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China BAK Battery Reports 60% Increase in Revenue

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SHENZHEN, China (Jan 4) – China BAK Battery, one of the largest manufacturers of Lithium Ion (Li-ion) batteries, today announced financial results for the fourth quarter and fiscal year ended September 30, 2005. For the fourth quarter the company reported revenue of US$26.8 million, an increase of 59.2 % compared to the fourth quarter of […]

SHENZHEN, China (Jan 4) – China BAK Battery, one of the largest manufacturers of Lithium Ion (Li-ion) batteries, today announced financial results for the fourth quarter and fiscal year ended September 30, 2005.
For the fourth quarter the company reported revenue of US$26.8 million, an increase of 59.2 % compared to the fourth quarter of the 2004. Gross profits for the fourth quarter of the 2005 fiscal year were $8.8 million, or 32.8 % of sales.
Xiangqian Li, the Company’s Chief Executive Officer, commented, “This was an outstanding year for China BAK Battery, as we exceeded US$100 million in annual revenues for the first time with each quarter’s revenues surpassing the prior quarter. We expanded our market opportunity by beginning lithium polymer battery manufacturing and grew our manufacturing capacity to meet growing demand for our products. The result of our growth initiatives in terms of products, market share growth and channel expansion combined with continued growth in our existing markets contributed to our increase in revenues, gross profit margin and the over 80 % increase in net income for the 2005 fiscal year versus the 2004 fiscal year.”
A large part of the growth of China BAK batteries is the growing popularity of Li-Ion powered vehicles, such as bicycles and electric delivery vehicles.

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