CATL(SZ:300750) 3 6 Ke·2025-07-31 10:34Core Viewpoint - CATL reported impressive financial results for the first half of the year, with total revenue of 178.89 billion yuan and a net profit of 30.49 billion yuan, marking a year-on-year growth of 33.33% and maintaining a 38.1% market share in the global power battery market, solidifying its position as the leader in the industry [1][4][6]. Financial Performance - Total revenue for the first half of the year reached 178.89 billion yuan, a 7.27% increase compared to the previous year [5]. - Net profit attributable to shareholders was 30.49 billion yuan, reflecting a 33.33% year-on-year growth [5]. - The net profit after deducting non-recurring gains and losses was 27.20 billion yuan, with a growth rate of 35.62% [5]. - Operating cash flow was 58.69 billion yuan, up 31.26% from the previous year [7]. - Basic and diluted earnings per share increased by 33.08% to 6.92 yuan [5]. Market Position - CATL maintained a global market share of 38.1% in power battery usage from January to May 2025, a slight increase of 0.6 percentage points year-on-year [6][14]. - The company achieved cumulative installations of approximately 20 million power batteries globally [14]. Business Segments - The power battery system business was the main revenue driver, generating 131.57 billion yuan, a 16.80% increase, accounting for over 73% of total revenue [12][18]. - The energy storage battery system revenue was 28.40 billion yuan, showing a slight decline of 1.47% [15]. - The battery materials and recycling segment had a revenue of 7.89 billion yuan, down 44.97%, but with the highest gross margin of 26.42% [16]. Cash Flow and Financing - The net cash flow from financing activities was 20.61 billion yuan, a significant turnaround from a net outflow of 19.18 billion yuan in the previous year, largely due to the successful H-share public offering [10][19]. - Cash and cash equivalents increased dramatically to 53.63 billion yuan, a 583% rise, influenced by the fundraising from the H-share listing [9][10]. International Expansion - CATL is focusing on expanding its overseas production capacity, with significant investments in factories in Hungary, Spain, and Indonesia [19]. - Approximately 90% of the funds raised from the H-share listing will be allocated to overseas capacity construction, particularly in Hungary [19]. Challenges and Future Outlook - Despite strong financial performance, CATL's stock price fell by 4.78% following the earnings report, indicating market skepticism [3]. - The company faces increasing competition domestically as several automakers diversify their battery suppliers, which may impact future growth [21]. - CATL plans to introduce solid-state batteries, with a small-scale production target set for 2027, aiming for large-scale application around 2030 [21].