CALB (3931.HK) Announces 2024 Annual Results

March 27, 2025 at 21:03 PM EDT

HONG KONG, Mar 28, 2025 - (ACN Newswire) - On March 26, CALB Group Co., Ltd. ("CALB" or "the Company," stock code: 3931.HK) announced its audited annual results for the year ended 31 December 2024 (the "Reporting Period").

In 2024, with increasing economies of scale, the Company achieved solid growth in annual results. During the Reporting Period, the revenue of the Company increased from RMB27,005.89 million for the year ended 31 December 2023 to RMB27,751.53 million for the year ended 31 December 2024, representing an increase of 2.8%; the Company’s profit for the year increased from RMB437.16 million for the year ended 31 December 2023 to RMB843.63 million for the year ended 31 December 2024, representing an increase of 93.0%. The basic earnings per share of the Company increased from RMB0.1661 for the year ended 31 December 2023 to RMB0.3336 for the year ended 31 December 2024, representing an increase of 100.8%.

As a leading international new energy company, the Company made comprehensive efforts in all market fields during the Reporting Period and achieved sustained rapid development. According to the latest statistics from SNE Research, the Company’s installed capacity of EV batteries in 2024 ranked fourth globally and third domestically. According to InfoLink, the Company’s energy storage cell shipments ranked fifth globally in 2024.

In 2024, the Company deepened collaboration in domestic markets, achieving steady growth in installed capacity. During the Reporting Period, the Company’s solutions were integrated into 25 new vehicle models, cumulatively equipping over 2 million units nationwide, with an accumulated delivery volume exceeding 100GWh. In the field of pure electric vehicle, the Company successfully supported the upgrade, iteration, and mass production of flagship models for customers such as XPeng, Geely, Changan and GAC. Furthermore, the Company realized delivery in batches of new models for multiple joint venture brand, advancing the construction of a multi-dimensional market system; In the hybrid electronic field, the Company has accelerated collaboration on new hybrid projects with Geely and Leapmotor, while successfully supported the mass production of multiple hybrid models for customers such as Chery, Dongfeng, and BAIC, with the Company’s installed capacity continued to experience rapid growth, with a year-on-year increase of nearly 200%; In addition, in the international market, the Company accelerated its global layout and secured nominations from international brands such as Toyota, Honda, Volkswagen, and Audi, while continuously expanding its customer base in Europe and Southeast Asia. During the Reporting Period, the Company’s delivery volume steadily increased, with a growing variety of product types delivered. The Company’s overseas installed capacity grew by 105% year-on-year, hitting another record high. Furthermore, in the commercial vehicle market, the Company’s Annual New Vehicle increased by 150% year-on-year, while its domestic installed capacity grew by 85.2% compared to the same period last year, achieving comprehensive coverage of mainstream products and full-scenario empowerment. The Company has successfully penetrated leading customers such as Chery, Geely, Ruichi, Foton, Dongfeng, Changan, and King Long, providing comprehensive support and delivery for the industry’s mainstream models.

In the energy storage market, the Company’s energy storage cell shipments surpassed 5GWh in a single month, and the business results in terms of shipments achieved a sustained substantial growth. The Company’s 314Ah battery cells products are the first in the industry to pass certification and the first to achieve large-scale and stable delivery in batches, earning high customer recognition for both product quality and delivery capabilities. During the Reporting Period, the Company achieved major breakthroughs in the international market, completed the admission process with a number of international top energy storage owners, EPCs, integrators and suppliers, enlisted in the whitelist of these customers, achieved the delivery in batches. As a supplier of high-performance energy storage cells, the Company secured and delivered the entire 7.8GWh order for the world’s largest energy storage project in 2024, and successfully launched its first self-invested power station project. At the same time, the Company's achievements in the ship market are equally significant. the Company secured the first electric vessel project from the world’s largest oil company. Additionally, the Company won its first international order for a megawatt-level marine battery system, achieving a breakthrough in the “offshore engineering vessel” sector. The Company’s electric vessels also gained traction with batch orders at Singapore’s port, while successfully penetrating the high-end yacht market in the United States.

Steering rapid development by innovation, the Company adheres unwaveringly to the strategy of consolidating its leadership in products and technologies. Propelled by a future-oriented R&D layout, the Company pushes forward the constant advancement of battery technology from multiple dimensions such as innovations in materials, structures, manufacturing as well as systems, whereby the Company possesses a number of leading technologies and products worldwide, and builds on hard-core product capabilities in all scenarios, thus bringing the development of the industry to a new height. In 2024, the Company has successfully launched new product series: “Top-tier”, “UltraRange”, “UltraLife”, and “Boundless”. These products feature comprehensive innovations and advancements in high energy density, enhanced safety, extended lifespan, ultra-fast charging, and all-weather performance, providing comprehensive and valuable full-scenario product solutions to the market and its customers. Meanwhile, putting together its own technical capabilities and industrialization strength, the Company constantly pursued the high energy density and stable safety performance of EV batteries, launching more competitive new products of ternary series and phosphate series. The Company continued to maintain its product leadership by devoting its efforts in power energy storage (new energy power generation and power grid), industrial and commercial energy storage, household energy storage and other application scenarios.

About CALB

CALB is a new energy enterprise specializing in the research, production, sales, and market application development of lithium batteries, battery management systems, and related integrated products and lithium battery materials. As Battery Expert, we aim to build a comprehensive energy operation system, to provide complete product solutions and full life-cycle management for the new energy application market, represented by power and energy storage.

Currently, CALB has completed an all-round layout in domestic by setting up industrial bases in Changzhou, Xiamen, Wuhan, Chengdu, Hefei, Jiangmen and Meishan. Meanwhile, CALB has set up bases in Europe and ASEAN, vigorously expanding the layout all over the world to become a global leading enterprise with large-scale intelligent manufacturing capabilities.

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CALB (3931.HK) Announces 2024 Annual Results

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