CBAK Energy Technology Limited

Today, ladies and gentlemen, thank you for standing by. Welcome to CBEC Energy Technologies' fourth quarter and full year of 2023 Earnings Conference Call. Currently, all participants are in listen-only mode. Later, we'll conduct question-and-answer sessions, and instructions will follow at that time. As a reminder, we're recording today's call. If you have any objections, you may disconnect at this time. Now, I'll turn the call over to Thierry Lee, CFO and Secretary of the Board of Seabag Energy. Mr. Lee, please proceed.

Thank you, operator, and hello, everyone. Welcome to Seabag Energy's fourth quarter and full year of 2023 earnings conference call. Joining us today are Mr. Yunfei Li, Chief Executive Officer of Seabag Energy, myself, Chief Financial Officer and Secretary of the Board, and Jennifer, our interpreter. All right. Thank you. Thank you. 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 cabinet's public firings with the SEC. The cabinet doesn't assume any obligations to update any full-length statements except as required under applicable laws. Also, please note that unless otherwise stated, all figures mentioned during the conference call are your stories. After that, let me now turn the call over to our CEO, Mr. Linfei Li. Mr. Li will speak in Chinese and I will translate his comments into English. Go ahead, Mr. Linfei Li. Hello, everyone.

Thank you for joining our fourth quarter and full year 2023 earnings conference call. Thank you, Mr. Lin. We are pleased to see a steady growth in performance again in the fourth quarter. In the year of 2023, with the continuous support of our major customers such as FACEMAN Group, Anker, Huabao, and Xinneng, our battery business continued to grow in the last quarter. In the fourth quarter, our revenue increased by 30.9% and reached $36.83 million. In terms of income, the battery income in the energy sector has reached $3,493 million, which is an increase of 84.3%. The battery income in the car industry has reached $52 million, which dropped by 88.8% in the same period as last year. The battery income in the light electric vehicle industry has reached $138 million, which is an increase of 69.5%. The main reason is that the competition in the current power market is very intense, and the price level is relatively low. In the current situation, we will strategically look at these two markets and continue to expand our sales in the energy sector. In terms of profits, our battery business, Maoli Li, has a historical high of 36% in the fourth quarter, It rose by 27.7% in 2022. In addition, we achieved net profit in two consecutive seasons. This season, we reached $6.62 million, which was significantly improved compared to the net loss from last year. According to the year-round data, the company's net profit in 2023 rose by 40.4% to $1.3 billion. We are pleased to announce another quarter of solid growth, rounding off fiscal year 2023 on a high note. With sustained orders from key clients, including Buseman Group,