CATL(SZ:300750) Zheng Quan Shi Bao·2025-07-30 15:07Core Insights - Ningde Times (300750) reported a revenue of 178.886 billion yuan for the first half of 2025, representing a year-on-year growth of 7.27% [1] - The net profit for the same period was 30.485 billion yuan, showing a significant increase of 33.33% [1] - The operating cash flow reached 58.687 billion yuan, up by 31.26% year-on-year, with basic earnings per share at 6.92 yuan, also reflecting a growth of 33.08% [1] Revenue Breakdown - The revenue from power battery systems was approximately 131.573 billion yuan, a year-on-year increase of 16.8%, accounting for about 73.55% of total revenue, with a gross margin of 22.41% [3] - Revenue from energy storage battery systems was 28.4 billion yuan, down by 1.47%, making up 15.88% of total revenue, with a gross margin of 25.52% [3] - Battery materials and recycling generated 7.887 billion yuan, a decline of 44.97%, with a gross margin of 26.42% [3] - Revenue from battery mineral resources was 3.361 billion yuan, up by 27.86%, with a gross margin of 9.07% [3] Market Position and R&D - As of May 2025, Ningde Times held a global market share of 38.1% in power battery usage, an increase of 0.6 percentage points year-on-year [3] - The company ranked first globally in energy storage battery production for the first half of 2025 [3] - Ningde Times has six R&D centers with over 21,000 researchers and holds a total of 49,347 patents, including 29,709 in China and 19,638 overseas [3] - R&D investment for the first half of 2025 was approximately 10.095 billion yuan, reflecting a year-on-year increase of 17.48% [3] International Operations and Financial Strategy - The company successfully listed on the Hong Kong Stock Exchange on May 20, 2025, raising a total of 41 billion HKD for project construction and general corporate purposes [4] - International sales amounted to 61.208 billion yuan, representing 34.22% of total revenue, with stable foreign customer payment conditions [4] - A mid-year cash dividend of 10.07 yuan per 10 shares was proposed, with no plans for capital reserve conversion or stock distribution [4] - The company plans to increase its entrusted wealth management quota by up to 40 billion yuan, bringing the total for 2025 to 80 billion yuan, funded by temporarily idle self-owned funds [4] Future Outlook - Company executives indicated that solid-state battery commercialization is expected to begin small-scale production by 2027, with a full supply chain maturity period of 3-5 years, aiming for true commercialization around 2030 [5]