CBAK Energy Technology Ltd (CBAT) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to CBAK Energy Technologies fourth quarter and full-year 2025 earnings conference call. (Operator Instructions)

各位女士、先生，大家好。感謝您撥冗等候，歡迎參加中比克能源科技（CBAK Energy Technologies）2025 年第四季度及全年業績電話會議。（接線員指示）

As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time.

提醒各位，今天的電話會議將被錄音。如您有任何異議，請於此時中斷連線。

Now I will turn the call over to [Irina Tian], IR specialist of CBAK Energy. Ms. Tian, please proceed.

現在我將把電話交給中比克能源投資者關係（IR）專員 [Irina Tian]。田女士，請開始。

Thank you, operator, and hello, everyone. Welcome to CBAK Energy's Earnings Conference Call for the fourth quarter and the full year of 2025. And joining us today are Mr. Zhiguang Hu, Chief Executive Officer of CBAK Energy; Mr. Thierry Li, Chief Financial Officer and Company Secretary; and [Evan], who will help with our interpretation during the Q&A session.

謝謝接線員，大家好。歡迎參加中比克能源 2025 年第四季度及全年業績電話會議。今天與會的還有：中比克能源首席執行官胡志光先生；首席財務官兼公司秘書 Thierry Li 先生；以及 [Evan]，他將在問答環節協助我們進行口譯。

We released our results earlier today. The press release is available on the company's IR website at ir.cbak.com.cn as well as from the Newswire services. A replay of this call will also be available in a few hours on our IR website.

我們已於今日稍早發布業績。新聞稿可於公司投資者關係網站 ir.cbak.com.cn 以及新聞線服務平台查閱。本次電話會議的重播也將在數小時後於我們的 IR 網站提供。

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 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today.

在繼續之前，請注意今天的討論將包含依據 1995 年《美國私人證券訴訟改革法案》安全港條款所作出的前瞻性陳述。前瞻性陳述具有內在風險與不確定性。因此，公司實際結果可能與今日所表達的預期存在重大差異。

Further information regarding these and other risks and uncertainties is included in the company's public filings with the SEC. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law.

有關上述及其他風險與不確定性的更多資訊，已載於公司向美國證券交易委員會（SEC）提交的公開文件中。除適用法律要求外，公司不承擔更新任何前瞻性陳述的義務。

Also, please note that unless otherwise stated, all figures mentioned during the conference call are in US dollars.

另外請注意，除非另有說明，本次電話會議中提及的所有數據均以美元計。

With that, let me now turn the call over to our CEO, Mr. Zhiguang Hu. Please go ahead, Jason.

接下來，我把電話交給我們的首席執行官胡志光先生。Jason，請開始。

Hello, everyone. Thank you for joining our earnings conference call for the fourth quarter and the full year of 2025. The fiscal year 2025 was a definitive transitional period for CBAK Energy, characterized by our comprehensive structural upgrade of our product portfolio, aggressive capacity expansion, and deliberate pivot toward next-generation form factors.

各位好，感謝參加我們 2025 年第四季度及全年業績電話會議。2025 財年對中比克能源而言是一個關鍵的轉型期，其特徵在於我們對產品組合進行全面結構性升級、積極擴充產能，以及有計劃地轉向下一代外形規格。

Despite the short-term bottom-line pressure inherent to some massive capacity transitions, our top line growth demonstrated positive momentum. In the fourth quarter, our consolidated net revenue surged by 131.80% year over year to $58.80 million. For the full year, consolidated net revenue reached $195.19 million, representing an 11% increase over 2024.

儘管部分大規模產能切換在短期內不可避免地對利潤端造成壓力，我們的營收端增長仍展現正向動能。第四季度，我們合併淨營收同比大增 131.80%，達到 5,880 萬美元。全年合併淨營收達 1.9519 億美元，較 2024 年增長 11%。

Let me detail the structural transition driving our core business. At our Dalian facility, our customers are actively transitioning away from our legacy 26-series battery product line with over a decade of history and 1 gigawatt hour capacity to our newly introduced highly advanced Model 40135 cells. To support this paradigm shift, we successfully commissioned a new 40135 product line with 2.3 gigawatt hour capacity at the end of 2025. The market reception has been truly unprecedented.

我來詳細說明推動我們核心業務的結構性轉型。在大連基地，我們的客戶正積極從具有十餘年歷史、產能 1 吉瓦時的傳統 26 系列電池產品線，轉向我們新推出的高度先進 40135 型電芯。為支持這一典範轉移，我們於 2025 年底成功投產一條新的 40135 產品線，產能 2.3 吉瓦時。市場反響可謂前所未有。

Demand for the 40135 cells currently far exceeds our available supply. Meaning, we are selling every single unit we can produce, and our order book heavily outpace our current ramp-up trajectory. Similarly, at our Nanjing facility, to alleviate the severe supply shortage for our highly sought after Model 32140 cells, we successfully added two new production lines at our Phase II facility at the end of 2025.

目前 40135 電芯的需求遠超我們可供應的產量。也就是說，我們能生產的每一顆都能賣出去，而訂單儲備量大幅超過我們當前的爬坡進度。同樣地，在南京基地，為緩解市場對我們備受追捧的 32140 型電芯的嚴重供應短缺，我們於 2025 年底在二期工廠成功新增兩條生產線。

This expansion adds 3.0 gigawatt hour of much needed capacity to complement the 1.5 gigawatt hour already operational in Phase I. And we expect these two new high-speed lines to reach full capacity by early 2027.

此次擴產新增 3.0 吉瓦時的迫切所需產能，與一期已投運的 1.5 吉瓦時產能形成互補。我們預計這兩條新的高速產線將於 2027 年初達到滿產。

Both our Dalian and Nanjing expansion are currently in an intensive capacity ramp-up phase. While this initial phase carries higher unit cost that have temporarily suppressed our gross margin and the short-term profitability, we view this as a necessary and highly strategic investment as our customers complete their transition to the Model 40135 and our Phase II facility complete its ramp up by early 2027. We anticipate a dramatic and sustained resurgency in our top-line revenue.

大連與南京兩地的擴產目前均處於密集的產能爬坡階段。雖然初期階段的單位成本較高，暫時壓低了我們的毛利率與短期盈利能力，但我們將其視為必要且高度戰略性的投入；隨著客戶完成向 40135 型的轉換，以及二期工廠於 2027 年初完成爬坡，我們預期營收端將出現顯著且可持續的強勁回升。

Furthermore, to present the value chain, starting in 2025, our wholly owned subsidiary, Nanjing BFD initiated dedicated battery pack integration operation by assembling individual cells into complete plug and play battery system, which bypass intermediate integrators to serve end user directly.

此外，為延伸價值鏈，自 2025 年起，我們的全資子公司南京 BFD 啟動了專門的電池包集成業務，將單體電芯組裝為完整的即插即用電池系統，繞過中間集成商，直接服務終端用戶。

Currently, these manufactured pack units are predominantly engineered for the light electric vehicle battery swapping infrastructure throughout the African market. In 2025, we officially forged a deep strategic partnership with Spiro, one of Africa's largest two-wheeler battery swapping enterprises. I'm thrilled to report that Spiro has rapidly scaled to become one of our top five customers. We are incredibly proud that our advanced battery cell technology is providing the essential momentum for Africa's new energy transition.

目前，這些製造的電池包單元主要針對非洲市場的輕型電動車換電基礎設施進行設計。2025 年，我們正式與 Spiro 建立深度戰略合作夥伴關係；Spiro 是非洲最大的兩輪車換電企業之一。我很高興地報告，Spiro 已迅速擴張並成為我們前五大客戶之一。我們也為先進電芯技術能為非洲新能源轉型提供關鍵動能而深感自豪。

To deepen this relationship, we are actually exploring further collaborative models, including the potential establishment of a dedicated corporate entity within the Africa region to directly assist and accelerate Spiro's localized business expansion. This African success is mirrored across other key international markets, driving our explosive global growth where revenue from REV's skyrocket by 252% year over year to $36.36 million for the full year.

為深化這一合作關係，我們正探索進一步的合作模式，包括在非洲地區設立專門的公司實體，以直接支持並加速 Spiro 的本地化業務擴張。這一非洲市場的成功也在其他重要國際市場得到呼應，推動我們全球業務的爆發式增長；其中，來自 REV 的全年營收同比飆升 252%，達到 3,636 萬美元。

In India and broader global market, our institutional client base has expanded significantly. We have established deep collaborations with highly prestigious international blue-chip customers, including Anker Innovations; Scania, which became our direct ordering entity following its acquisition of Northvolt business unit that originally procured our products, now operating under [Posida]; as well as Ather Energy; Schneider ACE Battery; and Inverted Energy.

在印度及更廣泛的全球市場，我們的機構客戶基礎顯著擴大。我們已與多家享有盛譽的國際藍籌客戶建立深度合作，包括安克創新（Anker Innovations）；斯堪尼亞（Scania）——其在收購原先採購我們產品的 Northvolt 業務單元後，已成為我們的直接下單主體，現以 [Posida] 名義運營；以及 Ather Energy、Schneider ACE Battery 和 Inverted Energy。

The endorsement from these global Tier 1 enterprises provide the strongest possible validation of our product reliability and safety. Similarly, in Vietnam, we have forged a tight knit partnership with a key client DAT as DAT business volume has skewed our shipment volume in the Vietnamese two-wheeler sector has experienced exponential growth.

這些全球一線（Tier 1）企業的背書，為我們產品的可靠性與安全性提供了最有力的驗證。同樣地，在越南，我們與核心客戶 DAT 建立了緊密合作；隨著 DAT 業務量帶動，我們在越南兩輪車領域的出貨量已實現指數級增長。

As investor may be aware, the PRC government have initiated a phase out policy for export tax rebates, reducing the rate for lithium-ion battery from 13% to 9%, with further reductions to 6% by April 2026 and a complete elimination by January 2027.

投資者可能已注意到，中華人民共和國政府已啟動出口退稅逐步退出政策，將鋰離子電池的退稅率由 13% 下調至 9%，並計劃於 2026 年 4 月進一步降至 6%，於 2027 年 1 月完全取消。

To proactively establish a dialectical hedge against this macroeconomic headwind and protect our international margins, we moved decisively to localize our global supply chains. We have already incorporated our Malaysian subsidiary on April 30, 2025, and are actively pushing forward with physical construction of manufacturing facility there within this year to offer diversified tariff-insulated sourcing option for our top-tier international clients.

為主動建立對沖此一宏觀逆風的辯證性避險機制並保護我們的國際毛利率，我們果斷推進全球供應鏈本地化。我們已於 2025 年 4 月 30 日完成馬來西亞子公司的設立，並正積極推動於今年內在當地建設製造工廠，為我們的一線國際客戶提供多元化、具關稅隔離效果的採購選項。

We also anticipate signing and announcing additional contract with major international clients win, which we believe will serve as strong catalyst for our shareholders. Our raw material segment, Hitrans, delivered a powerful turnaround, benefiting from an ongoing upward cycle in raw material price. Hitrans experienced a sharp operational rebound beginning in the third quarter of 2025.

我們也預期將與主要國際客戶簽署並公告更多新增合約得標，我們相信這將成為股東的強勁催化劑。我們的原材料事業部 Hitrans 實現了強勢反轉，受惠於原材料價格持續上行週期。Hitrans 自 2025 年第三季起出現顯著的營運反彈。

Full-year revenue for this segment surged 123% year over year to $89.21 million. As the raw material pricing cycle continues its robust upward trajectory, we confidently anticipate Hitrans will reach new performance highs.

該事業部全年營收年增 123% 至 8,921 萬美元。隨著原材料價格週期持續呈現強勁上升趨勢，我們有信心預期 Hitrans 將再創績效新高。

To structurally capture this momentum, Hitrans is aggressively expanding its proprietary infrastructure, including the ongoing construction of new 10,000 metric ton cathode manufacturing plant slated for full operation in the first half of 2027, alongside a massive 37,000 metric ton precursor facility. This strategic capacity injection will decisively elevate Hitrans' revenue starting in 2026 and beyond. Strategically, we are also advancing our corporate structure.

為在結構上掌握此一動能，Hitrans 正積極擴建其自有基礎設施，包括正在興建、預計於 2027 年上半年全面投產的新 1 萬公噸正極材料製造工廠，以及一座大型 3.7 萬公噸前驅體設施。此一策略性產能注入將自 2026 年起並在其後顯著推升 Hitrans 的營收。策略上，我們也正推進公司的組織架構調整。

Our stockholders have approved a redomicile merger to change our place of incorporation from Nevada to Cayman Islands. This move will allow us to streamline operational and administrative efficiency while similarly aligning our corporate structure with our aggressive international expansion strategy.

我們的股東已核准一項遷冊合併（redomicile merger），將公司註冊地由內華達州變更為開曼群島。此舉將使我們得以精簡營運與行政效率，同時使公司架構更符合我們積極的國際擴張策略。

Driven by the insatiable demand for our new 40135 and the 32140 battery cell, the pending completion of our capacity ramp-ups, the continued strength of Hitrans and our expanding footprint across global LEV market, we project with absolute confidence that our consolidated sales will hit a record high in 2026, delivering explosive growth.

在新款 40135 與 32140 電芯需求強勁、產能爬坡即將完成、Hitrans 持續強勢，以及我們在全球輕型電動車（LEV）市場版圖持續擴張的帶動下，我們極具信心預期 2026 年合併銷售將創下歷史新高，實現爆發式成長。

Now let me turn the call to our CFO, Thierry Li, for a deeper dive into our financials.

接下來我把電話交給我們的財務長 Thierry Li，請他更深入說明財務表現。

Thank you, Jason. 2025 demonstrated the resilient dialectical nature of our vertically integrated business model. While our Battery segment faced margin compression due to the aggressive ramp-up of our new production lines and rising raw material costs, our Hitrans raw materials segment capitalized on this exact macroeconomic environment.

謝謝你，Jason。2025 年展現了我們垂直整合商業模式的韌性與辯證特性。雖然電池事業部因新產線積極爬坡及原材料成本上升而面臨毛利率壓縮，但我們的 Hitrans 原材料事業部正是在同樣的總體環境下把握了機會。

Looking at our fourth-quarter results. Consolidated net revenues reached $58.80 million, a 131.8% increase compared to Q4 2024. This hyper growth effectively decoupled from the temporary bottom line pressures caused by our ongoing capacity transactions.

來看第四季的結果。合併淨營收達 5,880 萬美元，較 2024 年第四季成長 131.8%。這種高速成長有效地與我們持續進行產能相關交易所造成的短期損益壓力脫鉤。

Within this, our Battery Business revenues were about $30.82 million, an increase of 35.8% year over year. Despite a 10.6% decrease in energy storage sector caused by the phaseout out of legacy Model 26650 cells at Dalian, we offset this decline through explosive growth in the LEV revenues, which skyrocketed by 524.2% to $12.92 million in the fourth quarter.

其中，電池業務營收約 3,082 萬美元，年增 35.8%。儘管因大連廠逐步淘汰舊款 26650 電芯，導致儲能領域營收下滑 10.6%，我們透過 LEV 營收的爆發式成長抵銷了該降幅；LEV 營收於第四季大增 524.2% 至 1,292 萬美元。

Our Hitrans segment generated $27.98 million in Q4 2025, a massive 944.1% surge from Q4 2024, directly reflecting the escalating upward cycle of raw material pricing and robust downstream order placements. Our gross profit for Q4 2025 was about $4.28 million, representing a gross margin of 7.3% compared to 13.1% in Q4 2024.

Hitrans 事業部於 2025 年第四季創造 2,798 萬美元營收，較 2024 年第四季大幅成長 944.1%，直接反映原材料價格上行週期加速以及下游訂單投放強勁。2025 年第四季毛利約 428 萬美元，毛利率 7.3%，相較 2024 年第四季的 13.1% 下滑。

This sharp margin compression was fundamentally driven by the transactional friction costs, suboptimal yields and disproportionately high fixed cost absorption inherent to the initial ramp-up phase of the new Model 40135 in Dalian and Phase II Models 32140 lines in Nanjing.

此一毛利率大幅壓縮，根本原因在於交易摩擦成本、新品初期良率不佳，以及大連新款 40135 與南京二期 32140 產線在爬坡初期固有的固定成本吸收偏高。

Consequently, operating loss for the fourth quarter was about $8.01 million, and the net loss attributable to shareholders was $7.38 million. For the full year 2025, net revenues were $195.19 million, up by about 11% year-over-year. Hitrans contributed $89.21 million, up by 123%, while the Battery Business contributed $105.98 million. Gross profit for the year was about $18.42 million, representing a margin of 9.4%, down from 23.7% in 2024.

因此，第四季營業損失約 801 萬美元，歸屬股東淨損為 738 萬美元。2025 年全年淨營收為 1.9519 億美元，年增約 11%。其中 Hitrans 貢獻 8,921 萬美元、年增 123%；電池業務貢獻 1.0598 億美元。全年毛利約 1,842 萬美元，毛利率 9.4%，低於 2024 年的 23.7%。

Operating expenses increased to $36.86 million, up 12% year over year, driven by a 21% increase in R&D to $15.8 million. This deliberate expansion directly funded our next-generation technology road map, specifically accelerating the development of our advanced large-format cylindrical models such as the 60115, 60135 and 60150 as well as highly specialized sodium-ion chemistries engineered for the extreme low temperature resilience and fast-charging capabilities.

營業費用增加至 3,686 萬美元，年增 12%，主要由研發費用年增 21% 至 1,580 萬美元所帶動。此一有意識的擴張直接支持我們的下一代技術路線圖，特別是加速開發先進的大圓柱型產品，如 60115、60135 與 60150，以及為極低溫韌性與快充能力所工程化設計的高度專用鈉離子化學體系。

We also increased by 16% in G&A to $16.20 million, reflecting increased headcount for our new production lines. Our full year operating loss was about $18.44 million, and the net loss attributable to shareholders was about $9.38 million. However, analyzing the bottom line requires a dialectical view of our risk management framework.

我們的一般及行政費用（G&A）亦增加 16% 至 1,620 萬美元，反映新產線帶來的人力增加。全年營業損失約 1,844 萬美元，歸屬股東淨損約 938 萬美元。然而，分析最終損益需要以辯證視角看待我們的風險管理架構。

First, our other income surged to $8.27 million, fundamentally bolstered by a highly lucrative $5 million compensation payment we strictly enforced and successfully collected from a canceled customer order. This underscores the robust legal and contractual protections we secure in our commercial agreements.

第一，其他收益大增至 827 萬美元，主要受一筆極具收益性的 500 萬美元補償款所支撐；該補償款來自一筆被取消的客戶訂單，我們嚴格執行並成功收回。這凸顯我們在商業協議中所取得的強健法律與契約保障。

Second, to proactively shield our margins from global volatility, 2025 marked our inaugural deployment of a substantiative financial hedging structure. We systematically executed foreign currency forward contracts, options, swaps and commodity contracts. While this proactive risk mitigation resulted in a calculated noncash derivative fair value loss of approximately $0.44 million, it effectively neutralized extreme macroeconomic fluctuations and provided essential cash flow predictability to -- for our supply chain.

第二，為主動保護毛利率免受全球波動影響，2025 年是我們首次部署具實質性的金融避險架構。我們系統性地執行外匯遠期合約、選擇權、交換（swap）及商品合約。雖然此一主動風險緩釋帶來約 44 萬美元的非現金衍生工具公允價值損失，但其有效中和了極端的總體經濟波動，並為——我們的供應鏈——提供必要的現金流可預測性。

Turning to our balance sheet and liquidity. Our financial foundation remains robust and highly liquid. As of December 31, 2025, we held cash and cash equivalents and restricted cash of $75.68 million, an increase from $60.79 million at the end of 2024.

接著看資產負債表與流動性。我們的財務基礎仍然穩健且流動性極佳。截至 2025 年 12 月 31 日，我們持有的現金及約當現金與受限制現金為 7,568 萬美元，較 2024 年底的 6,079 萬美元增加。

Notably, despite reported net loss, our net cash provided by operating activities was extremely strong at $48.55 million for the year compared to $39.70 million in 2024. This powerful cash generation was primarily attributable to disciplined working capital management, including a $63.66 million increase in trade and bills payable.

值得注意的是，儘管帳面呈報淨損，我們全年營業活動提供的淨現金流仍極為強勁，達 4,855 萬美元，高於 2024 年的 3,970 萬美元。此一強勁的現金創造主要歸因於嚴謹的營運資金管理，包括應付帳款及應付票據增加 6,366 萬美元。

We allocated $44.65 million to capital expenditures in 2025 to fund aggressive construction and equipping of our new production facilities across Dalian, Nanjing, Zhejiang, and Anhui. In summary, the temporary margin squeeze is calculated byproduct of scaling next-generation capacity with the Hitrans segment providing dialectical hedge in the raw material cost, our battery capacity ramp-up scheduled for the completion in early 2027, and our deeply integrated global expansion progressing rapidly, we are structurally positioned for massive operational turnaround and record-breaking sales.

2025 年我們投入 4,465 萬美元資本支出，用於在大連、南京、浙江與安徽的新生產設施之積極建設與設備配置。總結而言，短期毛利率擠壓是擴張下一代產能的可計算副產品；Hitrans 事業部在原材料成本上提供辯證式對沖；我們的電池產能爬坡預計於 2027 年初完成；而我們深度整合的全球擴張正快速推進——我們在結構上已就大幅營運反轉與創紀錄銷售做好布局。

Thank you, and we will open the floor for the Q&A session. Operator, please go ahead.

謝謝，我們現在開放問答環節。接線員，請開始。

(Operator Instructions) Brian Lantier, Zacks Small-Cap Research.

（接線員指示）Brian Lantier，Zacks Small-Cap Research。

Fantastic news to see Hitrans suddenly turning things around. I wonder if you could talk a little bit about where you see gross margins in the Battery Business? And when you think they might normalize as you ramp up capacity?

很高興看到 Hitrans 突然扭轉局面，這真是個好消息。我想請您談談您如何看待電池業務的毛利率走勢？以及在您提升產能的過程中，您認為毛利率何時可能回歸正常水準？

Thank you, Brian. Let me answer your question. So I think it was back in Q3 and Q4 when our Nanjing Phase 2 and our Dalian operations and new products kick in, our gross margin was affected severely. So right now, we are in a phase of ramping up capacity. And we believe that the Dalian facility ramp-up would be completed in the first half of this year, which we have already received way enough orders for these new products.

謝謝你，Brian。我來回答你的問題。我認為是在第三季和第四季，當我們南京二期、大連營運以及新產品開始導入時，我們的毛利率受到嚴重影響。所以目前我們正處於產能爬坡階段。我們相信大連工廠的爬坡將在今年上半年完成，而且我們已經為這些新產品收到非常充足的訂單。

And for Nanjing Phase II because it's much bigger, so our time line is for early 2027, but we have confidence to try our best to catch up the time line. So our target would be also the second half of 2026, but the reasonable timetable will be early 2027. So ideally, in the second half of this year, our gross margin will gradually revolve. And I believe in the full year of 2026, the gross margin number at least looks better than right now.

至於南京二期，因為規模更大，我們的時間表是 2027 年初，但我們有信心盡最大努力追趕進度。因此我們的目標也會是 2026 年下半年，但較為合理的時程仍是 2027 年初。理想情況下，在今年下半年，我們的毛利率將逐步回升。我相信在 2026 全年，毛利率至少會比現在看起來更好。

Great. And could you describe a little bit more about the cell packing business? And do you see that becoming a growth opportunity for the company, particularly in the LEV market?

很好。您能否再多描述一下電芯組裝（cell packing）業務？您是否認為這會成為公司的成長機會，特別是在 LEV 市場？

I will answer the question first and then, Yvonne, please help with the interpretation for Jason, and Jason I think can add some points. So we have received a substantial order from one of our major African customers who actually originally from India, and starting early 2025, this substantial order kick in and they use most -- I think all the cells purchase were from Nanjing 32140.

我先回答這個問題，然後 Yvonne 請協助為 Jason 口譯，Jason 我想也可以補充一些觀點。我們已經收到來自一位主要非洲客戶的大額訂單，該客戶實際上原本來自印度；從 2025 年初開始，這筆大額訂單開始放量，他們使用的大多數——我想是全部——電芯都採購自南京的 32140。

And in order to do that, we have already set up a battery pack assembly unit within our structure, and this unit is dedicated to purchase cells from our Nanjing factory and put the cells into a battery pack and sell it to the African customer. And this customer has already become one of our top five customers as of 2025. And we are also looking forward to a much deeper and more comprehensive collaboration with each other.

為了配合這項需求，我們已在公司架構內設立了一個電池包組裝單位，該單位專門從南京工廠採購電芯，將電芯組裝成電池包後銷售給這位非洲客戶。自 2025 年起，這位客戶已成為我們前五大客戶之一。我們也期待彼此之間能有更深入、更全面的合作。

Maybe in the future, our collaboration will extend beyond the area of LEV into energy storage sector. So I think this is what I want to add. Please Jason, see if anything you want to add?

也許未來，我們的合作將從 LEV 領域延伸到儲能領域。所以以上是我想補充的。Jason，請看看你是否還有什麼想補充的？

(spoken in foreign language)

（以外語發言）

(spoken in foreign language)

（以外語發言）

There's only 1 thing that Jason would like to add, which is the advantage of our battery cell use in the LEV market. So this has already been demonstrated in the Southeast Asia market and Indian market. So our product, no matter our cell or battery pack, are -- performs really well in high temperature. This is very critical to this kind of application. So we think we may meet the same success as we already did in the Southeast and Indian market.

Jason 只想補充一點，就是我們電池電芯在 LEV 市場應用上的優勢。這一點已在東南亞市場與印度市場得到驗證。我們的產品，不論是電芯或電池包，在高溫環境下的表現都非常好。這對這類應用非常關鍵。因此我們認為，我們可能會在該市場取得與東南亞及印度市場相同的成功。

Great. That's really helpful. I guess one final question. Are you seeing anything on the energy storage front as it relates to grid storage best companies? And is that impacting your R&D plans for new cell formats that could come out at the end of the decade?

很好，這非常有幫助。我想最後一個問題：在儲能方面，您是否看到與電網儲能相關的任何動向（例如電網儲能的最佳公司）？這是否會影響你們針對新電芯規格的研發計畫，尤其是可能在本十年末推出的產品？

I think that's a question for Jason.

我想這個問題要請 Jason 來回答。

(spoken in foreign language)

（以外語發言）

(spoken in foreign language)

（以外語發言）

So currently, for the ESS market, I think we are only focusing on the home ESS, balcony ESS and also portable ESS, so which are all like smaller size. But in addition, we are also in research and development of our big prismatic cell, which can be used in what you just mentioned, the grid size energy storage system. So that will be like one of our like target product for this.

目前就 ESS 市場而言，我們主要聚焦在家用 ESS、陽台 ESS，以及可攜式 ESS，這些都屬於較小型的產品。不過除此之外，我們也正在研發大型方形電芯（prismatic cell），可用於你剛才提到的電網級儲能系統。這將會是我們在這方面的目標產品之一。

(Operator Instructions)

（接線員指示）

We will now take the next question, this is from the line of [Charles Namec], individual shareholder.

我們現在接下一個問題，來自 [Charles Namec] 這位個人股東。

Now I've reviewed the 40135 ramp-up data and the margin compression. And I have a structural and validated solution for the thermal wall and charging limitations impacting you daily in production. Now I submitted a brief to your executive inbox, and I sent one to your engineer as well, and I'm just wanting to confirm that you've received that. And if we could make a time to discuss those matters in a private forum?

我已經審閱了 40135 的爬坡數據以及毛利率被壓縮的情況。我有一個結構性且經驗證的解決方案，可用於解決熱壁（thermal wall）與充電限制，這些問題每天都在影響你們的生產。我已向你們高層的收件匣提交了一份簡報，也寄給你們的工程師一份，我只是想確認你們是否已收到。另外，我們是否能安排時間在私下場合討論這些事項？

Which engineer or which e-mail address you contacted through?

你是聯絡了哪位工程師，或是透過哪個電子郵件地址聯絡的？

The e-mail I sent it to is -- let me find it here, ir@cbak.com.cn.

我寄送的電子郵件是——我找一下，ir@cbak.com.cn。

Okay. There are just -- daily, there are thousands of e-mails coming in, so maybe in the junk box or maybe it just be in filtered. So can you just resend the email and we'll make sure that related personnels would just look into it.

好的。每天進來的電子郵件有成千上萬封，所以可能在垃圾郵件匣，或是被過濾了。你能否重新寄一次，我們會確保相關人員去查看。

Okay. I can resend them all. I sent them on the 28th early in the morning, but I can resend them. There's one to the CEO, the second in command and your engineer, all of you got a copy through that email and I tagged you call.

好的，我可以全部重寄。我是在 28 日清晨寄出的，但我可以重寄。有一封寄給 CEO，第二把交椅，以及你們的工程師，你們都透過那個信箱收到副本，而且我也在電話會議中標註了你。

Okay. We will just review it.

好的。我們會再審閱。

Seeing no more questions in the queue, so let me turn the call back to Jason for closing remarks.

看到隊列中沒有更多問題，那我把電話交回給 Jason 作結語。

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，也謝謝各位參與今天的電話會議並給予支持。我們感謝各位的關注，並期待在下個季度再次向各位報告我們的進展。

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

再次感謝各位。本次電話會議到此結束。您現在可以掛線。