U Power Limited · NASDAQ:UCAR
U Power — IPO Roadshow (March 2023)
35 slides from U Power's IPO roadshow presentation, Mar 14, 2023
Slide 1: U Power Limited March 2023 Roadshow Presentation
U POWER LIMITED March 2023 Roadshow Presentation Free Writing Prospectus dated March 14, 2023 Filed Pursuant to Rule 433 of the Securities Act of 1933, as amended Relating to Preliminary Prospectus dated March 13 , 2023 Registration Statement No. 333 - 268949
Slide 2: Free Writing Prospectus Statement
2 This free writing prospectus relates to the proposed public offering of ordinary shares ( “ Ordinary Shares ” ) of U Power Limited ( “ we ” , “ us ” , or “ our ” ) and should be read together with the Registration Statement we filed with the U . S . Securities and Exchange Commission (the “ SEC ”
Slide 3: Forward-looking statements
3 This presentation contains forward - looking statements that reflect our current expectations and views of future events . These forward - looking statements relate to events that involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or ac
Slide 4: Offering Summary
4 Offering Summary Issuer • U Power Limited Listing Venue • Nasdaq Capital Markets (Stock Code: “ UCAR ” ) Offering Type Price Range Use of Proceeds Joint Bookrunners • Initial Public Offering • $6.00 - $8.00 per ordinary share • 40% for developing and marketing of UOTTA - powered EVs; • 30% for man
Slide 5: Table of Contents
Table of Contents Investment Highlights 14. Growth Strategies 20. Financial Highlights 22 . Appendix 26 . 10 . Business Overview Company Overview 6 .
Slide 6: Company Overview
1 Company Overview
Slide 7: Our Vision
Our Vision Become an EV market player primarily focused on our proprietary battery - swapping technology, or UOTTA technology, to provide a comprehensive battery power solution for EVs Note: There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid an
Slide 8: Company Overview
8 Company Overview Vehicles Sourcing Business Vehicles Battery Swapping Technology Battery Swapping Station • 102 suppliers and 165 customers primarily located in lower - tier cities in China 1 • GMV of RMB 1.26 million in 2021 with YoY growth of 1,473.8% • 14 issued patents and 24 pending patent ap
Slide 9: Key Milestones
9 Key Milestones • Our subsidiary, Anhui Yousheng New Energy, was established in Shanghai • Since our commencement, we have principally engaged in the provision of vehicle sourcing services • We gradually shifted our focus from the vehicle sourcing business to the development of our proprietary batt
Slide 10: Business Overview
nN? Business Overview
Slide 11: Vehicle Sourcing Business
11 Vehicle Sourcing Business 102 1 Suppliers Vehicle Wholesalers Automobile Manufacturers 165 1 Customers SME Dealers Individual Customers Total GMV 2 in 2021: RMB1,262,417 Total Unit s Sold in 2021: 1,252 Total GMV 2 in 2020: RMB80,216 Total Unit s Sold in 2020: 57 Note: 1. For fiscal year 2021 2.
Slide 12: UOTTA-powered EVs
12 UOTTA - powered EVs C ompared with passenger EV drivers, drivers of commercial - use EVs experience more range anxiety and are more motivated to shorten, or even eliminate, time spent on recharging EVs . Therefore, we intend to primarily focus on developing commercial - use UOTTA - powered EVs Au
Slide 13: UOTTA Battery-Swapping Stations
13 UOTTA Battery - Swapping Stations Two types of UOTTA Battery - swapping Stations T itan Model • For electric heavy trucks • 6 to 8 parking spaces • 60 square meters • RMB2,500,000 to 3,500,000 per unit Chipbox Model • For ride - hailing passenger EVs, light electric trucks, and small logistics ve
Slide 14: Investment Highlights
2 Investment Highlights
Slide 15: Investment Highlights Overview
15 A V ehicle Sourcing N etwork in Lower - tier C ities in China Investment Highlights Overview UOTTA Battery - swapping Technology Strong Cooperation with Key Partners, Including Major Automakers and Battery Developers in China Visionary and Experienced Management Team with Strong Commitment Note:
Slide 16: A Vehicle Sourcing Network in Lower-tier Cities in China
16 A V ehicle Sourcing N etwork in Lower - tier C ities in China A strong presence in the lower - tier cities in China 100 1 S uppliers 30 1 SME Dealers Long - term relationships with suppliers and SME dealer customers Deep understanding of the vehicle dealership market Our sourcing network consiste
Slide 17: UOTTA Battery-swapping Technology
17 UOTTA Battery - swapping Technology Designed to provide a comprehensive battery power solution 24 Pending Patent Applications Issued Patents 14 UOTTA - powered EVs • Vehicle - mounted supervisory control units that monitor the real - time status of an EV ’ s battery packs • Customized vehicle con
Slide 18: Strong Cooperation with Key Partners
18 Strong Cooperation with Key P artners , Including M ajor Automakers and Battery D evelopers in China We believe we are one of the few companies that are able to develop such strong relationships with these major manufacturers Leverage expertise and industry know - how Ensure product meet strict q
Slide 19: Visionary and Experienced Management Team
19 Visionary and Experienced Management T eam with Strong C ommitment Mr. Jia Li Founder and Chairman • Over 15 - years of management experience in the automotive industry and the financial industry • Former vice president at SAIC - GMAC Automotive Finance Co., Ltd. Mr. Rui Wang Senior Vice Presiden
Slide 20: Growth Strategies
N\A Growth Strategies
Slide 21: Our Strategies
21 Our Strategies • Expand UOTTA - powered EV models to meet the needs of different commercial scenarios • Explore collaboration opportunities with additional auto manufacturers who have leading technologies and sufficient capacities Jointly develop UOTTA - powered EVs with major auto manufacturers
Slide 22: Financial Overview
Ne Financial Overview
Slide 23: Strong Revenue Growth
23 Strong Revenue Growth 1,464 1,394 598 1,300 6,616 2,634 343 1,464 8,010 598 4,277 2020 2021 H1 2021 H1 2022 Sourcing services Product sales Battery-swapping services (RMB Thousands ) +447.1% +615.2% (RMB Thousands) 35 715 1,066 45 548 53 80 1,262 1,119 2020 2021 H1 2022 GMV from individual custom
Slide 24: Operating Efficiency
24 Operating Efficiency 3,007 4,862 2,232 866 14,069 37,588 15,257 11,525 111 5,374 392 2,810 17,476 47,824 17,881 15,201 - 10,000 20,000 30,000 40,000 50,000 60,000 2020 2021 H1 2021 H1 2022 Allowance for doubtful debt Research and development expenses General and administrative expenses Sales and
Slide 25: Profitability Analysis
25 Profitability Analysis (RMB Thousands) Gross margin ( RMB Thousands) 1,464 2,873 395 1,529 2020 2021 H1 2021 H1 2022 36 % 100 % +96.2% + 287.1 % 66 % 36% (16,012) (44,951) (17,486) (13,672) 2020 2021 H1 2021 H1 2022 Note: There is no guarantee that any specific outcome will be achieved. Investmen
Slide 26: Consolidated Financials
A nnandiv 4 Consolidated Financials
Slide 27: Historical Financials
27 Historical Financials S elected Income statements : For the years ended December 31, For the six months ended June 30, Amounts in thousand s 2020 2021 2021 2022 RMB RMB USD RMB RMB USD Net revenues: Sourcing services 1,464 1,394 208 598 1,300 194 Product sales - 6,616 988 - 2,634 393 EaaS service
Slide 28: Historical Financials (Cont'd) Selected Balance Sheet Items
28 Historical Financials (Cont ’ d) Selected Balance Sheet Items: As of December 31, As of June 30, Amounts in thousands 2020 2021 2022 RMB RMB USD RMB USD Cash and cash equivalents 121,428 14,787 2,320 11,860 1,771 Restricted cash 5,250 10,900 1,710 900 134 Advance to suppliers 5,296 76,444 11,996
Slide 29: Historical Financials (Cont'd) Selected Cash Flow Statement
29 Historical Financials (Cont ’ d) Selected Cash Flow Statement: For the years ended December 31, For the six months ended June 30, Amounts in thousands 2020 2021 2021 2022 RMB RMB USD RMB RMB USD Net cash used in operating activities (22,392) (82,229) (12,904) (24,797) (12,143) (1,812) Net cash us
Slide 30: Industry Overview
Consolidated Financials Industry Overview
Slide 31: China Electric Vehicles Market
31 507.0 777.0 1,254.7 1,203.0 1,365.6 3,498.8 4,873.2 6,475.8 7,955.2 9,515.4 11,039.9 2016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E 2026E Electric Vehicles Market in China, by Sales Volume Thousand Units, 2016 - 2026E Electric Commercial Vehicles Market in China, by Sales Volume Thousand
Slide 32: Key Drivers of Battery-Swapping Solution for Commercial EV Market
32 Key Drivers of Battery - Swapping Solution for Commercial EV Market Battery - Swapping Solution for Commercial EV Market Battery swapping Solution for Electric Vehicles of Commercial and Operational Purposes in China, Market Size RMB Billion, 2016 - 2025E L ow cost and high efficiency, which meet
Slide 33: Vehicle Sales Market and Vehicle Sourcing Model
33 Vehicle Sales Market and Vehicle Sourcing Model • Fleet • T ravel Platform • L easing Company …… Upstream Midstream Downstream Individual Customers Business Customers Sourcing services • Vehicle Sales • A uto Finance • Financial leasing • Insurance Agency • Other After - sales services …… Authori
Slide 34: Corporate Structure
A nnandiv 2 Corporate Structure
Slide 35: Corporate Structure
35 U Power Limited (Cayman Islands) Youcang Limited (BVI) Energy U Limited ( HK ) Shanghai Youxu New Energy Technology Co., Ltd “ SH Youxu ” Youpin Automobile Services(Shandong ) Co., Ltd “ Youpin SD ” Zhejiang Youguan Automobile Services Co., Ltd “ ZJ Youguan ” Youguan Financial Leasing (China) Co.