{"url_path":"/sec/ucar/10-k/2026/item-7","section_key":"item-7","section_title":"Item 7 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS**","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":689,"has_tables":true,"body_markdown":"**Item\n7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS**\n\n \n\nA. Major\nShareholders\n\n \n\nSee\n“Item 6. Directors, Senior Management and Employees — E. Share Ownership.”\n\n \n\nB. Related\nParty Transactions\n\n \n\nFor\nthe fiscal years 2025, 2024 and 2023, the related parties that transacted with the Company and their respective relationship to the Company\nlisted as below:\n\n \n\nNames\nof the related parties \nRelationship\nwith the Group\n\nHangzhou\nYouyue Travel Technology Co., Ltd. (“Hangzhou Youyue”) \nAn affiliate of Bingyi Zhao\n\nShanghai\nYouzhang Commerical Information Consulting Partnership (Limited Partnership) (“Shanghai Youzhang”) \nAn affiliate of Jia Li\n\nNingbo\nYouheng Automobile Service Co., Ltd. (“Ningbo Youheng Automobile” \nAn affiliate of Jia Li\n\nZhejiang\nYouxiaodian Automobile Service Co., Ltd. (“Zhejiang Youxiaodian”) \nAn affiliate of Jia Li\n\nQingshan\nWei \nControlling shareholder of U Power Limited\n\nYoujia\nTechnology (Shanghai) Co., Ltd. (“Youjia Technology”) \nAn affiliate of Jia Li\n\nShanghai\nYoupinsuoer New Energy Technology Co., Ltd. (“Shanghai Youpinsuoer”) \nAn affiliate of Jia Li\n\nJia Li \nControlling shareholder, Director and CEO\nof U Power Limited\n\nBingyi\nZhao \nDirector and Chief Financial Officer of U\nPower Limited\n\nShandong\nYouyidian Automobile Technology Co., Ltd. (“Shandong Youyidian”) \nAn affiliate of Jia Li\n\nYouche\nJingpin E-commerce (Shanghai) Co., Ltd. (“Youche Jingpin”) \nAn affiliate of Jia Li\n\nShanghai\nYoucang Business Consulting Partnership (Limited Partnership) (“Shanghai Youcang”) \nAn affiliate of Jia Li\n\nNanmu\n(Shanghai) Financial Leasing Co., Ltd. (“Nanmu”) \nAn affiliate of Jia Li\n\nUNEX\nEV B.V. \nAn equity method investee of Energy U Limited\n\nKe Li \nDirector of U Power Limited\n\n \n\n106\n\n \n\n**(a)\nAmounts due from related parties**\n\n \n\n  \nAs of\nDecember 31,\n2023  \nAs of\nDecember 31,\n2024  \nAs of\nDecember 31,\n2025 \n\n  \nRMB  \nRMB  \nRMB \n\n  \n   \n   \n  \n\nNanmu (Shanghai) Financial Leasing Co., Ltd.(1) \n    \n 20,001,000  \n 60,244,423 \n\nJia Li(2) \n    \n 582,701  \n   \n\nKe Li(2) \n    \n 437,958  \n   \n\nYouche Jingpin(3) \n 20,200  \n -  \n   \n\nShanghai Youcang(4) \n 110,500  \n 100,000  \n   \n\nBingyi Zhao(5) \n 11,516  \n 535,510  \n   \n\nHuzhou Zheyou New Energy Sales Co., Ltd. \n    \n    \n 30,000 \n\n  \n 142,216  \n 21,657,170  \n 60,274,423 \n\n \n\n(1)\nAmounts due from Nanmu\n(Shanghai) Financial Leasing Co., Ltd. represent an investment deposit to Nanmu (Shanghai) Financial Leasing Co., Ltd.\n\n \n\n(2)\nAmounts due from Jia Li\nand Ke Li represent the advances paid to Jia Li and Ke Li by Youpin Shandong, SH Youxu and Energy U Limited for their market expansion\nefforts, at an interest rate of 12.4% and with a due date of June 30, 2026.\n\n \n\n(3)\nAmounts due from Youche\nJingpin represent Youpin’s receivables of rental and corporate service fees due from Youche Jingpin incurred in November 2017\nand February 2018.\n\n \n\n(4)\nAmounts due from Shanghai\nYoucang represent the advances paid by AHYS to Shanghai Youcang regarding the transfer of 24.11% equity interests of Youpin in May\n2022.\n\n \n\n(5)\nAmounts due from Bingyi\nZhao represent the advances paid by Youpin Shandong to Bingyi Zhao for her market expansion efforts.\n\n \n\n107\n\n \n\n**(b)\nAmounts due to related parties**\n\n \n\n  \nAs of\nDecember 31,\n2023  \nAs of\nDecember 31,\n2024  \nAs of\nDecember 31,\n2025 \n\n  \nRMB  \nRMB  \nRMB \n\n  \n   \n   \n  \n\nKe Li(1) \n 4,170,000  \n 3,019,704  \n - \n\nJia Li(1) \n 582,192  \n -  \n - \n\nBingyi Zhao(1) \n 673,071  \n 218,979  \n - \n\nUNEX EV(2) \n -  \n -  \n 1,037,125 \n\nHangzhou Youyue(3) \n 5,502  \n -  \n - \n\n  \n 5,430,765  \n 3,238,683  \n 1,037,125 \n\n \n\n(1)\nAmounts due to Ke Li, Jia\nLi, 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)\nAmounts due to UNEX EV\nrepresent the loans to Energy U Limited for its operation purpose.\n\n \n\n(3)\nAmounts due to Hangzhou\nYouyue represent the labor costs paid by Hangzhou Youyu on behalf of Liaoning Youguan.\n\n \n\n**(c)\nRelated party’s transaction**\n\n \n\n  \nFor the fiscal year ended\n\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 20,001,000  \n 40,243,423  \n 5,725,504 \n\nCash Advance to Jia Li \n 582,701  \n (582,701) \n (82,902)\n\nCash Advance to Ke Li \n 437,958  \n (437,958) \n (62,309)\n\nLoans/ (Repayment of loans) to Shanghai Youcang \n (10,500) \n (100,000) \n (14,277)\n\nCash Advance to Bingyi Zhao \n 380,254  \n (535,510) \n (76,188)\n\nRepayment of receivables to Youche Jingpin \n (20,200) \n    \n   \n\nDeposit to Huzhou Zheyou \n    \n 30,000  \n 4,268 \n\nRepayment of loans from Jia Li \n (582,192) \n    \n   \n\nRepayment of loans from Ke Li \n (1,150,296) \n (3,019,704) \n (429,619)\n\nRepayment of loans from Bingyi Zhao \n (454,092) \n (218,979) \n (31,155)\n\nLoans from UNEX EV \n    \n 1,037,125  \n 147,554\n\nLoans / (Repayment of loans)from Hangzhou Youyue \n (5,502) \n    \n   \n\n \n\nC. Interests\nof Experts and Counsel\n\n \n\nNot\napplicable.\n\n \n\n108"}