CBAK Energy Technology, Inc. (NASDAQ:CBAT) (“CBAK Energy,” or the “Company”), a leading lithium-ion battery manufacturer and electric energy solution provider in China, today announced financial highlights of Zhejiang Hitrans Lithium Battery Technology Co. (“Hitrans”), a leading lithium-ion battery material supplier in China that CBAK Energy has completed an acquisition of 81.56% of its equity stake, for the first nine months of 2021.
Hitrans’s revenues were $97.9 million in the first three quarters of 2021, roughly four times CBAK Energy’s revenues in the same period. Hitrans generated a gross profit of $11.0 million, about 2.7 times the gross profit of CBAK Energy in the same period. Its operating profit was $4.2 million. More detailed financial data of Hitrans can be accessed on the 8K filing filed by the Company to the Securities and Exchange Commission on March 17, 2022.