CATL(SZ:300750) Zheng Quan Shi Bao Wang·2025-07-31 03:02Core Viewpoint - Ningde Times reported strong performance in the first half of 2025, with stable market demand and effective management of lithium carbonate price fluctuations [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 178.9 billion yuan, a year-on-year increase of 7.27% [1]. - Net profit attributable to shareholders was 30.5 billion yuan, reflecting a year-on-year growth of 33.33% [1]. - The comprehensive gross profit margin stood at 25.0%, up by 1.8 percentage points year-on-year [1]. - Operating cash flow amounted to 58.7 billion yuan, with cash reserves exceeding 350 billion yuan [1]. Market Position - Ningde Times held a global market share of 38.1% in the power battery sector from January to May 2025, an increase of 0.6 percentage points compared to the same period last year [2]. - The company ranked first in global energy storage battery production from January to June 2025 [2]. Production Capacity - The overall capacity utilization rate remained high at approximately 90% in the first half of 2025 [1][2]. - The company plans to increase capital expenditures (CAPEX) this year in response to strong market demand [2]. Profitability - The comprehensive gross profit margin for the second quarter was 25.6%, showing growth both year-on-year and quarter-on-quarter [2]. - The company emphasized that unit profitability remains stable, influenced by various factors including raw material prices and product structure [2]. Raw Material Management - Recent fluctuations in lithium carbonate prices were noted, with prices rising from approximately 62,000 yuan/ton to nearly 80,000 yuan/ton before settling around 70,000 yuan/ton [3]. - The company has strategic reserves of lithium resources and long-term agreements with suppliers to manage price volatility effectively [3]. New Product Development - In the passenger vehicle sector, the company launched several new products, including the second-generation supercharging battery and sodium-ion battery [3]. - As of the end of July, over 400 battery swap stations for passenger vehicles have been established, with a target of 1,000 stations for the year [3]. - The company is also working on solid-state batteries, indicating that while scientific issues are largely resolved, commercial viability is still some distance away [3].