On March 28, CALB, China’s third-largest domestic supplier for EV power batteries, released its first annual report since its listing on the Hong Kong Stock Exchange.
According to the report, CALB’s realized revenue for 2022 came to around RMB 20.375 billion, showing a YoY increase of 198.9%. Its net profit for 2022 came to around RMB 694 million, showing a YoY increase of 521.8%. Its profit attributable to owners for 2022 came to RMB 692 million, showing a YoY increase of 393.9%. Strong growth in sales revenue, gross profit, and gross profit margin was the chief factor behind this stellar financial performance.
Also, during the reporting period, CALB continued to expand its main business of designing, developing, manufacturing and selling EV power batteries and energy storage systems. In the report, CALB boasts that it has formed a complete energy ecosystem that includes total solutions for e-mobility and energy storage as well as full management of the lifecycles of its products.
Regarding the distribution of CALB’s revenue for 2022 by source, the sales of EV power batteries came to RMB 18.32 billion, showing a YoY increase of 202.1%. Thanks to the activation of new production capacity and the rising demand from its clients, CALB was able to significantly raise sales related to orders for batteries equipped in electric passenger and commercial vehicles.
Currently, CALB is working to maintain its leading position in the market for batteries equipped in BEVs. At the same time, the company is also expanding into other segments such as batteries equipped in PHEVs and REEVs. The company has secured battery orders for 30-plus vehicle models from many carmakers and automotive brands. Going forward, the company expects that the sales of its batteries for hybrid vehicles will climb rapidly.
CALB’s clients in the passenger vehicle segment include GAC, XPeng, Chang’an Automobile, Geely, and Leapmotor. These car manufacturers and automotive brands have formed a deep strategic partnership with the battery supplier. Also, NIO, Dongfeng, and FAW Group have recently placed orders with CALB for the batteries in some of their passenger models.
CALB has also secured orders from major car manufacturers and automotive brands based outside of China. For instance, the battery supplier is now delivering products to Smart (Mercedes-Benz) and Honda. As for the commercial vehicle segment, CALB has already laid the technological foundation for the development of related products and built up the necessary production capacity.
CALB’s revenue from products related to energy storage and other applications amounted to RMB 2.51 billion in 2022, showing a YoY increase of 172.8%. Throughout the year, CALB continued to expand its presence in the markets for energy storage systems and other battery-related applications. By extending its range of solutions to encompass generators, transmission networks, and end users, CALB was able to further increase its sales.
In the energy storage system market, CALB now has a significant influence in the segment for solutions that support power grids. Moreover, it has completed the development of energy storage products for industrial, commercial, and residential settings. With a comprehensive product lineup that addresses the needs of various scenarios, CALB has received orders from system integrators, renewable project developers, and China's state-owned power companies.
In terms of technological innovations, CALB applied for 1,571 patents that cover every section of the industry chain for Li-ion power batteries in 2022. These patents pertain to battery materials, battery structures, battery system integration, circuit designs, battery management systems, manufacturing equipment, and battery recycling processes. As for capacity expansion activities, CALB implemented its rapid scale-up strategy in 2022 by setting up new bases in Sichuan (Meishan) and Guangdong (Jiangmen). Outside China, the company also enlarged its production site cluster in Europe. Additionally, the company continued to upgrade its key process technologies and improve its manufacturing engineering capability.
In the future, CALB will step up efforts in its overseas expansion and the internationalization of its business operations. Complying with the local laws and regulations of European countries, CALB will implement its strategies related to products, technologies, sales, supply chain, production facilities, personnel, etc. Specifically, CALB will advance the construction of its European plant to ensure that it is keeping up with its own production schedule.
This article is a translation of a Chinese article posted by TrendForce. It contains information that is either sourced from other news outlets or accessible in the public domain. Some Chinese names are transcribed into English using Hanyu Pinyin.
