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Balances and Transactions with Related Parties (Tables)
 9 Months Ended
Sep. 30, 2025
Balances and Transactions with Related Parties [Abstract]  
Schedule of Principal Related Parties Transactions

The principal related parties with which the Company had transactions during the years/ periods presented are as follows:

 

Name of Entity or Individual   Relationship with the Company
New Era Group Zhejiang New Energy Materials Co., Ltd.   Shareholder of Hitrans
Zhengzhou BAK Battery Co., Ltd (“Zhengzhou BAK”)   Note a
Shenzhen BAK Battery Co., Ltd (“SZ BAK”)   Former subsidiary and refer to Note b
Shenzhen BAK Power Battery Co., Ltd (“BAK SZ”)   Former subsidiary and refer to Note b
Zhejiang Shengyang Renewable Resources Technology Co., Ltd. (“Zhejiang Shengyang”)   Note c
Fuzhou BAK Battery Co., Ltd (“Fuzhou BAK”)   Note d
Zhengzhou BAK Electronics Co., Ltd   Note e
Zhengzhou BAK New Energy Vehicle Co., Ltd   Note f

  

(a)

Mr. Xiangqian Li, the Company’s former CEO, is a director of Zhengzhou BAK is a wholly owned subsidiary of BAK SZ.

 

(b)

Mr. Xiangqian Li, the Company’s former CEO, is a director of SZ BAK and BAK SZ. On September 27, 2023, Nanjing CBAK entered into an Equity Transfer Agreement (the “Equity Transfer Agreement”) with SZ BAK, under which SZ BAK shall sell a five percent (5%) equity interest in BAK SZ to Nanjing CBAK for a purchase price of RMB260 million (approximately $35.7 million) (note 13).

  

(c)

On September 27, 2023, Hitrans entered into an Equity Transfer Contract (the “Equity Transfer Contract”) with Mr. Shengyang Xu, pursuant to which Hitrans will initially acquire a 26% equity interest in Zhejiang Shengyang Renewable Resources Technology Co., Ltd. (“Zhejiang Shengyang”) from Mr. Xu, an individual who currently holds 97% of Zhejiang Shengyang, for a price of RMB28.6 million (approximately $3.9 million) (the “Initial Acquisition”). Neither Mr. Xu, nor Zhejiang Shengyang is related to the Company. (note 9)

 

(d)

Zhengzhou BAK has 51% equity interest in Fuzhou BAK. Zhengzhou BAK is a wholly owned subsidiary of BAK SZ.

 

(e) Mr. Xiangqian Li, the Company’s former CEO, is a director of BAK SZ, which has 95% equity interests in Zhengzhou BAK Electronics Co., Ltd.

 

(f)

SZ BAK was the former shareholder of Zhengzhou BAK New Energy Vehicle Co., Ltd to April 10, 2023.
Schedule of Related Party Transactions

The Company entered into the following significant related party transactions:

 

   Three months ended
September 30,		   Nine months ended
September 30,		 
   2024   2025   2024   2025 
Purchase of batteries from Zhengzhou BAK  $24,595   $816,211   $7,036,768   $3,698,469 
Purchase of batteries from Fuzhou BAK   1,519    294,374    12,809    301,445 
Purchase of materials from Zhejiang Shengyang   1,419,467    1,278,400    4,792,917    5,063,306 
Sub-contracting services provided by Fuzhou BAK   
-
    1,775,551    
-
    1,775,551 
Sales of cathode raw materials to Zhengzhou BAK   5,166,669    4,932,488    14,183,130    10,966,505 
Sales of cathode raw materials to BAK SZ   6,576    1,766    21,534    7,562 
Sales of cathode raw materials to Zhengzhou BAK Electronics Co., Ltd   186,764    327,434    337,115    795,963 
Sales of cathode raw materials to Zhengzhou BAK in relation to non-operating agency-based service   
-
    9,753    
-
    2,238,408 
Sales of cathode raw materials to Zhengzhou BAK Electronics Co., Ltd in relation to non-operating agency-based service   
-
    582    
-
    133,646 
Sales of cathode raw materials to BAK SZ in relation to non-operating agency-based service   
-
    21    
-
    4,783 
Sales of batteries to Fuzhou BAK   155    
-
    76,076    
-
 
Sales of batteries to Zhengzhou BAK New Energy Vehicle Co., Ltd.   
-
    77    
-
    17,648 
Schedule of Receivables from a Former Subsidiary

Apart from the above, the Company recorded the following significant related party balances as of December 31, 2024 and September 30, 2025:

   December 31,
2024		   September 30,
2025		 
Receivables from BAK SZ  $12,399   $1,994 
Schedule of Other Balances Due From/ (to) Related Parties

Other balances due from/ (to) related parties

 

   December 31,
2024		   September 30,
2025		 
Trade receivable, net – Zhengzhou BAK (i)  $5,970,184   $5,615,672 
Trade receivable, net – Zhengzhou BAK Electronics Co., Ltd. (ii)  $135,012   $372,581 
Trade receivable, net – Zhengzhou BAK New Energy Vehicle Co. Ltd  $
-
   $19,994 
Bills receivable – Issued by Zhengzhou BAK (iii)  $459,905   $
-
 
Prepayment to supplier – Zhengzhou BAK (iv)  $3,738,228   $
-
 
Prepayment to supplier – Zhengzhou BAK New Energy Vehicle Co., Ltd  (v)  $205,496   $
-
 
Trade payable, net – Zhengzhou BAK (vi)  $66,084   $1,066,433 
Trade payable, net – Zhejiang Shengyang (vii)  $1,486,765   $1,644,800 
Trade payable, net –Fuzhou BAK (viii)  $
-
   $2,135,557 
Payable for non-operating agency-based service – Zhejiang Shengyang (ix)  $1,338,794   $
-
 
Deposit paid for acquisition of long-term investments – BAK SZ (note 13)  $15,864,318   $16,262,446 
Dividend payable to non-controlling interest of Hitrans (note 16)  $1,221,915   $1,252,580 

  

(i)

Representing trade receivable from sales of cathode raw materials to Zhengzhou BAK Battery Co., Ltd. Up to the date of this report, Zhengzhou BAK Battery Co., Ltd. repaid $2.2 million to the Company.

  

(ii)

Representing trade receivables from sales of cathode raw materials to Zhengzhou BAK Electronics Co., Ltd. Up to the date of this report, Zhengzhou BAK Electronics Co., Ltd repaid $0.1 million to the Company.

 

(iii) Representing bills receivable issued by Zhengzhou BAK Battery Co., Ltd.as of December 31, 2024 were pledged to bank as security for issuance of bills payable (note 14).

 

(iv) Representing the prepayments for purchase of batteries.

 

(v) Representing the prepayments for purchase of raw materials for manufacturing. The contract was cancelled on December 10, 2024 and the prepayment was refunded to the Company in March 2025.

 

(vi)

Representing trade payables on purchase of batteries.

 

(vii)

Representing trade payables on purchase of materials for manufacturing from Zhejiang Shengyang.

 

(viii) Representing payables for sub-contracting services provided by Fuzhou BAK.

 

(ix) Representing payables on purchase of materials from Zhejiang Shengyang in relation to non-operating agency-based service.
Schedule of Payables to a Former Subsidiary

Payables to a former subsidiary as of December 31, 2024 and September 30, 2025 consisted of the following:

 

   December 31,   September 30, 
   2024   2025 
Payables to Shenzhen BAK Power Battery Co., Ltd  $(419,849)  $(412,155)