PART I FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements.) The company's unaudited statements show decreased revenue, a net loss, a working capital deficit, and a going concern warning [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets and liabilities grew, driven by construction in progress and increased payables, resulting in decreased total equity Condensed Consolidated Balance Sheet Highlights (in US$) | Account | December 31, 2024 | June 30, 2025 | | :--- | :--- | :--- | | **Total Current Assets** | $141,396,860 | $143,447,915 | | **Total Assets** | $302,218,144 | $333,094,266 | | **Total Current Liabilities** | $171,700,980 | $199,414,338 | | **Total Liabilities** | $182,150,979 | $217,250,126 | | **Total Equity** | $120,067,165 | $115,844,139 | [Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20(Loss)) The company experienced a significant profitability downturn, with decreased net revenues leading to a net loss for Q2 and H1 2025 Key Performance Indicators (in US$) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Revenues** | $40,524,333 | $47,793,045 | $75,463,234 | $106,615,477 | | **Gross Profit** | $4,462,409 | $12,728,026 | $9,264,143 | $31,509,073 | | **Operating Income (Loss)** | ($3,528,576) | $5,947,480 | ($6,392,595) | $16,210,463 | | **Net Income (Loss)** | ($3,360,398) | $6,023,185 | ($5,411,380) | $15,595,659 | | **Diluted EPS** | ($0.03) | $0.07 | ($0.05) | $0.18 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash from operations decreased while cash used in investing increased, driven by equipment purchases and loan repayments Cash Flow Summary for the Six Months Ended June 30 (in US$) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $4,147,364 | $10,389,049 | | **Net cash used in investing activities** | ($20,614,071) | ($16,952,026) | | **Net cash used in financing activities** | ($24,574,107) | ($31,571,178) | | **Net decrease in cash and cash equivalents** | ($39,333,780) | ($38,695,249) | | **Cash and cash equivalents at end of period** | $21,452,222 | $20,127,567 | [Notes to the Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes reveal substantial doubt about going concern status, a new stock repurchase program, and segment operating details - The company's financial condition, including an accumulated deficit and working capital deficiency, raises **substantial doubt about its ability to continue as a going concern**[76](index=76&type=chunk) - On May 20, 2025, the company authorized a **stock repurchase program for up to $20 million**; as of June 30, 2025, 1,087,981 shares were repurchased for **$1.2 million**[71](index=71&type=chunk) - The company operates in two segments: **CBAK (lithium-ion batteries)** and **Hitrans (NCM precursor and cathode materials)**[248](index=248&type=chunk) Revenue by Segment (Three Months Ended June 30, 2025) | Segment | Net Revenues (in US$) | | :--- | :--- | | CBAT | $21,090,137 | | Hitrans | $19,434,196 | | **Total** | **$40,524,333** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=54&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management attributes a 15% Q2 revenue drop and operating loss to a product line upgrade, highlighting liquidity pressure [Results of Operations](index=56&type=section&id=Results%20of%20Operations) Q2 net revenues fell 15% due to a sharp decline in residential battery sales, causing a 65% drop in gross profit Comparison of Three Months Ended June 30 (in thousands of US$) | Metric | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | **Net Revenues** | $40,524 | $47,794 | -15% | | **Gross Profit** | $4,462 | $12,729 | -65% | | **Operating Income (Loss)** | ($3,529) | $5,948 | -159% | | **Net Income (Loss) Attributable to Shareholders** | ($3,073) | $6,446 | -148% | - The revenue decrease was primarily due to a **45% decline in sales of batteries for residential energy supply**, stemming from a product portfolio upgrade[279](index=279&type=chunk) - Net revenues from sales of battery materials **increased by 59%** as the raw materials division expanded its market presence and secured new customers[280](index=280&type=chunk) [Liquidity and Capital Resources](index=61&type=section&id=Liquidity%20and%20Capital%20Resources) Significant liquidity constraints are evident from a working capital deficit, raising substantial doubt about its going concern status - As of June 30, 2025, the company had a **net working capital deficit of $56.0 million** and an **accumulated deficit of $129.1 million**, raising substantial doubts about its ability to continue as a going concern[313](index=313&type=chunk)[314](index=314&type=chunk) - Capital expenditures for H1 2025 were **$22.3 million**, with an estimated total of **$50.0 million for the full fiscal year**[362](index=362&type=chunk) Summary of Cash Flows for Six Months Ended June 30 (in thousands of US$) | Period | Net cash provided by operating activities | Net cash used in investing activities | Net cash used in financing activities | | :--- | :--- | :--- | :--- | | **2025** | $4,147 | ($20,614) | ($24,574) | | **2024** | $10,389 | ($16,952) | ($31,571) | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=68&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The company states this section is not applicable for the current reporting period - The company states this item is **'Not applicable'**[366](index=366&type=chunk) [Item 4. Controls and Procedures](index=68&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded disclosure controls were ineffective due to material weaknesses in accounting policies and personnel expertise - Management concluded that **disclosure controls and procedures were ineffective** as of June 30, 2025[368](index=368&type=chunk) - Identified material weaknesses include a **lack of appropriate accounting policies** and **insufficient skilled personnel with U.S. GAAP experience**[369](index=369&type=chunk)[371](index=371&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=69&type=section&id=Item%201.%20Legal%20Proceedings.) A settled lawsuit resulted in a $2.2 million capital commitment for equipment not yet received as of the reporting date - A lawsuit with Haoneng was settled, obligating CBAK Power to purchase equipment, resulting in a **capital commitment of $2.2 million** (RMB 15,120,000)[239](index=239&type=chunk) [Item 1A. Risk Factors](index=69&type=section&id=Item%201A.%20Risk%20Factors.) No material changes were reported to the risk factors disclosed in the 2024 Annual Report - There are **no material changes** from the risk factors disclosed in the 2024 Annual Report on Form 10-K[374](index=374&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=69&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) The company initiated a $20 million stock repurchase program and bought back 1,087,981 shares during the quarter Issuer Repurchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased | Average Price Paid Per Share ($) | Value of Shares that May Yet Be Purchased ($) | | :--- | :--- | :--- | :--- | | May 2025 | 33,539 | 0.945 | 19,968,305 | | June 2025 | 1,054,442 | 1.134 | 18,762,880 | | **Total** | **1,087,981** | **-** | **18,762,880** | [Item 3. Defaults Upon Senior Securities](index=69&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) No defaults upon senior securities were reported during the period - **None reported**[378](index=378&type=chunk) [Item 4. Mine Safety Disclosures](index=69&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) This section is not applicable to the company - **Not applicable**[379](index=379&type=chunk) [Item 5. Other Information](index=69&type=section&id=Item%205.%20Other%20Information.) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the quarter - **No director or officer adopted or terminated a Rule 10b5-1 trading plan** during the fiscal quarter[380](index=380&type=chunk) [Item 6. Exhibits](index=70&type=section&id=Item%206.%20Exhibits.) Filed exhibits include officer certifications required by the Sarbanes-Oxley Act and interactive data files - Exhibits filed include **certifications from the CEO and CFO** pursuant to the Sarbanes-Oxley Act of 2002, along with XBRL data files[381](index=381&type=chunk)

Group 1 - The stock price of China Battery Technology (CBAT) increased by 6.26% on August 18, reaching $1.05 per share, with a total trading volume of $45,900 and a market capitalization of $93.31 million [1] - As of March 31, 2025, China Battery reported total revenue of $34.93 million, a year-on-year decrease of 40.6%, and a net profit attributable to shareholders of -$1.58 million, a year-on-year decrease of 116.05% [1] Group 2 - On August 15, China Battery is scheduled to disclose its interim report for the fiscal year 2025, with the actual disclosure date subject to the company's announcement [2] - China Battery Technology, established on October 4, 1999, is a leading global high-tech enterprise engaged in the research, production, and sales of lithium-ion batteries, with products including square aluminum shell batteries, polymer batteries, and cylindrical batteries, applicable in various fields such as light electric vehicles, electric passenger cars, electric buses, energy storage, backup power, and electric tools [2]

8月18日，中比能源(CBAT)开盘上涨3.23%，截至21:30，报1.02美元/股，成交1.72万美元，总市值 9064.47万美元。 财务数据显示，截至2025年03月31日，中比能源收入总额3493.89万美元，同比减少40.6%；归母净利 润-157.92万美元，同比减少116.05%。 大事提醒： 8月15日，中比能源将披露2025财年中报（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）。 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：金融界 作者：行情君 ...

Financial Data and Key Metrics Changes - As of June 30, 2025, the company reported net revenue of $40.52 million, down 15% from $47.79 million in the same period of 2024, primarily due to a sharp reduction in sales to customers in the residential energy storage market [8][9][13] - The company reported net losses attributable to shareholders of $3.07 million and total net losses of $3.36 million, with the battery segment accounting for $2.07 million in net losses [13] Business Line Data and Key Metrics Changes - The battery segment experienced a significant decline in sales, particularly in the residential energy storage market, where sales fell by 44.8% year over year [8][9] - The raw materials production unit, Heitrans, reported net revenues of approximately $19.43 million, up 59.36% from $12.19 million in the same period of 2024, with net losses narrowing by 32.02% [13][14] Market Data and Key Metrics Changes - The company is facing supply constraints in its Nanjing facility due to surging demand for its model 32140 cells, with phase two of the Nanjing plant delayed until Q4 [7][8] - The company is targeting high-quality European and American customers while expanding its market share in India and the portable power supply industry [9][10] Company Strategy and Development Direction - The company is transitioning from a small format battery model to a larger, more advanced model (model 4135) to meet market demand and reduce costs [6][10] - Establishing battery cell production capacity in the US remains a core element of the company's long-term strategy, although the Malayan project has been temporarily paused [10][11] Management's Comments on Operating Environment and Future Outlook - Management anticipates a strong recovery in consolidated results by year-end, driven by the completion of product upgrades and the expansion of the Nanjing facility [8][14] - The company believes that the financial performance of both Heitrans and the battery segment will see a strong rebound in the near future [14][15] Other Important Information - The company has spent approximately $1.3 to $1.5 million on its stock buyback program, which is a one-year long initiative [30] Q&A Session Summary Question: Competitive landscape and pricing pressures - Management noted that battery technology is rapidly developing, and the market is sensitive to costs, leading to a transition to larger battery cells to reduce costs [17][21] Question: Development status of the 46 series cells - The company has been researching the 46 series for over two years and aims to achieve mass production by the end of next year, contingent on securing significant orders [24][26] Question: Factors causing delays in the Nanjing expansion - The delay was primarily due to issues with equipment suppliers, but management expects to resolve these problems soon and complete the expansion by the end of the year [27][29] Question: Stock buyback activity - The company has been active in its stock buyback program, spending approximately $1.3 to $1.5 million so far [30]

(NASDAQ: CBAT) CBAK Energy Technology, Inc. Investor Presentation August 2025 ©2024 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 ...

[Financial Performance](index=1&type=section&id=Financial%20Performance) [Second Quarter of 2025 Financial Results](index=1&type=section&id=Second%20Quarter%20of%202025%20Financial%20Results) The company's Q2 2025 net revenues declined 15% YoY to $40.52 million, resulting in a net loss of $3.07 million due to a strategic product transition **Quarterly Financial Highlights** | Financial Metric | Q2 2024 | Q2 2025 | YoY Change | | :--- | :--- | :--- | :--- | | Net Revenues | $47.79 million | $40.52 million | -15% | | Gross Profit | $12.73 million | $4.46 million | -64.95% | | Gross Margin | 26.6% | 11.0% | -15.6 p.p. | | Operating Income/(Loss) | $5.95 million | ($3.53 million) | - | | Net Income/(Loss) | $6.45 million | ($3.07 million) | - | | Basic & Diluted EPS | $0.07 | ($0.03) | - | - The revenue decline was mainly attributed to the Dalian facilities, where customers are transitioning from the old **Model 26650 battery** to testing the new **Model 40135**[2](index=2&type=chunk) - Demand for the **Model 32140 battery** produced at the Nanjing facilities is strong, with Phase I capacity fully booked and a Phase II facility expansion planned[2](index=2&type=chunk) **Quarterly Battery Business Revenue by Application** | Battery Business Revenue by Application | Q2 2024 ($) | Q2 2025 ($) | YoY Change | | :--- | :--- | :--- | :--- | | Electric Vehicles | 199,258 | 142,139 | -28.7% | | Light Electric Vehicles | 1,825,501 | 2,426,624 | +33.0% | | Residential Energy Supply & UPS | 33,573,365 | 18,521,374 | -44.8% | [First Half of 2025 Financial Results](index=2&type=section&id=First%20Half%20of%202025%20Financial%20Results) For H1 2025, net revenues fell 29.2% to $75.46 million, leading to a net loss of $4.65 million amid ongoing operational shifts **First Half Financial Highlights** | Financial Metric | H1 2024 | H1 2025 | YoY Change | | :--- | :--- | :--- | :--- | | Net Revenues | $106.62 million | $75.46 million | -29.2% | | Gross Profit | $31.5 million | $9.26 million | -70.6% | | Gross Margin | 29.5% | 12.28% | -17.22 p.p. | | Operating Income/(Loss) | $16.2 million | ($6.4 million) | - | | Net Income/(Loss) | $16.3 million | ($4.65 million) | - | | Basic & Diluted EPS | $0.18 | ($0.05) | - | **First Half Battery Business Revenue by Application** | Battery Business Revenue by Application | H1 2024 ($) | H1 2025 ($) | YoY Change | | :--- | :--- | :--- | :--- | | Electric Vehicles | 679,439 | 679,646 | +0.03% | | Light Electric Vehicles | 3,335,793 | 5,271,498 | +58.0% | | Residential Energy Supply & UPS | 76,420,761 | 35,502,331 | -53.5% | [Management Commentary and Outlook](index=3&type=section&id=Management%20Commentary%20and%20Outlook) [Business Operations and Strategy](index=3&type=section&id=Business%20Operations%20and%20Strategy) Management outlines a strategic transition year, with mass production of the new Model 40135 battery set for September and an expansion for Model 32140 - The Dalian facilities are scheduled to begin mass production of the new **Model 40135 battery** in September 2025[13](index=13&type=chunk) - The Phase II capacity expansion for **Model 32140** at the Nanjing facilities has been postponed to Q4 2025[13](index=13&type=chunk) - Management expects a gradual recovery at the Dalian facility starting in Q4 and a **strong rebound** in overall production and sales by the end of the year[13](index=13&type=chunk) [Financial Outlook and Customer Relations](index=3&type=section&id=Financial%20Outlook%20and%20Customer%20Relations) The CFO anticipates a solid near-term recovery, supported by a product portfolio upgrade and new agreements with internationally renowned customers - Management is confident that financial performance will experience a **gradual and solid recovery** in the near term[13](index=13&type=chunk) - The company is nearing final agreements with several **internationally renowned customers**[13](index=13&type=chunk) - CBAK's global customer base includes leading players such as **top-five manufacturers** in India's two- and three-wheeler market and top-five companies in the portable power bank sector[13](index=13&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets grew to $333.1 million while total equity slightly decreased, reflecting increased liabilities and construction in progress **Key Balance Sheet Items** | Balance Sheet Item | Dec 31, 2024 ($) | June 30, 2025 ($) | | :--- | :--- | :--- | | Total Assets | 302,218,144 | 333,094,266 | | Total Liabilities | 182,150,979 | 217,250,126 | | Total Equity | 120,067,165 | 115,844,140 | - **Construction in progress** increased substantially from $42.5 million on December 31, 2024, to **$71.6 million** on June 30, 2025, reflecting ongoing capacity expansions[21](index=21&type=chunk) - **Inventories** rose to **$37.4 million** from $22.9 million, and **trade and bills payable** increased to **$97.6 million** from $84.7 million over the six-month period[21](index=21&type=chunk) [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The statements detail a significant downturn, with the company swinging from operating income to an operating loss in both Q2 and H1 2025 **Condensed Consolidated Statements of Operations (Three Months Ended June 30)** | Q2 Performance ($) | 2024 | 2025 | | :--- | :--- | :--- | | Net Revenues | 47,793,045 | 40,524,333 | | Gross Profit | 12,728,026 | 4,462,409 | | Operating Income (Loss) | 5,947,480 | (3,528,576) | | Net Income (Loss) | 6,023,185 | (3,360,398) | **Condensed Consolidated Statements of Operations (Six Months Ended June 30)** | H1 Performance ($) | 2024 | 2025 | | :--- | :--- | :--- | | Net Revenues | 106,615,477 | 75,463,234 | | Gross Profit | 31,509,073 | 9,264,143 | | Operating Income (Loss) | 16,210,463 | (6,392,595) | | Net Income (Loss) | 15,595,659 | (5,411,380) | [Additional Information](index=3&type=section&id=Additional%20Information) [Conference Call](index=3&type=section&id=Conference%20Call) The company will host an earnings conference call on August 18, 2025, at 8:00 AM U.S. Eastern Time - An earnings conference call is scheduled for **8:00 AM U.S. Eastern Time on Monday, August 18, 2025**[14](index=14&type=chunk) [About CBAK Energy](index=4&type=section&id=About%20CBAK%20Energy) CBAK Energy is a high-tech enterprise specializing in the development and manufacturing of high-power lithium and sodium batteries - CBAK Energy is a leading Chinese manufacturer of high-power lithium and sodium batteries for applications including **EVs, light EVs, and energy storage**[16](index=16&type=chunk) [Safe Harbor Statement](index=4&type=section&id=Safe%20Harbor%20Statement) This section contains a forward-looking statements disclaimer, highlighting numerous risks associated with the company's operations and market conditions - The press release contains **forward-looking statements** that are subject to substantial risks and uncertainties[17](index=17&type=chunk) - Key risks include **operational and legal challenges in China**, potential Chinese government intervention, and market volatility[18](index=18&type=chunk)

| | 2024 | 2025 | | | --- | --- | --- | --- | | | Second | Second | % Change | | Battery Business | Quarter | Quarter | YoY | | Net Revenues ($) | 35,598,124 | 21,090,137 | -40.8 | | Gross Profits ($) | 12,917,293 | 3,411,633 | -73.6 | | Gross Margin | 36.3% | 16.2% | - | | Net Income ($) | 7,892,641 | (2,071,334 ) | -126.2 | | Net Revenues from Battery Business on | | | | | Applications ($) | | | | | Electric Vehicles | 199,258 | 142,139 | -28.7 | | Light Electric Vehicles | 1,825,501 | 2,426,624 | 33 | | ...

Group 1 - The stock price of China BAK Battery (CBAT) increased by 5.21% to $1.01 per share, with a total market capitalization of $90.8391 million as of August 13 [1] - Financial data shows that as of March 31, 2025, China BAK Battery's total revenue was $34.9389 million, a year-on-year decrease of 40.6%, and the net profit attributable to shareholders was -$1.5792 million, a year-on-year decrease of 116.05% [1] - China BAK Battery, established on October 4, 1999, is a leading high-tech enterprise specializing in the research, production, and sales of lithium-ion batteries, with applications in various fields including light electric vehicles, electric passenger cars, electric buses, energy storage, backup power, and electric tools [1]

Core Insights - The stock price of China BAK Battery (CBAT) increased by 2.08% to $0.98 per share, with a total market capitalization of $88.14 million as of August 13 [1] - Financial data indicates that as of March 31, 2025, China BAK Battery's total revenue was $34.94 million, representing a year-over-year decrease of 40.6% [1] - The company's net profit attributable to shareholders was -$1.58 million, reflecting a significant year-over-year decline of 116.05% [1] Company Overview - China BAK Battery, established on October 4, 1999, is a leading high-tech enterprise specializing in the research, production, and sales of lithium-ion batteries [1] - The company's product offerings include square aluminum shell batteries, polymer batteries, and cylindrical batteries, with applications in lightweight electric vehicles, electric passenger cars, electric buses, energy storage, backup power, electric tools, and more [1]

DALIAN, China, Aug. 12, 2025 (GLOBE NEWSWIRE) -- CBAK Energy Technology, Inc. (NASDAQ: CBAT) ("CBAK Energy", or the "Company"), a leading lithium-ion battery manufacturer and electric energy solution provider in China, today announced that it will report its unaudited financial results for the second quarter ended June 30, 2025 on Monday, August 18, 2025, before the U.S. market opens. The earnings results will be available on the Company's Investor Relations website, and will be filed with the Securities an ...