Energy Monster operates a shared power bank rental network across China. The company installs cabinets filled with portable power banks at high-foot-traffic locations — restaurants, malls, hotels, and transportation hubs — and rents them to consumers who need to charge their phones on the go. Users unlock a power bank by scanning a QR code via WeChat or Alipay, use it, and return it to any Energy Monster cabinet nationwide. As of end of 2024, Energy Monster had roughly 1.28M points of interest (POIs) across more than 2,200 county-level districts, with about 9.6M power banks in circulation and around 440M cumulative registered users. Energy Monster operates through two models: a direct model, where Energy Monster owns the hardware, collects rental fees, and pays location partners a commission; and a network partner model, where third-party partners buy the hardware, manage operations, and pay Energy Monster a share of GMV plus software and service fees. The network partner model is more asset-light and higher-margin, and by end of 2024, essentially all POIs had transitioned to it. Key revenue drivers include POI count, power bank utilization, rental pricing, and model mix. A secondary and growing business is residential solar installation, where Energy Monster acts as an EPC contractor, leveraging its existing partner network. Management's near-term priorities are expanding POIs in lower-tier cities via network partners, focusing the direct model on high-profile national key accounts, and growing the renewable energy business.