CBAK Energy Technology, Inc. (CBAT): History, Ownership, Mission, How It Works & Makes Money

When you look at CBAK Energy Technology, Inc. (CBAT), a company that's been in the lithium-ion battery game for nearly two decades, do you see a struggling legacy player or a turnaround story fueled by new energy demand?

The numbers from the third quarter of 2025 are defintely compelling, showing net revenues surging to $60.92 million, a 36.5% year-over-year jump, and net income attributable to shareholders skyrocketing 150.2-fold to $2.65 million, largely driven by the raw materials segment, Hitrans, which saw a 143.7% revenue increase. This recent financial pivot, plus the launch of their high-performance Model 40135 battery with orders already exceeding three months' capacity, makes understanding their dual-segment business-batteries and raw materials-crucial for any investor or analyst right now. We'll break down their history, the insider-heavy ownership structure, and exactly how they plan to turn that nine-month net loss of $2.00 million into sustained profit with their new 2 gigawatt-hour (GWh) capacity expansion.

CBAK Energy Technology, Inc. (CBAT) History

You're looking at CBAK Energy Technology, Inc. (CBAT), and the history here is less about a single starting point and more about a calculated evolution from a general battery maker to a specialist in high-power lithium cells. The direct takeaway is this: the company, founded in 2001, is currently navigating a major product transition in 2025, moving from older cells to new, high-capacity models like the 40135, which is already translating into a sharp rebound in net income.

Honestly, the story of this company is a clear example of how a strategic pivot-like the one in 2017-can redefine a business. They're a long-standing player, but their focus on high-power lithium and sodium batteries is what makes them relevant to the EV and energy storage markets today.

Given Company's Founding Timeline

Year established

The company was established in 2001 as China BAK Battery, Inc., making it one of the first enterprises to enter the lithium-iron battery industry in China.

Original location

The original operations and current headquarters are located in Dalian, China, which is a major port city and industrial center.

Founding team members

While comprehensive details on all original founders are not public, the company's trajectory has been closely associated with key figures like Yunfei Li, who remains a significant individual shareholder, owning 12.10% of the company's shares as of 2025. Current CEO Zhiguang Hu has been with the company since 2004, showing a deep, long-term operational commitment.

Initial capital/funding

Specific initial capital figures are not readily available, but the first major funding milestone was the company's 2006 debut on the NASDAQ, which made it the first Chinese lithium-ion battery manufacturer to be listed on a U.S. capital market.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The most critical moments for CBAK Energy Technology, Inc. involve its deliberate moves to stay ahead of the technology curve and secure supply chain control. The early 2025 period was rough-Q1 net revenues dropped 41% year-over-year to $34.9 million-but this was a planned dip due to a facility upgrade. What this estimate hides is the strategic value of that pain.

The shift to the larger cylindrical cells is the biggest story right now. The company's Model 32140 is in such high demand that capacity constraints limited sales growth in Q3 2025, even as the battery business net income jumped 122.7% to $4.53 million in the quarter. This demand led to a Q3 2025 net revenue of $60.92 million, a 36.5% increase from the prior year, showing the turnaround is defintely happening.

Here's the quick math on the strategic moves:

• The 2017 Rebrand: The name change from China BAK Battery, Inc. to CBAK Energy Technology, Inc. signaled a clear focus on the high-growth new energy sector, shedding the legacy perception of a general battery maker.
• The 2023 Vertical Integration: Acquiring the Hitrans facility for cathode materials and precursors gives them a critical degree of control over their supply chain, which is a massive risk mitigator in this industry.
• The 2025 Product Leap: The successful launch of the new Model 40135 production line in October 2025 is the near-term opportunity. This is a higher-margin product, and analyst forecasts for 2025 revenue have been adjusted up to $201 million as a result of this transition and strong Light Electric Vehicle (LEV) sales.

The company is planning to add 2 GWh of production capacity to its Nanjing facility in Q4 2025, a 150% increase, to capitalize on the robust demand for the Model 32140. This expansion is a clear, actionable commitment to future growth. If you want to dig into the capital structure behind this, you should be Exploring CBAK Energy Technology, Inc. (CBAT) Investor Profile: Who's Buying and Why?

CBAK Energy Technology, Inc. (CBAT) Ownership Structure

The control of CBAK Energy Technology, Inc. is a fascinating study in a publicly traded company (a public corporation whose shares are traded on a stock exchange) where a substantial portion of the equity remains concentrated with insiders and retail investors. This structure means the company's strategic direction is heavily influenced by a relatively small group of long-term stakeholders, not just the large institutional funds you often see dominating US markets.

CBAK Energy Technology's Current Status

CBAK Energy Technology, Inc. is a public entity, trading on the NASDAQ Stock Market under the ticker symbol CBAT. This public status mandates regular financial disclosures with the Securities and Exchange Commission (SEC), providing transparency into its operations, like the Q3 2025 unaudited net revenues of $60.92 million. The company is a leading high-tech enterprise in China, focusing on lithium-ion and sodium-ion batteries, a sector seeing rapid product evolution, such as the transition to the new Model 40135 battery. This public listing allows you, the individual investor, to buy and sell shares easily, but the governance structure is still heavily weighted toward internal control.

You need to know who is calling the shots. That's the most important thing.

CBAK Energy Technology's Ownership Breakdown

As of the 2025 fiscal year data, the ownership structure of CBAK Energy Technology, Inc. is characterized by a high degree of insider and retail investor control, which is typical for a smaller-cap, China-based technology company. Insiders hold a significant stake, giving them a strong, consolidated voting power that can defintely steer shareholder votes and corporate strategy. This is where the power lies.

The largest individual insider shareholder is Yunfei Li, who holds approximately 12.10% of the company's shares. This level of concentrated ownership means management decisions often face less pressure from large, activist institutional investors (like BlackRock or State Street Corp, though State Street Corp is a minor holder here). If you want to dive deeper into the company's long-term goals, you can check their Mission Statement, Vision, & Core Values of CBAK Energy Technology, Inc. (CBAT).

CBAK Energy Technology's Leadership

The executive leadership team, which is responsible for translating the company's strategy into operational results, has seen recent shifts, reflecting a transition in focus as the company upgrades its product portfolio.

The key management personnel steering the company as of November 2025 are:

• Zhiguang Hu, Chief Executive Officer (CEO): Appointed on October 24, 2024, Mr. Hu is a long-term company veteran, having been with the organization since 2004, primarily in sales and marketing roles. His background suggests a strong emphasis on driving revenue and market penetration for the new battery models.
• Jiewei Li, Chief Financial Officer (CFO) and Director: Mr. Li has served as CFO since August 22, 2023, and was appointed as a Director on May 20, 2025. His role is crucial in managing the financial aspects of the company's expansion, including the new production lines in Dalian and Nanjing.

This team is tasked with executing the major product transition, which caused a Q1 2025 net revenue decline of 41% year-over-year but is expected to lead to a recovery in the coming periods. The transition is a major near-term risk, but the strong insider ownership suggests management has the stability to see the plan through.

CBAK Energy Technology, Inc. (CBAT) Mission and Values

CBAK Energy Technology, Inc.'s core purpose is to drive the new energy transition by pioneering high-power lithium battery technology, aiming to be a key player in sustainable energy solutions. This mission grounds the company's ambitious expansion plans, including the new production lines coming online in late 2025.

You're looking past the quarterly earnings reports to understand the long-term commitment, and honestly, that's where the real value is built. A company's mission is its cultural DNA-it tells you where the capital is defintely going to flow over the next decade. For CBAK Energy Technology, Inc., that focus is squarely on high-power, next-generation battery cells.

Given Company's Core Purpose

The company's purpose is centered on innovation in the lithium-ion battery space, particularly for high-power applications like electric vehicles (EVs) and energy storage systems. This commitment is what drove the 36.5% year-over-year increase in net revenues to $60.92 million in the third quarter of 2025, largely from their raw materials segment, Hitrans, as the industry recovers.

Official mission statement

The formal mission statement for CBAK Energy Technology, Inc. is clear and technical, focusing on its position within China's new energy market and its full-cycle involvement in the product.

• Be a leading high-tech enterprise in China's new energy field.
• Focus on the research and development, production, and sales of high-power lithium batteries.
• Provide reliable and sustainable energy solutions to the market.

This integrated approach-from R&D to sales-is the framework supporting their move from older products like the Model 26650 to the new, in-demand Model 32140, which contributed to Q3 2025 net income attributable to shareholders jumping to $2.65 million.

Vision statement

While a specific, publicly declared vision statement isn't always available for every company, CBAK Energy Technology, Inc.'s actions and strategic goals paint a clear picture of their long-term aspiration. They are not just looking at China; they are looking globally.

• Become a globally recognized leader in the lithium-ion battery industry.
• Drive the widespread adoption of high-power lithium batteries in EV and energy storage applications.
• Commit to sustainable and environmentally friendly energy solutions.

The vision is backed by concrete expansion, like the planned activation of new Nanjing production lines adding 2.3 GWh (Model 40135) and 2 GWh (Model 32140) in incremental annual capacity, which is a massive bet on future demand. You can read more about their guiding principles here: Mission Statement, Vision, & Core Values of CBAK Energy Technology, Inc. (CBAT).

Given Company slogan/tagline

CBAK Energy Technology, Inc. does not have a widely publicized official slogan or tagline as of April 2025. However, their operational focus speaks for itself: Innovation and capacity expansion are the real taglines here.

The company's push into high-power cylindrical batteries, like the popular Model 32140, which is currently supply-constrained, shows their commitment to being a technology leader, not just a volume player. Their focus is on execution, not marketing slogans.

CBAK Energy Technology, Inc. (CBAT) How It Works

CBAK Energy Technology operates as a vertically-integrated energy solution provider, primarily generating revenue by manufacturing and selling high-power lithium-ion battery cells and, separately, by supplying essential battery raw materials through its Hitrans subsidiary. The company makes money by pushing for larger, more cost-effective battery formats to capture market share in the rapidly expanding electric vehicle and energy storage sectors, a strategy currently driving a significant capacity build-out.

CBAK Energy Technology, Inc.'s Product/Service Portfolio

You need to understand that CBAK Energy Technology is in a pivotal product transition right now, moving away from older, smaller cells to larger formats that offer better energy density and cost efficiency. The core business is split between two major battery models and the raw materials segment.

CBAK Energy Technology, Inc.'s Operational Framework

The operational reality for CBAK Energy Technology as of late 2025 is a tale of two factories and a strategic pivot. The Dalian facility is in the final stages of a major product portfolio upgrade, shifting from the older Model 26650 to the advanced Model 40135, which caused sales to dip earlier in the year but is now ramping up. Honestly, product transitions are defintely tough on short-term financials.

Meanwhile, the Nanjing facility, which focuses on the high-demand Model 32140, is operating at full capacity, but it's constrained. To address this, the company is aggressively expanding capacity:

• Nanjing Phase II Expansion: Expected to add 2 GWh of annual capacity for the Model 32140, with mass production anticipated by mid-November 2025 or Q1 2026.
• Dalian New Line: The new Model 40135 line is expected to add 2.3 GWh of capacity, with orders already exceeding three months' worth of initial capacity just one month after launch.
• Financial Snapshot (Q3 2025): The company reported net revenues of $60.92 million, a 36.5% increase year-over-year, driven largely by the raw materials segment and stabilizing battery sales. Net income was $2.65 million for the quarter.

Here's the quick math: the company started 2025 with about 2.3 GWh of total capacity, but the planned expansions aim to push that past 6 GWh by early 2026, which is a massive increase in scale.

CBAK Energy Technology, Inc.'s Strategic Advantages

The company's market success hinges on a few clear, structural advantages that differentiate it from the competition, especially as the battery market matures. You can read more about the investors who are betting on this strategy in Exploring CBAK Energy Technology, Inc. (CBAT) Investor Profile: Who's Buying and Why?

• Vertical Integration: Owning the Hitrans raw materials segment gives CBAK Energy Technology better control over supply chain costs and quality, plus it acts as a separate, high-growth revenue stream.
• Focus on Large Cylindrical Cells: The strategic shift to larger formats like the 40135 and 32140 is a bet on the future of battery manufacturing, offering superior energy density and lower production cost per kilowatt-hour, which is critical for EV and energy storage customers.
• Aggressive Capacity Expansion: The planned addition of over 4 GWh of new capacity in Nanjing and Dalian by early 2026 positions the company to capitalize on the sustained, high demand for its next-generation products, particularly the supply-constrained Model 32140.
• R&D Pipeline: Continued investment in research and development, including the next-generation Model 46950 cell, shows a commitment to staying ahead of the technology curve, which is essential in this industry.

CBAK Energy Technology, Inc. (CBAT) How It Makes Money

CBAK Energy Technology, Inc. (CBAT) makes money primarily through two distinct, yet related, business segments: the manufacturing and sale of high-power lithium-ion battery cells for electric vehicles and energy storage, and the sale of battery raw materials through its subsidiary, Hitrans. The company's financial engine is currently driven by a surge in its raw materials segment while its core battery business stabilizes following a major product line transition.

CBAK Energy Technology, Inc.'s Revenue Breakdown

Looking at the third quarter of 2025 (Q3 2025), the company's total net revenue was strong at $60.92 million, a 36.5% increase year-over-year. The revenue mix shows a near-even split, which is a key change from prior periods, reflecting the significant recovery in the raw materials market.

Business Economics

The core economics of CBAK Energy Technology, Inc. are a classic case of a capital-intensive manufacturer battling commodity price volatility and managing a complex product transition. The company's profitability hinges on maximizing utilization of its high-fixed-cost production assets and managing raw material input costs.

• Raw Material Leverage: The Hitrans segment's revenue of $27.22 million in Q3 2025, up 143.7%, demonstrates its exposure to commodity price recovery. This segment's net loss narrowed to $2.1 million, an 18.8% improvement, showing that higher prices and volume are critical to absorbing fixed costs and moving toward profitability.
• Unit Cost Absorption: The company transitioned from the legacy Model 26650 to the larger, more advanced Model 40135 and Model 32140. During this transition, lower production volumes of the older model led to higher unit production costs, which hammered the overall gross margin for the first nine months of 2025 down to just 10.4%, a sharp drop from 25.4% in the same period of 2024. This is a clear signal of under-absorbed fixed overhead.
• Pricing Strategy: Pricing for the battery cells is competitive and value-based, tied to performance specifications like energy density and cycle life, especially for the high-demand Model 32140. The raw materials segment's pricing is commodity-linked, meaning it fluctuates with global lithium and nickel prices. The recent recovery in raw material prices directly contributed to the raw materials segment's revenue surge.

The business is currently in a high-stakes race to ramp up production of the new, higher-margin cells. The strong demand for the Model 32140, which is currently 'supply-constrained,' is the best sign for future pricing power.

CBAK Energy Technology, Inc.'s Financial Performance

The Q3 2025 results show a critical turning point, moving from a consolidated loss to a profit, but the year-to-date performance still reflects the pain of the product transition.

• Net Income Turnaround: Consolidated net income attributable to shareholders for Q3 2025 was $2.65 million, a massive increase from a near-break-even result a year prior. This was driven by the Battery segment's net income of $4.53 million, which was up 122.7% year-over-year.
• Nine-Month Loss: Despite the strong Q3, the net loss attributable to shareholders for the first nine months of 2025 still stood at $2.00 million, demonstrating the deep impact of the Q1 and Q2 product transition slowdown.
• Capacity-Driven Growth: Management is addressing the supply constraints by adding significant capacity. The Nanjing Phase II expansion, expected to begin mass production in mid-November 2025, will add 2 GWh of capacity for the in-demand Model 32140. This expansion, plus the new 2.3 GWh line for the Model 40135, is the clearest path to improving utilization and, critically, boosting that low 10.4% gross margin.

You need to watch the capacity utilization rates closely; that's the real measure of whether they can translate strong demand into sustainable profit. For a deeper dive into the balance sheet, you should read Breaking Down CBAK Energy Technology, Inc. (CBAT) Financial Health: Key Insights for Investors.

CBAK Energy Technology, Inc. (CBAT) Market Position & Future Outlook

CBAK Energy Technology, Inc. is currently navigating a critical product transition, which has temporarily compressed margins but sets the stage for a significant capacity and product upgrade, particularly in the high-demand large cylindrical cell market. The company's future hinges on the successful ramp-up of its new Model 40135 and Model 32140 production lines, aiming to capitalize on the growing energy storage and light electric vehicle sectors.

Competitive Landscape

You need to understand that CBAK Energy Technology, Inc. operates in a highly fragmented but top-heavy global lithium-ion battery market. While the company is a niche player in the broader market, it holds a strong position in the specialized large cylindrical cell segment, competing with giants who dominate the overall EV battery landscape. Here's the quick math on where the key players stood as of early 2025 in their respective core markets.

Opportunities & Challenges

The company is making a calculated bet on larger, higher-capacity batteries, but that kind of pivot defintely comes with near-term pain. The revenue decline seen earlier in 2025 was a direct result of customers validating the new products, but the recovery is already visible in the Q3 numbers.

Industry Position

CBAK Energy Technology, Inc.'s position is that of a specialized, high-growth challenger in a specific battery niche, not a broad market leader. The company is a top-tier player in the large cylindrical cell market, securing a 14.6% global share for its 32140 cells in Q1 2025, which put it fourth worldwide in that category. That's a strong niche. The company's total net revenues for the first nine months of 2025 were $136.39 million, which is small compared to the industry giants, but the Q3 revenue growth of 36.5% shows momentum, mostly driven by the raw materials business, Hitrans.

• Dominates the niche: Ranks fourth globally in the 32140 cylindrical cell segment.
• Vertical Integration: Owning the Hitrans raw materials subsidiary provides a buffer against supply chain volatility and a high-growth revenue stream.
• Future-proofing: R&D investment is focusing on the next-gen 46950 cell, a direct play for the premium EV market in 2026.

The company's strategic focus is clear: shift away from low-margin, legacy products toward advanced, high-power cells for light electric vehicles and energy storage, which you can read more about in their Mission Statement, Vision, & Core Values of CBAK Energy Technology, Inc. (CBAT).

Still, the working capital deficit is a real concern that management must address with new financing or improved operational cash flow as the new lines ramp up. Finance: Monitor the Q4 2025 capacity ramp-up against the working capital needs.