CBAK Energy Technology is a China-based manufacturer of cylindrical lithium and sodium battery cells, primarily for light electric vehicles (LEVs) and energy storage applications. CBAK's flagship product is the large-format cylindrical lithium iron phosphate (LFP) cell, specifically the Model 32140 (produced in Nanjing) and the newer Model 40135 (produced in Dalian). Customers use these cells in e-bikes, e-scooters, portable power stations, residential energy storage, and UPS systems. CBAK also produces a sodium-ion variant of the 32140 cell for cold-weather and fast-charging use cases. CBAK sells directly to OEMs and brand customers globally, including Anker Innovations, Spiro Mobility, Ather Energy, and Viessmann. The company operates two segments: Battery Cells (~56% of FY24 revenue) and Battery Materials (~44%), the latter through its ~73% stake in Hitrans, a Shaoxing-based manufacturer of NCM precursor and cathode materials sold to third-party battery makers. Profitability in the battery segment is driven by capacity utilization, product mix, and cell size — larger formats lower unit costs and support margins. Hitrans has been loss-making due to industry-wide overcapacity, though it showed recovery signs in late 2025. CBAK's growth strategy centers on expanding Nanjing 32140 capacity from 1.5 GWh to ~4.5 GWh by early 2027, ramping the new Dalian 40135 line, and evaluating overseas manufacturing in Southeast Asia and potentially the U.S. to serve customers seeking tariff-resilient supply chains.