Chinese battery maker CALB boasts 198.9% YoY spike in 2022 revenue

Beijing (Gasgoo)- On March 28, Chinese power battery supplier CALB Co., Ltd. (“CALB”) released its first annual report after going public. In 2022, the company achieved a revenue of about 20.375 billion yuan, up 198.9% year-on-year.

Photo credit: CALB

Its net profit attributable to shareholders reaches about 692 million yuan, zooming 394.3% from a year ago. CALB said that the performance growth was mainly due to the gradual release of the company's production capacity last year, with significant scale effect, rising product sales and gross margin. Last year, the company's overall gross profit margin was 10.3%.

CALB’s business covers two segments, namely, power batteries and energy storage batteries, with 98% of its revenue coming from the local Chinese market. By business, revenue generated by power battery sales grew from the 6.065 billion yuan in 2021 to 18.324 billion yuan in 2022, representing a 202.1% year-on-year soar.

Notably, CALB’s biggest customer last year was the same as that of the year 2020 and 2021, namely, GAC Group, which purchased a total of 8.05 billion yuan of power batteries, accounting for 40% of the company's total revenue. XPeng was the second largest customer of CALB, with a procurement scale of 3.45 billion yuan last year, accounting for 17% of the company’s total revenue. 

The revenue generated by CALB's energy storage system products and others came in at 2.051 billion yuan in 2022, indicating a year-on-year surge of 172.8%. The increase was attributed to the company’s continuous expansion of energy storage system and other market businesses, which cover various application scenarios such as power generation, grid, and users.