CATL(SZ:300750) Cai Jing Wang·2025-10-21 10:22Core Insights - Ningde Times reported a revenue of 283.07 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 9.28%, and a net profit of 49.03 billion yuan, up 36.2% year-on-year [1][2] - The third quarter saw a revenue of 104.19 billion yuan, a 12.9% increase year-on-year, and a net profit of 18.55 billion yuan, reflecting a 41.21% year-on-year growth [2][3] Financial Performance - For the first three quarters, the net profit margin was approximately 1.78 billion yuan per day, calculated over 275 days [1] - The operating cash flow for the first three quarters was 806.6 billion yuan, a 19.6% increase year-on-year, while financing cash flow net was 4.28 billion yuan, up 120.87% [4] - Total assets reached 896.08 billion yuan, a 13.91% increase from the previous year [3] Inventory and Supply Chain - Inventory increased from 59.84 billion yuan at the beginning of the period to 80.21 billion yuan, a growth of approximately 34.05% [4] - The company indicated that the increase in inventory is due to business expansion and products in transit, with stable inventory turnover days [4] Business Segments and Market Trends - The combined shipment of power and energy storage products reached nearly 180 GWh in Q3 2025, with energy storage accounting for about 20% [5] - The global energy storage market is experiencing high demand, with predictions of a 50% increase in installed capacity to 300 GWh by 2026 [5][6] - The company is expanding its production capacity in various locations, including Shandong and Hungary, to meet the growing demand [6] Market Reaction - On October 21, shares of Ningde Times rose, with A-shares increasing by 2.56% and H-shares by 3.03% [6]