BEIJING, March 29 (TMTPOST) The total revenue of CALBwas 20.375 billion yuan($2.96 billion), with year-on-year growth of 198.9%in 2022,and net profit was about 694 million yuan($100.76 million), up 521.8% year on year, according to the 2022 financial results released by CALB on Tuesdayevening.
Founded in 2015, CALBwas originally a holding subsidiary of AVIC Lithium Power Battery (Luoyang) Co., LTD. (AVIC Lithium Power) in Jiangsu Province. AVICLithium Power Battery Co., LTD., founded in 2009, is a well-established power battery company in China. It mainly produced lithium iron phosphate batteries for commercial vehicles. After a series of capital operations, CALB was separated from AVIC Lithium Power, and the two companies are under the same controlling shareholder.
CALBsubmitted an IPO application to the Hong Kong Stock Exchange in March 2022 and was listed in October. The company's stock price fell below the issue price of HK $38 a share at the close of its first day of trading and stayed low ever since. CALBclosed at HK $18.5 / share, up 0.65%on Tuesday.
According to the data of China Automotive Power Battery Industry Innovation Alliance, CALBranked third among China's power battery enterprises in 2022, with a market share of about 6.53%. CATL and BYD ranked the first and the second, with a market share of 48.2% and 23.45% respectively. According to South Korean market agency SNE Research, CALBranked seventh among global power battery companies, with a 3.9% market share.
The company’s net profit growth outpaced revenue growth in 2022 thanks to higher sales and improved gross margins. The gross profit margin of CALBincreased from 7.5% in 2021 to 10.3% in 2022.
The company's revenue mainly comes from domestic sources. According to the financial report, overseas markets accounted for only 1.9% of to total revenues in 2022. CALBis actively planning to expand its business in the European market. In November 2022, CALB announced that It would build a battery plant in Portugal with an annual capacity of about 15GWh, which is scheduled to be completed and put into operation in 2025.
Its major customers are GAC Group, Changan Automobileand XPENG Motors, according to a prospectus filed by CALBin March 2022. In 2021, sales revenue from these three companies accountedfor 51.9 percent, 13.9 percent and 7.9 percent of the total, respectively.
The company did not disclose customer information for 2022. GACGroup and XPENG Motorswerestill itsmain customers, accounting for 39.6% and 17% respectively. While Changan accounted for less than 10 per cent of sales.
CATLsued CALBfor infringement of five patents from August to October 2021, claiming a total of 185 million yuan($26.86 million). The conflict between the two sides has not easedsince then, but continued to escalate. In May 2022, CATLraised five patent infringement claims to 518 million yuan($75.21 million). In August of the same year, CATLsued CALBfor patent infringement, claiming 130 million yuan($18.88 million). At the same time, CATLalso sued CALBunfair competition.
