CALB Group Announces 2024 Interim Results

Financial Performance Reflects Steady Growth and Improved Profitability

In the first half of 2024, CALB Group achieved total revenue of RMB 12.469 billion, marking a year-on-year increase of 1.4%. While the revenue growth was modest, the company demonstrated a remarkable improvement in profitability, with net profit rising by 56.6% to RMB 417 million. This profit surge was supported by a 65.2% increase in gross profit, which reached RMB 1.948 billion, and an expansion of the gross profit margin by six percentage points to 15.6%. Additionally, CALB’s net assets rose by 2.1% to RMB 47.369 billion compared to the beginning of 2024.

The revenue growth was primarily driven by enhanced production capacity, a more diversified customer base, and an overall expansion in business scale. The Group’s product mix reveals that EV battery sales accounted for 78% of total revenue, generating RMB 9.724 billion, while sales from ESS products and other segments grew 43.2% year-on-year to RMB 2.745 billion, representing 22% of total revenue.

Market Position and Customer Partnerships Strengthen

CALB’s installed capacity for EV batteries solidified its position as the second largest in China and placed it among the top four global third-party EV battery providers. Notably, the installed capacity for hybrid electric vehicles (HEVs) and commercial vehicles more than doubled, reflecting the company’s successful penetration into these segments.

The Group also reported significant growth in battery deliveries for battery electric vehicles (BEVs) targeting the high-end market. This growth was underpinned by CALB becoming a designated partner for new platforms and projects with major international automakers, including Toyota, Volkswagen, Ford, Audi, and Mazda. These partnerships underscore CALB’s expanding influence and credibility in the global EV supply chain.

Beyond the automotive sector, CALB made strides in the energy storage and maritime markets. Its 314Ah ESS battery became the industry’s first to achieve stable batch deliveries, securing orders for the world’s largest energy storage project. In the electric ship (E-ship) market, the Group signed multiple contracts for large-scale international commercial vessels, with deliveries scheduled in the near future.

Technological Innovations and New Product Launches

CALB continues to emphasize innovation, unveiling a comprehensive lineup of new battery products across various applications at the 2024 CALB Global Ecosystem Conference held on August 28. The showcased products span EVs, electric vertical take-off and landing vehicles (eVTOLs), ESS, E-ships, and E-trains, alongside a highly anticipated all-solid-state battery solution.

For passenger EVs and eVTOLs, the new battery series includes four key products: a super BEV battery featuring a novel 5V LNMO cathode with enhanced performance capable of 400 km range with a 5-minute recharge and stable operation at -20°C; a super REEV battery supporting ultra-fast 5C charging; a super PHEV battery delivering ultra-high power up to 400 kW; and a super eVTOL battery with an energy density of 350 Wh/kg and 46-cycle solutions. These batteries are slated for launch between 2025 and 2026.

In commercial vehicle applications, CALB introduced four battery systems: a high-capacity battery for light trucks with up to 600 km range, a standard 800 kWh solution for heavy trucks reaching 530 km, a flexible battery system for E-trains, and a 199 MWh walk-in battery solution for E-ships.

The ESS product line includes three cell and system specifications: the industry’s first mass-produced Gen2 314Ah battery cell with a 15,000-cycle lifespan and an upgraded 5 MWh ESS container; a 6.25 MWh ESS container featuring a newly designed 392Ah battery cell compatible with existing 314Ah production lines; and a 6.8 MWh+ ESS container equipped with next-generation 625+ Ah batteries supported by Gen3 stacking technology.

A major highlight is CALB’s all-solid-state battery, which boasts a peak energy density of 430 Wh/kg and is scheduled to enter pilot installation in 2027. This technology represents a significant leap forward in battery safety, energy density, and performance.

Strategic Outlook and Future Development

CALB’s future strategy centers on a dual-driven approach focusing on power and energy storage, alongside a regional strategy dubbed “Paradigm Featuring Dual Circulation.” This framework aims to support high-quality development in the new energy sector by leveraging the Group’s technological leadership and expansive product portfolio.

The company is committed to ongoing innovation across multiple dimensions, including advanced materials, manufacturing techniques, high-performance battery systems, new battery technologies, and battery lifecycle management. These efforts are designed to preserve CALB’s competitive edge and meet evolving market demands.

Moreover, CALB plans to enhance its comprehensive product solutions and lifecycle services tailored to full-scenario applications in EVs and ESS. The Group’s internationalization strategy remains a priority, with initiatives to expand production capacity, market presence, and supply chain integration on a global scale.

By adhering to an innovation-driven development model, CALB aims to cultivate new productive forces, broaden its global market reach, and consistently deliver optimal solutions to customers worldwide. Positioned as a “battery expert,” the company is focused on aligning its technologies and products with market needs while fostering a robust ecosystem for sustainable growth in the new energy industry.

What this means

CALB Group’s 2024 interim results demonstrate a company on a solid growth trajectory, marked by significant profit gains and strategic advancements in technology and market reach. While revenue growth was modest, the substantial improvement in profitability and the launch of cutting-edge battery technologies underscore CALB’s commitment to innovation and leadership in the new energy sector. The Group’s expanding partnerships with global automotive giants and its pioneering developments in energy storage and solid-state batteries position it well for sustained success. Looking ahead, CALB’s dual-focused strategy on power and energy storage, combined with its emphasis on internationalization and lifecycle management, is set to drive continued growth and reinforce its role as a key player in the evolving global energy landscape.