E-Power operates primarily through Sunrise Guizhou, a manufacturer of artificial graphite anode materials for lithium-ion batteries. These materials serve as critical components in batteries for electric vehicles, grid energy storage, and consumer electronics. The company generates nearly all its revenue from anode materials and is winding down its legacy knowledge-sharing platform. E-Power sells directly to battery manufacturers, including BYD and CATL, following a rigorous qualification and testing process. The production process involves crushing, shaping, and granulating petroleum and needle coke. E-Power outsources the energy-intensive graphitization stage to a network of contract manufacturers in China. Sales volume and unit pricing drive revenue, while costs consist of raw materials and third-party manufacturing fees. The business faces significant customer concentration and generally operates without long-term supply agreements. E-Power is currently expanding its production capacity by constructing new facilities in Guizhou and Anhui. Its strategy involves prioritizing higher-margin products and pursuing international growth through a joint venture in the U.S.