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1. Company Snapshot

1.a. Company Description

CBAK Energy Technology, Inc., together with its subsidiaries, develops, manufactures, and sells lithium batteries in Mainland China, the United States, Korea, Europe, and internationally.Its products are used in various applications, including electric vehicles, such as electric cars, electric buses, and hybrid electric cars and buses; light electric vehicles that include electric bicycles, electric motors, and sight-seeing cars; and electric tools, energy storage, uninterruptible power supply, and other high power applications, as well as cordless power tools.The company was formerly known as China BAK Battery, Inc.


and changed its name to CBAK Energy Technology, Inc.in January 2017.CBAK Energy Technology, Inc.


was incorporated in 1999 and is based in Dalian, China.

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1.b. Last Insights on CBAT

Recent negative drivers behind CBAK Energy Technology's performance include escalating production costs and capital expenditures related to its Phase II project in Nanjing, which may pressure margins. Despite securing significant orders from Anker Innovations and Ather Energy, the company's trial production is not set to begin until May 2025, which may delay revenue recognition. Additionally, the company's expansion plans may lead to increased debt and financing costs, weighing on its financial performance.

1.c. Company Highlights

2. CBAK Energy Technology's Q3 2025 Earnings: A Strong Recovery in Sight

CBAK Energy Technology reported a significant improvement in its financial performance in Q3 2025, with consolidated revenue increasing 36.5% year-over-year to $50.9 million. The revenue growth was primarily driven by the recovery of its Hitrans battery raw material segment, which generated $27.2 million in revenue, a 143.7% increase year-over-year. The company's consolidated net income attributable to shareholders reached $2.65 million, a 150-fold increase year-over-year. Earnings per share (EPS) came in at $0.03, beating estimates of -$0.04. The company's Battery business also stabilized, with revenue growing 0.7% year-over-year, driven by robust demand for the Model 32140 battery.

Publication Date: Nov -23

📋 Highlights
  • Revenue Surge: Consolidated revenue hit $50.9M (+36.5% YoY) driven by Hitrans segment ($27.2M, +143.7% YoY).
  • Hitrans Recovery: Net loss narrowed to $2.1M (-18.8% YoY) despite significant revenue growth in raw material segment.
  • Battery Demand Stability: Battery business revenue rose 0.7% YoY, led by strong Model 32140 demand.
  • Capacity Expansion: Nanjing Phase II to add 2GWh capacity (mid-Nov 2025), Dalian’s 40135 line adds 2.3GWh (Oct 2025).

Segment Performance

The Hitrans segment's net loss narrowed to $2.1 million, an 18.8% improvement from Q3 2024. The Battery business's revenue growth was modest, but the company is expanding its production capacity, with the Nanjing Phase II facility expected to begin mass production in mid-November 2025, adding 2 gigawatt-hours of capacity. A new product line in Dalian, producing the 40135 Model, was commissioned in October 2025, with an additional 2.3-gigawatt-hour capacity.

Expansion Plans and Valuation

The company is pursuing overseas manufacturing expansion, having signed a term sheet with a major Asian company to jointly develop an overseas lithium battery production base. Management expects the new production lines and ongoing recovery of the raw materials industry to drive sustainable value for shareholders. Analysts estimate next year's revenue growth at 70.6%. With a P/S Ratio of 0.5, the stock appears to be reasonably valued. However, the negative P/E Ratio of -12.31 and ROE of -0.02 indicate that the company's profitability is still a concern.

Outlook and Risks

As the company continues to expand its production capacity and explore overseas manufacturing opportunities, it is waiting for updates to China's export control policies. According to management, the new production lines and recovery of the raw materials industry will drive sustainable value for shareholders. As one of the staff mentioned, the company is "pursuing overseas manufacturing expansion", which could potentially unlock new growth opportunities. However, the company's reliance on China's export control policies poses a risk to its expansion plans.

3. NewsRoom

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CBAK Energy Technology, Inc. (CBAT) Q3 2025 Earnings Call Transcript

Nov -10

Source: seekingalpha.com

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CBAK Energy Reports Third Quarter and First Nine Months of 2025 Unaudited Financial Results

Nov -10

Source: globenewswire.com

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CBAK Energy to Report Third Quarter 2025 Unaudited Financial Results on Monday, November 10, 2025

Nov -03

Source: globenewswire.com

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CBAK Energy Technology, Inc. (CBAT) Q2 2025 Earnings Call Transcript

Aug -18

Source: seekingalpha.com

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CBAK Energy Reports Second Quarter and First Half 2025 Unaudited Financial Results

Aug -18

Source: globenewswire.com

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CBAK Energy Secures $3 Million Follow-up Order from Livguard, Strengthening Strategic Partnership in India

Jun -03

Source: globenewswire.com

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CBAK Energy to Participate in The Battery Show Europe on June 3, 2025

May -21

Source: globenewswire.com

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CBAK Energy Technology, Inc. (CBAT) Q1 2025 Earnings Call Transcript

May -19

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.07%)

6. Segments

CBAT

Expected Growth: 13.93%

CBAT's 13.93% growth driven by increasing demand for lithium-ion batteries in electric vehicles, government incentives for EV adoption, and CBAK's expansion into new markets, particularly in Asia. Additionally, the company's focus on research and development, cost reduction initiatives, and strategic partnerships have contributed to its growth momentum.

Hitrans

Expected Growth: 11.47%

Hitrans from CBAK Energy Technology, Inc. growth driven by increasing adoption of lithium-ion batteries in electric vehicles, rising demand for energy storage systems, and expansion into new markets. Additionally, advancements in technology, cost reductions, and strategic partnerships contribute to the 11.47% growth.

7. Detailed Products

Lithium-ion Batteries

CBAK Energy Technology, Inc. designs and manufactures lithium-ion batteries for electric vehicles, energy storage systems, and other applications.

Lead-Acid Batteries

The company offers lead-acid batteries for automotive, motorcycle, and electric bicycle applications.

Lithium-ion Battery Cells

CBAK Energy Technology, Inc. produces lithium-ion battery cells for various applications, including electric vehicles and energy storage systems.

Battery Management Systems (BMS)

The company designs and manufactures battery management systems for lithium-ion batteries, ensuring safe and efficient operation.

Electric Vehicle (EV) Charging Systems

CBAK Energy Technology, Inc. offers EV charging systems for residential, commercial, and public charging applications.

Energy Storage Systems (ESS)

The company provides energy storage systems for renewable energy systems, backup power systems, and grid-scale energy storage.

8. CBAK Energy Technology, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for CBAK Energy Technology, Inc. is medium due to the availability of alternative energy storage solutions.

Bargaining Power Of Customers

The bargaining power of customers for CBAK Energy Technology, Inc. is low due to the company's strong brand reputation and limited customer concentration.

Bargaining Power Of Suppliers

The bargaining power of suppliers for CBAK Energy Technology, Inc. is medium due to the company's dependence on a few key suppliers for raw materials.

Threat Of New Entrants

The threat of new entrants for CBAK Energy Technology, Inc. is high due to the growing demand for energy storage solutions and the relatively low barriers to entry.

Intensity Of Rivalry

The intensity of rivalry for CBAK Energy Technology, Inc. is high due to the competitive landscape of the energy storage industry and the company's position as a smaller player.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 24.06%
Debt Cost 3.95%
Equity Weight 75.94%
Equity Cost 13.03%
WACC 10.85%
Leverage 31.68%

11. Quality Control: CBAK Energy Technology, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Cembre

A-Score: 6.6/10

Value: 2.5

Growth: 6.4

Quality: 7.9

Yield: 6.2

Momentum: 9.0

Volatility: 7.3

1-Year Total Return ->

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Euro Tech Holdings

A-Score: 6.1/10

Value: 6.3

Growth: 6.0

Quality: 7.1

Yield: 5.0

Momentum: 5.0

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
GPI

A-Score: 6.1/10

Value: 6.5

Growth: 6.7

Quality: 6.0

Yield: 4.4

Momentum: 4.0

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
APWC

A-Score: 6.1/10

Value: 8.1

Growth: 6.3

Quality: 5.0

Yield: 0.0

Momentum: 9.0

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
CBAK Energy Technology

A-Score: 5.4/10

Value: 8.9

Growth: 7.6

Quality: 5.0

Yield: 0.0

Momentum: 4.5

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
Carlo Gavazzi Holding

A-Score: 3.5/10

Value: 6.5

Growth: 2.2

Quality: 5.0

Yield: 3.1

Momentum: 0.5

Volatility: 3.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.89$

Current Price

0.89$

Potential

-0.00%

Expected Cash-Flows