Guosen Securities has maintained its earnings forecast and "Outperform" rating for CALB. The firm projects the company's net profit attributable to shareholders for 2026-2028 to reach 2.675/3.904/4.951 billion yuan, representing year-on-year increases of 81%/46%/27%. Earnings per share are estimated at 1.51/2.20/2.79 yuan, with dynamic price-to-earnings ratios of 19.2/13.2/10.4 times.
CALB reported a net profit attributable to shareholders of 1.476 billion yuan in 2025, marking a 150% year-on-year increase. Revenue reached 44.40 billion yuan, up 60% year-on-year, while net profit including minority interests was 2.095 billion yuan, rising 148% year-on-year. The gross profit margin improved to 16.69%, up 0.80 percentage points, and the net profit margin increased to 4.72%, up 1.68 percentage points.
The company's market share in power batteries continued to grow steadily, with ongoing expansion among domestic and international clients. CALB's power battery business generated revenue of 30.30 billion yuan in 2025, a 55% year-on-year increase, with estimated shipments exceeding 66 GWh, up 47% year-on-year. The company ranked fourth globally in power battery shipments, capturing a 5.3% market share, an increase of 0.7 percentage points year-on-year.
In the passenger vehicle segment, CALB maintains strong partnerships with key customers such as XPeng, Leapmotor, and GAC. New projects including XPeng's Mona, Zhijie/Shangjie models, and high-capacity range-extended platforms for Xiaomi, Leapmotor, and XPeng are expected to enter mass delivery in 2026. Internationally, the company has entered a new phase of customer expansion, securing partnerships with automakers including Toyota, Volkswagen, and Hyundai, with delivery volumes steadily increasing.
Within the commercial vehicle market, CALB has deepened collaborations with companies such as Chery, Geely, Dongfeng, XCMG, and Sany. In 2025, the company supported over 468 newly announced vehicle models, a 96% year-on-year increase, achieving comprehensive coverage across various segments.
CALB's energy storage business experienced rapid growth, with energy storage system products and other operations generating revenue of 14.10 billion yuan in 2025, up 72% year-on-year. Shipments are estimated to have exceeded 50 GWh, doubling year-on-year. The company continues to strengthen cooperation with State Power Investment Corporation, CNNC Rich Energy, and China Three Gorges Renewables, leading to a significant increase in shipments. Additionally, CALB is exploring diverse cooperative development models to support its power station business.
In international markets, the company has successfully entered the supplier white lists of leading energy storage developers and independent power producers in regions including South Africa, Latin America, the United States, and Israel, establishing partnerships with clients in more than 10 countries and regions.
CALB continues to innovate in products and technology, enhancing its customer service capabilities. In power batteries, the company has significantly increased installations of its 5C lithium iron phosphate batteries for pure electric and hybrid vehicles. Its 10C ultra-fast charging battery completed design and development in 2025 and is undergoing vehicle-level development with OEMs. For the HEV/PHEV market, CALB's 20C high-power battery has been mass-delivered to customers such as Geely and Dongfeng. In the commercial vehicle sector, the company introduced the Zhiyuan series solution, supporting 2C fast charging for heavy-duty trucks, a 10-year or 2-million-kilometer lifespan, and a range exceeding 350 km for light commercial vehicles.
In energy storage batteries, CALB launched the Zhijiu 588Ah and 684Ah large cells to better serve end customers.
Risks include potential underperformance in electric vehicle sales, significant fluctuations in raw material prices, and intensified industry competition.