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Chinese EV and energy-storage lithium-battery maker, one of the world's largest battery producers behind CATL and BYD.
Chinese EV and energy-storage lithium-battery maker, one of the world's largest battery producers behind CATL and BYD.
Sells battery cells and packs to carmakers on multi-year supply agreements tied to their models, so volumes follow the carmakers' sales, with prices partly tracking raw-material costs such as lithium. Energy-storage cells sold to project integrators are the second line.
In one line: China's third-place EV battery maker after CATL/BYD.
Moat: narrow (scale, process know-how, customer qualification). Large-scale manufacturing and OEM qualification, but trails CATL/BYD in scale and margin.
Headquarters: Changzhou, China · Founded: 2015 · Employees: 14,323
Size CALB (3931.HK) is a Hong Kong Industrials company (Electrical Products) with a market value of $3.57B, the 312th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$14.15 on 6 Nov 2026.
Performance Over six months the shares fell 59.1%, against -22.6% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 3rd lowest of 18 in its peer set.
Growth Revenue grew 79.8% over the last twelve months (peer median +25.5%); the operating margin is 6.5% (peer median 9.6%).
Valuation It trades at 8.1× forward earnings against a peer median of 23.5× (3rd cheapest of 18).
Capital Return on invested capital runs 3.3 points below its cost of capital (5.3% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$61.5B | HK$48.2B | HK$30.1B | HK$29.8B | HK$23.7B |
| Revenue growth | — | +60% | +1% | +26% | — |
| Gross profit | HK$10.1B | HK$8.04B | HK$4.78B | HK$3.88B | HK$2.45B |
| EBITDA | HK$11.2B | HK$8.05B | HK$3.73B | HK$2.57B | HK$1.46B |
| Net income | HK$2.17B | HK$1.60B | HK$641M | HK$325M | HK$804M |
| Free cash flow | -HK$17.3B | -HK$7.39B | -HK$13.1B | -HK$20.5B | -HK$33.0B |
| Capital expenditure | HK$26.9B | HK$16.6B | HK$18.0B | HK$22.2B | HK$36.8B |
| Total debt | n/a | HK$80.5B | HK$61.5B | HK$32.2B | HK$20.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| CALB 3931.HK | $3.57B | -59% | +80% | 7% | 8.1× | n/a |
| Contemporary Amperex Technology 300750.SZ | $179B | -42% | +51% | 14% | 13.0× | 1.6% |
| BYD 1211.HK | $98.9B | -26% | 0% | 4% | 15.8× | n/a |
| EVE Energy 300014.SZ | $17.0B | -28% | +51% | 6% | 15.5× | n/a |
| Gotion High-tech 002074.SZ | $6.45B | -32% | +54% | 3% | 25.6× | n/a |
| Samsung Sdi 006400.KS | $26.8B | -33% | +21% | 0% | 45.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3931.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.8% | -11.3% | 10th lowest of 21 |
| 6-month return | -59.1% | -22.6% | 3rd lowest of 18 |
| Distance from 52-week high | -64.0% | -42.3% | 5th lowest of 21 |
| Revenue growth (TTM) | +79.8% | +25.5% | 3rd highest of 21 |
| Operating margin | 6.5% | 9.6% | 7th lowest of 21 |
| Forward P/E | 8.1× | 23.5× | 3rd cheapest of 18 |
| ROIC minus cost of capital | -3.3 pp | +1.2 pp | 6th lowest of 20 |
| EV / EBITDA | 11.7× | 17.7× | 4th cheapest of 9 |
| Net debt / EBITDA | 7.1× | -0.0× | most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CALB 3931.HK | Hong Kong | $3.57B | -59% | +80% | 7% | 8.1× | n/a | n/a |
| LS 006260.KS | South Korea | $3.51B | -62% | +30% | 4% | 8.0× | n/a | n/a |
| Sany Renewable Energy 688349.SS | China | $3.50B | -22% | +30% | 2% | 21.7× | n/a | n/a |
| Shanghai Moons Electrical 603728.SS | China | $3.66B | -1% | +22% | 4% | 183.9× | n/a | n/a |
| Wuhan Raycus Fiber Laser Technologies 300747.SZ | China | $3.67B | +22% | +16% | 6% | 76.8× | n/a | n/a |
| Dhoot Transmission DHOOTTRANS.NS | India | $3.46B | n/a | +31% | 13% | 52.6× | n/a | n/a |
| Luoyang Bearing 301699.SZ | China | $3.45B | n/a | +29% | 11% | n/a | n/a | n/a |
| Dajin Heavy Industry 002487.SZ | China | $3.71B | -60% | -2% | 19% | 19.6× | n/a | n/a |
| Hainan Jinpan Smart Technology 688676.SS | China | $3.75B | -38% | +12% | 10% | 29.4× | 28.5% | +24.7% |
| Taiyo 4626.T | Japan | $3.36B | -5% | +18% | 25% | 17.0× | 5.0% | +11.2% |
| T&S Communications 300570.SZ | China | $3.36B | -25% | +40% | 18% | 47.3× | 43.8% | +21.8% |
| XJ Electric 000400.SZ | China | $3.86B | 0% | -8% | 6% | 23.5× | n/a | n/a |
| Harbin Electric 1133.HK | Hong Kong | $3.27B | -54% | +13% | 7% | 6.2× | n/a | n/a |
| Guangzhou Great Power Energy & Technology 300438.SZ | China | $3.90B | -50% | +125% | 7% | 11.7× | 9.7% | +26.8% |
| Shenzhen Hfc 301716.SZ | China | $3.93B | n/a | +114% | 44% | n/a | 45.3% | n/a |
| Beijing Sifang Automation 601126.SS | China | $3.94B | -44% | +9% | 9% | 27.8× | 25.3% | +16.3% |
| Gaon Cable 000500.KS | South Korea | $3.97B | +50% | +32% | 3% | n/a | n/a | n/a |
| State Grid Yingda 600517.SS | China | $4.01B | -21% | +8% | 22% | 10.2× | -18.5% | +8.1% |
| KEI Industries KEI.NS | India | $4.03B | -22% | +25% | 10% | 33.9× | n/a | n/a |
| Maruwa 5344.T | Japan | $3.12B | -46% | +26% | 36% | 19.5× | n/a | n/a |
| Ugreen 301606.SZ | China | $4.13B | -23% | +50% | 9% | 25.4× | n/a | n/a |