Company: CNEY
Filing Date: 2025-10-29
Form Type: F-1/A
Source: 0001477932-25-007791
Chunk: 108

Company: CN ENERGY GROUP. INC.
Filing Date: 2025-10-29
Form: F-1/A
Chunk 108
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 structure composed primarily of carbon atoms. The networks of pores in activated carbons are channels created within a rigid skeleton of disordered layers of carbon atoms, linked together by chemical bonds, stacked unevenly, creating a highly porous structure of nooks, crannies, cracks and crevices between the carbon layers. Activated carbon is used in methane and hydrogen storage, air purification, decaffeination, gold purification, metal extraction, water purification, medicine, sewage treatment, air filters in gas masks and respirators, filters in compressed air, teeth whitening, and many other applications.

We derived 100%, 99.9%, and 99.34% of our revenue from the sale of activated carbon products during the fiscal years ended September 30, 2024, 2023, and 2022, respectively.

Methylene blue number is often used as an indicator to evaluate the absorptive capacity of activated carbon. Activated carbon with a higher Methylene blue number usually has a higher absorptive capacity. The operating entities currently mainly produce the following four categories of activated carbon with different Methylene blue number ranges from forestry residues, little fuelwood, and wood wastes through physical activation process:

| · | medium-quality activated carbon, which has a Methylene blue number of less than 11;                                                                               |
| · | high-quality activated carbon, which has a Methylene blue number of between 11 and 12;                                                                            |
| · | superior-quality activated carbon, which has a Methylene blue number of between 12 and 13; and                                                                    |
| · | customized-quality activated carbon, which has a Methylene blue number of more than 13 and meets other special requirements of the operating entities’ customers. |

The operating entities’ medium-quality and high-quality activated carbon are usually used in industrial manufacturing, water purification, and environmental protection. Their superior-quality and customized-quality activated carbon are usually used in pharmaceutical manufacturing and food and beverage production, where higher absorptive capacity is required.

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The following table shows the sales for the operating entities’ activated carbon in the fiscal years ended September 30, 2024, 2023, and 2022:

|                               |     |                | Fiscal year ended September 30, 2024 |     |         |            |     |                |       |     |                | Fiscal year ended September 30, 2023 |     |         |            |     |                |       |     |                | Fiscal year ended September 30, 2022 |