{"url_path":"/sec/epow/10-k/2026/item-7","section_key":"item-7","section_title":"Item 7 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS**","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":2498,"has_tables":true,"body_markdown":"**ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS**\n\n \n\n**A.**\n**Major Shareholders**\n\n \n\nSee “Item 6. Directors, Senior Management\nand Employees—E. Share Ownership.”\n\n \n\n**B.**\n**Related Party Transactions**\n\n \n\n**Contractual Arrangements between\nGIOP BJ and SDH**\n\n* *\n\nSee “Item 4. Information on the Company—C.\nOrganizational Structure.”\n\n \n\n**Material Transactions with Related Parties**\n\n \n\nOur jurisdiction of organization prescribes certain\nprocedures for related party transactions with directors, and our articles of association mandate that directors with a direct or indirect\npersonal interest in any transaction that conflicts with the Company’s interest shall make that interest known and recorded in the\nboard minutes and shall not participate in discussing or voting on such transaction.\n\n \n\nThe following is a list of related parties with which the Company had\ntransactions in the fiscal year ended December 31, 2025:\n\n \n\n \n(a)\nNingbo Zhuhai Investment Co., Ltd. (“Zhuhai Investment”), a company controlled by Mr. Haiping Hu.\n\n \n(b)\nBally Corp. (“Bally”), a company formerly controlled by Mr. Haiping Hu.\n\n \n(c)\nZhongna Times (Shenzhen) New Energy Technology Co., Ltd. (“Zhongna Times”), a company controlled by Mr. Haiping Hu.\n\n \n(d)\nShanghai Huiyang\nInvestment Co. (“Shanghai Huiyang”), a company controlled by immediate family members of Mr. Haiping Hu and a 5.40% shareholder of Sunrise Guizhou.\n\n \n(e)\nShidong (Suzhou) Investment Co., Ltd. (“Suzhou Investment”), a company of which Mr. Haiping Hu is the CEO.\n\n \n(f)\nMr. Yong Sun, Director of Sunrise Guizhou.\n\n \n(g)\nMr. Wenwu Zhang, Director of Sunrise Guizhou.\n\n \n(h)\nMr.\nJianfeng Zhu, General Manager, Director and a 14.19% shareholder of Zhongna Times.\n\n \n(i)\nMs.\nJing Ji, CEO of and a 46% shareholder of GMB Technology.\n\n \n(j)\nHaicheng Shenhe, a 9.6451%\nshareholder of Sunrise Guizhou.\n\n \n(k)\nMs. Chao Liu, Chief Financial Officer of the Company.\n\n \n(l)\nGMB Internet Technology Co., Ltd., one of the shareholders of the Company.\n\n \n(m)\nGMB Business Communication Co., Ltd. one of the shareholders of the Company.\n\n \n(n)\nGMB Enterprise Cooperation Development Co., Ltd., one of the shareholders of the Company.\n\n \n(o)\nGMB Information Technology Co., Ltd., one of the shareholders of the Company.\n\n \n(p)\nGMB Wisdom Sharing Platform Co., Ltd., one of the shareholders of the Company.\n\n \n(q)\nGMB Technology Co., Ltd., one of the shareholders of the Company.\n\n \n(r)\nGMB Project Incubation Services Co., Ltd., one of the shareholders of the Company.\n\n \n(s)\nGuizhou Yilong New Area\nIndustrial Development and Investment Co., Ltd., a 3.0864% shareholder of Sunrise Guizhou.\n\n \n(t)\nMs. Fangfei Liu, the\nspouse of Mr. Haiping Hu.\n\n \n(u)\nMr. Huiyu Du, the former legal representative of Sunrise Guizhou.\n\n \n(v)\nBeijing Huatai Zhonghe\nVenture Capital Center (Limited Partnership) (“Huatai Zhonghe”), a limited partnership controlled by Mr. Shousheng\nGuo.\n\n \n(w)\nNingbo 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(x)\nShenzhen Zhuhai New Energy Co., Ltd. (“Shenzhen Zhuhai”), a company ultimately controlled by Mr. Haiping Hu.\n\n \n\n92\n\n \n\n \n\n**a.**\n**Due from related parties**\n\n \n\nAs of December 31, 2025, 2024 and 2023, the balances of amounts due\nfrom related parties were as follows:\n\n \n\n  \n  \nAs of December 31, \n\n  \n  \n2025  \n2024  \n**2023**   \n\nDue from related parties \n  \n   \n   \n  \n\nBally \n   \n$-  \n$5,172  \n$5,172 \n\nMr. Yong Sun \n (3) \n 404,279  \n -  \n - \n\nMr. Jianfeng Zhu \n (4) \n 285,996  \n -  \n - \n\nZhongna Times \n (2) \n 71,499  \n -  \n - \n\nMr. Shousheng Guo \n   \n -  \n -  \n 100,000 \n\nMr. Wenwu Zhang \n (1) \n -  \n 321,949  \n 330,991 \n\nMs. Chao Liu \n   \n -  \n -  \n 141,024 \n\nShidong Suzhou \n   \n -  \n -  \n 39,437 \n\nShenzhen Zhuhai \n (5) \n -  \n 150,699  \n - \n\nZhihai Yuncheng \n   \n -  \n 63,588  \n - \n\nOthers \n   \n 700  \n 700  \n 700 \n\nTotal \n   \n$762,474  \n$542,108  \n$617,324 \n\n \n\n \n(1)\n\nThe 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 \n(2)\n\nThe Company loaned RMB 500,000 ($69,565) to Zhongna Times for its operation\nfor the year ended December 31, 2025. The balance from Zhongna Times as of December 31, 2025 was fully repaid on January 23, 2026.\n\n \n\n \n(3)\nThe Company loaned RMB 3,725,000 ($518,261) to Mr. Yong Sun as a staff\nadvance for the year ended December 31, 2025. Mr. Yong Sun repaid RMB 897,835 ($124,916) for the year ended December 31, 2025. The outstanding\nbalance from Mr. Yong Sun as of December 31, 2025 was fully repaid in full by May 11, 2026.\n\n \n\n \n(4)\nThe Company loaned RMB 2,000,000 ($278,261) to Mr. Jianfeng Zhu to\nsupport the operation of Zhong Times for the year ended December 31, 2025. The balance from Mr. Jianfeng Zhu as of December 31, 2025 was\nfully repaid in full by May 11, 2026.\n\n \n\n \n(5)\nShenzhen Zhuhai returned RMB 1,100,000 ($153,044) to the Company for\nthe year ended December 31, 2025.\n\n \n\n93\n\n \n\n \n\n**b.**\n**Due to related parties**\n\n \n\nAs of December 31, 2025, 2024 and 2023, the balances of amounts due\nto related parties were as follows:\n\n \n\n  \n  \nAs of December 31, \n\n  \n  \n2025  \n2024  \n2023 \n\nDue to related parties \n  \n   \n   \n  \n\nMr. Haiping Hu \n  \n$       \n$-  \n$903,789 \n\nMr. Chenming Qi \n  \n -  \n -  \n 5,476 \n\nMs. Jing Ji \n  \n 19,841  \n 19,009  \n 19,543 \n\nShanghai Huiyang \n(2) \n -  \n 235,001  \n 800,785 \n\nHaicheng Shenhe \n  \n 2,618  \n 1,029  \n 451,871 \n\nZhuhai Investment \n(1)/(2) \n 2,136,309  \n 3,442,663  \n 2,183,911 \n\nZhongna Times      \n(3) \n -  \n 493,198  \n - \n\nHuatai Zhonghe \n  \n -  \n -  \n 98,593 \n\nOthers \n  \n 5,909  \n 5,905  \n 197 \n\nTotal \n  \n$2,164,677  \n$4,196,805  \n$4,464,165 \n\n \n\n(1)\nThe 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\n(2)\nMr. Haiping Hu’s affiliated companies loaned RMB 1,600,000 ($222,609)\nto the Company for the year ended December 31, 2025; The Company repaid the loan of RMB 14,780,000 ($2,056,348, to Mr. Haiping Hu’s\naffiliated companies for the year ended December 31, 2025. The interest accrued was  RMB 1,382,627 ($192,366) for the year ended\nDecember 31, 2025.\n\n \n \n\n(3)\nZhongna Times loaned RMB  5,000,000 ($695,652) to the Company\nfor the year ended December 31, 2025; The Company repaid the loan of RMB 8,600,000 ($1,196,522) to Zhongna Times for the year ended December\n31, 2025.\n\n \n\n**c.**\n**Deferred revenue -related parties**\n\n \n\nAs of December 31, 2025, 2024 and 2023, the balances of deferred revenue\nof related parties were as follows:\n\n \n\n \n \n \n \n**As of December 31,**\n \n\n \n \n \n \n**2025**\n \n \n**2024**\n \n \n**2023**\n \n\n**Deferred revenue of related parties**\n \n \n \n \n \n \n \n \n \n \n \n\nShanghai Huiyang\n \n(1)\n \n$\n-\n \n \n$\n-\n \n \n$\n340,850\n \n\n**Total**\n \n \n \n$\n-\n \n \n$\n-\n \n \n$\n340,850\n \n\n \n\n(1)\nThe balance as of December 31, 2023 represented the advance from the related party for tailored services.\n\n \n\n94\n\n \n\n \n\n**d.**\n**Related party transactions**\n\n \n\nRelated party purchase\n\n \n\nThe Company purchased consulting services for\nknowledge sharing and enterprise business from Zhuhai Investment. For the years ended December 31, 2025, 2024, and 2023, the consulting\nfee to Zhuhai Investment was $nil, $12,376 and $nil, respectively.\n\n \n\nThe Company purchased maintenance services for\nthe Company’s APP related to knowledge sharing and enterprise business from Zhihai Yuncheng. For the years ended December 31, 2025,\n2024, and 2023, the maintenance fee to Zhihai Yuncheng was $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**e.**\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 credit of RMB 20,000,000 ($2,859,962) for a term from August 4, 2022 to August 3, 2023.\nPursuant 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 guarantors of the revolving line of credit.\n\n \n\nIn July 2022, Sunrise Guizhou entered into purchase\nagreements with original shareholders of Sunrise to acquire 100% of Sunrise Tech’s assets and equity ownership for a gross consideration\nof RMB 40,000,000, among of which RMB 10,000,000 and RMB 5,000,000 were paid in July 2022 and August 2023, respectively. For the year\nended December 31, 2024, the Company and the original shareholders agreed that the RMB 5,000,000 consideration due on August 20, 2024\nwould be offset by the unpaid RMB 8,960,000 land use rights and property taxes and their associated fines and late payment fees prior\nto the asset acquisition. For the year ended December 31, 2025, the Company had paid RMB 6,430,000 to the original shareholders of Sunrise\nTech. The unpaid consideration RMB 10,000,000 ($1,429,981) will be paid in 2026. The consideration payable is guaranteed by Mr. Haiping\nHu.\n\n \n\nOn September 22, 2022, Sunrise Guizhou entered into an eighteen-month\nloan with Far East to obtain a loan of RMB 20,000,000 ($2,859,962) for a term from September 22, 2022 to March 21, 2024. On November 4,\n2022, Sunrise Guizhou entered into a sale and leaseback financing contract for a three-year financing with Ronghe to obtain an amount\nof RMB 40,000,000 ($5,719,924) for a term from November 10, 2022 to November 9, 2025. On February 7, 2023, Sunrise Guizhou entered into\na sales and leaseback financing contract for a two-year financing with Zhongguancun to obtain an amount of RMB 20,000,000 ($2,859,962)\nfor a term from February 7, 2023 to February 6, 2025. On October 27, 2023, Sunrise Guizhou entered into a sale and leaseback financing\ncontract for a two-year financing with Guomao for RMB 15,000,000 ($2,144,971) for a term from October 27, 2023 to October 26, 2025; On\nOctober 14, 2024, Sunrise Guizhou entered into a sale and leaseback financing contract for a thirty two-month financing with Risheng for\nRMB 6,000,000 ($857,989) for a term from October 14, 2024 to June 15, 2027. Pursuant to these financing contracts, Mr. Haiping Hu, CEO\nand Chairman of the Board of Directors, was the guarantor for all of such the debts.\n\n \n\nOn May 16, 2023, Sunrise Guizhou entered into\na credit facility agreement with Everbright Bank to obtain a revolving line of credit of up to RMB 100,000,000 ($14,299,810) for a term\nfrom June 1, 2023 to May 31, 2024. For the years ended December 31, 2024 and 2023, the Company had been able to utilize the line of credit\nfor RMB 50,000,000, or $7,149,905 , with interest rates from 2% to 4.5% which had matured from June 4, 2024 to September 25, 2024,\ncollateralized by the pledge of land use right of Sunrise Tech for RMB 50,000,000. This line credit was guaranteed by Mr. Haiping Hu,\nMs. Fangfei Liu and Ms. Huiyu Du.\n\n \n\n95\n\n \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 up to RMB 30,000,000 ($4,289,943) for a term from January 19, 2023 to\nJanuary 18, 2031. For the years ended December 31, 2024 and 2023, the Company utilized the line of credit with Post Bank for RMB 28,300,000,\nor $4,046,846, which had matured from July 2023 to April 2024. In March 2024, the Company repaid the loan. This revolving line of credit\nloan was guaranteed by Mr. Haiping Hu.\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 ($4,183,816), with an interest rate of 5.8%. Payment due on such finance lease was guaranteed by Mr. Haiping Hu and Ms.\nFangfei 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 ($7,149,905) for a term from November 17, 2023 to November\n17, 2026. The Company pledged its intellectual property and patents for the line of credit. Sunrise Guizhou utilized the line of credit\nby issuing a banker’s acceptance note of up to RMB 20,000,000 ($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 ($1,429,981). As of December 31,\n2025, the banker’s acceptance note was RMB 8,770,472 ($1,254,161) and the deposit for commercial note issuance was RMB 4,710,236\n($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 ($580,606) was guaranteed by Mr. Haiping Hu.   \n\n \n\nOn March 8, 2024, Sunrise Guizhou obtained a bank loan of RMB 100,000,000\n($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 ($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.\n\n \n\nOn April 26, 2024, the Company obtained a loan for RMB 900,000 ($128,698)\nfrom WeBank with an interest rate of 9.504% for a term from April 26, 2024 to April 26, 2026. This loan was guaranteed by Ms. Huiyu\nDu, the former legal representative of Sunrise Guizhou. As of the date of this annual report, the Company has fully repaid\nthis loan.\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 up to RMB 7,000,000 ($1,000,987). On July 23, 2024, GIOP BJ obtained a loan\nfor 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. On\nJune 25, 2025, Sunrise Guizhou repaid the loan in full and renewed the line of credit for RMB 7,000,000 with an interest rate of one-year\nloan 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 Ms. Fangfei\nLiu.\n\n \n\nOn July 31, 2024, Sunrise Guizhou entered into\na banker’s acceptance note contract with Everbright Bank for issuing banker’s acceptance note to the suppliers of Sunrise\nGuizhou. Pursuant to the contract, the Company was obliged to deposit fifty percent of the note payable amount issued as restricted cash\nin the designated bank account in Everbright Bank. As of December 31, 2025 and 2024, the deposit for the note issuance was $1,804,798\nand $6,853,541, respectively. Pursuant to the contract, Mr. Haiping Hu and Ms. Fangfei Liu were the guarantors of the unsecured commercial\nnotes for $2,707,198 and $6,853,541 as of December 31, 2025 and 2024, respectively.\n\n \n\nOn January 9, 2025, Sunrise Guizhou obtained a bank loan of RMB 300,000,000\n($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.\n\n \n\nOn March 27, 2025, Sunrise Guizhou entered into a loan agreement for\nRMB2 9,000,000 ($4,146,945), with an interest rate of 4% for a term from March 31, 2025 to March 30, 2026.  This credit loan was\nguaranteed by Mr. Haiping Hu and Ms. Fangfei Liu. As of the date of this annual report, the Company has fully repaid\nthis loan.\n\n \n\n**C.** **Interests of Experts and Counsel**\n\n \n\nNot applicable.\n\n \n\n96"}