CBAK Energy Technology Limited Ordinary Shares Noble Capital Markets Virtual Equity Investor Conference

Thank you. Good morning, ladies and gentlemen. Thank you so much for bearing with me and joining me today. My name is Clara Blady, and I am proud to represent CBAK Energy. We are a commercially proven, Nasdaq-listed battery company with 25 years of innovation in lithium and sodium-ion battery technologies. Today, I will show you why CBAK is not only deeply undervalued but positioned for significant growth in the fastest-growing segment of the global battery market. This presentation includes forward-looking statements subject to risks and uncertainties. Let me begin by introducing you to CBAK. For the last 25 years, we have been establishing ourselves as a leading manufacturer of cylindrical cell technology. Our cells serve global industry leaders in energy storage, portable power, and light electric vehicle markets.

We generated roughly $195 million in revenue in 2025, and first quarter 2026 revenue reached $69.6 million, nearly double the year prior. Our top five customers have worked with CBAK for an average of approximately five years, and orders from those customers have increased 11.4% in 2025. CBAK has 38 gigawatt hours of annual designed capacity across all of our existing facilities. We are currently producing 8.3 gigawatt hours a year, leaving us substantial embedded capacity for future growth. CBAK is expanding into cells for AI data center backup power solutions. Our newly developed full-tab 26650 LFP cell builds on two decades of research and development and is now well-suited for one of the fastest-growing markets, battery backup power for AI data centers.

We are already advancing module-level testing with multiple tier 1 customers and are in the process of securing the UL and CE certifications needed for the U.S. and European markets. This is CBAK at a glance. A highly experienced manufacturer with a proven cell business and products already in the market with substantial room to grow. As of September 28th of this year, CBAK was trading at a 0.44 times PS on trailing 12-month revenue, with a market capitalization of approximately $100 million. Our stock has experienced substantial increase recently as market recognition of CBAK's progress has increased. However, even after recent re-rating, CBAK continues to trade at a significant discount relative to its revenue scale, manufacturing capacity, and growth potential.

We are a company that has generated nearly $200 million in revenue last year with a current capacity of 8.3 gigawatt hours today, but potential for 38 gigawatt hours, yet the market is valuing us at well under one time sales. You can just compare that to our peers. CBAK is an established scaling battery leader with superior cylindrical technology and elite global partnerships, trading at a deeply discounted 0.44 PS, while some of our revenue-generating peers trade at 0.68 to 1.3 times. Even though the market has begun to recognize our progress, we believe the current valuation still does not fully reflect our revenue base, operating scale, and long-term growth opportunity. CBAK operates over 500,000 square meters of facilities and delivers 8.3 gigawatt hours of annual capacity today.

We are the first China-based lithium battery company to list on Nasdaq with two decades of sustained capital market compliance. Our journey reflects consistent leadership and execution. From pioneering LFP mass production in 2005 to our Nasdaq listing just a year later in 2006 to becoming a top five player in key Chinese cell segments, we have repeatedly turned our innovation into commercial success, and we will continue to do so. Today, we are expanding our sodium-ion battery technology and physically expanding into Southeast Asia while strengthening our operational capacity. Our leadership team has a global mindset. Our CEO, Jason Hu, has over 20 years with the company and deep sales and marketing expertise.

Our CFO, Thierry Li, who is with us today and will be participating in the question and answer section, brings strong global capital markets and fund management experience while our Director, Yuna Pei, oversees procurement with her experience in world economics. This team has the vision and execution track record to deliver. Headquartered in China, CBAK serves customers in more than 40 countries across every major region. This global presence de-risks our business and opens multiple growth vectors simultaneously. In Europe, we partner with Viessmann. In North America, we deliver reliable solutions to major internet and energy customers, including Schneider Electric. In India and Africa, we work with prominent two and three wheeler makers and battery swapping companies, Ather, Bajaj, Hero, and Spiro.

We have built longstanding relationships with these global customers, which span several of our core markets, including home energy storage, portable power, and electric two and three wheelers. India specifically is a core growing market of ours. In August of this year, we secured an approximately $96 million battery cell order from a major Indian two and three wheeler manufacturer. This customer places purchase orders on a quarterly basis, so quarter 2 through quarter 4 orders are not yet reflected in our backlog. Those are expected to be added as purchase orders are issued. Our current backlog gives us good visibility into near-term demand.

Looking at our product matrix, we offer a strong differentiated lineup of large cylindrical cells, including our Model 26 series, the first mass-produced LFP cylindrical batteries, and the Model 32 series, a core part of our portfolio and key for customers such as Anker and Spiro. Our sodium-ion 32 series cell is our alternative technology offering, which allows us the option of supporting customers with a high performance cell capable at operating at ultra-low temperatures. We are now expanding our technology offering further through that Model 26 series I mentioned earlier, the high performance LFP batteries designed specifically for AI data center backup power. We are already in the process of running joint testing with leading well-known AI data center companies for these cells. We have locked in long-term material supply and are advancing our global certifications to support broader deployment.

With the Model 26 series, CBAK Energy is positioning itself as a key supplier for the high performance backup power that AI data centers will increasingly require. CBAK Energy has invested heavily in developing this full-tab technology used in our Model 26 cells. Our commitment to R&D supports our continued product growth and has translated into our commercial success. As of September 2026, cumulative Model 32 series shipments, our core model, has exceeded 104 million cells. We currently operate 8.3 gigawatt hours of battery capacity across our Dalian, Nanjing, and Changzhou facilities. Nanjing has been CBAK Energy's main source of capacity growth this year. Shipments of our 32140 cell reached approximately 32.55 million cells in the first seven months of this year, up 101.5% year-over-year, and already above the full year 2025 volume. The phase II ramp-up of our Nanjing facility was completed in August.

Unit production costs declined following the ramp-up. We are now targeting an additional 6 gigawatt hours at our existing Nanjing facility by year-end 2026, increasing its annual capacity from 4.5 to 10.5 gigawatt hours. Even beyond that, we recently signed an investment agreement for a separate 12 gigawatt hour project in Nanjing, designed to support both sodium-ion and lithium-ion production as future customer demand develops. CBAK Energy is more than a cylindrical cell manufacturer. We also own Hitrans, a China-based battery materials company that produces cell ingredients used across the lithium battery industry. With multiple manufacturing bases across China, Hitrans has been ranked among China's top brands in the cathode materials category for eight years running. We are methodically scaling capacity across our Chinese facilities while adding strategic production in Southeast Asia.

While our plans for this expansion are still in progress, we are targeting the plant to open in 2028, which will help mitigate geopolitical risk, secure our supply chains, and will position us to serve our global customers more competitively. Looking at revenue by application, in fiscal year 2025, residential energy supply and UPS accounted for about 65% of battery revenue, while light EV and EV contributed to about 35%, giving us exposure across both energy storage and electric mobility. Hitrans is also growing rapidly with a positive outlook for profitability due to favorable raw material pricing and new customer acquisition. Hitrans is a growing strategic arm of CBAK Energy and a key aspect of our future business. At the group level, we have posted solid gross profit of $18.42 million and positive adjusted EBITDA of $7.05 million for fiscal year 2025.

In quarter 1 of this year, group net revenue reached $69.62 million, a 99.3% increase compared to quarter 1 last year, with net income for Hitrans reaching $1.57 million. At CBAK Energy, our sustainable development strategy drives strong ESG performance. Our robust environmental management system is proudly certified by EcoVadis, and this and other initiatives reflect our commitment to powering sustainable living through responsible, transparent operations. Before I close, I want to make sure everyone knows that I believe CBAK stands apart in the market with a powerful combination of strengths that few of our peers can really match. We have a world-class customer base of tier 1 companies, substantial revenue scale paired with highly scalable operations, and more than 20 years of proprietary experience in cylindrical battery technology, expertise that has been continuously validated by our major customers and proven by our ongoing commercial success.

Today, these advantages place CBAK Energy at a highly compelling valuation and provide a rare opportunity to invest in a scaled, technically proven player operating one of the fastest-growing sectors today. We invite you to join CBAK Energy on the next phase of our growth journey. Thank you so much. As I mentioned, we have our CFO, Thierry Li, here with us today, so we will open for questions now.