Join me in welcoming CBAK Energy. With that, [Clara], I'm going to hand it over to you. Thank you so much for being here. Thank you, Daniel. Good morning, everyone. Thank you so much for joining us today. As Daniel said, my name is [Clara Blady]. I am proud to be representing CBAK Energy here with us today. We are a commercially proven NASDAQ-listed battery company with 25 years of innovation in lithium and sodium-ion battery technologies. For 25 years, we've been at the forefront of powering this transition to sustainable energy through high-performance, safe, and scalable battery solutions. Today, I will show you why CBAK is not only deeply undervalued but positioned for significant growth in the fastest-growing segment of the global battery market. Please note, this presentation contains forward-looking statements subject to risk and uncertainties. This is for informational purposes only and does not constitute investment advice. With 25 years in cylindrical cell technology, CBAK Energy is a leading producer of cylindrical lithium iron phosphate battery cells and the first in China to produce large format sodium-ion cells. With net revenues reaching $195 million in fiscal year 2025, CBAK is a leader in the market for cylindrical LFP cells. Our technology has already been chosen by industry giants, including Anker, a leader in portable power and charging solutions that you may be familiar with. Viessmann, a premium European home energy storage and climate solutions provider that was recently acquired by Carrier Corporation, one of the world's leading companies in intelligent climate and energy solutions. Ather, one of India's leading premium electric two-wheeler manufacturers. We also supply cells to India's top two and three-wheeled makers. CBAK is an established company. We bring together technological expertise, proven manufacturing, and a strong global customer base. This has all created our strong foundation for long-term value. Our growth is not speculative. It is already underway. We currently operate 8.3 GWh of capacity and have the capacity to produce up to 38 GWh. Our planned Southeast Asia facility, which is currently targeted for 2028, will add an additional 3 GWh to that. We've maintained our top five customers for an average of five years, and just last year have increased our total orders with them by over 11%. Most notably, we currently carry a $32 million backlog. At the same time, we are perfectly positioned in several multi-billion dollar high-growth markets, including electric two and three-wheelers, battery swapping, portable power, and home energy storage. We have a visible path to profitability. This is where the opportunity becomes exceptionally attractive, because as of today, CBAK is trading at a remarkably low 0.36x P/S on trailing 12-month revenue, with a market capitalization of approximately $70 million. This is significant because we are a company that generated nearly $200 million in revenue last year with a current capacity of 8.3 GWh today and growing. Yet the market is valuing us at well under one-time sales. You can compare that to our peers here on this chart. Despite generating about 6 x higher revenue than Enovix, our market cap represents less than 5% of theirs. Compare that to Microvast, our closest U.S.-listed competitor. If CBAK traded at Microvast's low-end multiple of 1.5x P/S, our fair value will be roughly $290 million, implying greater than 300% rerating potential from current levels. If CBAK were to be trading at the same P/S as Microvast, we would be valued at least 5 x our current market cap. CBAK is revenue-generating, a scaling battery leader with superior cylindrical technology and elite global partnerships, trading at a deeply discounted 0.36 x P/S. While as you can see, our revenue-generating peers trade at 1.5x to 3 x P/S. Companies with far less commercial traction are commanding significantly higher multiples. This valuation gap, we believe, reflects perception and not business reality. The reality is that CBAK is the first China-based lithium battery company to list on the NASDAQ, with two decades of sustained capital market compliance. We operate over 500,000 sq me of facility and deliver 8.3 GWh of annual capacity today, with a focus on our large cylindrical cells, materials, and modules for high-growth applications. Our journey has reflected consistent leadership and execution, from pioneering our LFP mass production in 2005 to our NASDAQ listing in 2006 to becoming a top player in key cell segments in China. We're expanding our global customer base and have repeatedly turned this innovation into commercial success. Our goal is to continue to do that. Our leadership team has a global mindset. Our CEO, Jason, who has over 20 years with the company and deep sales and marketing experience, Thierry, our CFO, who's with us here today, brings strong global capital markets and fund management experience, while Yuna, our Director, has a background in procurement, world economics, and deep financial experience as well. Our team has the vision and the execution track record to deliver. We serve customers in more than 40 countries across every major region. We are an established company with a global presence. We are not new. In Europe, we partner with VARTA, a leading German battery manufacturer specializing in consumer, industrial, and residential energy storage, and Viessmann, that I mentioned earlier. In India and Africa, we are gaining significant traction in two- and three-wheelers and battery-swapping markets with leaders like Ather, Bajaj, and Spiro. In North America, we deliver reliable solutions to major internet and energy customers like Schneider Electric, a global leader in energy management and automation. This global presence de-risks our business and opens multiple growth vectors simultaneously, and we're working on expanding that strategy as well. Our technology is proven by the market. Between 2001 and 2005, we generated $150 million in cumulative sales with Viessmann, $57 million with Anker, and maintained significant business with Northvolt's systems and industrial division, Northvolt's most profitable division that was acquired by Scania in 2025. These are multi-year expanding relationships with Tier 1 customers who continue to increase their commitments to us. With the $32 million backlog that I mentioned before, and shipments to over 40 countries, the validation in CBAK is clear and ongoing. When we look at our battery cell product matrix, we offer a strong, differentiated lineup of large cylindrical cells. Our Model 26 series represents our first mass-produced LFP cylindrical batteries. The Model 32 series is a core part of our portfolio, and along with our Model 40 series, has been adopted by customers like Anker, Spiro, and other key customers. Our Model 32 series, our sodium-ion cell, gives us an alternative technology offering and the ability to support our customers with a high-performance cell capable at operating at ultra-low temperatures, and we're actively developing for the future. Looking even closer at our technology, CBAK's large cylindrical platform is our competitive advantage. Cylindrical cells offer inherent safety advantages over other cell designs because the pressure is distributed evenly within the cell, reducing the risk of swelling or failure. Our larger format cells, in addition to that increased safety, also deliver better economics. They have roughly 15% lower manufacturing costs, 25% higher energy density, and up to 8x the capacity of traditional-size cells. This combination of safety, performance, and cost efficiency is exactly what customers demand and what CBAK provides to the market. We continue to invest heavily in R&D. 7.7% of our sales are reinvested back into our research and development. Our 434 patents give us that competitive edge, and 17% of our staff is dedicated to research, which has delivered real results. Over 70 million cells shipped with zero safety incidents and a 19% market share in our key Model 32 series product in China. Now looking at our production capacity, we operate four strategic facilities across China. Our Dalian cell research and development and production base currently runs at 3.3 GWh with the ability to expand up to 16 GWh. Nanjing is our largest site today at 4.5 GWh with a design capacity of 20 GWh. Changzhou adds 0.5 GWh today to our total and can grow up to 2 GWh. When we look at our Hitrans Shaoxing Lithium Battery materials production base, we have 26,000 tons of annual cathode and precursor capacity here, with a total capacity of up to 37,000 tons. Together, these facilities give us a solid foundation of that 8.3 GWh with the ability to reach up to 38 GWh of cell production capacity in the coming years. This growth not only ensures that we can fulfill growing customer orders, but also provides geographic diversification within China and that strong operational flexibility. As I mentioned before, we're planning a facility in Southeast Asia. We're building a resilient global manufacturing platform designed to support sustained growth. Our materials subsidiary, Hitrans Technology, that I mentioned briefly before, headquartered in Shaoxing, Zhejiang Province, is a developer of key cell materials and is one of our strategic investments. Hitrans, our materials portfolio company, is committed to becoming a one-stop provider of integrated lithium battery material solution. This division of CBAK gives us greater control over raw material costs and supply chain stability, and provides a natural hedge against price volatility, especially during times of raw material price fluctuation like as of late. We are methodically scaling capacity across our Chinese facilities while also adding strategic production in Southeast Asia. Our plans for our Southeast Asia expansion are still in development, but we are targeting a 2028 opening for that facility, which will help us mitigate geopolitical risks, secure our supply chains, and better position us to support global customers more competitively. In fiscal year 2025, we delivered strong revenue growth with a well-balanced mix. Residential storage and uninterruptible power supplies was approximately 65% of total revenue, light electric vehicles at 34%. At the Group level, we posted solid gross profit and positive adjusted EBITDA. Our materials division, Hitrans, is also turning the corner rapidly with a positive outlook for profitability, largely due to those rising raw material costs. Hitrans is a growing strategic arm of CBAK and a key aspect of our future business. For fiscal year 2025, as I mentioned at the Group level, we posted solid gross profit of $18.42 million and positive adjusted EBITDA of $7.05 million. In quarter one 2026, our Group net revenue reached $69.62 million, about a 99.3% increase compared to quarter one of last year, with net income for Hitrans, the materials subsidiary, reaching $1.57 million. At CBAK Energy, everything we do is guided by our core vision, powering a sustainable life with electricity. We are deeply committed to advancing new energy technologies while minimizing our environmental footprint and supporting our people and communities. Notably, we've reduced greenhouse gas emissions by 4% year-over-year. 23.6% of our annual electricity consumption comes from renewable sources, and we're also proud to highlight our participation in the independent platform EcoVadis, which assesses and validates our structured approach to environmental management, carbon footprint tracking, and overall sustainability performance. Our sustainable development is key to our long-term future. These achievements reflect our ongoing dedication to our responsible operations, our ethical supply chains, employee development, and environmental stewardship as we continue to scale our business. To wrap up, CBAK stands apart in the market with a powerful combination of strengths. A world-class blue chip customer base featuring Tier 1 global leaders, an exceptionally rare asset at our current market capitalization, substantial revenue scale that provides stability and momentum, significant growth runway with major capacity already in place to capture surging demand, and deep technical leadership. 20 years of proprietary expertise in cylindrical battery technology, continuously validated by our major customers. Together, these advantages place CBAK at a highly compelling valuation, significantly undervalued compared to industry peers with similar revenue scale. This is a rare opportunity to invest in a scaled, technically proven leader in one of the fastest-growing sectors today. We invite you to join CBAK Energy on this next phase of our growth journey, and thank you so much for your time. [Clara], thank you so much for that presentation and providing the information on CBAK Energy. We really appreciate it. As a reminder, we do have a little bit of extra time here. There's quite a few questions that have come in. If you do have any questions, please feel free to type those into the box and we should be able to get to just about everything. As a reminder, we also have the company's CFO, Thierry Li, with us to help answer some of these questions. I guess just kicking off with some of the questions that have come into the queue. You guys obviously have a really strong presence right now in what looks like Vietnam, India, and as well as Africa. Can you give us an idea of the markets there, which may be growing the fastest and maybe which of the products that you sell or plan to sell could have the greatest number of sales in that area? Thank you, Daniel. Responding to this question, in these two years, Southeast Asia and South Asia market is our major focus, and we're growing really fast. We have already outreached to top 10 LEV manufacturers in India. Almost all top 10s are either already purchasing sales from us or under very serious business negotiation. In Vietnam, we're also partnering with one of the top two LEV manufacturers, and now they are already one of the biggest customers for us. If you have to compare these countries, I would say India will still be the largest one and the fast-growing one for us. We believe that in the future, in the revenue by segment, the LEV will account much more in our total revenues, which would majorly contributed from the Indian sales. Given the backdrop in India and the plans for growth in the future, and obviously the massive population growth in the country, do you see that as a cornerstone of your Asian India strategy moving forward? Yes, because we majorly produce cylindrical LFP cells, this type of cells is very suitable to be applied in a two -wheeler or three-wheeler application. The booming Indian LEV market actually helps us grow. The faster Indian market grows, we believe that the faster we will grow. In fact, in the past two years, a lot of the Indian giant companies approaching us about their intention to buying our technologies, giving us royalties, something like that. Although those dialogues didn't end very well, it also proves that our traction, the market traction in India is growing and widely recognized. Very helpful. Thank you, Thierry. Another question come in about just the, and [Clara] obviously talked about this too, but the way that you guys have been able to grow revenue, especially at a double-digit rate. Can you give us an idea of where you see your competitive advantages and how you differentiate maybe from some of your peers in the market, and why customers want to come to CBAK as opposed to some of the larger competitors that you have in the market? Well, yes, because you have to look at market and battery suppliers from a much micro perspective. If you're talking about battery suppliers, there are actually two technical roadmaps. The first one is prismatic cells, which I think almost all top largest battery suppliers are focusing on, and the other one is the cylindrical cells, which Tesla likes and all the Japanese and Korean battery suppliers prefer. I think we identify as number one in China in the cylindrical cells area. If some applications, like I say, the two-wheeler and three-wheeler applications in India and in Vietnam, they would have to use cylindrical because the application provides very limited space to store cells and batteries, so they have to use cylindrical cells. In that case, we will be shortlisted, and they will approach us and test it and validate our products. That's why in some niche market, we'll be able to outsell those larger suppliers. Also, if you are talking about very big names like Chinese battery manufacturers, you look at their overall capacity, they may be big, but if you look at the specific capacity for cylindrical cells, it may be the same as ours. If we only counting the capacity for cylindrical cells, we are not as more as people imagine. Thank you for that. Can we go back and maybe talk a little bit about the opportunities in the market and data center market specifically? Obviously, I believe you've had experience with UPS, and I'm just wondering if you can explain the opportunities that you see to provide backup storage in that market. Yeah. [Clara], maybe you can help turning back to the product portfolio page. Yes. This question is concerned about our products. Originally our product was, the size was Model 26 series, 26650 and 26700, and this is a dual-tab design. It has been in the market for almost two decades, our focus right now is 32, which is much more suitable in the two-wheeler and three-wheeler market. 26 is actually very suitable for UPS, the only thing about it is because its energy density is not huge and also it has a heat dispersion problem. We are now going to launch very soon in the market, updated version of our Model 26 series, which will become a full-tab design. With this design, we believe that this new product will be very suitable for what we call as a BBU unit, that is a backup energy storage unit used in data center, typically for AI infrastructure. In fact, our products, this new product, has already been tested and validated by some of the very famous AI operators. We can't guarantee how this deal goes, but this is a good tendency, and we believe that this product, once it formally launch, we will get market traction. Perfect. Can we talk a little bit about safety, maybe? You had zero incidents with your cells, and just curious if you can explain a little bit or help us understand better what makes your cells safer and more, I guess, insulated from some of the fires that maybe some of the competitors have had? Sure. I'm not a technician, so maybe I'm not professional enough, but I can try to answer. First, it's because of the chemistry we adopted. We're actually doing LFP cells instead of the NMC cell. The chemistry itself actually determined that it will not catch fire easily. If you're producing NMC, yes, it's very easy to catch fire. Also the design for cylindrical cells is very unique because it has a lot of the technical design that would help it to vent out all the internal gas generated, and also some heat, which would help us improve the safety. In fact, when we work with Viessmann, a very famous German company, since 2021, we have zero incidents caused in this deal, and they were one of the largest customers for us. Actually in the niche markets we enter, we have a very good reputation for battery safety and quality. Very helpful. Thank you for answering that, and for also the disclaimer. Can we talk a little bit about financing your growth? I know [Clara] talked about the market opportunities here. The first question had to do with your growth in Vietnam and also in India. I'm just curious if you see any need to go back to the markets and tap into the markets for financing to fund that growth moving forward. Yeah. We are always looking for opportunities to finance, but as everyone knows that our stock is deeply undervalued and traded very low. At this moment, it's very difficult for us to make the decision that we're going for a public financing or something like that. We were actually talking to a lot of the private equity investors about financing our Southeast Asian projects and some of our Chinese domestic factories that we can open for private equity investments. Some of this conversation cannot go through because the holding company in the U.S., the market cap for this is just too low, and this prevents us from continuing raising capital from the private equity market. Our hands are actually tied, but we're actually working from the IR and PR side to tell the story of the company and hope that the company's market cap will recover. [Clara] touched on this a little bit with rising input costs and obviously what's going on globally with supply, and I'm just curious if you can talk about where you source your lithium from and if you have a way to potentially hedge those prices? Yeah. We are not directly sourcing coals. We are actually sourcing raw material like lithium carbonate, which has already been processed from the coal. All our suppliers are Chinese domestic suppliers. We do have a mechanism at this moment to hedge, which we disclosed already in our Form 10-Q. We are using futures as an instrument at this moment to hedge against the rise of the raw material. If you ever pay attention to the lithium industry, in the past one year, the price of lithium carbonate has already doubled, and the price keep rising. We have to keep using these financial instruments to hedge against the rise. We're coming up on time now, [Clara], you spent a good deal of time talking about the valuation disconnect with CBAK versus some of your peers. Just kind of wanted to leave it with you and Thierry to leave us with some closing thoughts and potentially what you think the market is missing with this opportunity here. Sure. The company is obviously in a very fast-growing track, and we believe that this year we will do really well, although, we also face a very high and strong cost compression due to the rise of the raw materials. We'll try our best to hedge. This year, our major target is to keep growing our potential markets in India and Vietnam and some of the major markets in Europe, and hopefully, we'll be able to deliver a very satisfactory and very good sales performance. Perfect. Well, [Clara] and Thierry, thank you so much for sharing CBAK's story. For those of you in the audience, thank you for your participation and joining us today. Again, just thank you for your time and we hope everybody has a wonderful day, and we hope to see you again soon. Thank you all so much. Thank you. Okay. Bye. Thank you, Daniel.