CBAK Energy Technology Ltd

We are a manufacturer of new energy high-power lithium and sodium batteries. Our primary products are new energy high-power lithium and sodium batteries and battery pack products. These are mainly used in light electric vehicles, electric vehicles, and energy storage applications such as residential energy supply and uninterruptible power supply (UPS), as well as other high-power applications. In November 2021, we acquired 81.56% of the registered equity interests in Hitrans, which was later reduced to 73.46% of registered equity interests (representing 79.64% of paid-up capital as of December 31, 2025). This acquisition allowed us to enter the business of developing and manufacturing NCM precursor and cathode materials. Hitrans is a leading developer and manufacturer of ternary precursor and cathode materials in China, with products used in batteries for electric vehicles, electric tools, high-end digital products, and storage. As of December 31, 2025, we operate in two segments: (i) production of high-power lithium and sodium battery cells, and (ii) manufacture and sale of materials used in high-power lithium battery cells. We generated revenues of $195.2 million for the fiscal year ended December 31, 2025, and $176.6 million for the fiscal year ended December 31, 2024. We reported a net loss of $10.4 million in the fiscal year ended December 31, 2025, compared to a net income of $9.6 million in the fiscal year ended 2024. As of December 31, 2025, we had an accumulated deficit of $133.8 million and net assets of $109.5 million. We have three main manufacturing centers for new energy batteries, including lithium and sodium batteries, located in Nanjing, Dalian, and Shangqiu. Additionally, we have a manufacturing plant for precursors and cathode materials in Shaoxing.