CALB Reports H1 Profit of 1.523 Billion Yuan, Up 102.2% YoY
nashnova research
CALB (03931) doubled its first-half profit to RMB 1.52 billion, with profit growth running 1.5× faster than revenue growth — a sign that margins are improving alongside scale.
What do the headline numbers say?
H1 revenue hit RMB 27.08 billion, up 65% year-on-year; profit reached RMB 1.52 billion, up 102.2%.
Basic earnings per share came in at RMB 0.5276.
This means → profit grew roughly 1.5 times as fast as revenue. The company is not just selling more — it is keeping more per unit sold.
Why is profit outpacing revenue?
Profit growth (102.2%) far exceeded revenue growth (65%), pointing to improving unit economics.
In plain terms = for every extra battery sold, a bigger slice of the price drops to the bottom line.
This reflects better cost control or a shift toward higher-margin products as the company scales up.
How deep is the technology moat?
Patents span the full battery chain — materials, cell structure, system integration, BMS (battery management system), manufacturing processes, and recycling.
Global patent applications totalled 8,098 as of end-June 2026.
During the period CALB received a Second-Class National Science and Technology Progress Award — a state-level recognition of its R&D output.
What should investors watch in H2?
Two key checkpoints: whether revenue growth holds, and whether margins improve further.
This means → the first half looks strong, but the full-year verdict depends on the second half.
In plain terms = leading at halftime is not the same as winning the match — H2 is the real test.
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