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Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment Information [Abstract] |
Segment Information |
30. | Segment Information
The Company’s chief operating decision maker has been identified as the Chief Executive Officer (“CEO”) who reviews financial information of operating segments based on US GAAP amounts when making decisions about allocating resources and assessing performance of the Company. The Company determined that for the year ended December 31, 2023 and 2024, it operated in two operating segments namely CBAK and Hitrans. CBAK’s segment mainly includes the manufacture, commercialization and distribution of a wide variety of standard and customized lithium-ion rechargeable batteries for use in a wide array of applications. Hitrans’ segment mainly includes the development and manufacturing of NCM precursor and cathode materials. The Company primarily operates in the PRC and substantially all of the Company’s long-lived assets are located in the PRC. The Company’s chief operating decision maker evaluates performance based on each reporting segment’s net revenue, cost of revenues, operating expenses, operating income (loss), finance income (expense), other income and net income. Net revenue, cost of revenues, operating expenses, operating income, finance income (expense), other income (expenses) and net income (loss) by segment for the years ended December 31, 2023 and 2024 were as follows:
For the year ended December 31, 2023 |  | CBAT |  |  | Hitrans |  |  | Corporate unallocated (note) |  |  | Consolidated |
Net revenues |  | $ | 132,993,518 |  |  | $ | 71,444,847 |  |  | $ | - |  |  | $ | 204,438,365 |
Cost of revenues |  |  | (101,413,350 | ) |  |  | (71,300,692 | ) |  |  | - |  |  |  | (172,714,042 | )
Gross profit |  |  | 31,580,168 |  |  |  | 144,155 |  |  |  | - |  |  |  | 31,724,323 |
Total operating expenses |  |  | (20,861,844 | ) |  |  | (17,159,677 | ) |  |  | (954,614 | ) |  |  | (38,976,135 | )
Operating income (loss) |  |  | 10,718,324 |  |  |  | (17,015,522 | ) |  |  | (954,614 | ) |  |  | (7,251,812 | )
Finance income (expenses), net |  |  | 337,243 |  |  |  | 95,816 |  |  |  | (159 | ) |  |  | 432,900 |
Other income (expenses), net |  |  | 2,906,648 |  |  |  | (2,276,918 | ) |  |  | 136,000 |  |  |  | 765,730 |
Income tax expenses |  |  | - |  |  |  | (2,486,145 | ) |  |  | - |  |  |  | (2,486,145 | )
Net income (loss) |  |  | 13,962,215 |  |  |  | (21,682,769 | ) |  |  | (818,773 | ) |  |  | (8,539,327 | )
For the year ended December 31, 2024 |  | CBAT |  |  | Hitrans |  |  | Corporate unallocated (note) |  |  | Consolidated |
Net revenues |  | $ | 136,588,803 |  |  | $ | 40,025,806 |  |  | $ | - |  |  | $ | 176,614,609 |
Cost of revenues |  |  | (93,535,812 | ) |  |  | (41,303,552 | ) |  |  | - |  |  |  | (134,839,364 | )
Gross profit (loss) |  |  | 43,052,991 |  |  |  | (1,277,746 | ) |  |  | - |  |  |  | 41,775,245 |
Total operating expenses |  |  | (22,848,626 | ) |  |  | (8,539,324 | ) |  |  | (1,599,146 | ) |  |  | (32,987,096 | )
Operating income (loss) |  |  | 20,204,365 |  |  |  | (9,817,070 | ) |  |  | (1,599,146 | ) |  |  | 8,788,149 |
Finance income (expenses), net |  |  | 1,275,246 |  |  |  | 7,954 |  |  |  | (110 | ) |  |  | 1,283,090 |
Other income (expenses), net |  |  | (490,229 | ) |  |  | 1,562,753 |  |  |  | - |  |  |  | 1,072,524 |
Income tax expenses |  |  | (1,558,613 | ) |  |  | - |  |  |  | - |  |  |  | (1,558,613 | )
Net income (loss) |  |  | 19,430,769 |  |  |  | (8,246,363 | ) |  |  | (1,599,256 | ) |  |  | 9,585,150 |
As of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Identifiable long-lived assets |  |  | 98,429,723 |  |  |  | 44,280,749 |  |  |  | - |  |  |  | 142,710,472 |
Total assets |  |  | 211,880,435 |  |  |  | 90,295,480 |  |  |  | 42,229 |  |  |  | 302,218,144 |
Note: The Company does not allocate its assets located and expenses incurred outside China to its reportable segments because these assets and activities are managed at a corporate level. Net revenues by product: The Company’s products can be categorized into high power lithium batteries and materials used in manufacturing of lithium batteries. For the product sales of high power lithium batteries, the Company manufactured high-power cylindrical lithium battery cell and battery packs. The Company’s battery products are sold to end users in electric vehicles, light electric vehicles and energy storage sectors. For the product sales of materials used in manufacturing of lithium batteries, the Company, via its subsidiary, Hitrans, manufactured cathode materials and Precursor for use in manufacturing of cathode. Revenue from these products is as follows:
|  | Year ended December 31, 2023 |  |  | Year ended December 31, 2024 |
High power lithium batteries used in: |  |  |  |  |  |  |  |
Electric vehicles |  | $ | 2,883,385 |  |  | $ | 1,681,651 |
Light electric vehicles |  |  | 5,607,435 |  |  |  | 10,319,176 |
Residential energy supply & uninterruptable supplies |  |  | 124,502,698 |  |  |  | 124,587,976 |
|  |  | 132,993,518 |  |  |  | 136,588,803 |
Materials used in manufacturing of lithium batteries |  |  |  |  |  |  |  |
Cathode |  |  | 39,845,626 |  |  |  | 34,228,998 |
Precursor |  |  | 31,599,221 |  |  |  | 5,796,808 |
|  |  | 71,444,847 |  |  |  | 40,025,806 |
Total consolidated revenue |  | $ | 204,438,365 |  |  | $ | 176,614,609 |
Net revenues by geographic area: The Company’s operations are located in the PRC. The following table provides an analysis of the Company’s sales by geographical markets based on locations of customers:
|  | Year ended December 31, 2023 |  |  | Year ended December 31, 2024 |
Mainland China |  | $ | 119,307,085 |  |  | $ | 98,925,752 |
Europe |  |  | 78,575,290 |  |  |  | 65,746,989 |
Others |  |  | 6,555,990 |  |  |  | 11,941,868 |
Total |  | $ | 204,438,365 |  |  | $ | 176,614,609 |
Substantially all of the Company’s long-lived assets are located in the PRC.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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