{"url_path":"/sec/epow/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 ** **EXHIBITS**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1780731/0001213900-26-056928-index.html","accession_number":"0001213900-26-056928","cik":"0001780731","ticker":"EPOW","issuer_name":"E-Power Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1780731/0001213900-26-056928-index.html","primary_entity_key":"0001780731","primary_entity_name":"E-Power Inc."},"word_count":35036,"has_tables":true,"body_markdown":"**ITEM 19.** **EXHIBITS**\n\n \n\n**Exhibit\nNumber**\n \n**Description**\n\n1.1*\n \n[Fourth Amended and Restated Memorandum and Articles of Association.](ea028883401ex1-1.htm)\n\n \n \n \n\n2.1\n \n[Registrant’s Specimen Certificate for Ordinary Shares (incorporated herein by reference to Exhibit 4.1 to our registration statement on Form F-1 (File No. 333-233745), as amended)](http://www.sec.gov/Archives/edgar/data/1780731/000121390019021043/ff12019a2ex4-1_global.htm)\n\n \n \n \n\n2.3*\n \n[Description of Securities](ea028883401ex2-3.htm)\n\n \n \n \n\n4.1\n \n[Form of Employment Agreement by and between executive officers and the Registrant (incorporated herein by reference to Exhibit 10.1 to our registration statement on Form F-1 (File No. 333-233745), as amended)](http://www.sec.gov/Archives/edgar/data/1780731/000121390019017971/ff12019ex10-1_global.htm)\n\n \n \n \n\n4.2\n \n[Form of Indemnification Agreement by and between executive officers, directors and the Registrant (incorporated herein by reference to Exhibit 10.2 to our registration statement on Form F-1 (File No. 333-233745), as amended)](http://www.sec.gov/Archives/edgar/data/1780731/000121390019017971/ff12019ex10-2_global.htm)\n\n \n \n \n\n4.4\n \n[Equity Pledge Agreement dated June 10, 2019, by and among GIOP BJ, SDH, and shareholders of SDH (incorporated herein by reference to Exhibit 10.3 to our registration statement on Form F-1 (File No. 333-233745), as amended)](http://www.sec.gov/Archives/edgar/data/1780731/000121390019017971/ff12019ex10-3_global.htm)\n\n \n \n \n\n4.5\n \n[Exclusive Technical and Consulting Services Agreement, dated June 10, 2019, by and between GIOP BJ and SDH (incorporated herein by reference to Exhibit 10.5 to our registration statement on Form F-1 (File No. 333-233745), as amended)](http://www.sec.gov/Archives/edgar/data/1780731/000121390019017971/ff12019ex10-5_global.htm)\n\n \n \n \n\n4.6\n \n[Form of Power of Attorney, by and among GIOP BJ, SDH, and shareholders of SDH (incorporated herein by reference to Exhibit 10.6 to our registration statement on Form F-1 (File No. 333-233745), as amended)](http://www.sec.gov/Archives/edgar/data/1780731/000121390019017971/ff12019ex10-6_global.htm)\n\n \n \n \n\n4.7\n \n[Form of Spousal Consent, by and among GIOP BJ, SDH, and certain spouses of shareholders of SDH (incorporated herein by reference to Exhibit 10.7 to our registration statement on Form F-1 (File No. 333-233745), as amended)](http://www.sec.gov/Archives/edgar/data/1780731/000121390019017971/ff12019ex10-7_global.htm)\n\n \n \n \n\n4.9\n \n[Exclusive Option Agreement, dated June 10, 2019, by and among GIOP BJ, SDH, and shareholders of SDH (incorporated herein by reference to Exhibit 10.4 to our registration statement on Form F-1 (File No. 333-233745), as amended)](http://www.sec.gov/Archives/edgar/data/1780731/000121390019017971/ff12019ex10-4_global.htm)\n\n \n \n \n\n4.10\n \n[Strategic Cooperation Agreement, dated May 30, 2016, by and between Beijing Winning at the Frontlines Cultural Exchange Co., Ltd. and GMB (Beijing) (incorporated herein by reference to Exhibit 10.8 to our registration statement on Form F-1 (File No. 333-233745), as amended)](http://www.sec.gov/Archives/edgar/data/1780731/000121390019017971/ff12019ex10-8_global.htm)\n\n \n \n \n\n4.11\n \n[Copyright Authorization Agreement, dated May 30, 2016 by and between Beijing Winning at the Frontlines Cultural Exchange Co., Ltd. and GMB (Beijing) (incorporated herein by reference to Exhibit 10.9 to our registration statement on Form F-1 (File No. 333-233745), as amended)](http://www.sec.gov/Archives/edgar/data/1780731/000121390019017971/ff12019ex10-9_global.htm)\n\n \n \n \n\n4.12\n \n[Investment Agreement, dated April 2, 2022, by and among Zhuhai (Zibo) Investment Co., Ltd and other parties (incorporated herein by reference to Exhibit 4.13 to our annual report on Form 20-F (File No. 001-40008), filed with the SEC on May 2, 2022)](http://www.sec.gov/Archives/edgar/data/1780731/000121390022023204/f20f2021ex4-13_globalinter.htm)\n\n \n \n \n\n4.13\n \n[State-owned Construction Land Right Use Assignment, dated December 24, 2021, by and between Natural Resources Bureau of Qianxinan Prefecture, Yilong New District Branch and Sunrise (Guizhou) New Energy Materials Co., Ltd. (incorporated herein by reference to Exhibit 4.14 to our annual report on Form 20-F (File No. 001-40008), filed with the SEC on May 2, 2022)](http://www.sec.gov/Archives/edgar/data/1780731/000121390022023204/f20f2021ex4-14_globalinter.htm)\n\n \n\n113\n\n \n\n \n\n4.14\n \n[Investment Agreement, dated April 11, 2021, by and among Global Mentor Board (Beijing) Information Technology Co, Ltd., Beijing Tax Star Technology Co., Ltd., Beijing Zhitong Zhenye Technology Co., Ltd., and Li Jiyou (incorporated herein by reference to Exhibit 4.16 to our annual report on Form 20-F (File No. 001-40008), filed with the SEC on May 2, 2022)](http://www.sec.gov/Archives/edgar/data/1780731/000121390022023204/f20f2021ex4-16_globalinter.htm)\n\n \n \n \n\n4.15\n \n[Shenzhen Jiazhong Innovation Investment Enterprise (Limited Partnership) Partnership Agreement, dated June 1, 2021, by and among Global Mentor Board (Beijing) Information Technology Co., Ltd and other parties (incorporated herein by reference to Exhibit 4.18 to our annual report on Form 20-F (File No. 001-40008), filed with the SEC on May 2, 2022)](http://www.sec.gov/Archives/edgar/data/1780731/000121390022023204/f20f2021ex4-18_globalinter.htm)\n\n \n \n \n\n4.16\n \n[Agreement of Action in Concert, dated April 12, 2022, among Zhuhai Zibo and twelve original shareholders of Sunrise Guizhou (incorporated herein by reference to Exhibit 10.2 to our report on Form 6-K, filed with the SEC on June 23, 2022) ](http://www.sec.gov/Archives/edgar/data/1780731/000121390022034642/ea161972ex10-2_globalinter.htm)\n\n \n \n \n\n4.17\n \n[Purchase Agreement, dated July 2, 2022, between Sunrise Guizhou and former shareholders of Sunrise Tech (formerly known as Anlong Hengrui Graphite Material Co., Ltd.) (incorporated herein by reference to Exhibit 4.20 to our annual report on Form 20-F, filed with the SEC on May 16, 2023)](http://www.sec.gov/Archives/edgar/data/1780731/000121390023040481/f20f2022ex4-20_sunrisenew.htm)\n\n \n \n \n\n4.18\n \n[Securities Purchase Agreement, dated July 31, 2025, by and between E-Power Inc., formerly known as Sunrise New Energy Co., Ltd., and the purchaser named therein. (incorporated by reference to Exhibit 10.1 of the Form 6-K, filed with the SEC on September 26, 2025)](http://www.sec.gov/Archives/edgar/data/1780731/000121390025092343/ea025862401ex10-1_sunrise.htm)\n\n \n \n \n\n4.19\n \n[Joint Venture Agreement, dated August 5, 2025, by and among E-Power Inc., formerly known as Sunrise New Energy Co., Ltd., SDH (HK), Kekecely Ltd., and Simple Cloud Technology. (incorporated by reference to Exhibit 10.1 of the Form 6-K, filed with the SEC on August 8, 2025)](http://www.sec.gov/Archives/edgar/data/1780731/000121390025073325/ea025210801ex10-1_sunrise.htm)\n\n \n \n \n\n4.20\n \n[Securities Purchase Agreement, dated August 8, 2025, by and between E-Power Inc., formerly known as Sunrise New Energy Co., Ltd., and the purchaser named therein. (incorporated by reference to Exhibit 10.1 of the Form 6-K filed with the SEC on October 3, 2025)](http://www.sec.gov/Archives/edgar/data/1780731/000121390025092343/ea025862401ex10-1_sunrise.htm)\n\n \n \n \n\n4.21\n \n[Subscription Agreements, dated November 3, 2025, by and among E-Power Inc., formerly known as Sunrise New Energy Co., Ltd., and the three purchasers named therein. (incorporated by reference to Exhibit 10.1 of the Form 6-K filed with the SEC on November 6, 2025)](http://www.sec.gov/Archives/edgar/data/1780731/000121390025107156/ea026425301ex10-1_sunrise.htm)\n\n \n \n \n\n4.22\n \n[Sales and leaseback contract, dated September 22, 2022, between Sunrise Guizhou and Far East International Financial Leasing Co., Ltd. (incorporated herein by reference to Exhibit 4.21 to our annual report on Form 20-F, filed with the SEC on May 16, 2023)](http://www.sec.gov/Archives/edgar/data/1780731/000121390023040481/f20f2022ex4-21_sunrisenew.htm)\n\n \n \n \n\n4.23\n \n[Sales and leaseback contract, dated November 4, 2022, between Sunrise Guizhou and China Power Investment Ronghe Financial Leasing Co., Ltd. (incorporated herein by reference to Exhibit 4.22 to our annual report on Form 20-F, filed with the SEC on May 16, 2023)](http://www.sec.gov/Archives/edgar/data/1780731/000121390023040481/f20f2022ex4-22_sunrisenew.htm)\n\n \n \n \n\n4.24\n \n[English translation of Working Capital Loan Contract (RMB 100 million) between Sunrise (Guizhou) New Energy Materials Co., Ltd. and China Construction Bank Co., Ltd. Qianxinan Prefecture Branch, dated March 8, 2024 (incorporated herein by reference to Exhibit 4.20 to our annual report on Form 20-F (File No. 001-40008), filed with the SEC on May 16, 2024)](http://www.sec.gov/Archives/edgar/data/1780731/000121390024043843/ea020415801ex4-20_sunrise.htm)\n\n \n \n \n\n4.25\n \n[English translation of Comprehensive Credit Agreement (RMB 100 million) between Sunrise (Guizhou) New Energy Materials Co., Ltd. and Guiyang Branch of China Everbright Bank Co., Lt, dated May 16, 2023 (incorporated herein by reference to Exhibit 4.21 to our annual report on Form 20-F (File No. 001-40008), filed with the SEC on May 16, 2024)](http://www.sec.gov/Archives/edgar/data/1780731/000121390024043843/ea020415801ex4-21_sunrise.htm)\n\n \n \n \n\n4.26\n \n[English translation of Lease Sale Contract (RMB 15M) between Sunrise (Guizhou) New Energy Materials Co., Ltd. and Xiamen Guomao Chuangcheng Financial Leasing Co., dated October 26, 2023 (incorporated herein by reference to Exhibit 4.22 to our annual report on Form 20-F (File No. 001-40008), filed with the SEC on May 16, 2024)](http://www.sec.gov/Archives/edgar/data/1780731/000121390024043843/ea020415801ex4-22_sunrise.htm)\n\n \n \n \n\n4.27\n \n[English Translation of Sale and Leasback Agreement between Sunrise (Guizhou) New Energy Materials Co., Ltd. and Zhongguancun Technology Leasing Co., Ltd.., dated February 7, 20 (incorporated herein by reference to Exhibit 4.23 to our annual report on Form 20-F (File No. 001-40008), filed with the SEC on May 16, 2024)](http://www.sec.gov/Archives/edgar/data/1780731/000121390024043843/ea020415801ex4-23_sunrise.htm)\n\n \n \n \n\n4.28\n[English translation of loan Contract of Small Business Credit (RMB 30M) between Sunrise (Guizhou) New Energy Materials Co., Ltd. and Posal Savings Bank of China, dated January 8, 2023 (incorporated herein by reference to Exhibit 4.24 to our annual report on Form 20-F (File No. 001-40008), filed with the SEC on May 16, 2024)](http://www.sec.gov/Archives/edgar/data/1780731/000121390024043843/ea020415801ex4-24_sunrise.htm)\n\n \n \n\n4.29\n[English translation of Subscription Agreement between E-Power Inc. and Chong Ee Chang, dated October 18, 2024 (incorporated herein by reference to Exhibit 4.24 of the Form 6-K, filed with the SEC on October 21, 2024)](http://www.sec.gov/Archives/edgar/data/1780731/000121390024089309/ea021817701ex10-1_sunrise.htm)\n\n \n \n\n4.30\n[English translation of Fixed Asset Loan Agreement between Sunrise (Guizhou) New Energy Materials Co., Ltd. and China Construction Bank Corporation, Qianxinan Prefecture Branch, dated December 26, 2024 (incorporated herein by reference to Exhibit 4.26 to our annual report on Form 20-F (File No. 001-40008), filed with the SEC on May 15, 2025)](http://www.sec.gov/Archives/edgar/data/1780731/000121390025044226/ea024004601ex4-26_sunrise.htm)\n\n \n\n114\n\n \n\n \n\n4.31\n[English translation of Working Capital Loan Contract (RMB 100 million) between Sunrise (Guizhou) New Energy Materials Co., Ltd. and Qianxinan Branch of China Construction Bank Corporation, dated March 8, 2024 (incorporated herein by reference to Exhibit 4.27 to our annual report on Form 20-F (File No. 001-40008), filed with the SEC on\nMay 15, 2025)](http://www.sec.gov/Archives/edgar/data/1780731/000121390025044226/ea024004601ex4-27_sunrise.htm)\n\n \n \n\n4.32\n[English translation of Bill Acceptance Agreement between Sunrise (Guizhou) New Energy Materials Co., Ltd. and Guiyang Branch of China Everbright Bank Co., Ltd., dated July 3, 2024 (incorporated herein by reference to Exhibit 4.28 to our annual report on Form 20-F (File No. 001-40008), filed with the SEC on\nMay 15, 2025)](http://www.sec.gov/Archives/edgar/data/1780731/000121390025044226/ea024004601ex4-28_sunrise.htm)\n\n \n \n\n4.33\n[English translation of Working Capital Loan Contract (RMB 29 million) between Sunrise (Guizhou) New Energy Materials Co., Ltd. and Guiyang Branch of China Everbright Bank Co., Ltd., dated March 31, 2025 (incorporated herein by reference to Exhibit 4.29 to our annual report on Form 20-F (File No. 001-40008), filed with the SEC on May 15, 2025)](http://www.sec.gov/Archives/edgar/data/1780731/000121390025044226/ea024004601ex4-29_sunrise.htm)\n\n \n \n\n4.34\n[English translation of Working Capital Loan Contract (RMB 100 million) between Sunrise (Guizhou) New Energy Materials Co., Ltd. and Guiyang Branch of China Everbright Bank Co., Ltd., dated June 28, 2024 (incorporated herein by reference to Exhibit 4.30 to our annual report on Form 20-F (File No. 001-40008), filed with the SEC on\nMay 15, 2025)](http://www.sec.gov/Archives/edgar/data/1780731/000121390025044226/ea024004601ex4-30_sunrise.htm)\n\n \n \n\n4.35\n[English\ntranslation of Capital Increase Agreement among Jieshou Xinyang Zhanxin Equity Investment Fund Partnership, Sunrise (Guizhou) New\nEnergy Materials Co., Ltd., and certain shareholders, dated December 3, 2024\n(incorporated herein by reference to Exhibit 4.31 to our annual report on Form 20-F (File No. 001-40008), filed with the SEC on\nMay 15, 2025)](http://www.sec.gov/Archives/edgar/data/1780731/000121390025044226/ea024004601ex4-31_sunrise.htm)\n\n \n \n\n8.1*\n \n[Principal subsidiaries and consolidated affiliated entities of the Registrant](ea028883401ex8-1.htm)\n\n \n \n \n\n11.1\n \n[Code of Business Conduct and Ethics of the Registrant (incorporated herein by reference to Exhibit 11.1 to our annual report on Form 20-F (File No. 001-40008), filed with the SEC on May 15, 2025)](http://www.sec.gov/Archives/edgar/data/1780731/000121390025044226/ea024004601ex11-1_sunrise.htm)\n\n \n \n \n\n11.2\n \n[Insider Trading Policy (incorporated herein by reference to Exhibit 11.2 to our annual report on Form 20-F (File No. 001-40008) for the fiscal year ended December 31, 2023, filed with the SEC on May 16, 2024)](http://www.sec.gov/Archives/edgar/data/1780731/000121390024043843/ea020415801ex11-2_sunrise.htm)\n\n \n \n \n\n12.1*\n \n[Certification by the Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea028883401ex12-1.htm)\n\n \n \n \n\n12.2*\n \n[Certification by the Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea028883401ex12-2.htm)\n\n \n \n \n\n13.1**\n \n[Certification by the Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea028883401ex13-1.htm)\n\n \n \n \n\n13.2**\n \n[Certification by the Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea028883401ex13-2.htm)\n\n \n \n \n\n15.1*\n \n[Consent of Jincheng Tongda & Neal Law Firm](ea028883401ex15-1.htm)\n\n \n \n \n\n15.2*\n \n[Consent of Marcum Asia CPAs LLP](ea028883401ex15-2.htm)\n\n \n \n \n\n15.3*\n \n[Consent of Wei, Wei & Co., LLP](ea028883401ex15-3.htm)\n\n \n \n \n\n97.1\n[Clawback Policy (incorporated herein by reference to Exhibit 97.1 to our annual report on Form 20-F (File No. 001-40008) for the fiscal year ended December 31, 2023, filed with the SEC on May 16, 2024)](http://www.sec.gov/Archives/edgar/data/1780731/000121390024043843/ea020415801ex97-1_sunrise.htm)\n\n \n \n \n\n101.*\n \nThe following financial statements from the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2025, formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations and Comprehensive Income (Loss), (iii) Consolidated Statements of Changes in Equity, (iv) Consolidated Statements of Cash Flows, and (v) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags\n\n \n \n \n\n104.*\n \nCover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)\n\n \n\n*\nFiled herewith.\n\n \n\n**\nFurnished herewith.\n\n \n\n115\n\n \n\n \n\n**SIGNATURES**\n\n \n\nThe registrant hereby certifies that it meets\nall of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report\non its behalf.\n\n \n\n \nE-Power Inc.\n\n \n\n \nBy:\n/s/ Haiping Hu\n\n \n**Name:** \nHaiping Hu\n\n \n**Title:**\nChairman, Chief Executive Officer, and Director\n\n \n \n \n\n \n**Date:**\nMay 14, 2026\n\n \n\n116\n\n \n\n \n\n**E-POWER INC.**\n\n**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**TABLE OF CONTENTS**\n\n \n\n**Consolidated Financial Statements**    \n\n     \n\n[Report of Independent Registered Public Accounting Firm (Wei, Wei & Co., LLP PCAOB ID: 2388)](#fin_001)   F-2\n\n     \n\n[Report of Independent Registered Public Accounting Firm (Marcum Asia CPAs LLP PCAOB ID: 5395)](#fin_002)   F-3\n\n     \n\n[Consolidated Balance Sheets as of December 31, 2025 and 2024](#fin_003)   F-4\n\n     \n\n[Consolidated Statements of Operations and Comprehensive Loss for the Years Ended December 31, 2025, 2024 and 2023](#fin_004)   F-5\n\n     \n\n[Consolidated Statements of Changes in Equity for the Years Ended December 31, 2025, 2024 and 2023](#fin_005)   F-6\n\n     \n\n[Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023](#fin_006)   F-7\n\n     \n\n[Notes to Consolidated Financial Statements](#fin_007)   F-8\n\n \n\nF-1\n\n \n\n \n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING\nFIRM**\n\n \n\nTo the shareholders and the Board of Directors\nof E-Power Inc.\n\n \n\nOpinion on the Financial Statements\n\n \n\nWe have audited the accompanying consolidated\nbalance sheets of E-Power Inc. (formerly known as “Sunrise New Energy Co., Ltd.”), and its subsidiaries (the “Company”)\nas of December 31, 2025 and 2024, and the related consolidated statements of operations and comprehensive loss, changes in equity, and\ncash flows for each of the years in the two-year period ended December 31, 2025, and the related notes (collectively referred to as the\n“consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material\nrespects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows\nfor each of the year in the two-year period ended December 31, 2025, in conformity with accounting principles generally accepted in the\nUnited States of America.\n\n \n\nGoing Concern\n\n \n\nThe accompanying consolidated financial statements\nhave been prepared assuming that the Company will continue as a going concern. As more fully described in Note 3, the Company has a significant\nworking capital deficiency, has incurred significant recurring operating losses and negative cash flows from operating activities and\nneeds to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the\nCompany’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note\n3. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.\n\n \n\nBasis for Opinion\n\n \n\nThese financial statements are the responsibility\nof the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our\naudit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required\nto be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations\nof the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audits in accordance with the\nstandards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial\nstatements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged\nto perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding\nof internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s\ninternal control over financial reporting. Accordingly, we express no such opinion. Our audit included performing procedures to assess\nthe risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond\nto those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.\nOur audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating\nthe overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\n \n\n/s/ Wei, Wei & Co., LLP\n\n \n\nWe have served as the Company’s auditor\nsince 2025.\n\n \n\nFlushing, New York\n\nMay 14, 2026\n\n  \n\nF-2\n\n \n\n \n\n \n\n \n\n**Report\nof Independent Registered Public Accounting Firm**\n\n \n\nTo the Shareholders and Board of Directors of\n\nE-Power Inc. (Formerly known as Sunrise New Energy\nCo., Ltd.)\n\n \n\n**Opinion on the Financial Statements**\n\n \n\nWe have audited the accompanying consolidated\nstatements of operations and comprehensive loss**,** changes in equity and cash flows of E-Power Inc. (the “Company”) for\nthe year ended December 31, 2023, and the related notes (collectively referred to as the “financial statements”). In our opinion,\nthe financial statements present fairly, in all material respects, the results of its operations and its cash flows of the Company for\nthe year ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.\n\n \n\nWe were not engaged to audit, review, or apply\nany procedures to the adjustments to retrospectively apply the change in accounting due to the adoption of ASU No. 2023-07, Segment Reporting\ndiscussed in Note 26 to the financial statements, and accordingly, we do not express an opinion or any form of assurance about whether\nsuch adjustments is appropriate or properly applied. The adjustments were audited by other auditors.\n\n \n\n**Explanatory Paragraph – Going Concern**\n\n \n\nThe accompanying financial statements have been\nprepared assuming that the Company will continue as a going concern. As more fully described in Note 3, the Company has a significant\nworking capital deficiency, has incurred significant recurring operating losses and negative cash flows from operating activities and\nneeds to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the\nCompany's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 3. The financial\nstatements do not include any adjustments that might result from the outcome of this uncertainty.\n\n \n\n**Basis for Opinion**\n\n \n\nThese financial statements are the responsibility\nof the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We\nare a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (\"PCAOB\") and are\nrequired to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and\nregulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audit in accordance with the\nstandards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial\nstatements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged\nto perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding\nof internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal\ncontrol over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audit included performing procedures to assess\nthe risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond\nto those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.\nOur audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating\nthe overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.\n\n \n\n/s/ Marcum Asia CPAs LLP\n\n \n\nMarcum Asia CPAs LLP\n\n \n\nWe have served as the Company’s auditor\nfrom 2018 (such date takes into account the acquisition of certain assets of Friedman LLP by Marcum Asia CPAs LLP effective September\n1, 2022) to 2025\n\n** **\n\nNew York, New York\n\nMay 15, 2024\n\n \n\nNEW YORK OFFICE • 7 Penn Plaza • Suite\n830 • New York, New York • 10001\n\nPhone 646.442.4845 • Fax 646.349.5200 • www.marcumasia.com\n\n \n\nF-3\n\n \n\n \n\n**E-POWER INC.**\n\n**CONSOLIDATED BALANCE SHEETS**\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2024 \n\nASSETS \n   \n  \n\nCURRENT ASSETS \n   \n  \n\nCash and cash equivalents \n$21,838,471  \n$1,264,463 \n\nRestricted cash \n 6,311,630  \n 8,096,121 \n\nAccounts receivable, net \n 9,941,071  \n 28,992,149 \n\nNotes receivable \n 3,309,930  \n 2,381,940 \n\nInventories, net \n 24,110,221  \n 17,660,390 \n\nDue from related parties \n 762,474  \n 542,108 \n\nPrepaid expenses and other current assets \n 5,969,432  \n 4,073,702 \n\nTOTAL CURRENT ASSETS \n 72,243,229  \n 63,010,873 \n\n  \n    \n   \n\nNON-CURRENT ASSETS \n    \n   \n\nLong-term prepayments and other non-current assets \n 2,639,707  \n 3,039,185 \n\nPlant, property and equipment, net \n 63,945,861  \n 60,503,274 \n\nLand use rights, net \n 13,118,020  \n 9,197,978 \n\nIntangible assets, net \n 217,303  \n 71,909 \n\nLong-term investments, net \n 2,246,308  \n 2,007,957 \n\nFinance lease right-of-use assets \n 2,026,021  \n 5,191,856 \n\nTOTAL NON-CURRENT ASSETS \n 84,193,220  \n 80,012,159 \n\n  \n    \n   \n\nTOTAL ASSETS \n 156,436,449  \n 143,023,032 \n\n  \n    \n   \n\nLIABILITIES AND SHAREHOLDERS’ EQUITY \n    \n   \n\nCURRENT LIABILITIES \n    \n   \n\nAccounts payable \n 36,814,691  \n 49,959,735 \n\nNote payable \n 5,766,157  \n 16,091,959 \n\nShort-term loan \n 5,862,922  \n 1,643,993 \n\nDeferred revenue \n 1,525,314  \n 1,809,366 \n\nDeferred government subsidy \n 3,645,737  \n 3,049,607 \n\nDue to related parties \n 2,164,677  \n 4,196,805 \n\nIncome taxes payable \n 505,150  \n 491,745 \n\nFinance lease liabilities, current \n 336,191  \n 1,603,694 \n\nLong-term loan, current \n 29,375,697  \n 485,556 \n\nLong-term payable, current \n 298,996  \n 3,231,126 \n\nConsideration payable, current \n 1,397,337  \n 801,866 \n\nAdvance of subscription payment \n 9,709,571  \n \n-\n \n\nAccrued expenses and other current liabilities \n 3,262,986  \n 3,391,157 \n\nTOTAL CURRENT LIABILITIES \n 100,665,426  \n 86,756,609 \n\n  \n    \n   \n\nNON-CURRENT LIABILITIES \n    \n   \n\nLong-term loan, non-current \n 39,559,052  \n 26,410,701 \n\nFinance lease liabilities, non-current \n \n-\n  \n 629,053 \n\nLong term payable, non-current \n 122,409  \n 403,726 \n\nConsideration payable, non-current \n \n-\n  \n 1,338,719 \n\nDeferred tax liabilities, net \n 197,392  \n 189,551 \n\nTOTAL NON-CURRENT LIABILITIES \n 39,878,853  \n 28,971,750 \n\n  \n    \n   \n\nTOTAL LIABILITES \n 140,544,279  \n 115,728,359 \n\n  \n    \n   \n\nCOMMITMENTS AND CONTINGENCIES (Note 25) \n \n \n  \n \n \n \n\n  \n    \n   \n\nEQUITY \n    \n   \n\nClass A ordinary shares* (3,500,000,000 shares authorized; $0.0001 par value, 32,161,978 and 20,419,678 shares issued and outstanding as of December 31, 2025 and 2024, respectively) \n 3,215  \n 2,041 \n\nClass B ordinary shares* (1,500,000,000 shares authorized; $0.0001 par value, 6,567,272 shares issued and outstanding as of December 31, 2025 and 2024) \n 657  \n 657 \n\nSubscription receivable \n \n-\n  \n (100,000)\n\nAdditional paid-in capital \n 45,764,415  \n 32,175,698 \n\nWarrant \n 910,593  \n \n-\n \n\nStatutory reserves \n 2,481,963  \n 2,477,940 \n\nAccumulated deficits \n (58,883,066) \n (42,243,463)\n\nAccumulated other comprehensive loss \n (2,381,764) \n (2,577,144)\n\nTOTAL SHAREHOLDERS’ DEFICIT ATTRIBUTABLE TO E-POWER INC. ORDINARY SHAREHOLDERS \n (12,103,987) \n (10,264,271)\n\nNon-controlling interests \n 27,996,157  \n 37,558,944 \n\nTOTAL EQUITY \n 15,892,170  \n 27,294,673 \n\n  \n    \n   \n\nTOTAL LIABILITIES AND EQUITY \n$156,436,449  \n$143,023,032 \n\n \n\n*Retrospectively restated for effect of share re-designation on April 8, 2024 (see Note 23).\n\n \n\nThe accompanying notes are an integral part of\nthese consolidated financial statements.\n\n \n\nF-4\n\n \n\n \n\n**E-POWER INC.\nCONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**\n\n \n\n  \nFor the years ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \n   \n   \n  \n\nREVENUES, NET \n   \n   \n  \n\nProducts \n$46,342,154  \n$64,365,362  \n$44,384,004 \n\nService \n 73,978  \n 632,379  \n 666,401 \n\nTotal revenues \n 46,416,132  \n 64,997,741  \n 45,050,405 \n\n  \n    \n    \n   \n\nCOSTS OF REVENUES \n    \n    \n   \n\nProducts \n 52,252,338  \n 70,782,649  \n 57,172,626 \n\nService \n 11,278  \n 12,672  \n 281,030 \n\nTotal cost of revenues \n 52,263,616  \n 70,795,321  \n 57,453,656 \n\n  \n    \n    \n   \n\nGROSS LOSS \n (5,847,484) \n (5,797,580) \n (12,403,251)\n\n  \n    \n    \n   \n\nOPERATING EXPENSES \n    \n    \n   \n\nSelling expenses \n 895,099  \n 899,760  \n 742,167 \n\nGeneral and administrative expenses \n 7,329,317  \n 7,391,664  \n 13,040,038 \n\nResearch and development expenses \n 1,955,588  \n 2,507,324  \n 1,193,082 \n\nImpairment of intangible assets \n \n-\n  \n \n-\n  \n 3,151,467 \n\nTotal operating expenses \n 10,180,004  \n 10,798,748  \n 18,126,754 \n\n  \n    \n    \n   \n\nLOSS FROM OPERATIONS \n (16,027,488) \n (16,596,328) \n (30,530,005)\n\n  \n    \n    \n   \n\nOTHER (EXPENSES) INCOME \n    \n    \n   \n\nInvestment income (losses) \n 146,361  \n 198,176  \n (1,170,974)\n\nInterest expense, net \n (4,566,816) \n (2,018,680) \n (2,162,109)\n\nShare subscription discount expenses \n (6,534,936) \n \n-\n  \n \n-\n \n\nOther income, net \n 323,111  \n 441,231  \n 942,138 \n\nTotal other expenses, net \n (10,632,280) \n (1,379,273) \n (2,390,945)\n\n  \n    \n    \n   \n\nLOSS BEFORE INCOME TAXES \n (26,659,768) \n (17,975,601) \n (32,920,950)\n\n  \n    \n    \n   \n\nIncome taxes (benefit) provision  \n (387) \n 5,563  \n (226)\n\n  \n    \n    \n   \n\nNET LOSS \n (26,659,381) \n (17,981,164) \n (32,920,724)\n\nLess: net loss attributable to non-controlling interests \n (10,023,801) \n (6,204,728) \n (8,688,144)\n\nNET LOSS ATTRIBUTABLE TO E-POWER INC. ORDINARY SHAREHOLDERS \n$(16,635,580) \n$(11,776,436) \n (24,232,580)\n\n  \n    \n    \n   \n\nOTHER COMPREHENSIVE LOSS \n    \n    \n   \n\nForeign currency translation adjustment \n 656,394  \n (962,919) \n (1,165,807)\n\nTOTAL COMPREHENSIVE LOSS \n (26,002,987) \n (18,944,083) \n (34,086,531)\n\nLess: comprehensive loss attributable to non-controlling interests \n (9,562,787) \n (6,579,590) \n (9,220,222)\n\nCOMPREHENSIVE LOSS ATTRIBUTABLE TO ORIDNARY SHAREHOLDERS OF E-POWER INC. \n$(16,440,200) \n$(12,364,493) \n (24,866,309)\n\n  \n    \n    \n   \n\nLOSS PER SHARE \n    \n    \n   \n\nBasic and diluted - Class A and Class B ordinary shares \n$(0.57) \n$(0.48) \n$(1.08)\n\n  \n    \n    \n   \n\nWEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING \n    \n    \n   \n\nBasic and diluted - Class A and Class B ordinary shares \n 29,043,280  \n 26,404,589  \n 25,622,195 \n\n \n\nThe accompanying notes are an integral part of\nthese consolidated financial statements.\n\n \n\nF-5\n\n \n\n \n\n**E-POWER INC.**\n\n**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**\n\n \n\n  \nOrdinary\nshares*  \n   \n   \n   \n   \n   \nAccumulated  \nTotal\nequity (deficit)  \n   \n  \n\n  \nClass\nA\nordinary shares  \nClass\nB\nordinary shares  \nSubscription  \nAdditional\n\npaid-in  \n   \nStatutory  \nAccumulated  \nother\n\ncomprehensive  \nattributable\n\nto ordinary  \nNon-\n\ncontrolling  \nTotal \n\n  \nShares  \nAmount  \nShares  \nAmount  \nreceivable  \ncapital  \nWarrant  \nreserves  \ndeficits  \nloss  \nshareholders  \ninterests  \nequity \n\nBalance\nas of December 31, 2022 \n 18,794,278  \n$1,879  \n 6,567,272  \n$657  \n$-  \n$33,789,702  \n$-  \n$2,477,940  \n$(6,234,447) \n$(1,355,358) \n$28,680,373  \n$13,452,895  \n$42,133,268 \n\nCapital\ncontributions from non-controlling interests \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n 3,910,897  \n 3,910,897 \n\nAccretion\nto the redemption value of redeemable non-controlling interests \n -  \n -  \n -  \n -  \n -  \n (3,314,857) \n -  \n -  \n -  \n -  \n (3,314,857) \n -  \n (3,314,857)\n\nNet\nloss \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n (24,232,580) \n -  \n (24,232,580) \n (8,688,144) \n (32,920,724)\n\nShare-based\ncompensation \n -  \n -  \n -  \n -  \n -  \n 2,145,801  \n -  \n -  \n -  \n -  \n 2,145,801  \n -  \n 2,145,801 \n\nSettlement\nfor vested shares \n 779,800  \n 78  \n -  \n -  \n -  \n (78) \n -  \n -  \n -  \n -  \n -  \n -  \n - \n\nForeign\ncurrency translation adjustment \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n (633,729) \n (633,729) \n (532,078) \n (1,165,807)\n\nBalance\nas of December 31, 2023 \n 19,574,078  \n$1,957  \n 6,567,272  \n$657  \n$-  \n$32,620,568  \n$-  \n$2,477,940  \n$(30,467,027) \n$(1,989,087) \n$2,645,008  \n$8,143,570  \n$10,788,578 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nIssuance\nof ordinary shares \n 103,300  \n 10  \n -  \n -  \n (100,000) \n 99,990  \n -  \n -  \n -  \n -  \n -  \n -  \n - \n\nAcquisition\nof non-controlling interests \n -  \n -  \n -  \n -  \n -  \n (533,602) \n -  \n -  \n -  \n -  \n (533,602) \n 467,851  \n (65,751 \n\nAccretion\nto the redemption value of redeemable non-controlling interests \n -  \n -  \n -  \n -  \n -  \n (983,927) \n -  \n -  \n -  \n -  \n (983,927) \n -  \n (983,927)\n\nDerecognition\nof redeemable non-controlling interests \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n 35,527,113  \n 35,527,113 \n\nNet\nloss \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n    \n (11,776,436) \n -  \n (11,776,436) \n (6,204,728) \n (17,981,164)\n\nShare-based\ncompensation \n -  \n -  \n -  \n -  \n -  \n 972,743  \n -  \n -  \n -  \n -  \n 972,743  \n -  \n 972,743 \n\nSettlement\nfor vested shares \n 742,300  \n 74  \n -  \n -  \n -  \n (74) \n -  \n -  \n -  \n -  \n -  \n -  \n - \n\nForeign\ncurrency translation adjustment \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n (588,057) \n (588,057) \n (374,862) \n (962,919)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nBalance\nas of December 31, 2024 \n 20,419,678  \n$2,041  \n 6,567,272  \n$657  \n$(100,000) \n$32,175,698  \n$-  \n$2,477,940  \n$(42,243,463) \n$(2,577,144) \n$(10,264,271) \n$37,558,944  \n$27,294,673 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nIssuance\nof ordinary shares and warrants \n 11,000,000  \n 1,100  \n -  \n \n- \n  \n -  \n 13,266,405  \n 910,593  \n -  \n -  \n -  \n 14,178,098  \n -  \n 14,178,098 \n\nCollection\nof subscription receivable \n -  \n -  \n -  \n -  \n 100,000  \n -  \n -  \n -  \n -  \n -  \n 100,000  \n -  \n 100,000 \n\nSurplus\nreserve \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n 4,023  \n (4,023) \n -  \n -  \n -  \n - \n\nNet\nloss \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n (16,635,580) \n -  \n (16,635,580) \n (10,023,801) \n (26,659,381)\n\nShare-based\ncompensation \n -  \n -  \n -  \n -  \n -  \n 322,386  \n -  \n -  \n -  \n -  \n 322,386  \n -  \n 322,386 \n\nSettlement\nfor vested shares \n 742,300  \n 74  \n -  \n -  \n -  \n (74) \n -  \n -  \n -  \n -  \n -  \n -  \n - \n\nForeign\ncurrency translation adjustment \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n 195,380  \n 195,380  \n 461,014  \n 656,394 \n\nBalance\nas of December 31, 2025 \n 32,161,978  \n$3,215  \n 6,567,272  \n$657  \n$-  \n$45,764,415  \n$910,593  \n$2,481,963  \n$(58,883,066) \n$(2,381,764) \n$(12,103,987) \n$27,996,157  \n$15,892,170 \n\n \n\n*Retrospectively restated for effect of share re-designation on April 8, 2024 (see Note 23).\n\n \n\nThe accompanying notes are an integral part of\nthese consolidated financial statements.\n\n \n\nF-6\n\n \n\n \n\n**E-POWER INC.**\n\n**CONSOLIDATED STATEMENTS OF CASH FLOWS**\n\n \n\n  \nFor the years ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \n   \n   \n  \n\nCash flows from operating activities \n   \n   \n  \n\nNet loss \n$(26,659,381) \n$(17,981,164) \n$(32,920,724)\n\nAdjusted to reconcile net loss to cash used in operating activities \n    \n    \n   \n\nDepreciation and amortization \n 5,683,727  \n 4,881,946  \n 3,953,328 \n\nAmortization of land use right \n 255,526  \n 214,499  \n 217,977 \n\nShare-based compensation \n 322,386  \n 972,743  \n 2,145,801 \n\nDeferred tax benefits \n (446) \n (446) \n (454)\n\nInterest expense \n 1,117,115  \n 166,999  \n 575,075 \n\nInvestment (income) losses \n (146,361) \n (198,176) \n 1,170,974 \n\nProvision for credit loss \n 210,686  \n 113,854  \n 3,428,033 \n\nImpairment of inventory \n 5,119,406  \n 3,959,304  \n 7,238,819 \n\nImpairment of intangible assets \n \n-\n  \n \n-\n  \n 3,151,467 \n\nShare subscription discount expenses \n 6,534,936  \n \n-\n  \n \n-\n \n\nAmortization of finance lease right-of-use assets \n 444,348  \n 622,203  \n 338,627 \n\nChanges in operating assets and liabilities: \n    \n    \n   \n\nAccounts receivable \n 19,043,753  \n (20,706,075) \n (4,074,715)\n\nNote receivable \n (801,416) \n (1,592,262) \n 17,080 \n\nDue from related parties \n 219,750  \n (89,314) \n (225,160)\n\nInventories \n (10,638,275) \n (6,241,347) \n (5,095,430)\n\nPrepaid expenses and other current assets \n (1,810,711) \n (1,309,420) \n 6,157,166 \n\nAccounts payable \n (12,490,727) \n 17,837,613  \n 6,133,132 \n\nNotes payable \n (10,732,066) \n 12,230,606  \n 63,504 \n\nIncome taxes payable \n (7,906) \n 19,537  \n \n-\n \n\nDeferred revenue \n (18,175) \n 1,154,441  \n 8,724 \n\nDeferred government subsidy \n 537,739  \n 314,076  \n \n-\n \n\nDue to related parties \n (506,166) \n (544,274) \n (295,728)\n\nAccrued expenses and other current liabilities \n (838,326) \n 822,500  \n 729,509 \n\nNet cash used in operating activities \n (25,160,584) \n (5,352,157) \n (7,282,995)\n\n  \n    \n    \n   \n\nCash flows from investing activities \n    \n    \n   \n\nPurchase of plant, property and equipment \n (6,392,748) \n (2,464,915) \n (5,472,778)\n\nLoans to third parties \n (194,783) \n \n-\n  \n (16,947)\n\nLoans repayment by third party \n 69,565  \n 16,677  \n \n-\n \n\nPrepayment for finance lease right-of-use assets \n \n-\n  \n \n-\n  \n (1,029,195)\n\nDeposit paid for finance lease \n \n-\n  \n \n-\n  \n (655,990)\n\nCollection of deposit paid for sales and leaseback financing and finance lease \n 473,043  \n \n-\n  \n \n-\n \n\nPurchase of land use right \n (3,677,693) \n \n-\n  \n \n-\n \n\nPurchase of intangible assets \n (78,122) \n \n-\n  \n \n-\n \n\nLoans to related parties \n (866,087) \n \n-\n  \n \n-\n \n\nRepayment of loan to related party \n 277,960  \n \n-\n  \n \n-\n \n\nRedemption of prepayment for investment \n \n-\n  \n 708,757  \n \n-\n \n\nRedemption of short-term investment \n \n-\n  \n 2,371,942  \n 878,000 \n\nConsideration paid for asset acquisition \n (832,219) \n \n-\n  \n (706,125)\n\nNet cash (used in) provided by investing activities \n (11,221,084) \n 632,461  \n (7,003,035)\n\n  \n    \n    \n   \n\nCash flows from financing activities \n    \n    \n   \n\nProceeds from short-term loan \n 5,704,348  \n 1,667,663  \n 7,061,249 \n\nRepayment on short-term loan \n (1,669,565) \n (6,948,594) \n \n-\n \n\nProceeds from long-term loan, net of issuance cost \n 41,133,113  \n 27,876,982  \n 4,236,750 \n\nRepayment on long-term loan \n (632,239) \n (4,526,391) \n (240,082)\n\nPrepayment of acquisition cost of long-term borrowings \n \n-\n  \n (1,255,027) \n \n-\n \n\nProceeds from long term payable, net of issuance cost \n \n-\n  \n 798,810  \n 4,825,658 \n\nRepayment on long term payable \n (3,278,572) \n (4,692,271) \n (4,782,564)\n\nProceeds from short-term borrowings from third parties \n \n-\n  \n \n-\n  \n 2,118,375 \n\nRepayments on short-term borrowings to third parties \n \n-\n  \n \n-\n  \n (2,118,375)\n\nLoans from related parties \n 918,261  \n 9,145,337  \n 3,867,883 \n\nRepayment on loans from related parties \n (3,252,870) \n (8,797,497) \n (155,347)\n\nRepayment on finance lease liabilities \n (1,944,483) \n (2,571,592) \n (1,282,358)\n\nCollection of subscription receivable \n 100,000  \n \n-\n  \n \n-\n \n\nIssuance of ordinary shares and warrants, net of issuance cost \n 7,643,162  \n    \n   \n\nAcquisition of non-controlling interests \n \n-\n  \n (65,751) \n \n-\n \n\nProceeds from advance capital subscripiton \n 9,739,130  \n \n-\n  \n \n-\n \n\nProceeds from capital contributions by non-controlling shareholders \n \n-\n  \n \n-\n  \n 148,078 \n\nNet cash provided by financing activities \n 54,460,285  \n 10,631,669  \n 13,679,267 \n\n  \n    \n    \n   \n\nEffect of foreign exchange rate on cash, cash equivalents and restricted cash \n 710,900  \n (172,056) \n (66,587)\n\nNet increase (decrease) in cash, cash equivalents and restricted cash \n 18,789,517  \n 5,739,917  \n (673,350)\n\nCash, cash equivalents and restricted cash, beginning of year \n 9,360,584  \n 3,620,667  \n 4,294,017 \n\nCash, cash equivalents and restricted cash, end of year \n$28,150,101  \n$9,360,584  \n$3,620,667 \n\n  \n    \n    \n   \n\nCash, cash equivalents and restricted cash, end of year \n 28,150,101  \n 9,360,584  \n 3,620,667 \n\nLess: restricted cash \n 6,311,630  \n 8,096,121  \n 2,224,722 \n\nCash and cash equivalents, end of year \n 21,838,471  \n 1,264,463  \n 1,395,945 \n\n  \n    \n    \n   \n\nSupplemental disclosure of cash flow information \n    \n    \n   \n\nCash paid for income tax \n$7,847  \n \n-\n  \n$42 \n\nCash paid for interest \n$3,449,701  \n$1,868,263  \n 1,377,302 \n\nSupplemental non cash transactions \n    \n    \n   \n\nFinance lease right-of-use assets obtained in exchange of finance lease liabilities \n \n-\n  \n \n-\n  \n$5,457,510 \n\nPlant, property and equipment obtained from account payable \n \n-\n  \n \n-\n  \n$15,771,926 \n\nPlant, property and equipment obtained from capital contribution by non-controlling shareholders \n \n-\n  \n \n-\n  \n$3,762,819 \n\nConsideration payable offset by land use right and property tax payable by Sunrise Tech original shareholder before the asset acquisition (Note 13) \n \n-\n  \n$1,060,422  \n \n-\n \n\nPlant, property and equipment obtained from finance lease right-of-use assets at the end of the lease term \n$2,857,043  \n \n-\n  \n \n-\n \n\n \n\nThe accompanying notes are an integral part\nof these consolidated financial statements.\n\n \n\nF-7\n\n \n\n \n\n**E-POWER INC.**\n\n**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**NOTE 1 – ORGANIZATION AND BUSINESS\nDESCRIPTION**\n\n** **\n\nE-Power Inc. (“EPOW”),\npreviously known as Global Internet of People, Inc., Sunrise New Energy Co. Ltd., or GIOP, is an exempted company with limited liability\nincorporated under the laws of the Cayman Islands on February 22, 2019. It is a holding company with no business operation.\n\n \n\nOn March 22, 2019, EPOW\nincorporated Global Mentor Board Information Technology Limited (“GMB HK”), a limited liability company formed in accordance\nwith laws and regulations of Hong Kong. GMB HK is currently not engaging in any active business and is merely acting as a holding company\nof Beijing Mentor Board Union Information Technology Co, Ltd. (“GIOP BJ”). GIOP BJ was incorporated by GMB HK as a Foreign\nEnterprise in China on June 3, 2019.\n\n \n\nGIOP BJ incorporated Global\nMentor Board (Zibo) Information Technology Co., Ltd. (“SDH”, formerly known as Global Mentor Board (Beijing) Information\nTechnology Co., Ltd.) and Shidong Cloud (Beijing) Education Technology Co., Ltd. (“Shidong Cloud”) on December 5, 2014 and\nDecember 22, 2021, respectively.\n\n \n\nSDH is a limited liability\ncompany incorporated on December 5, 2014 under the laws of China. Since 2017, SDH established several subsidiaries in China,\nincluding Global Mentor Board (Hangzhou) Technology Co., Ltd. (“GMB Hangzhou”) and its subsidiary Guizhou Yuanneng Zhihui\nEnterprise Management Partnership Enterprise (Limited Partnership) (“Guizhou Yuanneng”), Global Mentor Board (Shanghai) Enterprise\nManagement Consulting Co., Ltd. (“GMB Consulting”), Shanghai Voice of Seedling Cultural Media Co., Ltd. (“GMB Culture”),\nwhich has a subsidiary, Mentor Board Voice of Seedling (Shanghai) Cultural Technology Co., Ltd. (“GMB Technology”), Shidong\n(Beijing) Information Technology Co., Ltd. (“GMB (Beijing)”), and, Beijing Mentor Board Health Technology Co., Ltd. (“GMB\nHealth”) and its subsidiary Shidong Yike (Beijing) Technology Co., Ltd. (“Shidong Yike”), Zibo Shidong Digital Technology\nCo., Ltd. (“Zibo Shidong”) and its subsidiaries, Shanghai Jiagui Haifeng Technology Co., Ltd. (“Jiagui Haifeng”,\ndisposal in March 2023), Shanghai Nanyu Culture Communication Co., Ltd. (“Nanyu Culture”, deregistered in July 2023) and\nShanghai Yuantai Fengdeng Agricultural Technology Co., Ltd. (“Yuantai Fengdeng”, deregistered in April 2023). SDH and its\nsubsidiaries are primarily engaged in providing peer-to-peer knowledge sharing and enterprise services to clients in the People’s\nRepublic of China (“PRC”).\n\n \n\nOn October 8, 2021, EPOW incorporated SDH (HK)\nNew Energy Tech Co., Ltd. (“SDH New Energy”), a limited liability company formed in accordance with laws and regulations of\nHong Kong. SDH New Energy is acting as a holding company of Zhuhai (Zibo) Investment Co., Ltd (“Zhuhai Zibo”) and Zhuhai (Guizhou)\nNew Energy Investment Co., Ltd. (“Zhuhai Guizhou”). Zhuhai Zibo and Zhuhai Guizhou were incorporated by SDH New Energy\nas Foreign Enterprises in China on October 15, 2021 and November 23, 2021, respectively. On August 5, 2025, EPOW and SDH New Energy entered\ninto a joint venture agreement with Kekecely Ltd and Simple Cloud Technology to establish Alchemistica Inc. under the laws of the State\nof Delaware, to support the expansion of the Company’s operations into the United States. EPOW and SDH New Energy would collectively\ncontribute a total of $710,000 and would hold a combined 71% equity interest in Alchemistica Inc.\n\n \n\nOn August 26, 2022, GMB HK transferred its equity\ninterest in GIOP BJ to Zhuhai Zibo. GIOP BJ eventually became the wholly owned subsidiary of Zhuhai Zibo.  \n\n \n\nOn November 8, 2021, Zhuhai Zibo incorporated\nSunrise (Guizhou) New Energy Materials Co., Ltd. (“Sunrise Guizhou”). Sunrise Guizhou incorporated Sunrise (Guxian) New Energy\nMaterials Co., Ltd. (“Sunrise Guxian”) and Guizhou Sunrise Technology Innovation Research Co., Ltd. (“Innovation Research”)\non April 26, 2022 and December 13, 2022, respectively. On July 2, 2022, Sunrise Guizhou entered into purchase agreements with original\nshareholders of Guizhou Sunrise Technology Co., Ltd. (“Sunrise Tech”, formerly as Anlong Hengrui Graphite Material Co., Ltd.)\nto acquire 100% of Sunrise Tech’s assets and equity ownership. On July 7, 2022, Sunrise Tech became the wholly owned subsidiary\nof Sunrise Guizhou. Sunrise Guizhou and its subsidiaries are primarily engaged in manufacturing lithium battery materials to clients\nin the PRC. Sunrise Tech several subsidiaries, including Guizhou Chenhui Trading Co., Ltd. (“Sunrise Chenhui”) on March 25,\n2024, Shenzhen Sunrise Yitan New Energy Technology Co., Ltd. (“Sunrise Yitan”) and Shenzhen Sunrise Suiyuan New Materials\nTechnology Co., Ltd. (“Sunrise Suiyuan”) on June 24, 2024, Guizhou Yihui New Energy Co., Ltd. on October 10, 2024 (disposal\nin January 2026) and Sunrise Anhui New Energy Materials Co., Ltd. on January 21, 2025.\n\n \n\nAs described below, EPOW,\nthrough a restructuring which was accounted for as a reorganization of entities under common control (the “Reorganization”),\nbecame the ultimate parent entity of its subsidiaries, and the primary beneficiary of the variable interest entity (the “VIE”),\nSDH, and the VIE’s subsidiaries for accounting purposes under accounting principles generally accepted in the United States of\nAmerica (“U.S. GAAP”) to the extent that SDH’s the financials results of is consolidated to the consolidated statements\nunder U.S. GAAP. EPOW, its subsidiaries, the VIE and the VIE’s subsidiaries, are collectively hereinafter referred as the “Company”.\n\n \n\nOn June 10, 2019, GIOP BJ entered into a series\nof contractual arrangements with SDH and shareholders of SDH. These agreements include an Exclusive Technical and Consulting Service\nAgreement, an Exclusive Service Agreement, an Exclusive Option Agreement and Powers of Attorney (collectively “VIE Agreements”).\nPursuant to the above VIE Agreements, GIOP BJ has the exclusive right to provide SDH with comprehensive technical support, consulting\nservices and other services in relation to the principal business during the term the VIE Agreement. All the above contractual arrangements\nobligate GIOP BJ to absorb a majority of the risk of loss from business activities of SDH and entitle GIOP BJ to receive a majority of\ntheir residual returns. In essence, GIOP BJ is the primary beneficiary of SDH for accounting purpose under U.S. GAAP. EPOW, together\nwith its wholly owned subsidiaries, GIOP BJ, VIE and VIE’s subsidiaries were effectively under common control by the same shareholders\nbefore and after the Reorganization. Therefore, SDH is considered as a VIE under the Statement of Financial Accounting Standards Board\n(“FASB”) Accounting Standards Codification (“ASC”) 810 “Consolidation”.\n\n \n\nF-8\n\n \n\n \n\nThe consolidated financial statements reflect\nthe activities of the Company and each of the following entities:\n\n \n\n**Name**   **Date of\nIncorporation**   **Place of\nincorporation**   **Percentage of\neffective\nownership**   **Principal Activities**\n\n**Subsidiaries**                \n\nGlobal Mentor Board Information Technology Limited (“GMB HK”)   March 22, 2019   HK   100% by the Company   Holding company\n\nAlchemistica Inc. (“Alchemistica”)   August 5, 2025   The U.S.   71% by the Company   Business development on lithium battery materials\n\nBeijing Mentor Board Union Information Technology Co, Ltd. (“GIOP BJ”)   June 3, 2019   PRC   100% by the Company   Holding company of GIOP BJ\n\nShidong Cloud (Beijing) Education Technology Co., Ltd (“Shidong Cloud”)   December 22, 2021   PRC   75% by the Company   Educational consulting\n\nSDH (HK) New Energy Tech Co., Ltd. (“SDH New Energy”)   October 8, 2021   HK   100% by the Company   Holding company\n\nZhuhai (Zibo) Investment Co., Ltd. (“Zhuhai Zibo”)   October 15, 2021   PRC   100% by the Company   New energy investment\n\nZhuhai (Guizhou) New Energy Investment Co., Ltd. (“Zhuhai Guizhou”)   November 23, 2021   PRC   100% by the Company   New energy investment\n\nSunrise (Guizhou) New Energy Materials Co., Ltd.  (“Sunrise Guizhou”)   November 8, 2021   PRC   39.35% by the Company, and 1.45% by the VIE   Manufacture of lithium battery materials\n\nGuizhou Sunrise Technology Co., Ltd. (“Sunrise Tech”)   September 1, 2011, acquired through an asset acquisition on\n\nJuly 7, 2022   PRC   39.35% by the Company, and 1.45% by the VIE   Manufacture of lithium battery materials\n\nSunrise (Guxian) New Energy Materials Co., Ltd. (“Sunrise Guxian”)   April 26, 2022   PRC   20.07% by the Company, and 0.74% by the VIE   Manufacture of lithium battery materials\n\nGuizhou Sunrise Technology Innovation Research Co., Ltd. (“Innovation Research”)   December 13, 2022   PRC   39.35% by the Company, and 1.45% by the VIE   Research and development\n\nShenzhen Sunrise Yitan New Energy Technology Co., Ltd. (“Sunrise Yitan”)   June 24, 2024   PRC   25.58% by the Company, and 0.94% by the VIE   Research and development of Sodium-ion battery\n\nShenzhen Sunrise Suiyuan New Materials Technology Co., Ltd. (“Sunrise Suiyuan”)   June 24, 2024   PRC   25.58% by the Company, and 0.94% by the VIE   Research and development of silicon carbon battery\n\nGuizhou Chenhui Trading Co., Ltd. (“Sunrise Chenhui”)   March 25, 2024   PRC   39.35% by the Company and 1.45% by the VIE   Sales of lithium battery materials\n\nGuizhou Yihui New Energy Co., Ltd.   October 10, 2024   PRC   39.35% by the Company, and 1.45% by the VIE, disposal in January 2026   Sales of lithium battery materials\n\nSunrise Anhui New Energy Materials Co., Ltd. (Sunrise Anhui )       January 21, 2025   PRC   39.35% by the Company, and 1.45% by the VIE     Production of lithium battery materials\n\n**Variable Interest Entity (“VIE”) and subsidiaries of VIE**                \n\nGlobal Mentor Board (Zibo) Information Technology Co., Ltd. (“SDH” or “VIE”)   December 5, 2014   PRC   N/A   Knowledge sharing and enterprise service platform provider\n\nGlobal Mentor Board (Hangzhou) Technology Co., Ltd. (“GMB (Hangzhou)”)   November 1, 2017   PRC   100% by the VIE   Consulting, training and tailored services provider\n\nGlobal Mentor Board (Shanghai) Enterprise Management Consulting Co., Ltd. (“GMB Consulting”)   June 30, 2017   PRC   51% by the VIE   Consulting services provider\n\nShanghai Voice of Seedling Cultural Media Co., Ltd. (“GMB Culture”)   June 22, 2017   PRC   51% by the VIE   Cultural and artistic exchanges and planning, conference services provider\n\nShidong (Beijing) Information Technology Co., LTD. (“GMB (Beijing)”)   June 19, 2018   PRC   51% by the VIE   Information technology services provider\n\nMentor Board Voice of Seeding (Shanghai) Cultural Technology Co., Ltd. (“GMB Technology”)   August 29, 2018   PRC   30.6% by the VIE   Technical services provider\n\nShidong Zibo Digital Technology Co., Ltd. (“Zibo Shidong”)   October 16, 2020   PRC   100% by the VIE   Technical services provider\n\nShanghai Jiagui Haifeng Technology Co., Ltd. (“Jiagui Haifeng”)   November 29, 2021   PRC   Disposed in March 2023   Business incubation services provider\n\nShanghai Nanyu Culture Communication Co., Ltd. (“Nanyu Culture”)   July 27, 2021   PRC   Deregistered in July 2023   Enterprise information technology integration services provider\n\nBeijing Mentor Board Health Technology Co., Ltd (“GMB Health”)   January 7, 2022   PRC   100% by the VIE   Health services\n\nShidong Yike (Beijing) Technology Co., Ltd. (“Shidong Yike”)   July 16, 2021   PRC   100% by the VIE   Health services\n\nShanghai Yuantai Fengdeng Agricultural Technology Co., Ltd. (“Yuantai Fengdeng”)   March 4, 2022   PRC   Deregistered in April 2023   Agricultural technology service\n\nGuizhou Yuanneng Zhihui Enterprise Management Partnership Enterprise (Limited Partnership) (“Guizhou Yuanneng”)   April 1, 2024   PRC   94% by the VIE   Holding company\n\n \n\nF-9\n\n \n\n \n\n*The VIE contractual arrangements*\n\n \n\nNeither the Company nor the Company’s subsidiaries\nown any equity interest in SDH. Instead, The Company directs the activities and receives the economic benefits of SDH’s business\noperation through a series of contractual arrangements. GIOP BJ, SDH and its shareholders entered into a series of contractual arrangements,\nalso known as VIE Agreements, in June 2019.\n\n \n\nEach of the VIE Agreements is described in detail\nbelow:  \n\n \n\nExclusive Technical and Consulting Services\nAgreement\n\n \n\nPursuant to the Exclusive Technical and Consulting\nServices Agreement between SDH and GIOP BJ (the “Exclusive Service Agreement”), GIOP BJ provides SDH with technical support,\nconsulting services, business support and other management services relating to its day-to-day business operations and management, on\nan exclusive basis, utilizing its advantages in technology, human resources, and information. For services rendered to SDH by GIOP BJ\nunder the Exclusive Service Agreement, GIOP BJ is entitled to collect a service fee approximately equal to SDH’s earnings before\ncorporate income tax, i.e., SDH’s revenue after deduction of operating costs, expenses and other taxes, subject to adjustment based\non services rendered and SDH’s operation needs.\n\n \n\nThis agreement became effective on June 10, 2019\nand will remain effective unless otherwise terminated as required by laws or regulations, or by relevant governmental or regulatory authorities\notherwise terminated earlier in accordance with the provisions of this agreement or relevant agreements separately executed between the\nparties. Nevertheless, this agreement shall be terminated after all the equity interest in SDH held by its shareholders and/or all the\nassets of SDH have been legally transferred to GIOP BJ and/or its designee in accordance with the Exclusive Option Agreement (described\nbelow).\n\n \n\nThe Chief Executive Officer (“CEO”)\nof GIOP BJ, Mr. Haiping Hu, is currently managing SDH pursuant to the terms of the Exclusive Service Agreement. The Exclusive Service\nAgreement does not prohibit related party transactions. The Company’s audit committee will be required to review and approve in\nadvance any related party transactions, including transactions involving GIOP BJ or SDH.\n\n \n\nEquity Pledge Agreement\n\n \n\nUnder the Equity Pledge Agreement between GIOP\nBJ, and shareholders of SDH, together holding 100% of the shares of SDH (“SDH Shareholders”), the SDH Shareholders pledged\nall of their equity interests in SDH to GIOP BJ to guarantee the performance of SDH’s obligations under the Exclusive Service Agreement.\nUnder the terms of the Equity Pledge Agreement, in the event that SDH or the SDH Shareholders breach their respective contractual obligations\nunder the Exclusive Service Agreement, GIOP BJ, as pledgee, will be entitled to certain rights, including, but not limited to, the right\nto collect dividends generated by the pledged equity interests. The SDH Shareholders also agreed that upon occurrence of any event of\ndefault, as set forth in the Equity Pledge Agreement, GIOP BJ is entitled to dispose of the pledged equity interests in accordance with\napplicable PRC laws. The SDH Shareholders further agreed not to dispose of the pledged equity interests or take any actions that would\nprejudice GIOP BJ’s interests without the prior written consent of GIOP BJ.\n\n \n\nThe Equity Pledge Agreement is effective until:\n(1) the secured debt in the scope of pledge is cleared off; and (2) Pledgers transfer all the pledged equity interests to Pledgees according\nto the Equity Pledge Agreement, or other entity or individual designated by it.\n\n \n\nThe purposes of the Equity Pledge Agreement are\nto (1) guarantee the performance of SDH’s obligations under the Exclusive Service Agreement; (2) make sure the SDH Shareholders\ndo not transfer or assign the pledged equity interests, or create or allow any encumbrance that would prejudice GIOP BJ’s interests\nwithout GIOP BJ’s prior written consent. In the event SDH breaches its contractual obligations under the Exclusive Service Agreement,\nGIOP BJ will be entitled to dispose of the pledged equity interests.\n\n \n\nF-10\n\n \n\n \n\nExclusive Option Agreement\n\n \n\nUnder the Exclusive Option Agreement, the SDH\nShareholders irrevocably granted GIOP BJ (or its designee) an exclusive option to purchase, to the extent permitted under PRC law, once\nor at multiple times, at any time, part or all of their equity interests in SDH or the assets of SDH. The option price to be paid by GIOP\nBJ to each shareholder of SDH is RMB 10 (US$1.37) or the minimum amount to the extent permitted under PRC law at the time when such transfer\noccurs.\n\n \n\nUnder the Exclusive Option Agreement, GIOP BJ\nmay at any time under any circumstances, purchase, or have its designee purchase, at its discretion, to the extent permitted under PRC\nlaw, all or part of the SDH Shareholders’ equity interests in SDH or the assets of SDH. The Equity Pledge Agreement, together with\nthe Equity Pledge Agreement, the Exclusive Service Agreement, and Powers of Attorney, enable GIOP BJ to be the primary beneficiary of\nSDH.\n\n \n\nThe Exclusive Option Agreement remains effective\nuntil all the equity or assets of SDH is legally transferred under the name of GIOP BJ and/or other entity or individual designated by\nit, or unilaterally terminated by GIOP BJ within 30-day prior written notice.\n\n \n\nPowers of Attorney\n\n \n\nUnder each of the Powers of Attorney, the SDH\nShareholders authorized GIOP BJ to act on their behalf as their exclusive agent and attorney with respect to all rights as shareholders,\nincluding, but not limited to: (a) attending shareholders’ meetings; (b) exercising all the shareholder’s rights, including\nvoting, that shareholders are entitled to under the laws of China and the Articles of Association, including, but not limited to, the\nsale or transfer or pledge or disposition of shares in part or in whole; and (c) designating and appointing on behalf of shareholders\nthe legal representative, the executive director, supervisor, the chief executive officer, and other senior management members of SDH.\n\n \n\nThe Powers of Attorney are irrevocable and continuously\nvalid from the date of execution of the Powers of Attorney, so long as the SDH Shareholders own the equity interests of SDH.\n\n \n\nSpousal Consent\n\n \n\nPursuant to the Spousal Consent, each spouse\nof the individual shareholders of SDH irrevocably agreed that the equity interest in SDH held by their respective spouses would be disposed\nof pursuant to the Equity Interest Pledge Agreement, the Exclusive Option Agreement, and the Powers of Attorney. Each spouse of the shareholders\nagreed not to assert any rights over the equity interest in SDH held by their respective spouses. In addition, in the event that any\nspouse obtains any equity interest in SDH through the respective shareholder for any reason, he or she agrees to be bound by the contractual\narrangements.\n\n \n\n*Risks in relation to the VIE structure*\n\n \n\nEPOW believes that the contractual arrangements\namong GIOP BJ, the VIE and their respective shareholders are in compliance with PRC laws and regulations and are legally enforceable.\nHowever, uncertainties in the PRC legal system could limit the EPOW’s ability to enforce the contractual arrangements. If the legal\nstructure and contractual arrangements were found to be in violation of PRC laws and regulations, the PRC government could:\n\n \n\n●revoke\nthe business and operating licenses of the Company’s PRC subsidiary and the VIE;\n\n \n\n●discontinue\nor restrict the operations of any related-party transactions between the Company’s\nPRC subsidiary and the VIE;\n\n \n\nF-11\n\n \n\n \n\n●limit\nthe Company’s business expansion in China by way of entering into contractual arrangements;\n\n \n\n●impose\nfines or other requirements with which the Company’s PRC subsidiary and the VIE may\nnot be able to comply;\n\n \n\n●require\nthe Company or the Company’s PRC subsidiary and the VIE to restructure the relevant\nownership structure or operations; or\n\n \n\n●restrict\nor prohibit the Company’s use of the proceeds of the additional public offering to\nfinance.\n\n \n\nThe Company’s ability to conduct its wisdom\nsharing and enterprise consulting business may be negatively affected if the PRC government were to carry out any of the aforementioned\nactions. As a result, the Company may not be able to consolidate its VIE in its consolidated financial statements as it may lose the\nability to receive economic benefits from the VIE. The Company, however, does not believe such actions would result in the liquidation\nor dissolution of the Company, its PRC subsidiary and VIE.\n\n \n\nFor the year ended December 31, 2025, Zibo\nShidong provided an interest-free loan of $427,687 to GIOP BJ; Sunrise Guizhou repaid a loan of $139,130 to Zibo Shidong, bearing interest rate at 4%; Sunrise Chenhui provided an interest-free loan of $278,261 to Zibo Shidong; (iv) Sunrise Guizhou repaid a loan of\n$166,957, bearing interest rate at 4% to GMB Hangzhou and (v) Zibo Shidong paid $42,002 on behalf of the Company for legal fees\nassociated with the 2025 Series A Ordinary Share issuance.\n\n \n\nFor the year ended December 31, 2024, the Company\nprovided $1,300,000 interest free loans to a VIE subsidiary, Zibo Shidong; VIE provided interest free loans of $77,268 to GIOP BJ; Zibo\nShidong provided interest free loans of 150,880 to GIOP BJ; Sunrise Guizhou provided loans of $166,766 with 4% interest rate to GMB (Hangzhou);\nand Sunrise Guizhou provided loans of $347,430 with 4% interest rate to Zibo Shidong.\n\n \n\nThe Company had provided interest free loans\nof $400,000 to Zibo Shidong for the year ended December 31, 2023.\n\n \n\nThe following financial statements of the VIE\nand VIE’s subsidiaries were included in the consolidated financial statements as of December 31, 2025 and 2024 and for the years\nended December 31, 2025, 2024 and 2023:\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2024 \n\nCash and cash equivalents \n$66,439  \n$176,235 \n\nRestricted cash \n 5,639  \n \n-\n \n\nAccounts receivable, net \n 2,778,887  \n 232,652 \n\nNotes receivable \n \n-\n  \n 1,933 \n\nInventories \n 4,862  \n 4,658 \n\nDue from related parties \n 690,275  \n 385,537 \n\nPrepaid expenses and other current assets \n 1,641,308  \n 526,676 \n\nTotal current assets \n 5,187,410  \n 1,327,691 \n\n  \n    \n   \n\nLong-term prepayments and other non-current assets \n    \n \n-\n \n\nPlant, property and equipment, net \n 2,394,098  \n 2,440,004 \n\nIntangible assets, net \n 21,399  \n 23,539 \n\nLong-term investments \n 2,246,307  \n 2,007,957 \n\nTotal non-current assets \n 4,661,804  \n 4,471,500 \n\n  \n    \n   \n\nTotal assets \n$9,849,214  \n$5,799,191 \n\n  \n    \n   \n\nAccounts payable \n$510,514  \n$2,744,054 \n\nDeferred revenue \n 841,219  \n 1,763,831 \n\nDeferred government subsidy \n 2,859,962  \n 2,739,989 \n\nIncome taxes payable \n 500,820  \n 488,626 \n\nDue to related parties \n 163,426  \n 170,270 \n\nAccrued expenses and other current liabilities \n 406,554  \n 357,733 \n\nTotal current liabilities \n 5,282,495  \n 8,264,503 \n\n  \n    \n   \n\nTotal liabilities \n$5,282,495  \n$8,264,503 \n\n \n\nF-12\n\n \n\n \n\n  \nFor the years ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nTotal net revenues \n$284,133  \n$683,414  \n$656,113 \n\nNet loss \n$(1,194,100) \n$(1,362,215) \n$(3,697,384)\n\n \n\n  \nFor the years ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nNet cash (used in) provided by operating activities \n$(1,349,922) \n$2,305,030  \n$(423,730)\n\nNet cash (used in) provided by investing activities \n$(789,312) \n$693,138  \n - \n\nNet cash (used in) provided by financing activities \n$(13,913) \n$(199,832) \n$400,000 \n\n \n\n**NOTE 2**– **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**  \n\n** **\n\n**Basis of presentation**\n\n \n\nThe consolidated financial statements have been\nprepared in accordance with accounting principles generally accepted in the United States of America and have been consistently applied.\n\n \n\nThe consolidated financial statements have been prepared assuming that the Company will continue as a going concern\nand do not include any adjustments that might result from the outcome of going concern uncertainty.\n\n \n\n**Principles of consolidation** \n\n \n\nThe consolidated financial statements include\nthe financial statements of the Company, its subsidiaries, the VIE and VIE’s subsidiaries for which the Company is the ultimate\nprimary beneficiary for accounting purpose only under U.S. GAAP.\n\n \n\nA subsidiary is an entity in which the Company,\ndirectly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members\nof the board of directors, to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating\npolicies of the investee under a statute or agreement among the shareholders or equity holders. The Company owns 39.35% equity interest\nin Sunrise Guizhou, but has the power to cast a majority of votes at the meeting of the board of directors and governs the financial\nand operating policies of Sunrise Guizhou under an agreement among the shareholders.\n\n \n\nAll transactions and balances between the Company,\nits subsidiaries, the VIE and VIE’s subsidiaries have been eliminated upon consolidation.\n\n \n\n**Non-controlling interests**\n\n \n\nNon-controlling interests are recognized to reflect the portion of\ntheir equity that is not attributable, directly or indirectly, to the Company as the controlling shareholder. As of December 31, 2025,\nfor the Company’s consolidated subsidiaries, the VIE and VIE’ s subsidiaries, non-controlling interests represent: a) a non-controlling\nshareholder’s 49% ownership interest in GMB (Beijing), GMB Consulting and Shidong Yike; b) a non-controlling shareholder’s\n59.20% ownership interest in Sunrise Guizhou; c) a non-controlling shareholder’s 49% ownership interest in GMB Culture, which has\na subsidiary called GMB Technology; d) a non-controlling shareholder’s 25% ownership interest in Shidong Cloud, and e) a non-controlling\nshareholder’s 29% ownership interest in Alchemistica.\n\n \n\nAs of December 31, 2024, for the Company’s\nconsolidated subsidiaries, the VIE and VIE’ s subsidiaries, non-controlling interests represent: a) a non-controlling shareholder’s\n49% ownership interest in GMB (Beijing), GMB Consulting and Shidong Yike; b) a non-controlling shareholder’s 59.20% ownership interest\nin Sunrise Guizhou; c) a non-controlling shareholder’s 49% ownership interest in GMB Culture, which has a subsidiary called GMB\nTechnology; and d) a non-controlling shareholder’s 25% ownership interest in Shidong Cloud.\n\n \n\nNon-controlling interests are presented as a\nseparate line item in the equity section of the Company’s consolidated balance sheets and have been separately disclosed in the\nCompany’s consolidated statements of operations and comprehensive loss to distinguish the interests from that of the Company.\n\n \n\n**Use of estimates**\n\n \n\nThe preparation of consolidated financial statements in conformity\nwith U.S. GAAP requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and\ndisclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses\nduring the reporting period. These estimates and judgments are based on historical information, information that is currently available\nto the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Significant estimates\nrequired to be made by management, include, but are not limited to, the assessment of the allowance for credit loss, inventory valuation,\ndepreciable lives of property and equipment, impairment of long-lived assets, impairment of long-term investments that do not have readily\ndeterminable fair values, realization of deferred tax assets, accretion to redemption value of redeemable non-controlling interests extinguishment\nof the redeemable non-controlling interests, and fair value of the detachable warrant. Actual results could differ from those estimates.\n\n \n\nF-13\n\n \n\n \n\n**Foreign currency translation**\n\n \n\nThe Company’s principal country of operations\nis the PRC. The financial position and results of its operations are determined using RMB , the local currency, as the functional currency.\nThe Company’s consolidated financial statements are reported using the U.S. Dollars (“US$” or “$”). The\nresults of operations and the consolidated statements of cash flows denominated in foreign currency are translated at the average rate\nof exchange during the reporting period. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated\nat the applicable rates of exchange in effect at that date. The equity denominated in the functional currency is translated at the historical\nrate of exchange at the time of capital contribution. Because cash flows are translated based on the average translation rate, amounts\nrelated to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the\ncorresponding balances on the consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from\nperiod to period are included as a separate component of accumulated other comprehensive loss included in consolidated statements of\nchanges in shareholders’ equity. Gains and losses from foreign currency transactions are included in the Company’s consolidated\nstatements of operations and comprehensive loss.\n\n \n\nThe value of RMB against US$ and other currencies\nmay fluctuate and is affected by, among other things, changes in the PRC’s political and economic conditions. Any significant revaluation\nof RMB may materially affect the Company’s financial condition in terms of US$ reporting. The following table outlines the currency\nexchange rates that were used in preparing the consolidated financial statements:\n\n \n\n \n \n**December\n31, 2025**\n \n**December\n31, 2024**\n \n**December\n31, 2023**\n\nYear-end spot\nrate\n \nUS$1= RMB 6.9931\n \nUS$1= RMB 7.2993\n \nUS$1= RMB 7.0999\n\nAverage rate\n \nUS$1= RMB 7.1875\n \nUS$1= RMB 7.1957\n \nUS$1= RMB 7.0809\n\n** **\n\n**Fair value measurements**\n\n** **\n\nThe Company follows the provisions of ASC 820,\nFair Value Measurements and Disclosures. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value,\nand establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:\n\n \n\nLevel 1 - Inputs are unadjusted quoted\nprices in active markets for identical assets or liabilities available at the measurement date.\n\n \n\nLevel 2 - Inputs are unadjusted quoted\nprices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets\nthat are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market\ndata.\n\n \n\nLevel 3 - Inputs are unobservable\ninputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the\nasset or liability based on the best available information.\n\n \n\nThe carrying amounts reported in the balance\nsheets for cash and cash equivalents, restricted cash, accounts receivable, notes receivable, due from related parties, prepaid\nexpenses and other current assets, short-term loan, deferred revenue, income taxes payable, accounts payable, notes payable, due to\nrelated parties, advance of subscription payment, accrued expenses and other current liabilities approximate their fair value based\non the short-term maturity of these instruments. The carrying amount of long-term loans, financial lease liabilities, long-term\npayables and consideration payable approximates fair value as its interest rates are at the same level as the current market yield\nfor comparable loans.\n\n \n\nThe Company’s non-financial assets, such\nas plant, property and equipment, land use rights and financial lease right-of-use assets would be measured at fair value only if they\nwere determined to be impaired.\n\n \n\nAs a practical expedient, the Company uses Net\nAsset Value (“NAV”) or its equivalent to measure the fair value of its certain fund investment. NAV is primarily determined\nbased on information provided by external fund administrators. The Group’s investments valued at NAV as a practical expedient are\nprivate equity funds, which represent the short-term investment on the balance sheet. Investment loss of $nil, $nil and $86,314 was recorded\nin the Company’s consolidated statements of operations and comprehensive loss for the years ended December 31, 2025, 2024 and 2023,\nrespectively.  \n\n \n\n**Cash and cash equivalents**\n\n \n\nCash and cash equivalents include cash on hand and demand deposits\nin accounts maintained with commercial banks, as well as highly liquid investments which are unrestricted as to withdrawal or use and\nare readily convertible to known amounts of cash within three months. The interest incomes of highly liquid investments are reported in\nthe Company’s consolidated statements of operations and comprehensive loss.\n\n \n\nF-14\n\n \n\n \n\n**Restricted cash**\n\n \n\nRestricted cash represents bank deposits with\ndesignated use, which cannot be withdrawn without certain approval or notice. Such restricted cash mainly relates to the deposit for\ncommercial note issuance and the bank balances frozen by People’s Court in Mainland China for property preservation requested by\ncertain plaintiffs in legal cases in which the Company is a defendant.\n\n \n\nOn December 14, 2023, Sunrise Guizhou entered\ninto a banker’s acceptance note contract with Shanghai Pudong Development Bank Co., Ltd. (“SPD Bank”) for issuing banker’s\nacceptance note to the suppliers of Sunrise Guizhou. Pursuant to the contract, the Company was obliged to deposit fifty percent of the\nnote payable amount issued as restricted cash in the designated bank account in SPD Bank. As of December 31, 2025 and 2024, the deposit\nfor note issuance was $673,555 and $1,183,671, respectively.\n\n \n\nOn July 31, 2024, Sunrise Guizhou entered into\na banker’s acceptance note contract with China Everbright Bank Company Limited (“Everbright Bank”) for issuing banker’s\nacceptance note to the suppliers of Sunrise Guizhou. Pursuant to the contract, the Company was obliged to deposit fifty percent of the\nnote payable amount issued as restricted cash in the designated bank account in Everbright Bank. As of December 31, 2025 and 2024, the\ndeposit for note issuance was $1,804,798 and $6,853,541, respectively.\n\n \n\nAs of December 31, 2025 and 2024, bank balances frozen in legal cases\nwere $3,833,277 and $58,910, respectively.\n\n \n\n**Short-term investments**\n\n \n\nThe Company evaluates whether an investment is\nother-than-temporarily impaired based on the specific facts and circumstances. Factors that are considered in determining whether an\nother-than-temporary decline in value has occurred include the market value of the security in relation to its cost basis, the financial\ncondition of the investee, and the intent and ability to retain the investment for a sufficient period of time to allow for recovery\nin the market value of the investment.\n\n \n\n**Accounts receivable, net**\n\n \n\nAccounts receivables mainly represent amounts\ndue from clients in the ordinary course of business and are recorded net of allowance for credit loss.\n\n \n\nOn January 1, 2023, the\nCompany adopted ASC 326 Financial Instruments – Credit Losses (“ASC 326”) using the modified retrospective approach\nthrough a cumulative-effect adjustment to the accumulated deficit. Upon adoption, the Company changed its impairment model to utilize\na current expected credit losses model in place of the incurred loss methodology for financial instruments measured at amortized cost.\nThe Company had not recorded an adjustment to the opening accumulated deficit as of January 1, 2023 due to immaterial cumulative impact\nof adopting ASC 326.\n\n \n\nThe Company used an expected credit loss model for the impairment of\nfinancial instruments mentioned above as of period ends. For the allowance of the accounts receivable, the Company believes the aging\nof accounts receivables is a reasonable parameter to estimate expected credit loss, and determines expected credit losses for accounts\nreceivables using an aging schedule as of period ends. The expected credit loss rates under each aging schedule were developed on the\nbasis of the average historical loss rates from previous years, and adjusted to reflect the effects of those differences in current conditions\nand forecasted changes. The Company measured the expected credit losses of accounts receivables on a collective basis. When an accounts\nreceivable does not share risk characteristics with other accounts receivables, management will evaluate such accounts receivable for\nexpected credit loss on an individual basis. Doubtful accounts balances are written off and deducted from allowance for credit loss, when\nreceivables are deemed uncollectible, after all collection efforts have been exhausted and the potential for recovery is considered remote.\nThe allowance for credit loss of accounts receivable was $8,136,400 and $7,909,571 as of December 31, 2025 and 2024, respectively.\n\n \n\n**Inventories, net**\n\n \n\nThe inventories as of December 31, 2025 and 2024\nconsisted of raw materials, materials in transit, work in process and finished goods. Finished goods were mainly graphite anode materials,\nhealth service gift cards, learning course gift cards, Chinese tea, latex pillows and health care products.\n\n \n\nPart of the Company’s finished goods, such\nas health service gift cards, learning course gift cards, Chinese tea, latex pillows and health care products, were obtained through\nfee exchange arrangements with its customers prior to 2022. These arrangements were entered into at the Company’s discretion to\nreceive inventory in exchange for collection of account receivables and deferred revenue due from the customers. The Company accounted\nfor these nonmonetary exchanges based on the fair values of the assets involved. The cost of inventories acquired in exchange was initially\nmeasured at the fair value of the accounts receivable the Company surrendered to obtain them.\n\n \n\nThe impairment of inventories provided for lower\nof cost and net realizable value was $5,119,406, $3,959,304 and $7,238,819 for the years ended December 31, 2025, 2024 and 2023, respectively.\n\n \n\nF-15\n\n \n\n \n\n**Lease**\n\n \n\nAt inception of a contract, the Company assesses\nwhether a contract is, or contains, a lease. A contract is or contains a lease if it conveys the right to control the use of an identified\nasset for a period of time in exchange for a consideration. To assess whether a contract is or contains a lease, the Company assesses\nwhether the contract involves the use of an identified asset, whether it has the right to obtain substantially all the economic benefits\nfrom the use of the asset and whether it has the right to control the use of the asset.\n\n \n\nA lease arrangement is being evaluated for classification\nas operating or financing upon lease commencement. The right-of-use assets and related lease liabilities are recognized at the lease\ncommencement date.\n\n \n\nLease liabilities, which represent the Company’s\nobligation to make lease payments arising from the lease, and corresponding right of-use assets, which represent the Company’s\nright to use an underlying asset for the lease term, are recognized at the commencement date of the lease based on the present value\nof fixed future payments, calculated using the discount rate implicit in the lease, if available, or the Company’s incremental\nborrowing rate.\n\n \n\nThe right-of-use of asset is initially measured\nat cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement\ndate, plus any initial direct costs incurred and less any lease incentive received.\n\n \n\n*Finance lease*\n\n \n\nFinance leases are generally those leases that\ntransfer ownership to the Company or allow the Company to purchase assets at a nominal amount by the end of the lease term. Assets acquired\nunder finance leases are recorded as finance lease right-of-use, or ROU, assets.\n\n \n\nThe Company’s leases have initial terms\nranging from 2 to 3 years for the Company. The lease term includes the lessee’s option to purchase assets at\na nominal amount by the end of the lease term. As the lease transfers ownership of the underlying asset to the Company and the Company\nis reasonably certain to exercise an option to purchase the underlying asset, the Company amortizes the finance lease right-of-use asset\nto the end of the useful life of the underlying asset.\n\n \n\nFor finance lease, lease expense is generally\nfront-loaded as the finance lease ROU asset is depreciated on a straight-line basis over the amortization period, but interest expense\non the lease liability is recognized in interest expense using the effective interest method which results in more expense during the\nearly years of the lease.\n\n \n\n*Operating lease*\n\n \n\nFor operating leases, lease expense relating\nto fixed payments is recognized on a straight-line basis over the lease term. Additionally, the Company elected not to recognize leases\nwith lease terms of 12 months or less at the commencement date. Lease payments on short-term leases are recognized as an expense on a\nstraight-line basis over the lease term, not included in lease liabilities.\n\n \n\n*Sales and leaseback contracts*\n\n* *\n\nThe Company enters into sale and leaseback transactions.\nThe Company acts as the seller-lessee, transfers its assets to a third-party entity (the buyer-lessor) and then leases the transferred\nassets back from the buyer-lessor at a contract designated rental price. The Company evaluates if sales of the underlying assets in the\nsale and leaseback contract have occurred in accordance with ASC 606. When a sale and leaseback transaction does not qualify for sale\naccounting, the transaction is accounted for as a financing transaction by the seller-lessee and a lending transaction by the buyer-lessor.\nThe seller-lessee shall not derecognize the transferred asset and shall account for any amounts received as a financial liability.\n\n \n\nF-16\n\n \n\n \n\n**Plant, property and equipment, net**\n\n \n\nPlant, property and equipment are stated at cost\nless accumulated depreciation. Depreciation of plant, property and equipment is provided using the straight-line method over their expected\nuseful lives, as follows:\n\n \n\nBuilding   22 to 30 years\n\nMachines   10 years\n\nElectronic equipment   3 years\n\nFurniture, fixtures and equipment   3 years\n\nVehicle   3 years\n\nLeasehold improvements   The shorter of useful life and lease term\n\n \n\nExpenditures for maintenance and repairs, which\ndo not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments\nwhich substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired\nor sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of operation and\ncomprehensive loss in other income or expenses.\n\n \n\n**Land use right, net**\n\n \n\nLand use rights are recorded at cost less accumulated\namortization Land use rights are amortized on a straight-line basis over the remaining term of the land certificates, from 40 years to 50 years.\n\n \n\n**Intangible assets, net**\n\n \n\nThe Company’s intangible assets represent\nintellectual property rights on manufacturing graphite anode materials from capital injection by a non-controlling shareholder of Sunrise\nGuizhou and the copyright of course videos purchased from a third party including but not limited to course videos which cover subjects\nsuch as entrepreneurship development, financial service, corporate governance, team management, marketing strategy and etc. Intangible\nassets are stated at cost less accumulated amortization and impairment. Intangible assets are amortized on a straight-line basis over\ntheir estimated useful lives. The estimated useful lives of intangible assets are determined to be 5 to 10 years in accordance with the\nperiod the Company estimates to generate economic benefits from such intellectual property rights and copyright.\n\n \n\n**Long-term investments**\n\n \n\nEquity method investments in investees represent\nthe Company’s investments in privately held companies, over which it has significant influence but does not own a majority equity\ninterest or otherwise control. The Company applies the equity method to account for an equity investment, in common stock or in-substance\ncommon stock, according to ASC 323 “Investment — Equity Method and Joint Ventures”.\n\n \n\nAn investment in in-substance common stock is\nan investment in an entity that has risk and reward characteristics that are substantially similar to that entity’s common stock.\nThe Company considers subordination, risks and rewards of ownership and obligation to transfer value when determining whether an investment\nin an entity is substantially similar to an investment in that entity’s common stock.\n\n \n\nUnder the equity method, the Company’s\nshare of the post-acquisition profits or losses of the equity investee is recognized in the consolidated income statements and its share\nof post-acquisition movements in accumulated other comprehensive income is recognized in shareholders’ equity. When the Company’s\nshare of losses in the equity investee equals or exceeds its interest in the equity investee, the Company does not recognize further\nlosses, unless the Company has incurred obligations or made payments or guarantees on behalf of the equity investee. Investment income\nfor long-term investments of $146,361, $198,176 and $365,721 were recorded in the Company’s consolidated statements of operations\nand comprehensive loss for the years ended December 31, 2025, 2024 and 2023, respectively.\n\n \n\nFor other equity investments that do not have\nreadily determinable fair values and over which the Company has neither significant influence nor control through investments in common\nstock or in-substance common stock, the Company accounts for these investments at cost minus any impairment, if necessary.\n\n \n\nThe Company continually reviews its investments\nin equity investees to determine whether a decline in fair value below the carrying value is other than temporary. The primary factors\nthe Company considers in its determination are the length of time that the fair value of the investment is below the Company’s\ncarrying value, and the financial condition, operating performance and the prospects of the equity investee. If the decline in fair value\nis deemed to be other than temporary, the carrying value of the equity investee is written down to fair value. Impairment charges for\nlong-term investments were $nil, $nil, and $1,450,381 recorded in the Company’s consolidated statements of operations and comprehensive\nloss for the years ended December 31, 2025, 2024 and 2023, respectively.\n\n \n\n**Impairment of long-lived assets**\n\n \n\nLong-lived assets, including plant, property\nand equipment, intangible asset, land use rights and finance lease right-of-use assets, are reviewed for impairment whenever events or\nchanges in circumstances indicate that the carrying amount of the asset or asset group may not be recoverable. When these events occur,\nthe Company measures impairment by comparing the carrying value of the long-lived assets or assets group to the estimated undiscounted\nfuture cash flows expected to result from the use of the assets or asset group and their eventual disposition. If the sum of the expected\nundiscounted cash flow is less than the carrying amount of the assets or assets group, the Company would recognize an impairment loss\nbased on the fair value of the assets or assets group, which is the excess of carrying amount over the fair value of the assets, using\nthe expected future discounted cash flows.\n\n \n\nF-17\n\n \n\n \n\n**Asset acquisition**\n\n \n\nWhen the Company acquires other entities, if\nthe assets acquired and liabilities assumed do not constitute a business, the transaction is accounted for as an asset acquisition. Assets\nare recognized based on the cost, which generally includes the transaction costs of the asset acquisition, and no gain or loss is recognized\nunless the fair value of noncash assets given as consideration differs from the assets’ carrying amounts on the Company’s\nconsolidated financial statements. The cost of a group of assets acquired in an asset acquisition is allocated to the individual assets\nacquired or liabilities assumed based on their relative fair value and does not give rise to goodwill.\n\n \n\n**Redeemable non-controlling interests**\n\n \n\nRedeemable non-controlling interests represent\nredeemable preferred shares financing in Sunrise Guizhou from a non-controlling shareholder. As the preferred shares could be redeemed\nby the shareholder upon the occurrence of certain events that are not solely within the control of the Company, these shares are accounted\nfor as redeemable non-controlling interests. The Company assesses the probability of redemption by the holder of the redeemable non-controlling\ninterests. Due to the probability of being redeemed, the Company adjusts the carrying amount of the mezzanine equity to the redemption\nvalue at the end of each reporting period as if it was the redemption date for the redeemable non-controlling interest. The Company accounts\nfor the changes in accretion to the redemption value in accordance with ASC 480, Distinguishing Liabilities from Equity. The redeemable\nnon-controlling interests are recorded at redemption value. The Company adopts equity classification method to classify the ASC 480 offsetting\nentry as an adjustment to retained earnings (or additional paid-in capital in the absence of retained earnings).\n\n \n\nThe Company assesses whether an amendment to\nthe terms of its redeemable non-controlling interests is an extinguishment or a modification based on a qualitative evaluation of the\namendment. If the amendment adds, removes, significantly changes to a substantive contractual term or to the nature of the overall instrument,\nthe amendment results in an extinguishment of the redeemable non-controlling interests. The Company also assesses if the change in terms\nresults in value transfer between redeemable non-controlling interests and ordinary shareholders. When redeemable non-controlling interests\nare extinguished, the difference between the carrying amount and the fair value of the redeemable non-controlling interests is recorded\nagainst equity.\n\n \n\n**Share-based compensation**\n\n \n\nShare-based compensation is measured based on\nthe grant date fair value of the equity instrument. Share-based compensation expenses are recognized over the requisite service period\nbased on the graded vesting attribution method with corresponding impact reflected in additional paid-in capital. When no future services\nare required to be performed by grantees in exchange for an award of equity instruments, the cost of the award is expensed on the grant\ndate. The Company elects to recognize forfeitures when they occur.\n\n \n\n**Warrant**\n\n \n\nIn conjunction with the issuance of Series A Ordinary Shares, the Company\nalso issued to the Series A Ordinary Shares investors a stock purchase warrant providing for the rights to purchase fixed Series A Ordinary\nShares of the Company at a fixed purchase price. These warrants are classified as equity instruments because they meet the equity transaction\nclassification criteria under ASC 815-40 (i.e. they are indexed to the Company’s own Series A Ordinary Shares and do not provide\nfor cash settlement). The fair value of the warrant is estimated using the Black-Scholes option pricing model. The proceeds received were\nallocated between the Series A Ordinary Shares and the warrants on a relative fair value basis.\n\n \n\n**Government subsidies**\n\n \n\nThe Company’s PRC based subsidiary received\ngovernment subsidies from local government. Government subsidies are recognized when there is reasonable assurance that the attached\nconditions will be complied with. When the government subsidy relates to an expense item, it is net against the expense and recognized\nin the consolidated statements of operations and comprehensive loss over the period necessary to match the subsidy on a systematic basis\nto the related expenses. Where the subsidy relates to an asset acquisition, it is recognized as income in the consolidated statements\nof operations and comprehensive loss in proportion to the useful life of the related assets. Government grants received for the years\nended December 31, 2025, 2024 and 2023 were $537,739, $391,900 and $380,164, respectively. As of December 31, 2025 and 2024, the deferred\ngovernment grants were $3,645,737 and $3,049,607, respectively.\n\n \n\n**Revenue recognition**\n\n \n\nThe Company recognizes revenue under ASC 606,\nRevenue from Contracts with Customers. The core principle of the new revenue standard is that a company should recognize revenue to depict\nthe transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to\nbe entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:\n\n \n\nStep 1: Identify the contract with the customer\n\n \n\nStep 2: Identify the performance obligations in the contract\n\n \n\nStep 3: Determine the transaction price\n\n \n\nStep 4: Allocate the transaction price to the performance\nobligations in the contract\n\n \n\nStep 5: Recognize revenue when the company satisfies a\nperformance obligation\n\n \n\nF-18\n\n \n\n \n\nThe Company mainly offers and generates revenue\nfrom sales of graphite anode materials and other services.\n\n \n\nRevenue recognition policies for sales of graphite\nanode materials are discussed as follows:\n\n \n\nThe Company’s major business is to sell\ngraphite anode materials to its customers. The Company’s major customers are manufacturers of industrial and consumer energy storage\nlithium-ion batteries, such as batteries for electric vehicles and electric ships, and smart consumer electronics. The Company examines\nthe availability of the inventory, takes control of products in its own and third-party warehouses, and then organizes the shipping and\ndelivery of products to customers after the purchase orders are received from customers.\n\n \n\nThe Company is the principal in the transactions and accounts for revenue\nfrom sales of graphite anode materials on a gross basis as the Company is responsible for fulfilling the promise to provide the desired\nproducts to customers. The Company is subject to inventory risk before the product ownership and risk are transferred and has the discretion\nin establishing prices. All of the Company’s contracts and purchase orders are fixed prices and have one single performance obligation\nas the promise is to transfer the products to customers, and there are no other separately identifiable promises in the contracts. The\nCompany’s revenue from sales of graphite anode materials is recognized at a point in time when title and risk of loss passes and\nthe customer accepts the goods, which generally occurs at delivery. The credit period is usually within six months. There is no separate\nrebate, discount, or volume incentive involved. Revenue is reported net of all value added taxes (“VAT”).\n\n \n\nContract assets and liabilities\n\n \n\nThe Company’s contract liabilities consist\nof deferred revenues, primarily relating to the advance consideration received from customers, which include the advanced graphite anode\nmaterial sales and consulting service fees received from customers. The amount from customers before provision of goods and service is\nrecognized as deferred revenue. The deferred revenue is recognized as revenue once the criteria for revenue recognition are met.\n\n \n\nThe Company recognized $1,837,510, $680,975 and $341,528 in revenue\nfor the years ended December 31, 2025, 2024 and 2023, respectively, which related to contract liabilities that existed as of December\n31, 2024, 2023 and 2022, respectively. The balances as of December 31, 2025 are expected to be recognized as revenue within one year.\n\n \n\nThere was no contract asset recorded as of December 31, 2025 and 2024.\n\n \n\n**Cost of goods sold**\n\n \n\nThe cost of goods sold for the year ended December\n31, 2025, 2024 and 2023 was primarily the cost of finished goods of graphite anode materials, including single granular coke, secondary\ngranular coke, mixed batches of single particle and secondary coke, depreciation and amortization, labor cost, outsourcing fee and freight.\nCost of goods sold was $52,252,338, $70,782,649, and $57,172,626 for the years ended December 31, 2025, 2024 and 2023, respectively.\n\n \n\n**Service costs**\n\n \n\nService costs primarily include (1) professional\nand consulting fees paid to third parties for the Company’s activity; and (2) labor costs. Service costs were $11,278, $12,672\nand $281,030 for the years ended December 31, 2025, 2024 and 2023, respectively.\n\n \n\n**Selling expenses**\n\n \n\nSelling expenses comprise primarily of expenses\nrelating to marketing and brand promotion activities, employee-related cost for personnel engaged in marketing and business development.\n\n \n\n**General and administrative expenses**\n\n \n\nGeneral and administrative expenses consist of\nemployee-related cost for personnel related to the general corporate functions, including accounting, finance, legal and human relations,\ncosts associated with use by these functions of facilities and equipment, such as depreciation expenses, rental and other general corporate\nrelated expenses.\n\n \n\n**Research and development expenses**\n\n \n\nResearch and development expenses are principally\nrelated to technology of graphite anode products which consists mainly of employee-related cost for research and development personnel,\nthird-party service fee incurred for research and development purposes and depreciation expenses associated with the equipment used for\nresearch and development functions.\n\n \n\n**Share subscription discount expenses**\n\n \n\nWhen ordinary shares are issued for cash in an arm’s-length financing\ntransaction with an unrelated party, the Company evaluates transactions in which the issuance date fair value of the equity instruments\nissued exceeds the value of the consideration received if there are no other transaction elements. In absence of (i) a share-based payment\nfor goods or services received, (ii) a payment for an asset or (iii) a dividend to existing shareholders, any difference between the fair\nvalue and the gross proceeds is attributable to an expense. The share subscription discount expenses were $6,534,936 for the year ended\nDecember 31, 2025.\n\n \n\nF-19\n\n \n\n \n\n**Income taxes**\n\n \n\nThe Company accounts for income taxes under ASC\n740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated\nfinancial statement carrying amounts of existing assets and liabilities and their respective tax bases. In December 2023, FASB issued\nAccounting Standards Update (“ASU”) No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated\ninformation about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid.\nWe adopted this ASU on a prospective basis effective January 1, 2025. Refer to Note 20 for the inclusion of new disclosures required.\n\n \n\nDeferred tax assets and liabilities are measured\nusing enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered\nor settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including\nthe enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be\nrealized.\n\n \n\nThe provisions of ASC 740-10-25, “Accounting\nfor Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold for consolidated financial statement recognition and\nmeasurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition\nof income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest\nand penalties associated with tax positions, and related disclosures.\n\n \n\nThe Company believes there were no uncertain\ntax positions as of December 31, 2025 and 2024, respectively. The Company does not expect that its assessment regarding unrecognized\ntax positions will materially change over the next 12 months. The Company is not currently under examination by an income tax authority,\nnor has been notified that an examination is contemplated. The Company will recognize interest and penalties, if any, related to unrecognized\ntax benefits on the income tax expense line in the accompanying consolidated statement of operations and comprehensive loss. Accrued\ninterest and penalties will be included on the related tax liability line in the consolidated balance sheet. Interest and penalties incurred\nrelated to underpayment of income tax are classified as income tax expense in the period incurred.\n\n \n\n**Loss per share**\n\n \n\nThe Company computes loss per share (“EPS”)\nin accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies with complex capital structures to present basic\nand diluted EPS. Basic EPS are computed by dividing the loss available to ordinary shareholders of the Company by the weighted average\nordinary shares outstanding during the period. Diluted EPS takes into account the potential dilution that could occur if securities or\nother contracts to issue ordinary shares were exercised and converted into ordinary shares.\n\n \n\nThe Company has determined that the redeemable\nnon-controlling interests are participating securities as the preferred shares participate in retained earnings of Sunrise Guizhou. The\nCompany treats the entire measurement adjustment to redemption value of the redeemable non-controlling interest under ASC 480-10-S99-3A\nas being akin to a dividend, which affected in the calculation of loss available to ordinary shareholders of the Company used in the\nloss per share calculation.  \n\n \n\n**Comprehensive loss**\n\n \n\nComprehensive loss income consists of two components,\nnet loss and other comprehensive loss. Other comprehensive loss refers to revenue, expenses, gains and losses that under U.S. GAAP are\nrecorded as an element of shareholders’ equity but are excluded from net loss. Other comprehensive loss consists of foreign currency\ntranslation adjustment resulting from the Company translating its financial statements from functional currency into reporting currency.\n\n \n\n**Risks and uncertainties**\n\n** **\n\n*Currency risk*\n\n* *\n\nA majority of the Company’s expense transactions\nare denominated in RMB and a significant portion of the Company and its subsidiaries’ assets and liabilities are denominated in\nRMB. RMB is not freely convertible into foreign currencies. In Mainland China, certain foreign exchange transactions are required by\nlaw to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (“PBOC”).\nRemittances in currencies other than RMB by the Company in Mainland China must be processed through the PBOC or other Company foreign\nexchange regulatory bodies which require certain supporting documentation in order to affect the remittance.\n\n \n\nThe Company maintains certain bank accounts in Mainland China. On May\n1, 2015, China’s new Deposit Insurance Regulation came into effect, pursuant to which banking financial institutions, such as commercial\nbanks, established in Mainland China are required to purchase deposit insurance for deposits in RMB and in foreign currency placed with\nthem. Such Deposit Insurance Regulation would not be effective in providing complete protection for the Company’s accounts, as its\naggregate deposits are much higher than the compensation limit, which is RMB 500,000 for one bank. As of December 31, 2025, cash, cash\nequivalents and restricted cash not insured by Deposit Insurance Regulation in Mainland China was RMB 144,048,739, or $20,598,696. However,\nthe Company believes that the risk of failure of any of these Mainland China banks is remote. Bank failure is uncommon in Mainland China\nand the Company believes that those Mainland China banks that hold the Company’s cash and cash equivalents are financially sound\nbased on public available information.\n\n \n\nThe Company also maintains certain bank accounts in Hong Kong. The\nHong Kong Deposit Protection Scheme insures eligible deposits up to HK$ 800,000 per depositor per bank. As of December 31, 2025, cash\nand cash equivalents not insured by Hong Kong Deposit Protection Scheme was $6,468,006.\n\n \n\nF-20\n\n \n\n \n\nOther than the deposit insurance mechanism in Mainland China and Hong\nKong mentioned above, the Company’s bank account balances of $64,027 are not insured by the U.S. Federal Deposit Insurance Corporation\ninsurance.\n\n \n\n*Liquidity Risk*\n\n \n\nThe Company is exposed to liquidity risk, which\nis a risk that the Company will be unable to provide sufficient capital resources and liquidity to meet commitments and business needs.\nLiquidity risk is controlled by the application of financial position analysis and monitoring procedures. When necessary, the Company\nwill turn to other financial institutions and related parties to obtain short-term and long-term funding to cover any liquidity shortage.\n\n \n\nOn January 9, 2025, Sunrise Guizhou obtained a\nbank loan of RMB300,000,000 from China Construction Bank (“CCB”), which was exclusively for construction payment of manufacturing\nfacilities and machine purchase (See Note 17). CCB transferred the loan funds to the Company’s bank account opened in CCB (“CCB\naccount”). The Company initiates payment to its supplier from CCB account and will be responsible for the authenticity and accuracy\nof the transaction. CCB shall subsequently perform a formality review on whether the payment is consistent with the loan purpose. The\nformality review includes checking transaction information, payment amount, payee and payee’s bank information. When CCB completes\nthe formality review and believes that the payment meets the loan purpose, the payment will be transferred to the payee’s bank account.\nAs of December 31, 2025, cash and cash equivalents in CCB account which would be subject to payment formality review was RMB 96,847,349,\nor $13,848,987.\n\n \n\n*Concentration and credit risk*\n\n \n\nFinancial instruments that potentially subject the Company to the concentration\nof credit risks consist of cash, cash equivalents and restricted cash. The maximum exposures of such assets to credit risk are their carrying\namounts as of the balance sheet dates. The Company deposits its cash, cash equivalents and restricted cash with financial institutions\nlocated in jurisdictions where the subsidiaries are located. The Company believes that no significant credit risk exists as these financial\ninstitutions have high credit quality. As of December 31, 2025, the followings were outstanding balances of cash, cash equivalents and\nrestricted cash in each jurisdiction:\n\n \n\n  \nCash and cash equivalents  \nRestricted cash  \nTotal \n\nMainland China \n$14,877,066  \n$6,311,630  \n$21,188,696 \n\nHong Kong \n 6,647,378  \n \n-\n  \n 6,647,378 \n\nThe United States \n 314,027  \n \n-\n  \n 314,027 \n\nBalance at end of the year \n$21,838,471  \n$6,311,630  \n$28,150,101 \n\n \n\nThe Company’s exposure to credit risk associated with its trading\nand other activities is measured on an individual counterparty basis, as well as by group of counterparties that share similar attributes.\nThere were $24,335,123 and $5,754,407 of revenue from two clients which represented 52% and 12% of the total revenues for the years ended\nDecember 31, 2025, respectively. There was $43,794,051 of revenue from one client which represented 67% of the total revenues for the\nyear ended December 31, 2024. There were $16,977,973, $11,100,114 and $4,766,496 of revenue from three clients which represented 38%,\n25% and 11% of the total revenues for the years ended December 31, 2023, respectively.\n\n \n\nThere were $1,920,934 and $1,815,172 of account receivable from two\nclients which represented 11% and 10% of the total account receivable as of December 31, 2025, respectively. There were $23,472,843 and\n$3,115,577 of account receivable from two clients which represented 81% and 11% of the account receivable as of December 31, 2024, respectively.\n\n \n\nConcentrations of credit risk can be affected by changes in political,\nindustry, or economic factors. To reduce the potential for risk concentration, The Company generally requires either advanced payment\nbefore delivery of the goods or a payment within the existing credit term to its clients in the ordinary course of business. Credit limits\nare established and exposure is monitored in light of changing counterparty and market conditions. The Company did not have any material\nconcentrations of credit risk outside the ordinary course of business as of December 31, 2025 and 2024.  \n\n \n\n*Interest rate risk*\n\n* *\n\nFluctuations in market interest rates may negatively\naffect the financial condition and results of operations. The Company is exposed to floating interest rate risk on cash deposit and floating\nrate borrowings, and the risks due to changes in interest rates are not material. The Company has not used any derivative financial instruments\nto manage its interest risk exposure.\n\n \n\n*Other uncertainty risk*\n\n \n\nThe Company’s major operations are conducted\nin the PRC. Accordingly, the political, economic, and legal environments in the PRC, as well as the general state of the PRC’s\neconomy may influence the Company’s business, financial condition, and results of operations.\n\n \n\nF-21\n\n \n\n \n\nThe Company’s major operations in the PRC\nare subject to special considerations and significant risks not typically associated with companies in North America and Western Europe.\nThese include risks associated with, among others, the political, economic, and legal environment. The Company’s results may be\nadversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, and rates and\nmethods of taxation, among other things. Although the Company has not experienced losses from these situations and believes that it is\nin compliance with existing laws and regulations, including its organization and structure disclosed in Note 1, this may not be indicative\nof future results.\n\n \n\n**Recently issued accounting pronouncements** \n\n** **\n\nThe Company considers the applicability and impact\nof all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued. The\nCompany is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012\n(the “JOBS Act”). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the\nenactment of the JOBS Act until such time as those standards apply to private companies.\n\n \n\nIn November 2024, the FASB issued ASU No. 2024-03,\nIncome Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement\nExpenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive\nIncome - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03\nrequires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types\nof expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective\nfor annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December\n15, 2027. Early adoption is permitted. This ASU may be applied either prospectively to financial statements issued for reporting periods\nafter its effective date or retrospectively to all prior periods presented in the financial statements. The Company is in the process\nof evaluating the potential impact of the new guidance on its consolidated financial statements and related disclosures.\n\n \n\nIn July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit\nLosses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in this update provide a\npractical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset\nwhen estimating expected credit losses for current classified accounts receivable and contract assets. This update is effective for annual\nperiods beginning after December 15, 2025, including interim periods within those fiscal years. Adoption of this ASU can be applied prospectively\nfor reporting periods after its effective date. Early adoption is permitted. The Company is currently evaluating the provisions of this\nASU and does not expect this ASU to have a material impact on our consolidated financial statements.\n\n \n\nIn September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill\nand Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU simplifies\nthe capitalization guidance by removing all references to prescriptive and sequential software development stages (referred to as “project\nstages”) throughout ASC 350-40. The ASU is effective for annual periods beginning after December 15, 2027, and interim periods within\nthose fiscal years. Adoption of this ASU can be applied prospectively for reporting periods after its effective date; or follow a modified\ntransition approach that is based on the status of the respective projects and whether software costs were capitalized before the date\nof adoption; or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is permitted.\nThe Company is currently evaluating the provisions of this ASU and does not expect this ASU to have a material impact on our consolidated\nfinancial statements.\n\n \n\nIn December 2025, the FASB issued ASU No. 2025-10, Government Grants\n(Topic 832): Accounting for Government Grants Received by Business Entities. The ASU establishes authoritative guidance in GAAP about\naccounting for government grants received by business entities, clarifies the appropriate accounting, in an effort to reduce diversity\nin practice, and increase consistency of application across business entities. The ASU is effective for annual reporting periods beginning\nafter December 15, 2028, and interim reporting periods within those annual reporting periods. Adoption of this ASU can be applied a modified\nprospective approach, a modified retrospective approach, or a retrospective approach. Early adoption is permitted. The Company is currently\nevaluating the provisions of this ASU and does not expect this ASU to have a material impact on our consolidated financial statements.\n\n \n\nF-22\n\n \n\n \n\nIn December 2025, the FASB issued ASU No. 2025-11, Interim Reporting\n(Topic 270): Narrow-Scope Improvements. The ASU clarifies interim disclosure requirements and the applicability of Topic 270. The objective\nof the amendments is to provide further clarity about the current interim disclosure requirements. The ASU is effective for interim reporting\nperiods within annual reporting periods beginning after December 15, 2027. Adoption of this ASU can be applied either a prospective or\na retrospective approach. Early adoption is permitted. The Company is currently evaluating the provisions of this ASU and does not expect\nthis ASU to have a material impact on our consolidated financial statements.\n\n \n\n**NOTE 3 – GOING CONCERN**\n\n** **\n\nAs reflected in the consolidated financial statements, the Company\nincurred net loss of $26,659,381 for the year ended December 31, 2025. Net cash used in operating activities was $25,160,584 for the year\nended December 31, 2025. The working capital deficit was $28,422,197 as of December 31, 2025.\n\n \n\nAs of December 31, 2025, GIOP BJ didn’t comply with the financial\ncovenants as required by a short-term loan agreement in the principal amount of $1,000,987 with Industrial Bank Co., Ltd. (“Industrial\nBank”). The term of the loan was from June 25, 2025 to June 24, 2026. The financial covenants of the loan agreement required GIOP\nBJ to maintain: (1) current assets of not less than RMB25,000,000; (2) net assets of not less than RMB8,000,000; (3) an asset liability\nratio of not more than 80%; and (4) a current ratio of not less than 100%. As of December 31, 2025, GIOP did not meet the above requirements;\nhowever, Industrial Bank had not declared the agreement in default as a result of the breach of the financial covenants, nor has it done so as of the date\nof this consolidated financial statement.\n\n \n\nIn addition, as of December 31, 2025, Sunrise Guizhou didn’t\ncomply with the financial covenants as required by three long-term loan agreements in an aggregate amount of $68,917,581 with CCB Qianxinan\nBranch. The financial covenants of the long-term loan agreements required Sunrise Guizhou to maintain an asset liability ratio of not\nmore than 70% and continuous profitability during the loan periods pursuant to certain conditions designated in the loan agreements. Sunrise\nGuizhou obtained a written consent and the waiver of the financial covenants on September 30, 2024 and December 8, 2025, respectively.\nAs the date of this consolidated financial statement, CCB has not declared the agreement in default as a result of the breaches of the\nfinancial covenants.\n\n \n\nThese adverse conditions and events raised substantial\ndoubt about the Company’s ability to continue as a going concern. For the next 12 months from the issuance date of this report,\nthe Company plans to continue implementing various measures to boost revenue and control cost and expenses. In assessing its liquidity,\nmanagement monitors and analyzes the Company’s cash on-hand, its ability to generate sufficient revenue sources and ability to\nobtain additional financial support in the future, and its operating and capital expenditure commitments. The Company intends to finance\nits future working capital requirements and capital expenditures from financing activities for the cash shortfalls and the negative operating\ncash flows. The Company expects continued capital financing through debt or equity issuances to support its working capital requirements.\n\n \n\nAs of December 31, 2025, the Company had cash, cash equivalents and\nrestricted cash of $28,150,101. The management believes that it may be able to continue to borrow from banks based on past experiences\nand the Company’s good credit history when necessary.\n\n  \n\nCurrently, the Company is working to improve\nits liquidity and capital sources primarily through cash flows from operation, debt financing, and financial support from its principal\nshareholder. In order to fully implement its business plans and sustain continued growth, the Company may also seek equity financing\nfrom outside investors when necessary.\n\n \n\nThe Company can make no assurances that required\nfinancings will be available for the amounts needed, or on terms commercially acceptable to the Company, if at all. If one or all of\nthese events does not occur or subsequent capital raises are insufficient to bridge financial and liquidity shortfall, there would likely\nbe a material adverse effect on the Company and its consolidated financial statements.\n\n \n\nThe consolidated financial statements have been\nprepared assuming that the Company will continue as a going concern and, accordingly, do not include any adjustments that might result\nfrom the outcome of this uncertainty.\n\n \n\nF-23\n\n \n\n \n\n**NOTE 4 – ACCOUNTS RECEIVABLE, NET**\n\n \n\nAccounts receivable consisted of the following:\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2024 \n\nAccounts receivable \n$18,077,471  \n$36,901,720 \n\nAllowance for credit loss \n (8,136,400) \n (7,909,571)\n\nAccounts receivable, net \n$9,941,071  \n$28,992,149 \n\n \n\nThe movement of allowance of credit loss is as follows:\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2024  \n2023 \n\nBalance at beginning of the year \n$7,909,571  \n$8,016,322  \n$8,047,527 \n\nCurrent year addition \n \n-\n  \n 113,854  \n 196,717 \n\nReversed \n (116,271) \n \n-\n  \n (74,564)\n\nForeign currency translation adjustments \n 343,100  \n (220,605) \n (153,358)\n\nBalance at end of the year \n$8,136,400  \n$7,909,571  \n$8,016,322 \n\n \n\nAddition to allowance for credit loss was $nil, $113,854 and $196,717\nrecorded for the years ended December 31, 2025, 2024 and 2023, respectively.\n\n \n\n**NOTE 5 – INVENTORIES, NET**\n\n \n\nInventories consisted of the following:\n\n \n\n \n \n**As\nof December 31,**\n \n\n \n \n**2025**\n \n \n**2024**\n \n\nRaw materials\n \n$\n3,682,637\n \n \n$\n2,620,813\n \n\nFinished goods\n \n \n2,964,114\n \n \n \n3,299,796\n \n\nWork in process\n \n \n17,458,608\n \n \n \n11,735,123\n \n\nOthers\n \n \n4,862\n \n \n \n4,658\n \n\n**Total**\n \n$\n24,110,221\n \n \n$\n17,660,390\n \n\n \n\nThe impairment of inventories was $5,119,406,\n$3,959,304 and $7,238,819 for the years ended December 31, 2025, 2024 and 2023, respectively. \n\n \n\n**NOTE 6 – SHORT-TERM INVESTMENT**\n\n \n\nIn February 2021, the Company entered into an\ninvestment agreement with Viner Total investment Fund (the “Fund”) to invest in the Fund with the total investment consideration\nof $8,000,000. The Fund is an exempted company incorporated in the Cayman Islands and managed by Mainstream Fund Services (HK). The\nFund is invested in a wide range of instruments with no specific limitations. The redemption of such shares for cash can be made with\na one-month advanced written notice (such advanced written notice period can be extended by the administrator).\n\n \n\nThe value of a private fund is measured at fair\nvalue with gains and losses recognized in earnings. As a practical expedient, the Company uses NAV or its equivalent to measure the fair\nvalue of the Fund. NAV is primarily determined based on information provided by external fund administrators. The Company redeemed the\nFund with a redemption value of $3,282,770 on August 2, 2023. Investment loss of $nil, $nil and $86,314 was recorded in the Company’s\nconsolidated statements of operations and comprehensive loss for the years ended December 31, 2025, 2024 and 2023, respectively.  \n\n \n\nF-24\n\n \n\n \n\n**NOTE 7 – PREPAID EXPENSES AND OTHER\nCURRENT ASSETS**\n\n \n\n  \n   \nAs of December 31, \n\n  \n   \n2025  \n2024 \n\nAdvance to supplier \n (1)  \n$2,609,778  \n$2,130,175 \n\nLoans to third parties \n    \n 128,698  \n \n-\n \n\nPrepayment for investment \n    \n 257,397  \n 246,599 \n\nOther receivables \n    \n 455,921  \n 772,252 \n\nPrepaid VAT and income tax \n (3)  \n 2,660,636  \n 1,061,675 \n\nSubtotal \n    \n 6,112,430  \n 4,210,701 \n\nLess: allowance for prepaid expenses and other current assets \n    \n (142,998) \n (136,999)\n\nTotal \n    \n$5,969,432  \n$4,073,702 \n\n \n\n(1) The Company prepaid its vendors for electricity and graphite anode materials, including single granular coke, secondary granular coke, and mixed batches of single particle and secondary coke and etc.\n\n   \n\n(2) The amount of VAT payable is determined by applying the applicable tax rate to the invoiced amount of services provided (output VAT) less VAT paid on purchases made with the relevant supporting invoices (input VAT). The Company’s input VAT exceeded output VAT as the Company purchased inventory and plant, property and equipment for manufacturing graphite anode materials as of December 31, 2025 and 2024.\n\n \n\n**NOTE 8 – LONG-TERM PREPAYMENTS AND OTHER NON-CURRENT\nASSETS**\n\n \n\n  \n   \nAs of December 31, \n\n  \n   \n2025  \n2024 \n\nPrepayment for equipment  \n (1)  \n$2,461,674  \n$1,165,608 \n\nFinance lease deposit \n    \n 178,033  \n 636,362 \n\nPrepayment for long-term loan acquisition cost  \n (2)  \n \n-\n  \n 1,237,215 \n\nTotal \n    \n$2,639,707  \n$3,039,185 \n\n \n\n(1) Prepaid for equipment represented advance payment on the production line equipment by Sunrise Guizhou, which had not been shipped as of December 31, 2025 and 2024.\n\n   \n\n(2) CCB and Sunrise Guizhou entered into a long-term loan agreement on January 9, 2025 to finance the construction of Sunrise Guizhou’s additional manufacturing facilities. See Note 17.\n\n \n\n**NOTE 9 – PLANT, PROPERTY AND EQUIPMENT, NET** \n\n \n\nPlant, property and equipment, stated at cost less accumulated depreciation,\nconsisted of the following:  \n\n \n\n \n \n**As\nof December 31,**\n \n\n \n \n**2025**\n \n \n**2024**\n \n\nBuilding\n \n$\n32,649,379\n \n \n$\n28,882,829\n \n\nMachines\n \n \n41,084,085\n \n \n \n35,486,639\n \n\nVehicles\n \n \n483,836\n \n \n \n461,813\n \n\nElectronic equipment\n \n \n1,215,641\n \n \n \n983,675\n \n\nFurniture, fixtures and equipment\n \n \n338,730\n \n \n \n327,961\n \n\nLeasehold improvements\n \n \n430,022\n \n \n \n400,264\n \n\n**Subtotal**\n \n \n76,201,693\n \n \n \n66,543,181\n \n\nConstruction in progress\n \n \n3,012,275\n \n \n \n2,994,832\n \n\nLess:\n \n \n \n \n \n \n \n \n\nAccumulated depreciation\n \n \n(15,268,107\n)\n \n \n(9,034,739\n)\n\n**Plant, property and equipment, net**\n \n$\n63,945,861\n \n \n$\n60,503,274\n \n\n \n\nDepreciation expense was $5,679,880, $4,875,028 and $3,249,396 for\nthe fiscal years ended December 31, 2025, 2024 and 2023, respectively. There was no impairment loss on plant, property and equipment for\nthe years ended December 31, 2025, 2024 and 2023.\n\n \n\nF-25\n\n \n\n \n\n**NOTE 10 – LAND USE RIGHTS, NET**\n\n \n\nLand use rights, stated at cost less accumulated\namortization, consisted of the following:\n\n \n\n \n \n**As\nof December 31,**\n \n\n \n \n**2025**\n \n \n**2024**\n \n\nLand use rights\n- cost\n \n$\n13,943,307\n \n \n$\n9,737,032\n \n\nLess:\n \n \n \n \n \n \n \n \n\nAccumulated\namortization\n \n \n(825,287\n)\n \n \n(539,054\n)\n\n**Land use rights, net**\n \n$\n13,118,020\n \n \n$\n9,197,978\n \n\n \n\nFor the years ended December 31, 2025, 2024 and\n2023, amortization expense amounted to $255,526 and $214,499 and $217,977, respectively. The following is a schedule of future amortization\nof land use rights as of December 31, 2025:\n\n \n\n**Year ending\nDecember 31,**\n \n**Amount**\n \n\n2026\n \n$\n296,312\n \n\n2027\n \n \n296,312\n \n\n2028\n \n \n296,312\n \n\n2029\n \n \n296,312\n \n\n2030 and thereafter\n \n \n11,932,772\n \n\n**Total**\n \n$\n13,118,020\n \n\n \n\n**NOTE 11 – INTANGIBLE ASSETS, NET**\n\n \n\nIntangible assets, stated at cost less accumulated\namortization and impairment, consisted of the following:\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2024 \n\nCopyrights of course videos \n$4,856,539  \n$4,652,811 \n\nIntellectual property rights \n 4,675,726  \n 4,329,823 \n\nIntangible assets, cost \n 9,532,265  \n 8,982,634 \n\nLess: \n    \n   \n\nAccumulated amortization \n (3,503,370) \n (3,342,924)\n\nImpairment \n (5,811,592) \n (5,567,801)\n\nIntangible assets, net \n$217,303  \n$71,909 \n\n \n\nThe Company recorded impairment loss on intangible\nassets of $nil, $nil and $3,151,467 for the years ended December 31, 2025, 2024 and 2023, respectively.\n\n \n\nFor the years ended December 31, 2025, 2024 and\n2023, amortization expense amounted to $3,847 and $6,918, and $703,932, respectively. The following is a schedule of future amortization\nof intangible asset as of December 31, 2025:\n\n \n\nYear ending December 31, \nAmount \n\n2026 \n$14,072 \n\n2027 \n 14,072 \n\n2028 \n 14,072 \n\n2029 \n 14,072 \n\n2030 and thereafter \n 161,015 \n\nTotal \n$217,303 \n\n \n\nF-26\n\n \n\n \n\n**NOTE 12 – LONG-TERM INVESTMENTS**\n\n** **\n\nLong-term investments consisted of the following:\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2024 \n\nEquity method investments: \n   \n  \n\nShidong (Suzhou) Investment Co., Ltd. (“Suzhou Investment”) \n$37,240  \n$37,076 \n\nShenzhen Jiazhong Creative Capital LLP (“Jiazhong”) \n 2,137,569  \n 1,902,381 \n\nEquity investments without readily determinable fair value: \n    \n   \n\nBeijing Jinshuibanlv Technology Co., Ltd. (“Jinshuibanlv”) \n 1,143,985  \n 1,095,996 \n\nHangzhou Zhongfei Aerospace Health Management Co., Ltd. (“Zhongfei”) \n 428,994  \n 410,998 \n\nShanghai Zhongren Yinzhirun Investment Management Partnership (“Yinzhirun”) \n 285,996  \n 273,999 \n\nJiangxi Cheyi Tongcheng Car Networking Tech Co., Ltd. (“Cheyi”) \n 227,041  \n 217,517 \n\nChengdu Wanchang Enterprise Management Consulting Partnership (Limited Partnership) (“Wanchang”) \n 71,499  \n 68,500 \n\nShanghai Outu Home Furnishings Co., Ltd. (“Outu”) \n 71,499  \n 68,500 \n\nZhejiang Qianshier Household Co., Ltd. (“Qianshier”) \n 71,499  \n 68,500 \n\nTaizhou Jiamenkou Auto Greengrocer’s Delivery Technology Co., Ltd. (“Jiamenkou”) \n 71,499  \n 68,500 \n\nZhejiang Yueteng Information Technology Co., Ltd. (“Yueteng”) \n 71,499  \n 68,500 \n\nShidong Funeng (Ruzhou) Industry Development Co., Ltd. ( “Funeng”) \n 38,609  \n 36,990 \n\nDongguan Zhiduocheng Car Service Co., Ltd. (“Car Service”) \n 25,740  \n 24,660 \n\nSubtotal \n 4,682,669  \n 4,342,117 \n\nLess: impairment \n (2,436,361) \n (2,334,160)\n\nTotal \n$2,246,308  \n$2,007,957 \n\n** **\n\n**Equity method investments** \n\n** **\n\n*Investment in Suzhou Investment*\n\n* *\n\nIn December 2017, the Company acquired 17% of\nthe shareholding of Suzhou Investment with cash consideration of RMB 850,000, or $121,548. As the Company’s CEO, Mr.\nHaiping Hu is Suzhou Investment’s director and the Company can exercise significant influence on Suzhou Investment’s business\noperation, the Company therefore accounted for this investment under equity methods from December 2017 and share the profit or loss of\nSuzhou Investment accordingly. For the years ended December 31, 2025, 2024 and 2023, the Company recognized investment (losses) income\nof $(1,420), $1,135 and $619, respectively, according to its share of the post-acquisition gains and losses of Suzhou Investment.\n\n* *\n\n*Investment in Jiazhong*\n\n* *\n\nIn December 2020, the Company acquired 33% of partnership share of\nJiazhong as a limited partner with cash consideration of RMB 10,000,000, or $1,429,981. The Company has fully paid RMB 10,000,000 as of\nDecember 31, 2020. Since the Company owns 33% of the partnership share of Jiazhong as a limited partner, therefore it accounts for the\ninvestment of Jiazhong under equity method and shares the profit or loss of Jiazhong accordingly. For the years ended December 31, 2025,\n2024 and 2023, the Company recognized investment income of $147,781, $197,041 and $365,102, respectively, according to its share of the\npost-acquisition gains of Jiazhong. The Company’s investment in Jiazhong had been frozen by Zibo Caijin Holding Group Co., Ltd.\non January 19, 2026 for a period of three years. See Note 25.\n\n* *\n\nF-27\n\n \n\n \n\n**Equity investments without readily determinable\nfair value**\n\n \n\n*Investment in Jinshuibanlv*\n\n \n\nIn April 2021, the Company signed an investment agreement with Beijing\nZhitong Zhenye Technology Co., Ltd. and Li Jiyou to invest RMB 8,000,000, or $1,143,985, to Jinshuibanlv, which accounts for 4% of its\nequity interest. Jinshuibanlv mainly operates an online tax management system. The Company has no control, joint control or significant\ninfluence on the invested units, and therefore accounted for the investment of Jinshuibanlv at cost minus impairments and plus or minus\nobservable changes in prices. In 2023, the Company noticed that Jinshuibanlv had encountered a going-concern issue due to the fact that\nit incurred significant loss and had insufficient bank and cash to support its operations. Therefore, the Company determined that the\nimpairment on investment was other-than-temporary. Full impairment of $1,129,800 was recognized for investment of Jinshuibanlv for the\nyear ended December 31, 2023. The Company’s investment in Jinshuibanlv had been frozen by Zibo Caijin Holding Group Co., Ltd. on\nJanuary 19, 2026 for a period of three years. See Note 25.\n\n \n\n*Investment in Zhongfei*\n\n* *\n\nIn November 2020, the Company acquired 3% of shareholding interest\nof Zhongfei through nonmonetary transactions, with which are entered into at the Company’s discretion to receive equity interest\nin exchange of collection of account receivables due from Zhongfei of RMB 3,000,000, or $428,994. In 2021, The Company provided it with\na customized service worth of RMB 3,000,000. The service has been completed and Zhongfei has decided to transfer 3% of the equity according\nto its fair value to the Company. The registration change was completed as of December 31, 2021. The Company does not have significant\ninfluence or control over Zhongfei, and the equity investment does not have readily determinable market value, and therefore accounted\nfor the investment of Zhongfei at cost minus impairments and plus or minus observable changes in prices. The cost of equity interest acquired\nin exchange is initially measured at the fair value of the account receivables the Company surrendered to obtain them. In 2022, the Company\nnoticed that Zhongfei had encountered a going-concern issue and determined that the impairment on investment was other-than-temporary.\nFull impairment of $446,025 was provided for investment of Zhongfei for the year ended December 31, 2022.\n\n \n\n*Investment in Yinzhirun*\n\n* *\n\nIn December 2016, the Company acquired 0.45% of shareholding interest\nof Yinzhirun with cash consideration of RMB 2,000,000, or $285,996. The Company does not have significant influence or control over Yinzhirun,\nand the equity investment does not have readily determinable market value, and therefore accounted for the investment of Yinzhirun at\ncost minus impairments and plus or minus observable changes in prices. Yinzhirun is the intermediate holding company for Shanghai PeopleNet\nSecurity Technology Co., Ltd. (“PeopleNet”). The Company noticed that PeopleNet was involved in legal proceedings for bankruptcy\ninitiated by its debtor, and its accounts receivable, intellectual properties, brand name have been subject to the judicial auction since\nFebruary 2024, all of which raised significant concerns about the Yinzhirun’s ability to continue as a going concern. Full impairment\nof $282,450 was recognized for investment of Yinzhirun for the year ended December 31, 2023.\n\n* *\n\n*Investment in Cheyi*\n\n* *\n\nIn November 2020, the Company acquired 0.5% of shareholding interest\nof Cheyi through nonmonetary transactions, with which are entered into at the Company’s discretion to receive equity interest in\nexchange of collection of account receivables due from Cheyi of RMB 1,587,719, or $227,041. In 2021, the Company provided it with a membership\nservice worth of RMB 1,500,000. This service has been completed. Cheyi has a poor capital turnover, it has decided to transfer 0.5% of\nthe equity according to its fair value to the Company and registration change was completed as of December 31, 2021. The Company accounts\nfor these non-monetary exchanges based on the fair values of the assets involved. The Company does not have significant influence or control\nover Cheyi, and the equity investment does not have readily determinable market value, and therefore accounted for the investment of Cheyi\nat cost minus impairments and plus or minus observable changes in prices. The cost of equity interest acquired in exchange is initially\nmeasured at the fair value of the account receivables the Company surrendered to obtain them.\n\n \n\nThe Company noticed that Industry and Commerce\nAdministration of Nanchang Xihu Branch was not able to perform on-site inspection on Cheyi’s subsidiary Nanchang Qingchong Technology\nCo., Ltd. (“Qingchong”) in August 2022; Another Cheyi’s subsidiary, Jiangxi Cheyi Tongcheng Vehicle Networking Technology\nCo., Ltd. (“Cheyi Tongcheng”) had a legal dispute with CCB Nanchang Branch on March 9, 2023. The Company noticed the above\nfactors that raise significant concerns about the investee’s ability to continue as a going concern. Full impairment of $236,053\nwas provided for investment of Cheyi for the year ended December 31, 2022.\n\n \n\n*Investment in Wanchang*\n\n \n\nIn September 2019, the Company initially acquired 11.11% of partnership\nshare of Chengdu Zhongfuze Investment LLP (“Zhongfuze”) with cash consideration of RMB 500,000, or $71,499.. The Company has\nfully paid RMB 500,000 as of December 31, 2020. On December 6, 2022, the asset under Zhongfuze was transferred to Wanchang and the Company’s\npartnership share in Zhongfuze was simultaneously transferred to Wanchang. As a result, the Company owned 0.64% of the partnership share\nin Wanchang. The Company does not have significant influence or control over Wanchang, and the partnership share investment does not have\nreadily determinable market value, and therefore accounted for the investment of Wanchang at cost minus impairments and plus or minus\nobservable changes in prices.\n\n \n\nF-28\n\n \n\n \n\n*Investment in Outu*\n\n* *\n\nIn December 2019, the Company acquired 15% of shareholding interest\nof Outu with cash consideration of RMB 3,000,000. The Company has paid RMB 500,000, or $71,499, as of December 31, 2022. The Company does\nnot have significant influence or control over Outu, and the equity investment does not have readily determinable market value, and therefore\naccounted for the investment of Outu at cost minus impairments and plus or minus observable changes in prices. In 2022, the Company noticed\nthat Qutu had encountered a going-concern issue and determined that the impairment on investment was other-than-temporary. Full impairment\nof $74,337 was provided for investment of Outu for the year ended December 31, 2022.\n\n \n\n*Investment in Qianshier*\n\n* *\n\nIn December 2020, the Company acquired 5% of shareholding interest\nof Qiansier through nonmonetary transactions with, which are entered into at the Company’s discretion to receive equity interest\nin exchange of collection of account receivables due from Qianshier of RMB 500,000, or $71,499. The Company accounts for these nonmonetary\nexchanges based on the fair values of the assets involved. The Company does not have significant influence or control over Qianshier,\nand the equity investment does not have readily determinable market value, and therefore accounted for the investment of Qianshier at\ncost minus impairments and plus or minus observable changes in prices. The cost of equity interest acquired in exchange is initially measured\nat the fair value of the account receivables the Company surrendered to obtain them.\n\n \n\nIn 2022, the Company noticed Qianshier had\nbeen subject to enforcement proceedings associated with a rental dispute, which raised significant concerns about the investee’s\nability to continue as a going concern. Full impairment of $74,337 was provided for investment of Qianshier for the year ended December\n31, 2022.  \n\n \n\n*Investment in Jiamenkou*\n\n* *\n\nIn June 2020, the Company acquired 5% of shareholding interest of Jiamenkou\nthrough nonmonetary transactions with Jiamenkou, which are entered into at the Company’s discretion to receive equity interest in\nexchange of collection of account receivables due from Jiamenkou of RMB 500,000, or $71,499. The Company accounts for these nonmonetary\nexchanges based on the fair values of the assets involved. The Company does not have significant influence or control over Jiamenkou,\nand the equity investment does not have readily determinable market value, and therefore accounted for the investment of Jiamenkou at\ncost minus impairments and plus or minus observable changes in prices. The cost of equity interest acquired in exchange is initially measured\nat the fair value of the account receivables the Company surrendered to obtain them. In 2022, the Company noticed Jiamenkou was involved\nin legal proceedings as respondent to its debt guarantor, which raised significant concerns about the investee’s ability to continue\nas a going concern. Full impairment of $74,337 was provided for investment of Jiamenkou for the year ended December 31, 2022.\n\n \n\n*Investment in Yueteng*\n\n \n\nIn June 2020, the Company acquired 5% of shareholding interest of Yueteng\nthrough nonmonetary transactions with Yueteng, which are entered into at the Company’s discretion to receive equity interest in\nexchange of collection of account receivables due from Yueteng of RMB 500,000, or $71,499. The Company accounts for these nonmonetary\nexchanges based on the fair values of the assets involved. The Company does not have significant influence or control over Yueteng, and\nthe equity investment does not have readily determinable market value, and therefore accounted for the investment of Yueteng at cost minus\nimpairments and plus or minus observable changes in prices. The cost of equity interest acquired in exchange is initially measured at\nthe fair value of the account receivables the Company surrendered to obtain them. In 2022, the Company determined that the investment\nwas impaired and the impairment was other-than-temporary. Full impairment of $74,337 was provided for investment of Yueteng for the year\nended December 31, 2022.\n\n* *\n\n*Investment in Funeng*\n\n* *\n\nIn August 2019, the Company subscribed capital with cash consideration\nof RMB 570,000 and acquired 19% of shareholding interest of Funeng. The Company has paid RMB 270,000, or $38,609, as of December 31, 2020.\nThe Company does not have significant influence or control over Funeng, and the equity investment does not have readily determinable market\nvalue, and therefore accounted for the investment of Funeng at cost minus impairments and plus or minus observable changes in prices.* *In\n2023, the Company noticed that Funeng had encountered a going-concern issue due to the fact that it did not have sufficient bank deposits\nand cash to support its operation. Therefore, the Company determined that the impairment on investment was other-than-temporary. Full\nimpairment of $38,131 was provided for investment of Funeng for the year ended December 31, 2023.\n\n* *\n\n*Investment in Car Service*\n\n* *\n\nIn November 2017, the Company acquired 1.5% of\nshareholding interest of Car Service with cash consideration of RMB 90,000. In May 2019, the shareholding interest the Company held was\ndiluted to 0.98% after Car Service received capital from a new shareholder. The Company does not have significant influence or control\nover Car Service, and the equity investment does not have readily determinable market value, and therefore accounted for the investment\nof Car Service at cost minus impairments and plus or minus observable changes in prices. In 2021, the Company noticed that with the adverse\nimpact of COVID-19, Car Service failed to publish the annual report of 2020 in accordance with the time limit to the Industry and Commerce\nAdministration of Dongguan Nancheng Branch, which was factors that raise significant concerns about the investee’s ability to continue\nas a going concern. Full impairment of $27,900 was provided for investment of Car Service for the year ended December 31, 2021.\n\n \n\nF-29\n\n \n\n \n\n**NOTE 13 – ASSET ACQUISITION**\n\n \n\nIn July 2022, Sunrise Guizhou entered into purchase\nagreements with original shareholders of Sunrise Tech (formerly known as Anlong Hengrui Graphite Material Co., Ltd.) to acquire 100%\nof Sunrise Tech’s assets and equity ownership for a gross consideration of RMB 40,000,000, among which RMB 10,000,000 was paid\nin July 2022. In July 2022, the Group completed the acquisition. Sunrise Tech held three land use rights and two buildings.\n\n \n\nThe Company evaluated the acquisition of the\npurchased assets under ASC 805-Business Combination (ASC 805), and concluded that as substantially all of the fair value of the gross\nassets acquired is concentrated in an identifiable group of similar assets, the transaction did not meet the requirements to be accounted\nfor as a business combination and therefore was accounted for as an asset acquisition.\n\n \n\nThe purchase prices of the assets as of the acquisition\ndate are as follows:\n\n \n\nLand use rights \n$3,654,545 \n\nPlant, property and equipment – buildings \n 1,853,556 \n\nTotal assets acquired \n 5,508,101 \n\nDeferred tax liabilities \n (199,813)\n\nNet assets acquired \n$5,308,288 \n\n \n\nThe Company recognized any excess consideration\ntransferred over the fair value of the net assets acquired on a relative fair value basis to the identifiable net assets. The Company\ndetermined the estimated fair values using Level 3 inputs after review and consideration of relevant quoted market prices of comparable\ncompanies and relevant information.\n\n \n\nFor the year ended December 31, 2023, the Company had paid RMB 5,000,000\nto the original shareholders of Sunrise Tech. For the year ended December 31, 2024, the Company and the original shareholder agreed that\nRMB 5,000,000 consideration due on August 20, 2024 would be offset by the unpaid RMB 8,960,000 land use right and property taxes and their\nassociated fines and late payment fee prior to the asset acquisition. Any remaining unpaid land use right and property tax and their associated\nfine and late payment fee would be deducted from the consideration of the asset acquisition due on August 20, 2025. For the year ended\nDecember 31, 2025, the Company had paid RMB 6,430,000 ($894,609) to the original shareholders of Sunrise Tech.\n\n \n\nThese consideration payables were interest free,\nand the present value was discounted using the incremental borrowing rate. The current and non-current portion of the consideration payable\nwas $1,397,337 and $nil, respectively, as of December 31, 2025. The current and non-current portion of the consideration payable was\n$801,866 and $1,338,719, respectively, as of December 31, 2024. The Company recorded interest expense of $80,270, $111,363 and $133,310\nrelating to the amortization of the discount for the year ended December 31, 2025, 2024 and 2023, respectively. The consideration payable\nis guaranteed by Mr. Haiping Hu, the CEO of the Company and Chairman of the Board of Directors.\n\n \n\n**NOTE 14 – FINANCE LEASES**\n\n** **\n\nThe Company’s leases are mainly related\nto graphite anode material manufacturing equipment leases from financial lease companies. Finance lease contracts offer the Company an\noption to purchase assets at a nominal amount by the end of the lease term and it is reasonably certain the Company will exercise that\noption. The Company amortizes the finance lease right-of-use asset to the end of the useful life of the underlying asset.\n\n \n\nAs of December 31, 2025, the Company’s finance leases had a weighted\naverage remaining lease term of 0.37 years and a weighted average discount rate of 8.04%.\n\n \n\nThe components of lease expense for the years\nended December 31, 2025, 2024 and 2023 were as follows:\n\n \n\n   Statement of  For the years ended December 31, \n\n   Income Location  2025   2024   2023 \n\nLease costs                  \n\nFinance lease expense  Cost of goods sold  $444,348   $622,203   $338,627 \n\n \n\nMaturity of lease liabilities under the finance leases as of December\n31, 2025 were as follows:\n\n \n\nFor the years ending December 31, \nAmount \n\n2026 \n$353,362 \n\nTotal lease payments \n 353,362 \n\nLess: interest \n (17,171)\n\nPresent value of finance lease liabilities \n$336,191 \n\nFinance lease liabilities, current \n$336,191 \n\nFinance lease liabilities, non-current \n$\n-\n \n\n \n\nF-30\n\n \n\n \n\n**NOTE 15 – DEFERRED GOVERNMENT SUBSIDY**\n\n \n\nDeferred government subsidy consisted of the\nfollowing:\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2024 \n\nDeferred subsidy on relocation \n$2,859,962  \n$2,739,989 \n\nOthers \n 785,775  \n 309,618 \n\nTotal \n$3,645,737  \n$3,049,607 \n\n \n\nIn November 2021, GMB BJ planned to relocate the Company address from\nBeijing to Zibo city, and it applied for subsidy of RMB 21,926,900 to compensate for the future incremental costs arising from the relocation,\nwhich was approved by the Finance Bureau of Zibo. In January 2022, the Company received a government subsidy of RMB 20,000,000, or $2,859,962.\nThe Company relocated to Zibo in November 2023, however the expenditures related to relocation had not been audited and acknowledged by\nthe government of Zibo as of December 31, 2025. Therefore, the cash received was recognized as a deferred government subsidy.\n\n \n\n**NOTE 16 – LONG-TERM PAYABLE**\n\n** **\n\nLong-term payable represented the financial liabilities\ndue to financial lease companies maturing within one or over one year. The long-term payable consisted of the following:\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2024 \n\nLong-term payables: \n   \n  \n\nChina Power Investment Ronghe Financial Leasing Co., Ltd. (“Ronghe”) \n$\n-\n  \n$1,658,984 \n\nZhongguancun Science and Technology Leasing Co., Ltd. (“Zhongguancun”) \n \n-\n  \n 363,525 \n\nXiamen Guomao Chuangcheng Financial Leasing Co., Ltd. (“Guomao”) \n \n-\n  \n 879,062 \n\nRisheng International Finance Leasing Co., Ltd. (“Risheng”) \n 421,405  \n 733,281 \n\nTotal \n$421,405  \n$3,634,852 \n\nCurrent portion \n$298,996  \n$3,231,126 \n\nNon-current portion \n$122,409  \n$403,726 \n\n \n\nOn November 4, 2022, Sunrise Guizhou entered into a sales and leaseback\nfinancing contract a three-year financing with Ronghe to obtain an amount of RMB 40,000,000 for a term from November 10, 2022 to November\n9, 2025. The sales and leaseback contract was a debt financing arrangement in essence, with a yearly interest rate of one-year loan prime\nrate plus 1.55%. This long-term payable is guaranteed by Mr. Haiping Hu and Zhuhai Zibo. The Company is required to make quarterly interest\nand principal payment. For the years ended December 31, 2025, 2024 and 2023, The Company repaid RMB 12,701,795, RMB 13,647,079 and RMB\n14,634,365, or $1,767,206, $1,896,560 and $2,066,738, respectively. The Company had repaid the long-term payable to Ronghe in full as\nof December 31, 2025. As of December 31, 2024, the Company had outstanding balance of $1,658,984, of which $1,658,984 and $nil were classified\nto the current portion and the non-current portion, respectively. The total outstanding balance of this long-term facility was collateralized\nby certain plant and equipment at the original cost of RMB 47,917,699, or $6,852,140, as of December 31, 2024.\n\n \n\nOn February 7, 2023, Sunrise Guizhou entered into a sales and leaseback\nfinancing contract for a two-year financing with Zhongguancun to obtain an amount of RMB 20,000,000 for a term lasting from February 7,\n2023 to February 6, 2025. The sales and leaseback contract were a debt financing arrangement in essence, with a yearly implied interest\nrate of 9.61%. This long-term payable is guaranteed by Mr. Haiping Hu and Zhuhai Zibo. The Company is required to make quarterly interest\nand principal payments. For the year ended December 31, 2025, 2024 and 2023, the Company repaid RMB 2,694,379, RMB 10,791,732 and RMB\n8,124,466, or $374,870, $1,499,747 and $1,147,378, respectively. The Company had repaid the long-term payable to Zhongguancun in full\nas of December 31, 2025. As of December 31, 2024, the Company had an outstanding balance of $363,525, of which $363,525 and $nil were\nclassified to the current portion and the non-current portion, respectively. The total outstanding balance of this long-term facility\nwas collateralized by certain plant and equipment at the original cost of RMB 20,917,392, or $2,991,147, as of December 31, 2024. Other\nthan the aforementioned plant and equipment as collateral assets, the Company has pledged any existing and future accounts receivable\nfrom a sales contract with Liyang Zichen New Materials Technology Co., Ltd. (“Liyang Zichen”) for the amount up to RMB 20,000,000.\nThe accounts receivable from Liyang Zichen were $nil as of December 31, 2024.  \n\n \n\nF-31\n\n \n\n \n\nOn October 27, 2023, Sunrise Guizhou entered into a sales and leaseback\nfinancing contract for a two-year financing with Guomao for RMB 15,000,000, or $2,144,971, for a term from October 27, 2023 to October\n26, 2025. The sales and leaseback contract was a debt financing arrangement in essence, with a yearly implied interest rate of 9.13%.\nFor the year ended December 31, 2025, 2024 and 2023, the Company repaid RMB 6,677,190, RMB 8,012,628 and RMB 1,335,438, or $929,000, $1,113,530\nand $188,597, respectively. The Company had repaid the long-term payable to Guomao in full as of December 31, 2025. As of December 31,\n2024, the Company had outstanding balance of $879,062, of which $879,062 and $nil were classified to the current portion and the non-current\nportion, respectively. This debt financing arrangement was guaranteed by Mr. Haiping Hu, Sunrise Tech and Zhuhai Zibo. The total outstanding\nbalance of this long-term facility was collateralized by certain plant and equipment at the original cost of RMB 15,000,000, or $2,144,971,\nas of December 31, 2024.\n\n \n\nOn October 14, 2024, Sunrise Guizhou entered into a sales and leaseback\nfinancing contract for a thirty two-month financing with Risheng for RMB 6,000,000, or $857,989, for a term from October 14, 2024 to June\n15, 2027. The sales and leaseback contract was a debt financing arrangement in essence, with a yearly implied interest rate of 12.15%.\nFor the year ended December 31, 2025 and 2024, the Company repaid RMB 2,892,000 and RMB 756,000, or $402,365 and $105,063. As of December\n31, 2025, the Company had outstanding balance of $421,405, of which $298,996 and $122,409 were classified to the current portion and the\nnon-current portion, respectively. As of December 31, 2024, the Company had outstanding balance of $733,281, of which $329,555 and $403,726\nwere classified to the current portion and the non-current portion, respectively. This debt financing arrangement was guaranteed by Mr.\nHaiping Hu and Zhuhai Zibo. The total outstanding balance of this long-term facility was collateralized by certain plant and equipment\nat the original cost of RMB 7,600,000, or $1,086,786, as of December 31, 2025.\n\n \n\n**NOTE 17 – LOANS**\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2024 \n\nShort-term loans: \n   \n  \n\nEverbright Bank \n$4,146,945  \n$\n-\n \n\nPost Savings Bank of China \n 714,990  \n 684,997 \n\nIndustrial Bank \n 1,000,987  \n 958,996 \n\nTotal \n 5,862,922  \n 1,643,993 \n\n  \n    \n   \n\nLong-term loans: \n    \n   \n\nChina Construction Bank \n 68,917,581  \n 26,809,352 \n\nWeBank Co., Ltd. \n 17,168  \n 86,905 \n\nCurrent portion \n$29,375,697  \n$485,556 \n\nNon-current portion \n$39,559,052  \n$26,410,701 \n\n \n\n*Short-term loan*\n\n* *\n\nEverbright Bank\n\n \n\nOn March 27, 2025, Sunrise Guizhou entered into a loan agreement for\nRMB29,000,000 with an interest rate of 4% for a term from March 31, 2025 to March 30, 2026. The loan was for the expenditure on raw material\nand electricity. This credit loan was guaranteed by Mr. Haiping Hu and Ms. Fangfei Liu, spouse of Mr. Haiping Hu. Sunrise Guizhou pledged\nRMB70,469,923 ($10,077,065) accounts receivable from its customer for the short-term loan. Sunrise Tech also pledged its land use right\nfor Sunrise Guizhou for the loan. \n\n \n\nPost Bank\n\n \n\nOn June 19, 2024, Sunrise Guizhou entered into a line of credit facility\nagreement with Post Savings Bank of China (“Post Bank”) to obtain revolving fund up to RMB 5,000,000 for a term from June\n19, 2024 to June 18, 2028. On July 27, 2023, the Company obtained a credit loan for RMB 5,000,000 with an interest rate of 4.66% for a\nterm from June 20, 2024 to June 19, 2025. On June 4, 2025, Sunrise Guizhou repaid the loan in full and renew the credit loan for RMB 5,000,000\nwith an interest rate of 5.35% for a term from June 5, 2025 to June 4, 2026.\n\n \n\nIndustrial Bank\n\n \n\nOn June 19, 2024, GIOP BJ entered into a line of credit facility agreement\nwith Industrial Bank to obtain revolving fund up to RMB 7,000,000. On July 23, 2024, GIOP BJ obtained a loan for RMB 7,000,000 with an\ninterest rate of one-year loan prime rate plus 0.05% for a term from August 29, 2024 to August 28, 2025. On June 25, 2025, Sunrise Guizhou\nrepaid the loan in full and renew the credit loan for RMB 7,000,000 with an interest rate of one-year loan prime rate minus 0.2% for a\nterm from June 26, 2025 to June 25, 2026. This loan was guaranteed by Mr. Haiping Hu, Ms. Fangfei Liu, SDH and Zhuhai Zibo. The Company\nalso pledged its buildings of SDH to Industrial Bank.\n\n \n\nAlthough GIOP BJ has been timely making\ninterest payments to Industrial Bank in accordance with the agreement, GIOP BJ didn’t comply with the financial covenants as\nrequired by the agreement as of December 31, 2025 and 2024. Specifically, the financial covenants of the agreement required GIOP BJ\nto maintain: (1) current assets of not less than RMB25,000,000; (2) net assets of not less than RMB8,000,000; (3) an asset liability\nratio of not more than 80%; and (4) a current ratio of not less than 100%. As of December 31, 2025 and 2024, GIOP BJ did not meet\nthe above requirements; however, Industrial Bank had not declared the agreement in default as a result of the breach of the\nfinancial covenants, nor has it done so as of the date of this consolidated financial statement.\n\n \n\nF-32\n\n \n\n \n\n*Long-term loan*\n\n* *\n\nChina Construction Bank\n\n* *\n\nOn March 8, 2024, Sunrise Guizhou obtained bank loan of RMB 100,000,000\nfrom CCB Qianxinan Branch with an interest rate of 9.504% for a term from March 8, 2024 to March 8, 2026; On June 28, 2024, Sunrise Guizhou\nobtained bank loan of RMB 100,000,000 from CCB Qianxinan Branch for a term from June 28, 2024 to June 28, 2026. These loans were guaranteed\nby Mr. Haiping Hu, CEO and Chairman of the Board of Director, and Zhuhai Zibo. Sunrise Guizhou also pledged its buildings and land use\nrights of its manufacturing facilities to CCB.\n\n* *\n\nOn January 9, 2025, Sunrise Guizhou obtained\na bank loan of RMB300,000,000 from CCB Qianxinan Branch with a variable interest rate of loan prime rate plus 0.7%, for a term from\nJanuary 9, 2025 to January 9, 2039. The loan was for the construction of additional manufacturing facilities of Sunrise Guizhou. See liquidity risk in Note 2.\nThis loan was guaranteed by Mr. Haiping Hu, Zhuhai Zibo, and Zhuhai Investment.\n\n* *\n\nAlthough Sunrise Guizhou has been timely repaying\nthe CCB in accordance with the respective terms of the loan agreements, Sunrise Guizhou didn’t comply with the financial covenants\nunder the loan agreements as of December 31, 2025 and 2024. Specifically, the financial covenants of the loan agreements required Sunrise\nGuizhou to maintain: (1) an asset liability ratio of not more than 70%; (2) a current ratio of not less than 100%; (3) contingent liabilities\nnot exceeding the net assets; (4) profitability; (5) long-term investments not exceeding the net assets. For the years ended December\n31, 2025 and 2024, the net loss of Sunrise Guizhou was $16,604,644 and $10,607,939, respectively. Therefore, Sunrise Guizhou did not\nmeet the profitability requirement. In addition, Sunrise Guizhou did not meet the requirement of asset liability ratio, since the ratio\nwas 90.83% and 78.22% as of December 31, 2025 and 2024, respectively. The Company obtained written consents for the waiver of the financial\ncovenants on September 30, 2024 and December 8, 2025. CCB had not declared the agreement in default as a result of the breach of the\nfinancial covenants as the date of this consolidated financial statement.\n\n* *\n\nWeBank\n\n* *\n\nOn April 26, 2024, the Company obtained a loan for RMB 900,000 from\nWeBank Co., Ltd. (“WeBank”) with an interest rate of 9.504% for a term from April 26, 2024 to April 26, 2026. This credit\nloan was guaranteed by Ms. Huiyu Du, the former legal representative of Sunrise Guizhou.\n\n* *\n\n**NOTE 18 – ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES**\n\n* *\n\n  \nAs of\nDecember 31, \n\n  \n2025  \n2024 \n\n  \n   \n  \n\nPayroll and social security payable \n$1,593,435  \n$1,307,716 \n\nOther tax payable \n 203,725  \n 1,565,140 \n\nOther payable \n 357,799  \n 181,668 \n\nStaff payable \n 131,888  \n 126,906 \n\nLitigation liabilities (Note 25) \n 726,580  \n \n-\n \n\nOthers \n 249,559  \n 209,727 \n\nTotal \n$3,262,986  \n$3,391,157 \n\n* *\n\n**NOTE 19 – ADVANCE OF SUBSCRIPTION PAYMENT**\n\n* *\n\nOn December 31, 2024, the shareholders of Sunrise Guizhou entered into\na capital increase agreement with Jieshou Xinyang Equity Investment Fund Partnership Enterprise (Limited Partnership) (“Xinyang\nPartnership”), pursuant to which, Xinyang Partnership agreed to subscribe for 10% of the shares of Sunrise Guizhou for a total consideration\nof RMB200,000,000. The payment is to be made in installments, contingent upon the fulfillment of certain conditions precedent for the\ncapital increase, as determined by Xinyang Partnership. On January 17, 2025, Sunrise Guizhou received the first installment of the subscription\nproceeds of RMB50,000,000, or $6,956,522. On October 16, 2025, Sunrise Guizhou received the second installment of the subscription proceeds\nof RMB 20,000,000, or $2,782,609. On February 5, 2026, Sunrise Guizhou received the third installment of the subscription proceeds of\nRMB 40,000,000. The issuance cost directly associated with equity transaction was 3% of the subscription proceeds. As of December 31,\n2025 and the date of this consolidated financial statement, the conditions precedent has not been met and therefore the advanced capital\ncontributions, net of issuance cost, are classified as liabilities.\n\n* *\n\n**NOTE 20 – TAXES**\n\n* *\n\n**a. VAT**\n\n* *\n\nThe Company is subject to VAT and related surcharges\nin Mainland China for sales of graphite anode materials and providing member services and other in-depth services. The applicable VAT\nrate is 13% and 6% for general taxpayers and 3% for small-scale taxpayer. The amount of VAT liability is determined by applying the applicable\ntax rate to the invoiced amount of goods sold and services provided (output VAT) less VAT paid on purchases made with the relevant supporting\ninvoices (input VAT). VAT liability is recorded in the line item of accrued expenses and other current liabilities on the consolidated\nbalance sheets. Under the commercial practice of Mainland China, the Company pays VAT based on tax invoices issued.\n\n* *\n\nAll of the tax returns of the Company have been\nand remain subject to examination by the Mainland China tax authorities for five years from the date of filing.\n\n \n\nF-33\n\n \n\n \n\n**b. Income tax**\n\n \n\n*Cayman Islands*\n\n \n\nThe Cayman Islands currently levies no taxes\non individuals or corporations based upon profits, income, gains, or appreciation and there is no taxation in the nature of inheritance\ntax or estate duty. There are no other taxes likely to be material to us levied by the Government of the Cayman Islands except for stamp\nduties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands.\nNo stamp duty is payable in the Cayman Islands on the issue of shares by, or any transfers of shares of, Cayman Islands companies (except\nthose which hold interests in land in the Cayman Islands). There are no exchange control regulations or currency restrictions in the\nCayman Islands.\n\n \n\nPayments of dividends and capital in respect\nof our ordinary shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a\ndividend or capital to any holder of our ordinary shares, as the case may be, nor will gains derived from the disposal of our ordinary\nshares be subject to Cayman Islands income or corporation tax.\n\n \n\n*The United States*\n\n \n\nThe Company’s subsidiary incorporated in the U.S. and is subject to federal income tax rate of 21%. Net\noperating losses incurred in taxable years beginning after December 31, 2017, may be carried forward indefinitely but are subject to an\n80% taxable income limitation.\n\n \n\n*Hong Kong*\n\n \n\nIn accordance with the relevant tax laws and\nregulations of Hong Kong, a company registered in Hong Kong is subject to income taxes within Hong Kong at the applicable tax rate on\ntaxable income. From year of assessment of 2019/2020 onwards, Hong Kong profit tax rates are 8.25% on assessable profits up to HK$2,000,000,\nand 16.5% on any part of assessable profits over HK$2,000,000. However, the Company’s HK subsidiary did not generate any assessable\nprofits arising in or derived from Hong Kong for the fiscal years ended December 31, 2025, 2024 and 2023, and accordingly no provision\nfor Hong Kong profits tax has been made in these periods.\n\n \n\n*Mainland China*\n\n \n\nThe Company’s subsidiaries are incorporated\nin Mainland China, and are subject to the Mainland China Enterprise Income Tax Laws (“EIT Laws”) with the statutory income\ntax rate of 25% with the following exceptions.\n\n \n\nIn accordance with the implementation rules of\nEIT Laws, a qualified “High and New Technology Enterprise” (“HNTE”) is eligible for a preferential tax rate of\n15%. The HNTE certificate is effective for a period of three years. An entity could re-apply for the HNTE certificate when the prior\ncertificate expires. SDH is eligible to enjoy a preferential tax rate of 15% from 2021 to 2023 to the extent it has taxable income under\nthe EIT Law. Sunrise Guizhou is eligible to enjoy a preferential tax rate of 15% from 2024 to 2026 to the extent it has taxable income\nunder the EIT Law.\n\n  \n\nFor qualified small and low-profit enterprises,\nfrom January 1, 2023 to December 31, 2027, 25% of the first RMB 3.0 million of the assessable profit before tax is subject to the tax\nrate of 20%. For the years ended December 31, 2025, 2024 and 2023, some PRC subsidiaries are qualified small and low-profit enterprises\nas defined, and thus are eligible for the above preferential tax rates for small and low-profit enterprises.\n\n \n\nThe components of the income tax provision (benefit) were as follows:\n\n \n\n  \nFor the years ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nCurrent \n    \n    \n   \n\nMainland China \n$59  \n$6,009  \n$228 \n\nDeferred \n    \n    \n   \n\nMainland China \n (446) \n (446) \n (454)\n\nTotal \n$(387) \n$5,563  \n$(226)\n\n \n\nLoss before income taxes was attributable to\nthe following geographic locations for the years ended December 31:\n\n \n\n  \nFor the years ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nMainland China \n$(18,428,196) \n$(16,127,911) \n$(26,296,232)\n\nOthers \n (8,231,572) \n (1,847,690) \n (6,624,718)\n\nLoss before income taxes \n$(26,659,768) \n$(17,975,601) \n$(32,920,950)\n\n \n\nF-34\n\n \n\n \n\nUpon adoption of ASU 2023-09, Improvements to\nIncome Tax Disclosures, as described in Note 2, the reconciliation of taxes at the Mainland China EIT rate to our income tax expense\nfor the year ended December 31, 2025 was as follows:\n\n \n\n  \nAmount  \nPercent \n\n  \n   \n  \n\nMainland China EIT rate \n$(6,664,942) \n 25%\n\nForeign tax effects \n    \n   \n\nCayman Island \n    \n   \n\nStatutory tax rate difference between Mainland China and Cayman Island \n 238,143  \n (0.89)%\n\nShare-based compensation \n 80,597  \n (0.30)%\n\nShare subscription discount expenses \n 1,633,734  \n (6.13)%\n\nHong Kong \n    \n   \n\nStatutory tax rate difference between Mainland China and Hong Kong \n 35,809  \n (0.13)%\n\nChanges in valuation allowances \n 69,512  \n (0.26)%\n\nOther jurisdiction \n 2,511  \n (0.01)%\n\nEffect of changes in rates enacted in the current period \n 77,600  \n (0.29)%\n\nTax credits \n    \n   \n\nResearch and development tax credits \n (289,302) \n 1.09%\n\nHNTE tax rate credits \n 1,666,203  \n (6.25)%\n\nChanges in valuation allowances \n 1,512,384  \n (5.69)%\n\nNontaxable or nondeductible items \n    \n   \n\nNon-deductible expense \n 53,140  \n (0.20)%\n\nEffect of true up on net operating loss in the tax returns \n 1,352,834  \n (5.07)%\n\nEffect of expired net operating loss \n 231,390  \n (0.87)%\n\nEffective tax rate \n$(387) \n$0.00%\n\n \n\nThe reconciliation of taxes at the Mainland China\nEIT rate to our provision for (benefit from) income taxes for the years ended December 31, 2024 and 2023 in accordance with the guidance\nprior to the adoption of ASU 2023-09 was as follows:\n\n \n\n  \nFor the years ended December 31, \n\n  \n2024  \n2023 \n\nLoss before income taxes \n$(17,975,601) \n$(32,920,950)\n\nMainland China EIT rate \n 25% \n 25%\n\nIncome taxes computed at statutory EIT rate \n$(4,493,900) \n$(8,230,238)\n\nReconciling items: \n    \n   \n\nEffect of tax holiday and preferential tax rate \n 1,040,003  \n (338)\n\nEffect of changes in tax rate \n 2,123,753  \n (1,194,103)\n\nEffect of tax rates in foreign jurisdictions \n 218,737  \n 1,117,727 \n\nEffect of non-deductible share-based compensation \n 243,186  \n 536,450 \n\nEffect of true up on net operating loss in the tax returns \n 696,285  \n 687,460 \n\nEffect of non-deductible expense \n 44,535  \n 6,277 \n\nSuper deduction of qualified R&D expenditures \n (231,020) \n \n-\n \n\nChanges in valuation allowance \n 363,984  \n 7,076,539 \n\nIncome tax (benefit) expense \n$5,563  \n$(226)\n\nEffective tax rate \n (0.03)% \n 0.00%\n\n \n\nUpon adoption of ASU 2023-09, Improvements to Income Tax Disclosures,\nas described in Note 2, cash paid for income taxes during the year ended December 31, 2025 was as follows:\n\n \n\nMainland China \n$7,847 \n\nTotal \n$7,847 \n\n \n\nF-35\n\n \n\n \n\nDeferred tax assets and liabilities\n\n \n\nSignificant components of deferred tax assets\nand liabilities were as follows:\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2024 \n\nDeferred tax assets \n   \n  \n\nNet operating loss carry forwards \n$8,403,413  \n$6,893,492 \n\nProvision for expected credit loss \n 2,150,488  \n 1,996,852 \n\nFinance lease liabilities \n 50,429  \n 334,895 \n\nImpairment on inventory \n 1,435,636  \n 1,204,730 \n\nImpairment of intangible assets \n 423,172  \n 458,576 \n\nImpairment of long-term investment \n 609,090  \n 583,539 \n\nDeferred tax assets, gross \n 13,072,228  \n 11,472,084 \n\nLess: valuation allowance \n (12,768,325) \n (10,693,306)\n\nTotal deferred tax assets, net \n$303,903  \n$778,778 \n\n  \n    \n   \n\nDeferred tax liabilities \n    \n   \n\nFinance lease right-of-use assets \n$303,903  \n$778,778 \n\nAssets acquired in the asset acquisition \n 197,392  \n 189,551 \n\nTotal deferred tax liabilities \n$501,295  \n$968,329 \n\nDeferred tax assets, net \n$\n-\n  \n$\n-\n \n\nDeferred tax liabilities, net \n$197,392  \n$189,551 \n\n \n\nThe movement of valuation allowance was as follows:\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2024  \n2023 \n\nBalance at beginning of the year \n$10,693,306  \n$10,605,326  \n$3,936,504 \n\nCurrent year addition \n 1,581,896  \n 363,984  \n 7,076,539 \n\nForeign currency translation adjustments \n 493,123  \n (276,004) \n (407,717)\n\nBalance at end of the year \n$12,768,325  \n$10,693,306  \n$10,605,326 \n\n \n\nFor entities incorporated in Mainland China,\nnet operating loss can be carried forward for five years, while the net operating loss of HNTEs can be carried forward for ten years.\nAs of December 31, 2025, the Company had net operating loss carrying forwards of $44,858,585 from the Company’s PRC subsidiaries,\nwhich will expire by in calendar years 2026 through 2035, if not utilized. The graphite anode business was in a competitive environment\nfor the year ended December 31, 2025. Considering the factors in graphite anode business, management believed that there was substantial\ndoubt on realization of the benefits from these losses as they were not able to estimate if the business would start to make profits\nin the near future. In making as of such determination, the Company considered factors including (i) future reversals of existing\ntaxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry forwards, and (iii) tax\nplanning strategies. Therefore, the Company believes that it is more likely than not that the results of future operations will not generate\nsufficient taxable income to realize the deferred tax assets as of December 31, 2025 and 2024. Accordingly, as of December 31, 2025 and\n2024, $12,768,325 and $10,693,306 valuation allowance has been provided, respectively. The following is a schedule of expiration of carry\nforward operating loss as of December 31, 2025:\n\n** **\n\nFor the years ending December 31, \nAmount \n\n2026 \n$50,998 \n\n2027 \n 1,213,573 \n\n2028 \n 670,347 \n\n2029 \n 3,094,098 \n\n2030 \n 2,433,218 \n\n2031 \n \n-\n \n\n2032 \n 3,531,458 \n\n2033 \n 8,856,396 \n\n2034 \n 8,340,974 \n\n2035 \n 16,667,523 \n\nTotal \n$44,858,585 \n\n* *\n\nAs of December 31, 2025, the Company had net\noperating loss carrying forwards of $511,057 from the Company’s Hong Kong subsidiaries, which will be carried forward indefinitely\nto offset future profits of the Company’s Hong Kong subsidiaries.\n\n \n\nF-36\n\n \n\n* *\n\nThe Company evaluates each uncertain tax position\n(including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits\nassociated with the tax positions. As of December 31, 2025 and 2024, the Company did not have any unrecognized uncertain tax positions\nand the Company does not believe that its unrecognized tax benefits will change over the next twelve months. For the years ended December\n31, 2025, 2024 and 2023, the Company did not incur any interest and penalties related to any potential underpaid income tax expenses.\n\n \n\nFor the Company’s operating subsidiaries,\nas of December 31, 2025, the tax years ended December 31, 2020, through December 31, 2025 remain open for statutory examination by PRC\ntax authorities.\n\n \n\n**NOTE 21 – RELATED PARTY BALANCE AND\nTRANSACTIONS**\n\n \n\nThe following is a list of related parties which the Company has transactions\nwith:\n\n \n\n  (a) Ningbo Zhuhai Investment Co., Ltd. (“Zhuhai Investment”), a company controlled by Mr. Haiping Hu.\n\n     \n\n  (b) Bally Corp. (“Bally”), a company formerly controlled by Mr. Haiping Hu.\n\n     \n\n  (c) Zhongna Times (Shenzhen) New Energy Technology Co., Ltd. (“Zhongna Times”), a company controlled by Mr. Haiping Hu.\n\n     \n\n  (d) Shanghai Huiyang Investment Co. (“Shanghai Huiyang”), a\ncompany controlled by immediate family members of Mr. Haiping Hu and a 5.40% shareholder of Sunrise Guizhou.\n\n     \n\n  (e) Suzhou Investment, a company of which Mr. Haiping Hu is the CEO.\n\n     \n\n  (f) Mr. Yong Sun, Director of Sunrise Guizhou.\n\n     \n\n  (g) Mr. Wenwu Zhang, Director of Sunrise Guizhou.\n\n     \n\n  (h) Mr. Jianfeng Zhu, General Manager, Director and a 14.19% shareholder\nof Zhongna Times.\n\n     \n\n  (i) Ms. Jing Ji, CEO of and a 46% shareholder of GMB Technology.\n\n     \n\n  (j) Haicheng Shenhe, a 9.6451% shareholder of Sunrise Guizhou.\n\n     \n\n  (k) Ms. Chao Liu, Chief Financial Officer of the Company.\n\n     \n\n  (l) GMB Internet Technology Co., Ltd., one of the shareholders of the Company.\n\n     \n\n  (m) GMB Business Communication Co., Ltd. one of the shareholders of the Company.\n\n     \n\n  (n) GMB Enterprise Cooperation Development Co., Ltd., one of the shareholders of the Company.\n\n     \n\n  (o) GMB Information Technology Co., Ltd., one of the shareholders of the Company.\n\n     \n\n  (p) GMB Wisdom Sharing Platform Co., Ltd., one of the shareholders of the Company.\n\n     \n\n  (q) GMB Technology Co., Ltd., one of the shareholders of the Company.\n\n     \n\n  (r) GMB Project Incubation Services Co., Ltd., one of the shareholders of the Company.\n\n     \n\n  (s) Guizhou Yilong New Area Industrial Development and Investment Co.,\nLtd., a 3.0864% shareholder of Sunrise Guizhou.\n\n     \n\n  (t) Ms. Fangfei Liu, the spouse of Mr. Haiping Hu.\n\n     \n\n  (u) Mr. Huiyu Du, the former legal representative of Sunrise Guizhou.\n\n     \n\n  (v) Beijing Huatai Zhonghe Venture Capital Center (Limited Partnership)\n(“Huatai Zhonghe”), a limited partnership controlled by Mr. Shousheng Guo.\n\n     \n\n  (w) Ningbo Meishan Bonded Port Zone Zhihai Yuncheng Investment Management Partnership Enterprise (Limited Partnership) (“Zhihai Yuncheng”), a limited partnership controlled by Mr. Haiping Hu.\n\n \n\nF-37\n\n \n\n \n\n \n(x)\nShenzhen Zhuhai New Energy\nCo., Ltd. (“Shenzhen Zhuhai”), a company ultimately controlled by Mr. Haiping Hu.\n\n \n\n**a.****Due\nfrom related parties**\n\n \n\nAs of December 31, 2025 and 2024, the balances of amount due from\nrelated parties were as follows:\n\n \n\n  \n  \nAs of December 31, \n\n  \n  \n2025  \n2024 \n\nDue from related parties \n  \n   \n  \n\nBally \n  \n$\n-\n  \n$5,172 \n\nMr. Wenwu Zhang \n(1) \n \n-\n  \n 321,949 \n\nZhongna Times \n(2) \n 71,499  \n \n-\n \n\nShenzhen Zhuhai \n(5) \n \n-\n  \n 150,699 \n\nZhihai Yuncheng \n  \n \n-\n  \n 63,588 \n\nMr. Yong Sun \n(3) \n 404,279  \n \n-\n \n\nMr. Jianfeng Zhu \n(4) \n 285,996  \n \n-\n \n\nOthers \n  \n 700  \n 700 \n\nTotal \n  \n$762,474  \n$542,108 \n\n \n\n(1)The balance as of December 31, 2024 represented the prepaid acquisition\nconsideration to purchase Mr. Wenwu Zhang’s equity interest in Haicheng Shenhe, for which a full allowance for credit losses of\n$326,957 was recorded for the year ended December 31, 2025.\n\n \n\n(2)The Company loaned RMB 500,000, or $69,565, to Zhongna Times for its\noperation for the year ended December 31, 2025. The balance from Zhongna Times as of December 31, 2025 was fully repaid on January 23,\n2026.\n\n \n\n(3)The Company loaned RMB 3,725,000, or $518,261, to Mr. Yong Sun as a\nstaff advance for the year ended December 31, 2025. Mr. Yong Sun repaid RMB 897,835, or $124,916, for the year ended December 31, 2025.\nThe outstanding balance from Mr. Yong Sun as of December 31, 2025 was fully repaid in full by May 11, 2026.\n\n \n\n(4)The Company loaned RMB 2,000,000, or $278,261, to Mr. Jianfeng Zhu\nto support the operation of Zhong Times for the year ended December 31, 2025. The balance from Mr. Jianfeng Zhu as of December 31, 2025\nwas fully repaid in full by May 11, 2026.\n\n \n\n(5)Shenzhen Zhuhai returned RMB 1,100,000, or $153,044, to the Company\nfor the year ended December 31, 2025.\n\n \n\n**b.**\n**Due to related parties**\n\n \n\nAs of December 31, 2025 and 2024, the balances of amounts due to related\nparties were as follows:\n\n \n\n  \n  \nAs of December 31, \n\n  \n  \n2025  \n2024 \n\nDue to related parties \n  \n   \n  \n\nMs. Jing Ji \n  \n$19,841  \n$19,009 \n\nShanghai Huiyang \n(2) \n \n-\n  \n 235,001 \n\nHaicheng Shenhe \n  \n 2,618  \n 1,029 \n\nZhuhai Investment \n(1)/(2) \n 2,136,309  \n 3,442,663 \n\nZhongna Times \n(3) \n \n-\n  \n 493,198 \n\nOthers \n  \n 5,909  \n 5,905 \n\nTotal \n  \n$2,164,677  \n$4,196,805 \n\n \n\n(1) The balance as of December 31, 2025 represented the loans from Zhuhai Investment, with the annual interest rate of 4% and due on December 31, 2026.\n\n   \n\n(2) Mr. Haiping Hu’s affiliated companies loaned RMB 1,600,000, or\n$222,609, to the Company for the year ended December 31, 2025; The Company repaid the loan of RMB 14,780,000, or $2,056,348, to Mr. Haiping\nHu’s affiliated companies for the year ended December 31, 2025. The interest accrued was  RMB 1,382,627, or $192,366, for the\nyear ended December 31, 2025.\n\n   \n\n(3) Zhongna Times loaned RMB  5,000,000, or $695,652, to the\nCompanies for the year ended December 31, 2025; The Company repaid the loan of RMB 8,600,000, or $1,196,522, to Zhongna Times for the\nyear ended December 31, 2025.\n\n \n\nF-38\n\n \n\n \n\n**c.**\n**Related party transactions**\n\n \n\nRelated party purchase\n\n \n\nThe Company purchased consulting services for knowledge sharing and\nenterprise business from Zhuhai Investment. For the years ended December 31, 2025, 2024 and 2023, the consulting fee to Zhuhai Investment\nwas $nil, $12,376 and $nil, respectively.\n\n \n\nThe Company purchased maintenance services for the Company’s\nAPP related to knowledge sharing and enterprise business from Zhihai Yuncheng. For the years ended December 31, 2025, 2024 and 2023, the\nmaintenance fee to Zhihai Yuncheng were $59,065, $32,776 and $nil, respectively.\n\n \n\nThe Company purchased raw materials for graphite\nanode material manufacturing from Haicheng Shenhe. For the years ended December 31, 2025, 2024 and 2023, total purchases were $1,330,\n$nil, and $221,207, respectively.\n\n \n\n**d.**\n**Related party guarantee** \n\n \n\nOn August 4, 2022, Sunrise Guizhou entered into a line of credit financing\ncontract with Bank of Guizhou for a revolving line of credit of RMB 20,000,000, or $2,859,962, for a term from August 4, 2022 to August\n3, 2023. Pursuant to the contract, Mr. Haiping Hu and Guizhou Yilong New Area Industrial Development and Investment Co., Ltd., the non-controlling\nshareholder of Sunrise Guizhou, were the guarantor of the revolving line of credit.\n\n \n\nIn July 2022, Sunrise Guizhou entered into purchase agreements with\noriginal shareholders of Sunrise to acquire 100% of Sunrise Tech’s assets and equity ownership for a gross consideration of RMB\n40,000,000, among of which RMB 10,000,000 and RMB 5,000,000 were paid in July 2022 and August 2023, respectively. For the year ended December\n31, 2024, the Company and the original shareholders agreed that the RMB 5,000,000 consideration due on August 20, 2024 would be offset\nby the unpaid RMB 8,960,000 land use rights and property taxes and their associated fines and late payment fees prior to the asset acquisition.\nFor the year ended December 31, 2025, the Company had paid RMB 6,430,000 to the original shareholders of Sunrise Tech. The unpaid consideration\nRMB 10,000,000, or $1,429,981 will be paid in 2026. The consideration payable is guaranteed by Mr. Haiping Hu. See Note 13.\n\n \n\nOn September 22, 2022, Sunrise Guizhou entered into a financing contract\ninto an eighteen-month loan with Far East to obtain a loan of RMB 20,000,000, or $2,859,962, for a term from September 22, 2022 to March\n21, 2024; On November 4, 2022, Sunrise Guizhou entered into a sales and leaseback financing contract for a three-year financing with Ronghe\nto obtain an amount of RMB 40,000,000, or $5,719,924, for a term from November 10, 2022 to November 9, 2025; On February 7, 2023, Sunrise\nGuizhou entered into a sales and leaseback financing contract for a two-year financing with Zhongguancun to obtain an amount of RMB 20,000,000,\nor $2,859,962, for a term from February 7, 2023 to February 6, 2025; On October 27, 2023, Sunrise Guizhou entered into a sales and leaseback\nfinancing contract for a two-year financing with Guomao for RMB 15,000,000, or $2,144,971, for a term from October 27, 2023 to October\n26, 2025. On October 14, 2024, Sunrise Guizhou entered into a sales and leaseback financing contract for a thirty two-month financing\nwith Risheng for RMB 6,000,000, or $857,989, for a term from October 14, 2024 to June 15, 2027. Pursuant to these financing contracts,\nMr. Haiping Hu, CEO and Chairman of the Board of Director, was the guarantor for all of such debts. See Note 16.\n\n \n\nOn May 16, 2023, Sunrise Guizhou entered into a credit facility agreement\nwith Everbright Bank to obtain a revolving line of credit for up to RMB 100,000,000, or $14,299,810, for a term from June 1, 2023 to May\n31, 2024. For the year ended December 31, 2024 and 2023, the Company had been able to utilize the line of credit for RMB 50,000,000, or\n$7,149,905, with interest rates from 2% to 4.5% which had matured from June 4, 2024 to September 25, 2024, collateralized by the pledge\nof land use right of Sunrise Tech for RMB 50,000,000. This revolving line of credit loan was guaranteed by Mr. Haiping Hu, Ms. Fangfei\nLiu and Ms. Huiyu Du. See Note 17.\n\n \n\nOn January 18, 2023, Sunrise Guizhou entered into a credit facility\nagreement with Post Bank to obtain revolving line of credit for fund up to RMB 30,000,000, or $4,289,943, for a term from January 19,\n2023 to January 18, 2031. For the year ended December 31, 2024 and 2023, the Company utilized the line of credit with Post Bank for RMB\n28,300,000, or $4,046,846, which had matured from July 2023 to April 2024. In March 2024, the Company early repaid the long-term loan.\nThis revolving line of credit loan was guaranteed by Mr. Haiping Hu. See Note 17.\n\n \n\nOn June 13, 2023, Sunrise Guizhou entered into a finance lease agreement\nwith Chongqing Xingyu Finance Lease Co., Ltd. to lease graphite anode materials production facilities. The principal of the contract was\nRMB 29,257,844, or $4,183,816, with an interest rate of 5.8%. Payment due on such finance lease payment was guaranteed by Mr. Haiping\nHu and Ms. Fangfei Liu.\n\n \n\nOn October 26, 2023, Sunrise Guizhou entered into a three-year debt\narrangement with SPD Bank to obtain line of credit of up to RMB 50,000,000, or $7,149,905, for a term from November 17, 2023 to November\n17, 2026. The Company pledged its intellectual property and patent for the line of credit. Sunrise Guizhou utilized the line of credit\nby issuing banker’s acceptance notes up to RMB 20,000,000, or $2,859,962 from SPD. Pursuant to the banker’s acceptance note\ncontract, the Company was obliged to deposit fifty percent of the note payable amount issued as restricted cash in the designated bank\naccount in SPD Bank. Therefore, the line of credit for issuance of acceptance note was RMB 10,000,000, or $1,429,981. As of December 31,\n2025, the banker’s acceptance note was RMB 8,770,472, or $1,254,161 and the deposit for commercial note issuance was RMB 4,710,236,\nor $673,555. Other than the pledge of the Company’s intellectual property and patents, the otherwise unsecured amount of the banker’s\nacceptance note, which was RMB 4,060,236, or $580,606, was also guaranteed by Mr. Haiping Hu.\n\n \n\nF-39\n\n \n\n \n\nOn March 8, 2024, Sunrise Guizhou obtained a bank loan of RMB 100,000,000,\nor $14,299,810 from CCB Qianxinan Branch with an interest rate of 9.504% for a term from March 8, 2024 to March 8, 2026; On June 28, 2024,\nSunrise Guizhou obtained a bank loan of RMB 100,000,000, or $14,299,810, from CCB Qianxinan Branch for a term from June 28, 2024 to June\n28, 2026. These loans were guaranteed by Mr. Haiping Hu. See Note 17.\n\n \n\nOn April 26, 2024, the Company obtained a loan for RMB 900,000, or\n$128,698, from WeBank with an interest rate of 9.504% for a term from April 26, 2024 to April 26, 2026. This credit loan was guaranteed\nby Ms. Huiyu Du, the former legal representative of Sunrise Guizhou. See Note 17.\n\n \n\nOn June 19, 2024, GIOP BJ entered into a line of credit facility agreement\nwith Industrial Bank to obtain revolving line of credit of fund up to RMB 7,000,000, or $1,000,987. On July 23, 2024, GIOP BJ obtained\na loan for RMB 7,000,000 with an interest rate of one-year loan prime rate plus 0.05% for a term from August 29, 2024 to August 28, 2025.\nOn June 25, 2025, Sunrise Guizhou repaid the loan in full and renewed the line of credit loan for RMB 7,000,000 with an interest rate\nof one-year loan prime rate minus 0.2% for a term from June 26, 2025 to June 25, 2026. This loan was guaranteed by Mr. Haiping Hu and\nMs. Fangfei Liu. See Note 17.\n\n \n\nOn July 31, 2024, Sunrise Guizhou entered into a banker’s acceptance\nnote contract with Everbright Bank for issuing banker’s acceptance note to the suppliers of Sunrise Guizhou. Pursuant to the contract,\nthe Company was obliged to deposit fifty percent of the note payable amount issued as restricted cash in the designated bank account in\nEverbright Bank. As of December 31, 2025 and 2024, the deposit for the note issuance was $1,804,798 and $6,853,541, respectively. Pursuant\nto the contract, Mr. Haiping Hu and Ms. Fangfei Liu were the guarantors of the unsecured commercial notes for $2,707,198 and $6,853,541\nas of December 31, 2025 and 2024, respectively.\n\n \n\nOn January 9, 2025, Sunrise Guizhou obtained a bank loan of RMB300,000,000,\nor $42,899,429, from CCB Qianxinan Branch with a variable interest rate of the loan prime rate plus 0.7%, for a term from January 9, 2025\nto January 9, 2039. The loan was guaranteed by Mr. Haiping Hu, Zhuhai Zibo, and Zhuhai Investment. See Note 17.\n\n \n\nOn March 27, 2025, Sunrise Guizhou entered into a loan agreement for\nRMB29,000,000, or $4,146,945, with an interest rate of 4% for a term from March 31, 2025 to March 30, 2026. This credit loan was guaranteed\nby Mr. Haiping Hu and Ms. Fangfei Liu.\n\n \n\n**NOTE 22 – REDEEMABLE NON-CONTROLLING INTERESTS**\n\n \n\nOn June 13, 2022, Guizhou Province New Kinetic Industry Development\nFund Partnership (“New Kinetic Partnership”) subscribed 22.8395% of the preferred shares of Sunrise Guizhou, at total cash\nconsideration of RMB 200,000,000, or $29,467,667.\n\n \n\nIn addition to the preferential rights in dividend\nand liquidation, the New Kinetic Partnership has a right to require Sunrise Guizhou and its shareholders to redeem New Kinetic Partnership’s\nshares, at any time and from time to time on or after the date of the earliest to occurrence of the certain events, including but not\nlimited to: (i) Sunrise Guizhou fails to complete a qualified initial public offering (“IPO”) thirty-six months post-closing;\n(ii) Sunrise Guizhou fails to complete the profit commitment for consecutive two years; (iii) Sunrise Guizhou’s conviction of breaches\nor violation of criminal laws and/or applicable regulations which may have a material adverse effect on the Company’s business;\n(iv) the occurrence of the change of business of Sunrise Guizhou; (v) the net assets of Sunrise Guizhou is less than the net assets as\nof the date of the investment; (vi) the account receivable of Sunrise Guizhou exceeds RMB 200,000,000 and the aging of the account receivable\nis over five months; and (vii) Sunrise Guizhou fails to complete manufacturing infrastructure construction by December 31, 2023.\n\n \n\nThe redemption value on the investment by the\nNew Kinetic Partnership is higher of (i) 100% of the investment amount plus the aggregated amount of 65% of the profit commitment attributable\nto New Kinetic Partnership for the following six years post-closing multiplied by the days elapsed divided by (6*365).\n\n \n\nOn June 18, 2024, the New Kinetic Partnership\namended the terms of the investment agreement to waive their preferential rights in dividend and liquidation, and remove the redemption\nevents related to completion of an IPO and meeting performance commitment. In addition, the Company, including Zhuhai Zibo, the controlling\nshareholder of Sunrise Guizhou, is excluded from the redemption obligor and certain shareholders of Sunrise Guizhou become the sole obligor\nof the redemption. As a result of the amendments, the Company reclassified the equity interest held by New Kinect Partnership from mezzanine\nequity to non-controlling interests.\n\n \n\nThe movement of redeemable non-controlling interests\nwas as follows:\n\n \n\n  \nFor the years ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nBalance at beginning of the year \n$\n     -\n  \n$34,543,186  \n$31,228,329 \n\nAccretion to redemption value of redeemable non-controlling interests \n \n-\n  \n 1,792,027  \n 3,920,454 \n\nReclassification of the redeemable non-controlling interests to permanent equity \n \n-\n  \n (35,527,113) \n \n \n \n\nForeign exchange effect \n \n-\n  \n (808,100) \n (605,597)\n\nBalance at end of the year \n$\n-\n  \n$\n-\n  \n$34,543,186 \n\n \n\nF-40\n\n \n\n \n\n**NOTE 23 – SHAREHOLDERS’ EQUITY**\n\n \n\n**Ordinary shares**\n\n \n\nEPOW was established under the laws of the Cayman\nIslands on February 22, 2019. The authorized number of ordinary shares was 500,000,000 with par value of $0.0001 per share. On\nFebruary 22, 2019, EPOW issued 999,999 new shares to the controlling shareholders and one share to Osiris International Cayman Limited\nat par $0.0001 per share. On August 8, 2019, EPOW issued an aggregate of 27,000,000 ordinary shares at a price of US$0.0001 per share\nwith total consideration of US$2,800, pro-rata to the shareholders of EPOW as of such date.\n\n \n\nOn April 2, 2020, the shareholders of the Company\nunanimously authorize a one-for-0.88 reverse stock split of the Company’s outstanding and issued ordinary shares (the “First\nReverse Stock Split”), which became effective on April 3, 2020. Any fractional ordinary share that would have otherwise resulted\nfrom the First Reverse Stock Split were rounded up to the nearest full share. The First Reverse Stock Split did not change the par value\nof the ordinary shares and had no effect on the number of authorized ordinary shares of the Company. As a result of the First Reverse\nStock Split, 28,000,000 ordinary shares that were issued and outstanding at April 3, 2020 were reduced to 24,640,000 ordinary shares\n(taking into account the rounding of fractional shares).\n\n \n\nOn April 24, 2020, the shareholders of the Company\nunanimously authorize another one-for-0.68 reverse stock split of the Company’s issued and outstanding ordinary shares (the “Second\nReverse Stock Split”), which became effective on April 24, 2020. Any fractional ordinary share that would have otherwise resulted\nfrom the Second Reverse Stock Split were rounded up to the nearest full share. The Second Reverse Stock Split did not change the par\nvalue of the ordinary shares and had no effect on the number of authorized ordinary shares of the Company. As a result of the Second\nReverse Stock Split, 24,640,000 ordinary shares that were issued and outstanding at April 24, 2020 was reduced to 16,800,000 ordinary\nshares (taking into account the rounding of fractional shares).\n\n \n\nOn February 11, 2021, the Company closed its\ninitial public offering (“IPO”) on Nasdaq. The Company offered 6,720,000 ordinary shares, par value $0.0001 per share, at\na price of $4.00 per share and received total gross proceed of $26,880,000. Besides, the Company offered 1,008,000 ordinary shares, par\nvalue $0.0001 per share, as part of the representative of the underwriters’ over-allotment option, at a price of $4.00 per share\nand received total gross proceed of $4,032,000. Total net proceeding amounted to $27,504,639 after deducting underwriting discounts and\nother related expenses.\n\n \n\n**Share capital increase and re-designation**\n\n \n\nOn February 8, 2024, the 2023 annual general\nmeeting of shareholders (the “Meeting”) of the Company was held. At the Meeting, the shareholders of the Company approved\nthe increase and re-designation of the Company share capital.\n\n \n\nThe Company increased its authorized share capital\nfrom US$50,000 consisting of 500,000,000 ordinary shares of par value $0.0001 each to $500,000 consisting of 5,000,000,000 ordinary shares\nof par value US$0.0001 each (the “Share Capital Increase”).\n\n \n\nImmediately following the Share Capital Increase,\nthe Company re-designated and re-classified its authorized share capital so that the afore-mentioned authorized share capital of $500,000\ncomprise 3,500,000,000 Class A ordinary shares of par value US$0.0001 each and 1,500,000,000 Class B ordinary shares of par value US$0.0001\neach. Pursuant to the Second Amended and Restated Memorandum and Articles of Association of the Company, on a poll at any general meeting\nevery shareholder shall have one (1) vote for every Class A ordinary share and twenty (20) votes for every Class B ordinary share held.\n\n \n\nThe Company believes that the re-designation\nshould be accounted for on a retroactive basis pursuant to ASC 260. The Company has retroactively restated all shares data for all periods\npresented.\n\n \n\n**Share consolidation**\n\n \n\nOn September 16, 2024, the extraordinary general\nmeeting of shareholders of the Company was held. At the extraordinary general meeting, the shareholders adopted an ordinary resolution\non consolidation of every ten (10) Class A and Class B ordinary shares with a par value of US$0.0001 each into one (1) Class A and Class\nB ordinary share with a par value of US$0.001 each. The share consolidation is conditional upon the approval of the Board of Directors\nof the Company in its sole discretion, with effect as of the date the Board may determine (the “Effective Date”). The Effective\nDate must be a date within twelve months following the date of this ordinary resolution. The share consolidation is not yet effective\nas of the date of the Company’s consolidated financial statements.\n\n \n\n**2024 subscription agreement and subscription\nreceivable**\n\n \n\nOn October 18, 2024, the Company entered into\na subscription agreement with Chong Ee Chang, a Malaysian citizen. Pursuant to the subscription agreement, Chong Ee Chang agreed to subscribe\nfor and purchase from the Company, and the Company agreed to issue and sell to Chong Ee Chang an aggregate of 103,300 Class A ordinary\nshares of the Company, par value US$0.0001 per share, for an aggregate purchase price of $100,000. The Company received the subscription\nproceeds on February 25, 2025.\n\n \n\nF-41\n\n \n\n \n\n**2025 subscription agreement and share subscription discount expenses**\n\n \n\nOn July 31, 2025, the Company entered into a subscription\nagreement with Cloud Alliance Inc. Pursuant to the subscription agreement, the Company agreed to issue and sell to Cloud Alliance Inc.\n1,000,000 Class A ordinary shares for $550,000. The net proceeds from the subscription was $469,940, after deducting the issuance cost\nof $80,060. The purchase price for each share was $0.55, which was lower than the closing share price $0.815 as of the offering closing\non September 23, 2025. Such difference was recorded as an expense in the amount of $265,000.\n\n \n\nOn August 8, 2025, the Company entered into a\nsubscription agreement with Fibonacci Capital, Inc. Pursuant to the subscription agreement, the Company agreed to issue and sell to Fibonacci\nCapital, Inc. 3,000,000 Class A ordinary shares for $1,650,000. The proceeds from the subscription was $1,630,095, after deducting the\nissuance cost of $19,905. The purchase price for each share was $0.55, which was lower than the closing share price $1.33 as of the offering\nclosing on October 3, 2025. Such difference was recorded as an expense in the amount of $2,340,000.\n\n \n\nOn November 6, 2025, the Company entered into\nseveral subscription agreements with three purchasers. Pursuant to the subscription agreement, the Company agreed to issue and sell to\nwith three purchasers for an aggregate of 7,000,000 Class A ordinary shares and warrants to purchase up to 3,500,000 Class A Ordinary\nShare for $5,600,000.\n\nThe proceeds from the share subscription and\nwarrant were $5,543,127, after deducting the issuance cost of $56,873. The proceeds received in the subscription were allocated between\nClass A Ordinary Share and the warrants on a relative fair value basis.\n\n \n\nWhen the warrants were taken into consideration\nand after a portion of the issuance price was allocated to the warrants, the issuance price of Class A Ordinary Share in this offering\ndecreased to $0.669, which was lower than the closing share price $1.23 as of the offering closing on November 19, 2025. Such difference\nwas recorded as an expense in the amount of $3,929,936.\n\n \n\n**Warrant**\n\n \n\nIn conjunction with the issuance of 7,000,000 Class A Ordinary Shares\nto three purchasers that closed on November 19, 2025, the Company also issued to the purchasers a stock purchase warrant providing for\nthe rights to purchase 3,500,000 Class A Ordinary Shares of the Company at $0.80 per share. The stock purchase warrant will expire one\nyear from the date of grant. The fair value and the allocated value of the warrants were $1,692,423 and $919,936 at the grant date, respectively.\nAfter the deduction of issuance cost of $9,343 allocated to the warrant, the carrying amount of the warrant was $910,593. The fair value\nof the warrant was estimated using the Black-Scholes option pricing model with the following assumptions:\n\n \n\nExpected volatility \n 60.19%\n\nRisk-free interest rate \n 3.70%\n\nExpected dividend \n \n-\n \n\nContractual life of the warrant \n 1 \n\n \n\n**Share-based compensation**\n\n \n\nThe Company adopted the 2022 Stock Incentive\nPlan for the grant of restricted share units to employees, directors and non-employees to provide incentive for their services. The maximum\nnumber of ordinary shares that may be delivered pursuant to compensatory awards granted to the employees, directors and non-employees\nunder the 2022 Stock Incentive Plan should not exceed 3,679,200 ordinary shares of par value $0.0001 per share.\n\n \n\nOn February 8, 2024, the 2023 annual general\nmeeting of shareholders of the Company was held. At the Meeting, the shareholders of the Company approved the 2024 Employee Share Incentive\nPlan. The Company adopted the 2024 Employee Share Incentive Plan for the grant of restricted share units to employees, directors and\nnon-employees to provide incentive for their services. The maximum number of ordinary shares that may be delivered pursuant to compensatory\nawards granted to the eligible persons under the 2024 Stock Incentive Plan may not exceed 2,613,000 ordinary shares of par value $0.0001\nper share. The Company had not granted any compensatory awards under the 2024 Employee Share Incentive Plan to its employees, directors\nand non-employees as of the date of the consolidated financial statements.\n\n \n\nOn March 1, 2025, the Board of Directors of the\nCompany approved the 2025 Employee Share Incentive Plan, in which certain restricted share units or share option would be granted to\nthe Company’s directors, employees and consultants to provide incentive for their services. The maximum number of ordinary shares\nthat may be delivered pursuant to compensatory awards granted to the eligible persons under the 2025 Stock Incentive Plan may not exceed\n4,000,000 ordinary shares of par value $0.0001 per share. 2025 Employee Share Incentive Plan is subject to shareholders’ approval\nby an ordinary resolution at the annual general meeting.\n\n \n\nF-42\n\n \n\n \n\nThe Company recorded share-based compensation\nexpenses of $322,386, $972,743 and $2,170,801 for the years ended December 31, 2025, 2024 and 2023, respectively. The following table\nsets forth the allocation of share-based compensation expenses:\n\n \n\n  \nFor the years ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nCost of revenues \n$543  \n$1,651  \n$4,617 \n\nSelling expenses \n 2,823  \n 8,592  \n 19,784 \n\nGeneral and administrative expenses \n 319,020  \n 968,110  \n 2,138,978 \n\nResearch and development expenses \n \n-\n  \n (5,610) \n 7,422 \n\nTotal \n$322,386  \n$972,743  \n$2,170,801 \n\n \n\nRestricted share units\n\n \n\nOn August 26, 2022, the Company granted 3,334,200\nrestricted share units to its directors and employees under 2022 Stock Incentive Plan. 25% of the restricted share units were immediately\nvested on August 26, 2022. 75% of the restricted share units will be vested in three years with equal yearly installments after August\n26, 2022. The grant date fair value of the restricted share units was $2.00 per share, which was the closing price of the Company’s\nordinary share on NASDAQ on August 26, 2022. This grant resulted in a total share-based compensation of $6,668,400 to be recognized ratably\nover the requisite service period of 3 years.\n\n \n\nA summary of the restricted shares units’\nactivities was as follows: \n\n \n\n  \nNumber of\nrestricted\nshare units\noutstanding  \nWeighted\naverage\ngrant date\nfair value  \nAggregate\nintrinsic\nvalue \n\nRestricted share units outstanding as of January 1, 2023 \n 2,500,650  \n 2.00  \n 6,826,775 \n\n  \n    \n    \n   \n\nVested \n (779,800) \n 2.00  \n   \n\n  \n    \n    \n   \n\nForfeited \n (228,750) \n 2.00  \n   \n\n  \n    \n    \n   \n\nRestricted share units outstanding as of December 31, 2023 \n 1,492,100  \n 2.00  \n 1,611,468 \n\n  \n    \n    \n   \n\nVested \n (742,300) \n 2.00  \n   \n\n  \n    \n    \n   \n\nForfeited \n (7,500) \n 2.00  \n   \n\n  \n    \n    \n   \n\nRestricted share units outstanding as of December 31, 2024 \n 742,300  \n 2.00  \n 640,976 \n\n  \n    \n    \n   \n\nVested \n (742,300) \n 2.00  \n   \n\n  \n    \n    \n   \n\nRestricted share units outstanding as of December 31, 2025 \n \n-\n  \n \n-\n  \n \n-\n \n\n \n\nThe weighted average grant date fair value of\nrestricted share units granted during the years ended December 31, 2025, 2024 and 2023 were $2.00, $2.00 and $2.00, respectively. The\ntotal fair value of restricted share units vested during the years ended December 31, 2025, 2024 and 2023 were $1,484,600, $1,484,600,\nand $1,559,600 respectively.\n\n \n\nThe Company recognized compensation expense over\nthe requisite service period for each separately vesting portion of the award as if the award is in substance, multiple awards. The Company\nrecorded share-based compensation expenses relating to restricted share units of $322,386, $972,743 and $2,170,801 for the year ended\nDecember 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, there were no unrecognized compensation expenses relating to\nnonvested shares.\n\n** **\n\nF-43\n\n \n\n** **\n\n**Non-controlling interests**\n\n \n\nNon-controlling interests consist of the following:\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2024 \n\nGMB (Beijing) \n$(4,730) \n$2,598 \n\nGMB Culture \n (3,357) \n (418)\n\nSunrise Tech \n (245,687) \n (216,195)\n\nGMB Consulting \n 12,274  \n 12,695 \n\nShidong Cloud \n 36,679  \n 37,952 \n\nSunrise Guxian \n (199,262) \n (178,849)\n\nSunrise Chenhui \n (94,226) \n (74,081)\n\nGMB Technology \n (197,757) \n (192,638)\n\nAlchemistica \n (2,797) \n \n-\n \n\nSunrise Anhui \n (62,141) \n \n-\n \n\nInnovation Research \n (16,493) \n \n-\n \n\nSunrise Guizhou \n 28,773,654  \n 38,167,880 \n\nTotal \n$27,996,157  \n$37,558,944 \n\n \n\nSunrise Guizhou was established by Zhuhai (Zibo)\nInvestment and five other companies in November, 2021. Shidong Cloud was established by GIOP BJ and Beijing Yunqianyi Information Technology\nCo., Ltd. (“Yunqianyi”) in December 2022. 75% shares of Shidong Cloud were held by GIOP BJ and 25% of shares was held by\nYunqianyi.\n\n \n\nSunrise Guxian was established by Zhuhai Guizhou\nand seven other companies in April, 2022. Sunrise Chenhui was established by Sunrise Tech on March 25, 2024.\n\n \n\nEPOW and SDH New Energy entered into a joint venture\nagreement with Kekecely Ltd and Simple Cloud Technology to establish Alchemistica Inc. on August 5, 2025.\n\n \n\nFor the years ended December 31, 2023, the non-controlling\nshareholders made capital contributions of $3,910,897 to Sunrise Guizhou.\n\n \n\nFor the year ended December 31, 2024, GMB (Hangzhou)\nacquired 1.45% non-controlling interests in Sunrise Guizhou from Sunrise Guizhou’s non-controlling shareholders for a consideration\nof $65,751.\n\n \n\nFor the year ended December 31, 2024, the Company\nreclassified the redeemable non-controlling interest of $35,527,113 held by New Kinect Partnership from mezzanine equity to non-controlling\ninterests due to the extinguishment of the preferred shares. See Note 22.\n\n \n\nThe actual capital contributions made by the\nCompany and the non-controlling shareholders for the years ended December 31, 2025, 2024 and 2023 had no effect on the Company’s\npercentage of interest in its subsidiaries and VIE’s subsidiaries.\n\n \n\n**Statutory reserves**\n\n \n\nIn accordance with the Regulations on Enterprises\nof PRC, the Company’s subsidiaries, GIOP BJ, VIE and VIE’s subsidiaries in the PRC are required to provide for statutory\nreserves, which are appropriated from net profit as reported in the Company’s PRC statutory accounts. They are required to allocate\n10% of their after-tax profits to fund statutory reserves until such reserves have reached 50% of their respective registered capital.\nThese reserve funds, however, may not be distributed as cash dividends.\n\n \n\nAs of December 31, 2025 and 2024, the statutory\nreserves of the Company’s subsidiaries, GIOP BJ, the VIE and VIE’s subsidiaries in the PRC have not reached 50% of their\nrespective registered capital. As of December 31, 2025 and 2024, the balances of the statutory reserves were $2,481,963 and $2,477,940,\nrespectively.\n\n \n\nF-44\n\n \n\n \n\n**Restricted net assets**\n\n** **\n\nThe Company’s PRC subsidiaries and the\nVIE and VIE’s subsidiaries are restricted in their ability to transfer a portion of their net assets, equivalent to their statutory\nreserves and their share capital to the Company in the form of loans, advances, or cash dividends. The payment of dividends by entities\norganized in China is subject to limitations, procedures, and formalities. Regulations in the PRC currently permit payment of dividends\nonly out of accumulated profits as determined in accordance with accounting standards and regulations in China. As of December 31, 2025\nand 2024, the statutory reserves and the share capital amounted to $2,481,963 and $2,477,940, respectively.\n\n \n\n**NOTE 24 – LOSS PER SHARE**\n\n** **\n\nOn February 8, 2024, the Company adopted dual\nclass ordinary share structure. Pursuant to the Second Amended and Restated Memorandum and Articles of Association of the Company, at\nany general meeting every Member shall have one (1) vote for every Class A ordinary share and twenty (20) votes for every Class B ordinary\nshare. Each Class B ordinary share shall be convertible, at the option of the holder thereof, at any time after the date of issuance\nof such share, at the office of the Company or any transfer agent for such shares, into one fully paid and non-assessable Class A ordinary\nshare. Holders of Class A ordinary shares and Class B ordinary shares have the same rights, except for voting rights and conversion rights.\nTherefore, the two-class method of computing the loss per share is not applicable.\n\n \n\nBasic and diluted loss per ordinary share is\ncomputed using the weighted average number of ordinary shares outstanding during the year. The Company has determined that the redeemable\nnon-controlling interests are participating securities as the preferred shares participate in retained earnings of Sunrise Guizhou.\n\n \n\nThe Company treats the entire measurement adjustment\nto redemption value of the redeemable non-controlling interest under ASC 480-10-S99-3A as being akin to a dividend, which affected in\nthe calculation of loss available to ordinary shareholders of the Company used in the EPS calculation.\n\n \n\n  \nFor the years ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nNumerator: \n   \n   \n  \n\nNet loss \n$(26,659,381) \n$(17,981,164) \n$(32,920,724)\n\nLess: accretion to redemption value of redeemable non-controlling interests \n \n-\n  \n 1,792,027  \n 3,920,454 \n\nforeign currency effect on redemption value of redeemable non-controlling interests \n \n-\n  \n (808,100) \n (605,597)\n\nnet loss attributable to non-controlling interests \n (10,023,801) \n (6,204,728) \n (8,688,144)\n\nNet loss attributable to ordinary shareholders \n$(16,635,580) \n$(12,760,363) \n$(27,547,437)\n\n  \n    \n    \n   \n\nDenominator: \n    \n    \n   \n\nWeighted average number of shares outstanding – basic and diluted \n 29,043,280  \n 26,404,589  \n 25,622,195 \n\nLoss per share – basic and diluted \n (0.57) \n (0.48) \n (1.08)\n\n \n\nThe potentially dilutive securities that were\nnot included in the calculation of dilutive net loss per share in those periods where their inclusion would be anti-dilutive include\n(i) restricted share units of 128,804, 184,133 and 813,609, and (ii) warrants of 149,028, nil and nil for the years ended December 31,\n2025, 2024 and 2023, respectively.\n\n \n\n**NOTE 25 – COMMITMENTS AND CONTINGENCIES**\n\n \n\n**Contingencies**\n\n \n\nThe Company may from time to time be involved\nin various legal proceedings, claims and other disputes arising from the commercial operations, projects, employees and other matters\nwhich, in general, are subject to uncertainties and in which the outcomes are not predictable. The Company determines whether an estimated\nloss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. The following\nare legal proceedings for the fiscal year ended December 31, 2025 for which the Company has determined material.\n\n \n\nOn March 17, 2025, Beijing Xindahang Technology\nCo., Ltd. (“Xindahang”) brought a claim against Sunrise Guizhou in the Daxing’s People’s Court of Beijing City,\nalleging breach of contract arising from Sunrise Guizhou’s alleged failure to pay financial advisory service fees of RMB2,145,000, or $306,731. The financial advisory service was associated with Sunrise Guizhou’s share issuance to Xinyang Partnership and the\nfee was 3% of the total proceeds received. On December 26, 2025, a judgment was made by the Court, which ruled in Xindahang’s favor. Sunrise\nGuizhou filed an appeal with Beijing Second Intermediate People's Court on January 7, 2026. On April 30, 2026, the court made the decision\nthat the appeal was rejected and the original judgement was upheld.\n\n \n\nF-45\n\n \n\n \n\nOn August 22, 2025, the supplier of Sunrise Guizhou,\nHubei Jinhua New Material Technology Co., Ltd. (“Hubei Jinhua”) brought a claim for a breach of contract against Sunrise Guizhou\nin the Xianfeng’s People’s Court of (the “Hubei Province Court”), alleging that Sunrise Guizhou failed to pay\nthe goods purchased with an aggregated price of RMB20,541,007, or $2,867,414. RMB20,978,100, or $2,928,430 in a bank account of Sunrise\nGuizhou was frozen by Hubei Jinhua for the unpaid purchase price, its interests, legal fees, and litigation charges. As of the date of this consolidated financial statement, the freeze\non the bank account has been lifted. On November 27, 2025,\na judgment was made by the Hubei Province Court, which ruled in Hubei Jinhua’s favor. On January 23, 2026, Sunrise Guizhou appealed\nto the Enshi Tujia and Miao Autonomous Prefecture Intermediate People’s Court. On March 4, 2026, Sunrise Guizhou’s appeal\nwas rejected and the original judgment was upheld. Sunrise Guizhou has paid Hubei Jinhua as of the date of this consolidated financial\nstatement, and the freeze on the bank account has been lifted.\n\n \n\nOn September 8, 2025, Zibo Caijin Holding\nGroup Co., Ltd. (“Zibo Caijin”) brought a civil claim against the VIE in Zhangdian District People’s Court of Zibo\nCity (“Zhangdian District Court”), Shandong Province, alleging that the VIE failed to relocate its address to Zibo City\nand should return the government relocation subsidy and its interest for a total amount of RMB 23,813,452, or $3,405,278. Zibo\nCaijin also alleged that Mr. Haiping Hu and Zhuhai Investment should assume joint and several liability pursuant to the guaranty. The Company disputed the Zibo Caijin’s claim, as the VIE has been relocated to Zibo City and registered with the\nlocal bureau. No judgment has been made by Zhangdian District Court as of the date of this consolidated financial statement. The\nVIE’s portion in the investment of Jiazhong and Jinshuibanlv had been  frozen by Zibo Caijin on January 19, 2026 for a\nperiod of three years. The Company cannot predict the outcome or impact from the foregoing proceeding.\n\n \n\nOn September 29, 2025, Sunrise Guizhou\nbrought a civil claim in Anlong County People’s Court against Ms. Huiyu Du, the former legal representative of Sunrise\nGuizhou, for a loss of RMB 43,930,640, or $6,281,998, that resulted from her misconduct and decision-making mistakes during her\nemployment. Regarding the former management officials’ misconduct, Sunrise Guizhou also filed a criminal complaint with the\nlocal public security authorities. On February 9, 2026, the case was accepted by the Anlong County Public Security Bureau. Since the\ncase was suspected of involving a criminal offense and had been accepted by the Anlong County Public Security Bureau for\ninvestigation, the Anlong County People’s Court made the decision to dismiss the lawsuit on April 20, 2026. This case is still\nunder criminal investigation as of the date of this consolidated financial statement. Sunrise Guizhou intends to vigorously claim its rights in these\nmatters; however, the Company cannot predict the outcome or impact from such proceedings.\n\n \n\nOn November 17, 2025, Zibo Caijin brought\nanother civil claim against the VIE in Zhangdian District People’s Court of Zibo City, Shandong Province, alleging that the\nVIE should compensate Zibo Caijin’s losses by returning the consultation service revenue of RMB 50,000,000, or $7,149,905. The\nconsultation revenue was associated with services provided to Zibo Caijin on investment referrals, initial public offering\nconsultations, investment and financing consultation services during the fiscal year ended December 31, 2020. Zibo Caijin also\nalleged that Mr. Haiping Hu and Zhuhai Investment should assume joint and several liability, as Mr. Haiping Hu and Zhuhai Investment\nguaranteed that the VIE and its subsidiaries in Zibo City would be able to pay local taxes for an aggregate amount of RMB 50,000,000\nfrom the year 2021 to 2026. The VIE disputed Zibo Caijin’s claim, as Zibo Caijin had acknowledged the services and confirmed\nthe receipt of the services in writing during the year 2020. The title to the VIE’s building, with a cost of RMB 19,519,182,\nor $2,791,206, had been frozen by Zibo Caijin and the VIE is\nprohibited from transferring the title commencing on January 19, 2026 for a period of three years. No judgement has been made by the\nZhangdian District People’s Court as of the date of this consolidated financial statement. The Company cannot predict the\noutcome or impact from the foregoing proceeding.\n\n \n\nIn addition to the aforementioned lawsuits,\nthe Company is also a party to several legal proceedings or claims that the Company believes are immaterial. Litigation liabilities\nin an aggregate amount of $726,580 with respect to such legal proceedings and claims have been recorded in accrued expenses and\nother current liabilities as of December 31, 2025. The outcomes of such legal proceedings cannot be predicted as of the date of this consolidated financial\nstatement and the Company does not believe these actions, in the aggregate, will have a material adverse impact on its financial\nposition, results of operations or liquidity. \n\n \n\n**NOTE 26 – SEGMENT REPORTING**\n\n \n\nASC 280, “Segment Reporting”, establishes\nstandards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure\nas well as information about geographical areas, business segments and major customers in financial statements for details on the Company’s\nbusiness segments.\n\n \n\nIn November 2023, the FASB issued ASU No. 2023-07,\nImprovements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring\ndisclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”)\nand included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position\nof the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or\nloss in assessing segment performance and deciding how to allocate resources. The Company adopted this ASU on December 31, 2024 and\nthe adoption of the ASU does not have a material effect on its consolidated financial statements.\n\n \n\nThe Company uses the management approach to determine\nreportable operating segments. The management approach considers the internal organization and reporting used by the Company’s\nCODM for making decisions, allocating resources and assessing performance. The Company’s CODM has been identified as the CEO, who\nreviews consolidated results when making decisions about allocating resources and assessing the performance of the Company.\n\n \n\nBased on the management’s assessment, the\nCompany determined that it had two operating segments and therefore two reportable segments as defined by ASC 280, which were graphite\nanode business and knowledge sharing and enterprise business. The Company’s long-lived assets were all located in the PRC and substantially\nall of the Company’s revenue and expense were derived in the PRC. Therefore, no geographical segments were presented.\n\n \n\nF-46\n\n \n\n \n\nThe Company’s CODM evaluates performance\nbased on each reporting segment’s revenues and costs of revenues. Revenues, cost of revenues and gross (loss) profits by segment\nwere presented below.\n\n \n\n  \nFor the years ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nREVENUES, NET \n   \n   \n  \n\nGraphite anode business \n$46,342,154  \n$64,365,362  \n$44,384,004 \n\nKnowledge sharing and enterprise business \n 73,978  \n 632,379  \n 666,401 \n\nTotal revenues \n 46,416,132  \n 64,997,741  \n 45,050,405 \n\n  \n    \n    \n   \n\nCOSTS OF REVENUES \n    \n    \n   \n\nGraphite anode business \n 52,252,338  \n 70,782,649  \n 57,172,626 \n\nKnowledge sharing and enterprise business \n 11,278  \n 12,672  \n 281,030 \n\nTotal cost of revenues \n 52,263,616  \n 70,795,321  \n 57,453,656 \n\n  \n    \n    \n   \n\nGROSS (LOSS) PROFIT \n    \n    \n   \n\nGraphite anode business \n (5,910,184) \n (6,417,287) \n (12,788,622)\n\nKnowledge sharing and enterprise business \n 62,700  \n 619,707  \n 385,371 \n\nTotal gross loss \n (5,847,484) \n (5,797,580) \n (12,403,251)\n\n  \n    \n    \n   \n\nRECONCILIATION OF LOSS (SEGMENT OF GROSS LOSS) \n    \n    \n   \n\nUNALLOCATED AMOUNTS \n    \n    \n   \n\nOPERATING EXPENSES \n    \n    \n   \n\nSelling expenses \n 895,099  \n 899,760  \n 742,167 \n\nGeneral and administrative expenses \n 7,329,317  \n 7,391,664  \n 13,040,038 \n\nResearch and development expenses \n 1,955,588  \n 2,507,324  \n 1,193,082 \n\nImpairment of intangible assets \n \n-\n  \n \n-\n  \n 3,151,467 \n\nTotal operating expenses \n 10,180,004  \n 10,798,748  \n 18,126,754 \n\n  \n    \n    \n   \n\nLOSS FROM OPERATIONS \n (16,027,488) \n (16,596,328) \n (30,530,005)\n\n  \n    \n    \n   \n\nOTHER (EXPENSES) INCOME \n    \n    \n   \n\nInvestment income (losses) \n 146,361  \n 198,176  \n (1,170,974)\n\nInterest expense, net \n (4,566,816) \n (2,018,680) \n (2,162,109)\n\nShare subscription discount expenses \n (6,534,936) \n \n-\n  \n \n \n \n\nOther income, net \n 323,111  \n 441,231  \n 942,138 \n\nTotal other expenses, net \n (10,632,280) \n (1,379,273) \n (2,390,945)\n\n  \n    \n    \n   \n\nLOSS BEFORE INCOME TAXES \n$(26,659,768) \n$(17,975,601) \n$(32,920,950)\n\n \n\nF-47\n\n \n\n \n\n**NOTE 27 – SUBSEQUENT EVENTS**\n\n \n\nOn March 30, 2026, Sunrise Guizhou entered\ninto a line of credit financing contract with Bank of China (“Bank of China”) Xingren Branch for a revolving line credit\nof RMB 7,000,000, or $1,000,987, for a term from March 30, 2026 to March 30, 2029. Sunrise Guizhou fully utilized the line of credit\nfor a short term loan with the interest rate of one year loan prime rate from March 30, 2026 to March 29, 2027. Mr. Haiping Hu was\nthe guarantor of the revolving line of credit. Sunrise Guizhou also pledged its manufacturing facilities of RMB 13,901,944, or\n$1,987,952 for guarantee to secure the revolving line of credit.\n\n \n\nIn January, 2026, Sunrise Guizhou entered into a factoring agreement,\nwhich is in essence of loan, with CCB Qianxinan Branch and CCB’s affiliates for supplier payment for a period from January 2026\nto January 2027. The loan was guaranteed by Mr. Haiping Hu and Zhuhai Zibo. Sunrise Guizhou also pledged its buildings and land use rights\nof its manufacturing facilities to CCB. As the date of this consolidated financial statement, the loan balance is RMB 97,000,000, or $13,870,816.\n\n \n\nThe Company evaluated subsequent events and transactions\nthat occurred after the balance sheet date through the date that the consolidated financial statements were available to be issued, and\ndetermined that that no subsequent events have occurred that would require recognition or disclosure in these financial statements, except\nas disclosed in this Note 27 or elsewhere in the notes to the consolidated financial statements.\n\n \n\nF-48\n\n \n\n \n\n**SCHEDULE – UNAUDITED CONDENSED FINANCIAL INFORMATION OF THE\nPARENT COMPANY**\n\n** **\n\nRule 12-04(a), 5-04(c) and 4-08(e)(3) of Regulation\nS-X require the condensed financial information of the parent company to be filed when the restricted net assets of consolidated subsidiaries\nexceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. The Company performed a test on\nthe restricted net assets of consolidated subsidiaries in accordance with such requirement and concluded that it was applicable to the\nCompany as the restricted net assets of the Company’s PRC subsidiaries and the VIE and its subsidiaries exceeded 25% of the consolidated\nnet assets of the Company, therefore, the condensed financial information for the parent company are included herein.\n\n \n\nFor purposes of the above test, restricted net\nassets of consolidated subsidiaries and VIE and its subsidiaries shall mean that amount of the Company’s proportionate share of\nnet assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not\nbe transferred to the parent company by subsidiaries and VIE and its subsidiaries in the form of loans, advances or cash dividends without\nthe consent of a third party.\n\n \n\nThe unaudited condensed financial information\nof the parent company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements\nexcept that the parent company used the equity method to account for investment in its subsidiaries and the VIE and its subsidiaries.\nSuch investment is presented on the condensed balance sheets as “Equity loss in subsidiaries and VIE” and the respective loss\nas “Equity in loss of subsidiaries and VIE” on the condensed statements of operations and comprehensive loss.\n\n \n\nThis schedule contains supplemental information\nrelating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the consolidated\nfinancial statements of the Company. Certain information and disclosures normally included in financial statements prepared in accordance\nwith U.S GAAP have been condensed or omitted.\n\n \n\nThe Company did not pay any dividend for the\nperiods presented. As of December 31, 2025 and 2024, there were no material contingencies, significant provisions for long-term obligations,\nor guarantees of the Company, except for those which have been separately disclosed in the consolidated financial statements, if any.\n\n \n\nF-49\n\n \n\n \n\n**E-POWER INC.**\n\n**PARENT COMPANY BALANCE SHEETS**\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2024 \n\nASSETS \n   \n  \n\nCURRENT ASSETS \n   \n  \n\nCash and cash equivalents \n$6,570,829  \n$39 \n\nDue from related parties \n 150,700  \n 155,872 \n\nPrepaid expenses and other current assets \n 1,950,356  \n 2,091,888 \n\nTOTAL CURRENT ASSETS \n 8,671,885  \n 2,247,799 \n\n  \n    \n   \n\nTOTAL ASSETS \n 8,671,885  \n 2,247,799 \n\n  \n    \n   \n\nLIABILITIES AND SHAREHOLDERS’ EQUITY \n    \n   \n\nCURRENT LIABILITIES \n    \n   \n\nAmounts due to related companies \n 5,858  \n 5,858 \n\nAccrued expenses and other current liabilities \n 84,015  \n 51,518 \n\nTOTAL CURRENT LIABILITIES \n 89,873  \n 57,376 \n\n  \n    \n   \n\nNON-CURRENT LIABILITIES \n    \n   \n\nEquity loss in subsidiaries and VIE \n 11,711,186  \n 3,284,501 \n\nTOTAL NON-CURRENT LIABILITIES \n 11,711,186  \n 3,284,501 \n\n  \n    \n   \n\nTOTAL LIABILITES \n 11,801,059  \n 3,341,877 \n\n  \n    \n   \n\nDEFICIT \n    \n   \n\nClass A ordinary shares* (3,500,000,000 shares authorized; $0.0001 par value, 32,161,978 and 20,419,678 shares issued and outstanding as of December 31, 2025 and 2024, respectively) \n 3,215  \n 2,041 \n\nClass B ordinary shares* (1,500,000,000 shares authorized; $0.0001 par value, 6,567,272 shares issued and outstanding as of December 31, 2025 and 2024) \n 657  \n 657 \n\nSubscription receivable \n \n-\n  \n (100,000)\n\nAdditional paid-in capital \n 51,503,802  \n 37,915,085 \n\nWarrant \n 910,593  \n \n-\n \n\nStatutory reserves \n 2,481,963  \n 2,477,940 \n\nAccumulated deficits \n (58,029,404) \n (41,389,801)\n\nTOTAL DEFICIT \n (3,129,174) \n (1,094,078)\n\n  \n    \n   \n\nTOTAL LIABILITIES AND DEFICIT \n$8,671,885  \n$2,247,799 \n\n  \n\n*Retrospectively\nrestated for effect of share re-designation on April 8, 2024 (see Note 23).\n\n \n\nF-50\n\n \n\n \n\n**E-POWER INC.\nPARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**\n\n \n\n \n \n**For the years ended December 31,**\n \n\n \n \n**2025**\n \n \n**2024**\n \n \n**2023**\n \n\nREVENUES, NET\n \n$\n-\n \n \n$\n-\n \n \n$\n-\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\nCOSTS OF REVENUES\n \n \n543\n \n \n \n1,652\n \n \n \n184,617\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**GROSS LOSS**\n \n \n(543\n)\n \n \n(1,652\n)\n \n \n(184,617\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\nOPERATING EXPENSES\n \n \n1,272,962\n \n \n \n1,774,494\n \n \n \n6,339,405\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**LOSS FROM OPERATIONS**\n \n \n(1,273,505\n)\n \n \n(1,776,146\n)\n \n \n(6,524,022\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\nOTHER EXPENSES\n \n \n(6,536,390\n)\n \n \n(5,039\n)\n \n \n(87,468\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**LOSS BEFORE EQUITY LOSS IN SUBSIDIARIES AND VIE**\n \n \n(7,809,895\n)\n \n \n(1,781,185\n)\n \n \n(6,611,490\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\nEquity loss in subsidiaries and VIE\n \n \n(8,825,685\n)\n \n \n(9,995,251\n)\n \n \n(17,621,090\n)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**NET LOSS ATTRIBUTABLE TO E-POWER INC. ORDINARY SHAREHOLDERS**\n \n \n(16,635,580\n)\n \n \n(11,776,436\n)\n \n \n(24,232,580\n)\n\n**COMPREHENSIVE LOSS ATTRIBUTABLE TO E-POWER INC. ORDINARY SHAREHOLDERS**\n \n$\n(16,635,580\n)\n \n$\n(11,776,436\n)\n \n$\n(24,232,580\n)\n\n \n\nF-51\n\n \n\n \n\n**E-POWER INC.\nPARENT COMPANY STATEMENTS OF CASH FLOWS**\n\n \n\n  \nFor the years ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nNet cash used in operating activities \n$(773,372) \n$(1,269,634) \n$(1,516,279)\n\n  \n    \n    \n   \n\nNet cash (used in) provided by investing activities \n (399,000) \n 1,071,942  \n 878,000 \n\n  \n    \n    \n   \n\nNet cash provided by (used in) financing activities \n 7,743,162  \n (150,000) \n \n-\n \n\n  \n    \n    \n   \n\nIncrease (Decrease) in cash and cash equivalents \n 6,570,790  \n (347,692) \n (638,279)\n\n  \n    \n    \n   \n\nCash and cash equivalents, beginning of year \n 39  \n 347,731  \n 986,010 \n\nCash and cash equivalents, end of 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