CBAK Energy Technology Limited

Good day, ladies and gentlemen. Thank you for standing by and welcome to CBAK Energy Technology first quarter 2022 earnings conference call. Currently, all participants are in listen-only mode. Later, we will conduct a question and answer session and instruction will follow at the time. As a reminder, we are recording today's call. If you have any objection, you may disconnect at this time. Now, I will turn the call over to Terry Lee. Investor Innovation Director of CBAK Energy, Mr. Lee, please proceed.

Thank you, operator, and hello, everyone. Welcome to CBAK Energy's first order 2022 earnings conference call. Joining us today are Mr. Yunfei Li, our Chief Executive Officer, and Mrs. Yuna Pei, our Chief Financial Officer. We released results earlier today. The press release is available on the company's IR website at ir.cbac.com.cn. as well as from Newswire Services. A relay of this call will also be available in a few hours on our IR website. On the call with me today are Mr. Yunfei Li, Mrs. Yuna Pei, Mr. Xiujuntian, who is our general engineer, Mr. Wenwu Wang, who is our vice president, and our interpreter, Jennifer. Before we continue, please note that Today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today. Further information regarding these and other risks and uncertainties is included in the company's public firings with the SEC. The company doesn't assume any obligations to update any forward-looking statements except as required under applicable laws. Also, please note that unless otherwise stated, all figures mentioned during the conference call are in your stores. With that, let me now turn the call over to our CEO, Mr. Yunfei Li. Mr. Li will speak in Chinese and I will translate his comments into English. Go ahead, Mr. Li. Yunfei, please continue. Thank you, Dylan. Thank you and hello everyone. Thank you for joining our earnings conference call today.

$1500 million income comes from battery business. Battery business income is 69% of the same growth as last year. About $6500 million income comes from the purchase of HITRON and the entry of Li battery raw materials business. In addition, the rapid growth of the demand for light vehicles and the continuous promotion of the demand for non-discharge power batteries. The company's high-power Li battery sales have also improved, leading to an increase in revenue. Considering that our Nanjing battery factory is still in the stage of production, we have already achieved excellent performance and performance, showing that the company's battery products and ecosystem have great potential for development. The plan of Nanjing base can reach up to 18 kWh of maximum production, We are very excited to kick off 2022 with a strong first quarter. Our net revenue surged more than eight-fold year-over-year to $80.2 million this year.