CALB GROUP (+) : BNP Paribas Global EV & Mobility Conference - key highlights

Research evidence excerpt

CALB GROUP (+) : BNP Paribas Global EV & Mobility Conference - key highlights

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BNP Paribas Global EV & Mobility Conference – key highlights

CALB attended our Global EV & Mobility Conference in Hong Kong. In terms of key takeaways, we19 MAY 2026

Securities Research Report highlight:

Production time: 04:06* (London time)

Research Analysts & Publishing Entities Key takeaways 1): Volume growth momentum to accelerate

Alex Liu CALB reiterates its 2026 shipment volume guidance of over 180GWh (including ~60%/40% for

BNP Paribas Securities (China) Limited1 EV/ESS batteries), up from 116GWh in 2025. The company indicates volume growth could further

SAC Reg. no.:S1880525020001

+86 21 6096 9881 accelerate in 2027E. CALB is operating at near-full utilisation in 1Q-2Q26 and expects to increase

alex.s.liu@bnpparibas-sec.cn production capacity to 350GWh/500GWh by end-2026/2027E. We believe this capacity expansion

is well supported by CALB’s expanding customer base. For ESS batteries, CALB maintains itsRyan Chen

BNP Paribas Securities (China) Limited1 partnership with Sungrow with upsides from Huawei and the Direct-current-side ESS market

SAC Reg. no.:S1880525020003 overseas. For EV batteries, the company expects a comparable volume growth in 2027E to that of

+86 21 6096 9928 its ESS batteries as it continues to gain share in Xiaomi, Leapmotor and Huawei, and remains onryan.chen@bnpparibas-sec.cn

track to begin deliveries to leading overseas OEMs in 2027E.

Key takeaways 2): Profitability well defended with further upsides

CALB expects both its gross and net margins to further improve in 2026, as it continues to pass on

material cost increases and optimise its product/customer structure.