28 August 2025 | 6:52PM HKT CALB Co. (3931.HK) 1H25 earnings beat on volume strength; we maintain Neutral with higher TP 3931.HK 12m Price Target: HK$19.60 Price: HK$21.60 Downside: 9.3% 1H25 results broadly inline. On 27th August, CALB reported 1H2025 results with 1) net profit Rmb466mn, +87% yoy, or +36% hoh, beating GSe by 23%; 2) revenue came in at Rmb16.4bn, +32% yoy, or +7% hoh, beating GSe by 12%; 3) we estimated sales volume at 45GWh, +80% yoy, or +7% hoh, beating GSe by 7%. Unit GP recovery coupled ...