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| Period | Largest customer | Five largest customers |
|---|---|---|
| FY 2022 | 39.5 | 75 |
| FY 2023 | 28.8 | 71.3 |
| FY 2024 | 13.1 | 55.4 |
| FY 2025 | 16.7 | 50.8 |
Founded in Luoyang, Henan as China Aviation Lithium Battery (CALB) under AVIC (Aviation Industry Corporation of China) state-owned aerospace conglomerate: initial mandate to supply Li-ion cells for military aviation and aerospace ground support. The aerospace pedigree carries through to a 2018 management buyout and pivot to passenger-EV cells under new CEO Liu Jingyu.
Restructured under Liu Jingyu: pivoted from aerospace cells to NCM 5-series passenger-EV cells. Management buyout from AVIC restructures CALB into Changzhou-headquartered CITIC-backed entity. Pricing-aggressive go-to-market against incumbent CATL: undercut CATL by 5-10% to win GAC Aion, Geely, Xpeng and Changan business 2019-2021.
Won GAC Aion exclusive battery contract: became Aion's #1 cell supplier overtaking CATL. Aion's volume scale-up (Aion S, Aion Y) drives CALB to ~25 GWh installations 2022, propelling CALB to #4 China share. Pricing concession to Aion estimated 8-12% below CATL list: a strategic loss-leader to break into top-tier OEM accounts.
CATL filed major patent-infringement lawsuit alleging unauthorised use of cell-component IP: first time CATL litigates against a domestic competitor at scale. Reached partial settlement 2024 with CALB licensing certain CATL patents. Industry-watershed event signaling end of "competitor-grace" period in China.
IPO on Hong Kong Stock Exchange under ticker 3931.HK: raised HK$10.1B at HK$38/share, $9B valuation. First major Chinese battery IPO outside Mainland post-CATL 2018. Stock prices below issue most of 2023-2024 amid pricing pressure and CATL litigation overhang.
Portugal Sines battery plant announced: 15 GWh/yr LFP cells for European OEMs; CALB's first European footprint. €2B capex; targets initial production 2026. Strategic step into European OEM diversification away from China-domestic reliance.
Annual installed capacity reached 200 GWh across Chengdu, Wuhan, and Hefei expansions: 5x scale-up since 2021 IPO. Maintains #4 China share but margin pressure intense: 2024 H1 gross margin <8% versus CATL's ~24%.