Camel Group Co., Ltd. Business Report FY ended Dec. 2024

Financial Overview

(CNY millions)

	FY ended Dec. 31, 2024	FY ended Dec. 31, 2023	Rate of Change (%)	Factors
Sales	15,592.20	14,078.85	10.75%	-The sales of low-voltage batteries have increased.
Operating income	700.73	710.73	-1.41%
Ordinary income	695.31	686.23	1.32%
Net income	633.06	572.59	10.56%

Automobile related business

1. Automotive low-voltage lead-acid battery business

-In 2024, the Company's cumulative annual sales of automotive low-voltage lead-acid batteries reached 38,300.8 MVAh, a year-on-year increase of 10.69%, of which sales of lead-acid auxiliary batteries for new energy vehicles grew by nearly 40% year-on-year.

-In 2024, in terms of fuel vehicles, the Company achieved mass production supply for a total of 47 vehicle models, including OEMs such as Geely, XPeng, Dongfeng Liuzhou Passenger Vehicles, Jiangling, Hualing, SAIC Volkswagen, Dongfeng Nissan, Dongfeng Honda, GAC Honda, and Changan Ford. Meanwhile, the Company secured 54 new project designations, including customers such as BMW Brilliance and Audi (MLB platform).

In terms of new energy vehicles, the Company obtained 18 new project designations, including SAIC Audi, Xiaomi Automobile, Chery, Seres, Geely, Great Wall Motor, Changan New Energy, and Leapmotor. At the same time, the Company continuously monitored the product development and mass production status of designated projects, successfully completing mass production introduction for 13 designated projects and achieving batch supply for vehicle models including Seres, Chery, Leapmotor, IM Motors, and GAC Aion.

2.Automotive low-voltage lithium battery business

-In 2024, the Company's revenue from low-voltage lithium battery products increased by 376.02% year-on-year.

-In 2024, the Company achieved mass production supply for 23 designated projects, achieving exclusive supply for most lithium battery projects at OEMs including Great Wall Motor, FAW Hongqi, Chery, and Geely.
Over the course of the year, the Company obtained a total of 29 project designations, including 22 designations for 12V lithium battery projects covering multiple vehicle models of automakers such as BAIC New Energy, Geely, Voyah, Nissan, Beijing Hyundai, Chery, Great Wall Motor, and JAC, as well as new EV startups including NIO, XPeng, and Seres; and 7 designations for 24V lithium battery projects covering OEMs such as Dongfeng Commercial Vehicle, Sinotruk, Geely Remote, JAC Heavy Truck, and Shaanxi Automobile Proton.

-The Company continued to advance the construction of the low-carbon industrial park project, with the first production line of Phase I having completed commissioning.
The European PACK plant project has completed site selection and commenced construction in January 2025, with production expected to begin in the second half of 2026.

3.Battery recycling business
-In 2024, the Company processed approximately 550,000 tons of spent lead-acid batteries through crushing, with crude lead output of nearly 360,000 tons.
The Company has established long-term stable cooperative relationships with 13 battery manufacturers including BYD and Gotion High-Tech, and 10 OEMs including Seres and Yutong, achieving procurement of over 4,000 tons of spent lithium batteries throughout the year.
At the same time, the Company completed production line commissioning and process integration for the lithium battery recycling project. The finished products obtained product certification and supply qualification from lithium battery cathode material enterprises such as BASF, Shanshan, and CNGR Advanced Materials, achieving sales of nearly 2,000 tons of recycled materials throughout the year.

European Headquarters Inaugurated in Germany

-Camel Group's European headquarters, Camel Energy GmbH, was officially inaugurated in Düsseldorf, Germany. Currently, Camel products are sold in more than 80 countries and regions, with overseas market sales growing by 80%. Since 2023, Camel Group has accelerated its internationalization process by hiring professional teams and has been improving its global布局 in North America, Malaysia, Indonesia, and Germany. Its localization efforts include plant construction, production launch, and capacity expansion. In the future, the European headquarters will leverage the advantages of localized R&D, warehousing, and services to provide European customers with high-quality, efficient, and convenient automotive battery solutions. (From a Camel Group press release dated June 18, 2024)

Orders

-Foton Zhengda Automobile Co., Ltd. (Foton Thailand) has officially reached a project designation cooperation with Camel Group. The commercial vehicle battery supplier for Foton Thailand will be switched to Camel Group's automotive batteries. This cooperation marks the official entry of Camel batteries into Foton Thailand's supply system, with large-scale mass production expected in August 2025. For this designated project, Camel Group will provide proximity supporting services based on the production capacity of its overseas plants, reducing logistics costs and ensuring supply chain stability. In this cooperation, Camel batteries will be custom-developed according to the vehicle model requirements of Foton Thailand, ensuring high performance compatibility with the complete vehicle. (From a Camel Group press release dated June 12, 2025)

Exhibitions

-The Company's subsidiary, Camel Energy GmbH (Camel Group Europe Branch), attended the 2025 Advanced Automotive Battery Conference Europe (AABC Europe) in Mainz, Germany, presenting its latest research findings. The conference focused on hot topics including solid-state batteries, sodium-ion batteries, battery recycling, high-energy-density design, battery intelligence, and xEV cells. During the exhibition, Camel Group Europe Branch showcased the Company's latest achievements in battery material optimization and cell design, providing a detailed introduction to multi-dimensional optimization solutions for the cathode, anode, and electrolyte based on cell materials, processes, and electrochemical reactions. (From a Camel Group press release dated July 16, 2025)

-The Company showcased multiple innovative products from its lead-acid and new energy sectors at The Battery Show 2024 in Stuttgart. Among them, 12V low-voltage lithium batteries are primarily used in new energy passenger vehicles, 24V low-voltage lithium batteries are applied in commercial vehicles, and 48V hybrid lithium batteries are used in hybrid electric vehicles. Currently, more than 80% of the exhibited products have achieved batch delivery. In addition to the mass-produced low-voltage lithium battery products, Camel Group also presented its latest R&D achievements, including the debut of sodium-ion batteries and large cylindrical cell series, as well as a new product under development in the low-voltage field — the 48V dual power supply system. (From a Camel Group press release dated July 1, 2024)

R&D expenditure

(CNY millions)

	FY ended Dec. 31, 2024	FY ended Dec. 31, 2023	FY ended Dec. 31, 2022
R&D expenditure	495.64	530.22	528.47
Ratio of R&D expenses to sales (%)	3.18	3.77	3.94

-As of the end of 2024, the company had 1,283 R&D staff, accounting for 16.91% of the total number of employees.

R&D Structure

Name	Main business	Location	Year established	Percentage of voting rights held
Camel Group Battery Research Institute Co., Ltd.	Development and production of technology for new energy-powered lithium-ion batteries, etc.	Xiangyang, Hubei	2004	100%
Camel Group Wuhan Optics Valley R&D Center Co., Ltd.	R&D, prototype production of lithium batteries, fuel cells, new batteries, materials and energy storage-batteries	Wuhan, Hubei	2016	100%
Camel Energy Inc.	Advanced batteries, materials, power systems	Michigan, America	2016	100%

Patent

-In 2024, the Company filed 341 patent applications and was granted 186 patents cumulatively. As of the end of 2024, the number of valid patents held by the Company's lithium battery platform was 1,238.

Certifications

-The company has obtained IATF16949, ASPICE L2、ISO26262 ASIL-D, and other certifications.

-In 2024, the Company completed the PZS audit at various stages for the BMW Brilliance AGM battery project, achieving mass production supply in January 2025; completed the Volkswagen AGM battery and EFB battery projects, obtaining recognition from Volkswagen Germany (BMG), and achieved mass production supply.