CBAK Energy Technology Limited

Ladies and gentlemen, thank you for standing by and welcome to CBAC Energy Technologies second quarter and the first half of 2024 earnings conference call. Currently, all participants are in listen-only mode. Lisa will 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 Chen Li, CFO and Secretary of the Board of Seabank Energy. Mr. Li, please proceed.

Thank you, operator, and hello, everyone. Welcome to Seabank Energy's earnings conference call for the second quarter in the first half of 2020. Joining us today are Mr. Yunfei Li, Chief Executive Officer of Seabank Energy, myself, Chief Financial Officer and Secretary of the Board, and Jennifer, our interpreter. Our general engineer, Mr. Xiu Jun Tian, will join us for the Q&A section. We released our results earlier today. The press release is available on the company's IR website at ir.sebex.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. 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 in hearing 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. Hello, everyone.

Thank you for attending our second quarter of 2024 and the first half of this year's conference call. Hello everyone, thank you for joining our earnings conference call for the second quarter and first half of 2024. This has become a very rare phenomenon in the entire new energy industry. Specifically, from the income analysis, the income of renewable energy has reached $3,357 million, which is a total increase of 60%. The income of car batteries has reached $200,000, which is a total increase of 46% as of last year. The income of two-wheeled cars and three-wheeled cars and other light electric vehicles has reached $1,830,000, with an increase of 59%. In terms of revenue, the main business of the company is still the energy storage business. We believe that in the long term, the energy storage business is still the main business growth point of the company. At the same time, we also hope that the two-wheeled car from the Indian market and the three-wheeled car battery sales order will increase dramatically in the second half of the year. In terms of profits, Our battery industry's net profit continues to maintain its high position, reaching 36.2% in the second quarter, which is a 20.9% increase since 2023, and is higher than most competitors. This fully reflects our battery quality and strong ground capacity. This year, our battery industry achieved a net profit of $11.68 million in the first quarter, In this quarter, we again created a net profit of $189 million in battery business. This year, we have achieved net profit in connection and progress. From the data from the first half of the year, in 2024, the sales of battery business increased by 55% to $8044 million, with a profit of 39% and a net profit of $1958 million.