宁德时代(03750) - 2025 - 中期财报

Company Information This section provides essential corporate details, including registration, stock listings, disclosure channels, and key personnel Company Profile This section provides basic registration information for Contemporary Amperex Technology Co., Limited (CATL), including its full Chinese and English names, legal representative, registered address, and official contact details | Item | Details | | :--- | :--- | | Chinese Name | 寧德時代新能源科技股份有限公司 | | English Name | Contemporary Amperex Technology Co., Limited (CATL) | | Legal Representative | Zeng Yuqun | | Registered Address | No. 2 Xingang Road, Zhangwan Town, Jiaocheng District, Ningde City, Fujian Province, China | | Website | https://www.catl.com | Stock Overview This section lists the company's stock listing information on the Shenzhen Stock Exchange (A-shares) and the Hong Kong Stock Exchange (H-shares) | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shenzhen Stock Exchange | CATL | 300750 | | H-share | The Stock Exchange of Hong Kong Limited | CATL | 03750 | Information Disclosure and Availability This section outlines the official disclosure channels for the company's A-share and H-share related information, including designated websites and newspapers - The company's information disclosure is primarily conducted through Juchao Information Network, SZSE official website, HKEXnews website, and four major securities newspapers[11] Contacts and Contact Information This section provides contact information for the company's Board Secretary and Securities Affairs Representative | Position | Name | Phone | Email | | :--- | :--- | :--- | :--- | | Board Secretary | Jiang Li | 0593-8901666 | CATL-IR@catl.com | | Securities Affairs Representative | Chen Jin | 0593-8901666 | CATL-IR@catl.com | Other Relevant Information This section details key partners such as the company's Board of Directors, Supervisors, members of various professional committees, legal advisors, and share registrars - The company has four committees: Strategy, Audit, Nomination, and Remuneration & Appraisal. Dr. Wu Yuhui, an independent non-executive director, chairs the Audit Committee, and Dr. Zhao Bei, an independent non-executive director, chairs the Remuneration & Appraisal Committee[14] Financial Highlights This section presents key financial data and indicators, highlighting the company's performance and financial position during the reporting period Key Accounting Data and Financial Indicators During the reporting period, the company achieved steady growth with revenue increasing by 7.27% year-on-year, and profit attributable to owners of the company significantly growing by 33.02% year-on-year. Operating cash flow was robust, increasing by 31.26% year-on-year, with both total assets and shareholders' equity showing growth | Indicator | Current Reporting Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue (RMB thousand) | 178,886,253 | 166,766,834 | 7.27% | | Profit Attributable to Owners of the Company (RMB thousand) | 30,512,219 | 22,937,461 | 33.02% | | Net Cash from Operating Activities (RMB thousand) | 58,687,066 | 44,708,955 | 31.26% | | Basic Earnings Per Share (RMB/share) | 6.92 | 5.21 | 32.82% | | Indicator | End of Current Reporting Period | End of Prior Year | Year-on-Year Change | | Total Assets (RMB thousand) | 867,181,431 | 786,658,123 | 10.24% | | Equity Attributable to Owners of the Company (RMB thousand) | 294,923,020 | 246,930,033 | 19.44% | Differences in Accounting Standards between Domestic and Overseas This section discloses the differences in the company's net profit and net assets under International Accounting Standards and Chinese Accounting Standards. The differences primarily arise from the treatment of passive dilution effects on equity in associates, but the overall difference is small and does not significantly impact core financial data | Item | Under Chinese Accounting Standards (RMB thousand) | Under International Accounting Standards (RMB thousand) | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company for the Current Period | 30,485,139 | 30,512,219 | | Equity Attributable to Owners of the Company at Period-End | 294,923,020 | 294,923,020 | - Accounting standard differences primarily arise from the "passive dilution effect on equity in associates" item, with an impact of RMB 27.08 million in the current period[18] Management Discussion and Analysis This section provides an in-depth review of the company's industry, principal operations, core competencies, and financial performance, along with future development strategies and corporate governance Industry Overview During the Reporting Period The clear global trend towards clean energy transition is driving continuous high-speed growth in the new energy vehicle and energy storage markets. During the reporting period, global new energy vehicle sales and power battery usage both achieved over 30% year-on-year growth, and energy storage market demand also rapidly expanded, providing vast opportunities for the company's business development. The company maintains a leading position in the global power battery and energy storage battery sectors - From January to May 2025, global new energy vehicle sales increased by 32.4% year-on-year, and global power battery usage increased by 38.5% year-on-year[24] - From January to June 2025, global battery energy storage system installations increased by 54% year-on-year[25] - The company's market position is stable: from January to May 2025, its global market share for power battery usage was 38.1%, an increase of 0.6 percentage points year-on-year; from January to June 2025, its energy storage battery production ranked first globally[28] Principal Businesses Engaged by the Company During the Reporting Period The company's core business involves the R&D, production, and sales of power batteries and energy storage batteries, extending to battery materials, recycling, and mineral resources. The company has established a comprehensive product matrix, such as the Qilin, Shenxing, and Tianheng series, to meet diverse application scenarios including passenger vehicles, commercial vehicles, and energy storage. Its operating model is centered on independent R&D, integrating procurement, production, and sales systems - The company's main products include power battery systems, energy storage battery systems, and battery materials and recycling, with applications covering passenger vehicles, commercial vehicles, front-of-meter, and behind-the-meter energy storage in various fields[30][31] - Power battery products cover various chemical systems such as LFP, NCM, sodium-ion, M3P, and condensed matter, meeting different demands for fast charging, long lifespan, and high safety[32] - Energy storage batteries provide cell-to-system level solutions, such as the Tianheng energy storage system and TENER Stack, applied in utility-scale, commercial and industrial, and data center energy storage[34] Core Competitiveness Analysis The company's core competitiveness is reflected in four key areas: comprehensive R&D advantages, an advanced product matrix, extensive customer collaboration, and leading sustainable development practices. The company boasts over 21,000 R&D personnel and nearly 50,000 patents, collaborates deeply with global mainstream automakers and energy storage clients, and actively promotes its zero-carbon strategy - R&D Advantage: Possesses six R&D centers, over 21,000 R&D personnel, with a total of 49,347 patents and applications[40] - Product Matrix: Launched multiple product series including Qilin, Shenxing, Xiaoyao, Tianxing, and Tianheng, covering full-scenario demands for passenger vehicles, commercial vehicles, and energy storage[42] - Client Collaboration: Established deep cooperation with mainstream automakers such as Volkswagen, BMW, Mercedes-Benz, Toyota, Li Auto, and NIO, as well as leading energy storage clients like NextEra and State Power Investment Corporation[43] - Sustainable Development: CDP rating improved to B, zero-carbon factories increased to 10, and drove a 11% reduction in supply chain raw material carbon footprint[44] Analysis of Principal Business During the reporting period, the company successfully listed on the Hong Kong Stock Exchange, raising HKD 41 billion. Operationally, it continued to launch innovative products such as the second-generation Shenxing battery and Xiaoyao dual-core battery, becoming the first enterprise with all mass-produced products passing new national standard tests. Concurrently, it accelerated the construction of its battery swap ecosystem and advanced zero-carbon technology solutions and global production capacity expansion - Listed on the Main Board of the Hong Kong Stock Exchange in May 2025, raising a total of HKD 41 billion for the construction of the Hungary project and working capital[45] - Released multiple innovative products, including the world's first LFP battery with an 800 km range and 12C ultra-fast charging (second-generation Shenxing), and the 9MWh ultra-large capacity energy storage system TENER Stack[46][47] - Deepened cooperation in the battery swap ecosystem, reaching a strategic partnership with NIO for passenger vehicle battery swap network sharing, and comprehensively deepening cooperation with Sinopec to promote Chocolate and Qiji battery swap solutions[48] - Steadily advanced global production capacity construction, including domestic bases in Zhongzhou and Jining, and overseas facilities such as the Hungary factory and a joint venture factory in Spain[51] Financial Review During the reporting period, the company's total revenue increased by 7.27% year-on-year to RMB 178.89 billion, primarily driven by the power battery business. Gross profit margin improved to 25.02%, enhancing profitability. The asset-liability ratio decreased to 62.59% due to H-share listing proceeds, optimizing the financial structure and ensuring ample cash flow Revenue Analysis Total revenue increased by 7.27% year-on-year, reaching RMB 178.89 billion. Power battery systems were the primary growth driver, increasing by 16.80% year-on-year. Overseas revenue showed strong growth, increasing by 21.14% year-on-year and raising its proportion to 34.22%. Energy storage battery system revenue slightly declined, while battery materials and recycling business revenue significantly decreased | Item (Amount Unit: RMB thousand) | Current Reporting Period | Proportion | Prior Year Period | Proportion | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 178,886,253 | 100% | 166,766,834 | 100% | 7.27% | | By Product | | | | | | | Power Battery Systems | 131,572,512 | 73.55% | 112,648,721 | 67.55% | 16.80% | | Energy Storage Battery Systems | 28,400,044 | 15.88% | 28,824,715 | 17.28% | -1.47% | | Battery Materials and Recycling | 7,887,379 | 4.41% | 14,333,007 | 8.59% | -44.97% | | By Region | | | | | | | Domestic | 117,677,899 | 65.78% | 116,237,917 | 69.70% | 1.24% | | Overseas | 61,208,354 | 34.22% | 50,528,917 | 30.30% | 21.14% | Gross Profit and Gross Profit Margin The consolidated gross profit margin increased by 1.57 percentage points from 23.45% in the prior year to 25.02%. Overseas business gross profit margin reached 29.02%, significantly higher than the domestic business's 22.94%. Both energy storage battery and battery materials and recycling businesses saw significant improvements in gross profit margins | Item | Gross Profit Margin for Current Reporting Period | Gross Profit Margin for Prior Year Period | | :--- | :--- | :--- | | Total | 25.02% | 23.45% | | By Product | | | | Power Battery Systems | 22.41% | 23.48% | | Energy Storage Battery Systems | 25.52% | 24.41% | | Battery Materials and Recycling | 26.42% | 8.21% | | By Region | | | | Domestic | 22.94% | 22.84% | | Overseas | 29.02% | 24.86% | Liquidity, Financial Resources, and Capital Structure As of the end of the reporting period, the company's asset-liability ratio decreased from 65.24% at the beginning of the year to 62.59%, primarily due to the increase in net assets from H-share issuance proceeds. Cash and cash equivalents were abundant, reaching RMB 323.79 billion, providing sufficient liquidity to support daily operations and capital expenditures | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets (RMB thousand) | 867,181,431 | 786,658,123 | | Total Liabilities (RMB thousand) | 542,792,019 | 513,201,949 | | Asset-Liability Ratio | 62.59% | 65.24% | - As of June 30, 2025, cash and cash equivalents amounted to RMB 323.785 billion, a significant increase from RMB 270.160 billion at the beginning of the year[61] Outlook for the Company's Future Development The company will continue to advance its development around 'Three Strategic Directions' and 'Four Innovation Systems'. Strategically, it will focus on replacing fossil fuels in stationary and mobile applications, and promote integrated innovation in electrification and intelligence. Operationally, it will consolidate its industry-leading position through four innovation systems: materials, system structure, extreme manufacturing, and business models, while upholding an open innovation spirit - Three Strategic Directions: - Stationary Energy Replacement: Replacing thermal power with "electrochemical energy storage + renewable energy generation" - Mobile Energy Replacement: Replacing petroleum with "power batteries + new energy vehicles" - Integrated Innovation: Driving application innovation and zero-carbon transition across various industries through "electrification + intelligence"[72] - Four Innovation Systems: - Material and Material System Innovation: Efficiently screening new materials using computational platforms - System Structure Innovation: Iterating CTP and CTC technologies to enhance integration - Green Extreme Manufacturing Innovation: Building TWh-level delivery capability with DPPB-grade quality - Business Model Innovation: Expanding into new scenarios such as battery swap, construction machinery, ships, aircraft, and zero-carbon solutions[74][75] Corporate Governance During the reporting period, the company complied with most provisions of the Corporate Governance Code under the Hong Kong Listing Rules. The sole deviation was the dual role of Chairman and General Manager held by Mr. Zeng Yuqun. The Board believes this arrangement provides strong and continuous leadership, with sufficient checks and balances in place, benefiting the company's development - The company deviates from Rule C.2.1 of the Corporate Governance Code, as the roles of Chairman and Chief Executive Officer (General Manager) are not separated and are both held by Mr. Zeng Yuqun[80] - The Board explains that this arrangement provides strong leadership and facilitates strategic execution, and that the Board's composition and operation (including three independent non-executive directors) provide sufficient checks and balances[81] Disclosure of Interests This section discloses the shareholdings of major shareholders, directors, supervisors, and chief executives as of the end of the reporting period. Mr. Zeng Yuqun indirectly holds approximately 22.47% of the company's shares through controlled corporations, making him the controlling shareholder. Mr. Huang Shilin is the second largest shareholder, holding approximately 10.30% of the shares | Shareholder/Director | Nature of Interest | Number of Shares Held (A-shares) | Approximate Interest in Total Share Capital (%) | | :--- | :--- | :--- | :--- | | Zeng Yuqun | Interest in controlled corporations | 1,024,704,949 | 22.47% | | Huang Shilin | Beneficial owner/Interest in controlled corporations | 469,621,309 | 10.30% | | Ningbo United Innovation | Beneficial owner | 284,220,608 | 6.23% | | Li Ping | Beneficial owner | 201,510,277 | 4.42% | Issuance, Purchase, Sale or Redemption of Securities During the reporting period, the company completed its H-share issuance, raising net proceeds of approximately HKD 40.6 billion, primarily for the construction of the Hungary project. Concurrently, the company continued to utilize funds raised from its 2022 A-share issuance and executed an A-share repurchase plan, cumulatively repurchasing 22.63 million shares. Additionally, some ineligible restricted shares were repurchased and cancelled | H-share Issuance Proceeds Usage | Planned Amount (HKD thousand) | Balance as of Period-End (HKD thousand) | | :--- | :--- | :--- | | Hungary Project Construction | 36,564,393 | 36,564,393 | | Working Capital and General Purposes | 4,062,710 | 4,062,710 | - The company executed a share repurchase plan, repurchasing 6,640,986 A-shares totaling approximately RMB 1.55 billion during the reporting period. As of period-end, a cumulative total of 22,632,510 A-shares were repurchased, accounting for 0.51% of the total A-share capital[101] Employee Information and Share Schemes As of the end of the reporting period, the Group had approximately 148,000 employees, with employee compensation costs accounting for about 10.11% of revenue. The company has three phases of share incentive plans (2021, 2022, and 2023) in the form of restricted shares and share options to incentivize middle management and core employees, aligning the interests of shareholders, the company, and employees - As of June 30, 2025, the Group had approximately 147,716 employees, with employee compensation costs for the reporting period amounting to RMB 18.08 billion[103] - The company is implementing three phases of share incentive plans (2021, 2022, 2023) aimed at establishing long-term incentive mechanisms to attract and retain talent[104][106] - As of June 30, 2025, the total number of equity incentives (restricted shares and share options) granted and not yet exercised under the share incentive plans was 15,229,530 shares[122] Other Information This section primarily outlines the 2025 interim dividend distribution plan. The company's Board of Directors resolved to distribute a cash dividend of RMB 10.07 (tax inclusive) per 10 shares, totaling approximately RMB 4.57 billion. It also details the dividend distribution and tax arrangements for A-share, H-share, and Stock Connect investors. The report also confirms no significant financial assistance, guarantees, or loan defaults - 2025 Interim Dividend Plan: Proposed cash dividend of RMB 10.07 (tax inclusive) per 10 shares to all shareholders, totaling approximately RMB 4.57 billion, representing 15% of the net profit attributable to the parent company for the first half of the year[128] - H-share shareholders' interim dividend will be paid in HKD, calculated at a specified exchange rate as HKD 11.04 (tax inclusive) per 10 shares[128] - The Audit Committee has reviewed this interim report and believes it complies with accounting standards and regulatory requirements, with sufficient disclosures made[145] Financial Report This section presents the condensed consolidated financial statements, including the profit or loss, comprehensive income, financial position, changes in equity, and cash flow statements, along with detailed notes Condensed Consolidated Statement of Profit or Loss This statement presents the company's operating results for the reporting period. Revenue was RMB 178.89 billion, and gross profit was RMB 44.76 billion. After deducting various expenses and taxes, profit for the period was RMB 32.39 billion, with net profit attributable to owners of the company being RMB 30.51 billion, a year-on-year increase of 33.02% | Item (RMB thousand) | First Half 2025 | First Half 2024 | | :--- | :--- | :--- | | Revenue | 178,886,253 | 166,766,834 | | Gross Profit | 44,762,650 | 39,109,590 | | Profit for the Period | 32,392,527 | 24,951,329 | | Profit Attributable to Owners of the Company | 30,512,219 | 22,937,461 | Condensed Consolidated Statement of Comprehensive Income This statement builds upon the profit for the period by incorporating other comprehensive income items (such as fair value changes of financial assets, cash flow hedges, etc.) to derive the total comprehensive income for the period. Total comprehensive income for the reporting period was RMB 33.77 billion, with the portion attributable to owners of the company being RMB 31.83 billion | Item (RMB thousand) | First Half 2025 | First Half 2024 | | :--- | :--- | :--- | | Profit for the Period | 32,392,527 | 24,951,329 | | Other Comprehensive Income/(Loss) for the Period | 1,376,911 | (1,936,799) | | Total Comprehensive Income for the Period | 33,769,438 | 23,014,530 | Condensed Consolidated Statement of Financial Position This statement reflects the company's financial position at the end of the reporting period. Total assets increased to RMB 867.18 billion, and total liabilities were RMB 542.79 billion. Benefiting from profit growth and H-share issuance, equity attributable to owners of the company increased to RMB 294.92 billion, with net assets of RMB 324.39 billion, indicating a robust financial position | Item (RMB thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 867,181,431 | 786,658,123 | | Non-current Assets | 299,481,094 | 276,516,035 | | Current Assets | 567,700,337 | 510,142,089 | | Total Liabilities | 542,792,019 | 513,201,949 | | Current Liabilities | 336,005,110 | 317,171,534 | | Non-current Liabilities | 206,786,909 | 196,030,416 | | Total Equity | 324,389,412 | 273,456,174 | | Equity Attributable to Owners of the Company | 294,923,020 | 246,930,033 | Condensed Consolidated Statement of Changes in Equity This statement details the changes in shareholders' equity from the beginning to the end of the period. Equity attributable to owners of the company at the beginning of the period was RMB 246.93 billion. Key increases were profit for the period of RMB 30.51 billion and H-share issuance proceeds of RMB 37.36 billion, while the main decrease was dividends declared of RMB 19.97 billion, resulting in an ending equity of RMB 294.92 billion - Key drivers of changes in shareholders' equity include: - Increases: Total comprehensive income for the period (RMB 31.83 billion), H-share issuance (RMB 37.36 billion) - Decreases: Dividends declared (RMB 19.97 billion)[153] Condensed Consolidated Statement of Cash Flows This statement summarizes cash inflows and outflows during the reporting period. Operating activities generated a strong net cash inflow of RMB 58.69 billion. Investing activities resulted in a net cash outflow of RMB 26.27 billion, primarily for capacity expansion. Financing activities generated a net cash inflow of RMB 20.61 billion, mainly from H-share issuance. Cash and cash equivalents at period-end increased to RMB 323.79 billion | Item (RMB thousand) | First Half 2025 | | :--- | :--- | | Net Cash from Operating Activities | 58,687,066 | | Net Cash Used in Investing Activities | (26,269,519) | | Net Cash from Financing Activities | 20,607,571 | | Net Increase in Cash and Cash Equivalents | 53,025,118 | | Cash and Cash Equivalents at Period-End | 323,785,232 | Notes to the Financial Statements This section provides detailed explanations and supplementary information for the condensed consolidated financial statements, covering the company's general information, accounting policies, segment information, details of major statement items, related party transactions, contingent liabilities, and subsequent events Note 4: Revenue and Segment Information This note details the revenue breakdown by product and geographical segment. Power battery systems are the primary source of revenue, accounting for 73.55%. Geographically, Mainland China contributed approximately 65.8% of revenue, with the remainder from overseas | Revenue Source (First Half 2025) | Amount (RMB thousand) | | :--- | :--- | | By Product | | | Power Battery Systems | 131,572,512 | | Energy Storage Battery Systems | 28,400,044 | | By Region | | | Mainland China | 117,677,899 | | Other Countries/Regions | 61,208,354 | Note 8: Dividends This note explains the approval of the 2025 interim dividend. Authorized by the shareholders' meeting and approved by the Board of Directors, the company resolved to distribute an interim dividend of RMB 10.07 (tax inclusive) per 10 shares - The 2025 interim dividend is a cash dividend of RMB 10.07 (tax inclusive) per 10 shares, which was not recognized as a liability at the end of the reporting period[187] Note 13: Trade and Bills Receivables As of the end of the reporting period, the company's net trade and bills receivables amounted to RMB 64.12 billion. An aging analysis indicates that the vast majority of receivables (approximately 92%) are within 90 days, suggesting a low collection risk | Trade Receivables Aging Analysis | Amount (RMB thousand) | | :--- | :--- | | 0 to 90 days | 58,778,887 | | 91 to 365 days | 4,278,694 | | Over 365 days | 742,794 | | Total Net Amount | 63,800,375 | Note 18: Contingent Liabilities This note discloses the company's contingent liabilities, primarily external guarantees provided. As of the end of the reporting period, the actual outstanding guarantees provided by the company and its subsidiaries to external parties amounted to RMB 4.64 billion, while guarantees provided by the company for its subsidiaries amounted to RMB 55.33 billion - As of June 30, 2025, the outstanding guarantees provided by the company to external parties amounted to RMB 4.637 billion, and guarantees provided for subsidiaries amounted to RMB 55.332 billion[206] Note 19: Related Party Transactions This note lists transactions with associates, joint ventures, and other related parties. During the reporting period, sales to related parties amounted to RMB 3.90 billion, and purchases from related parties amounted to RMB 14.28 billion. At period-end, total receivables from related parties were RMB 14.54 billion, and total payables to related parties were RMB 6.32 billion | Related Party Transactions (First Half 2025) | Amount (RMB thousand) | | :--- | :--- | | Sales Transactions | 3,900,259 | | Purchase Transactions | 14,275,706 | Note 21: Events After the Reporting Period This note discloses significant events occurring after the balance sheet date. The most important event is the formal approval of the 2025 interim dividend plan by the company's Fourth Board of Directors at its Seventh Meeting on July 30, 2025 - The company's Board of Directors approved the interim dividend plan on July 30, 2025, proposing a cash dividend of RMB 10.07 (tax inclusive) per 10 shares[231][232]