1. A Panasonic for electric vehicle batteries and energy storage.

2. Like a smaller LG Energy Solution or Samsung SDI, producing lithium-ion batteries for EVs and other applications.

• High-power Lithium-ion Battery Cells: These are individual battery cells designed for applications requiring high discharge rates, such as electric vehicles, power tools, and portable electronic devices.
• Battery Modules and Packs: These are integrated assemblies of multiple battery cells, often including a battery management system, engineered for specific applications like electric vehicles and energy storage systems.

CBAK Energy Technology (CBAT) primarily operates on a business-to-business (B2B) model, selling its lithium-ion batteries to other companies for integration into their final products.

According to the company's annual financial filings (e.g., its 2022 10-K report), CBAK Energy Technology does not have any single major customer that accounts for more than 10% of its total revenue. This indicates a diversified customer base rather than reliance on a few dominant buyers. Therefore, specific major customer companies cannot be listed by name and symbol.

The company primarily serves the following categories of customer companies, predominantly in China:

• Manufacturers of electric vehicles (EVs)
• Manufacturers of electric bicycles (e-bikes)
• Manufacturers of power tools
• Manufacturers of various other applications that utilize lithium-ion batteries

• Xiamen Tungsten Co., Ltd. (SHA: 600549)
• Shenzhen Dynanonic Co., Ltd. (SHE: 300769)
• Shenzhen Sinuo Industrial Development Co., Ltd.
• Guizhou Zongyi New Materials Co., Ltd.
• Shenzhen Senior Technology Material Co., Ltd. (SHE: 002989)
• Guangzhou Tinci Materials Technology Co., Ltd. (SHE: 002709)
• Guangdong Canmax New Energy Technology Co., Ltd.
• Shenzhen Guoxingyuan Power Co., Ltd.
• Shenzhen Top New Energy Technology Co., Ltd.

Zhiguang Hu, Chief Executive Officer and President

Mr. Zhiguang Hu was appointed Chief Executive Officer on October 24, 2024. He has been with CBAK Energy Technology since 2004, having significantly contributed to the company's revenue growth through his leadership in the sales and marketing department. Prior roles include Deputy General Manager in the Sales and Marketing Department (since June 2023), Director of Sales and Marketing at Dalian CBAK Power Battery Co., Ltd. (January 2014 - May 2023), Director of Sales and Marketing at BAK International (Tianjin) Co., Ltd. (January 2012 - December 2013), Sales Manager at BAK International (Tianjin) Co., Ltd. (January 2008 - December 2011), and managing Overseas Business and Key Accounts at Shenzhen BAK Battery Co., Ltd. (July 2004 - December 2007). Mr. Hu holds a degree in Business Administration from Lanzhou Business College (now Lanzhou University of Finance and Economics), obtained in 2004.

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

Mr. Jiewei Li has served as Chief Financial Officer and Secretary of the Board of Directors since August 22, 2023, and became a director on May 20, 2025. He was the company's investor relations manager from 2021. Before joining CBAK Energy, from 2018 to 2021, Mr. Li worked at various fund management companies in China, where he focused on structuring investment products. From 2014 to 2018, he worked in the fund management departments of several prominent American real estate developers, managing 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, Financial Controller

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

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

Mr. Jianjun He has been a Director of the Board since 2013. He possesses over 15 years of experience in accounting and finance and is an associate member of the Chinese Institute of Certificate Public Accountant (CICPA). Since 2013, Mr. He has held the position of Managing Director for Jilin Cybernaunt Lvke Investment and Management, a China-based investment consulting firm. Prior to this, he was a senior financial officer for Jilin Grain Group, a state-owned enterprise. Mr. He obtained a bachelor's degree in Auditing from Changchun Taxation College in 1995 and a master's degree from Jilin University in 2005.

J. Simon Xue, Independent Director, Chair of Compensation Committee

Dr. J. Simon Xue has served as a director since February 1, 2016. He brings approximately 40 years of experience in nuclear chemistry, solid-state chemistry, superconductivity, and materials for lithium-ion batteries, with 21 years specifically dedicated to research and development in lithium-ion battery technology. Dr. Xue currently holds the position of Senior Director of the National Institute for Low-&-Clean Energy in China and is a member of the National "Thousand Talent" Plan and the Expert Committee for "Chinese Industrial Association of Power Sources."

The accelerating trend of major Electric Vehicle (EV) manufacturers increasingly developing and producing their own batteries in-house or through exclusive joint ventures. This strategy aims to reduce reliance on independent third-party battery suppliers like CBAK Energy Technology, gain greater control over supply chains, and potentially reduce costs. As major OEMs invest billions in their own battery production capabilities and technologies (e.g., Tesla's 4680 cells, Volkswagen's 'unified cell' strategy, General Motors' Ultium platform), the addressable market for independent battery manufacturers shrinks, intensifying competition for remaining contracts and potentially marginalizing smaller players.

CBAK Energy Technology (NASDAQ: CBAT) is primarily engaged in the manufacturing and distribution of lithium-ion and sodium-ion rechargeable batteries, as well as the development and manufacturing of NCM precursor and cathode materials. Their products cater to various applications, including electric vehicles (EVs), light electric vehicles (LEVs), electric tools, and energy storage systems.

The addressable markets for CBAK Energy Technology's main products and services are significant, particularly in China and globally:

• Global Lithium-ion Battery Market: The global lithium-ion battery market was valued at USD 107.14 billion in 2024 and is projected to reach USD 578.20 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 23.22% during the forecast period. Another estimate places the global market at USD 113.61 billion in 2025, expected to reach USD 304.22 billion by 2030, with a CAGR of 21.77%. Asia Pacific held the largest share of this market, at 54.64% in 2024.
• China Electric Vehicle (EV) Battery Market: The China electric vehicle battery market size reached 715.0 GWh in 2024 and is expected to reach 7,713.0 GWh by 2033, growing at a CAGR of 30.2% from 2025 to 2033. In terms of value, the China Electric Vehicle Battery Manufacturing Market size is estimated at USD 93.97 billion in 2025 and is expected to reach USD 221.89 billion by 2030, at a CAGR of 18.75% during the forecast period (2025-2030).
• China Energy Storage Market (Battery Energy Storage Systems): China's energy storage market was estimated at USD 223.3 billion in 2024 and is expected to reach USD 2.45 trillion by 2034, growing at a CAGR of 25.4% from 2025 to 2034. More specifically, the China battery energy storage systems market generated a revenue of USD 902.4 million in 2023 and is expected to reach USD 6,144.1 million by 2030, growing at a CAGR of 31.5% from 2024 to 2030. China's installed battery storage capacity surpassed 100 GW in the first half of 2025, marking a 110% increase compared to the previous year.
• Sodium-ion Batteries: While CBAK Energy Technology develops and commercializes sodium-ion batteries, specific market size data for sodium-ion batteries was not available in the search results.
• NCM Precursor and Cathode Materials: CBAK Energy Technology's Hitrans segment covers the development and manufacturing of NCM precursor and cathode materials. Specific market size data for these materials was not explicitly identified as a separate addressable market in the provided search results.

• Increased Production Capacity and Facility Expansion: The company's strategic expansion of its Nanjing facility is expected to significantly boost production capacity. This expansion, which aims for a total annual capacity of 8 GWh, focuses on meeting the rising demand for batteries in light electric vehicles (LEVs), electric vehicles (EVs), and energy storage solutions. Trial production for new lines is scheduled for May 2025, with full-scale mass production anticipated by late 2025, primarily for Model 32140 and Model 40135 battery cells.
• Launch and Adoption of New, Higher-Capacity Products: The introduction of new and upgraded battery models, particularly the Model 40135, is a significant driver. This model, offering larger size and higher capacity compared to the previous Model 32140 and an upgrade from the older Model 26650, has already secured substantial orders.
• Growth in Demand from Key Market Segments: CBAK Energy is experiencing increased demand from the light electric vehicle (LEV) sector, especially in Southeast Asia, which contributed to a 341% year-over-year revenue increase in this segment in Q3 2024. Additionally, substantial orders from companies like Anker Innovations for portable power supplies highlight strong demand in this market.
• Advancements in Sodium-Ion Battery Technology: The company's active involvement in the research and development of sodium-ion battery technology presents a potential "game-changer" for future revenue. Sodium-ion batteries offer advantages such as lower cost and greater abundance of raw materials, making them well-suited for applications like stationary energy storage, low-speed electric vehicles, and portable power supplies.
• Expansion into International Markets: Strategic expansion into international markets is a focus for CBAK Energy. This includes considering overseas factory setups, potentially through collaborations, and securing significant orders from international clients such as Livguard in India.

Share Repurchases

• CBAK Energy Technology announced a share buyback program on May 22, 2025, authorizing the repurchase of up to $20 million of its common stock.
• The program is set to run over 12 months, ending May 20, 2026.
• The primary objectives of the buyback are to enhance shareholder value and to help regain compliance with Nasdaq's minimum bid price requirement.

Share Issuance

• On February 8, 2021, CBAK Energy Technology completed a registered direct offering, issuing approximately $70 million of its common stock to institutional investors at $7.83 per share.
• The offering also included the issuance of Series A-1, A-2, and B Warrants to the investors.
• Net proceeds from this offering were earmarked to accelerate the company's business plan, repay outstanding debts, and address working capital needs.

Inbound Investments

• In June 2023, CBAK Energy secured RMB 25 million in funding from Hello Tech, the parent company of Jackery, to advance its sodium-ion battery R&D program, with 30% of the funding already received.

Outbound Investments

• In November 2021, CBAK Power, a wholly-owned subsidiary, completed the acquisition of 81.56% of Zhejiang Hitrans Lithium Battery Technology Co., Ltd. for approximately RMB 40.74 million ($6.4 million) in cash.
• CBAK Energy announced plans to build two lithium battery production facilities in the United States in partnership with Kandi Technologies Group.
• CBAK Energy formed a strategic partnership with Anker Innovations to establish a battery cell manufacturing facility in Malaysia, with potential orders valued at up to US$357 million.

Capital Expenditures

• CBAK Energy has invested in establishing a new production line for its Model 40135 battery at its Dalian CBAK Power Battery subsidiary, starting in 2025, to upgrade from older models.
• The company is expanding its Model 32140 capacity at Phase II Nanjing facilities, with completion expected by year-end 2025.
• Mass production of LFP cylindrical battery models 32140 and 40135 at the new Nanjing facility is anticipated to commence by the end of 2025.