CALB Group Co., Ltd. (Formerly CALB Co., Ltd.) Business Report FY ended Dec. 2024

Financial Overview

(CNY millions)

	FY ended Dec. 31, 2024	FY ended Dec. 31, 2023	Change（%）	Factors
Sales	27,751.53	27,005.88	2.76%	- This was primarily attributable to the gradual release of the company's production capacity and increased customer demand, as well as sustained significant growth in its energy storage system products business; the decline in revenue from power battery sales compared to the same period last year was mainly due to a decrease in battery prices despite an increase in sales volume.
Operating income	1,205.40	764.20	57.73%
Net income	843.63	437.16	92.98%

Business Overview

- Passenger vehicle market: In 2024, monthly installed capacity exceeded 4 GWh.

1) In the BEV segment: Installed capacity in the mid-to-high-end market grew significantly; secured project designation from a new EV startup; added batch deliveries of new customer models including Zhijie; supported the upgrade, iteration, and mass production support for key models of customers such as XPeng, Geely, Changan, and GAC; simultaneously achieved batch delivery of multiple new models from joint venture brands, advancing the development of a multi-dimensional market system.

2) In the hybrid segment: Installed capacity increased by nearly 200% year-on-year; accelerated cooperation with Geely and Leapmotor on new hybrid projects; achieved mass production support for multiple hybrid models from customers including Chery, Dongfeng, and BAIC, and added 12 new hybrid models to its production support portfolio.

3) International market: Secured project designations from brands such as Toyota, Honda, Volkswagen, and Audi; expanded customer base in Europe and Southeast Asia; overseas installed capacity grew 105% year-on-year.

- Commercial vehicle market: In 2024, installed capacity in China grew 85.2% compared to the same period last year.

1) In the light commercial vehicle segment, the company has established in-depth cooperation with customers such as Chery, Geely, Ruichi, Foton, Dongfeng, Chang'an, and King Long. In the heavy-duty commercial vehicle segment, it has formed comprehensive partnerships with Sinotruk, XCMG, Sany, Shaanxi Auto, FAW Jiefang, and Dongfeng.

2) In the international market, the company continues to expand its customer base in Europe, with delivery volumes steadily rising. For example, its market share in the UK electric bus segment exceeds 50%, and its NMC VDA product has received project designation from Daimler. In India, the company has obtained AIS-038 and AIS-004 certifications.

New products

- CALB held the 2024 CALB Global Ecology Conference in Chengdu. At the conference, CALB unveiled numerous new battery products, including the full "Dingliu" (TopFlow) series of batteries, the "Zhiyuan" commercial vehicle battery series, and the "Wujie" (Boundless) all-solid-state battery.

Dingliu All-Climate – Super Pure Electric Battery: Adopts a 5V spinel chemical system, achieving an energy density of 240 Wh/kg with zero range loss at -20°C. Planned for market launch in 2026.

Dingliu Ultra-Fast Charging – Super Extended-Range Battery: A 5C ultra-fast charging extended-range battery with a full-charge range of up to 500 km. Launch scheduled for 2025.

Dingliu High-Power – Super Plug-In Hybrid Battery: A second-generation phosphate-based cylindrical cell designed specifically for PHEV platforms, covering all plug-in hybrid applications. Costs are 20% lower than mainstream industry products. Launch scheduled for Q1 2025.

Dingliu High-Energy – Super Flight Battery: The company's previously released first-generation flight battery (300 Wh/kg) will be launched in 2025. This newly released second-generation flight battery achieves an energy density of 350 Wh/kg, with plans for launch in 2026.

"Zhiyuan" Commercial Vehicle Battery Series: Applications cover light trucks, heavy trucks, rail transit, and marine vessels.

"Wujie" (Boundless) All-Solid-State Battery: Achieves an energy density of 430 Wh/kg with a capacity exceeding 50 Ah. It has also made significant breakthroughs in operating pressure, cycle life, and power performance. Planned for vehicle installation in 2027.

(From a CALB press release dated August 29, 2024)

New project

- The second phase of CALB's Chengdu project has broken ground in the Chengdu Economic and Technological Development Zone. This second-phase project, with a total investment of RMB 12 billion, will primarily include the construction of production workshops, structural parts warehouses, finished product warehouses, power station buildings, fire protection water tanks and pump rooms, storage warehouses, logistics distribution centers, boiler rooms, wastewater treatment stations, and other production and auxiliary facilities. It is scheduled to commence production in the second quarter of 2026. Upon completion, the project will have an annual production capacity of approximately 30 GWh of power batteries and energy storage systems. (From a CALB press release dated March 25, 2025, and multiple media reports)

- CALB has broken ground on its Portugal base. The company plans to invest €2 billion to build a zero-carbon AI super factory at the port of Sines in Portugal, with deliveries expected to begin in 2027. The first phase of the Portugal plant will have an annual capacity of 15 GWh, enough to supply batteries for approximately 300,000 electric vehicles (based on a 50 kWh battery pack per vehicle). (From a CALB press release dated February 26, 2025, and multiple media reports)

- CALB's high-performance lithium battery project has officially broken ground in the Tongxiang High-tech New City, Xiamen. The project, with a total investment of RMB 15 billion and a planned capacity of 30 GWh, will turn CALB's Xiamen base into a green, modern, and digitalized benchmark new energy base with an annual output of 60 GWh upon completion. In addition, supporting facilities such as living quarters, canteens, and activity centers will also be built. (From a Xiamen DRC press release dated February 5, 2025)

Orders

- The Super Flight Battery powered the maiden flight of XPeng Heitei‘s modular flying car “Land Aircraft Carrier” at the 15th China International Aviation and Aerospace Exhibition. This battery is a 9-series high‑nickel/silicon‑based battery developed by CALB for low‑altitude mobility, combining high energy density with high safety. The cell achieves an energy density of 300 Wh/kg and supports 6C fast‑charging scenarios. This product previously enabled the first flight of the world’s first electric vertical take‑off and landing (eVTOL) flying car, the XPeng Heitei X3 prototype, on October 24, 2022. In earlier tests by XPeng, this battery pack was dropped from a height of 15.2 meters without any protective cushioning, and after 24 hours of rest, it showed no signs of smoke or fire. (From a CALB press release dated November 16, 2024)

- The OS battery pack developed for BAIC's new generation electric vehicles rolled off the production line in Chengdu. The product supporting this BAIC project is the world's unique One‑Stop (OS) lithium iron phosphate (LFP) battery pack, a next‑generation fast‑charging OS product that combines high specific energy with ultra‑fast charging capability, delivering stable and robust power. It will be applied to multiple models of BAIC's new generation electric vehicles. Previously, the company had mass‑produced and supplied the BAIC Magic Core Electric Drive hardcore off‑road vehicle BJ60 extended‑range version, and will help launch the BAIC off‑road vehicle BJ40 extended‑range version in the third quarter of 2024. (From a CALB press release dated June 6, 2024)

Strategic cooperation

- Corun announced that it has officially signed an industrial fund partnership agreement with CALB. The fund has a target total size of RMB 2 billion, with an initial phase of RMB 402 million, and will primarily invest in areas such as new energy and energy storage. The signing of this fund agreement will provide capital and other resource support for the energy storage business expansion and order acquisition of member companies of the innovation consortium, cultivating new economic growth points. (From a Corun press release dated January 4, 2024)

R&D base

- The company plans to establish 4 R&D centers in Shenzhen, Shanghai, Changzhou and Chengdu.

Name of facility	Location	Overview
CALB Technology Research Institute (Jiangsu) Co., Ltd. Formerly：CALB Technology Research Institute Co., Ltd.	Changzhou, Jiangsu	The planned site covers 243 mu (approximately 16.2 hectares) with a floor area of 70,000 square meters, specializing in research on battery technology, power supply technology, battery materials, and advanced manufacturing technology.
Jiangsu Power and Energy Storage Battery Manufacturing Innovation Center	Changzhou, Jiangsu	The initiator of this center is China Innovation Aviation (CALB) in Changzhou. The center is committed to establishing a sound collaborative innovation mechanism integrating industry, academia, research, and application, driving breakthroughs in core technologies, and accelerating the commercialization of scientific and technological achievements. CALB holds a cumulative 48% equity stake.
Advanced Technology (Shenzhen) Research Institute	Shenzhen	In July 2021, a center was inaugurated in Shenzhen, focusing on multiple R&D directions such as next-generation advanced electrochemical energy storage materials, advanced batteries, intelligent battery management, big data, intelligent equipment, and intelligent manufacturing technologies.
CALB Battery Engineering and Advanced Technology Research Institute	Chengdu, Sichuan	CALB's Chengdu Base Project for power batteries and energy storage batteries will build an R&D center, production and sales base for power batteries and energy storage batteries, establish the West China headquarters, and the Institute of Battery Engineering and Advanced Technology. The first phase of the project began construction in June 2021 and is currently underway.

Certifications

- As of 2024, 3,531 patents have been granted and 1,01 patents have been applied for and are awaiting authorization.

- The company has obtained IATF16949, CE, UL, TUV, RoHS and other international certifications.

- The company's testing center has been approved by the China National Accreditation Service for Conformity Assessment (CNAS). The approval covers 56 test items including physical and chemical properties of materials as well as the performance, reliability, and safety of power battery cells, modules, and systems.