CBAK Energy Technology Limited Ordinary Shares Clean Energy Metals Virtual Investor Conference

Welcome, Clara. Thank you so much, Lily.

Good morning, ladies and gentlemen. Thank you so much for 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. For over 25 years, we've been at the forefront of powering the transition to sustainable energy through high-performance, safe, and scalable battery solutions. Today, I will show you why CBAK is not only deeply undervalued but positioned for significant growth in the fastest-growing segments of the global battery market. Please note that this presentation includes forward-looking statements subject to risks and uncertainties. This is for informational purposes only and does not constitute investment advice.

With 25 years in cylindrical cell technology, CBAK Energy is a leading producer of cylindrical lithium iron phosphate battery cells and the first in China to produce large-format sodium-ion cells. With net revenues reaching $195 million in fiscal year 2025, CBAK is a leader in the market for cylindrical LFP cells. Our technology has already been chosen by global leaders, including Anker, a world leader in portable power and charging solutions. Viessmann, a premium European home energy storage and climate solutions provider that was acquired by Carrier Corporation, a global leader in intelligent climate and energy solutions. Ather, one of India's leading premium electric two-wheeler manufacturers. We also supply cells to India's top two and three-wheeler makers. CBAK is an established company. We bring together technical expertise, proven manufacturing, and a strong global customer base, and this has created a foundation for long-term value.

Our growth is not only speculative. It is already underway. We currently operate 8.3 gigawatt hours of capacity and have a design capacity for a production capacity of 38 gigawatt hours. Our planned Southeast Asia facility, which I'll talk about a little bit more and is targeted for 2028, will add another 3 gigawatt hours. We've maintained our top five customers for an average of 5 years, and just last year increased total orders by more than 11%. We currently carry a $78 million backlog. I'll explain that figure a little bit more later, but these firm orders already demonstrate the consistent, ongoing demand from our customers. At the same time, we're perfectly positioned in several multi-billion dollar high-growth markets, electric two and three-wheelers, battery swapping, and portable power. Those markets are not our only focus.

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 powers for AI data centers. CBAK's new full-tab 26650 cells, they are built for AI data center backup power and can push power extremely fast. 40C continuous, which is fully discharging the battery in about 90 seconds, and 100C pulse, which is a massive power burst. They deliver 310 watts of constant output and hold that load for a full 100 seconds, far ahead of typical cells. The design also allows us to have fewer cells, freeing up about 20% more rack space and lowering cooling costs by 5%-10% with longer operating life.

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. I will come back to this later. This is where the opportunity becomes exceptionally attractive. As of August 25, just this week, CBAK was trading at a 0.37 times PS on trailing 12-month revenue, with a market capitalization of approximately $84 million. Our stock has experienced substantial increase recently as market recognition of CBAK's progress has increased. However, even after recent rerating, 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, and yet the market is valuing us at well under one time sales. Compare that to our peers. Compared to Enovix, despite generating about 6.4 times higher revenue, our market cap represents only about 11% of theirs. Compared to Microvast, our closest U.S.-listed competitor, at their multiple of 0.8 times PS, our implied market cap would be about $184 million, highlighting the continued valuation gap between CBAK and our comparable companies. CBAK is an established scaling battery leader with superior cylindrical technology and elite global partnerships, trading at a deeply discounted 0.37 times PS, while selected revenue-generating peers trade at 0.8 to 1.5 times.

Even though recently 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. The reality, and what we hope the market recognizes, is that CBAK is the first China-based lithium battery company to list on Nasdaq with two decades of sustained capital market compliance. We operate over 500,000 sq m of facilities and deliver 8.3 gigawatt hours of annual capacity today, with a focus on our large cylindrical cells, materials, and modules for high growth applications. Our journey reflects consistent leadership and execution. From pioneering our LFP mass production in 2005, to our Nasdaq listing in 2006, to becoming a top 5 player in key Chinese cell segments, we have repeatedly turned innovation into commercial success.

Today, we are expanding our sodium-ion battery technology and expanding physically 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 experience. Our CFO, Thierry Li, who is with us today, brings strong global capital markets and fund management experience, while Director Una oversees procurement with her experience in world economics. This team has a vision and execution track record to deliver. We serve customers in more than 40 countries across every major region. In Europe, we partner with Viessmann. In India and Africa, we are gaining significant traction in the two- and three-wheeler markets and battery swapping with leaders like Ather, Bajaj, Hero, and Spiro. In North America, we deliver reliable solutions to major internet and energy customers, including Schneider Electric, a global leader in energy management and automation.

This global presence de-risks our business and opens multiple growth vectors simultaneously, and we are striving to continue that growth. Our technology is already proven in the market. As of July 2026, we have generated $153 million in cumulative sales with Viessmann and $65 million with Anker. We continue to do significant business with Northvolt's most profitable division, now part of Scania, and we are steadily growing volumes with Ather and other key customers. These are multi-year expanding relationships with tier 1 partners who keep increasing their commitments to us. For example, we recently secured a $96 million battery cell order from a leading Indian two- and three-wheeler manufacturer. The press release for this came out only a few days ago. That order is expected to bring our designated manufacturing facility to full capacity and further strengthen our position in India's electric mobility market.

We are also in active discussions with another India-based customer on a potential large volume order. One quick clarification on the backlog that you see here. The $96 million order I just mentioned is placed quarterly. So far, we have received the quarter 1 2027 order, which is included in our current backlog. The remaining orders will be placed over the next three quarters and added to the backlog as they are received. We remain focused on deepening and expanding these tier 1 partnerships. Looking a little more closely at what CBAK's core competency is, our product matrix. We offer a strong differentiated lineup of large cylindrical cells. Our Model 26-series represents our first mass-produced LFP cylindrical batteries. The Model 32 Series is a core part of our portfolio, and along with our Model 40 Series, has been adopted by Anker, Spiro, and other key customers.

Our Model 32 Series sodium-ion cell is the future. It is our alternative technology offering and allows us the option of supporting customers with a high-performance cell capable at operating at ultra-low temperatures. But I want to again highlight our Model 26-series. These are 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 this Model 26-series, CBAK is positioning itself as a key supplier for the high-performance backup power that AI data centers will increasingly require. Looking a little more closely at our large cylindrical platform, this is our competitive advantage.

Cylindrical cells offer inherent safety advantages over other cell designs because pressure is distributed evenly, reducing the risk of swelling or failure. Our larger format cells also deliver better economics. They have roughly 15% lower manufacturing costs, 25% higher energy density, and up to eight times the capacity of traditional size cells. This combination of safety, performance, and cost efficiency is exactly what customers demand, especially those in the AI data center industry, and that is what CBAK provides. We have invested heavily in R&D. 8% of our sales are reinvested back into our research and development. Our 462 patents give us a competitive edge, and 20% of our staff is dedicated to research. This has delivered real results. Over 92 million model 32 Series cells have been shipped with no safety incidents. CBAK operates three main strategic facilities across China.