with banks or other financial institutions,\nwhich are unrestricted as to withdrawal and use, and which have original maturities of three months or less.\n\n** **\n\n**(h)\nRestricted cash**\n\n \n\nRestricted\ncash represents the cash that is not freely available to be spent nor re-invested to sustain future growth, which is legally or contractually\nrestricted, or only to be used for a specified purpose. The restrictions can be permanent or temporary. Failure to use the asset according\nto agreed limitations will generate contractual or legal consequences.\n\n** **\n\nF-11\n\n \n\n**(i)\nAllowance for expected credit loss**\n\n \n\nAccounts\nreceivable, advance to suppliers and other current assets are recognized at original invoiced amount. The Group measures all expected\ncredit losses at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The\nGroup reviews the accounts receivable, advance to suppliers and other current assets periodically, and recognizes the expected credit\nlosses based on many factors, including the customer’s payment history, its current credit-worthiness and current economic trends.\n\n \n\nBased\non the result of the Group’s estimation of collectability, the Group recognized RMB5,264 and RMB12,597 (US$ 1,792) of allowance\nfor expected credit loss for the years ended December 31, 2024 and 2025, respectively.\n\n** **\n\n**(j)\nInventories**\n\n \n\nInventories,\nconsisting of raw materials and products available for sale, are stated at the lower of cost or net realizable value. Cost of inventory\nare determined using the first-in-first-out method. The Group records inventory reserves for obsolete and slow-moving inventory. Inventory\nreserves are based on inventory obsolescence trends, historical experience and application of the specific identification method. There\nwas no inventory impairment recognized for the years ended December 31, 2024 and 2025, respectively.\n\n** **\n\n**(k)\nProperty, plant and equipment, net**\n\n \n\nProperty,\nplant and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Property, plant and equipment are depreciated\nat rates sufficient to write off their costs less impairment and residual value, if any, over their estimated useful lives on a straight-line\nbasis. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful lives of the related assets. Within\nthe property, plant and equipment, the value for construction in process is included within the manufacturing equipment.\n\n \n\nCategory \nEstimated\n\nuseful life\n\nLeasehold improvements \n1-3 years\n\nManufacturing equipment \n3 – 10 years\n\nComputer and electronic equipment \n3 – 5 years\n\nOffice equipment \n2 – 4 years\n\nMotor vehicles \n3 – 4 years\n\n** **\n\n**(l)\nIntangible assets, net**\n\n \n\nIntangible\nassets are carried at cost less accumulated amortization and impairment, if any. Intangible assets are amortized using the straight-line\nmethod over the estimated useful lives from 3 to 5 years. The estimated useful lives of amortized intangible assets are reassessed if\ncircumstances occur that indicate the original estimated useful lives have changed.\n\n** **\n\n**(m)\nImpairment of long-lived assets**\n\n \n\nThe\nGroup evaluates its long-lived assets, including property, plant and equipment, software and right-of-use assets with finite lives for\nimpairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the\nfuture use of the assets, indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group\nevaluates the recoverability of long-lived assets by comparing the carrying amounts of the assets to the future undiscounted cash flows\nexpected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less\nthan the carrying amounts of the assets, the Group recognizes an impairment loss based on the excess of the carrying amounts of the assets\nover their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when\nthe market prices are not readily available. The Group recognized nil and nil of impairment on fixed assets for the years ended December\n31, 2024 and 2025, respectively.\n\n \n\nF-12\n\n \n\n**(n)\nLong-term investments**\n\n \n\nThe\nGroup’s long-term investments mainly include equity investments in entities. Investments in entities in which the Group can exercise\nsignificant influence and holds an investment in voting common stock or in-substance common stock (or both) of the investee but does\nnot own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC topic 323,\n*Investments - Equity Method and Joint Ventures (“ASC 323”)*. Under the equity method, the Group initially records its\ninvestments at fair value. The Group subsequently adjusts the carrying amount of the investments to recognize the Group’s proportionate\nshare of each equity investee’s net income or loss into earnings after the date of investment. The Group evaluates the equity method\ninvestments for impairment under ASC 323. An impairment loss on the equity method investments is recognized in earnings when the decline\nin value is determined to be other-than-temporary. The Group recognized RMB10,503 and nil of impairment on long-term investments for\nthe years ended December 31, 2024 and 2025, respectively.\n\n** **\n\n**(o)\nFair value of financial instruments**\n\n \n\nFair\nvalue is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction\nbetween market participants at the measurement date. When determining the fair value measurements for assets and liabilities required\nor permitted to be either recorded or disclosed at fair value, the Group considers the principal or most advantageous market in which\nit would transact, and it also considers assumptions that market participants would use when pricing the asset or liability.\n\n \n\nAccounting\nguidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of\nunobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based\nupon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs\nthat may be used to measure fair value:\n\n \n\nLevel 1 -Observable\ninputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active\nmarkets.\n\n \n\nLevel 2 -Other\ninputs that are directly or indirectly observable in the marketplace.\n\n \n\nLevel 3 -Unobservable\ninputs which are supported by little or no market activity.\n\n \n\nFinancial\nassets and liabilities of the Group primarily consist of cash and cash equivalents, accounts receivable, amounts due from related parties,\ndeposits and other receivables, accounts payable, amounts due to related parties, other payables, short-term bank and other borrowings\nand loan payables. As of December 31, 2025, the carrying values of these financial instruments are approximated to their fair values.\n\n** **\n\n**(p)\nRevenue recognition**\n\n \n\nUnder\nASC 606, Revenue from Contracts with Customers, the Group recognizes revenue when a customer obtains control of promised goods or services\nand recognizes in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services.\n\n \n\nThe\nGroup recognized revenue according to the following five-step revenue recognition criteria based on ASC 606: (1) identify the contract\nwith a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction\nprice; and (5) recognize revenue when or as the entity satisfies a performance obligation.\n\n \n\nF-13\n\n \n\nThe\nGroup recognized revenue when or as the control of the goods or services is transferred to a customer. Depending on the terms of the\ncontract and the laws that apply to the contract, control of the goods and services may be transferred over time or at a point in time.\nControl of the goods and services is transferred over time if the Group’s performance:\n\n \n\n(i)provides\nall of the benefits received and consumed simultaneously by the customer;\n\n \n\n(ii)creates\nand enhances an asset that the customer controls as the Group performs; or\n\n \n\n(iii)does\nnot create an asset with an alternative use to the Group and the Group has an enforceable\nright to payment for performance completed to date. If control of the goods and services\ntransfers over time, revenue is recognized over the period of the contract by reference to\nthe progress towards complete satisfaction of that performance obligation. Otherwise, revenue\nis recognized at a point in time when the customer obtains control of the goods and services.\n\n \n\nIf\ncontrol of the goods and services transfers over time, revenue is recognized over the period of the contract by reference to the progress\ntowards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains\ncontrol of the goods and services.\n\n \n\nContracts\nwith customers may include multiple performance obligations. For such arrangements, the Group allocates revenue to each performance obligation\nbased on its relative standalone selling price. The Group generally determines standalone selling prices based on the prices charged\nto customers. If the standalone selling price is not directly observable, it is estimated using expected cost plus a margin or adjusted\nmarket assessment approach, depending on the availability of observable information. Assumptions and estimations have been made in estimating\nthe relative selling price of each distinct performance obligation, and changes in judgments on these assumptions and estimates may impact\nthe revenue recognition.\n\n \n\nWhen\neither party to a contract has performed, the Group presents the contract in the consolidated balance sheets as a contract asset or a\ncontract liability, depending on the relationship between the entity’s performance and the customer’s payment.\n\n \n\nA\ncontract asset is the Group’s right to consideration in exchange for goods and services that the Group has transferred to a customer.\nA receivable is recorded when the Group has an unconditional right to consideration. A right to consideration is unconditional if only\nthe passage of time is required before payment of that consideration is due.\n\n \n\nIf\na customer pays consideration or the Group has a right to an amount of consideration that is unconditional, before the Group transfers\na good or service to the customer, the Group presents the contract liability when the payment is made, or a receivable is recorded (whichever\nis earlier). A contract liability is the Group’s obligation to transfer goods or services to a customer for which the Group has\nreceived consideration (or an amount of consideration is due) from the customer.\n\n* *\n\nThe\nfollowing table sets forth a breakdown of the Group’s revenues, in absolute amounts and percentages of total revenues for the years\npresented:\n\n \n\n  \nFor\nthe Years Ended December 31, \n\n  \n2023  \n2024  \n2025 \n\n  \nRMB  \n%  \nRMB  \n%  \nRMB  \nUS$  \n% \n\nSourcing services \n 1,513  \n 7.7  \n 63  \n 0.1  \n 1,090  \n 155  \n 2.7 \n\nProduct sales \n 17,062  \n 86.3  \n 41,819  \n 94.5  \n 36,628  \n 5,211  \n 89.0 \n\nBattery-swapping services \n 1,189  \n 6.0  \n 1,177  \n 2.7  \n 402  \n 57  \n 1.0 \n\nTwo-wheeled\nvehicle battery-swapping services \n -  \n -  \n 1,231  \n 2.7  \n 3,005  \n 428  \n 7.3 \n\nTotal\nrevenues \n 19,764  \n 100.0  \n 44,290  \n 100.0  \n 41,125  \n 5,851  \n 100.0 \n\n \n\nF-14\n\n \n\n*Sourcing\nservices*\n\n \n\nThe\nGroup generates revenue from the vehicle sourcing business and battery sourcing business.\n\n \n\nRegarding\nto battery sourcing business, the Group acts as a principal as of being able to fully control relevant risks and benefits during the\nwhole business, indicated by that can decide the selling price, has a right to recall the product and cease the transaction, and bear\nrelevant risk of damage and loss prior to the delivery of battery to the customer. The sales of battery sourcing revenues are recognized\non a gross basis at a point in time when the control of the battery pack is transferred to the customer.\n\n \n\nFor\nvehicle sourcing business, the Group charges service fees from its customers for their purchase of vehicles, where the Group is generally\nacting as an agent and its performance obligation is to purchase the specified vehicles for its customers. The Group charges the customers\na commission that is calculated based on the purchase price of each purchase order. Vehicle sourcing service revenues are recognized\non a net basis at the point in time when the service of purchase of the specified vehicles for the Group’s customers is completed,\ni.e., the specified vehicle for the Group’s customers is delivered. Payments are typically received in advance and are accounted\nfor as contract liabilities until delivery, at which point the receipt in advance from customers is offset with the prepayment to the\nsupplier and the difference representing the commission is recognized as revenue.\n\n* *\n\n*Product\nsales*\n\n \n\nThe\nGroup generates revenues from sales of battery swapping stations. The Group identifies the users who purchase battery swapping stations\nas its customers. The revenue for battery swapping station sales is recognized at a point in time when the control of the product is\ntransferred to the customer.\n\n* *\n\n*Battery\nswapping services*\n\n \n\nThe\nGroup also generates revenues from providing battery swapping services to vehicle drivers and the station control system upgrading services\nto the battery-swapping station owners. The Group identifies the vehicle drivers who need the services of battery swapping and the owners\nof battery swapping station that the Group has sold to who have demand for the station control system upgrading services as its customers.\n\n \n\nThe\nGroup charges the battery swapping service fees from its customers based on vehicle miles traveled. However, as usually, the swapped\nbattery will be immediately used after the payment by customers for driving and the power consumption of vehicles will be fast, the Group\nignores the time interval between the timing of payment in advance by customers and the usage life of the swapped battery. The revenue\ngenerated from battery swapping services to vehicle drivers is recognized at a point in time when the Group received the payment from\nvehicle drivers.\n\n \n\nThe\nrevenue generated from the station control system upgrading service is recognized over time based on a straight-line method.\n\n \n\n*Two-wheeled\nvehicle battery-swapping services*\n\n* *\n\nBy\nproviding battery swap cabinets, two-wheeled vehicle drivers can perform self-service battery swaps. We charge the drivers a certain\namount as revenue from the rent of battery.\n\n \n\nThe\nGroup charges the battery-swapping services fee for battery providing to its customers based on the service time. The Two-wheeled vehicle\nBattery-swapping Services recognized revenue by over time.\n\n \n\nF-15\n\n** **\n\n**(q)\nCost of revenues**\n\n \n\nCost\nof sales of battery-swapping stations primarily includes semi-finished goods purchased from suppliers, labor costs and manufacturing\nincluding depreciation of assets associated with production.\n\n \n\n**(r)\nSales and marketing expenses**\n\n \n\nSales\nand marketing expenses consist primarily of (i) compensation to selling personnel, including the salaries, performance-based bonus, and\nother benefits; (ii) travel cost related to the sales and marketing function; (iii) advertising, marketing and brand promotion expenses;\nand (iv) other expenses in relation to the selling and marketing activities. Advertising expenses consist primarily of costs for the\npromotion of corporate image and product marketing. The Group expenses all advertising costs of RMB 579 (US$82) as incurred and classifies\nthese costs under sales and marketing expenses.\n\n** **\n\n**(s)\nResearch and development expenses**\n\n \n\nResearch\nand development expenses consist primarily of personnel-related costs directly associated with research and development organization.\nThe Group’s research and development expenses are related to enhancing and developing UOTTA technology for its existing products\nand new product development. The Group expenses research and development costs as incurred.\n\n** **\n\n**(t)\nGeneral and administrative expenses**\n\n \n\nGeneral\nand administrative expenses consist primarily of salaries, bonuses and benefits for employees involved in general corporate functions,\nand those not specifically dedicated to research and development activities, such as depreciation and amortization of fixed assets which\nare not used in research and development activities, legal and other professional services fees, rental and other general corporate related\nexpenses.\n\n** **\n\n**(u)\nEmployee benefits**\n\n \n\nFull\ntime employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension\nbenefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require\nthat the PRC subsidiaries of the Group make contributions to the government for these benefits based on certain percentages of the employees’\nsalaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions\nmade.\n\n** **\n\n**(v)\nGovernment grants**\n\n \n\nThe\nGroup’s PRC-based subsidiaries received government subsidies from certain local governments. The Group’s government subsidies\nconsisted of specific subsidies and other subsidies. Specific subsidies are subsidies that the local government has provided for a specific\npurpose, such as product development and renewal of production facilities. Other subsidies are the subsidies that the local government\nhas not specified its purpose for and are not tied to future trends or performance of the Group. Receipt of such subsidy income is not\ncontingent upon any further actions or performance of the Group and the amounts do not have to be refunded under any circumstances. The\nGroup recorded specific purpose subsidies as advances payable when received. For specific subsidies, upon government acceptance of the\nrelated project development or asset acquisition, the specific purpose subsidies are recognized to reduce related R&D expenses or\nthe cost of asset acquisition. Other subsidies are recognized as other operating income upon receipt as further performance by the Group\nis not required.\n\n \n\nF-16\n\n \n\n**(w)\nTaxation**\n\n \n\nIncome Taxes\n\n \n\nCurrent\nincome taxes are provided on the basis of income/(loss) for financial reporting purposes, adjusted for income and expense items which\nare not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred\nincome taxes are provided using the assets and liabilities method. Under this method, deferred income taxes are recognized for the tax\nconsequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial\nstatement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount\nattributed to that asset or liability for tax purposes. The effect on deferred taxes of a change in tax rates is recognized in the consolidated\nstatement of income and comprehensive income in the period of change. A valuation allowance is provided to reduce the amount of deferred\ntax assets if it is considered more-likely-than-not that some portion of, or all of the deferred tax assets will not be realized.\n\n \n\nDeferred\ntax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all\nof the deferred tax assets will not be realized. The Group considers positive and negative evidence when determining whether a portion\nor all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature,\nfrequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods,\nits experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets\nis dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law\nand during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the\nGroup considers possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future\ntaxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing\ntax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry.\n\n* *\n\n*Value\nadded tax*\n\n \n\nRevenue\nrepresents the invoiced value of goods and services, net of value added tax (“VAT”). The VAT is based on gross sales price\nwith VAT rates of 6% and 13%, depending on the type of products sold or service provided. Entities that are VAT general taxpayers are\nallowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output\nVAT is recorded in taxes payable. All of the VAT returns filed by the Company’s subsidiaries in PRC remain subject to examination\nby the tax authorities for five years from the date of filing.\n\n* *\n\n*Uncertain\ntax positions*\n\n \n\nThe\nGroup applies the provisions of ASC topic 740 (“ASC 740”), Accounting for Income Taxes, to account for uncertainty in income\ntaxes. ASC 740 prescribes a recognition threshold a tax position is required to meet before being recognized in the financial statements.\nThe benefit of a tax position is recognized if a tax return position or future tax position is “more likely than not” to\nbe sustained under examination based solely on the technical merits of the position. Tax positions that meet the “more likely than\nnot” recognition threshold is measured, using a cumulative probability approach, at the largest amount of tax benefit that has\na greater than fifty percent likelihood of being realized upon settlement. The estimated liability for unrecognized tax benefits is periodically\nassessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, changes and or developments\nwith respect to tax audits, and the expiration of the statute of limitations. Additionally, in future periods, changes in facts and circumstances,\nand new information may require the Group to adjust the recognition and measurement of estimates with regards to changes in individual\ntax position. Changes in recognition and measurement of estimates are recognized in the period in which the change occurs.\n\n \n\nThe\nGroup’s operating subsidiaries in PRC are subject to examination by the relevant tax authorities. According to the PRC Tax Administration\nand Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the\ntaxpayer or the withholding agent. The statute of limitations is extended to five years under special circumstances, where the underpayment\nof taxes is more than RMB100 (US$15). In the case of transfer pricing issues, the statute of limitation is ten years. There is no statute\nof limitation in the case of tax evasion. Penalties and interests incurred related to underpayment of income tax are classified as income\ntax expense in the period incurred.\n\n \n\nF-17\n\n \n\n**(x)\nComprehensive income**\n\n \n\nThe Group has adopted FASB Accounting\nStandard Codification Topic 220 (“ASC 220”) “Comprehensive income”, which establishes standards for reporting\nand the presentation of comprehensive income (loss), its components and accumulated balances.\n\n \n\nThere was RMB446 and RMB4,231\n(US$602) other comprehensive loss for the years ended December 31, 2024 and 2025, respectively.\n\n** **\n\n**(y)\nLeases**\n\n \n\nThe\nGroup accounts for lease under ASC Topic 842, Leases. The Group determines if an arrangement is or contains a lease at inception. Right-of-use\nassets and liabilities are recognized at lease commencement date based on the present value of remaining lease payments over the lease\nterms. The Group considers only payments that are fixed and determinable at the time of lease commencement.\n\n \n\nAt\nthe commencement date, the lease liability is recognized at the present value of the lease payments not yet paid, discounted using the\ninterest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate for the\nsame term as the underlying lease. The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount\nof the lease liability, plus any initial direct costs incurred. All right-of-use assets are reviewed for impairment annually. There was\nno impairment for right-of-use lease assets as of December 31, 2024 and 2025. The Group recorded a loss on lease termination of right-of-use\nassets of nil for the years ended December 31, 2024 and 2025, respectively.\n\n \n\nOperating\nlease assets are included within “right-of-use assets - operating lease”, and the corresponding operating lease liabilities\nare included within “operating lease liabilities” on the consolidated balance sheets as of December 31, 2024 and 2025, respectively.\n\n** **\n\n**(z)\nCommitments and contingencies**\n\n \n\nIn\nthe normal course of business, the Group is subject to contingencies, such as legal proceedings and claims arising out of its business,\nwhich cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred\nand the amount of the assessment can be reasonably estimated.\n\n \n\nIf\nthe assessment of a contingency indicates that it is probable that a loss is incurred and the amount of the liability can be estimated,\nthen the estimated liability is accrued in the consolidated financial statements. If the assessment indicates that a potential loss contingency\nis not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together\nwith an estimate of the range of possible loss, if determinable and material, would be disclosed.\n\n \n\nThe Group recognized nil and\nRMB5,800(US$825) of commitments and contingencies as of the years ended December 31, 2024 and 2025, respectively.\n\n** **\n\n**(aa)\nSegment reporting**\n\n \n\nASC\n280, *Segment Reporting*, (“ASC 280”), establishes standards for companies to report in their financial statement information\nabout operating segments, products, services, geographic areas, and major customers.\n\n \n\nBased\non the criteria established by ASC 280, the Company’s chief operating decision maker (“CODM”) has been identified as\nthe Company’s Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing\nperformance of the Company. As a whole and hence, the Company has only one reportable segment. The Company does not distinguish between\nmarkets or segments for the purpose of internal reporting. As the Company’s long-lived assets are substantially located in the\nPRC, no geographical segments are presented.\n\n \n\nF-18\n\n \n\n**(ab)\nRecent adopted standards**\n\n \n\nIn\nJune 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses”, which will require the measurement\nof all allowance for expected credit losses for financial assets held at the reporting date based on historical experience, current conditions,\nand reasonable and supportable forecasts. Subsequently, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, to clarify\nthat receivables arising from operating leases are within the scope of lease accounting standards. Further, the FASB issued ASU No. 2019-04,\nASU 2019-05, ASU 2019-10, ASU 2019-11 and ASU 2020-02 to provide additional guidance on the credit losses standard, which defers the\neffective date of ASU No. 2016-13 for smaller reporting companies to fiscal years beginning after December 15, 2023, including interim\nperiods within those fiscal years. The impact of the adoption on the consolidated balance sheets, statements of operations, and statements\nof cash flows was immaterial.\n\n \n\n**(ac)\nRecent accounting pronouncements**\n\n \n\nIn\nJune 2022, the FASB issued ASU 2023-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual\nSale Restrictions. The update clarifies that a contractual restriction on the sale of an equity security is not considered part of the\nunit of account of the equity security and, therefore, is not considered in measuring fair value. The update also clarifies that an entity\ncannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update also requires certain additional\ndisclosures for equity securities subject to contractual sale restrictions. The amendments in this update are effective for the Group\nbeginning January 1, 2024 on a prospective basis. Early adoption is permitted for both interim and annual financial statements that have\nnot yet been issued or made available for issuance. The Group does not expect that the adoption of this guidance will have a material\nimpact on its financial position, results of operations and cash flows.\n\n \n\nIn\nNovember 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures (“ASU 2023-07”),\nwhich focuses on improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment\nexpenses. A public entity shall disclose for each reportable segment the significant expense categories and amounts that are regularly\nprovided to the CODM and included in reported segment profit or loss. ASU 2023-07 also requires public entities to provide in interim\nperiods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Entities are\npermitted to disclose more than one measure of a segment’s profit or loss if such measures are used by the CODM to allocate resources\nand assess performance, as long as at least one of those measures is determined in a way that is most consistent with the measurement\nprinciples used to measure the corresponding amounts in the consolidated financial statements. ASU 2023-07 is applied retrospectively\nto all periods presented in financial statements, unless it is impracticable. This update will be effective for the Group’s fiscal\nyears beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is\npermitted. The Group is currently in the process of evaluating the disclosure impact of adopting ASU 2023-07.\n\n \n\nIn\nDecember 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires specific disaggregated\ninformation about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid.\nThe ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for\nannual financial statements that have not yet been issued or made available for issuance. This ASU will result in the required additional\ndisclosures being included in the consolidated financial statements, once adopted. The Company is in the process of evaluating the impact\nof the new guidance and does not expect it to have a significant impact on its consolidated financial statements.\n\n \n\n**3.\nLIQUIDITY**\n\n** **\n\nFor the year ended December 31,\n2025, the Group reported a net loss of RMB80,478 (US$11,449), negative operating cash flows of RMB69,894 (US$9,941) and accumulated deficit\nof RMB289,818 (US$41,233). These conditions raise substantial doubt about the Group’s ability to continue as a going\nconcern.\n\n \n\nF-19\n\n \n\nIn\nassessing the Group’s liquidity, the Group monitors and analyzes its cash on-hand and its operating and capital expenditure commitments.\nThe Group’s liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations.\nCash generated from operating activities and commercial bank loans, together with the net proceeds from the 2025 follow-on offering,\nhave been utilized to meet the Group’s working capital requirements.\n\n \n\nAs\nof December 31, 2024 and 2025, the Group’s cash and cash equivalents and restricted cash were RMB24,674 and RMB22,294 (US$3,172),\nrespectively, and the Group’s restricted cash were RMB1,239 and RMB343 (US$49), respectively. The Group’s cash and cash equivalents\nprimarily consist of cash on hand and highly liquid investments placed with banks, which are unrestricted to withdrawal and use and which\nhave original maturities of three months or less.\n\n \n\nThe Group believes that the substantial\ndoubt of its ability to continue as going concern is alleviated based on the proceeds received from investors and anticipated increase\nin cash generated from operations. Meanwhile, on an on-going basis, the Group also has received the financial support commitments from\nthe Company’s key management to enable the Group to meet its other liabilities and commitments. The Group received an additional\nnet capital injection of US$52,501. The Group believes its existing cash and cash equivalents, anticipated cash raised from\nfinancings, and anticipated cash flow from operations, will be sufficient to meet its anticipated cash needs for the next 12 months from\nthe date of this report. The exact amount of proceeds the Group will use for its operations and expansion plans will depend on the amount\nof cash generated from its operations and any strategic decisions the Group may make that could alter its expansion plans and the amount\nof cash necessary to fund these plans. \n\n \n\nThe\nmanagement believes that the Group will continue as a going concern in the following 12 months from the date the Group’s 2025 consolidated\nfinancial statements are issued. The accompanying consolidated financial statements have been prepared on a going concern basis, which\ncontemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do\nnot include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification\nof liabilities that might result from the outcome of the uncertainties described above.\n\n \n\n**4.\nCONCENTRATION OF RISKS**\n\n** **\n\n**(a)\nPolitical, social and economic risks**\n\n \n\nThe\nGroup’s operations could be adversely affected by significant political, economic and social uncertainties in the PRC. Although\nthe PRC government has been pursuing economic reform policies for more than 20 years, no assurance can be given that the PRC government\nwill continue to pursue such policies or that such policies may not be significantly altered, especially in the event of a change in\nleadership, social or political disruption or unforeseen circumstances affecting the PRC political, economic and social conditions. There\nis also no guarantee that the PRC government’s pursuit of economic reforms will be consistent or effective.\n\n** **\n\n**(b)\nInterest rate risk**\n\n \n\nThe\nGroup is exposed to interest rate risk on its interest-bearing assets and liabilities. As part of its asset and liability risk management,\nthe Group reviews and takes appropriate steps to manage its interest rate exposure on its interest-bearing assets and liabilities. The\nGroup has not been exposed to material risks due to changes in market interest rates, and has not used any derivative financial instruments\nto manage the interest risk exposure during the years presented.\n\n** **\n\n**(c)\nCredit risk**\n\n \n\nFinancial\ninstruments that potentially subject the Group to significant concentrations of credit risk consist primarily of cash. As of December\n31, 2024 and 2025, approximately RMB24,674 and RMB20,415 (US$2,905) were deposited with financial institutions located in the PRC, respectively,\nwhere there is a RMB 500 deposit insurance limit for a legal entity’s aggregated balance at each bank. While the Group believes\nthat these financial institutions are of high credit quality, it also continually monitors their credit worthiness.\n\n \n\nF-20\n\n \n\nThe\nGroup is also exposed to risk from its accounts receivable and other receivables. These assets are subjected to credit evaluations. An\nallowance has been made for estimated unrecoverable amounts which have been determined by reference to past default experience and the\ncurrent economic environment.\n\n** **\n\n**(d)\nCurrency convertibility risk**\n\n \n\nSubstantially\nthe Group’s operating activities are settled in RMB, which is not freely convertible into foreign currencies. All foreign exchange\ntransactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies\nat the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of\nChina or other regulatory institutions requires submitting a payment application form together with supporting documents.\n\n** **\n\n**5. ACCOUNTS\nRECEIVABLE**\n\n \n\nAccounts\nreceivable and the allowance for expected credit loss consisted of the following:\n\n \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nAccounts receivable \n 11,975  \n 25,146  \n 3,578 \n\nLess: allowance for\nexpected credit loss \n (1,601) \n (2,948) \n (420)\n\n  \n 10,374  \n 22,198  \n 3,158 \n\n \n\nAs\nof December 31, 2024 and 2025, all accounts receivable were due from third-party customers. There is RMB1,601 and RMB2,948 (US$420) allowance\nfor expected credit loss recognized as of the years ended December 31, 2024 and 2025, respectively.\n\n** **\n\nThe\nmovement of allowance of expected credit loss was as follows:\n\n** **\n\n  \nAs\nof December 31, \n\n  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nAt the beginning of the year \n (37) \n (1,601) \n (219)\n\nAdditions \n (1,564) \n (1,347) \n (201)\n\nAt\nthe end of the year \n (1,601) \n (2,948) \n (420)\n\n** **\n\n**6. INVENTORIES**\n\n** **\n\n \n \n**As\nof December 31,**\n \n\n \n \n**2024**\n \n \n**2025**\n \n\n \n \n**RMB**\n \n \n**RMB**\n \n \n**US$**\n \n\nRaw materials\n \n \n3,358\n \n \n \n5,967\n \n \n \n849\n \n\nLow value consumables\n \n \n34\n \n \n \n34\n \n \n \n5\n \n\nFinished goods\n \n \n6,492\n \n \n \n6,290\n \n \n \n895\n \n\nLess: inventory impairment\n \n \n(12\n)\n \n \n-\n \n \n \n-\n \n\n \n \n \n**9,872**\n \n \n \n**12,291**\n \n \n \n**1,749**\n \n\n  \n\nThe\nGroup recognized nil and nil of reserve of inventory for the years ended December 31, 2024 and 2025, respectively. The impairment is\ndue to the fact that inventory is obsolete and no longer sellable.\n\n \n\nF-21\n\n \n\n**7. ADVANCE\nTO SUPPLIERS**\n\n \n\nAdvance\nto suppliers consisted of the following:\n\n \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nAdvance to suppliers \n 17,789  \n 20,677  \n 2,942 \n\nLess: Allowance for\nexpected credit losses \n (8,323) \n (9,343) \n (1,329)\n\n  \n 9,466  \n 11,334  \n 1,613 \n\n** **\n\nAs\nof the year ended December 31, 2024 and 2025, the balance of advance to suppliers mainly represented the prepayments in relation to the\ndevelopment of vehicle sourcing, and purchase of battery swapping stations. An analysis of the expected credit losses was as follows:\n\n** **\n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nBalance at beginning of the year \n (8,472) \n (8,323) \n (1,140)\n\n(Additional allowance)/reversal for expected credit losses \n 149  \n (1,020) \n (189)\n\nBalance at the end of the year \n (8,323) \n (9,343) \n (1,329)\n\n** **\n\n**8. OTHER\nCURRENT AND NONCURRENT ASSETS**\n\n \n\nOther\ncurrent assets consisted of the following:\n\n \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nValue-added tax recoverable \n 8,061  \n 9,059  \n 1,289 \n\nLoans to third parties (i) \n 21,305  \n 20,345  \n 2,895 \n\nDeposits \n 4,590  \n 2,600  \n 370 \n\nStaff advances \n 708  \n 550  \n 78 \n\nOthers \n 705  \n 1,977  \n 281 \n\nLess: Allowance for\nexpected credit losses \n (6,337) \n (16,568) \n (2,357)\n\n  \n 29,032  \n 17,963  \n 2,556 \n\n \n\n(i) In January 2023, LY New Energy, Youpin, Youxu Zibo and HN Youxu, respectively, entered into a one-year loan agreement signed annually with Shanghai Huazhen Construction Engineering Co., Ltd (“SH Huazhen”), pursuant to which LY New Energy, Youpin, Youxu Zibo and HN Youxu were entitled to lend a total loan amount of RMB12,560 (US$1,769) with free interest rate for working capital needs of SH Huazhen. As of December 31, 2025, the balance has been fully provided for impairment.  \n\n \n\nIn December 2023, Youguan Financial Leasing entered into a one-year loan agreement with Cao Yue, Gong Hua and He Guangquan for revolving loan quota, each quota of RMB2.4 million, pursuant to which Youguan Financial Leasing were entitled to lend a total loan amount of RMB7.2 million with free interest rate. As of December 31, 2025, the loan balance is RMB1,197 (US$170).\n\n \n\nF-22\n\n \n\nAn\nanalysis of the expected credit losses was as follows:\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nBalance at beginning of the year \n (2,488) \n (6,337) \n (868)\n\nAdditional allowance charged to expense \n (3,849) \n (10,231) \n (1,489)\n\nBalance at the end of the year \n (6,337) \n (16,568) \n (2,357)\n\n \n\nOther\nnon-current assets consisted of the following:\n\n \n\n \n \n**As\nof December 31,**\n \n\n \n \n**2024**\n \n \n**2025**\n \n\n \n \n**RMB**\n \n \n**RMB**\n \n \n**US$**\n \n\nLoans to third\nparties (iv)\n \n \n81,552\n \n \n \n78,926\n \n \n \n11,228\n \n\nLong-term deferred expenses(v)\n \n \n181\n \n \n \n-\n \n \n \n-\n \n\n \n \n \n**81,733**\n \n \n \n**78,926**\n \n \n \n**11,228**\n \n\n  \n\n(iv) On March 31, 2023, the Company entered into a five-year loan agreement with Worthy Credit Limited (“Worthy Credit”), pursuant to which the Company provides a loan of $5,000 to Worthy Credit bearing an interest rate of 2% per annual. Worthy Credit shall provide loan services to the Company’s customers who purchase the Company’s products sold in HK. As a result, the Company shall expect to promote its sourcing services, product sales as well as battery-swapping services in HK area. Consequently, the loan is not yet to be granted to any customers due to the fact that the Company’s vehicle product is still at certification stage and there is no contract entered into yet with any dealers or purchasers of battery swapping stations.\n\n   \n\n \nIn April 2023, the Group entered into a cooperation agreement with Richness Fortune Credit (HK) Company Limited (“Richness”), whereby the Group agreed to provide a $6,000 loan to facilitate Richness’ identification of potential investment targets. However, due to persistent weakness in the primary investment market, the investment opportunities presented by Richness failed to meet management’s expectations, resulting in the funds remaining unutilized. Subsequently, in 2024, the Group and Richness executed an amendment agreement that:\n\n \n\nExtends the cooperation term through December 2028; Implements an annual interest charge of $300. During the year ended December 31, 2025, the Company recognized interest received of RMB 1,054 (US$150).\n\n \n\n(v) On September 11, 2024, Youxu Zibo entered into a design service contract with Shanghai Kunying Technology Co., Ltd. for battery swap station projects. Under the agreement, design service costs are recognized in accordance with the construction progress of the respective battery swap stations. Costs related to uncompleted stations that have not passed final inspection are capitalized as long-term deferred expenses. As of December 31, 2025, the Company had no long-term deferred expenses.\n\n \n\nF-23\n\n \n\n**9. PROPERTY,\nPLANT AND EQUIPMENT, NET**\n\n \n\nProperty,\nplant and equipment consisted of the following:\n\n \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nLeasehold\nimprovements \n 534  \n 549  \n 78 \n\nComputer\nand electronic equipment \n 2,457  \n 2,485  \n 354 \n\nManufacturing\nequipment \n 12,460  \n 14,111  \n 2,008 \n\nOffice\nequipment \n 288  \n 334  \n 47 \n\nMotor\nvehicles \n 4,367  \n 4,446  \n 633 \n\nConstruction\nin process \n -  \n 105  \n 15 \n\n  \n 20,106  \n 22,030  \n 3,135 \n\nLess:\nloss of impairment \n (1,896) \n (1,896) \n (270)\n\nLess:\naccumulated depreciation \n (9,554) \n (11,597) \n (1,650)\n\n  \n 8,656  \n 8,537  \n 1,215 \n\n \n\nFor\nthe years ended December 31, 2024 and 2025, the Group recorded depreciation expenses of RMB2,872 and RMB2,043 (US$291) respectively.\nThere is RMB1,896 of impairment of property, plant and equipment recognized as of the years ended December 31, 2024\nand 2025, respectively. The loss of the impairment was due to the permanent withdrawn of a production line made in 2023.\n\n \n\n**10. INTANGIBLE\nASSETS, NET**\n\n \n\nThe\nfollowing table presents the Group’s intangible assets as of the respective balance sheet dates:\n\n \n\n  \nPurchased software  \nTotal  \nTotal \n\n  \nRMB  \nRMB  \nUS$ \n\nNet balance as of December 31, 2024 \n 132  \n 132  \n 18 \n\nAmortization expense \n (70) \n (70) \n (9)\n\nNet balance as of December 31, 2025 \n 62  \n 62  \n 9 \n\n \n\nThe\nintangible assets are amortized using the straight-line method, which is the Group’s best estimate of how these assets will be\neconomically consumed over their respective estimated useful lives of one to ten years.\n\n \n\nAmortization\nexpenses for intangible assets were RMB69 and RMB70 (US$9) for the years ended December 31, 2024 and 2025, respectively. No impairment\ncharge was recorded for the years ended December 31, 2024 and 2025, respectively.\n\n \n\nThe\nannual estimated amortization expenses for the intangible assets for each of the next year are as follows:\n\n \n\n  \nRMB  \nUS$ \n\n2026 \n 62  \n 9 \n\n \n\nF-24\n\n** **\n\n**11. LONG-TERM\nINVESTMENTS**\n\n \n\nThe\nGroup’s long-term investments consisted of the following:\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nEquity investments: \n   \n   \n  \n\nZibo Hengxin Investment Partnership (Limited Partnership) (the “Fund”) (i) \n 120,006  \n 109,133  \n 15,527 \n\nHuzhou Zheyou New Energy Sales Co., Ltd. (“Huzhou Zheyou”) (ii) \n 3,121  \n 2,858  \n 407 \n\nMATSON (HONG KONG)(iii) \n 20,773  \n 21,009  \n 2,988 \n\nUNEX EV B.V(iv) \n 717  \n 737  \n 105 \n\nS.U SWAP CO.,LTD (v) \n \n-\n  \n 205  \n 29 \n\nLess: impairment on equity investments \n (10,503) \n \n-\n  \n \n-\n \n\n  \n 134,114  \n 133,942  \n 19,056 \n\n \n\n(i) In December 2020, the Group entered into a partnership agreement with Zibo Hengxin Investment Partnership (Limited Partnership) and its participating shareholder, Guanmiao (Beijing) Investment Management Co., Ltd. (“Guanmiao”), whereby the Group agreed to purchased limited partnership interest in Zibo Hengxin Investment Fund Partnership (Limited Partnership) (the “Fund”) in the amount of RMB120,000, which entitles the Group an aggregate interest of approximately 99% in the Fund. In December 2021, the Fund decreased the total partnership capital to RMB111,200 and returned to the Group by RMB10,000 and the aggregate interest of the Group was subsequently diluted to 98.9%. In October 2023, the Group entered RMB10,000 into Zibohengxin Investment Partnership, and the Group accounted aggregate interest of approximately 99% in the Fund. There was no unfunded commitment to the Fund as of December 31, 2025. For the year ended of December 31, 2025, the Group recorded an investment loss of RMB371 from the operating result of Zibo Hengxin.\n\n \n\n(ii) In April 2022, the Group entered into an agreement to invest in Huzhou Zheyou New Energy Sales Co., Ltd. (“Huzhou Zheyou”), with capital injected of RMB1,750 in June 2022 and RMB1,750 in November 2023, respectively. The Group held an equity interest of 35% as of December 31, 2025. For the year ended of December 31, 2025, the Group recorded an investment loss of RMB262 from the operating result of Huzhou Zheyou.\n\n \n\n(iii) On February 6, 2024, the Company and Zeng Lingzhi, the sole legal and beneficial owner of Matson, a private company with limited liability incorporated under the laws of Hong Kong engaged in the business of technology development, entered into a Share Exchange Agreement (the “Agreement”). Pursuant to the Agreement, the Company intends to acquire from Matson 3,560 ordinary shares (the “Matson Shares”), which will be issued and allotted by Matson to the Company and represent 26.25% of Matson’s total equity shares (the “Acquisition”). In exchange for the Matson Shares, the Company agreed to issue and allot 30,000,000 ordinary shares of the Company.\n\n \n\n(iv) The Group entered into an agreement to invest in UNEX EV B.V, and injected capital of US$105 in July 2024. The Group held an equity interest of 9% of UNEX EV B.V. For the year ended of December 31, 2025, the Group recorded an investment income of RMB47 from the operating result of Zibo Hengxin.\n\n \n\n(v) The Group entered into an agreement to invest in S.U SWAP CO.,LTD, and injected capital of RMB205 in December 2025. The Group held an equity interest of 10.2% of S.U SWAP CO.,LTD.\n\n \n\nF-25\n\n \n\n**12. REFUNDABLE\nDEPOSIT FOR INVESTMENT**\n\n \n\nThe\nbalance represented loans to Shanghai Lingneng Electricity Selling Co., Ltd. (“SH Lingneng”) for its operations pursuant\nto loan agreements entered into in 2019, bearing an interest rate of 3% per annum. Subsequently in August 2023, the Company entered into\na term sheet, the result of which would be the investment into SH Lingneng’s interest equity (“Transaction”). Final\nterms and arrangements of this potential Transaction would be determined on Share Purchase Agreement (“SPA”), Shareholders’\nAgreement (“SHA”), Memorandum of Association (“MA”) and other documents associated with the Transaction. As of\nDecember 31,2022, the balance of the refundable deposit for investment is RMB80,183, the Company has recovered RMB7,409 of the refundable\ninvestment funds in 2023, and the balance of the refundable deposit for investment is RMB72,774 (US$10,250) as of December 31,2023. On\nFebruary 28, 2024, the Company entered into an investment termination agreement, pursuant to which Shanghai Lingneng shall pay no less\nthan one third of the total amount per annum in the following three years. During the year ended December 31, 2025, the Company has received\na refund of RMB39,745 (US$5,655).\n\n \n\n**13. BANK\nBORROWINGS**\n\n \n\nBank\nborrowings were as follows as of the respective balance sheet dates:\n\n \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nShort-term bank borrowing(i) \n 15,172  \n 13,172  \n 1,874 \n\nLong-term bank borrowing, current portion(ii) \n 2,800  \n 5,800  \n 825 \n\nLong-term bank borrowing,\nnon-current portion(ii) \n 3,700  \n -  \n - \n\n  \n 21,672  \n 18,972  \n 2,699 \n\n \n\n(i) During fiscal year 2025, Shanghai Youxu fully repaid the aggregate short-term bank borrowings of RMB4,000 originally obtained in 2024. While, Shanghai Youxu entered into new one-year short-term bank loans of RMB2,000 on February 21, 2025, carrying an annual interest rate of 3.10%.\n\n \n\n(ii) During fiscal year 2025, Youxu Zibo repaid RMB700 of its bank borrowings from Qishang Bank.\n\n** **\n\n**14. ACCRUED\nEXPENSES AND OTHER LIABILITIES**\n\n \n\nAccrued\nexpenses and other liabilities consisted of the following:\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nPayroll and welfare payables \n 4,856  \n 9,460  \n 1,346 \n\nLoans from third parties \n 4,787  \n 2,177  \n 310 \n\nPayable to Anhui Juhu (ii) \n 200  \n \n-\n  \n \n-\n \n\nCustomer deposit \n 363  \n 367  \n 52 \n\nLitigation and settlement(iii) \n \n-\n  \n 16,958  \n 2,413 \n\nAccrued expenses \n 334  \n 393  \n 56 \n\nDeferred consideration in relation to investment (i) \n 2,300  \n \n-\n  \n \n-\n \n\nOthers \n 441  \n 560  \n 79 \n\n  \n 13,281  \n 29,915  \n 4,256 \n\n  \n\n(i) In June 2021, AHYS and Youpin entered into an equity transfer agreement (“the Agreement”) with Ningbo Tuowei Equity Investment Partnership (Limited Partnership) (“Ningbo Tuowei”), the shareholder who owned 0.5533% share equity of Youpin. pursuant to which Ningbo Tuowei is entitled to transfer its all 0.5533% share equity of Youpin for a total consideration of RMB6,000 to AHYS. As of December 31, 2025, the outstanding balance of this deferred consideration in relation to investment is nil.\n\n \n\n(ii) In February 2023, Youpin was sued by Anhui Juhu Doors & Windows Technology Co., Ltd. for alleged unpaid rent amounting to RMB3,245 (approximately $457). As defendant, Youpin reached a settlement agreement on July 29, 2024, which established the final payable amount at RMB2,000. As of 31 December 2025, the Group has cleared all amounts payable.\n\n** **\n\n(iii) With\nrespect to litigation and settlement matters, please refer to Note 21, “COMMITMENTS AND CONTINGENCIES.”\n\n** **\n\nF-26\n\n** **\n\n**15. LEASES**\n\n \n\nThe\nCompany leases buildings, office facilities, land use rights and batteries in PRC. The Company does not have any finance lease for the\nyears ended December 31, 2024 and 2025. Operating leases result in the recognition of right-of-use (“ROU”) assets and lease\nliabilities on the balance sheet. ROU assets represent the Company’s right to use the leased asset for the lease term, and lease\nliabilities represent the obligation to make lease payments. The operating lease expenses were charged to cost of sales, research and\ndevelopment expenses and general and administrative expenses.\n\n \n\nA\nsummary of supplemental information related to operating leases as of December 31, 2024 and 2025 was as follows:\n\n \n\n   As of December 31, \n\n   2024   2025 \n\n   RMB   RMB   US$ \n\nOperating lease right-of-use assets, net   16,205    9,873    1,405 \n\nOperating lease liabilities, current   1,843    1,247    177 \n\nOperating lease liabilities, non-current   4,137    2,362    336 \n\nWeighted average remaining lease terms   3.22  years    2.37 years      \n\nWeighted average discount rate   4.64%   4.62%     \n\n \n\nFuture\nlease payments under operating leases as of December 31, 2025 were as follows:\n\n \n\n  \nAs\nof\nDecember 31,\n2025 \n\n  \n **RMB** \n\nFY2026 \n 2,246 \n\nFY2027 \n 1,528 \n\nFY2028 \n 906 \n\nFY2029 \n 426 \n\nFY2030 \n 293 \n\nTotal\nfuture lease payment \n 5,399 \n\nless:\nimputed interest \n (1,790)\n\nRepresent\nvalue of future lease payments \n 3,609 \n\n \n\nF-27\n\n** **\n\n**16. RELATED\nPARTY TRANSACTIONS**\n\n \n\nMajor\nrelated parties that transacted with the Group and their respective relationship to the Group listed as below:\n\n \n\n**Names of the related parties**   **Relationship with the Group**\n\nHangzhou Youyue Travel Technology Co., Ltd. (“Hangzhou Youyue”)   An affiliate of Bingyi Zhao\n\nShanghai Youzhang Commerical Information Consulting Partnership (Limited Partnership) (“Shanghai Youzhang”)   An affiliate of Jia Li\n\nNingbo Youheng Automobile Service Co., Ltd. (“Ningbo Youheng Automobile”   An affiliate of Jia Li\n\nZhejiang Youxiaodian Automobile Service Co., Ltd. (“Zhejiang Youxiaodian”)   An affiliate of Jia Li\n\nQingshan Wei   Controlling shareholder of U Power Limited\n\nYoujia Technology (Shanghai) Co., Ltd. (“Youjia Technology”)   An affiliate of Jia Li\n\nShanghai Youpinsuoer New Energy Technology Co., Ltd. (“Shanghai Youpinsuoer”)   An affiliate of Jia Li\n\nJia Li   Controlling shareholder, Director and CEO of U Power Limited\n\nBingyi Zhao   Director and Chief Financial Officer of U Power Limited\n\nShandong Youyidian Automobile Technology Co., Ltd. (“Shandong Youyidian”)   An affiliate of Jia Li\n\nYouche Jingpin E-commerce (Shanghai) Co., Ltd. (“Youche Jingpin”)   An affiliate of Jia Li\n\nShanghai Youcang Business Consulting Partnership (Limited Partnership) (“Shanghai Youcang”)   An affiliate of Jia Li\n\nNanmu (Shanghai) Financial Leasing Co., Ltd(“Nanmu”)   An affiliate of Jia Li\n\nKe Li   Director of U Power Limited\n\n \n\n**(a)\nAmounts due from related parties**\n\n** **\n\n  \nAs\nof December 31,\n2024  \nAs\nof December 31,\n2025  \nAs\nof\nDecember 31,\n2025 \n\n  \nRMB  \nRMB  \nUSD \n\n  \n   \n   \n  \n\nNanmu (Shanghai)\nFinancial Leasing Co., Ltd.(1) \n 20,001  \n 60,244  \n 8,571 \n\nJia Li(2) \n 583  \n    \n   \n\nKe Li(2) \n 438  \n    \n   \n\nShanghai Youcang(3) \n 100  \n    \n   \n\nBingyi Zhao(4) \n 535  \n    \n   \n\nHuzhou Zheyou New Energy\nSales Co., Ltd. \n    \n 30  \n 4 \n\n  \n 21,657  \n 60,274  \n 8,575 \n\n \n\n(1)Amounts due from Nanmu (Shanghai) Financial Leasing Co., Ltd. represent an investment deposit to Nanmu (Shanghai) Financial Leasing Co., Ltd. As of the date of this annual report, Nanmu (Shanghai) Financial Leasing Co., Ltd. had returned RMB 50,000 (US$ 7,114) of the relevant investment deposit.\n\n \n\n(2)Amounts due from Jia Li and Ke Li represent the advance paid to Jia Li and Ke Li by Youpin Shandong, SH Youxu and Energy U Limited for their market expansion efforts, at an interest rate of 12.4% and with a due date of June 30, 2026.\n\n \n\n(3)Amounts due from Shanghai Youcang represent the advances paid by AHYS to Shanghai Youcang regarding the transfer of 24.11% equity interests of Youpin in May 2022.\n\n \n\n(4)Amounts due from Bingyi Zhao represent the advances paid by Youpin Shandong to Bingyi Zhao for her market expansion efforts.\n\n \n\nF-28\n\n \n\n**(b)\nAmounts due to related parties**\n\n \n\n  \nAs\nof December 31,\n2024  \nAs\nof December 31,\n2025  \nAs\nof\nDecember 31,\n2025 \n\n  \nRMB  \nRMB  \nUSD \n\n  \n   \n   \n  \n\nKe Li(1) \n 3,020  \n -  \n - \n\nBingyi Zhao(1) \n 219  \n -  \n - \n\nUNEX EV(2) \n -  \n 1,037  \n 148 \n\n  \n 3,239  \n 1,037  \n 148 \n\n \n\n(1)Amounts due to Ke Li and Bingyi Zhao represent the interest-free loans to SH Youxu, Energy U Limited, and U Power Limited for their operation purposes.\n\n \n\n(2)Amounts due to UNEX EV represent the loans to Energy U Limited for its operation purpose.\n\n \n\n**(c)\nRelated party’s transaction**\n\n \n\n  \nFor the fiscal year ended\nDecember 31, \n\n  \n2024  \n2025  \n2025 \n\n  \nRMB  \nRMB  \nUSD \n\n  \n   \n   \n  \n\nLoans to Nanmu (Shanghai) Financial Leasing Co., Ltd \n 20,001  \n 40,243  \n 5,726 \n\nCash Advance to Jia Li \n 583  \n (583) \n (83)\n\nCash Advance to Ke Li \n 438  \n (438) \n (62)\n\nLoans / (Repayment of\nloans) to Shanghai Youcang \n (11) \n (100) \n (14)\n\nCash Advance to Bingyi Zhao \n 380  \n (536) \n (76)\n\nRepayment of receivables to Youche Jingpin \n (20) \n    \n   \n\nDeposit to Huzhou Zheyou \n    \n 30  \n 4 \n\nRepayment of loans from Jia Li \n (582) \n    \n   \n\nRepayment of loans from Ke Li \n (1,150) \n (3,020) \n (430)\n\nRepayment of loans from Bingyi Zhao \n (454) \n (219) \n (31)\n\nLoans from UNEX EV \n    \n (1,037) \n (148)\n\nLoans / (Repayment of\nloans)from Hangzhou Youyue \n (6) \n    \n   \n\n \n\nF-29\n\n \n\n**17. EMPLOYEE\nBENEFIT EXPENSES**\n\n \n\nAll\neligible employees of the Group are entitled to staff welfare benefits including medical care, welfare subsidies, unemployment insurance\nand pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to make contributions\nto the plan and accrues these benefits based on certain percentages of the qualified employees’ salaries. The Group recorded employee\nbenefit expenses of RMB 2,529 and RMB 2,943 (US$419) for the years ended December 31, 2024 and 2025, respectively.\n\n \n\n**18. INCOME\nTAXES**\n\n** **\n\n**Cayman\nIslands**\n\n \n\nThe\nCompany is incorporated in the Cayman Islands and conducts its primary business operations through the subsidiaries in the PRC and Hong\nKong. Under the current laws of the Cayman Islands, the Cayman Islands levies no taxes on individuals or corporations based upon profits,\nincome, gains or appreciation and the Company is therefore not subject to tax on income or capital gains arising in Cayman Islands.\n\n** **\n\n**British\nVirgin Islands**\n\n \n\nSubsidiaries\nBritish Virgin Islands are not subject to tax on income or capital gains under the current laws of the British Virgin Islands. Additionally,\nupon payments of dividends by the Company to its shareholders, no British Virgin Islands withholding tax will be imposed.\n\n** **\n\n**Hong\nKong**\n\n \n\nSubsidiaries\nin Hong Kong are subject to a two-tiered income tax rate for taxable income earned in Hong Kong. The first 2,000 Hong Kong\ndollars of profits earned by a company is subject to be taxed at an income tax rate of 8.25%, while the remaining profits will continue\nto be taxed at the existing tax rate of 16.5%. No provision for Hong Kong profits tax has been made in the consolidated financial\nstatements as it has no assessable profit for the years ended December 31, 2024 and 2025.\n\n** **\n\n**Thailand**\n\n \n\nSubsidiaries\nin Thailand are subject to corporate income tax on taxable profits earned in Thailand. The standard corporate income tax rate is 20%.\nFor small and medium enterprises (“SMEs”), a progressive tax rate applies: profits not exceeding 300,000 Thai Baht are exempt\nfrom tax; profits between 300,001 and 3,000,000 Thai Baht are taxed at 15%; and profits exceeding 3,000,000 Thai Baht are taxed at 20%\n\n** **\n\n**PRC**\n\n \n\nThe\nCompany’s PRC subsidiaries are incorporated in the PRC and subject to the statutory rate of 25% on the taxable income in accordance\nwith the Enterprise Income Tax Law (the “EIT Law”), which was effective since January 1, 2008, except for certain entities\neligible for preferential tax rates.\n\n \n\nF-30\n\n \n\nDividends,\ninterests, rent or royalties payable by the Company’s PRC subsidiaries, to non-PRC resident enterprises, and proceeds from any\nsuch non-resident enterprise investor’s disposition of assets (after deducting the net value of such assets) shall be subject to 10%\nwithholding tax, unless the respective non-PRC resident enterprise’s jurisdiction of incorporation has a tax treaty or arrangements\nwith China that provides for a reduced withholding tax rate or an exemption from withholding tax.\n\n \n\nThe\nEIT Law also provides that enterprises established under the laws of foreign countries or regions and whose “place of effective\nmanagement” is located within the PRC are considered PRC tax resident enterprises and subject to PRC income tax at the rate of 25%\non worldwide income. The definition of “place of effective management” refers to an establishment that exercises, in substance,\noverall management and control over the production and business, personnel, accounting, properties, etc. of an enterprise.\n\n \n\nAs\nof December 31, 2025, the administrative practice associated with interpreting and applying the concept of “place of effective\nmanagement” is unclear. If the Company is deemed as a PRC tax resident, it will be subject to 25% PRC enterprise income tax\nunder the EIT Law on its worldwide income, meanwhile the dividend it receives from another PRC tax resident company will be exempted\nfrom 25% PRC income tax. The Company will continue to monitor changes in the interpretation or guidance of this law.\n\n \n\nLoss before\nincome taxes consisted of:\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nNon-PRC \n (14,742) \n (8,058) \n (1,146)\n\nPRC \n (41,620) \n (72,420) \n (10,303)\n\n  \n (56,362) \n (80,478) \n (11,449)\n\n \n\nThe\nfollowing table presents the composition of income tax expenses for the years ended December 31, 2024 and 2025:\n\n \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nCurrent income tax expense \n -  \n 3,581  \n 509 \n\nDeferred income tax\nexpense \n -  \n -  \n - \n\n  \n -  \n 3,581  \n 509 \n\n \n\nThe reconciliation\nof the effective tax rate and the statutory income tax rate applicable to PRC operations was as follow:\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nLoss before provision for income taxes \n (56,362) \n (80,478) \n (11,449)\n\nIncome tax benefit computed at an applicable tax rate of 25% \n (14,091) \n (20,120) \n (2,862)\n\nThe effect of different tax rate \n 659  \n 302  \n 43 \n\nChange in valuation allowance \n 13,432  \n 23,399  \n 3,328 \n\n  \n \n-\n  \n 3,581  \n 509 \n\n \n\nF-31\n\n \n\n**Deferred\nTaxes**\n\n \n\nDeferred\nincome taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial\nreporting purposes and the amounts used for income tax purposes. Significant components of the Group’s deferred tax assets\nand deferred tax liabilities were as follows:\n\n \n\n \n\n \n \n**As of December 31,**\n \n\n \n \n**2024**\n \n \n**2025**\n \n\n \n \n**RMB**\n \n \n**RMB**\n \n \n**US$**\n \n\n**Deferred tax assets:**\n \n \n \n \n \n \n \n \n \n \n \n \n\nCurrent and prior year tax losses  \n \n \n45,483\n \n \n \n69,010\n \n \n \n9,818\n \n\nAllowance for credit loss\n \n \n-\n \n \n \n230\n \n \n \n33\n \n\n**Total deferred tax assets**\n \n \n**45,483**\n \n \n \n**69,240**\n \n \n \n**9,851**\n \n\nLess: valuation allowance\n \n \n(45,483\n)\n \n \n(69,240\n)\n \n \n(9,851\n)\n\n**Deferred tax assets, net**\n \n \n**-**\n \n \n \n**-**\n \n \n \n**-**\n \n\n  \n\nRealization\nof the net deferred tax assets is dependent on factors including future reversals of existing taxable temporary differences and adequate\nfuture taxable income, exclusive of reversing deductible temporary differences and tax loss carry forwards. The Group evaluates the potential\nrealization of deferred tax assets on an entity-by-entity basis.\n\n \n\nAs\nof December 31, 2024 and 2025, valuation allowances were mainly provided against deferred tax assets caused by net operating losses carried\nforward in entities where it was determined that it was more likely than not that the benefits of the deferred tax assets will not be\nrealized due to their recurring losses.\n\n \n\nAccording\nto PRC tax regulations, the PRC net operating loss can generally carry forward for no longer than five years starting from the year subsequent\nto the year in which the loss was incurred. Carryback of losses is not permitted.\n\n \n\nAs of December\n31, 2025, net operating tax loss carry forwards in PRC is expected to expire as follows:\n\n \n\n  \nAs of December 31, 2025 \n\n  \nRMB  \nUS$ \n\n2026 \n 11,465  \n 1,631 \n\n2027 \n 39,695  \n 5,647 \n\n2028 \n 26,870  \n 3,823 \n\n2029 \n 62,872  \n 8,945 \n\n2030 \n 111,121  \n 15,809 \n\n  \n 252,023  \n 35,855 \n\n \n\n**Uncertain\ntax positions**\n\n \n\nThe\nGroup evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits,\nand measure the unrecognized benefits associated with the tax positions. As of December 31, 2024 and 2025, the Group did not have any\nsignificant unrecognized uncertain tax positions.\n\n \n\nThe\nGroup did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line of\nits consolidated statements of operations for the years ended December 31, 2024 and 2025.\n\n \n\nF-32\n\n \n\n**19. RESTRICTED\nNET ASSETS**\n\n \n\nRelevant\nPRC statutory laws and regulations permit payments of dividends by the Group’s PRC subsidiaries only out of their retained earnings,\nif any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the financial\nstatements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s\nsubsidiaries.\n\n \n\nIn\naccordance with the Regulations on Enterprises with Foreign Investment of China, a foreign invested enterprise established in the PRC\nis required to provide certain statutory reserves, namely general reserve fund, enterprise expansion fund, and staff welfare and bonus\nfund which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts, which is included in retained\nearnings accounts in equity section of the consolidated balance sheets. A wholly foreign owned invested enterprise is required to allocate\nat least 10% of its annual after-tax profit to the general reserve until such reserve reaches 50% of its respective registered\ncapital based on the enterprise’s PRC statutory accounts.\n\n \n\nAppropriations\nto the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign invested\nenterprises. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. If any PRC\nsubsidiary incurs debt on its own behalf in the future, the instruments governing the debt may restrict its ability to pay dividends\nor make other payments to the Group. Any limitation on the ability of the PRC subsidiaries to distribute dividends or other payments\nto their respective shareholders could materially and adversely limit the ability to grow, make investments or acquisitions that could\nbe beneficial to pay dividends.\n\n \n\nAdditionally,\nin accordance with the Company Law of the PRC, a domestic enterprise is required to provide a statutory common reserve of at least 10%\nof its annual after-tax profit until such reserve reaches 50% of its respective registered capital based on the enterprise’s\nPRC statutory accounts. The Group’s provision for the statutory common reserve is in compliance with the aforementioned requirement\nof the Company Law. A domestic enterprise is also required to provide for discretionary surplus reserve, at the discretion of the board\nof directors, from the profits determined in accordance with the enterprise’s PRC statutory accounts. The aforementioned reserves\ncan only be used for specific purposes and are not distributable as cash dividends. For the years ended December 31, 2024 and 2025, the\nPRC subsidiaries did not have after-tax profit, and therefore, no statutory reserves were allocated.\n\n \n\nBecause\nthe Group’s entities in the PRC can only be paid out of distributable profits reported in accordance with PRC accounting standards,\nthe Group’s entities in the PRC are restricted from transferring a portion of their net assets to the Company. The restricted amounts\ninclude the paid-in capital and additional paid-in capital of the Group’s entities in the PRC. The aggregate amount of paid-in\ncapital and additional paid-in capital, which is the amount of net assets of the Group’s entities in the PRC (mainland) not available\nfor distribution, were RMB818,712 and RMB503,997 (US$71,705) as of December 31, 2024 and 2025, respectively.\n\n \n\n**20. LOSS\nPER SHARE**\n\n \n\nBasic and\ndiluted earnings per share for the years presented were calculated as follows:\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nUS$ \n\nNumerator: \n   \n   \n  \n\nNet loss \n (56,362) \n (80,478) \n (11,449)\n\nLess: net loss attributable to noncontrolling interest \n (8,440) \n (11,758) \n (1,673)\n\nNet loss attributable to the Company’s shareholders \n (47,922) \n (68,720) \n (9,776)\n\n  \n    \n    \n   \n\nDenominator: \n    \n    \n   \n\nWeighted average number of ordinary shares outstanding used in calculating basic and diluted earnings per share \n 2,854,594  \n 4,567,460  \n 4,567,460 \n\n  \n    \n    \n   \n\nBasic and diluted earnings per share: \n (16.79) \n (15.05) \n (2.14)\n\n \n\nF-33\n\n \n\n**21. COMMITMENTS\nAND CONTINGENCIES**\n\n** **\n\n**Commitments**\n\n \n\nThe following\ntable sets forth the Group’s contractual obligations as of December 31, 2025:\n\n \n\n  \nPayment due by period \n\n  \nTotal  \nLess than\n1 year  \n1-3 years  \n3-5 years  \nMore than\n5 years \n\n  \nRMB  \nUS$  \n   \n   \n   \n  \n\nCurrent portion of long-term bank borrowings (i) \n 5,800  \n 825  \n 5,800  \n \n-\n  \n \n-\n  \n \n-\n \n\nShort-term bank borrowing \n 13,172  \n 1,874  \n 13,172  \n \n-\n  \n \n-\n  \n \n-\n \n\nLoans from third parties \n 2,177  \n 310  \n 2,177  \n \n-\n  \n \n-\n  \n \n-\n \n\nOperating lease liabilities (ii) \n 5,399  \n 768  \n 2,246  \n 2,434  \n 719  \n \n-\n \n\nLitigation and settlement(iii) \n 16,958  \n 2,413  \n 16,958  \n \n-\n  \n \n-\n  \n \n-\n \n\nTotal \n 43,506  \n 6,190  \n 40,353  \n 2,434  \n 719  \n \n-\n \n\n \n\n(i) The Group’s long-term bank borrowings and short-term bank borrowings as of December 31, 2025 is discussed in Note 13 BANK BORROWINGS.\n\n \n\n(ii) The Group’s commitment for minimum lease payments under the remaining operating leases as of December 31, 2025 is discussed in Note 15 LEASES.\n\n \n\n(iii) The Group’s commitment for payable under the other current liabilities as of December 31, 2025 is discussed in Note 14 ACCRUED EXPENSES AND OTHER LIABILITIES.\n\n \n\nOther\nthan as shown above, we did not have any significant capital and other commitments, long-term obligations or guarantees as of December\n31, 2025.\n\n \n\nThe Group is subject to legal proceedings and\nregulatory actions in the ordinary course of business. The results of such proceedings cannot be predicted with certainty, but the Group\ndoes not anticipate that the final outcome arising out of any such matter will have a material adverse effect on the Group’s consolidated\nbusiness, financial position, cash flows or results of operations taken as a whole.\n\n \n\nQuanzhou Youyi Power Exchange Network Technology\nCo., Ltd., Youpin SD and SH Youxu were sued by Quanzhou Meibiaoyouxin Automobile Sales Service Co., Ltd. for payment of RMB700 (US$96)\nand liquidated damages on January 16, 2024. The initial hearing was held on March 22, 2024. Youpin SD lost the case and appealed to the\ncourt on July 25, 2024. On November 8, 2024, the Quanzhou Intermediate People’s Court has revoked the original judgment and remanded\nthe case for retrial. A retrial hearing of second instance was held on January 9, 2026, and the judgment is currently pending.\n\n \n\nAHYS, Shanghai Youcang Business Consulting Partnership (Limited Partnership),\nand Li Jia were sued by Zhuji Huarui Wenhua Equity Investment Partnership (Limited Partnership), Zhuji Huarui Torch Venture Capital Investment\nPartnership (Limited Partnership), and Zhuji Fuhui Industrial Transformation and Upgrading Investment Fund Partnership (Limited Partnership).\nThe plaintiffs requested the court to order the defendants to jointly pay the investment exit amount of RMB10,000 (US$1,430), along with\noverdue payment penalties (calculated based on RMB10 (US$1) at the prevailing one-year loan prime rate of banks, from January 1, 2024,\nto the actual payment date, and the litigation costs. On October 24, 2025, the court of first instance ruled in favor of the plaintiffs.\nOn January 6, 2026, the court of second instance upheld the judgment rendered by the court of first instance.\n\n \n\nF-34\n\n \n\nThe Wuhu High-Tech Industrial Development Zone\nAdministrative Committee has issued an administrative decision to Youpin on August 29, 2024, which requires Youpin to return a rental\nsubsidy with respect to a factory lease of RMB3,000 (US$429). Youpin has applied for administrative reconsideration and subsequently filed\na lawsuit. Both the administrative reconsideration and administrative litigation proceedings upheld the administrative decision. As of\nthe date of this annual report, Youpin has not returned the RMB3,000 rental subsidy.\n\n \n\nSH Youxu and Youxu New Energy Technology (Nanyang)\nCo., Ltd. were sued by Shanghai Jiehuan Intelligent Technology Co., Ltd. for joint payment of RMB5,800 (US$828) of the goods payment for\nthe battery swap station. The Company was added as a third party by the Shanghai Songjiang District People’s Court on August 12,\n2025. On April 13, 2026, the court rendered the first-instance judgment, ordering the defendants to jointly and severally pay the plaintiff\ngoods payment of RMB5,800 (US$828).\n\n \n\nYouxu (Xiamen) Power Exchange Network Technology\nCo., Ltd. and Youpin SD were sued by Yidong New Energy Technology Co., Ltd. for battery depreciation deduction of RMB1,499 (US$213), battery\nbreach liquidated damages of RMB414 (US$59), leasing service fees and overdue payment liquidated damages, with Youpin SD bearing joint\nand several guarantee liability. The case was filed on March 5, 2026, and a court hearing was held on May 20, 2026. The defendants are\ncurrently in negotiations with the plaintiff regarding a revised mediation proposal.\n\n \n\n**Guarantees**\n\n \n\nFrom August 2020 to November 2021, Youguan Financial\nLeasing provided a total of RMB5,869 (US$827) guarantee to its four customers who entered into two five-year guarantees and two\nfour-year guarantees. As of the date of this annual report, the balance of the guarantees were RMB783 (US$111).** **\n\n** **\n\n**22. SUBSEQUENT\nEVENTS**\n\n \n\nZibo Hengsong You Car Equity Investment Fund\nPartnership (Limited Partnership) (“Zibo Hengsong”) has sued Youpin SD, AHYS, WFOE, and Mr. Jia Li. The plaintiff requested\nthe defendants to repurchase the 13.0435% equity interest in Youpin SD and jointly pay the equity repurchase price of RMB240,000 (US$34,320)\nplus interest (temporarily calculated at RMB78,220 (US$11,185)). The defendants filed a counterclaim demanding that the plaintiff transfer\nthe 13.0435% equity interest in Youpin SD to the defendants at a consideration of RMB1. On December 22, 2025, the Zibo Intermediate People’s\nCourt rendered a judgment, ordering AHYS and Mr. Jia Li to jointly pay Zibo Hengsong equity repurchase proceeds of RMB312,374 (US$44,678)\nplus interest accruing from January 11, 2025 to the date of actual payment (calculated on a principal amount of RMB240,000 at an annual\ninterest rate of 8%); ordering Youpin SD to bear joint and several liability for such payment obligations; ordering WFOE to bear joint\nand several liability for AHYS’s payment obligations; and dismissing the defendants’ counterclaim in its entirety. In connection\nwith the foregoing proceedings, the Zibo Intermediate People’s Court has frozen certain equity interests held by AHYS, Mr. Jia\nLi, and certain related entities, including, among others, AHYS’s equity interests in Youpin Automobile Service Group Co., Ltd.\nand Shanghai Youxu New Energy Technology Co., Ltd., Mr. Jia Li’s equity interests in Shanghai Youyi Jia New Energy Technology Partnership\n(Limited Partnership) and Shanghai Youcang Business Consulting Partnership (Limited Partnership), and equity interests held by AHYS and\ncertain related entities in certain of our PRC subsidiaries, including Youpin, Youpin SD, SH Youteng, SH Youxu, and CD Youyineng, with\nthe frozen equity interests ranging in value from approximately RMB104 to RMB100,000 per interest, and the freezing orders are to remain\nin effect through February or March 2028. On January 8, 2026, Youpin SD, AHYS, Mr. Jia Li, and WFOE filed an appeal with the Shandong\nHigh People’s Court, requesting that the first instance judgment be reversed and that all of Zibo Hengsong’s claims be dismissed.\nAs of the date of this annual report, the case is under trial before the court of the second instance.\n\n \n\nF-35\n\n \n\nOn\nMarch 25, 2026, the Company effectuated a consolidation of all of the Company’s authorized issued and unissued ordinary shares\non a 10:1 basis to take effect at the commencement of trading on April 1, 2026. As a result, each 10 ordinary shares of a par value\nof US$0.00001 each were consolidated into 1 (one) ordinary share of a par value of US$0.0001 each, and following such share consolidation,\nthe authorized share capital of the Company was changed to US$50,000 divided into 399,941,181.2 Class A ordinary shares of a par value\nof US$0.0001 each, and 100,058,818.8 Class B ordinary shares of a par value of US$0.0001 each.\n\n** **\n\n**23. UNAUDITED\nCONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY**\n\n \n\nThe\nCompany’s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company. The payment\nof dividends by entities organized in the PRC is subject to limitations, procedures and formalities. Regulations in the PRC currently\npermit payment of dividends only out of accumulated profits as determined in accordance with accounting standards and regulations in\nthe PRC. The Company’s subsidiaries are also required to set aside at least 10% of its after-tax profit based on PRC accounting\nstandards each year to its statutory reserves account until the accumulative amount of such reserves reaches 50% of its respective\nregistered capital. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends.\n\n \n\nIn\naddition, the Company’s operations and revenues are conducted and generated in the PRC, and all of the Company’s revenues\nearned and currency received are denominated in RMB. RMB is subject to the foreign exchange control regulation in China, and, as a result,\nthe Company may be unable to distribute any dividends outside of China due to PRC foreign exchange control regulations that restrict\nthe Company’s ability to convert RMB into USD.\n\n \n\nRegulation\nS-X requires the condensed financial information of registrant shall be filed when the restricted net assets of consolidated subsidiaries\nexceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of the\nabove test, restricted net assets of consolidated subsidiaries shall mean that the amount of the registrant’s proportionate share\nof net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not\nbe transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third\nparty. The condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X\nas the restricted net assets of the Company’s PRC subsidiary exceed 25% of the consolidated net assets of the Company.\n\n \n\nCertain\ninformation and footnote disclosures normally included in financial statements prepared in conformity with generally accepted accounting\nprinciples have been condensed or omitted. The Company’s investment in its subsidiaries is stated at cost plus equity in undistributed\nearnings of subsidiaries.\n\n \n\nThe\ncondensed financial information has been prepared using the same accounting policies as set out in the consolidated financial statements\nexcept that the equity method has been used to account for investments in its subsidiaries. For the parent company, the Group records\nits investments in subsidiaries similar to the equity method of accounting as prescribed in ASC 323, Investments—Equity Method\nand Joint Ventures. Such investments are presented on the Condensed Balance Sheets as “Investments in subsidiaries” and the\nsubsidiaries’ loss as “Equity in losses of subsidiaries” on the Condensed Statements of Comprehensive Loss. The condensed\nfinancial information presented in the parent company’s financial statements equal the corresponding amounts attributable to the\nparent company in the consolidated financial statements.\n\n \n\nF-36\n\n \n\nIn January 2023, LY New Energy, Youpin, Youxu Zibo and HN Youxu, respectively, entered into a one-year loan agreement signed annually with Shanghai Huazhen Construction Engineering Co., Ltd (“SH Huazhen”), pursuant to which LY New Energy, Youpin, Youxu Zibo and HN Youxu were entitled to lend a total loan amount of RMB12,560 (US$1,769) with free interest rate for working capital needs of SH Huazhen. As of December 31, 2025, the balance has been fully provided for impairment. In December 2023, Youguan Financial Leasing entered into a one-year loan agreement with Cao Yue, Gong Hua and He Guangquan for revolving loan quota, each quota of RMB2.4 million, pursuant to which Youguan Financial Leasing were entitled to lend a total loan amount of RMB7.2 million with free interest rate. As of December 31, 2025, the loan balance is RMB1,197 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