On May 26, 2026, CALB (HKEX: 03931) and Ninebot formally signed a strategic cooperation agreement in Changzhou. The signing ceremony was attended by Liu Jingyu, Chairman of CALB, and Wang Ye, Co-founder and CEO of Ninebot. Xie Qiu, Vice President of CALB, and Zhang Zhenyuan, General Manager of Ninebot's Electric Vehicle Business Division, signed the agreement on behalf of their respective companies, marking the official commencement of deep collaborative efforts between the two industry leaders.
According to official disclosures, the partnership focuses on a comprehensive upgrade in the short-distance transportation sector. The two parties will engage in deep collaboration centered on product innovation, market expansion, and industrial ecosystem development for high-performance lithium batteries. The cooperation will prioritize tackling core technical challenges in electric two-wheelers, driving industry product iteration towards extreme safety, extended range, ultra-fast charging, long service life, and all-weather adaptability.
CALB stated that this agreement establishes a long-term, stable strategic partnership with priority cooperation status. Moving forward, the collaboration will be user-centric and driven by technological innovation to foster high-quality development in the electric two-wheeler industry.
Public industry data indicates that the electric two-wheeler battery segment possesses substantial growth potential. Global shipments of electric two-wheelers (including E-bikes) reached approximately 78 million units in 2025, representing an 11.43% year-on-year increase from the 70 million units shipped in 2024. The domestic market, supported by a vast consumer base, maintains annual sales between 50 and 55 million units, solidifying its dominant global position. Overseas markets, particularly in Southeast Asia and Europe, are experiencing rapid growth in electric two-wheeler penetration, with notably strong market expansion.
Based on general industry calculation standards, assuming an average power consumption of 1 kWh per electric two-wheeler (including electric motorcycles), the corresponding global battery demand for this market in 2025 could reach 78 GWh. Concurrently, electric two-wheeler batteries typically have a replacement cycle of 3 to 5 years. The combined effect of replacement demand from the existing installed base and incremental demand from new market growth is expected to drive steady increases in power battery demand for two-wheelers.
The partner, Ninebot, has shown strong and consistent growth in its operational performance in recent years. Financial reports show that in 2025, Ninebot achieved total operating revenue of RMB 21.28 billion, a 49.9% year-on-year increase. Its net profit attributable to shareholders reached RMB 1.76 billion, up 62.2% year-on-year, indicating steady improvement in overall profitability. The company's annual R&D investment amounted to RMB 1.25 billion, a 51.3% increase, demonstrating continued commitment to technological innovation. For its core electric two-wheeler business, the company sold 4.09 million units in 2025, generating revenue of RMB 11.86 billion, a 64.5% year-on-year increase. By the end of 2025, Ninebot's cumulative domestic shipments of electric two-wheelers exceeded 10 million units, with over 10,000 offline stores, and its online sales share ranked first in the industry.
In 2026, the company officially implemented its "Dual Brand, Globalization, Electric Replacement of Fuel" strategy. Leveraging the dual brands of Ninebot and Segway for a global presence, it is focusing on deeply cultivating the Southeast Asian blue-ocean market, where the electrification penetration rate is currently only around 5%.
It is noteworthy that CALB's entry into the electric two-wheeler track represents another significant move by a leading power battery company into the light mobility sector. Prior to this, several major lithium battery giants had already positioned themselves in this segment.
In 2021, CATL, in partnership with ATL, established Xin Neng An, focusing on the small power battery market for two-wheelers. It has since established deep supply partnerships with mainstream vehicle brands like Ninebot, NIU, Yadea, and Wuyang-Honda.
In May 2025, BYD officially launched specialized battery products for two- and three-wheeled vehicles, fully entering the light mobility energy sector, and formed a strategic partnership with Tailg.
Beyond these, other leading battery companies such as Gotion High-tech, EVE Energy Co., Ltd., and Sunwoda have also completed their strategic layouts in this segment. In August 2025, a subsidiary of Gotion High-tech launched a small power battery project, identifying the two-wheeler small power market as one of its core growth pillars. EVE Energy Co., Ltd. has secured a position among the top three in domestic two-wheeler battery cell shipments with its "Linju" series battery products. Sunwoda, through its subsidiary Xindong Energy, has introduced ultra-fast charging battery products compatible with two-wheelers, supporting high-power fast charging and dual-mode adaptation for charging and battery swapping, and has initiated small-scale pilot vehicle installations.
Beyond mainstream lithium battery technology, sodium-ion batteries have also emerged as a significant technological development direction for the electric two-wheeler sector. Compared to lead-acid batteries, sodium-ion batteries offer significant advantages in energy density. Compared to lithium batteries, they present a more prominent cost advantage, making them well-suited for the large-scale popularization needs of two-wheelers. According to forecasts from industry institutions and leading vehicle manufacturers, sodium-ion, lithium, and lead-acid batteries are expected to coexist in the two-wheeler market for the long term, with sodium-ion batteries potentially capturing a 20% to 30% market share.
Industry analysis points out that the core logic behind the collective move by power battery giants into the electric two-wheeler sector is clear. On one hand, the two-wheeler battery market size has exceeded 78 GWh and continues to expand, offering substantial market potential. On the other hand, industry development aligns with green transportation policy directions and provides an ideal commercialization scenario for new technologies like sodium-ion and novel lithium batteries. With the entry of leading companies like CALB, competition in the two-wheeler battery industry is expected to intensify further. This will simultaneously accelerate technological consolidation within the sector, driving overall product upgrades towards high safety, fast charging, and long lifespan in the premium direction.
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