大事提醒： 11月11日，中比能源将披露2025财年三季报（数据来源于纳斯达克官网，预计披露日期为美国当地时 间，实际披露日期以公司公告为准）。 据交易所数据显示，12月16日，中比能源(CBAT)开盘上涨2.17%，截至22:31，报0.91美元/股，成交 4890.0美元，总市值8065.00万美元。 财务数据显示，截至2025年06月30日，中比能源收入总额7546.32万美元，同比减少29.22%；归母净利 润-465.22万美元，同比减少128.57%。 资料显示，中比能源科技公司(以下简称"中比能源")成立于1999年10月4日,是一家全球领先的集锂离子 电池研发、生产、销售为一体的高新技术企业,产品包括方形铝壳电池、聚合物电池及圆柱电池等,解决 方案的应用范围覆盖轻型电动车、电动乘用车及电动巴士、储能及后备电源、电动工具及其他等领域。 本文源自：市场资讯 作者：行情君 ...

Financial Data and Key Metrics Changes - Consolidated revenue increased by 36.5% year-over-year to $60.9 million, compared to approximately $44.6 million in the same period last year [4] - Consolidated net income attributable to shareholders reached $2.65 million, representing a 150-fold increase year-over-year [8] Business Line Data and Key Metrics Changes - Hitrans, the battery raw material segment, generated approximately $27.2 million in revenue, a 143.7% increase year-over-year [4] - Battery Business revenue grew 0.7% year-over-year, stabilizing after a short-term volume decline [5] - Net loss for Hitrans narrowed to $2.1 million, an 18.8% improvement from $2.6 million in the same period of 2024 [8] - Battery segment's net income rebounded by 122.7% to $4.53 million, compared to $2.04 million a year ago [8] Market Data and Key Metrics Changes - The raw material market is recovering, contributing positively to Hitrans' performance [9] - Demand for Model 32140 batteries remains robust, with production capacity fully utilized and a significant backlog of orders [5] Company Strategy and Development Direction - The company is expanding production capacity with the Nanjing phase 2 facility expected to add 2 GWh of capacity, with mass production beginning in mid-November 2025 [5][6] - A new product line for the Model 40135 has been commissioned at the Dalian facility, adding 2.3 GWh capacity [6][7] - The company is pursuing overseas manufacturing expansion, contingent on updates to China's export control policies [9] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about Hitrans returning to profitability in the coming quarters due to the recovery in the raw material market [8] - The company anticipates that the new production lines will enhance earnings performance and contribute to sustainable value for shareholders [9] Other Important Information - The company has signed a term sheet with a major publicly listed company in Asia to jointly develop an overseas lithium battery production base [9] Q&A Session Summary Question: Customer concentration in the LEV division and sustainability of light electric vehicle sales - Management highlighted strong development in the LEV business, particularly in Southeast Asia, with ongoing communications with top OEMs in India [14] Question: Market outlook for Hitrans regarding potential oversupply - Management indicated that Hitrans will focus on improving the quality and performance of current products, expecting stronger performance in the coming quarters [15] Question: Expected production capacity above 6 GWh and securing production equipment - Management confirmed that all necessary equipment has been installed, with mass production expected by Q1 next year, achieving 6 GWh in accordance with customer orders [16][17]

Financial Data and Key Metrics Changes - Consolidated revenue increased by 36.5% year-over-year to $13.9 million, compared to approximately $14.6 million in the same period last year [4] - Net income attributable to CBAK Energy shareholders reached $2.65 million, representing a 150-fold increase year-over-year [8] Business Line Data and Key Metrics Changes - Hi-Trons generated approximately $7.2 million in revenue, a 143.7% increase year-over-year, driven by the recovery in the battery raw material segment [4] - Battery business revenue grew 0.7% year-over-year, stabilizing after a short-term volume decline, primarily due to strong demand for the model 32140 battery [5] Market Data and Key Metrics Changes - The Hi-Trons segment's net loss narrowed to $2.1 million, an 18.8% improvement from $2.6 million in the same period of 2024 [8] - The Dalian facility's new production line adds an additional 2.3 GWh capacity for the model 40135, expected to drive growth in 2026 [7] Company Strategy and Development Direction - The company is expanding production capacity with the Nanjing phase 2 facility expected to begin mass production in mid-November 2025, adding 2 GWh of capacity [5] - CBAK Energy is pursuing overseas manufacturing expansion, contingent on updates to China's export control policies [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing recovery of the raw materials industry, which is expected to strengthen Hi-Trons' results [9] - The company anticipates achieving a production capacity above 6 GWh by mid-2026, with all necessary equipment already installed [15] Other Important Information - The company has signed a term sheet with a major publicly listed company in Asia to jointly develop an overseas lithium battery production base [9] - Management emphasized that policy shifts could affect overseas plans and timelines [10] Q&A Session Summary Question: Customer concentration in the LEV division and sustainability of light electric vehicle sales - Management highlighted strong development in Southeast Asia, particularly in India, with ongoing communications with top two-wheeler OEMs and partnerships in the battery swapping business [13] Question: Market outlook for Hi-Trons regarding potential oversupply - Management indicated that Hi-Trons will focus on improving the quality and performance of current products, expecting stronger performance in the coming quarters due to industry recovery [14] Question: Expected production capacity above 6 GWh and securing production equipment - Management confirmed that all equipment is installed, with trial production underway, and mass production expected by Q1 next year, achieving 6 GWh in accordance with customer orders [15][16]

Financial Data and Key Metrics Changes - Consolidated revenue increased by 36.5% year-over-year to $13.9 million, compared to approximately $14.6 million in the same period last year [4] - Consolidated net income attributable to shareholders reached $2.65 million, representing a 150-fold increase year-over-year [8] Business Line Data and Key Metrics Changes - Hi-Trons segment generated approximately $7.2 million in revenue, a 143.7% increase year-over-year [4] - Battery business revenue grew 0.7% year-over-year, stabilizing after a short-term volume decline [5] - Net loss for Hi-Trons narrowed to $2.1 million, an 18.8% improvement from $2.6 million in the same period of 2024 [8] - Battery segment's net income rebounded by 122.7% to $4.53 million, compared to $2.04 million a year ago [8] Market Data and Key Metrics Changes - The recovery in the raw material market has positively impacted Hi-Trons' performance, indicating a potential balance in supply and demand [14] - The company is expanding production capacity significantly, with the Nanjing phase 2 facility expected to add 2 GWh of capacity [5] Company Strategy and Development Direction - The company is pursuing overseas manufacturing expansion, contingent on updates to China's export control policies [9] - A term sheet has been signed with a major Asian company to jointly develop an overseas lithium battery production base, reflecting strong strategic alignment [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing recovery of the raw materials industry and its positive impact on Hi-Trons' results [9] - The company anticipates that the new production lines will enhance earnings performance and contribute to sustainable value for shareholders [9] Other Important Information - The Nanjing phase 2 facility is expected to begin mass production in mid-November 2025, addressing supply shortages [5] - The Dalian facility has commissioned a new production line for the higher-performance 40135 model, which is expected to drive growth in 2026 [6][7] Q&A Session Summary Question: Customer concentration in the LEV market and sustainability of sales - Management noted strong development in the LEV business, particularly in Southeast Asia, with ongoing communications with top OEMs in India [12] Question: Market outlook for Hi-Trons and potential oversupply - Management indicated that Hi-Trons will focus on improving quality and performance of current products, expecting stronger performance in the coming quarters [14] Question: Production capacity expectations for 2026 - Management confirmed that all necessary equipment is installed, with mass production expected by Q1 next year, achieving over 6 GWh capacity in accordance with customer orders [15][16]

Financial Performance - Net revenues increased by $16.3 million, or 37%, to $60.9 million for the three months ended September 30, 2025, compared to $44.6 million for the same period in 2024[274]. - Gross profit decreased by $2.1 million to $4.9 million for the three months ended September 30, 2025, down from $7.0 million for the same period in 2024, representing a decline of 30%[274]. - Operating loss increased to $4.0 million for the three months ended September 30, 2025, compared to an operating loss of $0.8 million for the same period in 2024, reflecting a 387% increase in loss[274]. - Net income was $2.7 million for the three months ended September 30, 2025, compared to $0.02 million for the same period in 2024, marking a significant improvement[274]. - Net revenues decreased by $14.9 million, or 10%, to $136.4 million for the nine months ended September 30, 2025, from $151.2 million for the same period in 2024[310]. - Operating loss was $10.4 million for the nine months ended September 30, 2025, compared to an operating income of $15.4 million for the same period in 2024, representing a decrease in income of $25.8 million, or 168%[322]. - Net income attributable to shareholders of CBAK Energy Technology, Inc. was a loss of $2.0 million for the nine months ended September 30, 2025, compared to a net income of $16.3 million for the same period in 2024, a decrease of $18.3 million, or 112%[309]. - The company incurred a net loss of $2.0 million for the nine months ended September 30, 2025, compared to a net income of $16.3 million for the same period in 2024, indicating a substantial decline in profitability[325]. Revenue Breakdown - Net revenues from sales of batteries for light electric vehicles increased by $13.3 million, or 270%, to $18.2 million for the three months ended September 30, 2025, compared to $4.9 million in the same period of 2024[292]. - Net revenues from sales of materials used in manufacturing lithium batteries rose by $16.0 million, or 144%, to $27.2 million for the three months ended September 30, 2025, compared to $11.2 million for the same period in 2024[295]. - Net revenues from sales of batteries for residential energy supply and uninterruptible power supplies decreased by $12.7 million, or 45%, to $15.5 million for the three months ended September 30, 2025, compared to $28.2 million in the same period in 2024[294]. - Net revenues from sales of batteries for light electric vehicles increased to $23.4 million for the nine months ended September 30, 2025, compared to $8.2 million in the same period of 2024, marking an increase of $15.2 million, or 184%[313]. - Net revenues from sales of materials used in manufacturing of lithium batteries increased to $61.2 million for the nine months ended September 30, 2025, compared to $37.3 million for the same period in 2024, an increase of $23.9 million, or 64%[315]. Expenses - Research and development expenses increased by $0.4 million, or 12%, to $3.9 million for the three months ended September 30, 2025, compared to $3.4 million for the same period in 2024[287]. - General and administrative expenses rose by $1.1 million, or 39%, to $3.9 million for the three months ended September 30, 2025, compared to $2.8 million for the same period in 2024[287]. - Research and development expenses increased to $10.5 million for the nine months ended September 30, 2025, compared to approximately $9.2 million for the same period in 2024, an increase of $1.3 million, or 14%[318]. - Sales and marketing expenses decreased to approximately $3.2 million for the nine months ended September 30, 2025, compared to approximately $4.1 million for the same period in 2024, a decrease of approximately $0.9 million, or 23%[319]. - General and administrative expenses increased to $11.0 million, or 8.1% of revenues, for the nine months ended September 30, 2025, compared to $10.0 million, or 6.6% of revenues, for the same period in 2024, representing an increase of $1.0 million, or 10%[320]. Cash Flow and Financing - Net cash provided by operating activities was $18.7 million for the nine months ended September 30, 2025, primarily due to a net income of $5.8 million[378]. - Net cash used in investing activities was $29.1 million for the nine months ended September 30, 2025, mainly for purchases of property, plant, and equipment[380]. - Net cash provided by financing activities was $10.2 million for the nine months ended September 30, 2025, primarily from $45.8 million in bank borrowings[382]. - The company reported a net cash increase of $2.6 million in cash and cash equivalents for the nine months ended September 30, 2025[377]. - The company plans to renew existing loans upon maturity and raise additional funds through bank borrowings and equity financing[374]. Financial Position - As of September 30, 2025, the company had cash and cash equivalents of $63.3 million, total current assets of $157.7 million, and total current liabilities of $228.0 million, resulting in a net working capital deficit of $70.3 million[327]. - The accumulated deficit as of September 30, 2025, was $126.4 million, raising substantial doubts about the company's ability to continue as a going concern[328]. - As of September 30, 2025, total principal amounts outstanding under credit facilities were $103.8 million, with maximum available credit of $124.0 million[385]. - The company has $70.7 million in other lines of credit, with $69.5 million borrowed[385]. - The company incurred $47.9 million in bank borrowings repayment in the nine months ended September 30, 2024[383]. Banking and Loans - Hitrans renewed banking facilities with a maximum amount of RMB160.0 million (approximately $22.1 million) in January 2023, with a term extending to December 2027[330]. - Nanjing CBAK obtained a one-year term facility from Agricultural Bank of China for RMB10 million (approximately $1.4 million) in January 2022, which was repaid early in January 2023[331]. - On March 28, 2024, CBAK New Energy entered into a short-term loan agreement for RMB5 million (approximately $0.7 million) with Bank of China, which was repaid on March 27, 2024[337]. - Hitrans entered into a short-term credit-guaranteed loan agreement for RMB5 million (approximately $0.7 million) with Zhejiang Shangyu Rural Commercial Bank on January 24, 2024, which was repaid early on September 27, 2024[341]. - On September 29, 2024, Hitrans borrowed RMB15 million (approximately $2.0 million) under a short-term credit-guaranteed loan agreement, which was repaid on September 26, 2025[345]. - Hitrans entered into a long-term Maximum Pledge Agreement with a maximum facility amount of RMB76.56 million (approximately $10.54 million) secured by land use rights and buildings[348]. - Nanjing CBAK obtained a RMB30 million facility (approximately $4.1 million) from Jiangsu Gaochun Rural Commercial Bank, with an interest rate of 2.98% per annum[350]. - CBAK Power obtained a banking facility from China Guangfa Bank Co., Ltd with a maximum amount of RMB100 million (approximately $14 million) for short-term borrowings[353]. - As of September 30, 2025, the company had unutilized committed banking facilities of $20.2 million[369]. - Hitrans borrowed a series of acceptance bills totaling RMB20.0 million (approximately $2.8 million) secured by pledged deposits[363]. - Nanjing CBAK borrowed a series of acceptance bills from Bank of Nanjing totaling RMB40.5 million (approximately $5.7 million) secured by pledged deposits[359]. Capital Expenditures - Capital expenditures increased from $11.5 million in the nine months ended September 30, 2024, to $32.1 million in 2025, mainly for facility upgrades[386]. - Total capital expenditures for fiscal year 2025 are estimated to reach approximately $50.0 million, aimed at constructing new plants and product lines[387]. Accounting Policies - There were no material changes to critical accounting policies from the previous year[389]. - The company’s financial information is prepared in accordance with U.S. GAAP, which involves significant judgments and estimates[388]. - No quantitative and qualitative disclosures about market risk were applicable[391].

Investor Presentation (NASDAQ: CBAT) Technology, Inc. November 2025 CBAK Energy ©2025 CBAK. All Rights Reserved. The First Chinese Li-ion Battery Manufacturer Listed in NASDAQ Disclaimer Powering a Sustainable Life with Electricity Disclaimers and Other Important Information This presentation (the "Presentation") about CBAK Energy Technology, Inc. (the "Company" or "CBAK") is dated as of March 2021. It is information in a summary form and does not purport to be complete. The data contained herein is derived ...

Revenue Performance - Net revenues for Q3 2025 reached $60.92 million, a 36.5% increase from $44.63 million in Q3 2024, driven by the recovery in the battery raw materials industry [3]. - Net revenues from the battery raw materials segment, Hitrans, were $27.22 million, representing a 143.7% increase compared to $11.17 million in Q3 2024 [5]. - For the first nine months of 2025, net revenues were $136.39 million, a 9.8% decrease from $151.24 million in the same period of 2024, attributed to the transition from legacy products [11]. - The battery business net revenues for the first nine months of 2025 were $75.16 million, down 34.0% from $113.90 million in the same period of 2024 [12]. - Net revenues for the three months ended September 30, 2025, were $60,923,560, a 37% increase compared to $44,628,241 for the same period in 2024 [28]. Profitability - Net income attributable to CBAK Energy was $2.65 million, a 150.2-fold increase from $17,647 in Q3 2024, primarily due to higher profitability in the battery business [5]. - The battery business net income was $4.53 million, up 122.7% from $2.04 million in Q3 2024, driven by strong demand for the Model 32140 [5]. - Gross profit for Q3 2025 was $4.9 million, a decrease of 29.9% from $6.95 million in Q3 2024, with a gross margin of 8% compared to 15.6% in the same period of 2024 [8]. - Gross profit for the nine months ended September 30, 2025, was $14,139,866, down from $38,463,630 in the same period of 2024, indicating a decline of approximately 63% [28]. - Operating loss for the three months ended September 30, 2025, was $(3,547,020), compared to an operating loss of $(827,873) for the same period in 2024 [28]. - The company reported a comprehensive income attributable to CBAK Energy Technology of $3,447,534 for the three months ended September 30, 2025, compared to $4,517,703 for the same period in 2024 [28]. Costs and Expenses - Cost of revenues for Q3 2025 was $56.05 million, an increase of 48.8% from $37.67 million in Q3 2024 [7]. - Research and development expenses for the nine months ended September 30, 2025, were $10,499,072, compared to $9,205,378 for the same period in 2024, showing an increase of about 14% [28]. Assets and Liabilities - Total assets decreased from $363,863,064 in September 2025 to $302,218,144 in December 2024, representing a decline of approximately 17% [25]. - Total current liabilities increased from $171,700,980 in December 2024 to $228,002,695 in September 2025, reflecting a rise of approximately 33% [25]. - Total liabilities increased from $182,150,979 in December 2024 to $245,406,770 in September 2025, representing an increase of about 35% [25]. - Cash and cash equivalents decreased from $10,476,254 in September 2025 to $6,724,360 in December 2024, a decline of approximately 36% [25]. Production and Future Outlook - CBAK Energy has upgraded its production from Model 26650 to Model 40135, with new production lines expected to add 4.3 GWh of annual capacity [17]. - The company anticipates significant growth in the coming periods due to strong demand for the upgraded products and the commencement of new production lines [17].

Core Insights - CBAK Energy Technology, Inc. reported a strong recovery in its third quarter of 2025, with net revenues reaching $60.92 million, a 36.5% increase from $44.63 million in the same period of 2024, primarily driven by the recovery in the battery raw materials segment [3][4][14]. Financial Performance - **Third Quarter 2025 Results**: - Net revenues were $60.92 million, up 36.5% year-over-year from $44.63 million [3][4]. - Net income attributable to CBAK Energy was $2.65 million, a significant increase of 150.2% from $17,647 in the same period of 2024 [9][4]. - The battery business generated net revenues of $33.71 million, a slight increase of 0.7% from $33.46 million in Q3 2024, but gross profits decreased by 42.4% to $4.42 million, resulting in a gross margin of 13.1% [3][4][8]. - The raw materials segment, Hitrans, saw net revenues of $27.22 million, a 143.7% increase from $11.17 million in Q3 2024 [3][4]. - **First Nine Months 2025 Results**: - Total net revenues were $136.39 million, a decrease of 9.8% from $151.24 million in the same period of 2024, primarily due to weaker performance in the battery business [10][11]. - Net income for the first nine months was $2.80 million, down 87.1% from $21.61 million in the same period of 2024 [10][13]. - The battery business reported net revenues of $75.16 million, a decline of 34.0% year-over-year [10][11]. Segment Performance - **Battery Business**: - The battery segment's net income was $4.53 million, up 122.7% from $2.04 million in Q3 2024, driven by strong demand for the Model 32140 [4][9]. - The transition to upgraded products has temporarily affected sales, leading to a decrease in gross profit and a modest increase in net revenues [6][8]. - **Hitrans Segment**: - Hitrans achieved a gross profit of $460,438, a turnaround from a gross loss of $710,452 in Q3 2024, indicating improved profitability [3][4][11]. - The segment's net loss narrowed to $2.11 million, an 18.8% improvement from $2.60 million in the same period of 2024 [4][11]. Operational Developments - The company is undergoing a product portfolio upgrade, which has temporarily impacted sales of legacy products [6][15]. - The new Model 40135 production line is expected to add 2.3 GWh of annual capacity, while the Nanjing production lines will contribute an additional 2 GWh for the Model 32140 [15][14].

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Core Viewpoint - CBAK Energy Technology, Inc. will report its unaudited financial results for Q3 2025 on November 10, 2025, before the U.S. market opens [1] Group 1: Financial Reporting - The earnings results will be available on the Company's Investor Relations website and filed with the SEC on Form 8-K [1] - An earnings conference call is scheduled for November 10, 2025, at 7:00 AM U.S. Eastern Time [2] Group 2: Participation Details - Participants wishing to join the call online can register through a provided link and must register at least 15 minutes prior to the call [3] - A replay of the conference call will be accessible within seven days after the live call [4] Group 3: Company Overview - CBAK Energy is a leading high-tech enterprise in China focused on the development, manufacturing, and sales of new energy high power lithium and sodium batteries [5] - The Company became the first lithium battery manufacturer in China listed on the Nasdaq Stock Market in January 2006 [5] - CBAK Energy operates multiple subsidiaries in various cities and has a large-scale R&D and production base in Dalian [5]