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Here are 1-3 brief analogies for CBAK Energy Technology:

• A Panasonic for electric vehicle and energy storage batteries.

• Like an LG Energy Solution specializing in lithium batteries for various electric vehicles, tools, and energy storage.

• The CATL for a wide array of lithium battery applications, including electric vehicles and energy storage.

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• Electric Vehicle Lithium Batteries: Lithium batteries specifically designed for electric cars, electric buses, and hybrid electric cars and buses.
• Light Electric Vehicle Lithium Batteries: Lithium batteries tailored for use in electric bicycles, electric motors, and sight-seeing cars.
• Industrial & Energy Storage Lithium Batteries: Lithium batteries for applications such as electric tools, energy storage systems, uninterruptible power supplies, and cordless power tools.

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CBAK Energy Technology (symbol: CBAT) sells lithium batteries primarily to other companies (B2B model). These companies integrate CBAK's batteries into a variety of products, including:

• Electric vehicles (e.g., electric cars, buses, hybrid vehicles)
• Light electric vehicles (e.g., electric bicycles, motors, sight-seeing cars)
• Electric tools
• Energy storage systems
• Uninterruptible power supply (UPS) systems
• Other high-power applications

While CBAK Energy Technology's public filings, such as its annual reports (10-K), indicate the presence of major customers contributing a significant portion of its revenue (for example, in 2022, two customers accounted for 24% and 13% of its total revenue, respectively), the company does not disclose the specific names of these major customer companies in its public documents. Therefore, it is not possible to list the names and symbols of these major customer companies based on publicly available information.

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Zhiguang Hu, Chief Executive Officer and President

Mr. Zhiguang Hu was appointed Chief Executive Officer and President of CBAK Energy Technology on October 24, 2024. He is a long-term employee, having been with the company since 2004, primarily in sales and marketing roles. Prior to his current role, he served as Deputy General Manager in the Sales and Marketing Department from June 2023. His experience also includes serving as Director of Sales and Marketing at Dalian CBAK Power Battery Co., Ltd. (a subsidiary) and BAK International (Tianjin) Co., Ltd. (a former subsidiary), and managing Overseas Business and Key Accounts at Shenzhen BAK Battery Co., Ltd., another former subsidiary. Mr. Hu holds a degree in Business Administration from Lanzhou Business College.

Jiewei Li, Chief Financial Officer, Secretary of the Board of Directors, and Director

Mr. Jiewei Li has served as Chief Financial Officer since August 22, 2023, and was appointed as a Director on May 20, 2025. He also holds the position of Secretary of the Board of Directors. Before becoming CFO, he was the company's investor relations manager starting in 2021. From 2018 to 2021, Mr. Li worked at multiple fund management companies in China, where he focused on structuring various investment products. Prior to that, from 2014 to 2018, he worked for several renowned American real estate developers in their fund management departments, responsible for capital market affairs. He earned a Master's Degree in Political and Public Administration from the Chinese University of Hong Kong in 2014.

Xiangyu Pei, Director and Financial Controller

Ms. Xiangyu Pei has served as a director since September 24, 2021, and as Financial Controller. She previously held the role of Interim Chief Financial Officer from August 23, 2019, to August 22, 2023. From 2017 to August 2023, she also served as the Company's secretary. Since 2017, Ms. Pei has been the financial controller of CBAK Power, a subsidiary of the Company, where she is responsible for auditing, accounting, investor relations, and assisting with consolidated financial reporting. She holds a Ph.D. in World Economics from Jilin University in China.

Jianjun He, Independent Director and Chair of Nominating and Corporate Governance Committee

Mr. Jianjun He has been a Director of the Board since 2013 and is the Chair of the Nominating and Corporate Governance Committee. He possesses over 15 years of experience in accounting and finance and is an associate member of the Chinese Institute of Certified Public Accountants (CICPA). Since 2013, Mr. He has been the Managing Director for Jilin Cybernaunt Lvke Investment and Management, a China-based investment consulting firm. Notably, from 2009 to 2012, he served as the Chief Financial Officer of THT Heat Transfer Technology, Inc. (NASDAQ: THTI). Earlier in his career, he worked as a senior financial officer for Jilin Grain Group, a state-owned enterprise. Mr. He received a bachelor's degree in Auditing from Changchun Taxation College in 1995 and a master's degree from Jilin University in 2005.

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The key risks to CBAK Energy Technology (CBAT) primarily stem from the highly dynamic and competitive nature of the lithium battery industry, significant internal operational transitions, and external supply chain vulnerabilities.

1. Intense Competition and Rapid Technological Advancements: The lithium battery industry is characterized by fierce competition from numerous established global manufacturers and emerging players, which can exert downward pressure on prices and reduce profit margins. Moreover, the rapid pace of technological innovation in battery chemistry and manufacturing poses a constant threat that competitors' advancements could quickly render CBAK Energy's existing products obsolete if the company fails to innovate and adapt.
2. Product Transition Challenges and Operational Headwinds: CBAK Energy is currently undergoing a substantial strategic shift by transitioning from older battery models to newer, larger, and higher-performance cells. This product portfolio upgrade has created significant operational challenges, including a decline in orders for legacy products, lower production volumes, and subsequently higher unit production costs. These factors have compressed gross margins and contributed to net losses in certain periods, making the successful execution of these transitions and the scaling of new production capacity a critical and ongoing risk.
3. Dependence on Third-Party Suppliers and Raw Material Price Volatility: The company relies heavily on third-party suppliers for essential raw materials required in battery manufacturing. Any disruptions in the supply chain for these critical components could severely impact production schedules and financial performance. Additionally, the inherent volatility and price fluctuations of these raw materials introduce significant financial risk, as demonstrated by the impact of changing raw material prices on the company's profitability.

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1. **Emergence of Next-Generation Battery Chemistries:** The significant global investment and progress in developing advanced battery technologies, such as solid-state batteries, pose a clear emerging threat. While not yet fully commercialized at scale, solid-state batteries promise higher energy density, faster charging capabilities, and enhanced safety compared to conventional liquid-electrolyte lithium-ion batteries. If successfully scaled, this technology could disrupt the market, potentially making current lithium-ion offerings less competitive in key applications served by CBAK.

2. **Commercialization of Cost-Effective Alternative Battery Technologies:** The development and increasing commercialization of alternative battery chemistries like sodium-ion batteries, particularly by major competitors (e.g., CATL), represent a concrete emerging threat. Sodium-ion batteries utilize more abundant and less expensive raw materials, offering a significant cost advantage. This could enable them to capture substantial market share in cost-sensitive applications, such as stationary energy storage, light electric vehicles, and entry-level electric vehicles, directly competing with and potentially displacing CBAK's lithium-ion products.

3. **Vertical Integration by Major Customers:** A growing trend among electric vehicle manufacturers and other large original equipment manufacturers (OEMs) is to invest heavily in developing and producing their own battery cells or to form exclusive, long-term partnerships with a limited number of major battery suppliers. This vertical integration strategy restricts the addressable market for independent battery manufacturers like CBAK, potentially reducing their customer base, limiting growth opportunities, and intensifying competition for the remaining market segments.

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CBAK Energy Technology (CBAT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Increased Production and Demand for Large Cylindrical Batteries: CBAK Energy Technology anticipates continued robust demand for its large cylindrical batteries, particularly the Model 32140. This model has consistently shown strong market traction, with its Nanjing facilities operating at full capacity. The company aims to capitalize on this demand, especially within the energy storage sector, which significantly contributed to a 51.5% year-over-year increase in battery sales in Q1 2024.
2. Successful Launch and Ramp-up of the Model 40135 Battery: The company has introduced the higher-capacity Model 40135 battery, replacing older models, with production commencing at its Dalian plant in October 2025. This new model has already secured significant initial orders and is expected to reach a daily production capacity of approximately 100,000 cells by the end of 2025. This product upgrade is a strategic pivot designed to meet evolving market needs and enhance competitiveness.
3. Expansion of Manufacturing Capacity: To address increasing demand and support new product lines, CBAK Energy Technology is expanding its production capabilities. This includes the Nanjing Phase II expansion, anticipated to add significant production scalability by Q4 2025, and the establishment of a new battery cell manufacturing facility in Malaysia through a strategic partnership with Anker Innovations. These expansions are aimed at meeting demand, mitigating tariff impacts, and targeting the U.S. and European markets.
4. Growth in the Battery Raw Materials Segment (Hitrans): The Hitrans subsidiary, focusing on battery raw materials, is a significant driver of revenue growth. This segment experienced a substantial recovery and saw its net revenues soar by 143.7% in Q3 2025 compared to the same period in 2024, contributing significantly to the company's overall financial performance.
5. Strategic Market Expansion and Partnerships: CBAK Energy Technology is actively pursuing a multi-pronged expansion strategy to diversify its revenue streams and access new markets. This includes targeting high-quality European and American customers for its 32140 and upcoming 40135 cells, and establishing a strategic partnership with Kandi Technologies for lithium battery production facilities in the United States, focusing on off-road and power sports vehicles.

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Share Repurchases

• On May 22, 2025, CBAK Energy Technology's Board of Directors authorized a share repurchase program to purchase up to $20 million of its common stock, with the program set to expire on May 20, 2026.
• As of August 18, 2025, the company had spent approximately $1.3 million to $1.5 million on stock buybacks under this program.

Share Issuance

• To support its growth strategy and planned capital expenditures, CBAK Energy has successfully completed equity financings totaling roughly $49.2 million and $70 million.

Outbound Investments

• CBAK Energy and Kandi Technologies Group announced plans to build two lithium battery production facilities in the United States.
• The company planned to establish a new battery cell manufacturing facility in Malaysia with mass production expected by the end of 2025, though this project was temporarily paused due to governmental negotiations.

Capital Expenditures

• CBAK Energy Technology plans approximately $50 million in capital expenditures for fiscal year 2025 for new plants and production lines.
• Cash from Investing activities showed a significant outflow of approximately -$32.37 million for the trailing twelve months, reflecting substantial capital expenditures related to a product portfolio upgrade and transition to advanced Model 40135 battery cells.
• The company is expanding its Nanjing facilities with Phase II construction, aiming to add three large manufacturing plants and increase annual production capacity by an additional 18 GWh by the end of 2027.