CBAK Energy Technology, Inc. (CBAT): Business Model Canvas [Dec-2025 Updated]

You're looking at CBAK Energy Technology, Inc. right now, and honestly, the story isn't just about batteries; it's about a massive pivot and execution risk. As someone who's seen a few cycles, I see a company clearly betting on its high-power cylindrical cells, evidenced by that huge potential $357 million Malaysian partnership and Q3 2025 net revenue hitting $60.92 million. They are pushing hard to scale capacity past 6 GWh by early 2026, which is where the real test lies. So, if you want to see exactly how their key activities, customer segments, and cost structure line up against these big bets-from their in-house raw material sales via Hitrans to their R&D on sodium-ion-dive into the full Business Model Canvas below; it lays out the whole game plan.

CBAK Energy Technology, Inc. (CBAT) - Canvas Business Model: Key Partnerships

When you look at CBAK Energy Technology, Inc.'s structure, the Key Partnerships block really shows where the near-term revenue is being anchored. It's all about securing large, multi-year commitments that validate their technology roadmap, especially with the new 40135 model coming online.

Here's the quick math on the biggest commitments we're seeing as of late 2025, which gives you a clear view of their order book leverage:

The Anker Innovations deal is defintely the cornerstone here, establishing CBAK Energy Technology, Inc.'s first significant manufacturing footprint outside of China in Malaysia. This facility is targeted to start mass production of the flagship LFP cylindrical battery models, 32140 and 40135, by the end of 2025.

Also, look at the traction in emerging markets. That initial $11.6 million order from the African EV player, which uses battery swapping for its electric motorcycle fleet, is significant. To be fair, that single order represented about 7.6% of the company's last twelve months revenue, which stood at $152.7 million as of the second quarter of 2025. That customer also has potential follow-on orders that could total up to $55 million.

The Indian market is showing steady growth, too. The partnership with Livguard, which is part of the SAR Group, recently saw a follow-up order valued at approximately $3 million, pushing the cumulative total from Livguard to $7.9 million. These deals primarily involve the Model 32140 cylindrical lithium-ion batteries.

Beyond direct sales, the operational side relies on strong supply chains. While I don't have specific raw material contract values, remember that the raw materials production unit, Hitrans, posted net revenues of approximately $19.43 million in the first half of 2025, showing the scale of their upstream material flow.

The company also maintains collaborations focused on future technology:

• - Research collaborations for advanced materials, including with institutions like Tsinghua University.
• - Supply agreements for critical battery raw materials supporting production lines like the new Dalian 40135 line, which started operation in October 2025.

Finance: draft 13-week cash view by Friday.

CBAK Energy Technology, Inc. (CBAT) - Canvas Business Model: Key Activities

Manufacturing high-power lithium-ion cells (Model 32140 and 40135).

The Phase I Nanjing facility runs at a full 1.3GWh capacity across two lines. The Nanjing facility, producing 32140 cells, operated at full capacity for the majority of 2025. CBAK Energy Technology, Inc. captured a 14.6% share of the global 32140 cylindrical cell market in Q1 2025. For the full-year 2024, the 32140 cells captured approximately 19% of the global Series 32 market share. The company is transitioning its Dalian production lines from older 26650 cells to the Model 40135.

Managing the battery raw materials production and sales (Hitrans segment).

The battery raw materials segment, Hitrans, showed significant financial improvement in the third quarter of 2025.

R&D on next-generation lithium and sodium-ion battery technologies.

CBAK Energy Technology, Inc. is a leading manufacturer of lithium-ion and sodium-ion batteries.

• Research and development expenses for Q1 2025 were $2,815,518.
• R&D Expense for Q2 2025 was $3.61 million.

Capacity expansion projects (Nanjing Phase II, Dalian 40135 line).

CBAK Energy Technology, Inc. entered 2025 operating 2.3 GWh of production capacity, consisting of 1.3 GWh at Nanjing and 1.0 GWh elsewhere. The company expects to operate over 6 GWh of capacity by the end of 2025 or in the first quarter of 2026.

The Nanjing Phase II project involves two new production lines set to add 3GWh of annual capacity. Full production for these new Nanjing Phase II lines is scheduled for late 2025, with the completion refined to Q4 2025. The larger Nanjing Phase II project is designed to scale up to a planned capacity of 27GWh. The Dalian facility is upgrading its line for Model 40135 production. The Malaysian plant is expected to commence mass production of 32140/40135 models by end-2025.

Securing customer validation for new, larger-format cells.

Major customers at Dalian are currently testing, validating, and migrating to the new Model 40135. Customer testing for the 40135 has begun. Mass production for the Dalian 40135 was targeted for September 2025.

• Dalian CBAK delivered around 500,000 cells in its first month of 40135 operation.
• Orders totaling approximately 1.2 million cells were received, estimated at US$5 million in revenue, after only one month of 40135 operation.

CBAK Energy Technology, Inc. (CBAT) - Canvas Business Model: Key Resources

You're looking at the tangible assets and intellectual property CBAK Energy Technology, Inc. relies on to execute its business plan as of late 2025. These aren't just line items; they are the operational engines driving their near-term revenue goals.

The physical footprint includes manufacturing facilities strategically located across China. Specifically, operations are centered at the Nanjing facility, which focuses on the high-demand Model 32140 cells, and the Dalian facility, which is undergoing a critical product transition. While the outline mentions facilities in Shaoxing and Shangqiu, the most recent operational data centers on Dalian and Nanjing.

Capacity management is key right now. CBAK Energy Technology, Inc. entered 2025 operating a total production capacity of 2.3 GWh. The Nanjing Phase I facility has been running at its full 1.3 GWh capacity across two lines since late 2021. The Dalian facility, which accounted for 1.0 GWh of the total capacity at the end of 2024, has been focused on a major upgrade. The company is aggressively expanding, targeting an operational capacity of over 6 GWh by the end of 2025 or in the first quarter of 2026.

This expansion involves adding 3 GWh of annual capacity through new lines in Nanjing Phase II, with full production expected by late 2025. Furthermore, the Dalian site commissioned a new production line for the Model 40135 cells in October, which is noted as having a capacity of approximately 2.3 GWh.

The intellectual property centers on proprietary cell technology, particularly the transition to larger, higher-capacity cylindrical models. The current flagship product seeing robust demand is the Model 32140 cell produced in Nanjing. The Dalian facility has completed the upgrade to a new production line for the Model 40135 cell, which is larger and higher capacity than the 32140. This new 40135 line started with an initial daily output of about 20,000 cells and management expects production to ramp to approximately 100,000 cells per day by the end of 2025. In its first month of operation (October 2025), this new line delivered around 500,000 cells, generating approximately US$2 million in revenue, and had pending orders totaling about 1.2 million cells (estimated at US$5 million).

Vertical integration is secured through its wholly-owned battery raw materials subsidiary, Hitrans. CBAK Power holds an 81.56% ownership stake in Hitrans. The raw materials segment showed significant recovery in 2025. For the third quarter of 2025, Hitrans revenue surged by 143.7% to $27.22 million. For the first nine months of 2025, Hitrans revenue reached $61.22 million. This segment narrowed its net loss to $2.10 million in Q3 2025, following a positive gross profit of $1.59 million for the nine-month period.

The company's ability to execute this complex transition rests on its human capital, specifically its experienced R&D and engineering teams. These teams are responsible for the product portfolio upgrade, managing the migration of major customers from the legacy Model 26650 to the new 40135 format, which temporarily impacted sales performance during the transition period of 2025.

Here is a quick view of the key physical and operational assets as of late 2025:

The R&D and engineering teams are actively managing the product mix shift, which is critical for future revenue capture.

• Manufacturing facilities in Dalian and Nanjing, China.
• Current operating capacity of 2.3 GWh entering 2025.
• Nanjing Phase II expansion adding 3 GWh by late 2025.
• Proprietary cell technology includes the flagship Model 32140 and the new Model 40135.
• Model 40135 production targeting ramp to 100,000 cells/day by year-end 2025.
• Wholly-owned subsidiary Hitrans (81.56% ownership).
• Experienced R&D and engineering teams managing product transition.

CBAK Energy Technology, Inc. (CBAT) - Canvas Business Model: Value Propositions

You're looking at the core offerings CBAK Energy Technology, Inc. is putting forward as of their late 2025 reporting. It's a mix of established, high-demand cylindrical cells and a strategic push into next-generation technology, all supported by internal material sourcing.

• - High-performance, large-format cylindrical lithium-ion cells (40135/32140).
• - Integrated electric energy solutions for diverse applications.
• - Stable, in-house supply of battery raw materials through Hitrans.
• - Transition to advanced, higher-capacity cells for better energy density.
• - Early-stage development of sodium-ion battery technology.

The value proposition around their core lithium-ion cells is centered on capacity and format evolution. The Model 32140 remains the flagship, with its Nanjing facility running at full capacity for the majority of 2025, supporting Phase I capacity of 1.3 GWh.

The introduction of the Model 40135, which is a larger format and higher capacity than the 32140, signals a move to higher energy density offerings. The Dalian facility launched a new 40135 line on October 15, 2025, starting at an initial daily capacity of about 20,000 cells. This line delivered roughly 500,000 cells in its first month, generating approximately US$2 million in revenue, and has pending orders totaling 1.2 million cells (estimated US$5 million in revenue). Management expects this Dalian line to ramp to about 100,000 cells per day by the end of 2025.

Capacity expansion is aggressive, with the Nanjing Phase II project expected to add 3 GWh via its first two lines by late 2025, bringing the total expected capacity to over 6 GWh by year-end 2025 or early 2026, up from 2.3 GWh at the start of 2025.

The integrated solutions serve several key markets, as reflected in the Q3 2025 revenue figures:

The in-house raw material supply via Hitrans provides a distinct value proposition, especially given the market recovery. Hitrans generated Q3 2025 Net Revenues of $27.22 million, a 143.7% increase year-over-year. For the first nine months of 2025, Hitrans revenue reached $61.22 million, up 63.9% year-over-year, and it posted a positive gross profit of $1.59 million for that nine-month period.

The transition away from the older Model 26650 to the 40135 temporarily pressured the battery business, which saw its Q3 2025 gross profit decline by 42.4%. However, the battery business itself still generated a net income of $4.53 million in Q3 2025, up 122.7% from $2.04 million in Q3 2024.

CBAK Energy Technology, Inc. is also positioned in the emerging sodium-ion space. The large cylindrical sodium-ion battery market is estimated to be approximately $2 billion USD for 2025, with a projected Compound Annual Growth Rate of 35% through 2033.

Here are the key specifications for the established 32140 cell, as of May 2025:

• Nominal Capacity: 15Ah (15000mAh)
• Cycle Life: >3,000 cycles (80% DOD)
• Max Discharge Current: 3C (45A)

Finance: draft 13-week cash view by Friday.

CBAK Energy Technology, Inc. (CBAT) - Canvas Business Model: Customer Relationships

You're looking at how CBAK Energy Technology, Inc. manages its key customer interactions right now, late in 2025, as they push through that big product transition. Honestly, the relationship focus is clearly shifting toward high-volume, strategic partners in the portable power and light electric vehicle (LEV) sectors, away from the legacy residential energy storage segment.

The focus of their sales effort is on securing high-quality European and American clients for the newer Model 32140 and the just-launched Model 40135 cells, while simultaneously growing market share in India. For instance, in the first quarter of 2025, their Model 32140 shipments captured a 14.6% global share. The sales mix reflects this pivot; net revenues from Light Electric Vehicles (LEV) grew 88.4% Year-over-Year (YoY) to $2.84 million in Q1 2025, and EV batteries saw an 11.9% YoY increase. This suggests the direct sales team is successfully targeting industrial and mobility applications, even as overall Q1 2025 net revenues fell 41% to $34.9 million due to the Dalian facility transition.

The reliance on strong, ongoing partnerships is evident in the contract structure. You see this in the recent follow-up order from Livguard in India, valued at approximately USD 3 million, which brings the cumulative value of that partnership to USD 7.9 million as of June 2025. This is a classic example of solidifying a relationship post-initial sale. Furthermore, Anker Innovations, a key OEM for portable power products in the U.S., placed orders in 2024 valued between USD 30 Million to 35 Million for the Model 32140 cells, and CBAK Energy Technology, Inc. expects to maintain or exceed that level.

Here's a quick look at some of those significant, multi-year or repeat customer commitments that define their current relationship strategy:

The transition to the new Model 40135, which completed its production line upgrade in October 2025, inherently requires intensive technical engagement. While the outline mentions direct email and 24/7 support, the financial results confirm this hands-on approach; in Q1 2025, sales were down because customers were actively validating the new Model 40135, meaning the engineering teams are deep in consultation cycles with enterprise clients to get sign-off on integration. This validation process is a critical, albeit temporarily revenue-suppressing, form of on-site technical assessment and consultation for those enterprise clients.

The company is also actively planning for future customer support and supply chain resilience, which impacts long-term relationships:

• Targeting high-quality European and American customers for Models 26650, 32140, and 40135 cells.
• Progressing with a new battery cell manufacturing facility in Malaysia, expected to start mass production by mid-2026.
• Continuing discussions for a U.S. Joint Venture (JV) with Kandi to localize pack assembly and cell manufacturing.
• Anticipating a strong rebound in consolidated results by year-end 2025 following the Model 40135 line completion.

The investment in future capacity, estimated at approximately $50 million in capital expenditures for fiscal year 2025, is a direct signal to these key customers about long-term supply commitment.

CBAK Energy Technology, Inc. (CBAT) - Canvas Business Model: Channels

You're looking at how CBAK Energy Technology, Inc. gets its products-batteries and raw materials-to the customer as of late 2025. The channel strategy clearly splits between the core battery business and the raw materials segment, Hitrans, which has seen a massive rebound.

The primary channel for the battery segment involves a direct sales force targeting global EV and energy storage OEMs. This is evidenced by the strong demand for the Model 32140, which remains supply-constrained under current capacity, and the focus on new models like the 40135 for portable power and home energy storage systems. The company also noted recent visits by its R&D and Sales teams to major automotive groups, like China First Automotive Works (FAW) Group Co., Ltd. in Changchun, Jilin Province, indicating active OEM engagement. For context, in the third quarter of 2025, the battery segment generated net revenues of $33.71 million, showing a slight year-over-year increase of 0.7%, which management attributes to stabilization after a product upgrade transition. Sales to the Light Electric Vehicle sector stabilized around $2.5-$3 million per quarter based on Q2 2025 figures.

Direct distribution from manufacturing hubs in China (Dalian, Nanjing) forms the physical backbone of the channel. Capacity utilization is a key metric here. The Nanjing facility, producing the flagship Model 32140, was operating at full capacity for the majority of 2025. Furthermore, capacity expansion is coming online right at the end of the year: Nanjing Phase II is expected to begin mass production in mid-November 2025, adding another 2 GWh. Meanwhile, the Dalian facility commissioned a new production line for the Model 40135 in October 2025, achieving an initial daily capacity of about 20,000 cells, with plans to ramp up to approximately 100,000 cells per day by the end of 2025. This new Dalian line generated about US$2 million in revenue from roughly 500,000 cells delivered in its first month of operation.

The wholly-owned raw materials sales channel, Hitrans, operates as a distinct, high-growth distribution arm, benefiting from raw material price recovery. This channel's performance in Q3 2025 was exceptional, pulling up consolidated results. Hitrans revenue for Q3 2025 was $27.22 million, a surge of 143.7% year-over-year. For the first nine months of 2025, Hitrans revenue reached $61.22 million, up 63.9% year-over-year. This segment narrowed its net loss in Q3 2025 to $2.10 million, an 18.8% improvement from the prior year's loss of $2.60 million.

Regarding international sales offices and representatives in key markets, the data is less granular, but the strategy is implied by future plans. Management mentioned signing a term sheet with a major Asian company to jointly develop an overseas battery base, showing intent to expand channels outside of China, though progress is contingent on export control policy clarification. The company entered 2025 operating 2.3 GWh of capacity (1.3 GWh at Nanjing and 1.0 GWh elsewhere) and expects to operate over 6 GWh by the end of 2025 or Q1 2026, suggesting a need for broader international reach to absorb the increased output.

Here's a quick look at the revenue contribution across the two main segments for Q3 2025:

The operational scale of the production base is central to these channels. The total planned capacity for Nanjing Phase II is 27 GWh, though the first two lines add 3 GWh total, with trial production starting by May 2025 and full mass production by late 2025 for those lines. The Dalian facility's historical focus was on the older Model 26650/26700, but the new line shifts focus to the 40135. The company is definitely pivoting its channel output toward higher-demand, upgraded products.

CBAK Energy Technology, Inc. (CBAT) - Canvas Business Model: Customer Segments

You're looking at the core buyers for CBAK Energy Technology, Inc. (CBAT) as of late 2025. It's a B2B landscape, heavily focused on manufacturers needing high-power lithium and sodium-ion solutions. The company's recent financial performance shows a clear split in where the action is right now.

For the third quarter of 2025, the total net revenues hit $60.92 million, a solid jump of 36.5% year-over-year. However, looking at the first nine months of 2025, total net revenues were $136.39 million, which is actually down 9.8% compared to the same period in 2024. This difference highlights the temporary strain from the Dalian facility's product transition.

Electric Vehicle (EV) and Light Electric Vehicle (LEV) manufacturers (e.g., India 2/3-wheelers)

This group is a key focus, especially in emerging markets. We saw specific wins here, like an announced order in June 2025 from Africa's largest EV player valued at $11.6 million. The Light Electric Vehicle (LEV) segment showed strong momentum early in the year, posting revenue growth of 88.4% in Q1 2025, while the broader Electric Vehicle (EV) segment grew by 11.9% in that same quarter, though this was off a smaller base relative to the total business. The introduction of the high-capacity Model 40135 battery is aimed at these demanding mobility applications, with initial orders already totaling an estimated $5 million pending delivery as of October 2025.

Portable Power Supply sector companies (a segment seeing significant growth)

This segment, which includes portable power supply products, is definitely showing its strength. For instance, a major customer in this space, Anker Innovations, placed orders in 2024 totaling approximately USD 30 million to USD 35 million, primarily for the Model 32140 batteries. CBAK Energy Technology, Inc. anticipates maintaining or exceeding that order value in the near term. Furthermore, discussions are active for a massive $357 million partnership with Anker Innovations to establish a battery cell manufacturing facility in Malaysia.

Residential and Commercial Energy Storage system integrators

Energy storage integrators are committing to the newer cylindrical cells, like the Model 40135, for their applications. The transition away from the legacy Model 26650 at the Dalian facility temporarily impacted sales because major customers were in the testing and validation phase for the new model. The Nanjing facilities, however, are seeing strong demand for the Model 32140, which remains supply-constrained.

High-quality European and American customers (a key target for new models)

The push toward international, high-quality markets is clear through strategic investments. The orders from Anker Innovations are specifically noted for portable power supply products sold in the U.S.. The planned Malaysia facility, which is pursuing production by late 2025, is explicitly designed to produce flagship models like the 32140 and 40135 for the U.S. and European markets.

Third-party battery manufacturers (for raw materials sales)

This is CBAK Energy Technology, Inc.'s Hitrans segment, which supplies raw materials. This area has seen a remarkable rebound in 2025. For Q3 2025 alone, revenue from this segment was $27.22 million, marking a huge increase of 143.7% compared to Q3 2024's $11.17 million. The net loss for the raw materials segment narrowed to $2.10 million in Q3 2025, an 18.8% improvement from the prior year's loss of $2.60 million.

Here's a quick look at the revenue contribution for the third quarter of 2025:

The net income from the battery business itself was $4.53 million in Q3 2025, up 122.7% from $2.04 million a year prior.

Finance: draft 13-week cash view by Friday.

CBAK Energy Technology, Inc. (CBAT) - Canvas Business Model: Cost Structure

You're looking at the core expenses that CBAK Energy Technology, Inc. faces to keep its dual-segment business running as of late 2025. The cost structure is heavily influenced by the transition in the battery business and the recovery in the raw materials segment.

The single largest recurring cost tied directly to sales is the cost of goods sold, which was substantial in the third quarter.

• - High cost of revenues, totaling $56.05 million in Q3 2025.

This high cost of revenues, which increased by 48.8% from $37.67 million in Q3 2024, resulted in a compressed gross margin of only 8% for the quarter. This is a key area to watch, especially as the company shifts product lines.

Investment in future capability represents a significant, non-recurring but necessary, outlay.

• - Significant capital expenditure for new production lines and capacity expansion.

CBAK Energy Technology, Inc. is actively expanding capacity, with the Nanjing Phase II expansion (adding 2 GWh) expected to begin mass production in mid-November 2025, and a new 40135 product line commissioned at the Dalian facility in October 2025. This expansion requires upfront capital investment, though the specific CapEx dollar amount for the period isn't explicitly detailed in the Q3 reports.

The raw materials segment, Hitrans, while contributing significantly to revenue recovery, still carries a cost burden that results in a net loss, though it is narrowing.

• - Raw material procurement and processing costs (Hitrans operations).

For the third quarter of 2025, the net loss from the battery raw materials segment, Hitrans, narrowed to $2.1 million, or specifically $2,114,683, which is an 18.8% improvement from the $2.60 million loss in the prior-year period. This indicates that while procurement and processing costs are high, the rebound in raw material prices is helping to absorb them.

Innovation costs are a dedicated expense line item as the company validates its next-generation products.

• - R&D expenses for new battery chemistries and product validation.

Research and development costs rose to $3.9 million in Q3 2025 as the company invests in new battery series.

General operating overhead, including the people building and running the factories, contributed to the overall operating performance.

• - Manufacturing labor and facility operating costs.

Operating expenses, which include labor and facility costs, were notable:

The operating loss widened to $4.03 million in Q3 2025, reflecting these increased operating expenses, which were driven in part by employee costs associated with the production line expansions. That's the quick math on the overhead that isn't directly tied to the cost of revenues.

CBAK Energy Technology, Inc. (CBAT) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for CBAK Energy Technology, Inc.'s (CBAT) revenue generation as of late 2025. Here's the quick math on how the money came in during the third quarter.

The core revenue streams for CBAK Energy Technology, Inc. are clearly split between its battery manufacturing operations and its raw materials supply business, Hitrans. The sales of lithium-ion battery cells and packs are a primary focus, with the Model 32140 cell being noted as a strong seller that remains supply-constrained under current capacity.

The overall financial performance for the period ending September 30, 2025, shows significant top-line growth, largely propelled by the raw materials segment's recovery. The company also relies on securing long-term supply contracts with major partners to ensure revenue stability going forward, evidenced by a recent term sheet signing for an overseas battery base development.

Here is a breakdown of the key revenue and segment income figures from the third quarter of 2025:

• - Sales of lithium-ion battery cells and packs, where the Model 32140 is a strong seller.
• - Net revenues reached $60.92 million in Q3 2025.
• - Sales from the battery raw materials segment (Hitrans) at $27.22 million in Q3 2025.
• - Income from the battery business segment was $4.53 million in Q3 2025.
• - Revenue from long-term supply contracts with major partners.

To give you a clearer picture of the segment contributions to the top line and profitability in Q3 2025, look at this summary:

The battery business revenue itself returned to roughly flat year-over-year, but the net income for that segment jumped substantially. Also, the strong performance of Hitrans, which saw its net loss narrow to $2.10 million, significantly contributed to the consolidated net income attributable to shareholders reaching $2.65 million, a 150.2-fold increase year-over-year.

The company is actively working to increase its output capacity to meet demand, with the Nanjing Phase II facility expected to begin mass production by mid-November 2025, adding 2 GWh capacity.

Finance: draft 13-week cash view by Friday.