CBAK Energy Technology Limited

Good day, ladies and gentlemen. Thank you for standing by, and welcome to CBAC Energy Technologies' second quarter and first half 2023 earnings conference call. Currently, all participants are in a listen-only mode. Later, we'll conduct a question and answer session, and instructions will follow at that time. As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time. Now, I will turn the call over to Tied Li, Investor Relations Director of CBAC Energy. Mr. Li, please proceed.

Thank you, operator, and hello, everyone. Welcome to CBAC Energy's second quarter and first half of 2023 earnings conference call. Joining us today are Mr. Yunfei Li, our Chief Executive Officer, Mrs. Yuna Pei, our Chief Financial Officer, Mr. Xiu Juntian, our General Engineer, and Jennifer, our interpreter. We released our results earlier today. The press release is available on the company's IR website at IR.CBAG.com.cn as well as from Newswire Services. Like a record, it will also be available in a few hours on our IR website. 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 involved 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 U.S. dollars. 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. Thank you, Jerry. Thank you, and hello, everyone. Thank you for joining our earnings conference call today. Please continue.

In the first half of 2023, Li battery's upstream market was full of uncertainty. Due to the impact of the strong price fluctuations in key raw materials, our overall business was affected. However, we still made good progress in core business and Li battery sales. In the first half of the year, our battery business reached $5,184 million, which is a 27.2% increase. The battery consumption in the energy field is up to $4,676 million, which is a 17% increase. The battery consumption in the light electric vehicle field is up to $312 million, which is a 309.9% increase. The battery consumption of the car was 1.96 million yuan, which increased by 6.454 times in the same period last year. The efficiency of our battery business reached 12.8 percent, which increased by 3.4 percent. We noticed that because a large number of customer orders were concentrated for a few years, the sales of the second generation showed growth and stagnation. But we expect this trend will not last long. The company's performance of the following two seasons and the whole year's revenue is still expected to be higher. Our battery business performance will continue to stabilize. With the gradual expansion of brand influence and the constant increase in R&D strength, we have continuously received orders from leading enterprises from all over the world. In the future,