CATL(SZ:300750) 券商中国·2025-07-30 15:37Core Viewpoint - Ningde Times reported a strong performance in the first half of 2025, with significant growth in revenue and net profit, driven by the increasing demand for energy storage and battery systems in the context of global clean energy transitions [1][2]. Financial Performance - In the first half of 2025, Ningde Times achieved operating revenue of 178.886 billion yuan, a year-on-year increase of 7.27% - Net profit reached 30.485 billion yuan, up 33.33% year-on-year - Operating cash flow was 58.687 billion yuan, an increase of 31.26% year-on-year - Basic earnings per share were 6.92 yuan, reflecting a growth of 33.08% [1]. Business Segments - Revenue from power battery systems was approximately 131.573 billion yuan, a year-on-year increase of 16.8%, accounting for about 73.55% of total revenue with a gross margin of 22.41% - Revenue from energy storage battery systems was 28.4 billion yuan, down 1.47% year-on-year, with a revenue share of 15.88% and a gross margin of 25.52% - Battery materials and recycling generated revenue of 7.887 billion yuan, a decline of 44.97%, with a gross margin of 26.42% - Revenue from battery mineral resources was 3.361 billion yuan, up 27.86% year-on-year, with a gross margin of 9.07% [1]. Market Position - As of May 2025, Ningde Times held a global market share of 38.1% in power battery usage, an increase of 0.6 percentage points year-on-year - In the energy storage sector, the company ranked first globally in energy storage battery production for the first half of 2025 [2]. Research and Development - Ningde Times has six major R&D centers with over 21,000 research personnel - The company holds a total of 49,347 patents and pending applications, with 29,709 in China and 19,638 overseas - R&D investment in the first half of 2025 was approximately 10.095 billion yuan, a year-on-year increase of 17.48% [2]. Capital Market Activities - On May 20, 2025, Ningde Times successfully listed on the Hong Kong Stock Exchange, raising a total of 41 billion HKD, which will be used for project construction in Hungary and general corporate purposes - The listing is expected to enhance the company's global capital market integration and competitiveness [2]. Dividend and Financial Management - The company announced a mid-year dividend plan, proposing a cash dividend of 10.07 yuan per 10 shares (tax included) - Ningde Times plans to increase its entrusted wealth management quota by up to 40 billion yuan, bringing the total for 2025 to 80 billion yuan, funded by temporarily idle self-owned funds [3]. Future Outlook - Company executives indicated that while solid-state batteries are gaining attention, true commercialization is expected to take longer, with small-scale production anticipated by 2027 and full-scale commercialization around 2030 [4].