CALB Group Co (3931) Q2 2025 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2025 rose 31.7% year-over-year to RMB16,418.88 million, with net profit up 80.4% to RMB752.99 million and basic EPS up 87.1% to RMB0.2629.

• Gross profit margin improved to 17.5% from 15.6% and net sales margin increased to 4.6% from 3.3% year-over-year.

• Strong growth in energy storage system (ESS) products, with revenue from this segment up 109.7% year-over-year.

• Installed capacity of EV batteries increased 22.7% year-over-year to 21.8GWh, ranking fourth globally and third domestically.

• Significant expansion in international markets, with overseas revenue up 41.2% year-over-year.

Financial highlights

• Revenue: RMB16,418.88 million (+31.7% YoY); Net profit: RMB752.99 million (+80.4% YoY).

• Gross profit margin: 17.5% (+1.9pp YoY); Net sales margin: 4.6% (+1.3pp YoY).

• Operating cash inflow: RMB2,557.99 million (+RMB1,303.02 million YoY).

• Total assets: RMB130,540.14 million (+6.6% from 31 Dec 2024); Total liabilities: RMB81,728.93 million (+9.8%).

• Liability-to-asset ratio: 62.6%; Gearing ratio: 90.7%.

Outlook and guidance

• Plans to deepen global expansion, with new production bases in Thailand operational and European base under construction.

• Focus on platform-based products and cross-domain dynamic storage product matrix for synergy across business lines.

• Continued investment in R&D and technology leadership, targeting further market share gains in EV, commercial vehicle, and energy storage sectors.