CATL(SZ:300750) Huan Qiu Wang·2025-07-31 03:50Group 1 - The core viewpoint of the article highlights the financial performance of Ningde Times, showing a revenue of 178.9 billion RMB for the first half of the year, representing a year-on-year growth of 7.27% [1] - The net profit for the same period reached 30.5 billion RMB, reflecting a significant increase of 33.02% compared to the previous year, indicating a steady improvement in profitability [1] - The gross profit amounted to 44.8 billion RMB, which is a 14.45% increase from the same period in 2024, with a comprehensive gross margin of 25.02%, up 1.57 percentage points from 23.45% in 2024, showcasing an ongoing optimization of the profit structure [1] Group 2 - The operating cash flow was strong, reaching 58.687 billion RMB, which is a year-on-year growth of 31.26% [1] - The performance of different business segments varied, with the power battery segment achieving a revenue of 131.573 billion RMB, a year-on-year increase of 16.80% [1] - The energy storage battery segment reported a revenue of 28.4 billion RMB, showing a slight decline of 1.5% year-on-year, while the battery materials and recycling segment saw a significant drop in revenue to 7.887 billion RMB, down 44.97% year-on-year [1] Group 3 - During the earnings interpretation meeting, company executives discussed the development trends of solid-state batteries, noting that current capital interest exceeds actual industrial development [2] - It was mentioned that while companies are introducing samples or experimental products mainly for technical demonstration, true commercialization will take time [2] - Solid-state batteries are expected to achieve small-scale production by 2027, with a supply chain maturity cycle of approximately 3 to 5 years, and potential commercialization or large-scale application anticipated around 2030 [2]