Xin Lang Cai Jing·2025-07-31 11:10Core Viewpoint - The strong demand in the downstream market for power batteries has driven CATL to achieve growth in both revenue and net profit in the first half of the year [1] Financial Performance - In the first half of the year, CATL reported revenue of 178.886 billion yuan, a year-on-year increase of 7.27%, and a net profit of 30.485 billion yuan, up 33.33%, averaging 168 million yuan per day [1] - In Q2, net profit reached a record high of 16.523 billion yuan, marking the ninth consecutive quarter with net profit exceeding 10 billion yuan [1] Accounts and Liabilities - As of the first half of the year, CATL's accounts payable reached 133.42 billion yuan, with 109.922 billion yuan in loans and 23.498 billion yuan in engineering equipment payments, representing a 14.05% increase year-on-year [2] - Accounts receivable amounted to 63.8 billion yuan, up approximately 10% from 58.1 billion yuan in the same period last year [3] - The company's debt ratio decreased to 62.59%, down 2.65 percentage points year-on-year, with cash and cash equivalents reaching 350.578 billion yuan, accounting for 40.43% of total assets [4] Inventory and R&D - Inventory increased to 72.272 billion yuan, showing a slight year-on-year growth, attributed to expanding sales and strong market demand [5] - R&D investment reached 10.095 billion yuan, a 17.48% increase year-on-year, with battery production capacity hitting 345 GWh and a utilization rate of 89.86%, significantly up from 65.33% the previous year [5] Market Dynamics - The growth in revenue was primarily driven by the power battery business, which contributed 73.55% of total revenue, with power battery revenue increasing by 16.8% year-on-year [6][9] - Global sales of new energy vehicles reached 7.52 million units in the first five months, a 32.4% increase year-on-year, further boosting demand for power and energy storage batteries [7][9] Global Strategy and Expansion - CATL achieved 61.208 billion yuan in overseas revenue, increasing its share of total revenue from 30.48% in 2024 to 34.22% [14] - The company is expanding its overseas presence with projects in Hungary and Spain, with the Hungarian project alone involving an investment of approximately 49 billion euros (about 404 billion yuan) [14][15] Dividend and Stock Performance - CATL announced a mid-year dividend plan, proposing a cash dividend of 10.07 yuan per 10 shares, totaling 4.573 billion yuan [15] - As of July 31, CATL's A-share price was 264.62 yuan, down 4.5%, with a market capitalization of 1.21 trillion yuan [15]