CATL(SZ:300750) Xin Lang Cai Jing·2025-07-31 03:45Core Viewpoint - The development of solid-state batteries is currently more driven by capital interest than by industrial readiness, with true commercialization expected around 2030 [1][2] Group 1: Company Performance - CATL achieved a revenue of 178.9 billion RMB in the first half of the year, a year-on-year increase of 7.27% [1] - The net profit for CATL was 30.5 billion RMB, reflecting a year-on-year growth of 33.02% [1] - The gross profit reached 44.8 billion RMB, up 14.45% compared to the same period in 2024, with a comprehensive gross margin of 25.02%, an increase of 1.57 percentage points from 23.45% in 2024 [1] Group 2: Solid-State Battery Development - Solid-state batteries are expected to achieve small-scale production by 2027, with a full commercialization timeline extending to around 2030 [1] - The current maturity level of solid-state battery technology is rated at 4 out of 9, indicating that significant development is still required before large-scale production can commence [2] - Challenges in solid-state battery development include the "solid-solid interface" issue, which is critical for material and chemical system research [2] Group 3: Industry Trends - BYD plans to start mass demonstration of solid-state battery applications around 2027, with large-scale deployment expected post-2030 [3] - Changan Automobile aims to validate solid-state battery applications by 2026 and gradually ramp up production by 2027, targeting an energy density of 400 Wh/kg [3] - GAC Group anticipates that its solid-state batteries will be installed in the Haobo model by 2026 [3]