CATL(SZ:300750) 3 6 Ke·2025-08-07 02:52Core Viewpoint - CATL has shown resilience in its overseas business, achieving significant growth in revenue and profit in the first half of 2025, despite previous challenges in the European market [1][4]. Financial Performance - In the first half of 2025, CATL reported total revenue of 178.89 billion yuan, a year-on-year increase of 7.2%, and a net profit attributable to shareholders of 30.49 billion yuan, up 33.3% [1][3]. - The company's overseas revenue reached 61.21 billion yuan, accounting for 34.22% of total revenue, marking a 21.1% increase compared to 50.53 billion yuan in the same period of 2024 [2][3]. Profitability - The gross profit margin for overseas operations was 29%, an increase of 4.16 percentage points year-on-year, significantly higher than the domestic business margin of 22.9% [2][3]. Market Position - CATL's market share in Europe has surged from 0% in 2019 to 45% in 2024, indicating a strong competitive position in a critical market [4][14]. - The company is the largest supplier to major automotive clients in Europe, with 26% of its European shipments going to Volkswagen [16]. Strategic Initiatives - CATL's recent IPO raised approximately 37 billion yuan, with 90% of the funds allocated for the construction of its factories in Hungary, aimed at enhancing its production capacity in Europe [7][9]. - The company is also exploring battery swapping and recycling technologies in Europe, aiming to create a comprehensive electric vehicle supply chain [20]. Challenges and Competition - The European market presents significant challenges, including competition from local manufacturers and regulatory hurdles, which may impact CATL's future growth [6][9]. - The overall demand for electric vehicles in Europe is projected to decline, which could lead to excess production capacity for CATL [22].