CALB Delivers 65% Revenue Surge and Doubles Interim Profit on Strong EV-Battery and Energy-Storage Momentum

CALB Group Co., Ltd. reported first-half 2026 revenue of RMB 27.08 billion, a 65.0% jump from the prior-year period, driven by robust demand for electric-vehicle (EV) batteries and energy-storage systems (ESS). Net profit climbed 102.2% to RMB 1.52 billion, lifting net margin to 5.6% from 4.6% a year earlier. Basic earnings per share increased to RMB 0.53.

Revenue mix shifted as EV-battery sales advanced 54.8% to RMB 16.51 billion, accounting for 60.9% of group turnover, while ESS and other products soared 83.8% to RMB 10.58 billion, or 39.1% of the total. Domestic sales reached RMB 25.90 billion, up 60.9%, while overseas revenue expanded 262.9% to RMB 1.18 billion, reflecting growing penetration in Europe, Asia, and the Americas.

Cost of sales rose in line with volume growth, yet gross profit still doubled to RMB 4.53 billion. Operating profit rose 79.8% to RMB 2.10 billion, offset partly by a 33.7% increase in finance costs to RMB 0.51 billion. Operating cash inflow improved to RMB 2.86 billion. Capital expenditure reached RMB 15.82 billion, focused on production capacity expansion and technology upgrades.

Total assets climbed 13.8% since year-end 2025 to RMB 169.05 billion, while total liabilities grew 16.7% to RMB 110.97 billion, pushing the liability-to-asset ratio to 65.6%. Net debt to equity stood at 101.0%. Cash and cash equivalents increased to RMB 10.33 billion; outstanding borrowings were RMB 67.55 billion, with 19.9% at fixed rates.

Strategically, CALB highlighted commercialisation of its high-energy “UP” battery series for passenger EVs, the “ZHIYUAN” portfolio for commercial vehicles, and large-format “ZHIJIU” cells for utility-scale storage. Overseas passenger-vehicle battery installations rose 84% year-on-year, while commercial-vehicle battery shipments grew 225%. Energy-storage deliveries expanded, supported by new projects in Europe, Japan and the United States, and partnerships with Chinese state-owned power groups.

Research and development spending increased 29.5% to RMB 1.11 billion, underpinning progress in 360 Wh/kg cylindrical high-nickel cells and 400 Wh/kg solid-liquid hybrid batteries. The company reported 8,098 cumulative global patent applications and won China’s National Science and Technology Progress Award (Second Class).

Looking ahead, CALB plans to complete industrialisation of high-energy cylindrical cells, ramp up 10C+ ultra-fast-charging solutions, and pursue all-solid-state battery commercialisation. Management also targets expanded global passenger-vehicle programs, deeper penetration of heavy-duty truck battery-swapping ecosystems, and scaling of energy-storage offerings, while committing to carbon neutrality in core operations by 2030 and full value-chain neutrality by 2040.

The board has proposed an interim dividend of RMB 0.60 per 10 shares, subject to shareholder approval at an upcoming extraordinary general meeting.