CATL(SZ:300750) Sou Hu Cai Jing·2025-07-31 10:27Core Viewpoint - CATL (Contemporary Amperex Technology Co., Limited) reported a revenue of 178.9 billion yuan for the first half of 2025, a year-on-year increase of 7.27%, and a net profit of 30.5 billion yuan, up 33.33% year-on-year [3][4]. Revenue Breakdown - The main sources of revenue for CATL are power batteries and energy storage batteries, with power battery system revenue reaching 131.57 billion yuan, a 16.8% increase year-on-year, and a gross margin of 22.41% [4][5]. - Energy storage battery system revenue slightly decreased to 28.4 billion yuan, down 1.47%, but with a higher gross margin of 25.52% compared to power batteries [5]. Market Position - CATL maintained a global market share of 38.1% in power battery usage from January to May 2025, an increase of 0.2 percentage points from 2024, remaining the global leader [4]. - The company has supplied power batteries to major automakers including Volkswagen, BMW, and Toyota, among others [5]. Geographic Performance - International revenue accounted for 34.22% of total revenue, amounting to 61.21 billion yuan, with a year-on-year growth of 21.14%, while domestic revenue was 117.68 billion yuan, a slight increase of 1.24% [9]. - The gross margin for international sales was 29.02%, up 4.16% year-on-year, compared to a domestic gross margin of 22.94%, which only increased by 0.1% [10][11]. Global Expansion - CATL's global strategy is supported by its recent IPO in Hong Kong, raising 41 billion HKD, with 90% of the funds allocated to projects in Hungary [12][13]. - The company is also expanding its domestic production bases while establishing overseas factories in Hungary and Spain, and developing the battery supply chain in Indonesia [13]. Workforce and Capacity - As of June 30, 2025, CATL employed 147,716 people, an increase of 15,728 from the end of 2024, with a total salary cost of approximately 18.08 billion yuan [13]. - The overall capacity utilization rate remained high at around 90%, with plans for increased capital expenditures in response to market demand [13]. Financial Health - As of June 30, 2025, CATL's cash and cash equivalents totaled 323.78 billion yuan, with total borrowings of 140.71 billion yuan, leading to a debt-to-asset ratio of 62.59%, down from 65.24% at the end of 2024 [14][17]. Product Development - CATL launched several new products in the energy storage sector, including a 587Ah large-capacity cell, and is actively investing in solid-state battery technology [18]. - The company plans to build 1,300 battery swap stations by the end of 2025, with over 400 already completed for passenger vehicles [20].