olivLaw · US equity research
E-Power Inc. EPOW
Miscellaneous Electrical Machinery, Equipment & Supplies · SIC 3690 · Vertical: Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690)
E-Power Inc. is a Cayman Islands holding company operating in China, mainly through the Sunrise Guizhou joint venture that produces graphite anode materials for lithium-ion batteries. The company has shifted from consulting and a knowledge platform to graphite production, and its fiscal 2025 revenue fell sharply as prices weakened amid industry overcapacity.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, E-Power Inc. (EPOW) stock was 3.50 USD (−3.31% on the day), with market capitalisation 88.8 m USD, beta 0.27, 52-week range 2.77–31.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 40.2
- weak (30–45)
- Bollinger (20, 2)
- 2.27 – 4.89
- in the lower half of the band · %B 0.47 · band width 73.1%
- SMA 50 / 200
- 5.79 / 14.30
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.39 / -0.61
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.2% | −1.1% | −6.1 pp | — |
| 3 months | −66.7% | −0.5% | −66.3 pp | — |
| 6 months | −76.7% | +4.4% | −81.1 pp | — |
| Year to date | −85.7% | +12.3% | −98.0 pp | — |
| 1 year | −88.3% | +13.5% | −101.8 pp | −59.3% |
| 3 years | −90.6% | +76.4% | −167.0 pp | −43.2% |
| 5 years | −93.6% | +63.7% | −157.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13.5 m | 17.9 m | 23.2 m | 7.4 m | 38.1 m | 45.1 m | 65.0 m | 46.4 m |
| Revenue YoY | unavailable | +32.4% | +29.3% | −68.0% | +414.6% | +18.2% | +44.3% | −28.6% |
| Net income | 7.5 m | 9.7 m | 12.1 m | -8.4 m | -22.6 m | -24.2 m | -11.8 m | -16.6 m |
| Net income YoY | unavailable | +30.4% | +24.0% | −169.5% | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | 0.58 | 0.72 | -0.36 | -0.98 | -1.08 | -0.48 | -0.57 |
| Diluted EPS YoY | unavailable | unavailable | +24.1% | −150.0% | unavailable | unavailable | unavailable | unavailable |
| net % | 55.2% | 54.4% | 52.1% | -113.4% | -59.4% | -53.8% | -18.1% | -35.8% |
| Free cash flow | 5.7 m | 1.1 m | 5.3 m | -6.6 m | -53.3 m | -12.8 m | -7.8 m | -31.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 21.8 m USD
- Financial debt
- 45.4 m USD
- Net debt
- 23.6 m USD
- Equity
- 15.9 m USD
- Total assets
- 156.4 m USD
- Debt / equity
- 2.86x
- Current ratio
- 0.72x
- ROE
- -77.0%
- ROA
- -11.1%
- FCF margin
- -68.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 23.2 m | 7.4 m | 38.1 m | 45.1 m | 65.0 m | 46.4 m | SEC (XBRL)· 15 May 2026verified |
| Cost of revenue | 3.0 m | 3.9 m | 39.5 m | 57.5 m | 70.8 m | 52.3 m | SEC (XBRL)· 15 May 2026verified |
| Gross profit | 20.2 m | 3.5 m | -1.4 m | -12.4 m | -5.8 m | -5.8 m | SEC (XBRL)· 15 May 2026verified |
| Research & development | 671.3 k | 2.2 m | 1.1 m | 1.2 m | 2.5 m | 2.0 m | SEC (XBRL)· 15 May 2026verified |
| SG&A | 3.9 m | 7.8 m | 12.7 m | — | — | — | SEC (XBRL)· 16 May 2023verified |
| Operating income | 14.7 m | -7.4 m | -18.8 m | -30.5 m | -16.6 m | -16.0 m | SEC (XBRL)· 15 May 2026verified |
| Depreciation & amortisation | 865.4 k | 988.7 k | 2.1 m | 4.0 m | 4.9 m | 5.7 m | SEC (XBRL)· 15 May 2026verified |
| EBITDA | 15.6 m ≈ | -6.4 m ≈ | -16.7 m ≈ | -26.6 m ≈ | -11.7 m ≈ | -10.3 m ≈ | SEC (XBRL)· 15 May 2026derived |
| Interest expense | — | — | 27.1 k | 575.1 k | 167.0 k | 1.1 m | SEC (XBRL)· 15 May 2026verified |
| Pre-tax income | -138.7 k | -9.0 m | -22.3 m | -32.9 m | -18.0 m | -26.7 m | SEC (XBRL)· 15 May 2026verified |
| Income tax | 3.1 m | -236.6 k | 809.0 k | -226 | 5.6 k | -387 | SEC (XBRL)· 15 May 2026verified |
| Net income | 12.1 m | -8.4 m | -22.6 m | -24.2 m | -11.8 m | -16.6 m | SEC (XBRL)· 15 May 2026verified |
| Diluted EPS | 0.72 | -0.36 | -0.98 | -1.08 | -0.48 | -0.57 | SEC (XBRL)· 15 May 2026verified |
| Weighted average diluted shares | 16.8 m | 23.6 m | 24.8 m | 25.6 m | 26.4 m | 29.0 m | SEC (XBRL)· 15 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 11.0 m | 13.9 m | 1.7 m | 1.4 m | 1.3 m | 21.8 m | SEC (XBRL)· 15 May 2026verified |
| Receivables | 12.2 m | 6.9 m | 5.2 m | 8.9 m | 29.0 m | 9.9 m | SEC (XBRL)· 15 May 2026verified |
| Inventories | 2.7 m | 3.1 m | 18.3 m | 15.8 m | 17.7 m | 24.1 m | SEC (XBRL)· 15 May 2026verified |
| Current assets | 28.3 m | 34.3 m | 44.6 m | 35.8 m | 63.0 m | 72.2 m | SEC (XBRL)· 15 May 2026verified |
| Property, plant & equipment, net | 3.4 m | 3.4 m | 41.5 m | 65.6 m | 60.5 m | 63.9 m | SEC (XBRL)· 15 May 2026verified |
| Intangibles (excl. goodwill) | 4.3 m | 3.6 m | 10.1 m | 80.9 k | 71.9 k | 217.3 k | SEC (XBRL)· 15 May 2026verified |
| Total assets | 39.7 m | 58.7 m | 107.0 m | 120.5 m | 143.0 m | 156.4 m | SEC (XBRL)· 15 May 2026verified |
| Accounts payable | 33.7 k | 34.5 k | 12.3 m | 33.9 m | 50.0 m | 36.8 m | SEC (XBRL)· 15 May 2026verified |
| Short-term debt | — | — | — | 7.0 m | 1.6 m | 5.9 m | SEC (XBRL)· 15 May 2026verified |
| Long-term debt | — | 5.4 m | 3.0 m | 3.5 m | 26.4 m | 39.6 m | SEC (XBRL)· 15 May 2026verified |
| Current liabilities | 5.6 m | 1.7 m | 26.0 m | 63.5 m | 86.8 m | 100.7 m | SEC (XBRL)· 15 May 2026verified |
| Total liabilities | 5.6 m | 1.7 m | 33.7 m | 75.2 m | 115.7 m | 140.5 m | SEC (XBRL)· 15 May 2026verified |
| Equity | 34.2 m | 57.0 m | 42.1 m | 10.8 m | 27.3 m | 15.9 m | SEC (XBRL)· 15 May 2026verified |
| Shares outstanding at year end | 16.8 m | 24.5 m | 25.4 m | — | — | — | SEC (XBRL)· 16 May 2023verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 7.1 m | -5.2 m | -9.6 m | -7.3 m | -5.4 m | -25.2 m | SEC (XBRL)· 15 May 2026verified |
| Capex | 1.7 m | 1.4 m | 43.7 m | 5.5 m | 2.5 m | 6.4 m | SEC (XBRL)· 15 May 2026verified |
| Free cash flow | 5.3 m ≈ | -6.6 m ≈ | -53.3 m ≈ | -12.8 m ≈ | -7.8 m ≈ | -31.6 m ≈ | SEC (XBRL)· 15 May 2026derived |
| Investing cash flow | -6.4 m | -22.1 m | -45.6 m | -7.0 m | 632.5 k | -11.2 m | SEC (XBRL)· 15 May 2026verified |
| Financing cash flow | 120.0 k | 30.8 m | 45.8 m | 13.7 m | 10.6 m | 54.5 m | SEC (XBRL)· 15 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 20 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 88.8 m USD
Key indicators
Coverage and freshness
Score by group
- Quality18
- Growth23
- Valuation24
- Balance sheet0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.56 – 3.51 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/Sales0.56 – 3.51 (Mid 1.84)15 companies used · median multiple 1.5x · quartiles 0.8x – 2.4xATKR, CHPT, DFLI, ELVA, ENR, ENS, EOSE, GAUZ, MVST, NOVT, NRGV, SPB, UCAR, ULBI, XPON
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 20/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | -12.6% | 0 (on a fixed band) | 12% |
| EBIT margin · Quality | -34.5% | 59 (vs peers) | 10% |
| FCF margin · Quality | -68.0% | 0 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 6.8% | 27 (on a fixed band) | 19% |
| Revenue growth (YoY) · Growth | -28.6% | 14 (vs peers) | 10% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 7% |
| EV/Sales · Valuation | 2.4x | 43 (vs peers) | 19% |
| FCF yield · Valuation | -35.5% | 0 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/2 factors with a value
- Growth23/100 · 2/2 factors with a value
- Quality18/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation24/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
E-Power Inc. (EPOW). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 46.4 m USD in 2025; YoY growth -28.6%; net margin -35.8%.
The estimated value range is 0.56–3.51 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.84 USD, the price of 3.50 USD leaves a potential of -47.5% (value / price − 1) and a margin of safety of -90.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 20/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Gross margin: -12.6%
- FCF margin: -68.0%
- Revenue CAGR 3Y: 6.8%
- Revenue growth (YoY): -28.6%
- Current ratio: 0.7x
- FCF yield: -35.5%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Shareholder yield (distributions).
Versus the vertical median
Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690) · same industry (4-digit SIC) · compared with 38 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ENSEnerSys | 5.6 bn | 16.7 | 18.4% | 9.3% | +3.7% | +9% / +76% |
| NOVTNovanta Inc. | 5.5 bn | 92.8 | 5.1% | 6.0% | +3.3% | +28% / +1% |
| ATKRAtkore Inc. | 3.2 bn | — | -11.9% | -5.5% | −11.0% | +37% / −24% |
| SPBSpectrum Brands Holdings, Inc. | 2.1 bn | 28.0 | 4.2% | 2.8% | −5.2% | +54% / +32% |
| NVXNOVONIX Ltd | 1.9 bn | — | -62.0% | -1,650.8% | −4.1% | −81% / −88% |
| ENREnergizer Holdings, Inc. | 1.7 bn | 21.3 | 42.2% | 2.7% | +2.3% | +38% / −18% |
| AMPXAmprius Technologies, Inc. | 1.2 bn | — | -36.1% | -33.4% | +202.1% | −25% / +106% |
| EMATEvolution Metals & Technologies Corp. | 1.2 bn | — | — | — | unavailable | unavailable / unavailable |
| EOSEEos Energy Enterprises, Inc. | 779.3 m | — | — | -246.8% | +631.8% | −86% / +95% |
| ENVXEnovix Corporation | 612.3 m | — | -82.2% | -473.9% | +37.9% | −64% / −75% |
| NRGVEnergy Vault Holdings, Inc. | 578.2 m | — | -225.9% | -48.6% | +340.9% | −8% / +38% |
| SLDPSolid Power, Inc. | 515.7 m | — | -20.5% | -1,152.2% | +8.0% | −57% / +60% |
| FLNCFluence Energy, Inc. | 312.1 m | — | -20.7% | -3.1% | −16.1% | −69% / −76% |
| CHPTChargePoint Holdings, Inc. | 306.4 m | — | -1,015.1% | -40.6% | −1.4% | +39% / −69% |
| SESSES AI Corporation | 286.4 m | — | -31.2% | -289.6% | +929.4% | −60% / −63% |
| ULBIEnerSys | 260.3 m | 1.4 | -4.8% | -3.5% | +16.2% | +175% / +109% |
| MVSTMicrovast Holdings, Inc. | 255.7 m | — | 11.4% | 13.9% | +12.6% | −81% / −43% |
| ELVAElectrovaya Inc. | 173.4 m | — | -673.8% | -3.4% | +170.8% | +7% / +94% |
| ELPWElong Power Holding Ltd. | 145.7 m | — | — | -271.3% | +430.7% | −100% / −100% |
| NEOVNeoVolta, Inc. | 134.6 m | — | -101.1% | -161.0% | +58.2% | −44% / +28% |
| GAUZGauzy Ltd. | 127.5 m | — | — | -51.4% | +32.8% | −86% / unavailable |
| BYRNByrna Technologies Inc. | 97.4 m | — | -14.9% | -9.2% | +37.7% | −77% / −29% |
| EPOWE-Power Inc. | 88.8 m | — | — | -35.8% | −28.6% | −88% / −91% |
| BLNKBlink Charging Co. | 65.4 m | — | -79.9% | -52.2% | −18.0% | −66% / −86% |
| STISolidion Technology, Inc. | 37.8 m | — | -1,382.4% | -23,852.8% | unavailable | −59% / −99% |
1- and 3-year price returns: for EPOW from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 15 May 2026; since then the company filed 6-K (06 Oct 2026), 6-K (15 Sept 2026), 6-K (04 Sept 2026), 6-K (12 Aug 2026), 6-K (01 Jul 2026).
In brief
E-Power Inc. is a Cayman Islands holding company operating in China, mainly through the Sunrise Guizhou joint venture that produces graphite anode materials for lithium-ion batteries. The company has shifted from consulting and a knowledge platform to graphite production, and its fiscal 2025 revenue fell sharply as prices weakened amid industry overcapacity 1.
SWOT
Strengths
- The company controls a production complex with completed capacity in two phases and an extensive land holding, giving it a concrete operating base.
- The core business centers on a product essential to lithium-ion batteries, with customers across several sectors.
- A concerted action agreement gives the company control over Sunrise Guizhou governance without a majority equity stake.
Weaknesses
- The gross margin was negative in fiscal 2025, and production costs did not follow the decline in selling prices.
- Dependence on a single product line and a few large customers makes revenue sensitive to the loss of any one client.
- Repeated net losses and equity financing at low prices have increased shareholder dilution.
Opportunities
- Completing the third capacity phase could expand volumes if battery demand intensifies.
- The recently formed US joint venture could open a new market for the company's products.
- Lower raw material costs could improve margins if prices stabilize.
Threats
- Overcapacity in China's graphite industry may keep prices under pressure for an extended period.
- The VIE contractual structure has not been tested in court and carries significant legal risk.
- Geopolitical tensions and heightened US scrutiny of China-based listed companies may affect access to capital and share value.
Risks
- Recurring losses and going concern doubthigh
The company has reported repeated losses, and the filing notes substantial doubt about its ability to continue as a going concern, which could limit access to financing.
- VIE structure and contractual arrangementshigh
Consolidation of SDH relies on contractual arrangements that have not been tested in court, and PRC tax authorities may challenge related-party transactions.
- Dependence on large customersmedium
Sunrise Guizhou depends on a few major customers, and losing any one of them could significantly reduce revenue.
- Volatility of prices and raw material costsmedium
Finished goods prices and raw material costs can fluctuate, and if they stay out of alignment, margins could remain negative.
- Listing and regulatory riskmedium
Nasdaq listing requirements and US and Chinese regulatory actions could lead to suspension or delisting of the shares.
Investment thesis
What would need to be true (bull case)
- If demand for lithium-ion batteries keeps growing, the company could benefit from its completed capacity and its position in graphite anode materials.
- Completing the third phase and expanding into the US could diversify revenue and reduce reliance on the Chinese market.
- If price pressure eases, a reduction in overcapacity could restore gross margins.
What would break the thesis
- Overcapacity and intense competition could keep prices low and gross losses in place for the coming years.
- Dependence on a single product line and a few customers makes the company vulnerable to industry shocks.
- The VIE structure and regulatory risks could limit investors' ability to benefit from operating results.
What to watch
- Trend in average selling price per ton and gross marginQ1 2027
- Progress of the 20,000-ton third capacity phase2027
- Confirmation of business continuity and financingnext 10-K
- Results of the Alchemistica Inc. US joint venture2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 15 May 2026; since then the company filed 6-K (06 Oct 2026), 6-K (15 Sept 2026), 6-K (04 Sept 2026), 6-K (12 Aug 2026), 6-K (01 Jul 2026).
The business
E-Power Inc. is a holding company incorporated in the Cayman Islands that conducts most of its operations in China through PRC entities. According to its 20-F, substantially all business is run by Sunrise Guizhou, a joint venture in which subsidiary Zhuhai Zibo holds 39.35%, and by the VIE SDH, which operates a knowledge sharing platform 1. The company is transitioning from enterprise services for small and medium-sized businesses to graphite anode production, a key component of batteries for electric vehicles and energy storage 1.
The legal structure is complex: the company holds no equity in the VIE and consolidates it through contractual arrangements with GIOP BJ. Sunrise Guizhou is consolidated because the company controls a majority of board seats and its financial and operating policies under an agreement among shareholders 1. Principal offices are in Zibo, Shandong, while the graphite plant is in Xingyi, Guizhou 1.
Graphite anode production is effectively the whole business: in fiscal 2025 it accounted for 99.84% of total revenue, while knowledge services became almost negligible 1. The company raised funds through registered direct offerings in 2025 used for working capital and general corporate purposes 1.
Segments
Graphite anode materials
This is the main segment. Products are artificial graphite anode materials made from petroleum coke, needle coke and pitch coke, processed through crushing, shaping, granulation and graphitization. Customers are manufacturers of lithium-ion batteries for electric vehicles, electric ships and consumer electronics. In fiscal 2025 the company supplied 37,065 tons to 35 customers, but the average selling price fell to RMB 8,986 per ton 1.
Knowledge sharing and enterprise services
Run through the VIE SDH, this segment began as a consulting service for small and medium-sized enterprises in 2014. Its revenue has become negligible, falling to $73,978 in fiscal 2025 due to lower demand for rental and consultation services 1.
Market context
Graphite anode material is an essential component of lithium-ion batteries used in fast-charging batteries, energy storage and electric vehicles. Forecasts cited by the company project strong growth in electric vehicle demand through 2040, though these are external estimates rather than certainties 1. The current market, however, is marked by overcapacity and intense competition, which has pushed selling prices down 1.
Rising battery demand could support volumes over the long term, but Chinese overcapacity and price pressure may limit margins in the near term. Developments also depend on government policy and raw material costs such as petroleum coke 1.
Trends
- Rising electric vehicle demandtailwind
Forecasts cited by the company point to growing demand for lithium-ion batteries, which could support graphite anode sales if those forecasts materialize 1.
- Overcapacity and price pressureheadwind
The company attributes lower selling prices to manufacturing overcapacity and high industry competition, which produced a negative gross margin in fiscal 2025 1.
- Raw material and graphitization costsheadwind
Raw material costs and graphitization outsourcing did not fall in line with selling prices, compressing margins. The path of these costs is a key driver of profitability 1.
- Capacity expansion and US entrymixed
A third phase of 20,000 tons per year is under construction, and the company formed a US joint venture to expand operations. If demand improves, the extra capacity could become an advantage 1.
Competitive position
The company operates in an industry with many Chinese graphite anode producers, where overcapacity has put severe pressure on prices. The sources do not name competitors, so the competitive picture stays limited to the filing's description 1.
Possible advantages lie in the scale of the Guizhou facility and its large land holding, but these do not currently offset the price advantage of lower-cost rivals. If price pressure persists, the competitive position could remain vulnerable 1.
- Chinese graphite anode producers
Direct competitors in China are mentioned only generically in the filing, without names.
- Lithium-ion battery makers (customers and rivals)
Customers also serve other battery supply chains; the filing names no rival suppliers.
- Other anode material suppliers
Competition is based on price, and the filing identifies no US-listed companies.
- SME consulting service providers
The knowledge segment competes with consulting providers that the source does not name.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Nissan's third generation e-POWER powertrainHacker News · 28 Sept 2026 · EN
The latest news item in our archive is from 28 Sept 2026; the newest SEC filing is from 06 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)06 Oct 2026
- Current report (foreign issuer)06 Oct 2026
- Current report (foreign issuer)15 Sept 2026
- Current report (foreign issuer)04 Sept 2026
- Current report (foreign issuer)12 Aug 2026
- Current report (foreign issuer)01 Jul 2026
- Current report (foreign issuer)23 Jun 2026
- Current report (foreign issuer)09 Jun 2026
- Annual report (foreign issuer)15 May 2026
- Current report (foreign issuer)11 Mar 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / E-Power Inc. · 15 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.