Ucommune International Ltd (NASDAQ: UK)

Ucommune International Ltd is a leading agile office space provider in China. The company designs builds and manages flexible workspaces for enterprises and individuals. It operates under a self operated model and an asset light model to serve members across multiple cities. Its core business includes providing office workstations meeting rooms and a suite of value added services through its technology platform. The company launched its first space in September 2015 and has expanded its footprint to cover tier 1 and new tier 1 cities in mainland China. As of December 31 2025 it owned and operated spaces in three cities across the country. Ucommune International Ltd also runs a digital platform called U Bazaar that integrates access control meeting scheduling and a marketplace for U Plus services.

Ucommune International Ltd generates revenue primarily from workspace membership fees charged to members for access to desks offices and meeting rooms. Additional income comes from other services revenue which includes fees for ancillary offerings such as printing copying and catering as well as management fees and revenue sharing arrangements under its asset light model. The company also earns fees from U Plus services which encompass individual services general corporate services incubation advertising branding and community e commerce offerings. Revenue from U Plus services is derived from revenue sharing agreements with over seven hundred business partners and fixed fee arrangements for leasing space to those partners. The company's smart office system UcomOS and data platform Udata support the delivery of these services by enabling real time access control conference room booking and analytics driven insights into member preferences.

The company operates through the following segments: Self operated Model and Asset light Model.

• Self operated Model includes the U Space and U Design categories where the company leases spaces from landlords designs and builds the workspaces and directly leases them to members generating revenue from membership service fees and ancillary service charges.

• Under this model the average lease term with landlords is approximately nine years providing stable long term occupancy.

• The company also leases storefronts restaurants and workstations to business partners who operate within its spaces to provide services such as catering fitness healthcare and training to members.

• Revenue from these partner leases is recognized as other services revenue.

• Asset light Model comprises the U Brand and U Partner categories where the company provides design build and management services for landlords who fund the capital expenditures earning revenue through management fees branding consulting fees and incentive fees based on the financial performance of the spaces.

• Under the U Brand category landlords may deliver fully furnished spaces that meet the company's standards or engage the company to design and build new spaces according to its specifications.

• Under the U Partner category revenue is shared with landlords based on a pre agreed proportion of the income generated from member membership fees and service fees.

• The asset light model allows the company to expand into new geographic markets with limited upfront capital investment while maintaining consistent service quality across its network.

Ucommune International Ltd holds a leading position in the Chinese agile office space market measured by the number of spaces total managed area and cities covered. The company competes with other flexible workspace providers such as WeWork local operators and regional chains but differentiates itself through its integrated technology platform U Bazaar and its extensive network of U Plus service partners. Its competitive advantages include a large member base a diversified service offering and a proven ability to operate both self operated and asset light models efficiently. The company's technology stack featuring smart conferencing systems facial recognition access control cloud based printing and the Udata analytics platform enables it to enhance member experience and improve operating efficiency. Additionally Ucommune International Ltd has cultivated a vibrant community through events reading clubs career development forums and community e commerce initiatives that strengthen member loyalty and attract new users.

The company serves enterprise members which include large corporations with over one hundred employees and small and medium sized enterprises with fewer than one hundred employees as well as individual members such as freelancers and employees of enterprise members. As of December 31 2025 the company had approximately 39,897 enterprise members and 1,171,426 individual members. Enterprise members benefit from flexible office solutions that support geographic expansion and cost efficiency while individual members gain access to workstations and a broad range of U Plus services such as corporate secretarial finance legal human resources tax and wellness offerings. The company's member base is spread across major economic regions including Beijing Shanghai Guangzhou and other tier 1 cities where demand for agile office space remains strong. Over seven hundred business partners cooperate with Ucommune International Ltd to provide U Plus services ranging from catering and fitness to advertising branding and incubation programs.