投资巨兽！宁德时代的5000亿商业帝国版图

Core Viewpoint - Despite a decline in revenue, CATL continues to expand aggressively, showcasing its strong growth potential and strategic capabilities [1][2]. Financial Performance - In 2024, CATL reported a revenue of 362.01 billion yuan, marking a 9.70% year-on-year decrease, the first decline since 2015 [1]. - CATL's total assets reached 786.66 billion yuan, a 9.69% increase, while cash reserves grew to 317.79 billion yuan, up 20.23% [5][21]. - The net profit attributable to shareholders was 50.70 billion yuan, reflecting a 15.01% increase [5]. Investment and Expansion - CATL has announced a strategic partnership with NIO, involving a joint battery swapping service and a capital investment of up to 2.5 billion yuan [1]. - From 2018 to March 2025, CATL has launched 29 major investment projects with a total budget of nearly 450 billion yuan, focusing on battery production and recycling [6][10]. - The company’s fixed asset scale increased from 243 million yuan in 2014 to 112.59 billion yuan in 2024, a growth of 462.33 times [10]. Production Capacity - As of the end of 2024, CATL's battery production capacity reached 629 GWh, with an additional 219 GWh under construction [12]. - The company aims to exceed 700 GWh of total capacity by the end of 2025, with optimistic projections suggesting it could reach 1,000 GWh [13]. Strategic Positioning - CATL has extended its investments into upstream sectors, including lithium mining and battery recycling, establishing a comprehensive industrial ecosystem [21]. - The company’s capital strength positions it as a leader in the industry, with a net capital value of 275.22 billion yuan after excluding short-term liabilities [21].