Ucommune International Ltd

Ucommune is a leading agile office space provider in China. The company launched its first space in September 2015 and owned operations in three cities as of December 31, 2025. Beyond physical spaces, Ucommune operates a technology-driven platform including U Bazaar, a smart office system, IoT solutions, and Udata, a data management system, to offer U Plus services to members. Ucommune operates under two models. The Self-operated Model involves leasing spaces generally over 200 m2 each from landlords, then designing and building them using proprietary standard operating procedures (SOP). Revenue from member service contracts under this model is recognized as workspace membership revenue, while fees for ancillary services like printing and copying are recognized as other services revenue. The subsidiary responsible for the U studio category, which leased scattered office spaces generally less than 200 m2 each, was disposed of in December 2022, and related operations were terminated. The subsidiary responsible for the U Design category, which provided customized services from location selection to daily operations, was disposed of in October 2024, and related operations were terminated. The Asset-light Model involves providing space design, build, and management services for landlords who bear most capital investments. This model has two categories: U Brand, where Ucommune primarily charges landlords management fees for branding, consulting, and operating services, with fees recognized as other services revenue; and U Partner, where Ucommune shares revenue with landlords.