CATL(SZ:300750) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-20 23:40Core Insights - In Q3 2025, CATL achieved an average daily revenue exceeding 200 million yuan, with significant growth in both revenue and net profit compared to the previous year [2]. Financial Performance - For the first three quarters of 2025, CATL reported revenue of 283.07 billion yuan, a year-on-year increase of 9.28%, and a net profit attributable to shareholders of 49.03 billion yuan, up 36.20% [2]. - In Q3 alone, revenue reached 104.19 billion yuan, growing by 12.90%, while net profit surged by 41.21% to 18.55 billion yuan, indicating a profit growth rate more than three times that of revenue [2]. - As of September 30, 2025, the company had cash reserves exceeding 360 billion yuan, with inventory increasing by 34.05% year-on-year to 80.21 billion yuan, reflecting business scale growth [2]. - Contract liabilities rose significantly by 46.14% to 40.68 billion yuan, indicating a robust order backlog [2]. - Financial expenses improved markedly, with a reduction in losses by 142.41% due to increased foreign exchange gains and net interest income [2]. Capacity Expansion - CATL is actively expanding its global production capacity to meet surging customer demand, with significant expansions in domestic locations such as Shandong, Guangdong, Jiangxi, Fujian, and Qinghai [3]. - The company’s overseas facilities include a German factory that became operational in 2024 and is profitable, while the Hungarian factory is expected to be completed by the end of 2025 [3]. - A new factory in Spain has been established, and an Indonesian battery project is planned with a capacity of 15 GWh, expected to be operational by mid-2026 [3]. Energy Storage Business - The energy storage segment accounted for 20% of overall shipments during the reporting period, with growth rates surpassing those of power batteries [4]. - CATL anticipates that the utilization rate for energy storage capacity will improve in the coming quarters as production capacity increases [4]. - The company plans to add over 100 GWh of energy storage capacity at its Shandong facility by 2026, including the production of 587Ah cells, which are expected to be highly favored by customers due to their optimal performance characteristics [4].