CBAK Energy Technology Inc (CBAT) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen.

女士們、先生們，大家好。

Thank you for standing by and welcome to CBAK Energy Technologies first quarter of 2025 earnings conference call.

感謝您的支持，歡迎參加 CBAK Energy Technologies 2025 年第一季財報電話會議。

Currently, all participants are in listen-only mode. Later we will conduct a question-and-answer session, and instructions will follow at that time. As a reminder, we're recording today's call. If you have any objections, you may disconnect at this time.

目前，所有參與者都處於「僅收聽」模式。稍後我們將進行問答環節，屆時將提供相關說明。提醒一下，我們正在錄製今天的通話。如果您有任何異議，請立即斷開連接。

Now I will turn the call over to Yayian Tian, a specialist of Seabach Energy. Ms. Tian, please proceed.

現在我將電話轉給Seabach Energy的專家Yayian Tian。請田女士繼續。

Ms. Tian, please proceed.

請田女士繼續。

Let me do this session.

讓我來主持這次會議。

Thank you, operator and hello everyone. Welcome to CA Energy's earnings conference call for the first quarter of 2025. Joining us today I'm Mr. Guanghu or Jason, Chief Executive Officer of Cibe Energy, Mr. Terry Lee, Chief Financial Officer and company secretary, and even who will help with our interpretation, will join us for the Q&A session. We released our results earlier today. The press release is available on the company's IR website at IR.c.com.cn as well as from Newswire Services. A relay of this call will also be available in a few hours on our on our IR website.

謝謝接線員，大家好。歡迎參加CA Energy 2025年第一季財報電話會議。今天參加會議的有Cibe Energy執行長Guanghu先生（Jason）、財務長兼公司秘書Terry Lee先生，以及其他協助我們翻譯的人，他們也將參加問答環節。我們今天早些時候發布了業績。新聞稿可在公司投資者關係網站IR.c.com.cn以及Newswire Services上取得。本次電話會議的轉播也將在幾小時後在我們的投資者關係網站上發布。

Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1,995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today. Further information regarding these and other risks and uncertainties is included in the company's public firings with the SEC.

在繼續討論之前，請注意，今天的討論將包含根據美國1995年《私人證券訴訟改革法》安全港條款作出的前瞻性陳述。前瞻性陳述包含固有風險和不確定性。因此，公司的實際業績可能與今天表達的預期有重大差異。有關這些及其他風險和不確定性的更多信息，請參閱公司向美國證券交易委員會（SEC）提交的公開文件。

The company doesn't assume any obligations to update any overlooking statements except as required under the applicable laws. Also, please note that unless otherwise stated, all figures mentioned during the conference call are US dollars. With that, let me now turn the call over to our CEO, Mr. Chia. Please go ahead, Jason.

除適用法律要求外，本公司不承擔更新任何遺漏聲明的義務。另外，請注意，除非另有說明，電話會議中提到的所有數字均為美元。現在，請將電話會議交給我們的執行長謝先生。傑森，請開始。

Hello, everyone.

大家好。

Thank you for joining our earning conference call for the first quarter of 2025.

感謝您參加我們 2025 年第一季財報電話會議。

As expected, we were unable to sustain our previous growth momentum this quarter, reporting a year over year decline of 41% in net revenues to $34.9 million compared to the same period last year. Specifically, our battery business recorded that revenue of 20%.

如預期，本季我們未能延續先前的成長動能，淨收入年減41%，至3,490萬美元。其中，電池業務收入下降了20%。

$36 million representing a 54.6% decrease from $44.84 million in the prior year paid down by segment. All electric vehicle bills achieved an 11.9% increase.

各部門支付金額為3,600萬美元，較上年同期的4,484萬美元下降54.6%。所有電動汽車帳單均增加了11.9%。

Well, our light electric vehicle segment is very significant growth of 88.4%.

我們的輕型電動車部門成長非常顯著，達到了 88.4%。

However, this gain were outside by a 60.4% in our home energy storage business.

然而，這項增幅卻超出了我們家庭儲能業務的 60.4%。

As we have previously emphasized, the outcome was fully anticipated.

正如我們之前強調的那樣，結果是完全可以預料到的。

Our Daan facility are currently undergoing a strategy product portfolio upgrade transitioning from the older model 26 is 50, originally.

我們大安工廠目前正在進行戰略產品組合升級，從原來的舊型號 26 過渡到 50。

Developed around 2006 and now consider it somewhat outdated.

大約在 2006 年開發，現在看來有些過時了。

To the model 4,135, a highly promising product with strong market potential.

對於型號 4,135 來說，這是一款非常有前景、具有強大市場潛力的產品。

We are in the process of establishing the manufacturing line for model 4,135 with construction expected to be completed in the second half of this year as announced last quarter.

我們正在建立 4,135 型號的生產線，預計今年下半年完工，正如上個季度宣布的那樣。

In the meantime, our existing and prospective customers are actively testing and validating samples of model 4,135. Early feedback has been very encouraging, reinforcing our confidence that we are well positioned to regain growth momentum with the upcoming launch of these products.

同時，我們現有和潛在客戶正在積極測試和驗證4135型號的樣品。早期回饋非常鼓舞人心，這增強了我們的信心，我們相信，隨著這些產品即將上市，我們有能力重拾成長動能。

Well, our Dalian facility are currently upgrading their manufacturing lines. Our Nanjing.

嗯，我們大連的工廠目前正在升級他們的生產線。我們的南京工廠。

Operation continue to maintain strong growth momentum in contrast.

相比之下，經營持續保持強勁的成長動能。

To Dalian, where the pri primary products, model 26 is 50 has become outdated.

到了大連，那裡的pri初級產品、型號26和50已經過時了。

The learning facility focus on producing this large cylindrical cell model 32,140.

該學習設施專注於生產這種大型圓柱形電池模型32,140。

Which remains highly competitive competitive and has emerged as our flagship product.

它仍然具有很強的競爭力，並已成為我們的旗艦產品。

To meet Robust market demand. The model 32,140 production line in Nanjing are running at full capacity. Looking ahead, once the production of model 4,135 is underway.

為滿足強勁的市場需求，南京32型140生產線已滿載運轉。展望未來，4135型生產線也已投入生產。

The combined strands of these two product lines, model 4,135 and Model 32 140.

這兩條產品線的組合，型號 4,135 和型號 32 140。

Expected to drive a significant boost in our overall business performance.

預計將推動我們整體業務業績的大幅提升。

Regarding the current tariff challenge, as previously announced, we are actively evaluating the establishment of an overseas manufacturer manufacturing facility in one of the Southeast Asian country as an initial step.

關於當前的關稅挑戰，正如先前宣布的，我們正在積極評估在東南亞國家之一建立海外製造商製造工廠作為第一步。

In parallel, we are also exploring the feasibility of expanding our production capacity to the United States.

同時，我們也在探索將生產能力擴展到美國的可行性。

If the manufacturing costs are justified.

如果製造成本合理的話。

As this closed last quarter, our decision to expand into Southeast Asia is entirely customer-driven.

截至上個季度結束，我們決定向東南亞擴張完全是由客戶驅動的。

We have now reached an agreement in principle with the customer on key commercial terms.

我們目前已與客戶就關鍵商業條款達成原則協議。

Specifically, they have committed to a 4 year high volume purchase agreement that include substantial pre pre-payments.

具體來說，他們已承諾簽訂為期 4 年的大批量採購協議，其中包括大量預付款。

We expect to finalize and sign the formal agreement in the near future and we'll share for further details once we have the customer consent.

我們預計在不久的將來完成並簽署正式協議，一旦獲得客戶同意，我們將分享更多詳細資訊。

Share all agreements be.

共享所有協議。

I killed and We proceed with Southeast Asia project. We anticipate the new facility will begin mice production by mid next year.

我已決定，我們將繼續推動東南亞計畫。我們預計新工廠將於明年年中開始生產小鼠。

The production line is taught. There will be designed for flexible manufacturing capable of producing both model 32,140 and model 4,135 cells.

該生產線已完成培訓。該生產線將採用彈性製造設計，能夠同時生產32140型和4135型電池。

Now let me turn the call to our CFO GAD.

現在讓我把電話轉給我們的財務長 GAD。

Thank you, Jason. As highlighted in our recent published earnings release, following the decline in the net revenues due to the ongoing upgrade of our manufacturing lines from Model 266 to model 4,135, we also reported a net loss of $1.64 million compared to net income of $9.8 million in the same period last year. Specifically within our battery segment, the income declined a lot from $11.68 million to $0.34 million.

謝謝傑森。正如我們最近發布的財報中所強調的，由於生產線從266型升級到4135型，淨收入有所下降，我們也報告了164萬美元的淨虧損，而去年同期的淨利潤為980萬美元。尤其是電池部門，收入從1168萬美元大幅下降至34萬美元。

Despite the strong performance of our Nanjing facilities which produced Model 3 to 140, our current flagship product prior to the launch of Model 4,135, we do not anticipate a full recovery until the Dalian facilities complete the upgrade and enable our sales team. To begin delivering model 4,135 to the market.

儘管南京工廠在Model 4,135上市前生產了我們目前的旗艦產品Model 3至140輛，表現強勁，但我們預計，在大連工廠完成升級並使我們的銷售團隊能夠開始向市場交付Model 4,135之前，該工廠的業績將無法完全恢復。

As Jason mentioned, we are close to finalizing an agreement with a major customer for a large scale 4 year order that could generate substantial revenues and profits. The order is expected to initially focus on Model 32,140 with a transaction to model 4,135.

正如Jason所提到的，我們即將與一位重要客戶達成一項為期四年的大規模訂單協議，該訂單有望帶來可觀的收入和利潤。預計該訂單最初將集中於32,140型號，之後將擴展到4,135型號。

A dedicated manufacturing line in the Southeast Asia is planned to support this order, and the facility could start construction and begin full scale operations once the agreement is executed. If everything proceeds as planned, we expect to see a significant recovery beginning next year.

為支持該訂單，該公司計劃在東南亞設立一條專用生產線。協議簽署後，該工廠即可開工並全面投入營運。如果一切按計劃進行，我們預計明年將迎來顯著復甦。

We will formally announce this development once the agreement is finalized.

一旦協議最終達成，我們將正式宣布這項進展。

Even with this high volume order, we remain committed to maintain, to maintaining a healthy growth margin to support the recovery of our net income.

即使訂單量如此之大，我們仍然致力於維持健康的成長利潤率，以支持我們淨收入的復甦。

Upon completion of this strategy expansion, our global production footprint will include Model 26,650 and 4,135 at our Daian facilities, Model 30 to 140 at our Nanjing facilities, and both Model 30 to 140 and 4,135 at our Southeast Asian operations.

完成這項策略擴展後，我們的全球生產足跡將包括大安工廠的 26,650 型和 4,135 型、南京工廠的 30 至 140 型以及東南亞工廠的 30 至 140 型和 4,135 型。

We appreciate your continued support and encourage you to stay tuned for further updates.

我們感謝您一直以來的支持，並鼓勵您繼續關注進一步的更新。

Thank you. We will now open the floor for the Q&A section operator.

謝謝。現在請問答環節的接線生發言。

Thank you so much, dear participants. (Operator Instructions)

非常感謝各位參與者。 （操作員指示）

Brian Lan here from Zac Small capp Research.

我是 Zac Small capp Research 的 Brian Lan。

Good afternoon, gentlemen. I was wondering if you could just confirm the expansion goals.

先生們，下午好。請問您能否確認擴張目標？

I think the last time we talked about it, we were looking at 2.3 gigawatts at Dalian and 3 gigawatts at Nanjing. Is that still the target? And then I'll have some other follow-ups after that.

我記得上次我們討論的時候，我們考慮的是大連2.3吉瓦和南京3吉瓦的發電量。這仍然是我們的目標嗎？之後我會再跟進一些後續問題。

Concept Brian went for children is a to the woman to a quote on the to the sanji.

布萊恩為孩子設計的概念是對女人對山治的引用。

Brian, let me respond to your question directly in English. So our plan with, for dining facilities didn't change, the new, the newly deployed manufacturing life for 4,135, still has a capacity of 2.3 gigawatt hour, and we have just completed the construction of the manufacturing plant. So, everything is going well as planned. So we anticipate the construction, the total construction project to be completed by the end of June. And then we can start trial production in the second half of the year. For Nanjing, we have already made all the pre-payments and for the 3 gigawatt hour equipment, but now we have a new project in Southeast Asian country. We are not going to invest in new equipment at this moment because we don't know how the tariffs will go. So we plan to relocate one of the assembly line from the newly deployed equipment in Nanjing to the South Asian country. That means the capacity for the new Nanjing project will become 1.5 gigahour and another 1.5 gigaur for Southeast Asian country.

Brian，要我用英文直接回答你的問題。我們的餐飲設施計畫沒有改變，新部署的4135個生產設施仍然擁有2.3千兆瓦時的產能，我們剛剛完成了製造工廠的建設。所以，一切都照計畫順利進行。我們預計整個建設項目將在6月底完工。然後我們可以在下半年開始試生產。南京工廠的3千兆瓦時設備，我們已經支付了所有預付款，但現在我們在東南亞國家有一個新項目。我們目前不打算投資新設備，因為我們不知道電價會如何改變。所以我們計劃將南京新部署設備的一條裝配線遷移到東南亞國家。這意味著南京新計畫的產能將達到1.5千兆瓦時，東南亞國家也將達到1.5千兆瓦時。

Okay, great, that's that's helpful. I appreciate that. As your customers are testing the 4,135 cells, are you confident that they're going to stick with cylindrical cells for storage, or is there any concern that they might look at prismatic or pouch cells?

好的，太好了，這很有幫助。我很感激。您的客戶正在測試4135個電池，您是否有信心他們會堅持使用圓柱形電池進行儲能？或者您是否擔心他們可能會考慮方形電池或軟包電池？

They went for when we say the coho, take, one is the ui the one for your to Xinzho for hu hui yuanu you mentioned that you, second ho classical hall a beautiful function he rambo.

他們去了當我們說 coho 的時候，拿，一個是 ui，一個是你的 Xinzho 為 hu hui Yuanu 你提到你，第二個 ho 古典大廳一個美麗的功能他蘭博。

Okay.

好的。

Let me, explain. Now, our main market is home energy storage system, market, some application is high voltage, such as 100 voltage.

讓我解釋一下。現在，我們的主要市場是家庭儲能係統市場，有些應用是高壓的，例如100伏特。

So you, the customer choose prismatic. I think the space is not enough, but if they choose cylindrical or big cylindrical cell, that will be easy to design for high voltage. So in this market, I think depends on the application requirement.

所以，客戶選擇方形電池。我覺得空間不夠，但如果他們選擇圓柱形或大型圓柱形電池，就更容易實現高電壓設計。所以在這個市場，我認為取決於應用需求。

So as voltage and the size. I think cylindrical and a large cyrical have have a half share on in this market.

至於電壓和尺寸，我認為圓柱形和大圓柱形在這個市場上各佔一半份額。

And for its gooder, as for this market, 48 voltage is popular, is common model. But if you choose prismatic or or portal, I think it is now, it is not easy for design and the yer will have a stable structure to protect the drop down of the other using condition.

至於它的優點，就這個市場而言，48伏特電壓很受歡迎，是常見的型號。但如果你選擇方形或門式，我認為現在還不夠，因為設計起來比較麻煩，而且你需要一個穩定的結構來防止其他使用條件下的跌落。

So, this is my opinion.

這就是我的觀點。

Thank you.

謝謝。

Okay, great. I guess the last question would be, have you heard, I guess, from some of your portable energy customers? Are they looking to pull forward any demand and TRY to get orders fulfilled in this li this window as the tariffs have been paused, during this 90 day period. I'm thinking of a company like Jackary that sells primarily into the US market.

好的，太好了。我想最後一個問題是，您有沒有收到一些便攜式能源客戶的意見？他們是否希望提前需求，並儘量在關稅暫停的90天期間完成訂單？我想到的是像Jackary這樣主要銷往美國市場的公司。

So, Brian, to answer your question, yes, they are all seeking solutions, and one of the solution is to get their suppliers like us to relocate their Manufacturing lines overseas, as we always say in our remarks, our decision to move to Southeast Asian country is simply and purely client driven, so they are asking us and making a lot of the favorable terms for us so that we can make a decision to go outside of China. And luckily we have already, I would say we have already closed a deal with them today, and we have certain tiny issues that we're going to talk about. Hopefully we can bring some good news to the market, sooner or later, I think probably in this month or next month. So, players in this industry like Jacks, Anchor and some other big names, they are all doing the same thing.

布萊恩，回答你的問題，是的，他們都在尋求解決方案，其中一個解決方案是讓像我們這樣的供應商將生產線遷往海外。正如我們在演講中經常提到的，我們遷往東南亞國家的決定完全是出於客戶需求，所以他們向我們提出要求，並為我們設定了很多有利條件，以便我們能夠做出走出中國的決定。幸運的是，我們今天已經和他們達成了協議，接下來我們會討論一些小問題。希望我們遲早能給市場帶來一些好消息，我想可能是在這個月或下個月。所以，像Jacks、Anchor和其他一些大公司這樣的業內參與者，都在做同樣的事情。

Okay, I appreciate it you're operating in a difficult environment, so, good luck. Thanks.

好的，我很理解你在這麼艱難的環境下工作，祝你好運。謝謝。

Thank you.

謝謝。

Dear speakers, there are no further questions for today. I would not like to hand the conference over to Jason Hu for any closing remarks.

各位發言者，今天沒有其他問題了。我不想把會議交給胡志強做任何總結發言。

Thank you, operator, and thank you all for participating in today's call and for your support. We appreciate your interest and look forward to reporting to you again next quarter on our progress.

謝謝接線員，也感謝大家參加今天的電話會議並給予支持。感謝您的關注，期待下個季度再次向您報告我們的進度。

Thank you.

謝謝。

Thank you all again. This concludes the call. You may now disconnect.

再次感謝大家。通話到此結束。您可以掛斷電話了。