Erayak Power Solution Group Inc. Files 20-F Annual Report

TL;DR

<b>Erayak Power Solution Group Inc. has filed its annual 20-F report for the fiscal year ending December 31, 2023, detailing its share structure and operational base.</b>

AI Summary

Erayak Power Solution Group Inc. (RAYA) filed a Foreign Annual Report (20-F) with the SEC on April 16, 2024. Erayak Power Solution Group Inc. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The company's Class A ordinary shares trade on the Nasdaq Capital Market under the symbol RAYA. As of December 31, 2023, Erayak had 11,450,000 Class A ordinary shares and 1,000,000 Class B ordinary shares outstanding. The principal executive offices are located at No. 528, 4th Avenue, Binhai Industrial Park, Wenzhou, Zhejiang Province, People's Republic of China. Lingyi Kong serves as the Chief Executive Officer.

Why It Matters

For investors and stakeholders tracking Erayak Power Solution Group Inc., this filing contains several important signals. This filing provides investors with the company's official year-end financial and operational overview, crucial for assessing performance and future prospects. The report confirms the company's listing on the Nasdaq Capital Market, indicating its status as a publicly traded entity subject to SEC regulations.

Risk Assessment

Risk Level: low — Erayak Power Solution Group Inc. shows low risk based on this filing. The filing is an annual report and does not contain new financial performance data or significant operational changes, making the immediate risk assessment low.

Analyst Insight

Monitor future filings for financial results and operational updates to assess the company's growth and market position.

Key Numbers

• 11,450,000 — Class A ordinary shares outstanding (As of December 31, 2023)
• 1,000,000 — Class B ordinary shares outstanding (As of December 31, 2023)
• 001-41568 — SEC file number (For Erayak Power Solution Group Inc.)

Key Players & Entities

• Erayak Power Solution Group Inc. (company) — Filer of the 20-F report
• RAYA (company) — Trading symbol for Class A ordinary shares
• Nasdaq Capital Market (company) — Exchange where Class A ordinary shares are registered
• Lingyi Kong (person) — Chief Executive Officer
• December 31, 2023 (date) — Fiscal year end date
• 2024-04-16 (date) — Filing date

FAQ

Industry Context

Erayak Power Solution Group Inc. operates in the motors and generators industry, as indicated by its SIC code 3621.

Regulatory Implications

As a foreign private issuer, Erayak Power Solution Group Inc. files annual reports on Form 20-F with the SEC, adhering to specific disclosure requirements.

What Investors Should Do

1. Review the full 20-F filing for detailed financial statements and business descriptions.
2. Track future SEC filings for updates on the company's financial performance and strategic initiatives.
3. Monitor the trading activity and price of RAYA on the Nasdaq Capital Market.

Key Dates

• 2023-12-31: Fiscal year end — Reporting period for the 20-F filing
• 2024-04-16: Filing date — Date the 20-F report was submitted to the SEC

Year-Over-Year Comparison

This is the annual report filing for the fiscal year ended December 31, 2023, providing a comprehensive overview of the company's status.

Key Financial Figures

• $0.0001 — red Class A ordinary shares, par value $0.0001 per share RAYA Nasdaq Capital Market
• $1 — ranslated at RMB7.0999 and RMB6.8972 to $1.00, respectively. The shareholders' equ

Filing Documents

• ea0203896-20f_erayak.htm (20-F) — 3107KB
• ea020389601ex2-2_erayak.htm (EX-2.2) — 84KB
• ea020389601ex8-1_erayak.htm (EX-8.1) — 8KB
• ea020389601ex12-1_erayak.htm (EX-12.1) — 11KB
• ea020389601ex12-2_erayak.htm (EX-12.2) — 11KB
• ea020389601ex13-1_erayak.htm (EX-13.1) — 4KB
• ea020389601ex13-2_erayak.htm (EX-13.2) — 4KB
• ea020389601ex97-1_erayak.htm (EX-97.1) — 27KB
• image_001.jpg (GRAPHIC) — 2KB
• image_002.jpg (GRAPHIC) — 2KB
• image_003.jpg (GRAPHIC) — 1KB
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• image_011.jpg (GRAPHIC) — 2KB
• image_012.jpg (GRAPHIC) — 2KB
• image_013.jpg (GRAPHIC) — 29KB
• 0001213900-24-033441.txt (&nbsp;) — 9732KB
• raya-20231231.xsd (EX-101.SCH) — 93KB
• raya-20231231_cal.xml (EX-101.CAL) — 61KB
• raya-20231231_def.xml (EX-101.DEF) — 374KB
• raya-20231231_lab.xml (EX-101.LAB) — 643KB
• raya-20231231_pre.xml (EX-101.PRE) — 389KB
• ea0203896-20f_erayak_htm.xml (XML) — 919KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No Table of Contents Page PART I 1 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 1 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 1 ITEM 3. KEY INFORMATION 1 ITEM 4. INFORMATION ON THE COMPANY 45 ITEM 4A. UNRESOLVED STAFF COMMENTS 72 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 72 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 85 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 94 ITEM 8. FINANCIAL INFORMATION 96 ITEM 9. THE OFFER AND LISTING 97 ITEM 10. ADDITIONAL INFORMATION 98 ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 119 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 119 PART II 120 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 120 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 120 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 120 ITEM 16 [Reserved] 121 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 121 ITEM 16B. CODE OF ETHICS 121 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 121 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 122 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 122 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 122 ITEM 16G. CORPORATE GOVERNANCE 122 ITEM 16H. MINE SAFETY DISCLOSURE 122 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 122 ITEM 16J INSIDER TRADING POLICIES 123 ITEM 16K CYBERSECURITY 123 PART III 124 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 124 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 124 ITEM 19. EXHIBITS 124 i Conventions Used in this Annual Report Unless otherwise indicated or the context requires otherwise, references in this annual report ("Annual Report"): "China" or the "PRC" refer to the People's Republic of China; "Erayak" refers to Erayak Power Solution Group Inc., a Cayman Islands exempted company; "Erayak BVI" refers to Erayak Power Solution Limited, a British Virgin Islands company and a wholly-owned subsidiary of Erayak; "Erayak HK" refers to Erayak Power Solution Hong Kong Limited, a Hong Kong company and a wholly-owned subsidiary or Erayak BVI; "Erayak WFOE" refers to Wenzhou Wenjie Information Technology Co. Ltd., a wholly foreign-owned enterprise ("WFOE") incorporated in the PRC and a wholly-owned subsidiary of Erayak HK; "Ruike" refers to Ruike Electronics (Wenzhou) Co., Ltd., a PRC company and a wholly-owned subsidiary of Erayak HK; and "Zhejiang Leiya" refers to Zhejiang Leiya Electronics Co. Ltd., a PRC company and a wholly-owned subsidiary of Erayak WFOE; "Wenzhou New Focus" refers to Wenzhou New Focus Technology & Electronic Co., Ltd., a PRC company and a wholly-owned subsidiary of Zhejiang Leiya. Our business is conducted by Ruike, Zhejiang Leiya and Wenzhou New Focus, using Renminbi, or RMB, the official currency of China. Our consolidated financial statements are presented in United States dollars. In this annual report, we refer to assets, obligations, commitments and liabilities in our consolidated financial or "US$"), determined as of a specific date or for a specific period. Changes in the exchange rate will affect the amount of our obligations and the value of our assets in terms of United States dollars which may result in an increase or decrease in the amount of our obligations (expressed in dollars) and the value of our assets, includin

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable for annual reports on Form 20-F.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable for annual reports on Form 20-F.

KEY INFORMATION

ITEM 3. KEY INFORMATION A. Selected Financial Data Summary of Financial Position and Cash Flows Erayak Power Solution Group Inc. and Subsidiaries The consolidated financial statements included in this annual report reflect financial position and cash flows of the registrant, Cayman Islands incorporated parent company, Erayak Power Solution Group Inc., together with those of its subsidiaries, on a consolidated basis. The tables below are condensed consolidating schedules summarizing separately the financial position and cash flows of the registrant, Cayman Islands incorporated parent company, Erayak Power Solution Group Inc. ("Parent Company" in the tables below), and its subsidiaries, together with eliminating adjustments: Consolidated Statements of Operations Information As of December 31, 2023 As of December 31, 2022 As of December 31, 2021 Parent Subsidiaries Subtotal Elimination Consolidated Parent Subsidiaries Subtotal Elimination Consolidated Parent Subsidiaries Subtotal Elimination Consolidated Assets Current assets Cash 2,364 5,876,070 5,878,434 - 5,878,434 6,417,339 649,908 7,067,247 - 7,067,247 - 5,174,693 5,174,693 - 5,174,693 A/R, net - 6,253,189 6,253,189 - 6,253,189 - 9,961,343 9,961,343 - 9,961,343 - 1,753,880 1,753,880 - 1,753,880 Inventories - 7,056,459 7,056,459 - 7,056,459 - 6,227,456 6,227,456 - 6,227,456 - 3,902,067 3,902,067 - 3,902,067 Prepaids and other current assets 5,000,000 1,910,108 6,910,108 (4,000,000 ) 2,910,108 4,201,354 779,328 4,980,682 (1,000 ) 4,979,682 - 2,663,417 2,663,417 - 2,663,417 Due from related parties - - - - - - - - - - Due from subsidiaries 1,569,000 - 1,569,000 (1,569,000 ) - - - - - - Due from parent - 21,510 21,510 (21,510 ) - - - - - - - - - - - Total current assets 6,571,364 21,117,336 27,688,700 (5,590,510 ) 22,098,190 10,618,693 17,618,035 28,236,728 (1,000 ) 28

View Full Filing

View this 20-F filing on SEC EDGAR